Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Entity Information | |||
Entity Registrant Name | RETAIL PROPERTIES OF AMERICA, INC. | ||
Entity Central Index Key | 1,222,840 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 3.3 | ||
Entity Common Stock, Shares Outstanding | 237,260,967 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment properties: | ||
Land | $ 1,254,131 | $ 1,195,369 |
Building and other improvements | 4,428,554 | 4,442,446 |
Developments in progress | 5,157 | 42,561 |
Gross investment properties | 5,687,842 | 5,680,376 |
Less accumulated depreciation | (1,433,195) | (1,365,471) |
Net investment properties | 4,254,647 | 4,314,905 |
Cash and cash equivalents | 51,424 | 112,292 |
Accounts and notes receivable (net of allowances of $7,910 and $7,497, respectively) | 82,804 | 86,013 |
Acquired lease intangible assets, net | 138,766 | 125,490 |
Assets associated with investment properties held for sale | 0 | 33,499 |
Other assets, net | 93,610 | 115,790 |
Total assets | 4,621,251 | 4,787,989 |
Liabilities: | ||
Mortgages payable, net | 1,123,136 | 1,623,729 |
Unsecured notes payable, net | 495,576 | 248,541 |
Unsecured term loan, net | 447,526 | 446,465 |
Unsecured revolving line of credit | 100,000 | 0 |
Accounts payable and accrued expenses | 69,800 | 61,129 |
Distributions payable | 39,297 | 39,187 |
Acquired lease intangible liabilities, net | 114,834 | 100,641 |
Liabilities associated with investment properties held for sale, net | 0 | 8,062 |
Other liabilities | 75,745 | 70,860 |
Total liabilities | $ 2,465,914 | $ 2,598,614 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Additional paid-in capital | $ 4,931,395 | $ 4,922,864 |
Accumulated distributions in excess of earnings | (2,776,215) | (2,734,688) |
Accumulated other comprehensive loss | (85) | (537) |
Total shareholders' equity | 2,155,337 | 2,187,881 |
Noncontrolling interest | 0 | 1,494 |
Total equity | 2,155,337 | 2,189,375 |
Total liabilities and equity | 4,621,251 | 4,787,989 |
7.00% Series A cumulative redeemable preferred stock | ||
Equity: | ||
Preferred stock | 5 | 5 |
Class A common stock | ||
Equity: | ||
Class A common stock | $ 237 | $ 237 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts and notes receivable, allowances | $ 7,910 | $ 7,497 |
7.00% Series A cumulative redeemable preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 475,000 | 475,000 |
Common stock, shares issued | 237,267 | 236,602 |
Common stock, shares outstanding | 237,267 | 236,602 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Rental income | $ 472,344 | $ 474,684 | $ 433,591 |
Tenant recovery income | 119,536 | 115,719 | 101,962 |
Other property income | 12,080 | 10,211 | 15,955 |
Total revenues | 603,960 | 600,614 | 551,508 |
Expenses | |||
Property operating expenses | 94,780 | 96,798 | 89,067 |
Real estate taxes | 82,810 | 78,773 | 71,191 |
Depreciation and amortization | 214,706 | 215,966 | 222,710 |
Provision for impairment of investment properties | 19,937 | 72,203 | 59,486 |
General and administrative expenses | 50,657 | 34,229 | 31,533 |
Total expenses | 462,890 | 497,969 | 473,987 |
Operating income | 141,070 | 102,645 | 77,521 |
Gain on extinguishment of other liabilities | 0 | 4,258 | 0 |
Equity in loss of unconsolidated joint ventures, net | 0 | (2,088) | (1,246) |
Gain on sale of joint venture interest | 0 | 0 | 17,499 |
Gain on change in control of investment properties | 0 | 24,158 | 5,435 |
Interest expense | (138,938) | (133,835) | (146,805) |
Other income, net | 1,700 | 5,459 | 4,741 |
Income (loss) from continuing operations | 3,832 | 597 | (42,855) |
Discontinued operations: | |||
(Loss) income, net | 0 | (148) | 9,396 |
Gain on sales of investment properties | 0 | 655 | 41,279 |
Income from discontinued operations | 0 | 507 | 50,675 |
Gain on sales of investment properties | 121,792 | 42,196 | 5,806 |
Net income | 125,624 | 43,300 | 13,626 |
Net income attributable to noncontrolling interest | (528) | 0 | 0 |
Net income attributable to the Company | 125,096 | 43,300 | 13,626 |
Preferred stock dividends | (9,450) | (9,450) | (9,450) |
Net income attributable to common shareholders | $ 115,646 | $ 33,850 | $ 4,176 |
Earnings (loss) per common share — basic and diluted: | |||
Continuing operations | $ 0.49 | $ 0.14 | $ (0.20) |
Discontinued operations | 0 | 0 | 0.22 |
Net income per common share attributable to common shareholders | $ 0.49 | $ 0.14 | $ 0.02 |
Net income | $ 125,624 | $ 43,300 | $ 13,626 |
Other comprehensive income: | |||
Net unrealized gain on derivative instruments (Note 10) | 452 | 201 | 516 |
Comprehensive income | 126,076 | 43,501 | 14,142 |
Comprehensive income attributable to noncontrolling interest | (528) | 0 | 0 |
Comprehensive income attributable to the Company | $ 125,548 | $ 43,501 | $ 14,142 |
Weighted average number of common shares outstanding — basic | 236,380 | 236,184 | 234,134 |
Weighted average number of common shares outstanding — diluted | 236,382 | 236,187 | 234,134 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred stock7.00% Series A cumulative redeemable preferred stock | Common stockClass A common stock | Common stockClass B common stock | Additional paid-in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive (loss) income | Total shareholders' equity | Noncontrolling interest |
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 | 13,626 | 13,626 | 13,626 | ||||||
Other comprehensive income | 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 | ||||||||
Issuance of restricted shares (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 forfeitures | $ 817 | 817 | 817 | ||||||
Shares withheld for employee taxes | (45) | (45) | (45) | ||||||
Shares withheld for employee taxes (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 | 43,300 | 43,300 | 43,300 | ||||||
Other comprehensive income | 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) | ||||||
Issuance of restricted shares | $ 1 | $ 1 | 1 | ||||||
Issuance of restricted shares (in shares) | 303 | ||||||||
Conversion of Class B common stock to Class A common stock (in shares) | 0 | ||||||||
Exercise of stock options | $ 23 | 23 | 23 | ||||||
Exercise of stock options (in shares) | 2 | ||||||||
Stock-based compensation expense, net of forfeitures | 3,420 | 3,420 | 3,420 | ||||||
Shares withheld for employee taxes | (67) | (67) | (67) | ||||||
Shares withheld for employee taxes (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 | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Net income | 125,624 | 125,096 | 125,096 | 528 | |||||
Other comprehensive income | 452 | 452 | 452 | ||||||
Distribution upon dissolution of consolidated joint venture | (2,022) | (2,022) | |||||||
Distributions declared to preferred shareholders | (9,450) | (9,450) | (9,450) | ||||||
Distributions declared to common shareholders | (157,173) | (157,173) | (157,173) | ||||||
Issuance of common stock, net of offering costs | $ (216) | (216) | (216) | ||||||
Issuance of restricted shares (in shares) | 801 | ||||||||
Conversion of Class B common stock to Class A common stock (in shares) | 0 | ||||||||
Stock-based compensation expense, net of forfeitures | $ 10,755 | 10,755 | 10,755 | ||||||
Stock-based compensation expense, net of forfeitures (in shares) | (4) | ||||||||
Shares withheld for employee taxes | (2,008) | (2,008) | (2,008) | ||||||
Shares withheld for employee taxes (in shares) | (132) | ||||||||
Balance at Dec. 31, 2015 | $ 2,155,337 | $ 5 | $ 237 | $ 0 | $ 4,931,395 | $ (2,776,215) | $ (85) | $ 2,155,337 | $ 0 |
Balance (in shares) at Dec. 31, 2015 | 5,400 | 237,267 | 0 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions declared to preferred shareholders (in dollars per share) | $ 1.75 | $ 1.75 | $ 1.7986 |
Distributions declared to common shareholders (in dollars per share) | $ 0.6625 | $ 0.6625 | $ 0.6625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 125,624 | $ 43,300 | $ 13,626 |
Adjustments to reconcile net income to net cash provided by operating activities (including discontinued operations): | |||
Depreciation and amortization | 214,706 | 215,966 | 233,785 |
Provision for impairment of investment properties | 19,937 | 72,203 | 92,033 |
Gain on sales of investment properties | (121,792) | (42,851) | (47,085) |
Gain on extinguishment of debt | 0 | 0 | (26,331) |
Gain on extinguishment of other liabilities | 0 | (4,258) | (3,511) |
Gain on sale of joint venture interest | 0 | 0 | (17,499) |
Gain on change in control of investment properties | 0 | (24,158) | (5,435) |
Amortization of loan fees and debt premium and discount, net | 5,129 | 4,926 | 10,032 |
Amortization of stock-based compensation | 10,755 | 3,420 | 479 |
Premium paid in connection with defeasance of mortgages payable | 17,343 | 1,322 | 0 |
Equity in loss of unconsolidated joint ventures, net | 0 | 2,088 | 1,246 |
Distributions on investments in unconsolidated joint ventures | 0 | 1,360 | 7,105 |
Payment of leasing fees and inducements | (8,184) | (8,523) | (12,930) |
Changes in accounts receivable, net | 4,420 | (5,762) | (2,574) |
Changes in accounts payable and accrued expenses, net | 1,976 | 3,220 | (6,043) |
Changes in other operating assets and liabilities, net | (469) | (7,499) | (4,836) |
Other, net | (3,632) | (740) | 7,570 |
Net cash provided by operating activities | 265,813 | 254,014 | 239,632 |
Cash flows from investing activities: | |||
Changes in restricted escrows, net | 22,344 | (16,757) | 22,360 |
Purchase of investment properties | (454,085) | (172,989) | (237,520) |
Capital expenditures and tenant improvements | (45,649) | (44,442) | (51,221) |
Proceeds from sales of investment properties | 505,824 | 315,400 | 326,766 |
Investment in developments in progress | (2,371) | (2,992) | (1,468) |
Proceeds from sale of joint venture interest | 0 | 0 | 53,073 |
Investment in unconsolidated joint ventures | 0 | (25) | (9,640) |
Distributions of investments in unconsolidated joint ventures | 0 | 0 | 862 |
Other, net | (775) | (295) | 0 |
Net cash provided by investing activities | 25,288 | 77,900 | 103,212 |
Cash flows from financing activities: | |||
Proceeds from mortgages payable | 1,049 | 3,541 | 940 |
Principal payments on mortgages and notes payable | (441,490) | (192,244) | (571,870) |
Proceeds from unsecured notes payable | 248,815 | 250,000 | 0 |
Proceeds from unsecured credit facility | 610,000 | 375,500 | 630,000 |
Repayments of unsecured credit facility | (510,000) | (540,500) | (395,000) |
Payment of loan fees and deposits, net | (2,243) | (1,615) | (5,454) |
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable | (87,435) | (6,152) | 0 |
Proceeds from issuance of common stock | 0 | 0 | 84,835 |
Distributions paid | (166,513) | (166,143) | (164,391) |
Other, net | (4,152) | (199) | (1,783) |
Net cash used in financing activities | (351,969) | (277,812) | (422,723) |
Net (decrease) increase in cash and cash equivalents | (60,868) | 54,102 | (79,879) |
Cash and cash equivalents, at beginning of year | 112,292 | 58,190 | 138,069 |
Cash and cash equivalents, at end of year | 51,424 | 112,292 | 58,190 |
Supplemental cash flow disclosure, including non-cash activities: | |||
Cash paid for interest | 115,249 | 127,645 | 144,975 |
Distributions payable | 39,297 | 39,187 | 39,138 |
Accrued capital expenditures and tenant improvements | 6,079 | 6,731 | 6,662 |
Developments in progress placed in service | 2,288 | 4,047 | 523 |
U.S. Treasury securities transferred in connection with defeasance of mortgages payable | 87,435 | 6,152 | 0 |
Defeasance of mortgages payable | 70,092 | 4,830 | 0 |
Forgiveness of mortgage debt | 0 | 0 | 19,615 |
Forgiveness of accrued interest, net of escrows held by the lender | $ 0 | $ 0 | $ 6,716 |
Shares of Class B common stock converted to Class A common stock | 0 | 0 | 97,036 |
Purchase of investment properties (after credits at closing and including acquisition of our partners' joint venture interests): | |||
Land, building and other improvements, net | $ (442,763) | $ (337,906) | $ (298,695) |
Accounts receivable, acquired lease intangibles and other assets | (47,498) | (31,116) | (41,597) |
Acquired ground lease intangibles | 0 | 0 | 14,791 |
Accounts payable, acquired lease intangibles and other liabilities | 36,176 | 25,390 | 13,369 |
Mortgages payable assumed, net | 0 | 146,485 | 69,177 |
Gain on change in control of investment properties | 0 | 24,158 | 5,435 |
Purchase of investment properties (after credits at closing and including acquisition of our partners' joint venture interests) | (454,085) | (172,989) | (237,520) |
Proceeds from sales of investment properties: | |||
Net investment properties | 379,419 | 265,127 | 275,749 |
Accounts receivable, acquired lease intangibles and other assets | 8,959 | 12,053 | 15,928 |
Accounts payable, acquired lease intangibles and other liabilities | (4,378) | (4,631) | (14,368) |
Mortgages payable | 0 | 0 | (26) |
Deferred gains | 32 | 0 | (1,113) |
Gain on extinguishment of other liabilities | 0 | 0 | 3,511 |
Gain on sales of investment properties | 121,792 | 42,851 | 47,085 |
Proceeds from sales of investment properties | 505,824 | 315,400 | 326,766 |
Proceeds from sale of joint venture ownership interest: | |||
Investment in unconsolidated joint venture | 0 | 0 | 35,574 |
Other assets and other liabilities | 0 | 0 | (447) |
Deferred gain | 0 | 0 | 447 |
Gain on sale of joint venture interest | 0 | 0 | 17,499 |
Proceeds from sale of joint venture interest | $ 0 | $ 0 | $ 53,073 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 its 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. 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) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The income tax expense incurred by 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 these estimates. The Company elected to early adopt the accounting pronouncement related to the presentation of debt issuance costs in the accompanying consolidated balance sheets effective December 31, 2015 (see Note 2 to the consolidated financial statements for further details). The adoption, which is applied retrospectively, resulted in the following reclassifications of unamortized capitalized loan fees as of December 31, 2014: Originally Reported Reclassification Adjusted Assets associated with investment properties held for sale $ 33,640 $ (141 ) $ 33,499 Other assets, net 131,520 (15,730 ) 115,790 Mortgages payable, net $ 1,634,465 $ (10,736 ) $ 1,623,729 Unsecured notes payable, net 250,000 (1,459 ) 248,541 Unsecured term loan, net 450,000 (3,535 ) 446,465 Liabilities associated with investment properties held for sale, net 8,203 (141 ) 8,062 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 accompanying consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries. Wholly-owned subsidiaries generally consist of limited liability companies (LLCs), limited partnerships (LPs) and statutory trusts. As of December 31, 2015 , all of the Company’s properties were wholly owned and consisted of 199 operating properties and one development property. The Company consolidates 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 a controlling financial interest, 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. Refer to Note 11 to the consolidated financial statements 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, 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 consolidated joint venture investments, if any, on an ongoing basis as facts and circumstances necessitate. On October 29, 2015, the Company dissolved its remaining less-than-wholly owned consolidated joint venture concurrent with the sale of Green Valley Crossing to an affiliate of the joint venture partner. The Company was entitled to a preferred return on its capital contributions to the entity. The noncontrolling interest holder was allocated $528 as its share of the gain on sale of the development property and received a distribution of $2,022 upon dissolution of the joint venture. No adjustments to the carrying value of the noncontrolling interest for contributions, distributions or allocation of net income or loss were made during the years ended December 31, 2014 and 2013. As of December 31, 2015 , the Company did not have any less-than-wholly-owned consolidated entities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 $25,913 , $28,977 and $32,241 (including $0 , $0 and $1,717 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , 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 intangibles of $4,807 , $4,170 and $3,053 (including $0 , $0 and $25 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease intangibles of $8,428 , $6,246 and $4,187 (including $0 , $0 and $183 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , 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 ground 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 ground lease intangibles of $560 , $560 and $93 for the years ended December 31, 2015 , 2014 and 2013 , respectively, was recorded as a reduction to property operating expenses. 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, 2015 : 2016 2017 2018 2019 2020 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 3,968 $ 3,499 $ 2,970 $ 1,760 $ 1,238 $ 4,301 $ 17,736 Acquired in-place lease value intangibles (a) 20,724 17,420 14,164 10,812 8,805 49,105 121,030 Acquired lease intangible assets, net (b) $ 24,692 $ 20,919 $ 17,134 $ 12,572 $ 10,043 $ 53,406 $ 138,766 Acquired below market lease intangibles (a) $ (5,946 ) $ (5,786 ) $ (5,596 ) $ (5,354 ) $ (5,208 ) $ (73,366 ) $ (101,256 ) Acquired ground lease intangibles (c) (560 ) (560 ) (560 ) (560 ) (560 ) (10,778 ) (13,578 ) Acquired lease intangible liabilities, net (b) $ (6,506 ) $ (6,346 ) $ (6,156 ) $ (5,914 ) $ (5,768 ) $ (84,144 ) $ (114,834 ) (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 $304,145 and $48,758 of accumulated amortization, respectively, as of December 31, 2015 . (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, including capitalized internal leasing incentives, are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company capitalized $474 , $0 and $0 of internal leasing incentives during the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 or redevelopment 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 interest and internal costs expected to be capitalized, dates of construction completion and grand opening dates 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, 2015 and 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, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Impairment of consolidated properties (a) $ 19,937 $ 72,203 $ 92,033 Impairment of investment in unconsolidated joint ventures (b) $ — $ — $ 1,834 Impairment of properties recorded at unconsolidated joint ventures (c) $ — $ — $ 286 (a) Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income, except for $32,547 which is included in discontinued operations in 2013 . (b) Included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income 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 to the consolidated financial statements 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 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, 2015 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 2016 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 to the consolidated financial statements for further discussion. Development and Redevelopment Projects : During the development or redevelopment period, the Company capitalizes direct project costs such as construction, insurance, architectural and legal, as well as certain indirect project costs such as interest, other financing costs, real estate taxes and internal salaries and related benefits of personnel directly involved in the project. Capitalization of the indirect project costs ceases and all project-related costs included in developments in progress are reclassified to land and building and other improvements at the time when development or redevelopment is considered substantially complete. Additionally, the Company makes estimates as to the probability of completion of development and redevelopment projects. If the Company determines that completion of the development or redevelopment project is no longer probable, the Company expenses any capitalized costs that are not recoverable. The Company did not capitalize any indirect project costs related to development, redevelopment or other property improvements during the years ended December 31, 2015 , 2014 and 2013 . 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. No properties qualified for held for sale accounting treatment as of December 31, 2015 and two properties were classified as held for sale as of December 31, 2014 . 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 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 2015 and 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. Refer to Note 4 to the consolidated financial statements 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 Note 11 to the consolidated financial statements 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 balance 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. 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, 2015 and 2014 , the Company had $35,804 and $58,469 , 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 its 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, 2015 , the balance in accumulated other comprehensive loss relating to derivatives was $85 . 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. 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, 2015 and 2014 . 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 $3,757 , $2,667 and $15,787 (including $0 , $0 and $7,182 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company recorded percentage rental income in lieu of base rent and other contingent percentage rental income of $4,693 , $5,229 and $4,744 (including $0 , $0 and $55 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , 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 26 , 24 and 20 consolidated investment properties during the years ended December 31, 2015 , 2014 and 2013 , respectively. Refer to Note 4 to the consolidated financial statements 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 to the consolidated financial statements 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. The Company elected to early adopt the pronouncement on debt issuance costs effective December 31, 2015 and therefore, presents unamortized capitalized loan fees, excluding those related to its unsecured revolving line of credit, as direct reductions of the carrying amounts of the related debt liabilities in the accompanying consolidated balance sheets. Unamortized capitalized loan fees attributable to the Company’s unsecured revolving line of credit are recorded in “Other assets” in the accompanying consolidated balance sheets. 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 2012 through 2015 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, market, 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, 2016, with early adoption permitted, the concept of extraordinary items is eliminated from GAAP and entities are no longer 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 is retained. The Company elected to early adopt this pronouncement effective January 1, 2015. 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, companies are required to present debt issuance costs related to a recognized debt liability, excluding revolving debt arrangements, as a direct reduction of the carrying amount of that debt liability on the balance sheet. The recognition and measurement guidance for debt issuance costs is not affected. The Company elected to early adopt this pronouncement effective December 31, 2015. This pronouncement requires a full retrospective method of adoption and the adoption resulted in the reclassification of $15,730 of unamortized capitalized loan fees as of December 31, 2014 from “Other assets” to direct reductions of the Company’s indebtedness on the consolidated balance sheets. In addition, the adoption resulted in the reclassification of $141 of unamortized capitalized loan fees from “Assets associated with investment properties held for sale” to “Liabilities associated with investment properties held for sale, net.” Unamortized capitalized loan fees attributable to the Company’s unsecured revolving line of credit continue to be recorded in “Other assets” as they relate to a revolving debt arrangement. Effective January 1, 2016, with early adoption permitted, a company’s management is 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 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 adoption of this pronouncement on January 1, 2016 will not have any effect on the Company’s consolidated financial statements. Effective January 1, 2016, with early adoption permitted, companies are required to evaluate whether they should consolidate certain legal entities under a revised consolidation model. All legal entities are subject to reevaluation under the revised consolidation model, which modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for registered money market funds. This pronouncement allows either a full or a modified retrospective method of adoption. The adoption of this pronouncement on January 1, 2016 under the modified retrospective method will not have any effect on the Company’s consolidated financial statements. Effective January 1, 2016, with early adoption permitted, the acquirer in a business combination is required to recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and is no longer required to retrospectively account for those adjustments. A company must present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this pronouncement on January 1, 2016 will not have any effect on the Company’s consolidated financia |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The Company closed on the following acquisitions during the year ended December 31, 2015: Date Property Name Metropolitan Statistical Area (MSA) Property Type Square Footage Acquisition Price January 8, 2015 Downtown Crown Washington, D.C. Multi-tenant retail 258,000 $ 162,785 January 23, 2015 Merrifield Town Center Washington, D.C. Multi-tenant retail 84,900 56,500 January 23, 2015 Fort Evans Plaza II Washington, D.C. Multi-tenant retail 228,900 65,000 February 19, 2015 Cedar Park Town Center Austin Multi-tenant retail 179,300 39,057 March 24, 2015 Lake Worth Towne Crossing – Parcel (a) Dallas Land — 400 May 4, 2015 Tysons Corner Washington, D.C. Multi-tenant retail 37,700 31,556 June 10, 2015 Woodinville Plaza Seattle Multi-tenant retail 170,800 35,250 July 31, 2015 Southlake Town Square – Outparcel (b) Dallas Single-user outparcel 13,800 8,440 August 27, 2015 Coal Creek Marketplace Seattle Multi-tenant retail 55,900 17,600 October 27, 2015 Royal Oaks Village II – Outparcel (a) Houston Single-user outparcel 12,300 6,841 November 13, 2015 Towson Square Baltimore Multi-tenant retail 138,200 39,707 1,179,800 $ 463,136 (a) The Company acquired a parcel located at its Lake Worth Towne Crossing multi-tenant retail operating property and a single-user outparcel located at its Royal Oaks Village II multi-tenant retail operating property. (b) 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 (as lessor) prior to the transaction. The Company closed on the following acquisitions during the year ended December 31, 2014: Date Property Name MSA Property Type Square Footage Acquisition Price Pro Rata Acquisition Price February 27, 2014 Heritage Square Seattle Multi-tenant retail 53,100 $ 18,022 $ 18,022 February 27, 2014 Bed Bath & Beyond Plaza – Fee Interest (a) Miami Ground lease interest — 10,350 10,350 June 5, 2014 MS Inland Portfolio (b) Various Multi-tenant retail 1,194,800 292,500 234,000 June 23, 2014 Southlake Town Square – Outparcel (c) Dallas Single-user outparcel 8,500 6,369 6,369 November 20, 2014 Avondale Plaza Seattle Multi-tenant retail 39,000 15,070 15,070 December 30, 2014 Lakewood Towne Center – Parcel Seattle Multi-tenant parcel 44,000 5,750 5,750 1,339,400 $ 348,061 $ 289,561 (a) 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. (b) As discussed in Note 11 to the consolidated financial statements, 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. (c) 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 (as lessor) prior to the transaction. The Company closed on the following acquisitions during the year ended December 31, 2013: Date Property Name MSA Property Type Square Footage Acquisition Price Pro Rata Acquisition Price October 1, 2013 RioCan Portfolio (a) Various Multi-tenant retail 598,100 $ 124,783 $ 99,826 November 6, 2013 Pelham Manor Shopping Plaza New York Multi-tenant retail 228,000 58,530 58,530 November 13, 2013 Fordham Place New York Multi-tenant retail 262,000 133,900 133,900 1,088,100 $ 317,213 $ 292,256 (a) As discussed in Note 11 to the consolidated financial statements, 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. 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. The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions completed during the years ended December 31, 2015 , 2014 and 2013 discussed above: 2015 2014 2013 Land $ 161,114 $ 118,732 $ 60,307 Building and other improvements 281,649 219,174 238,388 Acquired lease intangible assets (a) 45,474 35,520 46,357 Acquired lease intangible liabilities (b) (25,101 ) (20,578 ) (26,525 ) Mortgages payable (c) — (146,485 ) (69,177 ) Net assets acquired (d) $ 463,136 $ 206,363 $ 249,350 (a) The weighted average amortization period for acquired lease intangible assets is 15 years , eight years and 12 years for acquisitions completed during the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 21 years , 16 years and 23 years for acquisitions completed during the years ended December 31, 2015 , 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, respctively. (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 $1,591 , $2,271 and $937 for the years ended December 31, 2015 , 2014 and 2013 , respectively, were expensed as incurred and included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive income. Included in the Company’s consolidated statements of operations and other comprehensive income from the properties acquired that were accounted for a business combinations are $97,893 , $55,303 and $6,390 in total revenues, and $18,334 , $6,733 and $597 in net income attributable to common shareholders from the date of acquisition through December 31, 2015 , 2014 , and 2013 , respectively. These amounts do not include the total revenue and net income attributable to common shareholders from the 2015 Lake Worth Towne Crossing and 2014 Bed Bath & Beyond Plaza acquisitions as they were accounted for as asset acquisitions. Subsequent to December 31, 2015 , the Company acquired a two -property portfolio consisting of the following: • Shoppes at Hagerstown, a multi-tenant retail property located in Hagerstown, Maryland, for a gross purchase price of $27,055 . The property was acquired on January 15, 2016 and contains approximately 113,200 square feet; and • Merrifield Town Center II, a property located in Falls Church, Virginia, for a gross purchase price of $45,676 . The property was acquired on January 15, 2016 and contains approximately 138,000 square feet, consisting of 76,000 square feet of retail space and 62,000 square feet of storage space. The Company has not completed the allocation of the acquisition date fair values for the properties acquired subsequent to December 31, 2015 ; however, it expects that the purchase price of these properties will primarily be allocated to land, building and acquired lease intangibles. Condensed Pro Forma Financial Information The results of operations of the acquisitions accounted for as business combinations, for which financial information was available, 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 following unaudited condensed pro forma financial information is presented as if the 2016 acquisitions were completed as of January 1, 2015, the 2015 acquisitions were completed as of January 1, 2014, and the 2014 acquisitions were completed as of January 1, 2013. The results of operations associated with the 2015 acquisitions of Towson Square and outparcels at Royal Oaks Village II and Southlake Town Square and the 2014 acquisition of an outparcel at Southlake Town Square have not been adjusted in the pro forma presentation due to a lack of historical financial information. The results of operations associated with the 2015 acquisition of a parcel at Lake Worth Towne Crossing and the 2014 acquisition of the fee interest at Bed Bath & Beyond Plaza have not been adjusted in the pro forma presentation as they have been accounted for as asset acquisitions. These pro forma results are for comparative purposes only and are not necessarily indicative of what the Company’s actual results of operations 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, 2015 2014 2013 Total revenues $ 612,758 $ 635,240 $ 605,708 Net income $ 125,408 $ 18,313 $ 24,964 Net income attributable to common shareholders $ 115,430 $ 8,863 $ 15,514 Earnings per common share – basic and diluted: Net income per common share attributable to common shareholders $ 0.49 $ 0.04 $ 0.07 Weighted average number of common shares outstanding – basic 236,380 236,184 234,134 |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions The Company closed on the following dispositions during the year ended December 31, 2015 : Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 20, 2015 Aon Hewitt East Campus Single-user office 343,000 $ 17,233 $ 16,495 $ — February 27, 2015 Promenade at Red Cliff Multi-tenant retail 94,500 19,050 18,848 4,572 April 7, 2015 Hartford Insurance Building Single-user office 97,400 6,015 5,663 860 April 30, 2015 Rasmussen College Single-user office 26,700 4,800 4,449 1,334 May 15, 2015 Mountain View Plaza Multi-tenant retail 162,000 28,500 27,949 10,184 June 4, 2015 Massillon Commons Multi-tenant retail 245,900 12,520 12,145 — June 5, 2015 Citizen's Property Insurance Building Single-user office 59,800 3,650 3,368 440 June 17, 2015 Pine Ridge Plaza Multi-tenant retail 236,500 33,200 31,858 12,938 June 17, 2015 Bison Hollow Multi-tenant retail 134,800 18,800 18,657 4,061 June 17, 2015 The Village at Quail Springs Multi-tenant retail 100,400 11,350 11,267 3,824 July 17, 2015 Greensburg Commons Multi-tenant retail 272,500 18,400 18,283 2,810 July 28, 2015 Arvada Connection and Arvada Marketplace Multi-tenant retail 367,500 54,900 53,159 20,208 July 30, 2015 Traveler's Office Building Single-user office 50,800 4,841 4,643 — August 6, 2015 Shaw's Supermarket Single-user retail 65,700 3,000 2,769 — August 24, 2015 Harvest Towne Center Multi-tenant retail 39,700 7,800 7,381 1,217 August 31, 2015 Trenton Crossing & McAllen Shopping Center (b) Multi-tenant retail 265,900 39,295 38,410 13,760 September 15, 2015 The Shops at Boardwalk Multi-tenant retail 122,400 27,400 26,634 3,146 September 29, 2015 Best on the Boulevard Multi-tenant retail 204,400 42,500 41,542 15,932 September 29, 2015 Montecito Crossing Multi-tenant retail 179,700 52,200 51,415 17,928 October 29, 2015 Green Valley Crossing (c) Development 96,400 35,000 34,200 3,904 November 12, 2015 Lake Mead Crossing Multi-tenant retail 219,900 42,565 41,930 507 December 2, 2015 Golfsmith Single-user retail 14,900 4,475 4,298 1,010 December 9, 2015 Wal-Mart – Turlock Single-user retail 61,000 6,200 5,996 3,157 December 18, 2015 Southgate Plaza Multi-tenant retail 86,100 7,000 6,665 — December 31, 2015 Bellevue Mall Development 369,300 15,750 17,500 — 3,917,200 $ 516,444 $ 505,524 $ 121,792 (a) Aggregate proceeds are net of transaction costs and exclude $300 of condemnation proceeds, which did not result in any additional gain recognition. (b) The terms of the disposition of Trenton Crossing and McAllen Shopping Center were negotiated as a single transaction. (c) The development property had been held in a consolidated joint venture and was sold to an affiliate of the joint venture partner. Concurrent with the sale, the joint venture was dissolved. Approximately $528 of the gain on sale was allocated to the noncontrolling interest holder as its share of the gain. During the year ended December 31, 2015, the Company repaid or defeased $121,605 in mortgages payable prior to or in connection with the 2015 dispositions. Subsequent to December 31, 2015 , the Company sold two multi-tenant retail operating properties aggregating 765,800 square feet for total consideration of $92,500 , including The Gateway which was disposed of through a lender-directed sale in full satisfaction of the Company’s mortgage obligation. The Company closed on the following dispositions during the year ended December 31, 2014 : Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain Continuing Operations: April 1, 2014 Midtown Center Multi-tenant retail 408,500 $ 47,150 $ 46,043 $ — May 16, 2014 Beachway Plaza & Cornerstone Plaza (b) Multi-tenant retail 189,600 24,450 23,584 819 August 1, 2014 Battle Ridge Pavilion Multi-tenant retail 103,500 14,100 13,722 1,327 August 15, 2014 Stanley Works/Mac Tools Single-user office 72,500 10,350 10,184 1,375 August 15, 2014 Fisher Scientific Single-user office 114,700 14,000 13,715 3,732 August 19, 2014 Boston Commons Multi-tenant retail 103,400 9,820 9,586 — August 19, 2014 Greenwich Center Multi-tenant retail 182,600 22,700 21,977 5,871 August 26, 2014 Crossroads Plaza CVS Single-user retail 16,000 7,650 7,411 2,863 August 27, 2014 Four Peaks Plaza Multi-tenant retail 140,400 9,900 9,381 — October 2, 2014 Gloucester Town Center Multi-tenant retail 107,200 10,350 9,722 — October 20, 2014 Various (c) Single-user retail 65,400 24,400 23,846 6,362 October 29, 2014 Shoppes at Stroud Multi-tenant retail 136,400 26,850 26,466 485 October 31, 2014 The Market at Clifty Crossing Multi-tenant retail 175,900 19,150 18,883 5,292 November 5, 2014 Crockett Square Multi-tenant retail 107,100 9,750 9,565 822 November 24, 2014 Mission Crossing (d) Multi-tenant retail 178,200 24,250 23,545 5,936 December 4, 2014 Plaza at Riverlakes Multi-tenant retail 102,800 17,350 17,021 4,127 December 16, 2014 Diebold Warehouse Single-user industrial 158,700 11,500 10,752 2,879 December 22, 2014 Newburgh Crossing Multi-tenant retail 62,900 10,000 9,770 — 2,425,800 313,720 305,173 41,890 Discontinued Operations: March 11, 2014 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 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. (c) The Company sold a portfolio of five drug stores located in Pennsylvania, Wisconsin and Alabama in a single transaction. (d) 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. During the year ended December 31, 2014, 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 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 the year ended December 31, 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 . As of December 31, 2015 , no properties qualified for held for sale accounting treatment. Promenade at Red Cliff and Aon Hewitt East Campus, both of which were sold during the year ended December 31, 2015 , were classified as held for sale as of December 31, 2014 . The following table presents the assets and liabilities associated with the investment properties classified as held for sale: December 31, 2014 Assets Land, building and other improvements $ 36,020 Accumulated depreciation (5,358 ) Net investment properties 30,662 Other assets 2,837 Assets associated with investment properties held for sale $ 33,499 Liabilities Mortgage payable, net $ 7,934 Other liabilities 128 Liabilities associated with investment properties held for sale, net $ 8,062 There was no activity during the year ended December 31, 2015 related to discontinued operations. The results of operations for the years ended December 31, 2014 and 2013 for the investment properties accounted for as discontinued operations, which consists of investment properties sold or 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 Revenues Rental income $ (123 ) $ 24,448 Tenant recovery income 144 5,142 Other property income 23 7,571 Total revenues 44 37,161 Expenses Property operating expenses 121 4,802 Real estate taxes 3 5,664 Depreciation and amortization — 11,075 Provision for impairment of investment properties — 32,547 Gain on extinguishment of debt — (26,331 ) Gain on extinguishment of other liabilities — (3,511 ) Interest expense 68 3,632 Other income, net — (113 ) Total expenses 192 27,765 (Loss) income from discontinued operations, net $ (148 ) $ 9,396 |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | Equity Compensation Plans The Company’s 2014 Long-Term Equity Compensation Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards as well as 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 summarizes the Company’s unvested restricted shares as of and for the years ended December 31, 2015 , 2014 and 2013 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2013 46 $ 17.30 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 (a) 303 $ 13.89 Shares vested (58 ) $ 14.50 Shares forfeited (1 ) $ 15.61 Balance as of December 31, 2014 396 $ 14.26 Shares granted (a) 801 $ 15.82 Shares vested (405 ) $ 14.89 Shares forfeited (4 ) $ 16.01 Balance as of December 31, 2015 (b) 788 $ 15.52 (a) Shares granted in 2013 , 2014 and 2015 vest over periods ranging from 0.6 to five years , one to three years and 0.4 to 3.4 years , respectively, in accordance with the terms of applicable award documents. (b) As of December 31, 2015 , total unrecognized compensation expense related to unvested restricted shares was $4,465 , which is expected to be amortized over a weighted average term of 1.4 years . In addition, during the year ended December 31, 2015 , performance restricted stock units (RSUs) were granted for the first time to the Company’s executives. In 2018, following the performance period which concludes on December 31, 2017, one-third of the RSUs will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. As long as the minimum hurdle is achieved and the executive remains employed during the performance period, the RSUs will convert into shares of common stock and restricted shares at a conversion rate of between 50% and 200% based upon the Company’s Total Shareholder Return as compared to that of the other companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index for 2015 through 2017. If an executive terminates employment during the performance period by reason of a qualified termination, as defined in the agreement, only a prorated portion of his outstanding RSUs will be eligible for conversion based upon the period in which the executive was employed during the performance period. If an executive terminates for any reason other than a qualified termination during the performance period, he would forfeit his outstanding RSUs. In 2018, additional shares of common stock will also be issued in an amount equal to the accumulated value of the dividends that would have been paid during the performance period on the shares of common stock and restricted shares issued at the end of the performance period divided by the then-current market price of the Company’s common stock. The Company calculated the grant date fair value per unit using a Monte Carlo simulation based on the probability of satisfying the market performance hurdles over the remainder of the performance period. Assumptions include a weighted average risk-free interest rate of 0.80% , the Company’s historical common stock performance relative to the other companies within the NAREIT Shopping Center Index and the Company’s weighted average common stock dividend yield of 4.26% . The following table summarizes the Company’s unvested RSUs as of and for the year ended December 31, 2015 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2015 — $ — RSUs granted 180 $ 14.19 RSUs ineligible for conversion (6 ) $ 14.10 RSUs eligible for future conversion as of December 31, 2015 (a) 174 $ 14.20 (a) As of December 31, 2015 , total unrecognized compensation expense related to unvested RSUs was $1,825 , which is expected to be amortized over a weighted average term of 2.7 years . During the years ended December 31, 2015 , 2014 and 2013 , the Company recorded compensation expense of $10,755 , $3,417 and $455 , respectively, related to unvested restricted shares and RSUs. Included within compensation expense recorded during the year ended December 31, 2015 is compensation expense of $2,159 related to the accelerated vesting of 194 restricted shares in conjunction with the departure of the Company’s former Chief Financial Officer and Treasurer and former Executive Vice President and President of Property Management. 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 restricted shares vested during the years ended December 31, 2015 , 2014 and 2013 was $6,188 , $840 and $139 , respectively. Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of December 31, 2015 , options to purchase 84 shares of common stock had been granted, of which options to purchase three shares had been exercised, options to purchase seven shares had expired and options to purchase 21 shares had been forfeited. 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. The Company did not grant any options in 2013, 2014 or 2015. Compensation expense of $0 , $3 and $24 related to stock options was recorded during the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
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. 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. 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. Such taxes remitted to governmental authorities, which are reimbursed by tenants, exclusive of amounts attributable to discontinued operations, were $2,071 , $1,985 and $1,791 for the years ended December 31, 2015 , 2014 and 2013 , 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 2016 $ 441,553 2017 393,790 2018 347,324 2019 282,837 2020 220,910 Thereafter 824,493 Total $ 2,510,907 The remaining lease terms range from less than one year to more than 67 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, including straight-line rent expense. Year Ended December 31, 2015 2014 2013 Ground lease rent expense (a) $ 11,461 $ 11,676 $ 9,758 Office rent expense (b) $ 1,246 $ 1,210 $ 962 (a) Included in “Property operating expenses” in the accompanying consolidated statements of operations and other comprehensive income. Excludes amounts attributable to discontinued operations, but includes straight-line ground rent expense of $3,722 , $3,889 and $3,486 for the years ended December 31, 2015 , 2014 and 2013 , 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. Minimum future rental obligations to be paid under the ground and office leases, including fixed rental increases, are as follows: Minimum Lease Obligations 2016 $ 8,458 2017 8,396 2018 8,448 2019 8,776 2020 9,174 Thereafter 510,790 Total $ 554,042 |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Mortgages Payable | Mortgages Payable The following table summarizes the Company’s mortgages payable: December 31, 2015 December 31, 2014 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) $ 1,128,505 6.08 % 3.9 $ 1,616,063 6.03 % 4.0 Variable rate construction loan (b) — — % — 14,900 2.44 % 0.8 Mortgages payable 1,128,505 6.08 % 3.9 1,630,963 5.99 % 3.9 Premium, net of accumulated amortization 1,865 3,972 Discount, net of accumulated amortization (1 ) (470 ) Capitalized loan fees, net of accumulated amortization (7,233 ) (10,736 ) Mortgages payable, net $ 1,123,136 $ 1,623,729 (a) Includes $7,910 and $8,124 of variable rate mortgage debt that has been swapped to a fixed rate as of December 31, 2015 and 2014 , respectively, and excludes mortgages payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% as of December 31, 2015 and 2014 . (b) The variable rate construction loan bore interest at a floating rate of London Interbank Offered Rate ( LIBOR ) plus 2.25% . On October 29, 2015, the construction loan was repaid in conjunction with the disposition of Green Valley Crossing. During the year ended December 31, 2015 , the Company repaid or defeased mortgages payable in the total amount of $495,456 (excluding scheduled principal payments of $16,126 related to amortizing loans). The loans repaid or defeased during the year ended December 31, 2015 had a weighted average fixed interest rate of 5.82% . In August 2015, the servicing of the Commercial Mortgage-Backed Security (CMBS) loan encumbering The Gateway was transferred to the special servicer at the request of the Company. This servicing transfer occurred notwithstanding the fact that the CMBS loan was performing. In 2014, this property was impaired below its debt balance, which was $94,463 as of December 31, 2015 . The loan was non-recourse to the Company, except for customary non-recourse carve-outs. Subsequent to December 31, 2015, the Company disposed of The Gateway through a lender-directed sale in full satisfaction of its mortgage obligation. 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 its mortgages payable. 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, 2015 , the Company had guaranteed $1,978 of its outstanding mortgage loans related to one mortgage loan with a maturity date of September 30, 2016 (see Note 17 to the consolidated financial statements). 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, 2015 , the Company had a pool of mortgages with a principal balance of $395,402 that was cross-collateralized by the 48 properties in its IW JV 2009, LLC portfolio. Debt Maturities The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2015 , 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 2016 debt activity, such as the Company’s 2016 unsecured credit facility. See Note 9 to the consolidated financial statements for further details. 2016 2017 2018 2019 2020 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 48,876 $ 319,633 $ 10,801 $ 443,447 $ 3,424 $ 302,324 $ 1,128,505 Unsecured credit facility – fixed rate portion of term loan (b) — — 300,000 — — — 300,000 Unsecured notes payable (c) — — — — — 500,000 500,000 Total fixed rate debt 48,876 319,633 310,801 443,447 3,424 802,324 1,928,505 Variable rate debt: Unsecured credit facility — 100,000 150,000 — — — 250,000 Total debt (d) $ 48,876 $ 419,633 $ 460,801 $ 443,447 $ 3,424 $ 802,324 $ 2,178,505 Weighted average interest rate on debt: Fixed rate debt 4.92 % 5.52 % 2.16 % 7.50 % 4.80 % 4.42 % 4.96 % Variable rate debt (e) — 1.93 % 1.88 % — — — 1.90 % Total 4.92 % 4.66 % 2.07 % 7.50 % 4.80 % 4.42 % 4.61 % (a) Includes $7,910 of variable rate mortgage debt that has been swapped to a fixed rate as of December 31, 2015 . Excludes mortgage premium of $1,865 and discount of $(1) , net of accumulated amortization, as of December 31, 2015 . (b) $300,000 of LIBOR-based variable rate debt has been swapped to a fixed rate through February 2016. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap. (c) Excludes discount of $(1,090) , net of accumulated amortization, as of December 31, 2015 . (d) Total debt excludes capitalized loan fees of $(13,041) , net of accumulated amortization, as of December 31, 2015 which are included as a reduction to the respective debt balances. The weighted average years to maturity of consolidated indebtedness was 4.5 years as of December 31, 2015 . (e) Represents interest rates as of December 31, 2015 . 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 March 12, 2015, the Company completed a public offering of $250,000 in aggregate principal amount of its 4.00% senior unsecured notes due 2025 ( 4.00% notes). The 4.00% notes were priced at 99.526% of the principal amount to yield 4.058% to maturity. In addition, on June 30, 2014, the Company completed a private placement of $250,000 of unsecured notes, consisting of $100,000 of 4.12% Series A senior notes due 2021 and $150,000 of 4.58% Series B senior notes due 2024 (collectively, Series A and B notes). The proceeds from the 4.00% notes and the Series A and B notes were used to repay a portion of the Company’s unsecured revolving line of credit. The following table summarizes the Company’s unsecured notes payable: December 31, 2015 December 31, 2014 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% Series A due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% Series B due 2024 June 30, 2024 150,000 4.58 % 150,000 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 250,000 4.00 % — — % 500,000 4.20 % 250,000 4.40 % Discount, net of accumulated amortization (1,090 ) — Capitalized loan fees, net of accumulated amortization (3,334 ) (1,459 ) Total $ 495,576 $ 248,541 The indenture, as supplemented, governing the 4.00% notes (the Indenture) contains customary covenants and events of default. Pursuant to the terms of the Indenture, the Company is subject to various financial covenants, including the requirement to maintain the following: (i) maximum secured and total leverage ratios; (ii) a debt service coverage ratio; and (iii) maintenance of an unencumbered assets to unsecured debt ratio. The note purchase agreement governing the Series A and B notes 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, 2015 , management believes the Company was in compliance with the financial covenants under the Indenture and the note purchase agreement. |
Unsecured Notes Payable
Unsecured Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Unsecured Notes Payable | Mortgages Payable The following table summarizes the Company’s mortgages payable: December 31, 2015 December 31, 2014 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) $ 1,128,505 6.08 % 3.9 $ 1,616,063 6.03 % 4.0 Variable rate construction loan (b) — — % — 14,900 2.44 % 0.8 Mortgages payable 1,128,505 6.08 % 3.9 1,630,963 5.99 % 3.9 Premium, net of accumulated amortization 1,865 3,972 Discount, net of accumulated amortization (1 ) (470 ) Capitalized loan fees, net of accumulated amortization (7,233 ) (10,736 ) Mortgages payable, net $ 1,123,136 $ 1,623,729 (a) Includes $7,910 and $8,124 of variable rate mortgage debt that has been swapped to a fixed rate as of December 31, 2015 and 2014 , respectively, and excludes mortgages payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% as of December 31, 2015 and 2014 . (b) The variable rate construction loan bore interest at a floating rate of London Interbank Offered Rate ( LIBOR ) plus 2.25% . On October 29, 2015, the construction loan was repaid in conjunction with the disposition of Green Valley Crossing. During the year ended December 31, 2015 , the Company repaid or defeased mortgages payable in the total amount of $495,456 (excluding scheduled principal payments of $16,126 related to amortizing loans). The loans repaid or defeased during the year ended December 31, 2015 had a weighted average fixed interest rate of 5.82% . In August 2015, the servicing of the Commercial Mortgage-Backed Security (CMBS) loan encumbering The Gateway was transferred to the special servicer at the request of the Company. This servicing transfer occurred notwithstanding the fact that the CMBS loan was performing. In 2014, this property was impaired below its debt balance, which was $94,463 as of December 31, 2015 . The loan was non-recourse to the Company, except for customary non-recourse carve-outs. Subsequent to December 31, 2015, the Company disposed of The Gateway through a lender-directed sale in full satisfaction of its mortgage obligation. 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 its mortgages payable. 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, 2015 , the Company had guaranteed $1,978 of its outstanding mortgage loans related to one mortgage loan with a maturity date of September 30, 2016 (see Note 17 to the consolidated financial statements). 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, 2015 , the Company had a pool of mortgages with a principal balance of $395,402 that was cross-collateralized by the 48 properties in its IW JV 2009, LLC portfolio. Debt Maturities The following table shows the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2015 , 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 2016 debt activity, such as the Company’s 2016 unsecured credit facility. See Note 9 to the consolidated financial statements for further details. 2016 2017 2018 2019 2020 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 48,876 $ 319,633 $ 10,801 $ 443,447 $ 3,424 $ 302,324 $ 1,128,505 Unsecured credit facility – fixed rate portion of term loan (b) — — 300,000 — — — 300,000 Unsecured notes payable (c) — — — — — 500,000 500,000 Total fixed rate debt 48,876 319,633 310,801 443,447 3,424 802,324 1,928,505 Variable rate debt: Unsecured credit facility — 100,000 150,000 — — — 250,000 Total debt (d) $ 48,876 $ 419,633 $ 460,801 $ 443,447 $ 3,424 $ 802,324 $ 2,178,505 Weighted average interest rate on debt: Fixed rate debt 4.92 % 5.52 % 2.16 % 7.50 % 4.80 % 4.42 % 4.96 % Variable rate debt (e) — 1.93 % 1.88 % — — — 1.90 % Total 4.92 % 4.66 % 2.07 % 7.50 % 4.80 % 4.42 % 4.61 % (a) Includes $7,910 of variable rate mortgage debt that has been swapped to a fixed rate as of December 31, 2015 . Excludes mortgage premium of $1,865 and discount of $(1) , net of accumulated amortization, as of December 31, 2015 . (b) $300,000 of LIBOR-based variable rate debt has been swapped to a fixed rate through February 2016. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap. (c) Excludes discount of $(1,090) , net of accumulated amortization, as of December 31, 2015 . (d) Total debt excludes capitalized loan fees of $(13,041) , net of accumulated amortization, as of December 31, 2015 which are included as a reduction to the respective debt balances. The weighted average years to maturity of consolidated indebtedness was 4.5 years as of December 31, 2015 . (e) Represents interest rates as of December 31, 2015 . 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 March 12, 2015, the Company completed a public offering of $250,000 in aggregate principal amount of its 4.00% senior unsecured notes due 2025 ( 4.00% notes). The 4.00% notes were priced at 99.526% of the principal amount to yield 4.058% to maturity. In addition, on June 30, 2014, the Company completed a private placement of $250,000 of unsecured notes, consisting of $100,000 of 4.12% Series A senior notes due 2021 and $150,000 of 4.58% Series B senior notes due 2024 (collectively, Series A and B notes). The proceeds from the 4.00% notes and the Series A and B notes were used to repay a portion of the Company’s unsecured revolving line of credit. The following table summarizes the Company’s unsecured notes payable: December 31, 2015 December 31, 2014 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% Series A due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% Series B due 2024 June 30, 2024 150,000 4.58 % 150,000 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 250,000 4.00 % — — % 500,000 4.20 % 250,000 4.40 % Discount, net of accumulated amortization (1,090 ) — Capitalized loan fees, net of accumulated amortization (3,334 ) (1,459 ) Total $ 495,576 $ 248,541 The indenture, as supplemented, governing the 4.00% notes (the Indenture) contains customary covenants and events of default. Pursuant to the terms of the Indenture, the Company is subject to various financial covenants, including the requirement to maintain the following: (i) maximum secured and total leverage ratios; (ii) a debt service coverage ratio; and (iii) maintenance of an unencumbered assets to unsecured debt ratio. The note purchase agreement governing the Series A and B notes 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, 2015 , management believes the Company was in compliance with the financial covenants under the Indenture and the note purchase agreement. |
Unsecured Credit Facility
Unsecured Credit Facility | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Abstract] | |
Unsecured Credit Facility | Unsecured 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 serving as administrative agent and Wells Fargo Bank, National Association serving as syndication agent to provide for an unsecured credit facility aggregating $1,000,000 . As of December 31, 2015, the unsecured credit facility consisted of a $550,000 unsecured revolving line of credit and a $450,000 unsecured term loan (collectively, the Unsecured Credit Facility). The Unsecured Credit Facility had a $450,000 accordion option that allowed the Company, at its election, to increase the total credit facility up to $1,450,000 , subject to (i) customary fees and conditions including, but not limited to, the absence of an event of default as defined in the agreement and (ii) the Company’s ability to obtain additional lender commitments. The following table summarizes the Company’s Unsecured Credit Facility: December 31, 2015 December 31, 2014 Unsecured Credit Facility Maturity Date Balance Interest Rate/ Weighted Average Interest Rate Balance Interest Rate/ Term loan – fixed rate portion (a) May 11, 2018 $ 300,000 1.99 % $ 300,000 1.99 % Term loan – variable rate portion May 11, 2018 150,000 1.88 % 150,000 1.62 % Subtotal 450,000 450,000 Capitalized loan fees, net of accumulated amortization (2,474 ) (3,535 ) Term loan, net 447,526 446,465 Revolving line of credit – variable rate (b) May 12, 2017 (c) 100,000 1.93 % — 1.67 % Total unsecured credit facility, net $ 547,526 1.95 % $ 446,465 1.87 % (a) $300,000 of the term loan has been swapped to a fixed rate of 0.53875% plus a credit spread based on a leverage grid ranging from 1.45% to 2.00% through February 2016. The applicable credit spread was 1.45% as of December 31, 2015 and 2014 . (b) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying consolidated balance sheets. (c) The Company had a one year extension option on the unsecured revolving line of credit, which it could have exercised as long as it was in compliance with the terms of the unsecured credit agreement and it paid an extension fee equal to 0.15% of the commitment amount being extended. As of December 31, 2015, the Unsecured Credit Facility was priced on a leverage grid at a rate of LIBOR plus a credit spread. The Company received investment grade credit ratings from two rating agencies in 2014 and in accordance with the unsecured credit agreement, the Company may elect to convert to an investment grade pricing grid. As of December 31, 2015 , 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 leverage-based and ratings-based credit spreads and additional pricing terms of the Company’s Unsecured Credit Facility as of December 31, 2015 : Leverage-Based Pricing Ratings-Based Pricing Unsecured Credit Facility Credit Spread Unused Fee Credit Spread Facility Fee Term loan 1.45% – 2.00% N/A 1.05% – 2.05% N/A Revolving line of credit 1.50% – 2.05% 0.25% – 0.30% 0.90% – 1.70% 0.15% – 0.35% The unsecured credit agreement contained customary representations, warranties and covenants, and events of default. Pursuant to the terms of the unsecured credit agreement, the Company was 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, 2015 , management believes the Company was in compliance with the financial covenants and default provisions under the unsecured credit agreement. Subsequent to December 31, 2015, the Company entered into its fourth amended and restated unsecured credit agreement with a syndicate of financial institutions led by KeyBank National Association serving as administrative agent and Wells Fargo Bank, National Association serving as syndication agent to provide for an unsecured credit facility aggregating $1,200,000 . The Company’s 2016 unsecured credit facility consists of a $750,000 unsecured revolving line of credit, a $200,000 unsecured term loan and a $250,000 unsecured term loan (collectively, the Company’s 2016 Unsecured Credit Facility) and will be priced on a leverage grid at a rate of LIBOR plus a credit spread. The following table summarizes the key terms of the Company’s 2016 Unsecured Credit Facility: Leverage-Based Pricing Ratings-Based Pricing 2016 Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Unused Fee Credit Spread Facility Fee $200,000 unsecured term loan 5/11/2018 2 one year 0.15% 1.45% - 2.20% N/A 1.05% - 2.05% N/A $250,000 unsecured term loan 1/5/2021 N/A N/A 1.30% - 2.20% N/A 0.90% - 1.75% N/A $750,000 unsecured revolving line of credit 1/5/2020 2 six month 0.075% 1.35% - 2.25% 0.15% - 0.25% 0.85% - 1.55% 0.125% - 0.30% The Company’s 2016 Unsecured Credit Facility has a $400,000 accordion option that allows the Company, at its election, to increase the total credit facility up to $1,600,000 , subject to (i) customary fees and conditions including, but not limited to, the absence of an event of default as defined in the agreement and (ii) the Company’s ability to obtain additional lender commitments. The fourth amended and restated unsecured credit agreement contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the fourth amended and restated 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; and (ii) minimum fixed charge and unencumbered interest coverage ratios. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
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 $85 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, Interest rate swaps 2 2 $ 307,910 $ 308,124 The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the accompanying consolidated balance sheets. The valuation techniques utilized are described in Note 16 to the consolidated financial statements. Fair Value December 31, 2015 December 31, 2014 Derivatives designated as cash flow hedges: Interest rate swaps $ 85 $ 562 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive income: Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income (Effective Portion) Amount of Loss Reclassified from AOCI into Income (Effective Portion) Location of (Gain) Loss Recognized In Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of (Gain) Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 2014 2015 2014 2015 2014 Interest rate swaps $ 643 $ 981 Interest expense $ 1,095 $ 1,182 Other income, net $ (25 ) $ 12 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, 2015 , 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 $96 . As of December 31, 2015 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2015 , it could have been required to settle its obligations under the agreements at their termination value of $96 . |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures The Company did not have any investments in unconsolidated joint ventures as of December 31, 2015 and 2014. On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland, an unconsolidated joint venture formed with a large state pension fund, through the acquisition of the six properties owned by the joint venture. The Company was the managing member of the venture and earned fees for providing property management and leasing services. The Company had the ability to exercise significant influence, but did not have financial or operating control over the joint venture, and as a result, the Company accounted for its investment pursuant to the equity method of accounting. Through December 1, 2014, Oak Property & Casualty LLC (the Captive) was an insurance association owned by the Company and three other unaffiliated parties that was formed to insure/reimburse the members’ deductible obligations for property and general liability insurance claims subject to certain limitations. The Captive was determined to be 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 it 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 to the consolidated financial statements for further details. Under the equity method of accounting, the Company’s net equity investment in each unconsolidated joint venture was reflected in the accompanying consolidated balance sheets and its share of net income or loss from each unconsolidated joint venture was reflected in the accompanying consolidated statements of operations and other comprehensive income. Distributions that were related to income from operations were included as operating activities and distributions that were related to capital transactions were included as investing activities in the accompanying consolidated statements of cash flows. Combined condensed financial information of the Company’s unconsolidated joint ventures (at 100% ) for the periods attributable to the Company’s ownership is summarized as follows: Year ended December 31, RioCan (a) Hampton (b) Other Joint Ventures (c) Combined Condensed Total 2014 2013 2014 2013 2014 2013 2014 2013 Revenues Property related income $ — $ 36,758 $ — $ — $ 11,853 $ 27,841 $ 11,853 $ 64,599 Other income — — — — 6,679 8,174 6,679 8,174 Total revenues — 36,758 — — 18,532 36,015 18,532 72,773 Expenses Property operating expenses — 5,001 — — 1,660 3,522 1,660 8,523 Real estate taxes — 6,187 — — 2,339 5,267 2,339 11,454 Depreciation and amortization — 21,964 — — 3,948 9,601 3,948 31,565 General and administrative expenses — 457 — 6 268 454 268 917 Interest expense, net — 7,033 — (1,758 ) 3,028 7,129 3,028 12,404 Other (income) expense, net — (4,436 ) — (13 ) 11,921 6,025 11,921 1,576 Total expenses — 36,206 — (1,765 ) 23,164 31,998 23,164 66,439 Income (loss) from continuing operations — 552 — 1,765 (4,632 ) 4,017 (4,632 ) 6,334 (Loss) income from discontinued operations (d) — (1,026 ) — (117 ) — 52 — (1,091 ) Gain on sales of investment properties – discontinued operations — — — 1,019 — — — 1,019 Net (loss) income $ — $ (474 ) $ — $ 2,667 $ (4,632 ) $ 4,069 $ (4,632 ) $ 6,262 (a) On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. (b) During 2013, the Company dissolved its joint venture arrangement with its partner in 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 Years Ended December 31, Net Cash Distributions from / (Contributions to) Joint Ventures for the Years Ended December 31, Fees Earned by the Company for the Years Ended December 31, Joint Venture 2014 2013 2014 2013 2014 2013 MS Inland (a) $ 241 $ 661 $ 1,360 $ 2,369 $ 338 $ 859 Hampton (b) — 2,576 — 855 — 1 RioCan (c) — (176 ) — (2,394 ) — 1,648 Captive (d) (2,444 ) (2,589 ) (25 ) (2,503 ) — — $ (2,203 ) $ 472 $ 1,335 $ (1,673 ) $ 338 $ 2,508 (a) On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. (b) During the year ended December 31, 2013, Hampton determined that the carrying value of one of its assets was not recoverable and, accordingly, recorded a property level impairment charge in the amount of $298 , of which the Company’s share was $286 . The joint venture’s estimate of fair value relating to this impairment assessment was based upon a bona fide purchase offer. 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 accompanying consolidated statements of operations and other comprehensive income. 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 and $116 , which was accretive to net income, related to these differences during the years ended December 31, 2014 and 2013, respectively. The Company did not have any unconsolidated joint ventures as of December 31, 2015 and 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 the 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 its 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. The Company did not record any impairment charges to its investments in unconsolidated joint ventures during the year ended December 31, 2014. 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 properties owned by the joint venture (see Note 3 to the consolidated financial statements). 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 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. The five properties had, at acquisition, a combined 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 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. 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 had, at disposition, a combined 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 its 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 discussed above: Investment in RioCan at September 30, 2013 $ 41,523 Less: Carrying value of the Company’s previous investment in the five properties acquired on October 1, 2013 5,949 Pre-disposition investment in RioCan $ 35,574 Net consideration received at close for the Company’s interest in RioCan $ 53,073 Less: Pre-disposition investment in RioCan 35,574 Gain on sale of joint venture interest $ 17,499 In addition, 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, 2015 | |
Equity [Abstract] | |
Equity | Equity On March 7, 2013, the Company established an at-the-market (ATM) equity program under which it sold 5,547 shares of its Class A common stock during the year ended December 31, 2013. The shares were issued at a weighted average price per share of $15.29 for proceeds of $83,527 , net of commissions and offering costs. No shares were issued during the years ended December 31, 2014 and 2015 and the 2013 ATM equity program expired in November 2015. On December 21, 2015, the Company established a new ATM equity program under which it may issue and sell shares of its Class A common stock, having an aggregate offering price of up to $250,000 , 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. Any net proceeds are expected to be used for general corporate purposes, which may include the funding of acquisitions and redevelopment activities and the repayment of debt, including the Company’s Unsecured Credit Facility. As of December 31, 2015 , the Company had Class A common shares having an aggregate offering price of up to $250,000 remaining available for sale under its ATM equity program. On December 15, 2015, the Company’s board of directors authorized a common stock repurchase program under which the Company may repurchase, from time to time, up to a maximum of $250,000 of shares of its Class A common stock. The shares may be repurchased in the open market or in privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors including price in absolute terms and in relation to the value of the Company’s assets, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The common stock repurchase program may be suspended or terminated at any time without prior notice. As of December 31, 2015 , the Company had not repurchased any shares under this program. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS): Year Ended December 31, 2015 2014 2013 Numerator: Income (loss) from continuing operations $ 3,832 $ 597 $ (42,855 ) Gain on sales of investment properties 121,792 42,196 5,806 Net income from continuing operations attributable to noncontrolling interest (528 ) — — Preferred stock dividends (9,450 ) (9,450 ) (9,450 ) Income (loss) from continuing operations attributable to common shareholders 115,646 33,343 (46,499 ) Income from discontinued operations — 507 50,675 Net income attributable to common shareholders 115,646 33,850 4,176 Distributions paid on unvested restricted shares (481 ) (225 ) (59 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 115,165 $ 33,625 $ 4,117 Denominator: Denominator for earnings (loss) per common share – basic: Weighted average number of common shares outstanding 236,380 (a) 236,184 (b) 234,134 (c) Effect of dilutive securities: Stock options 2 (d) 3 (d) — (d) RSUs — (e) — — Denominator for earnings (loss) per common share – diluted: Weighted average number of common and common equivalent shares outstanding 236,382 236,187 234,134 (a) Excludes 788 shares of unvested restricted common stock, which equate to 768 shares on a weighted average basis for the year ended December 31, 2015 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 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 were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c) Excludes 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 were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (d) There were outstanding options to purchase 53 , 64 and 78 shares of common stock as of December 31, 2015 , 2014 and 2013 , respectively, at a weighted average exercise price of $19.39 , $19.32 and $19.10 , respectively. Of these totals, outstanding options to purchase 45 , 54 and 78 shares of common stock as of December 31, 2015 , 2014 and 2013 , respectively, at a weighted average exercise price of $20.74 , $20.72 and $19.10 , respectively, have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. (e) There were 174 RSUs eligible for future conversion following the performance period as of December 31, 2015 (see Note 5 to the consolidated financial statements). These contingently issuable shares are included in diluted EPS based on the weighted average number of shares that would be outstanding during the period, if any, assuming the end of the reporting period was the end of the contingency period. Assuming December 31, 2015 was the end of the contingency period, none of these contingently issuable shares would be outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
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, determined without regard to the dividends paid deduction 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 years ended December 31, 2015 and 2014 . The Company recorded $189 of income tax expense related to the TRS for the year ended December 31, 2013. 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, 2015 and 2014 were as follows: 2015 2014 Deferred tax assets: Basis difference in properties $ 1,109 $ 14,211 Capital loss carryforward 9,885 3,225 Net operating loss carryforward 12,543 2,995 Other 81 140 Gross deferred tax assets 23,618 20,571 Less: valuation allowance (23,618 ) (20,355 ) Total deferred tax assets — 216 Deferred tax liabilities: Other — (216 ) Net deferred tax assets $ — $ — The Company’s deferred tax assets and liabilities result from the activities of the TRS. As of December 31, 2015 , the TRS had a capital loss carryforward and a federal net operating loss carryforward of $24,567 and $31,171 , respectively, which if not utilized, will begin to expire in 2019 and 2031, respectively. Differences between net income from the consolidated statements of operations and other comprehensive income and the Company’s taxable income 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 to REIT taxable income before the dividends paid deduction for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Net income attributable to the Company $ 125,096 $ 43,300 $ 13,626 Book/tax differences 2,344 71,910 60,098 REIT taxable income subject to 90% dividend requirement $ 127,440 $ 115,210 $ 73,724 The Company’s dividends paid deduction for the years ended December 31, 2015 , 2014 and 2013 is summarized below: 2015 2014 2013 Cash distributions paid $ 166,064 $ 166,025 $ 164,391 Less: non-dividend distributions (38,624 ) (50,815 ) (90,667 ) Total dividends paid deduction attributable to earnings and profits $ 127,440 $ 115,210 $ 73,724 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, 2015 , 2014 and 2013 follows: 2015 2014 2013 Preferred stock Ordinary dividends $ 1.75 $ 1.75 $ 1.80 Non-dividend distributions — — — Total distributions per share $ 1.75 $ 1.75 $ 1.80 Common stock Ordinary dividends $ 0.50 $ 0.45 $ 0.27 Non-dividend distributions 0.16 0.21 0.39 Total distributions per share $ 0.66 $ 0.66 $ 0.66 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, 2015 or 2014 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, 2015 . Returns for the calendar years 2012 through 2015 remain subject to examination by federal and various state tax jurisdictions. |
Provision for Impairment of Inv
Provision for Impairment of Investment Properties | 12 Months Ended |
Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Provision for Impairment of Investment Properties | Provision for Impairment of Investment Properties As of December 31, 2015 , 2014 and 2013 , the Company identified indicators of impairment at certain of its properties. 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 following table summarizes the results of these analyses as of December 31, 2015 , 2014 and 2013 : December 31, 2015 2014 2013 Number of properties for which indicators of impairment were identified 3 8 (a) 14 (b) Less: number of properties for which an impairment charge was recorded — 3 3 Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded — 1 1 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 3 4 10 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (c) 42 % 48 % 20 % (a) Includes seven properties which have subsequently been sold as of December 31, 2015 . (b) Includes 11 properties which have subsequently been sold as of December 31, 2015 . (c) Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed. The Company recorded the following investment property impairment charges during the year ended December 31, 2015: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Massillon Commons (a) Multi-tenant retail June 4, 2015 245,900 $ 2,289 Traveler’s Office Building (a) Single-user office June 30, 2015 50,800 1,655 Shaw’s Supermarket (a) Single-user retail August 6, 2015 65,700 169 Southgate Plaza (a) Multi-tenant retail December 18, 2015 86,100 2,484 Bellevue Mall (a) Development December 31, 2015 369,300 13,340 $ 19,937 Estimated fair value of impaired properties as of impairment date $ 43,720 (a) The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for the respective properties, which were sold during 2015. The Company recorded the following investment property impairment charges during the year ended December 31, 2014: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Midtown Center (a) Multi-tenant retail March 31, 2014 408,500 $ 394 Gloucester Town Center Multi-tenant retail Various (b) 107,200 6,148 Boston Commons (a) Multi-tenant retail August 19, 2014 103,400 453 Four Peaks Plaza (a) Multi-tenant retail August 27, 2014 140,400 4,154 Shaw’s Supermarket (c) Single-user retail September 30, 2014 65,700 6,230 The Gateway (d) Multi-tenant retail September 30, 2014 623,200 42,999 Newburgh Crossing (a) Multi-tenant retail December 22, 2014 62,900 1,139 Hartford Insurance Building (e) Single-user office December 31, 2014 97,400 5,782 Citizen’s Property Insurance Building (e) Single-user office December 31, 2014 59,800 4,341 Aon Hewitt East Campus (f) Single-user office December 31, 2014 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. (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. The Company recorded the following investment property impairment charges during the year ended December 31, 2013: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Aon Hewitt East Campus (a) Single-user office September 30, 2013 343,000 $ 27,183 Four Peaks Plaza (b) Multi-tenant retail December 31, 2013 140,400 7,717 Lake Mead Crossing (b) Multi-tenant retail December 31, 2013 221,200 24,586 59,486 Discontinued Operations: University Square (c) Multi-tenant retail June 30, 2013 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. (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 the final disposition price, as applicable. The Company can provide no assurance that material impairment charges with respect to its investment properties will not occur in future periods. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 1,123,136 $ 1,213,620 $ 1,623,729 $ 1,749,671 Unsecured notes payable, net $ 495,576 $ 486,701 $ 248,541 $ 258,360 Unsecured credit facility $ 547,526 $ 550,000 $ 446,465 $ 451,502 Derivative liability $ 85 $ 85 $ 562 $ 562 The carrying values of mortgages payable, net and unsecured notes payable, net in the table are included in the accompanying consolidated balance sheets under the indicated captions. The carrying value of the Unsecured Credit Facility is comprised of the “Unsecured term loan, net” and the “Unsecured revolving line of credit” and the carrying value of the derivative liability is included in “Other liabilities” in the accompanying 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, 2015 Derivative liability $ — $ 85 $ — $ 85 December 31, 2014 Derivative liability $ — $ 562 $ — $ 562 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, 2015 and 2014 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. 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 to the consolidated financial statements. Nonrecurring Fair Value Measurements The Company did not have any assets measured at fair value on a nonrecurring basis as of December 31, 2015. The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2014 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 year ended December 31, 2014 , except for those properties sold prior to December 31, 2014 . 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 (a) Excludes impairment charges recorded on investment properties sold prior to December 31, 2014 . (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, the date the assets were measured at fair value: 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 but were included in the calculation of the impairment charge. 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, 2015 Mortgages payable, net $ — $ — $ 1,213,620 $ 1,213,620 Unsecured notes payable, net $ 239,482 $ — $ 247,219 $ 486,701 Unsecured credit facility $ — $ — $ 550,000 $ 550,000 December 31, 2014 Mortgages payable, net $ — $ — $ 1,749,671 $ 1,749,671 Unsecured notes payable $ — $ — $ 258,360 $ 258,360 Unsecured credit facility $ — $ — $ 451,502 $ 451,502 Mortgages payable, net: The Company estimates the fair value of its mortgages payable by discounting the anticipated 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 6.0% and 2.2% to 4.0% as of December 31, 2015 and 2014 , respectively. Unsecured notes payable, net: The quoted market price as of December 31, 2015 was used to value the Company’s 4.00% notes. The Company estimates the fair value of its Series A and B notes 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 4.64% and 3.97% as of December 31, 2015 and 2014 , respectively. Unsecured Credit Facility: The Company estimates the fair value of its Unsecured Credit Facility by discounting the anticipated 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 1.30% and 1.35% for the unsecured term loan as of December 31, 2015 and 2014 , respectively, and 1.35% for the unsecured revolving line of credit as of December 31, 2015 . There were no amounts drawn on the unsecured revolving line of credit as of December 31, 2014. There were no transfers between the levels of the fair value hierarchy during the years ended December 31, 2015 and 2014 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , the Company had guaranteed $1,978 of its outstanding mortgage loans related to one mortgage loan with a maturity date of September 30, 2016. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2015 , the Company: • entered into its fourth amended and restated unsecured credit agreement with a syndicate of financial institutions to provide for an unsecured credit facility aggregating $1,200,000 . See Note 9 to the consolidated financial statements for further details; • closed on the acquisition of a two -property portfolio consisting of Shoppes at Hagerstown, a 113,200 square foot multi-tenant retail property located in Hagerstown, Maryland, for a gross purchase price of $27,055 and Merrifield Town Center II, a 138,000 square foot property, consisting of 76,000 square feet of retail space and 62,000 square feet of storage space, located in Falls Church, Virginia, for a gross purchase price of $45,676 ; • closed on the disposition of The Gateway, a 623,200 square foot multi-tenant retail property located in Salt Lake City, Utah, through a lender-directed sale in full satisfaction of its mortgage obligation. Immediately prior to the disposition, the lender reduced the Company’s loan obligation to $75,000 which was assumed by the buyer in connection with the disposition, resulting in an anticipated gain on extinguishment of debt of approximately $13,653 and an anticipated gain on sale of approximately $3,868 ; and • closed on the disposition of Stateline Station, a 142,600 square foot multi-tenant retail property located in Kansas City, Missouri, for a sales price of $17,500 with an anticipated gain on sale of approximately $4,253 . On February 11, 2016 , the Company’s board of directors declared the cash dividend for the first quarter of 2016 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, 2016 to preferred shareholders of record at the close of business on March 21, 2016 . On February 11, 2016 , the Company’s board of directors declared the distribution for the first quarter of 2016 of $0.165625 per share on the Company’s outstanding Class A common stock, which will be paid on April 8, 2016 to Class A common shareholders of record at the close of business on March 28, 2016 . |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 148,920 $ 150,955 $ 150,888 $ 153,197 Net income $ 3,535 $ 78,329 $ 30,684 $ 13,076 Net income attributable to common shareholders $ 644 $ 75,967 $ 28,321 $ 10,714 Net income per common share attributable to common shareholders – basic and diluted $ — $ 0.32 $ 0.12 $ 0.05 Weighted average number of common shares outstanding – basic 236,477 236,439 236,354 236,250 Weighted average number of common shares outstanding – diluted 236,479 236,553 236,356 236,253 2014 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 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 shareholders – basic and diluted $ 0.10 $ (0.12 ) $ 0.12 $ 0.05 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 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts For the Years Ended December 31, 2015 , 2014 and 2013 (in thousands) Balance at beginning of year Charged to costs and expenses Write-offs Balance at end of year Year ended December 31, 2015 Allowance for doubtful accounts $ 7,497 3,069 (2,656 ) $ 7,910 Tax valuation allowance $ 20,355 3,263 — $ 23,618 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 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 (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 $ 2,863 $ 1,300 $ 5,319 $ 871 $ 1,300 $ 6,190 $ 7,490 $ 2,311 2003 12/04 Panama City, FL Academy Sports — 1,230 3,752 — 1,230 3,752 4,982 1,569 2004 07/04 Houma, LA Academy Sports — 1,340 2,943 3 1,340 2,946 4,286 1,205 2004 07/04 Midland, TX Academy Sports — 1,050 3,954 6 1,050 3,960 5,010 1,621 2004 07/04 Port Arthur, TX Academy Sports — 3,215 3,963 — 3,215 3,963 7,178 1,586 2004 07/04 San Antonio, TX Alison's Corner — 1,045 5,700 394 1,045 6,094 7,139 2,494 2003 04/04 San Antonio, TX Ashland & Roosevelt 1,102 — 21,052 507 — 21,559 21,559 8,300 2002 05/05 Chicago, IL Avondale Plaza — 4,573 9,497 31 4,573 9,528 14,101 405 2005 11/14 Redmond, WA Azalea Square I 11,313 6,375 21,304 1,670 6,375 22,974 29,349 9,763 2004 10/04 Summerville, SC Azalea Square III — 3,280 10,348 63 3,280 10,411 13,691 3,147 2007 10/07 Summerville, SC Beachway Plaza outparcel — 318 — 341 318 341 659 28 n/a 05/06 Bradenton, FL Bed Bath & Beyond Plaza 8,482 10,350 18,367 680 10,350 19,047 29,397 7,817 2004 10/04 Miami, FL Bed Bath & Beyond Plaza — 4,530 11,901 — 4,530 11,901 16,431 4,541 2000-2002 07/05 Westbury, NY Boulevard at The Capital Centre — — 114,703 (28,975 ) — 85,728 85,728 24,907 2004 09/04 Largo, MD Boulevard Plaza 2,230 4,170 12,038 3,510 4,170 15,548 19,718 6,022 1994 04/05 Pawtucket, RI The Brickyard — 45,300 26,657 5,125 45,300 31,782 77,082 12,253 1977/2004 04/05 Chicago, IL Broadway Shopping Center — 5,500 14,002 3,220 5,500 17,222 22,722 6,279 1960/1999- 09/05 Bangor, ME 2000 RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Brown's Lane 4,659 2,600 12,005 1,250 2,600 13,255 15,855 5,116 1985 04/05 Middletown, RI Cedar Park Town Center — 23,923 13,829 129 23,923 13,958 37,881 562 2013 02/15 Cedar Park, TX Central Texas Marketplace 45,357 13,000 47,559 7,562 13,000 55,121 68,121 17,456 2004 12/06 Waco, TX Centre at Laurel — 19,000 8,406 16,761 18,700 25,467 44,167 8,975 2005 02/06 Laurel, MD Century III Plaza — 7,100 33,212 1,833 7,100 35,045 42,145 13,467 1996 06/05 West Mifflin, PA Chantilly Crossing — 8,500 16,060 2,290 8,500 18,350 26,850 6,939 2004 05/05 Chantilly, VA Cinemark Seven Bridges 4,659 3,450 11,728 15 3,450 11,743 15,193 4,412 2000 03/05 Woodridge, IL Clearlake Shores — 1,775 7,026 1,180 1,775 8,206 9,981 3,166 2003-2004 04/05 Clear Lake, TX Coal Creek Marketplace — 5,023 12,382 — 5,023 12,382 17,405 170 1991 08/15 Newcastle, WA Colony Square — 16,700 22,775 2,103 16,700 24,878 41,578 8,381 1997 05/06 Sugar Land, TX The Columns 11,671 5,830 19,439 191 5,830 19,630 25,460 8,131 2004 8/04 & Jackson, TN 10/04 Commons at Royal Palm — 6,413 9,802 15 6,413 9,817 16,230 687 2001 06/14 Royal Palm Beach, FL The Commons at Temecula 25,606 12,000 35,887 1,567 12,000 37,454 49,454 14,617 1999 04/05 Temecula, CA Coppell Town Center 10,589 2,919 13,281 57 2,919 13,338 16,257 1,209 1999 10/13 Coppell, TX Coram Plaza 13,183 10,200 26,178 3,031 10,200 29,209 39,409 11,681 2004 12/04 Coram, NY Corwest Plaza 14,213 6,900 23,851 (30 ) 6,900 23,821 30,721 10,534 1999-2003 01/04 New Britain, CT Cottage Plaza 10,146 3,000 19,158 340 3,000 19,498 22,498 7,722 2004-2005 02/05 Pawtucket, RI RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Cranberry Square 10,408 3,000 18,736 1,303 3,000 20,039 23,039 8,255 1996-1997 07/04 Cranberry Township, PA Crown Theater — 7,318 954 (60 ) 7,258 954 8,212 665 2000 07/05 Hartford, CT Cuyahoga Falls Market Center 3,440 3,350 11,083 575 3,350 11,658 15,008 4,524 1998 04/05 Cuyahoga Falls, OH CVS Pharmacy — 910 2,891 — 910 2,891 3,801 1,113 1999 06/05 Burleson, TX CVS Pharmacy (Eckerd) 2,095 975 2,400 2 975 2,402 3,377 1,068 2003 12/03 Edmond, OK CVS Pharmacy — 750 1,958 — 750 1,958 2,708 759 1999 05/05 Lawton, OK CVS Pharmacy — 600 2,659 — 600 2,659 3,259 1,040 2004 05/05 Moore, OK CVS Pharmacy (Eckerd) 3,309 932 4,370 — 932 4,370 5,302 1,959 2003 12/03 Norman, OK CVS Pharmacy — 620 3,583 — 620 3,583 4,203 1,379 1999 06/05 Oklahoma City, OK CVS Pharmacy — 1,100 3,254 — 1,100 3,254 4,354 1,282 2004 03/05 Saginaw, TX CVS Pharmacy — 600 2,469 3 600 2,472 3,072 1,012 2004 10/04 Sylacauga, AL Cypress Mill Plaza — 4,962 9,976 85 4,962 10,061 15,023 1,028 2004 10/13 Cypress, TX Davis Towne Crossing — 1,850 5,681 1,153 1,671 7,013 8,684 2,788 2003-2004 06/04 North Richland Hills, TX Denton Crossing 25,737 6,000 43,434 11,631 6,000 55,065 61,065 22,289 2003-2004 10/04 Denton, TX Dorman Center I & II 20,210 17,025 29,478 1,035 17,025 30,513 47,538 13,528 2003-2004 3/04 & 7/04 Spartanburg, SC Downtown Crown — 43,367 110,785 1,375 43,367 112,160 155,527 4,115 2014 01/15 Gaithersburg, MD East Stone Commons — 2,900 28,714 (747 ) 2,826 28,041 30,867 9,727 2005 06/06 Kingsport, TN RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Eastwood Towne Center — 12,000 65,067 3,797 12,000 68,864 80,864 28,315 2002 05/04 Lansing, MI Edgemont Town Center 6,138 3,500 10,956 405 3,500 11,361 14,861 4,591 2003 11/04 Homewood, AL Edwards Multiplex 8,977 — 35,421 — — 35,421 35,421 13,853 1988 05/05 Fresno, CA Edwards Multiplex 12,979 11,800 33,098 — 11,800 33,098 44,898 12,944 1997 05/05 Ontario, CA Evans Towne Centre 4,028 1,700 6,425 911 1,700 7,336 9,036 2,754 1995 12/04 Evans, GA Fairgrounds Plaza — 4,800 13,490 4,354 5,431 17,213 22,644 6,695 2002-2004 01/05 Middletown, NY Five Forks — 2,540 6,393 458 2,540 6,851 9,391 2,725 1999/2004- 12/04 & Simpsonville, SC 2005 3/05 Fordham Place — 17,209 96,547 (218 ) 17,209 96,329 113,538 7,549 Redev: 2009 11/13 Bronx, NY Forks Town Center 7,991 2,430 14,836 800 2,430 15,636 18,066 6,497 2002 07/04 Easton, PA Fort Evans Plaza II — 16,118 44,880 — 16,118 44,880 60,998 1,780 2008 01/15 Leesburg, VA Fox Creek Village 8,525 3,755 15,563 (930 ) 3,755 14,633 18,388 6,063 2003-2004 11/04 Longmont, CO Fullerton Metrocenter 26,522 — 47,403 2,884 — 50,287 50,287 20,690 1988 06/04 Fullerton, CA Galvez Shopping Center — 1,250 4,947 378 1,250 5,325 6,575 2,051 2004 06/05 Galveston, TX Gardiner Manor Mall 36,523 12,348 56,199 421 12,348 56,620 68,968 3,330 2000 06/14 Bay Shore, NY The Gateway 94,328 28,665 110,945 (62,566 ) 18,163 58,881 77,044 4,469 2001-2003 05/05 Salt Lake City, UT Gateway Pavilions 22,920 9,880 55,195 1,358 9,880 56,553 66,433 22,605 2003-2004 12/04 Avondale, AZ Gateway Plaza — — 26,371 3,693 — 30,064 30,064 12,204 2000 07/04 Southlake, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 — 1,050 3,911 1,107 1,050 5,018 6,068 1,986 2003-2004 12/04 College Station, TX Gateway Station II & III — 3,280 11,557 47 3,280 11,604 14,884 3,314 2006-2007 05/07 College Station, TX Gateway Village 35,428 8,550 39,298 4,950 8,550 44,248 52,798 18,061 1996 07/04 Annapolis, MD Gerry Centennial Plaza — 5,370 12,968 9,214 5,370 22,182 27,552 6,618 2006 06/07 Oswego, IL Governor's Marketplace — — 30,377 3,037 — 33,414 33,414 13,918 2001 08/04 Tallahassee, FL Grapevine Crossing — 4,100 16,938 235 3,894 17,379 21,273 6,726 2001 04/05 Grapevine, TX Green's Corner 5,017 3,200 8,663 262 3,200 8,925 12,125 3,594 1997 12/04 Cumming, GA Gurnee Town Center 14,286 7,000 35,147 4,644 7,000 39,791 46,791 15,793 2000 10/04 Gurnee, IL Henry Town Center — 10,650 46,814 6,873 10,650 53,687 64,337 19,826 2002 12/04 McDonough, GA Heritage Square — 6,377 11,385 1,271 6,377 12,656 19,033 852 1985 02/14 Issaquah, WA Heritage Towne Crossing 7,904 3,065 10,729 1,442 3,065 12,171 15,236 5,226 2002 03/04 Euless, TX Hickory Ridge 18,242 6,860 33,323 612 6,860 33,935 40,795 13,819 1999 01/04 Hickory, NC High Ridge Crossing 4,659 3,075 9,148 (204 ) 3,075 8,944 12,019 3,554 2004 03/05 High Ridge, MO Holliday Towne Center 7,352 2,200 11,609 (333 ) 2,200 11,276 13,476 4,589 2003 02/05 Duncansville, PA Home Depot Center — — 16,758 — — 16,758 16,758 6,451 1996 06/05 Pittsburgh, PA Home Depot Plaza 10,682 9,700 17,137 1,666 9,700 18,803 28,503 7,047 1992 06/05 Orange, CT HQ Building — 5,200 10,010 4,209 5,200 14,219 19,419 5,218 Redev: 2004 12/05 San Antonio, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Huebner Oaks Center — 18,087 64,731 153 18,087 64,884 82,971 3,766 1996 06/14 San Antonio, TX Humblewood Shopping Center — 2,200 12,823 1,042 2,200 13,865 16,065 4,800 Renov: 2005 11/05 Humble, TX Irmo Station 4,750 2,600 9,247 1,219 2,579 10,487 13,066 4,045 1980 & 1985 12/04 Irmo, SC Jefferson Commons — 23,097 52,762 1,432 23,097 54,194 77,291 15,596 2005 02/08 Newport News, VA John's Creek Village — 14,446 23,932 90 14,446 24,022 38,468 1,566 2004 06/14 John's Creek, GA King Philip's Crossing — 3,710 19,144 (150 ) 3,710 18,994 22,704 7,053 2005 11/05 Seekonk, MA La Plaza Del Norte — 16,005 37,744 3,928 16,005 41,672 57,677 17,323 1996/1999 01/04 San Antonio, TX Lake Mary Pointe 1,536 2,075 4,009 101 2,065 4,120 6,185 1,685 1999 10/04 Lake Mary, FL Lake Worth Towne Crossing (a) — 6,600 30,910 7,802 6,600 38,712 45,312 12,245 2005 06/06 Lake Worth, TX Lakepointe Towne Center — 4,750 23,904 2,718 4,750 26,622 31,372 9,979 2004 05/05 Lewisville, TX Lakewood Towne Center — 12,555 74,612 (14,100 ) 12,555 60,512 73,067 24,647 1998/2002- 06/04 Lakewood, WA 2003 Lincoln Park 25,896 38,329 17,772 327 38,329 18,099 56,428 1,106 1997 06/14 Dallas, TX Lincoln Plaza — 13,000 46,482 22,731 13,110 69,103 82,213 24,947 2001-2004 09/05 Worcester, MA Low Country Village I & II — 2,910 16,614 (277 ) 2,486 16,761 19,247 6,905 2004 & 2005 06/04 & Bluffton, SC 09/05 Lowe's/Bed, Bath & Beyond — 7,423 799 (8 ) 7,415 799 8,214 550 2005 08/05 Butler, NJ MacArthur Crossing 6,629 4,710 16,265 1,875 4,710 18,140 22,850 7,830 1995-1996 02/04 Los Colinas, TX Magnolia Square 6,000 2,635 15,040 (767 ) 2,635 14,273 16,908 5,779 2004 02/05 Houma, LA RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Manchester Meadows — 14,700 39,738 2,852 14,700 42,590 57,290 16,870 1994-1995 08/04 Town and Country, MO Mansfield Towne Crossing — 3,300 12,195 3,625 3,300 15,820 19,120 6,408 2003-2004 11/04 Mansfield, TX Maple Tree Place — 28,000 67,361 4,950 28,000 72,311 100,311 28,245 2004-2005 05/05 Williston, VT Merrifield Town Center — 18,678 36,496 18 18,678 36,514 55,192 1,297 2008 01/15 Falls Church, VA Mid-Hudson Center — 9,900 29,160 60 9,900 29,220 39,120 11,149 2000 07/05 Poughkeepsie, NY Mitchell Ranch Plaza — 5,550 26,213 795 5,550 27,008 32,558 11,111 2003 08/04 New Port Richey, FL New Forest Crossing — 4,390 11,313 (6 ) 4,390 11,307 15,697 1,100 2003 10/13 Houston, TX Newnan Crossing I & II — 15,100 33,987 5,911 15,100 39,898 54,998 16,422 1999 & 12/03 & Newnan, GA 2004 02/04 Newton Crossroads 3,533 3,350 6,927 306 3,350 7,233 10,583 2,816 1997 12/04 Covington, GA North Rivers Towne Center 9,516 3,350 15,720 323 3,350 16,043 19,393 6,848 2003-2004 04/04 Charleston, SC Northgate North 26,645 7,540 49,078 (14,640 ) 7,540 34,438 41,978 14,920 1999-2003 06/04 Seattle, WA Northpointe Plaza 22,016 13,800 37,707 4,667 13,800 42,374 56,174 17,531 1991-1993 05/04 Spokane, WA Northwood Crossing — 3,770 13,658 1,191 3,770 14,849 18,619 5,361 1979/2004 01/06 Northport, AL Northwoods Center 8,035 3,415 9,475 6,659 3,415 16,134 19,549 6,360 2002-2004 12/04 Wesley Chapel, FL Orange Plaza (Golfland Plaza) — 4,350 4,834 2,362 4,350 7,196 11,546 2,539 1995 05/05 Orange, CT The Orchard — 3,200 17,151 225 3,200 17,376 20,576 6,526 2004-2005 07/05 & New Hartford, NY 9/05 Oswego Commons 21,000 6,454 16,004 502 6,454 16,506 22,960 1,168 2002-2004 06/14 Oswego, IL RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Pacheco Pass Phase I & II — 13,420 32,784 406 13,400 33,210 46,610 11,454 2004 & 2006 07/05 & Gilroy, CA 06/07 Page Field Commons — — 43,355 1,147 — 44,502 44,502 16,519 1999 05/05 Fort Myers, FL Paradise Valley Marketplace 8,707 6,590 20,425 785 6,590 21,210 27,800 9,117 2002 04/04 Phoenix, AZ Parkway Towne Crossing — 6,142 20,423 6,561 6,142 26,984 33,126 9,427 2010 08/06 Frisco, TX Pavilion at Kings Grant I & II — 10,274 12,392 12,144 10,274 24,536 34,810 8,451 2002-2003 12/03 & Concord, NC & 2005 06/06 Pelham Manor Shopping Plaza — — 67,870 66 — 67,936 67,936 5,894 2008 11/13 Pelham Manor, NY Peoria Crossings I & II 24,073 6,995 32,816 3,886 8,495 35,202 43,697 14,925 2002-2003 03/04 & Peoria, AZ & 2005 05/05 Phenix Crossing 3,937 2,600 6,776 321 2,600 7,097 9,697 2,889 2004 12/04 Phenix City, AL Placentia Town Center 10,507 11,200 11,751 2,080 11,200 13,831 25,031 5,269 1973/2000 12/04 Placentia, CA Plaza at Marysville 8,766 6,600 13,728 862 6,600 14,590 21,190 5,948 1995 07/04 Marysville, WA Plaza Santa Fe II — — 28,588 3,237 — 31,825 31,825 13,449 2000-2002 06/04 Santa Fe, NM Pleasant Run 12,975 4,200 29,085 3,610 4,200 32,695 36,895 12,803 2004 12/04 Cedar Hill, TX Quakertown — 2,400 9,246 25 2,400 9,271 11,671 3,509 2004-2005 09/05 Quakertown, PA Red Bug Village — 1,790 6,178 219 1,790 6,397 8,187 2,459 2004 12/05 Winter Springs, FL Reisterstown Road Plaza 46,169 15,800 70,372 14,642 15,791 85,023 100,814 33,975 1986/2004 08/04 Baltimore, MD Rite Aid Store (Eckerd), Sheridan Dr. — 2,000 2,722 — 2,000 2,722 4,722 1,014 1999 11/05 Amherst, NY Rite Aid Store (Eckerd), Transit Rd. — 2,500 2,764 2 2,500 2,766 5,266 1,031 2003 11/05 Amherst, NY RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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), E. Main St. — 1,860 2,786 19 1,860 2,805 4,665 1,042 2004 11/05 Batavia, NY Rite Aid Store (Eckerd), W. Main St. — 1,510 2,627 — 1,510 2,627 4,137 979 2001 11/05 Batavia, NY Rite Aid Store (Eckerd), Ferry St. — 900 2,677 — 900 2,677 3,577 998 2000 11/05 Buffalo, NY Rite Aid Store (Eckerd), Main St. — 1,340 2,192 — 1,340 2,192 3,532 817 1998 11/05 Buffalo, NY Rite Aid Store (Eckerd) — 1,968 2,575 1 1,968 2,576 4,544 960 2004 11/05 Canandaigua, NY Rite Aid Store (Eckerd) — 750 2,042 — 750 2,042 2,792 786 1999 06/05 Chattanooga, TN Rite Aid Store (Eckerd) — 2,080 1,393 — 2,080 1,393 3,473 519 1999 11/05 Cheektowaga, NY Rite Aid Store (Eckerd) 2,903 3,000 3,955 22 3,000 3,977 6,977 1,548 2005 05/05 Colesville, MD Rite Aid Store (Eckerd) 1,557 900 2,377 — 900 2,377 3,277 1,036 2003-2004 06/04 Columbia, SC Rite Aid Store (Eckerd) 1,241 600 2,033 1 600 2,034 2,634 863 2003-2004 06/04 Crossville, TN Rite Aid Store (Eckerd) — 900 2,475 — 900 2,475 3,375 917 1999 11/05 Grand Island, NY Rite Aid Store (Eckerd) — 470 2,657 — 470 2,657 3,127 990 1998 11/05 Greece, NY Rite Aid Store (Eckerd) 1,495 1,050 2,047 1 1,050 2,048 3,098 869 2003-2004 06/04 Greer, SC Rite Aid Store (Eckerd) — 2,060 1,873 — 2,060 1,873 3,933 698 2002 11/05 Hudson, NY Rite Aid Store (Eckerd) — 1,940 2,736 (27 ) 1,913 2,736 4,649 1,020 2002 11/05 Irondequoit, NY Rite Aid Store (Eckerd) 1,778 700 2,960 1 700 2,961 3,661 1,257 2003-2004 06/04 Kill Devil Hills, NC Rite Aid Store (Eckerd) — 1,710 1,207 — 1,710 1,207 2,917 450 1999 11/05 Lancaster, NY RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (in thousands) Initial Cost (A) Gross amount carried at end of period Property Name Encumbrance Land Buildings and Improvements Adjustments to Basis (C) Land and Improvements Buildings and Improvements (D) Total (B), (D) Accumulated Depreciation (E) Date Constructed Date Acquired Rite Aid Store (Eckerd) — 1,650 2,788 — 1,650 2,788 4,438 1,039 2002 11/05 Lockport, NY Rite Aid Store (Eckerd) — 820 1,935 — 820 1,935 2,755 721 2000 11/05 North Chili, NY Rite Aid Store (Eckerd) — 1,190 2,809 — 1,190 2,809 3,999 1,047 1999 11/05 Olean, NY Rite Aid Store (Eckerd), Culver Rd. — 1,590 2,279 — 1,590 2,279 3,869 849 2001 11/05 Rochester, NY Rite Aid Store (Eckerd), Lake Ave. — 2,220 3,025 2 2,220 3,027 5,247 1,128 2001 11/05 Rochester, NY Rite Aid Store (Eckerd) — 800 3,075 — 800 3,075 3,875 1,146 2000 11/05 Tonawanda, NY Rite Aid Store (Eckerd), Harlem Rd. — 2,830 1,683 — 2,830 1,683 4,513 627 2003 11/05 West Seneca, NY Rite Aid Store (Eckerd), Union Rd. — 1,610 2,300 — 1,610 2,300 3,910 857 2000 11/05 West Seneca, NY Rite Aid Store (Eckerd) — 810 1,434 — 810 1,434 2,244 534 1997 11/05 Yorkshire, NY Rivery Town Crossing — 2,900 6,814 376 2,900 7,190 10,090 2,486 2005 10/06 Georgetown, TX Royal Oaks Village II (a) — 3,450 16,955 262 3,450 17,217 20,667 4,391 2004-2005 11/05 Houston, TX Saucon Valley Square 8,071 3,200 12,642 (155 ) 3,200 12,487 15,687 4,702 1999 09/04 Bethlehem, PA Sawyer Heights Village 18,851 24,214 15,797 452 24,214 16,249 40,463 1,492 2007 10/13 Houston, TX Shoppes at Park West 5,020 2,240 9,357 25 2,240 9,382 11,622 3,854 2004 11/04 Mt. Pleasant, SC The Shoppes at Quarterfield — 2,190 8,840 135 2,190 8,975 11,165 3,899 1999 01/04 Severn, MD Shoppes of New Hope 3,441 1,350 11,045 5 1,350 11,050 12,400 4,636 2004 07/04 Dallas, GA Shoppes of Prominence Point I&II — 3,650 12,652 160 3,650 12,812 16,462 5,399 2004 & 2005 06/04 & Canton, GA 09/05 RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Shops at Forest Commons — 1,050 6,133 261 1,050 6,394 7,444 2,539 2002 12/04 Round Rock, TX The Shops at Legacy — 8,800 108,940 14,057 8,800 122,997 131,797 38,554 2002 06/07 Plano, TX Shops at Park Place 7,616 9,096 13,175 625 9,096 13,800 22,896 6,427 2001 10/03 Plano, TX Southlake Corners 21,118 6,612 23,605 85 6,612 23,690 30,302 2,101 2004 10/13 Southlake, TX Southlake Town Square I - VII (a) 138,623 41,490 201,028 23,610 41,490 224,638 266,128 75,937 1998-2007 12/04, 5/07, Southlake, TX 9/08 & 3/09 Stateline Station — 6,500 23,780 (14,003 ) 3,829 12,448 16,277 3,682 2003-2004 03/05 Kansas City, MO Stilesboro Oaks 4,801 2,200 9,426 431 2,200 9,857 12,057 3,834 1997 12/04 Acworth, GA Stonebridge Plaza — 1,000 5,783 315 1,000 6,098 7,098 2,345 1997 08/05 McKinney, TX Stony Creek I 8,079 6,735 17,564 1,536 6,735 19,100 25,835 8,370 2003 12/03 Noblesville, IN Stony Creek II — 1,900 5,106 79 1,900 5,185 7,085 1,919 2005 11/05 Noblesville, IN Streets of Yorktown — 3,440 22,111 2,881 3,440 24,992 28,432 9,099 2005 12/05 Houston, TX Target South Center — 2,300 8,760 660 2,300 9,420 11,720 3,606 1999 11/05 Austin, TX Tim Horton Donut Shop — 212 30 — 212 30 242 21 2004 11/05 Canandaigua, NY Tollgate Marketplace 34,920 8,700 61,247 6,062 8,700 67,309 76,009 26,559 1979/1994 07/04 Bel Air, MD Town Square Plaza 16,750 9,700 18,264 1,667 9,700 19,931 29,631 7,267 2004 12/05 Pottstown, PA Towson Circle — 9,050 17,840 (788 ) 6,874 19,228 26,102 7,773 1998 07/04 Towson, MD Towson Square — 13,757 21,958 — 13,757 21,958 35,715 140 2014 11/15 Towson, MD RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Tysons Corner — 22,525 7,184 — 22,525 7,184 29,709 170 1980 05/15 Vienna, VA Renov:2004, University Town Center 4,206 — 9,557 144 — 9,701 9,701 3,973 2002 11/04 Tuscaloosa, AL Vail Ranch Plaza — 6,200 16,275 174 6,200 16,449 22,649 6,414 2004-2005 04/05 Temecula, CA Village Shoppes at Gainesville 19,651 4,450 36,592 1,281 4,450 37,873 42,323 14,281 2004 09/05 Gainesville, GA Village Shoppes at Simonton 3,176 2,200 10,874 10 2,200 10,884 13,084 4,528 2004 08/04 Lawrenceville, GA Walgreens — 450 5,074 — 450 5,074 5,524 1,909 2000 04/05 Northwoods, MO Walter's Crossing — 14,500 16,914 539 14,500 17,453 31,953 6,111 2005 07/06 Tampa, FL Watauga Pavilion — 5,185 27,504 130 5,185 27,634 32,819 11,882 2003-2004 05/04 Watauga, TX West Town Market — 1,170 10,488 177 1,170 10,665 11,835 4,096 2004 06/05 Fort Mill, SC Wilton Square — 8,200 35,538 251 8,200 35,789 43,989 13,620 2000 07/05 Saratoga Springs, NY Winchester Commons 5,376 4,400 7,471 448 4,400 7,919 12,319 3,109 1999 11/04 Memphis, TN Woodinville Plaza — 16,073 20,933 17 16,073 20,950 37,023 507 1981 06/15 Woodinville, WA Zurich Towers — 7,900 137,096 13 7,900 137,109 145,009 53,529 1986 & 1990 11/04 Schaumburg, IL Total Operating Properties 1,123,136 1,268,577 4,237,385 176,723 1,254,131 4,428,554 5,682,685 1,433,195 RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2015 (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 Development Property South Billings Center (b) — — — — — — — — Billings, MT Total Development Property — — — — — — — — Developments in Progress — 5,009 148 — 5,009 148 5,157 — Total Investment Properties $ 1,123,136 $ 1,273,586 $ 4,237,533 $ 176,723 $ 1,259,140 $ 4,428,702 $ 5,687,842 $ 1,433,195 (a) The Company acquired a parcel at this property during 2015. (b) The cost basis associated with this property is included in Developments in Progress. RETAIL PROPERTIES OF AMERICA, INC. Notes: (A) The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) The aggregate cost of real estate owned as of December 31, 2015 for U.S. federal income tax purposes was approximately $5,745,906 . (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: 2015 2014 2013 Balance as of January 1, $ 5,680,376 $ 5,804,518 $ 5,962,878 Purchase of investment property 508,924 397,993 339,955 Sale of investment property (498,833 ) (338,938 ) (341,750 ) Property held for sale — (36,914 ) (10,995 ) Provision for asset impairment (4,786 ) (159,447 ) (150,373 ) Acquired lease intangible assets (15,311 ) 5,579 (11,331 ) Acquired lease intangible liabilities 17,472 7,585 16,134 Balance as of December 31, $ 5,687,842 $ 5,680,376 $ 5,804,518 (E) Reconciliation of accumulated depreciation: 2015 2014 2013 Balance as of January 1, $ 1,365,471 $ 1,330,474 $ 1,275,787 Depreciation expense 183,639 183,142 197,725 Sale of investment property (111,346 ) (63,460 ) (62,009 ) Property held for sale — (5,358 ) (2,206 ) Provision for asset impairment (2,497 ) (77,390 ) (56,969 ) Write-offs due to early lease termination (2,072 ) (1,937 ) (3,056 ) Other disposals — — (18,798 ) Balance as of December 31, $ 1,433,195 $ 1,365,471 $ 1,330,474 Depreciation is computed based upon the following estimated useful lives in the accompanying consolidated statements of operations and other comprehensive income: Years Building and improvements 30 Site improvements 15 Tenant improvements Life of related lease |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. 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 $25,913 , $28,977 and $32,241 (including $0 , $0 and $1,717 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , 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 intangibles of $4,807 , $4,170 and $3,053 (including $0 , $0 and $25 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , respectively, was recorded as a reduction to rental income. Amortization pertaining to below market lease intangibles of $8,428 , $6,246 and $4,187 (including $0 , $0 and $183 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , 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 ground 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 ground lease intangibles of $560 , $560 and $93 for the years ended December 31, 2015 , 2014 and 2013 , respectively, was recorded as a reduction to property operating expenses. 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, 2015 : 2016 2017 2018 2019 2020 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 3,968 $ 3,499 $ 2,970 $ 1,760 $ 1,238 $ 4,301 $ 17,736 Acquired in-place lease value intangibles (a) 20,724 17,420 14,164 10,812 8,805 49,105 121,030 Acquired lease intangible assets, net (b) $ 24,692 $ 20,919 $ 17,134 $ 12,572 $ 10,043 $ 53,406 $ 138,766 Acquired below market lease intangibles (a) $ (5,946 ) $ (5,786 ) $ (5,596 ) $ (5,354 ) $ (5,208 ) $ (73,366 ) $ (101,256 ) Acquired ground lease intangibles (c) (560 ) (560 ) (560 ) (560 ) (560 ) (10,778 ) (13,578 ) Acquired lease intangible liabilities, net (b) $ (6,506 ) $ (6,346 ) $ (6,156 ) $ (5,914 ) $ (5,768 ) $ (84,144 ) $ (114,834 ) (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 $304,145 and $48,758 of accumulated amortization, respectively, as of December 31, 2015 . (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, including capitalized internal leasing incentives, are amortized on a straight-line basis over the life of the related lease as a component of depreciation and amortization expense. The Company capitalized $474 , $0 and $0 of internal leasing incentives during the years ended December 31, 2015 , 2014 and 2013 , respectively. |
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 or redevelopment 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 interest and internal costs expected to be capitalized, dates of construction completion and grand opening dates 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, 2015 and 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, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Impairment of consolidated properties (a) $ 19,937 $ 72,203 $ 92,033 Impairment of investment in unconsolidated joint ventures (b) $ — $ — $ 1,834 Impairment of properties recorded at unconsolidated joint ventures (c) $ — $ — $ 286 (a) Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income, except for $32,547 which is included in discontinued operations in 2013 . (b) Included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income 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 to the consolidated financial statements 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 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, 2015 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 2016 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 to the consolidated financial statements for further discussion. |
Development and Redevelopment Projects | Development and Redevelopment Projects : During the development or redevelopment period, the Company capitalizes direct project costs such as construction, insurance, architectural and legal, as well as certain indirect project costs such as interest, other financing costs, real estate taxes and internal salaries and related benefits of personnel directly involved in the project. Capitalization of the indirect project costs ceases and all project-related costs included in developments in progress are reclassified to land and building and other improvements at the time when development or redevelopment is considered substantially complete. Additionally, the Company makes estimates as to the probability of completion of development and redevelopment projects. If the Company determines that completion of the development or redevelopment project is no longer probable, the Company expenses any capitalized costs that are not recoverable. The Company did not capitalize any indirect project costs related to development, redevelopment or other property improvements during the years ended December 31, 2015 , 2014 and 2013 . |
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. No properties qualified for held for sale accounting treatment as of December 31, 2015 and two properties were classified as held for sale as of December 31, 2014 . 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 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 2015 and 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. Refer to Note 4 to the consolidated financial statements 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 Note 11 to the consolidated financial statements 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 balance 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. |
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, 2015 and 2014 , the Company had $35,804 and $58,469 , 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 its 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, 2015 , the balance in accumulated other comprehensive loss relating to derivatives was $85 . 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. |
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, 2015 and 2014 . |
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 $3,757 , $2,667 and $15,787 (including $0 , $0 and $7,182 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company recorded percentage rental income in lieu of base rent and other contingent percentage rental income of $4,693 , $5,229 and $4,744 (including $0 , $0 and $55 , respectively, reflected as discontinued operations) for the years ended December 31, 2015 , 2014 and 2013 , 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 26 , 24 and 20 consolidated investment properties during the years ended December 31, 2015 , 2014 and 2013 , respectively. Refer to Note 4 to the consolidated financial statements 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 to the consolidated financial statements 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 2012 through 2015 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, market, 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, 2016, with early adoption permitted, the concept of extraordinary items is eliminated from GAAP and entities are no longer 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 is retained. The Company elected to early adopt this pronouncement effective January 1, 2015. 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, companies are required to present debt issuance costs related to a recognized debt liability, excluding revolving debt arrangements, as a direct reduction of the carrying amount of that debt liability on the balance sheet. The recognition and measurement guidance for debt issuance costs is not affected. The Company elected to early adopt this pronouncement effective December 31, 2015. This pronouncement requires a full retrospective method of adoption and the adoption resulted in the reclassification of $15,730 of unamortized capitalized loan fees as of December 31, 2014 from “Other assets” to direct reductions of the Company’s indebtedness on the consolidated balance sheets. In addition, the adoption resulted in the reclassification of $141 of unamortized capitalized loan fees from “Assets associated with investment properties held for sale” to “Liabilities associated with investment properties held for sale, net.” Unamortized capitalized loan fees attributable to the Company’s unsecured revolving line of credit continue to be recorded in “Other assets” as they relate to a revolving debt arrangement. Effective January 1, 2016, with early adoption permitted, a company’s management is 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 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 adoption of this pronouncement on January 1, 2016 will not have any effect on the Company’s consolidated financial statements. Effective January 1, 2016, with early adoption permitted, companies are required to evaluate whether they should consolidate certain legal entities under a revised consolidation model. All legal entities are subject to reevaluation under the revised consolidation model, which modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for registered money market funds. This pronouncement allows either a full or a modified retrospective method of adoption. The adoption of this pronouncement on January 1, 2016 under the modified retrospective method will not have any effect on the Company’s consolidated financial statements. Effective January 1, 2016, with early adoption permitted, the acquirer in a business combination is required to recognize any adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined and is no longer required to retrospectively account for those adjustments. A company must present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this pronouncement on January 1, 2016 will not have any effect on the Company’s consolidated financial statements. Effective January 1, 2017, registrants will be required to disclose the following in any annual report, proxy or information statement, or registration statement that requires executive compensation disclosure: 1) the median of the annual total compensation of all its employees (excluding the chief executive officer), 2) the annual total compensation of its chief executive officer, and 3) the ratio of the median of the annual total compensation of all its employees to the annual total compensation of its chief executive officer. The Company does not expect the adoption of this final rule will have a material effect on its consolidated financial statements. Effective January 1, 2018, with early adoption permitted beginning 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 Pre31
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of reclassifications of unamortized capitalized loan fees | The Company elected to early adopt the accounting pronouncement related to the presentation of debt issuance costs in the accompanying consolidated balance sheets effective December 31, 2015 (see Note 2 to the consolidated financial statements for further details). The adoption, which is applied retrospectively, resulted in the following reclassifications of unamortized capitalized loan fees as of December 31, 2014: Originally Reported Reclassification Adjusted Assets associated with investment properties held for sale $ 33,640 $ (141 ) $ 33,499 Other assets, net 131,520 (15,730 ) 115,790 Mortgages payable, net $ 1,634,465 $ (10,736 ) $ 1,623,729 Unsecured notes payable, net 250,000 (1,459 ) 248,541 Unsecured term loan, net 450,000 (3,535 ) 446,465 Liabilities associated with investment properties held for sale, net 8,203 (141 ) 8,062 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 : 2016 2017 2018 2019 2020 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 3,968 $ 3,499 $ 2,970 $ 1,760 $ 1,238 $ 4,301 $ 17,736 Acquired in-place lease value intangibles (a) 20,724 17,420 14,164 10,812 8,805 49,105 121,030 Acquired lease intangible assets, net (b) $ 24,692 $ 20,919 $ 17,134 $ 12,572 $ 10,043 $ 53,406 $ 138,766 Acquired below market lease intangibles (a) $ (5,946 ) $ (5,786 ) $ (5,596 ) $ (5,354 ) $ (5,208 ) $ (73,366 ) $ (101,256 ) Acquired ground lease intangibles (c) (560 ) (560 ) (560 ) (560 ) (560 ) (10,778 ) (13,578 ) Acquired lease intangible liabilities, net (b) $ (6,506 ) $ (6,346 ) $ (6,156 ) $ (5,914 ) $ (5,768 ) $ (84,144 ) $ (114,834 ) (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 $304,145 and $48,758 of accumulated amortization, respectively, as of December 31, 2015 . (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, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Impairment of consolidated properties (a) $ 19,937 $ 72,203 $ 92,033 Impairment of investment in unconsolidated joint ventures (b) $ — $ — $ 1,834 Impairment of properties recorded at unconsolidated joint ventures (c) $ — $ — $ 286 (a) Included in “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive income, except for $32,547 which is included in discontinued operations in 2013 . (b) Included in “Equity in loss of unconsolidated joint ventures, net” in the accompanying consolidated statements of operations and other comprehensive income 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 to the consolidated financial statements 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 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, 2015 | |
Business Combinations [Abstract] | |
Schedule of property acquisitions | The Company closed on the following acquisitions during the year ended December 31, 2015: Date Property Name Metropolitan Statistical Area (MSA) Property Type Square Footage Acquisition Price January 8, 2015 Downtown Crown Washington, D.C. Multi-tenant retail 258,000 $ 162,785 January 23, 2015 Merrifield Town Center Washington, D.C. Multi-tenant retail 84,900 56,500 January 23, 2015 Fort Evans Plaza II Washington, D.C. Multi-tenant retail 228,900 65,000 February 19, 2015 Cedar Park Town Center Austin Multi-tenant retail 179,300 39,057 March 24, 2015 Lake Worth Towne Crossing – Parcel (a) Dallas Land — 400 May 4, 2015 Tysons Corner Washington, D.C. Multi-tenant retail 37,700 31,556 June 10, 2015 Woodinville Plaza Seattle Multi-tenant retail 170,800 35,250 July 31, 2015 Southlake Town Square – Outparcel (b) Dallas Single-user outparcel 13,800 8,440 August 27, 2015 Coal Creek Marketplace Seattle Multi-tenant retail 55,900 17,600 October 27, 2015 Royal Oaks Village II – Outparcel (a) Houston Single-user outparcel 12,300 6,841 November 13, 2015 Towson Square Baltimore Multi-tenant retail 138,200 39,707 1,179,800 $ 463,136 (a) The Company acquired a parcel located at its Lake Worth Towne Crossing multi-tenant retail operating property and a single-user outparcel located at its Royal Oaks Village II multi-tenant retail operating property. (b) 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 (as lessor) prior to the transaction. The Company closed on the following acquisitions during the year ended December 31, 2014: Date Property Name MSA Property Type Square Footage Acquisition Price Pro Rata Acquisition Price February 27, 2014 Heritage Square Seattle Multi-tenant retail 53,100 $ 18,022 $ 18,022 February 27, 2014 Bed Bath & Beyond Plaza – Fee Interest (a) Miami Ground lease interest — 10,350 10,350 June 5, 2014 MS Inland Portfolio (b) Various Multi-tenant retail 1,194,800 292,500 234,000 June 23, 2014 Southlake Town Square – Outparcel (c) Dallas Single-user outparcel 8,500 6,369 6,369 November 20, 2014 Avondale Plaza Seattle Multi-tenant retail 39,000 15,070 15,070 December 30, 2014 Lakewood Towne Center – Parcel Seattle Multi-tenant parcel 44,000 5,750 5,750 1,339,400 $ 348,061 $ 289,561 (a) 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. (b) As discussed in Note 11 to the consolidated financial statements, 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. (c) 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 (as lessor) prior to the transaction. The Company closed on the following acquisitions during the year ended December 31, 2013: Date Property Name MSA Property Type Square Footage Acquisition Price Pro Rata Acquisition Price October 1, 2013 RioCan Portfolio (a) Various Multi-tenant retail 598,100 $ 124,783 $ 99,826 November 6, 2013 Pelham Manor Shopping Plaza New York Multi-tenant retail 228,000 58,530 58,530 November 13, 2013 Fordham Place New York Multi-tenant retail 262,000 133,900 133,900 1,088,100 $ 317,213 $ 292,256 (a) As discussed in Note 11 to the consolidated financial statements, 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. 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. |
Schedule of acquisition date fair values | The following table summarizes the acquisition date fair values, before prorations, the Company recorded in conjunction with the acquisitions completed during the years ended December 31, 2015 , 2014 and 2013 discussed above: 2015 2014 2013 Land $ 161,114 $ 118,732 $ 60,307 Building and other improvements 281,649 219,174 238,388 Acquired lease intangible assets (a) 45,474 35,520 46,357 Acquired lease intangible liabilities (b) (25,101 ) (20,578 ) (26,525 ) Mortgages payable (c) — (146,485 ) (69,177 ) Net assets acquired (d) $ 463,136 $ 206,363 $ 249,350 (a) The weighted average amortization period for acquired lease intangible assets is 15 years , eight years and 12 years for acquisitions completed during the years ended December 31, 2015 , 2014 and 2013 , respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is 21 years , 16 years and 23 years for acquisitions completed during the years ended December 31, 2015 , 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, respctively. (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, 2015 2014 2013 Total revenues $ 612,758 $ 635,240 $ 605,708 Net income $ 125,408 $ 18,313 $ 24,964 Net income attributable to common shareholders $ 115,430 $ 8,863 $ 15,514 Earnings per common share – basic and diluted: Net income per common share attributable to common shareholders $ 0.49 $ 0.04 $ 0.07 Weighted average number of common shares outstanding – basic 236,380 236,184 234,134 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property dispositions | The Company closed on the following dispositions during the year ended December 31, 2015 : Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 20, 2015 Aon Hewitt East Campus Single-user office 343,000 $ 17,233 $ 16,495 $ — February 27, 2015 Promenade at Red Cliff Multi-tenant retail 94,500 19,050 18,848 4,572 April 7, 2015 Hartford Insurance Building Single-user office 97,400 6,015 5,663 860 April 30, 2015 Rasmussen College Single-user office 26,700 4,800 4,449 1,334 May 15, 2015 Mountain View Plaza Multi-tenant retail 162,000 28,500 27,949 10,184 June 4, 2015 Massillon Commons Multi-tenant retail 245,900 12,520 12,145 — June 5, 2015 Citizen's Property Insurance Building Single-user office 59,800 3,650 3,368 440 June 17, 2015 Pine Ridge Plaza Multi-tenant retail 236,500 33,200 31,858 12,938 June 17, 2015 Bison Hollow Multi-tenant retail 134,800 18,800 18,657 4,061 June 17, 2015 The Village at Quail Springs Multi-tenant retail 100,400 11,350 11,267 3,824 July 17, 2015 Greensburg Commons Multi-tenant retail 272,500 18,400 18,283 2,810 July 28, 2015 Arvada Connection and Arvada Marketplace Multi-tenant retail 367,500 54,900 53,159 20,208 July 30, 2015 Traveler's Office Building Single-user office 50,800 4,841 4,643 — August 6, 2015 Shaw's Supermarket Single-user retail 65,700 3,000 2,769 — August 24, 2015 Harvest Towne Center Multi-tenant retail 39,700 7,800 7,381 1,217 August 31, 2015 Trenton Crossing & McAllen Shopping Center (b) Multi-tenant retail 265,900 39,295 38,410 13,760 September 15, 2015 The Shops at Boardwalk Multi-tenant retail 122,400 27,400 26,634 3,146 September 29, 2015 Best on the Boulevard Multi-tenant retail 204,400 42,500 41,542 15,932 September 29, 2015 Montecito Crossing Multi-tenant retail 179,700 52,200 51,415 17,928 October 29, 2015 Green Valley Crossing (c) Development 96,400 35,000 34,200 3,904 November 12, 2015 Lake Mead Crossing Multi-tenant retail 219,900 42,565 41,930 507 December 2, 2015 Golfsmith Single-user retail 14,900 4,475 4,298 1,010 December 9, 2015 Wal-Mart – Turlock Single-user retail 61,000 6,200 5,996 3,157 December 18, 2015 Southgate Plaza Multi-tenant retail 86,100 7,000 6,665 — December 31, 2015 Bellevue Mall Development 369,300 15,750 17,500 — 3,917,200 $ 516,444 $ 505,524 $ 121,792 (a) Aggregate proceeds are net of transaction costs and exclude $300 of condemnation proceeds, which did not result in any additional gain recognition. (b) The terms of the disposition of Trenton Crossing and McAllen Shopping Center were negotiated as a single transaction. (c) The development property had been held in a consolidated joint venture and was sold to an affiliate of the joint venture partner. Concurrent with the sale, the joint venture was dissolved. Approximately $528 of the gain on sale was allocated to the noncontrolling interest holder as its share of the gain. During the year ended December 31, 2015, the Company repaid or defeased $121,605 in mortgages payable prior to or in connection with the 2015 dispositions. Subsequent to December 31, 2015 , the Company sold two multi-tenant retail operating properties aggregating 765,800 square feet for total consideration of $92,500 , including The Gateway which was disposed of through a lender-directed sale in full satisfaction of the Company’s mortgage obligation. The Company closed on the following dispositions during the year ended December 31, 2014 : Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain Continuing Operations: April 1, 2014 Midtown Center Multi-tenant retail 408,500 $ 47,150 $ 46,043 $ — May 16, 2014 Beachway Plaza & Cornerstone Plaza (b) Multi-tenant retail 189,600 24,450 23,584 819 August 1, 2014 Battle Ridge Pavilion Multi-tenant retail 103,500 14,100 13,722 1,327 August 15, 2014 Stanley Works/Mac Tools Single-user office 72,500 10,350 10,184 1,375 August 15, 2014 Fisher Scientific Single-user office 114,700 14,000 13,715 3,732 August 19, 2014 Boston Commons Multi-tenant retail 103,400 9,820 9,586 — August 19, 2014 Greenwich Center Multi-tenant retail 182,600 22,700 21,977 5,871 August 26, 2014 Crossroads Plaza CVS Single-user retail 16,000 7,650 7,411 2,863 August 27, 2014 Four Peaks Plaza Multi-tenant retail 140,400 9,900 9,381 — October 2, 2014 Gloucester Town Center Multi-tenant retail 107,200 10,350 9,722 — October 20, 2014 Various (c) Single-user retail 65,400 24,400 23,846 6,362 October 29, 2014 Shoppes at Stroud Multi-tenant retail 136,400 26,850 26,466 485 October 31, 2014 The Market at Clifty Crossing Multi-tenant retail 175,900 19,150 18,883 5,292 November 5, 2014 Crockett Square Multi-tenant retail 107,100 9,750 9,565 822 November 24, 2014 Mission Crossing (d) Multi-tenant retail 178,200 24,250 23,545 5,936 December 4, 2014 Plaza at Riverlakes Multi-tenant retail 102,800 17,350 17,021 4,127 December 16, 2014 Diebold Warehouse Single-user industrial 158,700 11,500 10,752 2,879 December 22, 2014 Newburgh Crossing Multi-tenant retail 62,900 10,000 9,770 — 2,425,800 313,720 305,173 41,890 Discontinued Operations: March 11, 2014 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 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. (c) The Company sold a portfolio of five drug stores located in Pennsylvania, Wisconsin and Alabama in a single transaction. (d) 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. |
Schedule of assets and liabilities associated with investment properties held for sale | The following table presents the assets and liabilities associated with the investment properties classified as held for sale: December 31, 2014 Assets Land, building and other improvements $ 36,020 Accumulated depreciation (5,358 ) Net investment properties 30,662 Other assets 2,837 Assets associated with investment properties held for sale $ 33,499 Liabilities Mortgage payable, net $ 7,934 Other liabilities 128 Liabilities associated with investment properties held for sale, net $ 8,062 |
Schedule of results of operations for investment properties that are accounted for as discontinued operations | There was no activity during the year ended December 31, 2015 related to discontinued operations. The results of operations for the years ended December 31, 2014 and 2013 for the investment properties accounted for as discontinued operations, which consists of investment properties sold or 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 Revenues Rental income $ (123 ) $ 24,448 Tenant recovery income 144 5,142 Other property income 23 7,571 Total revenues 44 37,161 Expenses Property operating expenses 121 4,802 Real estate taxes 3 5,664 Depreciation and amortization — 11,075 Provision for impairment of investment properties — 32,547 Gain on extinguishment of debt — (26,331 ) Gain on extinguishment of other liabilities — (3,511 ) Interest expense 68 3,632 Other income, net — (113 ) Total expenses 192 27,765 (Loss) income from discontinued operations, net $ (148 ) $ 9,396 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of unvested restricted shares and restricted stock units | The following table summarizes the Company’s unvested restricted shares as of and for the years ended December 31, 2015 , 2014 and 2013 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2013 46 $ 17.30 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 (a) 303 $ 13.89 Shares vested (58 ) $ 14.50 Shares forfeited (1 ) $ 15.61 Balance as of December 31, 2014 396 $ 14.26 Shares granted (a) 801 $ 15.82 Shares vested (405 ) $ 14.89 Shares forfeited (4 ) $ 16.01 Balance as of December 31, 2015 (b) 788 $ 15.52 (a) Shares granted in 2013 , 2014 and 2015 vest over periods ranging from 0.6 to five years , one to three years and 0.4 to 3.4 years , respectively, in accordance with the terms of applicable award documents. (b) As of December 31, 2015 , total unrecognized compensation expense related to unvested restricted shares was $4,465 , which is expected to be amortized over a weighted average term of 1.4 years . In addition, during the year ended December 31, 2015 , performance restricted stock units (RSUs) were granted for the first time to the Company’s executives. In 2018, following the performance period which concludes on December 31, 2017, one-third of the RSUs will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. As long as the minimum hurdle is achieved and the executive remains employed during the performance period, the RSUs will convert into shares of common stock and restricted shares at a conversion rate of between 50% and 200% based upon the Company’s Total Shareholder Return as compared to that of the other companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index for 2015 through 2017. If an executive terminates employment during the performance period by reason of a qualified termination, as defined in the agreement, only a prorated portion of his outstanding RSUs will be eligible for conversion based upon the period in which the executive was employed during the performance period. If an executive terminates for any reason other than a qualified termination during the performance period, he would forfeit his outstanding RSUs. In 2018, additional shares of common stock will also be issued in an amount equal to the accumulated value of the dividends that would have been paid during the performance period on the shares of common stock and restricted shares issued at the end of the performance period divided by the then-current market price of the Company’s common stock. The Company calculated the grant date fair value per unit using a Monte Carlo simulation based on the probability of satisfying the market performance hurdles over the remainder of the performance period. Assumptions include a weighted average risk-free interest rate of 0.80% , the Company’s historical common stock performance relative to the other companies within the NAREIT Shopping Center Index and the Company’s weighted average common stock dividend yield of 4.26% . The following table summarizes the Company’s unvested RSUs as of and for the year ended December 31, 2015 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2015 — $ — RSUs granted 180 $ 14.19 RSUs ineligible for conversion (6 ) $ 14.10 RSUs eligible for future conversion as of December 31, 2015 (a) 174 $ 14.20 (a) As of December 31, 2015 , total unrecognized compensation expense related to unvested RSUs was $1,825 , which is expected to be amortized over a weighted average term of 2.7 years . |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2016 $ 441,553 2017 393,790 2018 347,324 2019 282,837 2020 220,910 Thereafter 824,493 Total $ 2,510,907 The remaining lease terms range from less than one year to more than 67 years . |
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, including straight-line rent expense. Year Ended December 31, 2015 2014 2013 Ground lease rent expense (a) $ 11,461 $ 11,676 $ 9,758 Office rent expense (b) $ 1,246 $ 1,210 $ 962 (a) Included in “Property operating expenses” in the accompanying consolidated statements of operations and other comprehensive income. Excludes amounts attributable to discontinued operations, but includes straight-line ground rent expense of $3,722 , $3,889 and $3,486 for the years ended December 31, 2015 , 2014 and 2013 , 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. |
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 2016 $ 8,458 2017 8,396 2018 8,448 2019 8,776 2020 9,174 Thereafter 510,790 Total $ 554,042 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable: December 31, 2015 December 31, 2014 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) $ 1,128,505 6.08 % 3.9 $ 1,616,063 6.03 % 4.0 Variable rate construction loan (b) — — % — 14,900 2.44 % 0.8 Mortgages payable 1,128,505 6.08 % 3.9 1,630,963 5.99 % 3.9 Premium, net of accumulated amortization 1,865 3,972 Discount, net of accumulated amortization (1 ) (470 ) Capitalized loan fees, net of accumulated amortization (7,233 ) (10,736 ) Mortgages payable, net $ 1,123,136 $ 1,623,729 (a) Includes $7,910 and $8,124 of variable rate mortgage debt that has been swapped to a fixed rate as of December 31, 2015 and 2014 , respectively, and excludes mortgages payable of $8,075 associated with one investment property classified as held for sale as of December 31, 2014. The fixed rate mortgages had interest rates ranging from 3.35% to 8.00% as of December 31, 2015 and 2014 . (b) The variable rate construction loan bore interest at a floating rate of London Interbank Offered Rate ( LIBOR ) plus 2.25% . On October 29, 2015, the construction loan was repaid in conjunction with the disposition of Green Valley Crossing. |
Summary of 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, 2015 , 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 2016 debt activity, such as the Company’s 2016 unsecured credit facility. See Note 9 to the consolidated financial statements for further details. 2016 2017 2018 2019 2020 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 48,876 $ 319,633 $ 10,801 $ 443,447 $ 3,424 $ 302,324 $ 1,128,505 Unsecured credit facility – fixed rate portion of term loan (b) — — 300,000 — — — 300,000 Unsecured notes payable (c) — — — — — 500,000 500,000 Total fixed rate debt 48,876 319,633 310,801 443,447 3,424 802,324 1,928,505 Variable rate debt: Unsecured credit facility — 100,000 150,000 — — — 250,000 Total debt (d) $ 48,876 $ 419,633 $ 460,801 $ 443,447 $ 3,424 $ 802,324 $ 2,178,505 Weighted average interest rate on debt: Fixed rate debt 4.92 % 5.52 % 2.16 % 7.50 % 4.80 % 4.42 % 4.96 % Variable rate debt (e) — 1.93 % 1.88 % — — — 1.90 % Total 4.92 % 4.66 % 2.07 % 7.50 % 4.80 % 4.42 % 4.61 % (a) Includes $7,910 of variable rate mortgage debt that has been swapped to a fixed rate as of December 31, 2015 . Excludes mortgage premium of $1,865 and discount of $(1) , net of accumulated amortization, as of December 31, 2015 . (b) $300,000 of LIBOR-based variable rate debt has been swapped to a fixed rate through February 2016. The swap effectively converts one-month floating rate LIBOR to a fixed rate of 0.53875% over the term of the swap. (c) Excludes discount of $(1,090) , net of accumulated amortization, as of December 31, 2015 . (d) Total debt excludes capitalized loan fees of $(13,041) , net of accumulated amortization, as of December 31, 2015 which are included as a reduction to the respective debt balances. The weighted average years to maturity of consolidated indebtedness was 4.5 years as of December 31, 2015 . (e) Represents interest rates as of December 31, 2015 . |
Unsecured Notes Payable (Tables
Unsecured Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable: December 31, 2015 December 31, 2014 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% Series A due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% Series B due 2024 June 30, 2024 150,000 4.58 % 150,000 4.58 % Senior notes – 4.00% due 2025 March 15, 2025 250,000 4.00 % — — % 500,000 4.20 % 250,000 4.40 % Discount, net of accumulated amortization (1,090 ) — Capitalized loan fees, net of accumulated amortization (3,334 ) (1,459 ) Total $ 495,576 $ 248,541 |
Unsecured Credit Facility (Tabl
Unsecured Credit Facility (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Line of Credit Facility [Abstract] | |
Summary of unsecured credit facility | The following table summarizes the Company’s Unsecured Credit Facility: December 31, 2015 December 31, 2014 Unsecured Credit Facility Maturity Date Balance Interest Rate/ Weighted Average Interest Rate Balance Interest Rate/ Term loan – fixed rate portion (a) May 11, 2018 $ 300,000 1.99 % $ 300,000 1.99 % Term loan – variable rate portion May 11, 2018 150,000 1.88 % 150,000 1.62 % Subtotal 450,000 450,000 Capitalized loan fees, net of accumulated amortization (2,474 ) (3,535 ) Term loan, net 447,526 446,465 Revolving line of credit – variable rate (b) May 12, 2017 (c) 100,000 1.93 % — 1.67 % Total unsecured credit facility, net $ 547,526 1.95 % $ 446,465 1.87 % (a) $300,000 of the term loan has been swapped to a fixed rate of 0.53875% plus a credit spread based on a leverage grid ranging from 1.45% to 2.00% through February 2016. The applicable credit spread was 1.45% as of December 31, 2015 and 2014 . (b) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying consolidated balance sheets. (c) The Company had a one year extension option on the unsecured revolving line of credit, which it could have exercised as long as it was in compliance with the terms of the unsecured credit agreement and it paid an extension fee equal to 0.15% of the commitment amount being extended. The following table summarizes the key terms of the Company’s 2016 Unsecured Credit Facility: Leverage-Based Pricing Ratings-Based Pricing 2016 Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Unused Fee Credit Spread Facility Fee $200,000 unsecured term loan 5/11/2018 2 one year 0.15% 1.45% - 2.20% N/A 1.05% - 2.05% N/A $250,000 unsecured term loan 1/5/2021 N/A N/A 1.30% - 2.20% N/A 0.90% - 1.75% N/A $750,000 unsecured revolving line of credit 1/5/2020 2 six month 0.075% 1.35% - 2.25% 0.15% - 0.25% 0.85% - 1.55% 0.125% - 0.30% The following table summarizes the leverage-based and ratings-based credit spreads and additional pricing terms of the Company’s Unsecured Credit Facility as of December 31, 2015 : Leverage-Based Pricing Ratings-Based Pricing Unsecured Credit Facility Credit Spread Unused Fee Credit Spread Facility Fee Term loan 1.45% – 2.00% N/A 1.05% – 2.05% N/A Revolving line of credit 1.50% – 2.05% 0.25% – 0.30% 0.90% – 1.70% 0.15% – 0.35% |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, Interest rate swaps 2 2 $ 307,910 $ 308,124 |
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 accompanying consolidated balance sheets. The valuation techniques utilized are described in Note 16 to the consolidated financial statements. Fair Value December 31, 2015 December 31, 2014 Derivatives designated as cash flow hedges: Interest rate swaps $ 85 $ 562 |
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 accompanying consolidated statements of operations and other comprehensive income: Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Loss Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income (Effective Portion) Amount of Loss Reclassified from AOCI into Income (Effective Portion) Location of (Gain) Loss Recognized In Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of (Gain) Loss Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 2014 2015 2014 2015 2014 Interest rate swaps $ 643 $ 981 Interest expense $ 1,095 $ 1,182 Other income, net $ (25 ) $ 12 |
Investment in Unconsolidated 41
Investment in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of condensed income statements of unconsolidated joint ventures | Combined condensed financial information of the Company’s unconsolidated joint ventures (at 100% ) for the periods attributable to the Company’s ownership is summarized as follows: Year ended December 31, RioCan (a) Hampton (b) Other Joint Ventures (c) Combined Condensed Total 2014 2013 2014 2013 2014 2013 2014 2013 Revenues Property related income $ — $ 36,758 $ — $ — $ 11,853 $ 27,841 $ 11,853 $ 64,599 Other income — — — — 6,679 8,174 6,679 8,174 Total revenues — 36,758 — — 18,532 36,015 18,532 72,773 Expenses Property operating expenses — 5,001 — — 1,660 3,522 1,660 8,523 Real estate taxes — 6,187 — — 2,339 5,267 2,339 11,454 Depreciation and amortization — 21,964 — — 3,948 9,601 3,948 31,565 General and administrative expenses — 457 — 6 268 454 268 917 Interest expense, net — 7,033 — (1,758 ) 3,028 7,129 3,028 12,404 Other (income) expense, net — (4,436 ) — (13 ) 11,921 6,025 11,921 1,576 Total expenses — 36,206 — (1,765 ) 23,164 31,998 23,164 66,439 Income (loss) from continuing operations — 552 — 1,765 (4,632 ) 4,017 (4,632 ) 6,334 (Loss) income from discontinued operations (d) — (1,026 ) — (117 ) — 52 — (1,091 ) Gain on sales of investment properties – discontinued operations — — — 1,019 — — — 1,019 Net (loss) income $ — $ (474 ) $ — $ 2,667 $ (4,632 ) $ 4,069 $ (4,632 ) $ 6,262 (a) On October 1, 2013, the Company dissolved its joint venture arrangement with its partner in RioCan. (b) During 2013, the Company dissolved its joint venture arrangement with its partner in 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 Years Ended December 31, Net Cash Distributions from / (Contributions to) Joint Ventures for the Years Ended December 31, Fees Earned by the Company for the Years Ended December 31, Joint Venture 2014 2013 2014 2013 2014 2013 MS Inland (a) $ 241 $ 661 $ 1,360 $ 2,369 $ 338 $ 859 Hampton (b) — 2,576 — 855 — 1 RioCan (c) — (176 ) — (2,394 ) — 1,648 Captive (d) (2,444 ) (2,589 ) (25 ) (2,503 ) — — $ (2,203 ) $ 472 $ 1,335 $ (1,673 ) $ 338 $ 2,508 (a) On June 5, 2014, the Company dissolved its joint venture arrangement with its partner in MS Inland. (b) During the year ended December 31, 2013, Hampton determined that the carrying value of one of its assets was not recoverable and, accordingly, recorded a property level impairment charge in the amount of $298 , of which the Company’s share was $286 . The joint venture’s estimate of fair value relating to this impairment assessment was based upon a bona fide purchase offer. 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 properties owned by the joint venture (see Note 3 to the consolidated financial statements). 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 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. The five properties had, at acquisition, a combined 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 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. 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 had, at disposition, a combined 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 its 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 discussed above: Investment in RioCan at September 30, 2013 $ 41,523 Less: Carrying value of the Company’s previous investment in the five properties acquired on October 1, 2013 5,949 Pre-disposition investment in RioCan $ 35,574 Net consideration received at close for the Company’s interest in RioCan $ 53,073 Less: Pre-disposition investment in RioCan 35,574 Gain on sale of joint venture interest $ 17,499 In addition, 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. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of components used in the calculation of basic and diluted EPS | The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS): Year Ended December 31, 2015 2014 2013 Numerator: Income (loss) from continuing operations $ 3,832 $ 597 $ (42,855 ) Gain on sales of investment properties 121,792 42,196 5,806 Net income from continuing operations attributable to noncontrolling interest (528 ) — — Preferred stock dividends (9,450 ) (9,450 ) (9,450 ) Income (loss) from continuing operations attributable to common shareholders 115,646 33,343 (46,499 ) Income from discontinued operations — 507 50,675 Net income attributable to common shareholders 115,646 33,850 4,176 Distributions paid on unvested restricted shares (481 ) (225 ) (59 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 115,165 $ 33,625 $ 4,117 Denominator: Denominator for earnings (loss) per common share – basic: Weighted average number of common shares outstanding 236,380 (a) 236,184 (b) 234,134 (c) Effect of dilutive securities: Stock options 2 (d) 3 (d) — (d) RSUs — (e) — — Denominator for earnings (loss) per common share – diluted: Weighted average number of common and common equivalent shares outstanding 236,382 236,187 234,134 (a) Excludes 788 shares of unvested restricted common stock, which equate to 768 shares on a weighted average basis for the year ended December 31, 2015 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 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 were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c) Excludes 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 were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (d) There were outstanding options to purchase 53 , 64 and 78 shares of common stock as of December 31, 2015 , 2014 and 2013 , respectively, at a weighted average exercise price of $19.39 , $19.32 and $19.10 , respectively. Of these totals, outstanding options to purchase 45 , 54 and 78 shares of common stock as of December 31, 2015 , 2014 and 2013 , respectively, at a weighted average exercise price of $20.74 , $20.72 and $19.10 , respectively, have been excluded from the common shares used in calculating diluted earnings per share as including them would be anti-dilutive. (e) There were 174 RSUs eligible for future conversion following the performance period as of December 31, 2015 (see Note 5 to the consolidated financial statements). These contingently issuable shares are included in diluted EPS based on the weighted average number of shares that would be outstanding during the period, if any, assuming the end of the reporting period was the end of the contingency period. Assuming December 31, 2015 was the end of the contingency period, none of these contingently issuable shares would be outstanding. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | The Company’s deferred tax assets and liabilities as of December 31, 2015 and 2014 were as follows: 2015 2014 Deferred tax assets: Basis difference in properties $ 1,109 $ 14,211 Capital loss carryforward 9,885 3,225 Net operating loss carryforward 12,543 2,995 Other 81 140 Gross deferred tax assets 23,618 20,571 Less: valuation allowance (23,618 ) (20,355 ) Total deferred tax assets — 216 Deferred tax liabilities: Other — (216 ) Net deferred tax assets $ — $ — |
Reconciliation of net income to taxable income before the dividends paid deduction | The following table reconciles the Company’s net income to REIT taxable income before the dividends paid deduction for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Net income attributable to the Company $ 125,096 $ 43,300 $ 13,626 Book/tax differences 2,344 71,910 60,098 REIT taxable income subject to 90% dividend requirement $ 127,440 $ 115,210 $ 73,724 |
Schedule of dividends paid deduction | The Company’s dividends paid deduction for the years ended December 31, 2015 , 2014 and 2013 is summarized below: 2015 2014 2013 Cash distributions paid $ 166,064 $ 166,025 $ 164,391 Less: non-dividend distributions (38,624 ) (50,815 ) (90,667 ) Total dividends paid deduction attributable to earnings and profits $ 127,440 $ 115,210 $ 73,724 |
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, 2015 , 2014 and 2013 follows: 2015 2014 2013 Preferred stock Ordinary dividends $ 1.75 $ 1.75 $ 1.80 Non-dividend distributions — — — Total distributions per share $ 1.75 $ 1.75 $ 1.80 Common stock Ordinary dividends $ 0.50 $ 0.45 $ 0.27 Non-dividend distributions 0.16 0.21 0.39 Total distributions per share $ 0.66 $ 0.66 $ 0.66 |
Provision for Impairment of I44
Provision for Impairment of Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Schedule of identified impairment indicators | As of December 31, 2015 , 2014 and 2013 , the Company identified indicators of impairment at certain of its properties. 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 following table summarizes the results of these analyses as of December 31, 2015 , 2014 and 2013 : December 31, 2015 2014 2013 Number of properties for which indicators of impairment were identified 3 8 (a) 14 (b) Less: number of properties for which an impairment charge was recorded — 3 3 Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded — 1 1 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary 3 4 10 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (c) 42 % 48 % 20 % (a) Includes seven properties which have subsequently been sold as of December 31, 2015 . (b) Includes 11 properties which have subsequently been sold as of December 31, 2015 . (c) Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed. |
Schedule of investment property impairment charges | The Company recorded the following investment property impairment charges during the year ended December 31, 2015: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Massillon Commons (a) Multi-tenant retail June 4, 2015 245,900 $ 2,289 Traveler’s Office Building (a) Single-user office June 30, 2015 50,800 1,655 Shaw’s Supermarket (a) Single-user retail August 6, 2015 65,700 169 Southgate Plaza (a) Multi-tenant retail December 18, 2015 86,100 2,484 Bellevue Mall (a) Development December 31, 2015 369,300 13,340 $ 19,937 Estimated fair value of impaired properties as of impairment date $ 43,720 (a) The Company recorded impairment charges based upon the terms and conditions of an executed sales contract for the respective properties, which were sold during 2015. The Company recorded the following investment property impairment charges during the year ended December 31, 2014: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Midtown Center (a) Multi-tenant retail March 31, 2014 408,500 $ 394 Gloucester Town Center Multi-tenant retail Various (b) 107,200 6,148 Boston Commons (a) Multi-tenant retail August 19, 2014 103,400 453 Four Peaks Plaza (a) Multi-tenant retail August 27, 2014 140,400 4,154 Shaw’s Supermarket (c) Single-user retail September 30, 2014 65,700 6,230 The Gateway (d) Multi-tenant retail September 30, 2014 623,200 42,999 Newburgh Crossing (a) Multi-tenant retail December 22, 2014 62,900 1,139 Hartford Insurance Building (e) Single-user office December 31, 2014 97,400 5,782 Citizen’s Property Insurance Building (e) Single-user office December 31, 2014 59,800 4,341 Aon Hewitt East Campus (f) Single-user office December 31, 2014 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. (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. The Company recorded the following investment property impairment charges during the year ended December 31, 2013: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Aon Hewitt East Campus (a) Single-user office September 30, 2013 343,000 $ 27,183 Four Peaks Plaza (b) Multi-tenant retail December 31, 2013 140,400 7,717 Lake Mead Crossing (b) Multi-tenant retail December 31, 2013 221,200 24,586 59,486 Discontinued Operations: University Square (c) Multi-tenant retail June 30, 2013 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. (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 the final disposition price, as applicable. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 December 31, 2014 Carrying Value Fair Value Carrying Value Fair Value Financial liabilities: Mortgages payable, net $ 1,123,136 $ 1,213,620 $ 1,623,729 $ 1,749,671 Unsecured notes payable, net $ 495,576 $ 486,701 $ 248,541 $ 258,360 Unsecured credit facility $ 547,526 $ 550,000 $ 446,465 $ 451,502 Derivative liability $ 85 $ 85 $ 562 $ 562 |
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, 2015 Derivative liability $ — $ 85 $ — $ 85 December 31, 2014 Derivative liability $ — $ 562 $ — $ 562 |
Schedule of assets measured at fair value on a nonrecurring basis | The Company did not have any assets measured at fair value on a nonrecurring basis as of December 31, 2015. The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2014 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 year ended December 31, 2014 , except for those properties sold prior to December 31, 2014 . 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 (a) Excludes impairment charges recorded on investment properties sold prior to December 31, 2014 . (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, the date the assets were measured at fair value: 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 but were included in the calculation of the impairment charge. |
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, 2015 Mortgages payable, net $ — $ — $ 1,213,620 $ 1,213,620 Unsecured notes payable, net $ 239,482 $ — $ 247,219 $ 486,701 Unsecured credit facility $ — $ — $ 550,000 $ 550,000 December 31, 2014 Mortgages payable, net $ — $ — $ 1,749,671 $ 1,749,671 Unsecured notes payable $ — $ — $ 258,360 $ 258,360 Unsecured credit facility $ — $ — $ 451,502 $ 451,502 |
Quarterly Financial Informati46
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information (unaudited) | The following table sets forth selected quarterly financial data for the Company: 2015 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 148,920 $ 150,955 $ 150,888 $ 153,197 Net income $ 3,535 $ 78,329 $ 30,684 $ 13,076 Net income attributable to common shareholders $ 644 $ 75,967 $ 28,321 $ 10,714 Net income per common share attributable to common shareholders – basic and diluted $ — $ 0.32 $ 0.12 $ 0.05 Weighted average number of common shares outstanding – basic 236,477 236,439 236,354 236,250 Weighted average number of common shares outstanding – diluted 236,479 236,553 236,356 236,253 2014 Dec 31 Sep 30 Jun 30 Mar 31 Total revenues $ 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 shareholders – basic and diluted $ 0.10 $ (0.12 ) $ 0.12 $ 0.05 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 |
Organization and Basis of Pre47
Organization and Basis of Presentation (Details) $ in Thousands | Oct. 29, 2015USD ($) | Dec. 31, 2015USD ($)propertysubsidiary | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Organization and Basis of Presentation | ||||
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 | |||
Assets associated with investment properties held for sale | $ 0 | $ 33,499 | ||
Other assets, net | 93,610 | 115,790 | ||
Mortgages payable, net | 1,123,136 | 1,623,729 | ||
Unsecured notes payable, net | 495,576 | 248,541 | ||
Unsecured term loan, net | 447,526 | 446,465 | ||
Liabilities associated with investment properties held for sale, net | 0 | 8,062 | ||
Gain on sales of investment properties | $ 121,792 | 42,851 | $ 47,085 | |
Originally reported | ||||
Organization and Basis of Presentation | ||||
Assets associated with investment properties held for sale | 33,640 | |||
Other assets, net | 131,520 | |||
Mortgages payable, net | 1,634,465 | |||
Unsecured notes payable, net | 250,000 | |||
Unsecured term loan, net | 450,000 | |||
Liabilities associated with investment properties held for sale, net | 8,203 | |||
Reclassification | ||||
Organization and Basis of Presentation | ||||
Assets associated with investment properties held for sale | (141) | |||
Other assets, net | (15,730) | |||
Mortgages payable, net | (10,736) | |||
Unsecured notes payable, net | (1,459) | |||
Unsecured term loan, net | (3,535) | |||
Liabilities associated with investment properties held for sale, net | $ (141) | |||
Wholly-owned | Operating properties | ||||
Organization and Basis of Presentation | ||||
Number of real estate properties | property | 199 | |||
Wholly-owned | Development property | ||||
Organization and Basis of Presentation | ||||
Number of real estate properties | property | 1 | |||
Consolidated properties | Maximum | ||||
Organization and Basis of Presentation | ||||
Percentage of interest in a variable interest entity required for consolidation | 100.00% | |||
Green Valley Crossing | Noncontrolling interest | ||||
Organization and Basis of Presentation | ||||
Gain on sales of investment properties | $ 528 | |||
Distribution to noncontrolling interest | $ 2,022 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)propertySegments | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | |
Impairment charges | $ 19,937 | $ 72,203 | $ 92,033 |
Number of properties classified as held for sale | property | 2 | ||
Restricted cash and escrows | 35,804 | $ 58,469 | |
Balance in accumulated other comprehensive loss relating to derivatives | 85 | ||
Lease termination income | 3,757 | 2,667 | 15,787 |
Percentage rental income | $ 4,693 | $ 5,229 | $ 4,744 |
Number of real estate properties sold | property | 26 | 24 | 20 |
Number of reportable segments | Segments | 1 | ||
Other assets, net | $ (93,610) | $ (115,790) | |
Assets associated with investment properties held for sale | 0 | (33,499) | |
Amortization of: | |||
Total | 138,766 | 125,490 | |
Total | (114,834) | (100,641) | |
Acquired in-place lease value intangibles | |||
Amortization expense | 25,913 | 28,977 | $ 32,241 |
Amortization of: | |||
2,016 | 20,724 | ||
2,017 | 17,420 | ||
2,018 | 14,164 | ||
2,019 | 10,812 | ||
2,020 | 8,805 | ||
Thereafter | 49,105 | ||
Total | 121,030 | ||
Acquired above market lease intangibles | |||
Amortization expense | 4,807 | 4,170 | 3,053 |
Amortization of: | |||
2,016 | 3,968 | ||
2,017 | 3,499 | ||
2,018 | 2,970 | ||
2,019 | 1,760 | ||
2,020 | 1,238 | ||
Thereafter | 4,301 | ||
Total | 17,736 | ||
Acquired lease intangible assets, net | |||
Accumulated amortization of acquired lease intangible assets | 304,145 | ||
Amortization of: | |||
2,016 | 24,692 | ||
2,017 | 20,919 | ||
2,018 | 17,134 | ||
2,019 | 12,572 | ||
2,020 | 10,043 | ||
Thereafter | 53,406 | ||
Total | 138,766 | ||
Acquired below market lease intangibles | |||
Amortization expense | 8,428 | 6,246 | 4,187 |
Amortization of: | |||
2,016 | (5,946) | ||
2,017 | (5,786) | ||
2,018 | (5,596) | ||
2,019 | (5,354) | ||
2,020 | (5,208) | ||
Thereafter | (73,366) | ||
Total | (101,256) | ||
Acquired ground lease intangibles | |||
Amortization expense | 560 | 560 | 93 |
Amortization of: | |||
2,016 | (560) | ||
2,017 | (560) | ||
2,018 | (560) | ||
2,019 | (560) | ||
2,020 | (560) | ||
Thereafter | (10,778) | ||
Total | (13,578) | ||
Acquired lease intangible liabilities, net | |||
Accumulated amortization of acquired lease intangible liabilities | 48,758 | ||
Amortization of: | |||
2,016 | (6,506) | ||
2,017 | (6,346) | ||
2,018 | (6,156) | ||
2,019 | (5,914) | ||
2,020 | (5,768) | ||
Thereafter | (84,144) | ||
Total | (114,834) | ||
Discontinued operations | |||
Impairment charges | 32,547 | ||
Lease termination income | 0 | 0 | 7,182 |
Percentage rental income | 0 | 0 | 55 |
Discontinued operations | Acquired in-place lease value intangibles | |||
Amortization expense | 0 | 0 | 1,717 |
Discontinued operations | Acquired above market lease intangibles | |||
Amortization expense | 0 | 0 | 25 |
Discontinued operations | Acquired below market lease intangibles | |||
Amortization expense | $ 0 | 0 | 183 |
Building and associated improvements | |||
Estimated useful life (in years) | 30 years | ||
Site improvements and most other capital improvements | |||
Estimated useful life (in years) | 15 years | ||
Capitalized internal leasing incentives | |||
Capitalized internal leasing incentives | $ 474 | 0 | 0 |
Consolidated properties | |||
Impairment charges | 19,937 | 72,203 | 92,033 |
Unconsolidated properties | |||
Impairment charges | 0 | 0 | 286 |
Impairment of investment in unconsolidated joint ventures | $ 0 | 0 | $ 1,834 |
Reclassification | |||
Other assets, net | 15,730 | ||
Assets associated with investment properties held for sale | $ 141 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisitions (Details) $ in Thousands | Jan. 15, 2016USD ($)ft² | Nov. 13, 2015USD ($)ft² | Oct. 27, 2015USD ($)ft² | Aug. 27, 2015USD ($)ft² | Jul. 31, 2015USD ($)ft² | Jun. 10, 2015USD ($)ft² | May. 04, 2015USD ($)ft² | Mar. 24, 2015USD ($)ft² | Feb. 19, 2015USD ($)ft² | Jan. 23, 2015USD ($)ft² | Jan. 08, 2015USD ($)ft² | Dec. 30, 2014USD ($)ft² | Nov. 20, 2014USD ($)ft² | Jun. 23, 2014USD ($)ft² | Jun. 05, 2014USD ($)ft²property | Feb. 27, 2014USD ($)ft² | Nov. 13, 2013USD ($)ft² | Nov. 06, 2013USD ($)ft² | Oct. 01, 2013USD ($)ft²property | Feb. 17, 2016USD ($)ft²property | Dec. 31, 2015USD ($)ft² | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)ft² | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($)ft² | Dec. 31, 2013USD ($)ft² |
Acquisitions | |||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ 0 | $ 24,158 | $ 5,435 | ||||||||||||||||||||||||||||
Total revenues | $ 148,920 | $ 150,955 | $ 150,888 | $ 153,197 | $ 153,531 | $ 151,446 | $ 146,446 | $ 149,191 | 603,960 | 600,614 | 551,508 | ||||||||||||||||||||
Net income attributable to common shareholders | $ 644 | $ 75,967 | $ 28,321 | $ 10,714 | $ 23,502 | $ (29,098) | $ 27,680 | $ 11,766 | $ 115,646 | $ 33,850 | $ 4,176 | ||||||||||||||||||||
Downtown Crown | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 258,000 | ||||||||||||||||||||||||||||||
Acquisition price | $ 162,785 | ||||||||||||||||||||||||||||||
Merrifield Town Center | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 84,900 | ||||||||||||||||||||||||||||||
Acquisition price | $ 56,500 | ||||||||||||||||||||||||||||||
Fort Evans Plaza II | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 228,900 | ||||||||||||||||||||||||||||||
Acquisition price | $ 65,000 | ||||||||||||||||||||||||||||||
Cedar Park Town Center | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 179,300 | ||||||||||||||||||||||||||||||
Acquisition price | $ 39,057 | ||||||||||||||||||||||||||||||
Parcel at Lake Worth Towne Crossing | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||||
Acquisition price | $ 400 | ||||||||||||||||||||||||||||||
Tysons Corner | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 37,700 | ||||||||||||||||||||||||||||||
Acquisition price | $ 31,556 | ||||||||||||||||||||||||||||||
Woodinville Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 170,800 | ||||||||||||||||||||||||||||||
Acquisition price | $ 35,250 | ||||||||||||||||||||||||||||||
Outparcel at Southlake Town Square | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 13,800 | 8,500 | |||||||||||||||||||||||||||||
Acquisition price | $ 8,440 | $ 6,369 | |||||||||||||||||||||||||||||
Coal Creek Marketplace | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 55,900 | ||||||||||||||||||||||||||||||
Acquisition price | $ 17,600 | ||||||||||||||||||||||||||||||
Outparcel at Royal Oaks Village II | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 12,300 | ||||||||||||||||||||||||||||||
Acquisition price | $ 6,841 | ||||||||||||||||||||||||||||||
Towson Square | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 138,200 | ||||||||||||||||||||||||||||||
Acquisition price | $ 39,707 | ||||||||||||||||||||||||||||||
2015 acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 1,179,800 | 1,179,800 | |||||||||||||||||||||||||||||
Acquisition price | $ 463,136 | ||||||||||||||||||||||||||||||
In-place mortgage financing assumed | $ 0 | 0 | |||||||||||||||||||||||||||||
Transaction costs | 1,591 | ||||||||||||||||||||||||||||||
Total revenues | 97,893 | ||||||||||||||||||||||||||||||
Net income attributable to common shareholders | 18,334 | ||||||||||||||||||||||||||||||
Acquisition date fair values: | |||||||||||||||||||||||||||||||
Land | 161,114 | 161,114 | |||||||||||||||||||||||||||||
Building and other improvements | 281,649 | 281,649 | |||||||||||||||||||||||||||||
Acquired lease intangible assets | 45,474 | 45,474 | |||||||||||||||||||||||||||||
Acquired lease intangible liabilities | (25,101) | (25,101) | |||||||||||||||||||||||||||||
In-place mortgage financing assumed | 0 | 0 | |||||||||||||||||||||||||||||
Net assets acquired | $ 463,136 | $ 463,136 | |||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible assets | 15 years | ||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible liabilities | 21 years | ||||||||||||||||||||||||||||||
Heritage Square | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 53,100 | ||||||||||||||||||||||||||||||
Acquisition price | $ 18,022 | ||||||||||||||||||||||||||||||
Bed Bath & Beyond Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 0 | ||||||||||||||||||||||||||||||
Acquisition price | $ 10,350 | ||||||||||||||||||||||||||||||
Write-off of straight line ground rent liability | 4,258 | ||||||||||||||||||||||||||||||
MS Inland acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 1,194,800 | ||||||||||||||||||||||||||||||
Acquisition price | $ 292,500 | ||||||||||||||||||||||||||||||
Acquisition date fair values: | |||||||||||||||||||||||||||||||
Percentage of net assets | 100.00% | 100.00% | |||||||||||||||||||||||||||||
Avondale Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 39,000 | ||||||||||||||||||||||||||||||
Acquisition price | $ 15,070 | ||||||||||||||||||||||||||||||
Parcel at Lakewood Towne Center | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 44,000 | ||||||||||||||||||||||||||||||
Acquisition price | $ 5,750 | ||||||||||||||||||||||||||||||
2014 acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 1,339,400 | 1,339,400 | |||||||||||||||||||||||||||||
Acquisition price | $ 348,061 | ||||||||||||||||||||||||||||||
In-place mortgage financing assumed | $ (146,485) | (146,485) | |||||||||||||||||||||||||||||
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 | 35,520 | |||||||||||||||||||||||||||||
Acquired lease intangible liabilities | (20,578) | (20,578) | |||||||||||||||||||||||||||||
In-place mortgage financing assumed | (146,485) | (146,485) | |||||||||||||||||||||||||||||
Net assets acquired | 206,363 | $ 206,363 | |||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||
RioCan acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 598,100 | ||||||||||||||||||||||||||||||
Acquisition price | $ 124,783 | ||||||||||||||||||||||||||||||
Acquisition date fair values: | |||||||||||||||||||||||||||||||
Percentage of net assets | 100.00% | ||||||||||||||||||||||||||||||
Pelham Manor Shopping Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 228,000 | ||||||||||||||||||||||||||||||
Acquisition price | $ 58,530 | ||||||||||||||||||||||||||||||
Fordham Place | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 262,000 | ||||||||||||||||||||||||||||||
Acquisition price | $ 133,900 | ||||||||||||||||||||||||||||||
2013 acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 1,088,100 | ||||||||||||||||||||||||||||||
Acquisition price | $ 317,213 | ||||||||||||||||||||||||||||||
In-place mortgage financing assumed | (69,177) | ||||||||||||||||||||||||||||||
Transaction costs | 937 | ||||||||||||||||||||||||||||||
Total revenues | 6,390 | ||||||||||||||||||||||||||||||
Net income attributable to common shareholders | 597 | ||||||||||||||||||||||||||||||
Acquisition date fair values: | |||||||||||||||||||||||||||||||
Land | 60,307 | ||||||||||||||||||||||||||||||
Building and other improvements | 238,388 | ||||||||||||||||||||||||||||||
Acquired lease intangible assets | 46,357 | ||||||||||||||||||||||||||||||
Acquired lease intangible liabilities | (26,525) | ||||||||||||||||||||||||||||||
In-place mortgage financing assumed | (69,177) | ||||||||||||||||||||||||||||||
Net assets acquired | $ 249,350 | ||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible assets | 12 years | ||||||||||||||||||||||||||||||
Weighted average amortization period, acquired lease intangible liabilities | 23 years | ||||||||||||||||||||||||||||||
Mortgage premium | $ 1,313 | ||||||||||||||||||||||||||||||
MS Inland joint venture partner | MS Inland acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 234,000 | ||||||||||||||||||||||||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||||||||||||||||||||||||||||
MS Inland | MS Inland acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Number of real estate properties acquired | property | 6 | ||||||||||||||||||||||||||||||
Cash consideration | $ 120,600 | ||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ 24,158 | ||||||||||||||||||||||||||||||
Equity interest before acquisition (as a percent) | 20.00% | ||||||||||||||||||||||||||||||
RioCan joint venture partner | RioCan acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 99,900 | ||||||||||||||||||||||||||||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||||||||||||||||||||||||||||
RioCan | RioCan acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Number of real estate properties acquired | property | 5 | ||||||||||||||||||||||||||||||
Cash consideration | $ 45,500 | ||||||||||||||||||||||||||||||
Gain on change in control of investment properties | $ 5,435 | ||||||||||||||||||||||||||||||
Equity interest before acquisition (as a percent) | 20.00% | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Outparcel at Southlake Town Square | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 6,369 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Heritage Square | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | 18,022 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Bed Bath & Beyond Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 10,350 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | MS Inland acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 234,000 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Avondale Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 15,070 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Parcel at Lakewood Towne Center | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 5,750 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | 2014 acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 289,561 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | RioCan acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 99,826 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Pelham Manor Shopping Plaza | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 58,530 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | Fordham Place | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 133,900 | ||||||||||||||||||||||||||||||
Ownership percentage - pro rata | 2013 acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | $ 292,256 | ||||||||||||||||||||||||||||||
Ownership percentage - 100% | MS Inland | MS Inland acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | 292,500 | ||||||||||||||||||||||||||||||
In-place mortgage financing assumed | (141,698) | ||||||||||||||||||||||||||||||
Acquisition date fair values: | |||||||||||||||||||||||||||||||
In-place mortgage financing assumed | $ (141,698) | ||||||||||||||||||||||||||||||
Ownership percentage - 100% | RioCan | RioCan acquisitions | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Acquisition price | 124,800 | ||||||||||||||||||||||||||||||
In-place mortgage financing assumed | (67,900) | ||||||||||||||||||||||||||||||
Acquisition date fair values: | |||||||||||||||||||||||||||||||
In-place mortgage financing assumed | $ (67,900) | ||||||||||||||||||||||||||||||
Subsequent events | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Number of real estate properties acquired | property | 2 | ||||||||||||||||||||||||||||||
Subsequent events | Shoppes at Hagerstown | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 113,200 | 113,200 | |||||||||||||||||||||||||||||
Acquisition price | $ 27,055 | $ 27,055 | |||||||||||||||||||||||||||||
Subsequent events | Merrifield Town Center II | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 138,000 | 138,000 | |||||||||||||||||||||||||||||
Acquisition price | $ 45,676 | $ 45,676 | |||||||||||||||||||||||||||||
Retail | Subsequent events | Merrifield Town Center II | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 76,000 | 76,000 | |||||||||||||||||||||||||||||
Storage | Subsequent events | Merrifield Town Center II | |||||||||||||||||||||||||||||||
Acquisitions | |||||||||||||||||||||||||||||||
Square footage | ft² | 62,000 | 62,000 |
Acquisitions - Condensed Pro Fo
Acquisitions - Condensed Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unaudited condensed pro forma financial information | |||
Total revenues | $ 612,758 | $ 635,240 | $ 605,708 |
Net income | 125,408 | 18,313 | 24,964 |
Net income attributable to common shareholders | $ 115,430 | $ 8,863 | $ 15,514 |
Earnings per common share — basic and diluted | |||
Net income per common share attributable to common shareholders | $ 0.49 | $ 0.04 | $ 0.07 |
Weighted average number of common shares outstanding — basic | 236,380 | 236,184 | 234,134 |
Dispositions - Summary of Dispo
Dispositions - Summary of Dispositions (Details) $ in Thousands | Dec. 31, 2015USD ($)ft² | Dec. 18, 2015USD ($)ft² | Dec. 09, 2015USD ($)ft² | Dec. 02, 2015USD ($)ft² | Nov. 12, 2015USD ($)ft² | Oct. 29, 2015USD ($)ft² | Sep. 29, 2015USD ($)ft² | Sep. 15, 2015USD ($)ft² | Aug. 31, 2015USD ($)ft² | Aug. 24, 2015USD ($)ft² | Aug. 06, 2015USD ($)ft² | Jul. 30, 2015USD ($)ft² | Jul. 28, 2015USD ($)ft² | Jul. 17, 2015USD ($)ft² | Jun. 17, 2015USD ($)ft² | Jun. 05, 2015USD ($)ft² | Jun. 04, 2015USD ($)ft² | May. 15, 2015USD ($)ft² | Apr. 30, 2015USD ($)ft² | Apr. 07, 2015USD ($)ft² | Feb. 27, 2015USD ($)ft² | Jan. 20, 2015USD ($)ft² | Dec. 22, 2014USD ($)ft² | Dec. 16, 2014USD ($)ft² | Dec. 04, 2014USD ($)ft² | Nov. 24, 2014USD ($)ft²third_party | Nov. 05, 2014USD ($)ft² | Oct. 31, 2014USD ($)ft² | Oct. 29, 2014USD ($)ft² | Oct. 20, 2014USD ($)ft²property | Oct. 02, 2014USD ($)ft² | Aug. 27, 2014USD ($)ft² | Aug. 26, 2014USD ($)ft² | Aug. 19, 2014USD ($)ft² | Aug. 15, 2014USD ($)ft² | Aug. 01, 2014USD ($)ft² | May. 16, 2014USD ($)ft² | Apr. 01, 2014USD ($)ft² | Mar. 11, 2014USD ($)ft² | Feb. 17, 2016USD ($)ft²property | Dec. 31, 2014USD ($)ft²property | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($)ft²property | Dec. 31, 2013USD ($)property |
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | $ 505,824 | $ 315,400 | $ 326,766 | ||||||||||||||||||||||||||||||||||||||||||
Gain | $ 121,792 | $ 42,851 | $ 47,085 | ||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties sold | property | 26 | 24 | 20 | ||||||||||||||||||||||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Condemnation proceeds | $ 300 | $ 324 | |||||||||||||||||||||||||||||||||||||||||||
Sold properties | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 3,917,200 | 2,490,100 | 3,917,200 | 2,490,100 | |||||||||||||||||||||||||||||||||||||||||
Consideration | $ 516,444 | $ 322,989 | $ 516,444 | $ 322,989 | |||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 505,524 | 314,377 | |||||||||||||||||||||||||||||||||||||||||||
Gain | 121,792 | 42,545 | |||||||||||||||||||||||||||||||||||||||||||
Mortgages payable repaid or defeased | $ 121,605 | $ 128,947 | |||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 2,425,800 | 2,425,800 | |||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 313,720 | $ 313,720 | |||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 305,173 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | 41,890 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Aon Hewitt East Campus | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 343,000 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 17,233 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 16,495 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Promenade at Red Cliff | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 94,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 19,050 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,848 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,572 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Hartford Insurance Building | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 97,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 6,015 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,663 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 860 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Rasmussen College | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 26,700 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,800 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,449 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,334 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Mountain View Plaza I & II | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 162,000 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 28,500 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 27,949 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 10,184 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Massillon Commons | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 245,900 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 12,520 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 12,145 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Citizen's Property Insurance Building | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 59,800 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,650 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 3,368 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 440 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Pine Ridge Plaza | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 236,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 33,200 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 31,858 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 12,938 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Bison Hollow | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 134,800 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 18,800 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,657 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,061 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | The Village at Quail Springs | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 100,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 11,350 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 11,267 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,824 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Greensburg Commons | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 272,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 18,400 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,283 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,810 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Arvada Connection and Arvada Marketplace | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 367,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 54,900 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 53,159 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 20,208 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Traveler's Office Building | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 50,800 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,841 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,643 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Shaw's Supermarket | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 65,700 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 3,000 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 2,769 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Harvest Towne Center | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 39,700 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,800 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 7,381 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,217 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Trenton Crossing and McAllen Shopping Center | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 265,900 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 39,295 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 38,410 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 13,760 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | The Shops at Boardwalk | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 122,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 27,400 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 26,634 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,146 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Best on the Boulevard | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 204,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 42,500 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 41,542 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 15,932 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Montecito Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 179,700 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 52,200 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 51,415 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 17,928 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Green Valley Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 96,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 35,000 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 34,200 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | 3,904 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Lake Mead Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 219,900 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 42,565 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 41,930 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 507 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Golfsmith | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 14,900 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 4,475 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 4,298 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,010 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Wal-Mart | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 61,000 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 6,200 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 5,996 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,157 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Southgate Plaza | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 86,100 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,000 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 6,665 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Bellevue Mall | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 369,300 | 369,300 | |||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 15,750 | $ 15,750 | |||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 17,500 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Midtown Center | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 408,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 47,150 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 46,043 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Beachway Plaza and Cornerstone Plaza | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 189,600 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 24,450 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 23,584 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 819 | 292 | $ 527 | ||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Battle Ridge Pavilion | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 103,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 14,100 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 13,722 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,327 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Stanley Works/Mac Tools | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 72,500 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 10,350 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 10,184 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 1,375 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Fisher Scientific | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 114,700 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 14,000 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 13,715 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 3,732 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Boston Commons | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 103,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 9,820 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 9,586 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Greenwich Center | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 182,600 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 22,700 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 21,977 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 5,871 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Crossroads Plaza CVS | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 16,000 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,650 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 7,411 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,863 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Four Peaks Plaza | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 140,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 9,900 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 9,381 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Gloucester Town Center | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 107,200 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 10,350 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 9,722 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Drug Store Portfolio | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 65,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 24,400 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 23,846 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 6,362 | ||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties sold | property | 5 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Shoppes at Stroud | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 136,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 26,850 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 26,466 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 485 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | The Market at Clifty Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 175,900 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 19,150 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 18,883 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 5,292 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Crockett Square | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 107,100 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 9,750 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 9,565 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 822 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Mission Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 178,200 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 24,250 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 23,545 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 5,936 | ||||||||||||||||||||||||||||||||||||||||||||
Number of transactions with third parties | third_party | 2 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Plaza at Riverlakes | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 102,800 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 17,350 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 17,021 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 4,127 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Diebold Warehouse | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 158,700 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 11,500 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 10,752 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 2,879 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Newburgh Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 62,900 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 10,000 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 9,770 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Mission Crossing - multi-tenant retail portion | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 163,400 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 17,250 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Mission Crossing - Walgreens | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 14,800 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 7,000 | ||||||||||||||||||||||||||||||||||||||||||||
Sold properties | Continuing operations | Harvest Towne Center - Taco Bell outparcel | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 700 | 700 | |||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 699 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 306 | ||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties | property | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||
Sold properties | Discontinued operations | Riverpark Phase IIA | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 64,300 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 9,269 | ||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds, net | 9,204 | ||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 655 | ||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | Green Valley Crossing | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Gain | $ 528 | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent events | Sold properties | |||||||||||||||||||||||||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||||||||||||||||||||||||
Square footage | ft² | 765,800 | ||||||||||||||||||||||||||||||||||||||||||||
Consideration | $ 92,500 | ||||||||||||||||||||||||||||||||||||||||||||
Number of real estate properties sold | property | 2 |
Dispositions - Assets and Liabi
Dispositions - Assets and Liabilities of Properties Classified as Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Assets associated with investment properties held for sale | $ 0 | $ 33,499 |
Liabilities | ||
Liabilities associated with investment properties held for sale, net | $ 0 | 8,062 |
Investment properties held for sale | ||
Assets | ||
Land, building and other improvements | 36,020 | |
Accumulated depreciation | (5,358) | |
Net investment properties | 30,662 | |
Other assets | 2,837 | |
Assets associated with investment properties held for sale | 33,499 | |
Liabilities | ||
Mortgage payable, net | 7,934 | |
Other liabilities | 128 | |
Liabilities associated with investment properties held for sale, net | $ 8,062 |
Dispositions - Results of Opera
Dispositions - Results of Operations of Properties Accounted for as Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Rental income | $ (123) | $ 24,448 | |
Tenant recovery income | 144 | 5,142 | |
Other property income | 23 | 7,571 | |
Total revenues | 44 | 37,161 | |
Expenses | |||
Property operating expenses | 121 | 4,802 | |
Real estate taxes | 3 | 5,664 | |
Depreciation and amortization | 0 | 11,075 | |
Provision for impairment of investment properties | 0 | 32,547 | |
Gain on extinguishment of debt | 0 | (26,331) | |
Gain on extinguishment of other liabilities | $ 0 | 0 | (3,511) |
Interest expense | 68 | 3,632 | |
Other income, net | 0 | (113) | |
Total expenses | 192 | 27,765 | |
(Loss) income from discontinued operations, net | $ 0 | $ (148) | $ 9,396 |
Equity Compensation Plans - Unv
Equity Compensation Plans - Unvested Restricted Shares and Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Unvested restricted shares/RSUs | ||||
Balance at the beginning of the period (in shares) | 396 | 152 | ||
Balance at the end of the period (in shares) | 788 | 788 | 396 | 152 |
Restricted shares | ||||
Equity compensation plans | ||||
Additional compensation expense | $ 2,159 | $ 113 | ||
Number of restricted shares in which vesting was accelerated | 194 | 9 | ||
Fair value of shares vested | $ 6,188 | $ 840 | $ 139 | |
Unvested restricted shares/RSUs | ||||
Balance at the beginning of the period (in shares) | 396 | 152 | 46 | |
Shares/RSUs granted (in shares) | 801 | 303 | 116 | |
Shares vested (in shares) | (405) | (58) | (9) | |
Shares/RSUs forfeited (in shares) | (4) | (1) | (1) | |
Balance at the end of the period (in shares) | 788 | 788 | 396 | 152 |
Weighted average grant date fair value per restricted share/RSU | ||||
Balance at the beginning of the period (in dollars per share) | $ 14.26 | $ 15.11 | $ 17.30 | |
Shares/RSUs granted (in dollars per share) | 15.82 | 13.89 | 14.27 | |
Shares vested (in dollars per share) | 14.89 | 14.50 | 15.53 | |
Shares/RSUs forfeited (in dollars per share) | 16.01 | 15.61 | 15.61 | |
Balance at the end of the period (in dollars per share) | $ 15.52 | $ 15.52 | $ 14.26 | $ 15.11 |
Compensation cost not yet recognized | ||||
Total unrecognized compensation expense | $ 4,465 | $ 4,465 | ||
Unrecognized compensation expense, period for recognition (in years) | 1 year 5 months | |||
RSUs | ||||
Equity compensation plans | ||||
Vesting period for shares/RSUs granted | 1 year | |||
Conversion rate of RSUs into shares of common stock (as a percent) | 33.00% | |||
Conversion rate of RSUs into restricted shares (as a percent) | 67.00% | |||
Unvested restricted shares/RSUs | ||||
Balance at the beginning of the period (in shares) | 0 | |||
Shares/RSUs granted (in shares) | 180 | |||
Shares/RSUs forfeited (in shares) | (6) | |||
Balance at the end of the period (in shares) | 174 | 174 | 0 | |
Weighted average grant date fair value per restricted share/RSU | ||||
Balance at the beginning of the period (in dollars per share) | $ 0 | |||
Shares/RSUs granted (in dollars per share) | 14.19 | |||
Shares/RSUs forfeited (in dollars per share) | 14.10 | |||
Balance at the end of the period (in dollars per share) | $ 14.20 | $ 14.20 | $ 0 | |
Compensation cost not yet recognized | ||||
Total unrecognized compensation expense | $ 1,825 | $ 1,825 | ||
Unrecognized compensation expense, period for recognition (in years) | 2 years 8 months 15 days | |||
Restricted shares and RSUs | ||||
Equity compensation plans | ||||
Compensation expense | $ 10,755 | $ 3,417 | $ 455 | |
Minimum | Restricted shares | ||||
Equity compensation plans | ||||
Vesting period for shares/RSUs granted | 5 months | 1 year | 7 months 10 days | |
Minimum | RSUs | ||||
Equity compensation plans | ||||
Conversion rate of RSUs if threshold met (as a percent) | 50.00% | |||
Maximum | Restricted shares | ||||
Equity compensation plans | ||||
Vesting period for shares/RSUs granted | 3 years 5 months | 3 years | 5 years | |
Maximum | RSUs | ||||
Equity compensation plans | ||||
Conversion rate of RSUs if threshold met (as a percent) | 200.00% | |||
Weighted average | RSUs | ||||
Equity compensation plans | ||||
Risk-free interest rate (as a percent) | 0.80% | |||
Common stock dividend yield (as a percent) | 4.26% |
Equity Compensation Plans - Sto
Equity Compensation Plans - Stock Options (Details) - Stock options - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Stock options | |||||
Options granted (in shares) | 84 | 84 | |||
Options exercised (in shares) | 3 | 3 | |||
Options expired (in shares) | 7 | 6 | |||
Options forfeited (in shares) | 21 | 11 | |||
Compensation expense | $ 0 | $ 3 | $ 24 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Taxes remitted to governmental authorities and reimbursed by tenants | $ 2,071 | $ 1,985 | $ 1,791 |
Remaining lease term, low end of range | 1 year | ||
Remaining lease term, high end of range | 67 years | ||
Minimum lease payments to be received under operating leases | |||
Minimum lease payments, 2016 | $ 441,553 | ||
Minimum lease payments, 2017 | 393,790 | ||
Minimum lease payments, 2018 | 347,324 | ||
Minimum lease payments, 2019 | 282,837 | ||
Minimum lease payments, 2020 | 220,910 | ||
Minimum lease payments, thereafter | 824,493 | ||
Total minimum lease payments | 2,510,907 | ||
Rent expenses | |||
Ground lease rent expense | 11,461 | 11,676 | 9,758 |
Office rent expense | 1,246 | 1,210 | 962 |
Straight-line ground rent expense | 3,722 | $ 3,889 | $ 3,486 |
Minimum future rental obligations to be paid under ground and office leases | |||
Minimum lease obligations, 2016 | 8,458 | ||
Minimum lease obligations, 2017 | 8,396 | ||
Minimum lease obligations, 2018 | 8,448 | ||
Minimum lease obligations, 2019 | 8,776 | ||
Minimum lease obligations, 2020 | 9,174 | ||
Minimum lease obligations, thereafter | 510,790 | ||
Total minimum lease obligations | $ 554,042 |
Mortgages Payable - Summary (De
Mortgages Payable - Summary (Details) $ in Thousands | Dec. 31, 2015USD ($)propertyloan | Dec. 31, 2014USD ($)property | Dec. 31, 2015USD ($)propertyloan | Dec. 31, 2014USD ($)property |
Mortgages payable | ||||
Total debt | $ 2,178,505 | $ 2,178,505 | ||
Weighted average interest rate (as a percent) | 4.61% | 4.61% | ||
Number of properties held for sale with mortgages payable | property | 1 | 1 | ||
Mortgages payable | ||||
Mortgages payable | ||||
Variable rate debt swapped to fixed rate debt | $ 7,910 | $ 8,124 | $ 7,910 | $ 8,124 |
Amount of mortgage loans guaranteed | 1,978 | 1,978 | ||
Secured debt | ||||
Mortgages payable | ||||
Total debt | 1,128,505 | 1,630,963 | 1,128,505 | 1,630,963 |
Premium, net of accumulated amortization | 1,865 | 3,972 | 1,865 | 3,972 |
Discount, net of accumulated amortization | (1) | (470) | (1) | (470) |
Capitalized loan fees, net of accumulated amortization | (7,233) | (10,736) | (7,233) | (10,736) |
Mortgages payable, net | $ 1,123,136 | $ 1,623,729 | $ 1,123,136 | $ 1,623,729 |
Weighted average interest rate (as a percent) | 6.08% | 5.99% | 6.08% | 5.99% |
Weighted average years to maturity | 3 years 11 months | 3 years 11 months | ||
Mortgages payable repaid and defeased | $ 495,456 | |||
Scheduled principal payments related to amortizing loans | $ 16,126 | 16,126 | ||
IW JV 2009 LLC | ||||
Mortgages payable | ||||
Cross-collateralized mortgage loan balance | $ 395,402 | $ 395,402 | ||
Number of properties in cross-collateralized mortgage | property | 48 | 48 | ||
Fixed rate debt | ||||
Mortgages payable | ||||
Total debt | $ 1,928,505 | $ 1,928,505 | ||
Weighted average interest rate (as a percent) | 4.96% | 4.96% | ||
Fixed rate debt | Mortgages payable | ||||
Mortgages payable | ||||
Total debt | $ 1,128,505 | $ 1,616,063 | $ 1,128,505 | $ 1,616,063 |
Weighted average interest rate (as a percent) | 6.08% | 6.03% | 6.08% | 6.03% |
Weighted average years to maturity | 3 years 11 months | 4 years | ||
Mortgages payable associated with investment properties held for sale | $ 8,075 | $ 8,075 | ||
Variable rate debt | ||||
Mortgages payable | ||||
Weighted average interest rate (as a percent) | 1.90% | 1.90% | ||
Variable rate debt | Construction loan | ||||
Mortgages payable | ||||
Total debt | $ 0 | $ 14,900 | $ 0 | $ 14,900 |
Variable interest rate (as a percent) | 0.00% | 2.44% | 0.00% | 2.44% |
Weighted average years to maturity | 10 months | |||
Reference rate for variable interest rate | LIBOR | |||
Variable interest rate spread (as a percent) | 2.25% | |||
Mortgages payable | ||||
Mortgages payable | ||||
Number of mortgage loans guaranteed | loan | 1 | 1 | ||
Minimum | Fixed rate debt | Mortgages payable | ||||
Mortgages payable | ||||
Fixed interest rate (as a percent) | 3.35% | 3.35% | 3.35% | 3.35% |
Maximum | Fixed rate debt | Mortgages payable | ||||
Mortgages payable | ||||
Fixed interest rate (as a percent) | 8.00% | 8.00% | 8.00% | 8.00% |
Debt repaid | Weighted average | ||||
Mortgages payable | ||||
Fixed interest rate (as a percent) | 5.82% | 5.82% | ||
The Gateway | ||||
Mortgages payable | ||||
Total debt | $ 94,463 | $ 94,463 |
Mortgages Payable - Scheduled M
Mortgages Payable - Scheduled Maturities and Principal Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt maturities | ||
2,016 | $ 48,876 | |
2,017 | 419,633 | |
2,018 | 460,801 | |
2,019 | 443,447 | |
2,020 | 3,424 | |
Thereafter | 802,324 | |
Total | $ 2,178,505 | |
Weighted average interest rate on debt (as a percent) | ||
2,016 | 4.92% | |
2,017 | 4.66% | |
2,018 | 2.07% | |
2,019 | 7.50% | |
2,020 | 4.80% | |
Thereafter | 4.42% | |
Total | 4.61% | |
Mortgages payable | ||
Mortgages payable | ||
Variable rate debt swapped to fixed rate debt | $ 7,910 | $ 8,124 |
Unsecured credit facility | ||
Mortgages payable | ||
Variable rate debt swapped to fixed rate debt | $ 300,000 | |
Fixed interest rate (as a percent) | 0.53875% | |
Unsecured notes payable | ||
Mortgages payable | ||
Discount, net of accumulated amortization | $ (1,090) | 0 |
Capitalized loan fees, net of accumulated amortization | (3,334) | (1,459) |
Secured debt | ||
Mortgages payable | ||
Premium, net of accumulated amortization | 1,865 | 3,972 |
Discount, net of accumulated amortization | (1) | (470) |
Capitalized loan fees, net of accumulated amortization | $ (7,233) | $ (10,736) |
Weighted average years to maturity | 3 years 11 months | 3 years 11 months |
Debt maturities | ||
Total | $ 1,128,505 | $ 1,630,963 |
Weighted average interest rate on debt (as a percent) | ||
Total | 6.08% | 5.99% |
Consolidated indebtedness | ||
Mortgages payable | ||
Capitalized loan fees, net of accumulated amortization | $ (13,041) | |
Weighted average years to maturity | 4 years 6 months | |
Fixed rate debt | ||
Debt maturities | ||
2,016 | $ 48,876 | |
2,017 | 319,633 | |
2,018 | 310,801 | |
2,019 | 443,447 | |
2,020 | 3,424 | |
Thereafter | 802,324 | |
Total | $ 1,928,505 | |
Weighted average interest rate on debt (as a percent) | ||
2,016 | 4.92% | |
2,017 | 5.52% | |
2,018 | 2.16% | |
2,019 | 7.50% | |
2,020 | 4.80% | |
Thereafter | 4.42% | |
Total | 4.96% | |
Fixed rate debt | Mortgages payable | ||
Mortgages payable | ||
Weighted average years to maturity | 3 years 11 months | 4 years |
Debt maturities | ||
2,016 | $ 48,876 | |
2,017 | 319,633 | |
2,018 | 10,801 | |
2,019 | 443,447 | |
2,020 | 3,424 | |
Thereafter | 302,324 | |
Total | $ 1,128,505 | $ 1,616,063 |
Weighted average interest rate on debt (as a percent) | ||
Total | 6.08% | 6.03% |
Fixed rate debt | Unsecured credit facility | ||
Debt maturities | ||
2,016 | $ 0 | |
2,017 | 0 | |
2,018 | 300,000 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | 300,000 | |
Fixed rate debt | Unsecured notes payable | ||
Debt maturities | ||
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 500,000 | |
Total | $ 500,000 | |
Variable rate debt | ||
Weighted average interest rate on debt (as a percent) | ||
2,016 | 0.00% | |
2,017 | 1.93% | |
2,018 | 1.88% | |
2,019 | 0.00% | |
2,020 | 0.00% | |
Thereafter | 0.00% | |
Total | 1.90% | |
Variable rate debt | Unsecured credit facility | ||
Debt maturities | ||
2,016 | $ 0 | |
2,017 | 100,000 | |
2,018 | 150,000 | |
2,019 | 0 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | $ 250,000 | |
LIBOR | Unsecured credit facility | ||
Mortgages payable | ||
Reference rate for variable interest rate | one-month floating rate LIBOR |
Unsecured Notes Payable (Detail
Unsecured Notes Payable (Details) - USD ($) $ in Thousands | Mar. 12, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Unsecured notes payable | ||||
Principal balance | $ 495,576 | $ 248,541 | ||
Senior Notes | ||||
Unsecured notes payable | ||||
Principal balance | 500,000 | 250,000 | ||
Discount, net of accumulated amortization | (1,090) | 0 | ||
Capitalized loan fees, net of accumulated amortization | $ (3,334) | $ (1,459) | ||
Weighted average interest rate (as a percent) | 4.20% | 4.40% | ||
Senior Notes | 4.00% Senior Notes Due 2025 | ||||
Unsecured notes payable | ||||
Principal amount | $ 250,000 | |||
Stated interest rate (as a percent) | 4.00% | 4.00% | 0.00% | |
Percentage of principal amount (as a percent) | 99.526% | |||
Effective interest rate (as a percent) | 4.058% | |||
Principal balance | $ 250,000 | $ 0 | ||
Senior Notes | Series A and B Senior Notes | ||||
Unsecured notes payable | ||||
Principal amount | $ 250,000 | |||
Senior Notes | 4.12% Series A Senior Notes Due 2021 | ||||
Unsecured notes payable | ||||
Principal amount | $ 100,000 | |||
Stated interest rate (as a percent) | 4.12% | 4.12% | 4.12% | |
Principal balance | $ 100,000 | $ 100,000 | ||
Senior Notes | 4.58% Series B Senior Notes Due 2024 | ||||
Unsecured notes payable | ||||
Principal amount | $ 150,000 | |||
Stated interest rate (as a percent) | 4.58% | 4.58% | 4.58% | |
Principal balance | $ 150,000 | $ 150,000 |
Unsecured Credit Facility (Deta
Unsecured Credit Facility (Details) $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May. 13, 2013USD ($) | Feb. 17, 2016USD ($)extension_options | Dec. 31, 2014USD ($)rating_agency |
Unsecured credit facility | |||||
Amount borrowed | $ 100,000 | $ 0 | $ 0 | ||
Unsecured credit facility | |||||
Unsecured credit facility | |||||
Amount borrowed | 547,526 | 446,465 | 446,465 | ||
Unsecured credit facility | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Aggregate borrowing capacity | $ 1,000,000 | ||||
Additional borrowing capacity | 450,000 | ||||
Maximum borrowing capacity | 1,450,000 | ||||
Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Aggregate borrowing capacity | $ 550,000 | ||||
Revolving line of credit, period of extension of maturity (in years) | 1 year | ||||
Revolving line of credit, extension fee as a percentage of commitment amount | 0.15% | ||||
Unsecured term loan | |||||
Unsecured credit facility | |||||
Amount borrowed | 450,000 | 450,000 | 450,000 | ||
Capitalized loan fees, net of accumulated amortization | (2,474) | (3,535) | (3,535) | ||
Term loan, net | 447,526 | $ 446,465 | 446,465 | ||
Variable rate debt swapped to fixed rate debt | $ 300,000 | ||||
Fixed interest rate (as a percent) | 0.53875% | ||||
Variable interest rate spread (as a percent) | 1.45% | 1.45% | |||
Unsecured term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Principal amount | $ 450,000 | ||||
Fixed rate debt | Unsecured term loan | |||||
Unsecured credit facility | |||||
Amount borrowed | $ 300,000 | $ 300,000 | $ 300,000 | ||
Interest rate (as a percent) | 1.99% | 1.99% | 1.99% | ||
Variable rate debt | Unsecured revolving line of credit | |||||
Unsecured credit facility | |||||
Amount borrowed | $ 100,000 | $ 0 | $ 0 | ||
Interest rate (as a percent) | 1.93% | 1.67% | 1.67% | ||
Variable rate debt | Unsecured term loan | |||||
Unsecured credit facility | |||||
Amount borrowed | $ 150,000 | $ 150,000 | $ 150,000 | ||
Interest rate (as a percent) | 1.88% | 1.62% | 1.62% | ||
Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Quarterly unused fees (as a percent) | 0.25% | ||||
Minimum | Unsecured term loan | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Quarterly unused fees (as a percent) | 0.30% | ||||
Maximum | Unsecured term loan | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.00% | ||||
Weighted average | Unsecured credit facility | |||||
Unsecured credit facility | |||||
Interest rate (as a percent) | 1.95% | 1.87% | 1.87% | ||
LIBOR | Unsecured revolving line of credit | |||||
Unsecured credit facility | |||||
Reference rate for variable interest rate | LIBOR | ||||
LIBOR | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.50% | ||||
LIBOR | Minimum | Unsecured term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
LIBOR | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
LIBOR | Maximum | Unsecured term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.00% | ||||
Investment grade rated | |||||
Unsecured credit facility | |||||
Number of rating agencies | rating_agency | 2 | ||||
Investment grade rated | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Facility fee (as a percent) | 0.15% | ||||
Investment grade rated | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Facility fee (as a percent) | 0.35% | ||||
Investment grade rated | LIBOR | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 0.90% | ||||
Investment grade rated | LIBOR | Minimum | Unsecured term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.05% | ||||
Investment grade rated | LIBOR | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.70% | ||||
Investment grade rated | LIBOR | Maximum | Unsecured term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
Subsequent events | Unsecured credit facility | |||||
Unsecured credit facility | |||||
Aggregate borrowing capacity | $ 1,200,000 | ||||
Subsequent events | Unsecured credit facility | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Aggregate borrowing capacity | 1,200,000 | ||||
Additional borrowing capacity | 400,000 | ||||
Maximum borrowing capacity | 1,600,000 | ||||
Subsequent events | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Aggregate borrowing capacity | $ 750,000 | ||||
Revolving line of credit, period of extension of maturity (in years) | 6 months | ||||
Revolving line of credit, extension fee as a percentage of commitment amount | 0.075% | ||||
Number of extension options | extension_options | 2 | ||||
Subsequent events | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Principal amount | $ 200,000 | ||||
Number of extension options | extension_options | 2 | ||||
Term loan, period of extension of maturity (in years) | 1 year | ||||
Term loan, extension fee as a percentage of amount outstanding | 0.15% | ||||
Subsequent events | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Principal amount | $ 250,000 | ||||
Subsequent events | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Quarterly unused fees (as a percent) | 0.15% | ||||
Subsequent events | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Quarterly unused fees (as a percent) | 0.25% | ||||
Subsequent events | LIBOR | Unsecured credit facility | |||||
Unsecured credit facility | |||||
Reference rate for variable interest rate | LIBOR | ||||
Subsequent events | LIBOR | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.35% | ||||
Subsequent events | LIBOR | Minimum | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.45% | ||||
Subsequent events | LIBOR | Minimum | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.30% | ||||
Subsequent events | LIBOR | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.25% | ||||
Subsequent events | LIBOR | Maximum | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.20% | ||||
Subsequent events | LIBOR | Maximum | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.20% | ||||
Subsequent events | Investment grade rated | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Facility fee (as a percent) | 0.125% | ||||
Subsequent events | Investment grade rated | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Facility fee (as a percent) | 0.30% | ||||
Subsequent events | Investment grade rated | LIBOR | Minimum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 0.85% | ||||
Subsequent events | Investment grade rated | LIBOR | Minimum | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.05% | ||||
Subsequent events | Investment grade rated | LIBOR | Minimum | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 0.90% | ||||
Subsequent events | Investment grade rated | LIBOR | Maximum | Unsecured revolving line of credit | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.55% | ||||
Subsequent events | Investment grade rated | LIBOR | Maximum | $200,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 2.05% | ||||
Subsequent events | Investment grade rated | LIBOR | Maximum | $250,000 term loan | KeyBank and Wells Fargo Syndicate | |||||
Unsecured credit facility | |||||
Variable interest rate spread (as a percent) | 1.75% |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate swaps - Cash flow hedges $ in Thousands | Dec. 31, 2015USD ($)instrument | Dec. 31, 2014USD ($)instrument |
Interest rate derivatives | ||
Number of instruments | instrument | 2 | 2 |
Notional | $ | $ 307,910 | $ 308,124 |
Derivatives | ||
Number of interest rate swaps utilized to hedge variable cash flows | instrument | 2 | 2 |
Amount of gain (loss) on cash flow hedges expected to be reclassified to interest expense over next 12 months | $ | $ 85 |
Derivatives - Estimated Fair Va
Derivatives - Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest rate swaps | Cash flow hedges | ||
Fair value of derivative financial instruments | ||
Fair value of derivatives | $ 85 | $ 562 |
Derivatives - Effect on Stateme
Derivatives - Effect on Statements of Operations (Details) - Interest rate swaps - Cash flow hedges - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
(Gain) loss on derivative instruments | ||
Amount of loss recognized in other comprehensive income on derivative (effective portion) | $ 643 | $ 981 |
Amount of loss reclassified from AOCI into income (effective portion) | 1,095 | 1,182 |
Amount of (gain) loss recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | (25) | $ 12 |
Credit-risk-related contingent features | ||
Termination value of derivative in liability position | 96 | |
Termination value of derivative agreements | $ 96 |
Investment in Unconsolidated 64
Investment in Unconsolidated Joint Ventures - Summary (Details) $ in Thousands | Jun. 05, 2014property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)property | Dec. 01, 2014third_party |
Profits, losses and capital activity | ||||
Company's share of net income (loss) | $ (2,203) | $ 472 | ||
Net cash distributions from/(contributions to) joint ventures | 1,335 | (1,673) | ||
Fees earned by the Company | 338 | 2,508 | ||
Amortization of basis differences in joint venture properties | 115 | 116 | ||
MS Inland Fund, LLC | ||||
Profits, losses and capital activity | ||||
Company's share of net income (loss) | 241 | 661 | ||
Net cash distributions from/(contributions to) joint ventures | 1,360 | 2,369 | ||
Fees earned by the Company | 338 | 859 | ||
Oak Property and Casualty LLC | ||||
Equity method investments | ||||
Number of unaffiliated parties that are co-owners in Captive | third_party | 3 | |||
Profits, losses and capital activity | ||||
Company's share of net income (loss) | (2,444) | (2,589) | ||
Net cash distributions from/(contributions to) joint ventures | (25) | (2,503) | ||
Fees earned by the Company | 0 | 0 | ||
Hampton Retail Colorado, L.L.C. | ||||
Profits, losses and capital activity | ||||
Company's share of net income (loss) | 0 | 2,576 | ||
Net cash distributions from/(contributions to) joint ventures | 0 | 855 | ||
Fees earned by the Company | 0 | $ 1 | ||
Number of properties with impairment charges | property | 1 | |||
Impairment of investment in unconsolidated joint ventures | $ 1,834 | |||
RioCan | ||||
Profits, losses and capital activity | ||||
Company's share of net income (loss) | 0 | (176) | ||
Net cash distributions from/(contributions to) joint ventures | 0 | (2,394) | ||
Fees earned by the Company | $ 0 | 1,648 | ||
MS Inland acquisitions | MS Inland Fund, LLC | ||||
Equity method investments | ||||
Number of real estate properties acquired | property | 6 | |||
Ownership percentage - 100% | Hampton Retail Colorado, L.L.C. | ||||
Profits, losses and capital activity | ||||
Impairment charges | 298 | |||
Ownership percentage - pro rata | Hampton Retail Colorado, L.L.C. | ||||
Profits, losses and capital activity | ||||
Impairment charges | $ 286 |
Investment in Unconsolidated 65
Investment in Unconsolidated Joint Ventures - Combined Condensed Statements of Operations (Details) $ in Thousands | Oct. 01, 2013USD ($)property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Jun. 05, 2014 |
Combined condensed financial information | |||||
Percent of combined condensed consolidated financial information | 100.00% | ||||
Number of real estate properties sold | property | 26 | 24 | 20 | ||
Expenses | |||||
Gain on sales of investment properties | $ 0 | $ 0 | $ 17,499 | ||
RioCan | |||||
Revenues | |||||
Property related income | 0 | 36,758 | |||
Other income | 0 | 0 | |||
Total revenues | 0 | 36,758 | |||
Expenses | |||||
Property operating expenses | 0 | 5,001 | |||
Real estate taxes | 0 | 6,187 | |||
General and administrative expenses | 0 | 457 | |||
Depreciation and amortization | 0 | 21,964 | |||
Interest expense, net | 0 | 7,033 | |||
Other (income) expense, net | 0 | (4,436) | |||
Total expenses | 0 | 36,206 | |||
Income (loss) from continuing operations | 0 | 552 | |||
(Loss) income from discontinued operations | 0 | (1,026) | |||
Gain on sales of investment properties | 0 | 0 | |||
Net (loss) income | 0 | (474) | |||
Hampton | |||||
Revenues | |||||
Property related income | 0 | 0 | |||
Other income | 0 | 0 | |||
Total revenues | 0 | 0 | |||
Expenses | |||||
Property operating expenses | 0 | 0 | |||
Real estate taxes | 0 | 0 | |||
General and administrative expenses | 0 | 6 | |||
Depreciation and amortization | 0 | 0 | |||
Interest expense, net | 0 | (1,758) | |||
Other (income) expense, net | 0 | (13) | |||
Total expenses | 0 | (1,765) | |||
Income (loss) from continuing operations | 0 | 1,765 | |||
(Loss) income from discontinued operations | 0 | (117) | |||
Gain on sales of investment properties | 0 | 1,019 | |||
Net (loss) income | 0 | 2,667 | |||
Unconsolidated joint ventures | |||||
Revenues | |||||
Property related income | 11,853 | 64,599 | |||
Other income | 6,679 | 8,174 | |||
Total revenues | 18,532 | 72,773 | |||
Expenses | |||||
Property operating expenses | 1,660 | 8,523 | |||
Real estate taxes | 2,339 | 11,454 | |||
General and administrative expenses | 268 | 917 | |||
Depreciation and amortization | 3,948 | 31,565 | |||
Interest expense, net | 3,028 | 12,404 | |||
Other (income) expense, net | 11,921 | 1,576 | |||
Total expenses | 23,164 | 66,439 | |||
Income (loss) from continuing operations | (4,632) | 6,334 | |||
(Loss) income from discontinued operations | 0 | (1,091) | |||
Gain on sales of investment properties | 0 | 1,019 | |||
Net (loss) income | (4,632) | 6,262 | |||
Other Joint Ventures | |||||
Revenues | |||||
Property related income | 11,853 | 27,841 | |||
Other income | 6,679 | 8,174 | |||
Total revenues | 18,532 | 36,015 | |||
Expenses | |||||
Property operating expenses | 1,660 | 3,522 | |||
Real estate taxes | 2,339 | 5,267 | |||
General and administrative expenses | 268 | 454 | |||
Depreciation and amortization | 3,948 | 9,601 | |||
Interest expense, net | 3,028 | 7,129 | |||
Other (income) expense, net | 11,921 | 6,025 | |||
Total expenses | 23,164 | 31,998 | |||
Income (loss) from continuing operations | (4,632) | 4,017 | |||
(Loss) income from discontinued operations | 0 | 52 | |||
Gain on sales of investment properties | 0 | 0 | |||
Net (loss) income | $ (4,632) | $ 4,069 | |||
RioCan acquisitions | RioCan | |||||
Combined condensed financial information | |||||
Number of real estate properties acquired | property | 5 | ||||
MS Inland acquisitions | MS Inland joint venture partner | |||||
Combined condensed financial information | |||||
Ownership interest in joint venture acquired by the Company | 80.00% | ||||
RioCan dispositions | RioCan | |||||
Combined condensed financial information | |||||
Number of real estate properties sold | property | 8 | ||||
Ownership interest sold to joint venture partner in joint venture | 20.00% | ||||
Expenses | |||||
Gain on sales of investment properties | $ 17,499 |
Investment in Unconsolidated 66
Investment in Unconsolidated Joint Ventures - Acquisitions and Dispositions (Details) $ in Thousands | Jun. 05, 2014USD ($)property | Oct. 01, 2013USD ($)property | Mar. 31, 2013property | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)property | Sep. 30, 2013USD ($) |
Acquisitions and dispositions | |||||||
Weighted average interest rate (as a percent) | 4.61% | ||||||
Gain on change in control of investment properties | $ 0 | $ 24,158 | $ 5,435 | ||||
Number of real estate properties sold | property | 26 | 24 | 20 | ||||
Gain on sale of joint venture interest | $ 0 | $ 0 | $ 17,499 | ||||
RioCan | |||||||
Acquisitions and dispositions | |||||||
Consideration received for interest in joint venture | $ 53,073 | ||||||
Gain on sale of joint venture interest | $ 0 | $ 0 | |||||
Investment in unconsolidated joint ventures | $ 41,523 | ||||||
Hampton Retail Colorado, L.L.C. | |||||||
Acquisitions and dispositions | |||||||
Number of real estate properties sold | property | 1 | 2 | |||||
Gain on sale of joint venture interest | $ 1,019 | ||||||
Sales price | 13,300 | ||||||
Debt repaid with proceeds from sales of properties | $ 12,631 | ||||||
MS Inland acquisitions | |||||||
Acquisitions and dispositions | |||||||
Fair value of assets acquired | $ 292,500 | ||||||
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 | property | 6 | ||||||
Cash consideration | $ 120,600 | ||||||
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 | ||||||
RioCan acquisitions | |||||||
Acquisitions and dispositions | |||||||
Fair value of assets acquired | $ 124,783 | ||||||
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 | property | 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 | |||||
Ownership percentage - 100% | MS Inland acquisitions | MS Inland | |||||||
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 | ||||||
Ownership percentage - 100% | RioCan acquisitions | RioCan | |||||||
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 | ||||||
Ownership percentage - pro rata | MS Inland acquisitions | |||||||
Acquisitions and dispositions | |||||||
Fair value of assets acquired | 234,000 | ||||||
Ownership percentage - pro rata | MS Inland acquisitions | MS Inland | |||||||
Acquisitions and dispositions | |||||||
Fair value of the net assets acquired | $ 30,160 | ||||||
Ownership percentage - pro rata | RioCan acquisitions | |||||||
Acquisitions and dispositions | |||||||
Fair value of assets acquired | 99,826 | ||||||
Ownership percentage - pro rata | RioCan acquisitions | RioCan | |||||||
Acquisitions and dispositions | |||||||
Fair value of the net assets acquired | 11,384 | ||||||
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 | property | 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 | Ownership percentage - 100% | RioCan | |||||||
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 | Ownership percentage - pro rata | RioCan | |||||||
Acquisitions and dispositions | |||||||
Fair value of assets sold | $ 95,500 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 21, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 15, 2015 |
Equity | |||||
Total net consideration | $ (216) | $ (145) | $ 83,496 | ||
2013 ATM Equity Program | |||||
Equity | |||||
Number of common shares sold | 5,547 | ||||
Total net consideration | $ 83,527 | ||||
2015 ATM Equity Program | |||||
Equity | |||||
Maximum aggregate offering price | $ 250,000 | ||||
Aggregate offering price of remaining common shares available for sale | $ 250,000 | ||||
Weighted average | 2013 ATM Equity Program | |||||
Equity | |||||
Average price per share | $ 15.29 | ||||
2015 Share Repurchase Program | |||||
Equity | |||||
Maximum authorized amount for repurchases | $ 250,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | |||||||||||
Income (loss) from continuing operations | $ 3,832 | $ 597 | $ (42,855) | ||||||||
Gain on sales of investment properties | 121,792 | 42,196 | 5,806 | ||||||||
Net income from continuing operations attributable to noncontrolling interest | (528) | 0 | 0 | ||||||||
Preferred stock dividends | (9,450) | (9,450) | (9,450) | ||||||||
Income (loss) from continuing operations attributable to common shareholders | 115,646 | 33,343 | (46,499) | ||||||||
Income from discontinued operations | 0 | 507 | 50,675 | ||||||||
Net income attributable to common shareholders | $ 644 | $ 75,967 | $ 28,321 | $ 10,714 | $ 23,502 | $ (29,098) | $ 27,680 | $ 11,766 | 115,646 | 33,850 | 4,176 |
Distributions paid on unvested restricted shares | (481) | (225) | (59) | ||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 115,165 | $ 33,625 | $ 4,117 | ||||||||
Denominator for earnings (loss) per common share — basic: | |||||||||||
Weighted average number of common shares outstanding | 236,477 | 236,439 | 236,354 | 236,250 | 236,204 | 236,203 | 236,176 | 236,151 | 236,380 | 236,184 | 234,134 |
Effect of dilutive securities: | |||||||||||
Stock options | 2 | 3 | 0 | ||||||||
RSUs | 0 | 0 | 0 | ||||||||
Denominator for earnings (loss) per common share — diluted: | |||||||||||
Weighted average number of common and common equivalent shares outstanding | 236,479 | 236,553 | 236,356 | 236,253 | 236,207 | 236,203 | 236,179 | 236,153 | 236,382 | 236,187 | 234,134 |
Earnings per share | |||||||||||
Unvested restricted common stock | 788 | 396 | 788 | 396 | 152 | ||||||
Weighted average number of shares of restricted stock | 768 | 364 | 106 | ||||||||
Stock options | |||||||||||
Antidilutive securities excluded from computation of EPS | |||||||||||
Number of outstanding options to purchase shares of common stock | 53 | 64 | 53 | 64 | 78 | ||||||
Weighted average exercise price of outstanding options (in dollars per share) | $ 19.39 | $ 19.32 | $ 19.39 | $ 19.32 | $ 19.10 | ||||||
Number of outstanding options to purchase shares of common stock that would be anti-dilutive | 45 | 54 | 78 | ||||||||
Weighted average exercise price of outstanding options excluded from diluted EPS calculation (in dollars per share) | $ 20.74 | $ 20.72 | $ 19.10 | ||||||||
RSUs | |||||||||||
Antidilutive securities excluded from computation of EPS | |||||||||||
Number of RSUs eligible for future conversion | 174 | 174 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)subsidiary | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) | |
Income taxes | |||
Annual distribution requirement to shareholders | 90.00% | ||
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 | ||
Income tax expense related to the TRS | $ 189 | ||
Deferred tax assets: | |||
Basis difference in properties | $ 1,109 | $ 14,211 | |
Capital loss carryforward | 9,885 | 3,225 | |
Net operating loss carryforward | 12,543 | 2,995 | |
Other | 81 | 140 | |
Gross deferred tax assets | 23,618 | 20,571 | |
Less: valuation allowance | (23,618) | (20,355) | |
Total deferred tax assets | 0 | 216 | |
Deferred tax liabilities: | |||
Other | 0 | (216) | |
Net deferred tax assets | 0 | $ 0 | |
Federal taxing authority | |||
Income taxes | |||
Capital loss carryforward | 24,567 | ||
Net operating loss carryforward | $ 31,171 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Net Income to REIT Taxable Income Before Dividends Paid Deduction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of net income to REIT taxable income | |||
Net income attributable to the Company | $ 125,096 | $ 43,300 | $ 13,626 |
Book/tax differences | 2,344 | 71,910 | 60,098 |
REIT taxable income subject to 90% dividend requirement | $ 127,440 | $ 115,210 | $ 73,724 |
Income Taxes - Dividends Paid D
Income Taxes - Dividends Paid Deduction (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Dividends paid | |||
Cash distibutions paid | $ 166,064 | $ 166,025 | $ 164,391 |
Less: non-dividend distributions | (38,624) | (50,815) | (90,667) |
Total dividends paid deduction attributable to earnings and profits | $ 127,440 | $ 115,210 | $ 73,724 |
7.00% Series A cumulative redeemable preferred stock | |||
Dividends paid | |||
Ordinary dividends (per share) | $ 1.75 | $ 1.75 | $ 1.80 |
Non-dividend distributions (per share) | 0 | 0 | 0 |
Total distributions per share | 1.75 | 1.75 | 1.80 |
Class A common stock | |||
Dividends paid | |||
Ordinary dividends (per share) | 0.50 | 0.45 | 0.27 |
Non-dividend distributions (per share) | 0.16 | 0.21 | 0.39 |
Total distributions per share | $ 0.66 | $ 0.66 | $ 0.66 |
Provision for Impairment of I72
Provision for Impairment of Investment Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($)ft²property | Dec. 31, 2013USD ($)ft²property | |
Investment property impairment charges | |||
Number of properties for which indicators of impairment were identified | property | 3 | 8 | 14 |
Number of properties for which an impairment charge was recorded | property | 0 | 3 | 3 |
Number of properties held for sale for which indicators of impairment were identified but no impairment charge was considered necessary | property | 0 | 1 | 1 |
Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary | property | 3 | 4 | 10 |
Weighted average percentage by which undiscounted cash flows exceeded carrying value for each of the remaining properties | 42.00% | 48.00% | 20.00% |
Number of properties with impairment indicators which were subsequently sold | property | 7 | 11 | |
Provision for impairment of investment properties | $ 19,937 | $ 72,203 | $ 92,033 |
Estimated fair value of impaired properties as of impairment date | $ 43,720 | $ 190,953 | 134,853 |
Continuing operations | |||
Investment property impairment charges | |||
Provision for impairment of investment properties | $ 59,486 | ||
Continuing operations | Massillon Commons | |||
Investment property impairment charges | |||
Square footage | ft² | 245,900 | ||
Provision for impairment of investment properties | $ 2,289 | ||
Continuing operations | Traveler's Office Building | |||
Investment property impairment charges | |||
Square footage | ft² | 50,800 | ||
Provision for impairment of investment properties | $ 1,655 | ||
Continuing operations | Shaw's Supermarket | |||
Investment property impairment charges | |||
Square footage | ft² | 65,700 | 65,700 | |
Provision for impairment of investment properties | $ 169 | $ 6,230 | |
Continuing operations | Southgate Plaza | |||
Investment property impairment charges | |||
Square footage | ft² | 86,100 | ||
Provision for impairment of investment properties | $ 2,484 | ||
Continuing operations | Bellevue Mall | |||
Investment property impairment charges | |||
Square footage | ft² | 369,300 | ||
Provision for impairment of investment properties | $ 13,340 | ||
Continuing operations | Midtown Center | |||
Investment property impairment charges | |||
Square footage | ft² | 408,500 | ||
Provision for impairment of investment properties | $ 394 | ||
Continuing operations | Gloucester Town Center | |||
Investment property impairment charges | |||
Square footage | ft² | 107,200 | ||
Provision for impairment of investment properties | $ 6,148 | ||
Continuing operations | Boston Commons | |||
Investment property impairment charges | |||
Square footage | ft² | 103,400 | ||
Provision for impairment of investment properties | $ 453 | ||
Continuing operations | Four Peaks Plaza | |||
Investment property impairment charges | |||
Square footage | ft² | 140,400 | 140,400 | |
Provision for impairment of investment properties | $ 4,154 | $ 7,717 | |
Continuing operations | The Gateway | |||
Investment property impairment charges | |||
Square footage | ft² | 623,200 | ||
Provision for impairment of investment properties | $ 42,999 | ||
Continuing operations | Newburgh Crossing | |||
Investment property impairment charges | |||
Square footage | ft² | 62,900 | ||
Provision for impairment of investment properties | $ 1,139 | ||
Continuing operations | Hartford Insurance Building | |||
Investment property impairment charges | |||
Square footage | ft² | 97,400 | ||
Provision for impairment of investment properties | $ 5,782 | ||
Continuing operations | Citizen's Property Insurance Building | |||
Investment property impairment charges | |||
Square footage | ft² | 59,800 | ||
Provision for impairment of investment properties | $ 4,341 | ||
Continuing operations | Aon Hewitt East Campus | |||
Investment property impairment charges | |||
Square footage | ft² | 343,000 | 343,000 | |
Provision for impairment of investment properties | $ 563 | $ 27,183 | |
Continuing operations | Lake Mead Crossing | |||
Investment property impairment charges | |||
Square footage | ft² | 221,200 | ||
Provision for impairment of investment properties | $ 24,586 | ||
Discontinued operations | |||
Investment property impairment charges | |||
Provision for impairment of investment properties | $ 32,547 | ||
Discontinued operations | University Square | |||
Investment property impairment charges | |||
Square footage | ft² | 287,000 | ||
Provision for impairment of investment properties | $ 6,694 | ||
Discontinued operations | Raytheon Facility | |||
Investment property impairment charges | |||
Square footage | ft² | 105,000 | ||
Provision for impairment of investment properties | $ 2,518 | ||
Discontinued operations | Shops at 5 | |||
Investment property impairment charges | |||
Square footage | ft² | 421,700 | ||
Provision for impairment of investment properties | $ 21,128 | ||
Discontinued operations | Preston Trail Village | |||
Investment property impairment charges | |||
Square footage | ft² | 180,000 | ||
Provision for impairment of investment properties | $ 1,941 | ||
Discontinued operations | Rite Aid - Atlanta | |||
Investment property impairment charges | |||
Square footage | ft² | 10,900 | ||
Provision for impairment of investment properties | $ 266 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial instruments | ||
Mortgages payable, net | $ 1,123,136 | $ 1,623,729 |
Unsecured notes payable, net | 495,576 | 248,541 |
Carrying value | ||
Financial instruments | ||
Mortgages payable, net | 1,123,136 | 1,623,729 |
Unsecured notes payable, net | 495,576 | 248,541 |
Unsecured credit facility | 547,526 | 446,465 |
Derivative liability | 85 | 562 |
Fair value | ||
Financial instruments | ||
Mortgages payable, net | 1,213,620 | 1,749,671 |
Unsecured notes payable, net | 486,701 | 258,360 |
Unsecured credit facility | 550,000 | 451,502 |
Derivative liability | $ 85 | $ 562 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value measurements | ||
Derivative liability | $ 85 | $ 562 |
Fair value, Level 2 | ||
Fair value measurements | ||
Derivative liability | $ 85 | $ 562 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair value measurements | ||||
Provision for impairment | $ 19,937 | $ 72,203 | $ 92,033 | |
Nonrecurring Fair Value Measurements | ||||
Fair value measurements | ||||
Fair value of investment properties | 86,500 | |||
Fair value of investment properties held for sale | 17,233 | |||
Provision for impairment | 59,352 | |||
Fair value, Level 2 | Nonrecurring Fair Value Measurements | ||||
Fair value measurements | ||||
Fair value of investment properties held for sale | 17,233 | |||
Fair value, Level 3 | Nonrecurring Fair Value Measurements | ||||
Fair value measurements | ||||
Fair value of investment properties | 86,500 | |||
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 | ||||
Transaction costs | 738 | |||
Investment properties held for sale | Nonrecurring Fair Value Measurements | ||||
Fair value measurements | ||||
Provision for impairment | $ 563 | |||
Minimum | ||||
Fair value measurements | ||||
Operating expense growth rates | 1.39% | |||
Discount rates | 8.25% | |||
Terminal capitalization rates | 7.50% | |||
Maximum | ||||
Fair value measurements | ||||
Operating expense growth rates | 3.70% | |||
Discount rates | 9.50% | |||
Terminal capitalization rates | 8.50% |
Fair Value Measurements - Fai76
Fair Value Measurements - Fair Value Disclosures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 12, 2015 |
Fair value measurements | ||||
Mortgages payable, net | $ 1,123,136 | $ 1,623,729 | ||
Unsecured notes payable, net | 495,576 | 248,541 | ||
Fair value, Level 1 | ||||
Fair value measurements | ||||
Unsecured notes payable, net | 239,482 | |||
Fair value, Level 3 | ||||
Fair value measurements | ||||
Mortgages payable, net | 1,213,620 | 1,749,671 | ||
Unsecured notes payable, net | 247,219 | 258,360 | ||
Unsecured credit facility | 550,000 | 451,502 | ||
Fair value, Total | ||||
Fair value measurements | ||||
Mortgages payable, net | 1,213,620 | 1,749,671 | ||
Unsecured notes payable, net | 486,701 | 258,360 | ||
Unsecured credit facility | $ 550,000 | $ 451,502 | ||
Minimum | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 8.25% | |||
Maximum | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 9.50% | |||
Mortgages payable | Minimum | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 2.20% | 2.20% | ||
Mortgages payable | Maximum | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 6.00% | 4.00% | ||
Unsecured notes payable | ||||
Fair value measurements | ||||
Unsecured notes payable, net | $ 500,000 | $ 250,000 | ||
Unsecured term loan | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 1.30% | 1.35% | ||
Unsecured revolving line of credit | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 1.35% | |||
4.00% Senior Notes Due 2025 | Unsecured notes payable | ||||
Fair value measurements | ||||
Unsecured notes payable, net | $ 250,000 | $ 0 | ||
Stated interest rate (as a percent) | 4.00% | 0.00% | 4.00% | |
Series A and B Senior Notes | Unsecured notes payable | Weighted average | ||||
Fair value measurements | ||||
Discount rate (as a percent) | 4.64% | 3.97% |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Mortgage loans $ in Thousands | Dec. 31, 2015USD ($)loan |
Commitments and contingencies | |
Number of mortgage loans guaranteed | 1 |
Guarantees | |
Commitments and contingencies | |
Amount of mortgage loans guaranteed | $ | $ 1,978 |
Number of mortgage loans guaranteed | 1 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Feb. 11, 2016$ / shares | Jan. 15, 2016USD ($)ft² | Feb. 17, 2016USD ($)ft²property | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares |
Subsequent events | ||||||
Gain on extinguishment of debt | $ 0 | $ 0 | $ 26,331 | |||
Gain on sales of investment properties | $ 121,792 | $ 42,851 | $ 47,085 | |||
Distributions declared to preferred shareholders (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | $ 1.7986 | |||
Distributions declared to common shareholders (in dollars per share) | $ / shares | $ 0.6625 | $ 0.6625 | $ 0.6625 | |||
7.00% Series A cumulative redeemable preferred stock | ||||||
Subsequent events | ||||||
Preferred stock, dividend rate | 7.00% | 7.00% | ||||
Subsequent events | ||||||
Subsequent events | ||||||
Number of real estate properties acquired | property | 2 | |||||
Subsequent events | Unsecured credit facility | ||||||
Subsequent events | ||||||
Aggregate borrowing capacity | $ 1,200,000 | |||||
Subsequent events | Shoppes at Hagerstown | ||||||
Subsequent events | ||||||
Square footage | ft² | 113,200 | 113,200 | ||||
Acquisition price | $ 27,055 | $ 27,055 | ||||
Subsequent events | Merrifield Town Center II | ||||||
Subsequent events | ||||||
Square footage | ft² | 138,000 | 138,000 | ||||
Acquisition price | $ 45,676 | $ 45,676 | ||||
Subsequent events | Retail | Merrifield Town Center II | ||||||
Subsequent events | ||||||
Square footage | ft² | 76,000 | 76,000 | ||||
Subsequent events | Storage | Merrifield Town Center II | ||||||
Subsequent events | ||||||
Square footage | ft² | 62,000 | 62,000 | ||||
Subsequent events | The Gateway | ||||||
Subsequent events | ||||||
Square footage | ft² | 623,200 | |||||
Sales price | $ 75,000 | |||||
Gain on extinguishment of debt | 13,653 | |||||
Gain on sales of investment properties | $ 3,868 | |||||
Subsequent events | Stateline Station | ||||||
Subsequent events | ||||||
Square footage | ft² | 142,600 | |||||
Sales price | $ 17,500 | |||||
Gain on sales of investment properties | $ 4,253 | |||||
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) | $ / shares | $ 0.4375 | |||||
Subsequent events | Class A common stock | ||||||
Subsequent events | ||||||
Distributions declared to common shareholders (in dollars per share) | $ / shares | $ 0.165625 |
Quarterly Financial Informati79
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 148,920 | $ 150,955 | $ 150,888 | $ 153,197 | $ 153,531 | $ 151,446 | $ 146,446 | $ 149,191 | $ 603,960 | $ 600,614 | $ 551,508 |
Net income (loss) | 3,535 | 78,329 | 30,684 | 13,076 | 25,865 | (26,736) | 30,043 | 14,128 | 125,624 | 43,300 | 13,626 |
Net income (loss) attributable to common shareholders | $ 644 | $ 75,967 | $ 28,321 | $ 10,714 | $ 23,502 | $ (29,098) | $ 27,680 | $ 11,766 | $ 115,646 | $ 33,850 | $ 4,176 |
Net income (loss) per common share attributable to common shareholders — basic and diluted (in dollars per share) | $ 0 | $ 0.32 | $ 0.12 | $ 0.05 | $ 0.10 | $ (0.12) | $ 0.12 | $ 0.05 | $ 0.49 | $ 0.14 | $ 0.02 |
Weighted average number of common shares outstanding — basic | 236,477 | 236,439 | 236,354 | 236,250 | 236,204 | 236,203 | 236,176 | 236,151 | 236,380 | 236,184 | 234,134 |
Weighted average number of common shares outstanding — diluted | 236,479 | 236,553 | 236,356 | 236,253 | 236,207 | 236,203 | 236,179 | 236,153 | 236,382 | 236,187 | 234,134 |
Schedule II Valuation and Qua80
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts | |||
Movement in valuation allowances and reserves | |||
Balance at beginning of year | $ 7,497 | $ 8,197 | $ 6,452 |
Charged to costs and expenses | 3,069 | 2,689 | 4,600 |
Write-offs | (2,656) | (3,389) | (2,855) |
Balance at end of year | 7,910 | 7,497 | 8,197 |
Tax valuation allowance | |||
Movement in valuation allowances and reserves | |||
Balance at beginning of year | 20,355 | 18,631 | 7,852 |
Charged to costs and expenses | 3,263 | 1,724 | 10,779 |
Write-offs | 0 | 0 | 0 |
Balance at end of year | $ 23,618 | $ 20,355 | $ 18,631 |
Schedule III Real Estate and 81
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | $ 1,123,136 | |||
Initial cost of land | 1,273,586 | |||
Initial cost of buildings and improvements | 4,237,533 | |||
Adjustments to basis | 176,723 | |||
Gross amount carried at end of period, land and improvements | 1,259,140 | |||
Gross amount carried at end of period, buildings and improvements | 4,428,702 | |||
Gross amount carried at end of period, total | 5,687,842 | $ 5,680,376 | $ 5,804,518 | $ 5,962,878 |
Accumulated depreciation | 1,433,195 | $ 1,365,471 | $ 1,330,474 | $ 1,275,787 |
Aggregate cost of real estate, U.S. federal income tax purposes | 5,745,906 | |||
23rd Street Plaza | Panama City, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,863 | |||
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 | 2,311 | |||
Academy Sports | Houma, LA | ||||
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 | 1,569 | |||
Academy Sports | Midland, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,205 | |||
Academy Sports | Port Arthur, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,621 | |||
Academy Sports | San Antonio, TX | ||||
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 | 1,586 | |||
Alison's Corner | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,045 | |||
Initial cost of buildings and improvements | 5,700 | |||
Adjustments to basis | 394 | |||
Gross amount carried at end of period, land and improvements | 1,045 | |||
Gross amount carried at end of period, buildings and improvements | 6,094 | |||
Gross amount carried at end of period, total | 7,139 | |||
Accumulated depreciation | 2,494 | |||
Ashland & Roosevelt | Chicago, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,102 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 21,052 | |||
Adjustments to basis | 507 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 21,559 | |||
Gross amount carried at end of period, total | 21,559 | |||
Accumulated depreciation | 8,300 | |||
Avondale Plaza | Redmond, WA | ||||
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 | 31 | |||
Gross amount carried at end of period, land and improvements | 4,573 | |||
Gross amount carried at end of period, buildings and improvements | 9,528 | |||
Gross amount carried at end of period, total | 14,101 | |||
Accumulated depreciation | 405 | |||
Azalea Square I | Summerville, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,313 | |||
Initial cost of land | 6,375 | |||
Initial cost of buildings and improvements | 21,304 | |||
Adjustments to basis | 1,670 | |||
Gross amount carried at end of period, land and improvements | 6,375 | |||
Gross amount carried at end of period, buildings and improvements | 22,974 | |||
Gross amount carried at end of period, total | 29,349 | |||
Accumulated depreciation | 9,763 | |||
Azalea Square III | Summerville, SC | ||||
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 | 3,147 | |||
Beachway Plaza outparcel | Bradenton, FL | ||||
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 | 341 | |||
Gross amount carried at end of period, land and improvements | 318 | |||
Gross amount carried at end of period, buildings and improvements | 341 | |||
Gross amount carried at end of period, total | 659 | |||
Accumulated depreciation | 28 | |||
Bed Bath & Beyond Plaza | Miami, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,482 | |||
Initial cost of land | 10,350 | |||
Initial cost of buildings and improvements | 18,367 | |||
Adjustments to basis | 680 | |||
Gross amount carried at end of period, land and improvements | 10,350 | |||
Gross amount carried at end of period, buildings and improvements | 19,047 | |||
Gross amount carried at end of period, total | 29,397 | |||
Accumulated depreciation | 7,817 | |||
Bed Bath & Beyond Plaza | Westbury, NY | ||||
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 | 4,541 | |||
Boulevard at The Capital Centre | Largo, MD | ||||
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 | (28,975) | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 85,728 | |||
Gross amount carried at end of period, total | 85,728 | |||
Accumulated depreciation | 24,907 | |||
Boulevard Plaza | Pawtucket, RI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,230 | |||
Initial cost of land | 4,170 | |||
Initial cost of buildings and improvements | 12,038 | |||
Adjustments to basis | 3,510 | |||
Gross amount carried at end of period, land and improvements | 4,170 | |||
Gross amount carried at end of period, buildings and improvements | 15,548 | |||
Gross amount carried at end of period, total | 19,718 | |||
Accumulated depreciation | 6,022 | |||
The Brickyard | Chicago, IL | ||||
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 | 5,125 | |||
Gross amount carried at end of period, land and improvements | 45,300 | |||
Gross amount carried at end of period, buildings and improvements | 31,782 | |||
Gross amount carried at end of period, total | 77,082 | |||
Accumulated depreciation | 12,253 | |||
Broadway Shopping Center | Bangor, ME | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,500 | |||
Initial cost of buildings and improvements | 14,002 | |||
Adjustments to basis | 3,220 | |||
Gross amount carried at end of period, land and improvements | 5,500 | |||
Gross amount carried at end of period, buildings and improvements | 17,222 | |||
Gross amount carried at end of period, total | 22,722 | |||
Accumulated depreciation | 6,279 | |||
Brown's Lane | Middletown, RI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,659 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 12,005 | |||
Adjustments to basis | 1,250 | |||
Gross amount carried at end of period, land and improvements | 2,600 | |||
Gross amount carried at end of period, buildings and improvements | 13,255 | |||
Gross amount carried at end of period, total | 15,855 | |||
Accumulated depreciation | 5,116 | |||
Cedar Park Town Center | Cedar Park, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 23,923 | |||
Initial cost of buildings and improvements | 13,829 | |||
Adjustments to basis | 129 | |||
Gross amount carried at end of period, land and improvements | 23,923 | |||
Gross amount carried at end of period, buildings and improvements | 13,958 | |||
Gross amount carried at end of period, total | 37,881 | |||
Accumulated depreciation | 562 | |||
Central Texas Marketplace | Waco, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 45,357 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 47,559 | |||
Adjustments to basis | 7,562 | |||
Gross amount carried at end of period, land and improvements | 13,000 | |||
Gross amount carried at end of period, buildings and improvements | 55,121 | |||
Gross amount carried at end of period, total | 68,121 | |||
Accumulated depreciation | 17,456 | |||
Centre at Laurel | Laurel, MD | ||||
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 | 16,761 | |||
Gross amount carried at end of period, land and improvements | 18,700 | |||
Gross amount carried at end of period, buildings and improvements | 25,467 | |||
Gross amount carried at end of period, total | 44,167 | |||
Accumulated depreciation | 8,975 | |||
Century III Plaza | West Mifflin, PA | ||||
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 | 1,833 | |||
Gross amount carried at end of period, land and improvements | 7,100 | |||
Gross amount carried at end of period, buildings and improvements | 35,045 | |||
Gross amount carried at end of period, total | 42,145 | |||
Accumulated depreciation | 13,467 | |||
Chantilly Crossing | Chantilly, VA | ||||
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 | 2,290 | |||
Gross amount carried at end of period, land and improvements | 8,500 | |||
Gross amount carried at end of period, buildings and improvements | 18,350 | |||
Gross amount carried at end of period, total | 26,850 | |||
Accumulated depreciation | 6,939 | |||
Cinemark Seven Bridges | Woodridge, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,659 | |||
Initial cost of land | 3,450 | |||
Initial cost of buildings and improvements | 11,728 | |||
Adjustments to basis | 15 | |||
Gross amount carried at end of period, land and improvements | 3,450 | |||
Gross amount carried at end of period, buildings and improvements | 11,743 | |||
Gross amount carried at end of period, total | 15,193 | |||
Accumulated depreciation | 4,412 | |||
Clearlake Shores | Clear Lake, TX | ||||
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 | 1,180 | |||
Gross amount carried at end of period, land and improvements | 1,775 | |||
Gross amount carried at end of period, buildings and improvements | 8,206 | |||
Gross amount carried at end of period, total | 9,981 | |||
Accumulated depreciation | 3,166 | |||
Coal Creek Marketplace | New Castle, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,023 | |||
Initial cost of buildings and improvements | 12,382 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 5,023 | |||
Gross amount carried at end of period, buildings and improvements | 12,382 | |||
Gross amount carried at end of period, total | 17,405 | |||
Accumulated depreciation | 170 | |||
Colony Square | Sugar Land, TX | ||||
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 | 2,103 | |||
Gross amount carried at end of period, land and improvements | 16,700 | |||
Gross amount carried at end of period, buildings and improvements | 24,878 | |||
Gross amount carried at end of period, total | 41,578 | |||
Accumulated depreciation | 8,381 | |||
The Columns | Jackson, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 11,671 | |||
Initial cost of land | 5,830 | |||
Initial cost of buildings and improvements | 19,439 | |||
Adjustments to basis | 191 | |||
Gross amount carried at end of period, land and improvements | 5,830 | |||
Gross amount carried at end of period, buildings and improvements | 19,630 | |||
Gross amount carried at end of period, total | 25,460 | |||
Accumulated depreciation | 8,131 | |||
Commons at Royal Palm | Royal Palm Beach, FL | ||||
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 | 15 | |||
Gross amount carried at end of period, land and improvements | 6,413 | |||
Gross amount carried at end of period, buildings and improvements | 9,817 | |||
Gross amount carried at end of period, total | 16,230 | |||
Accumulated depreciation | 687 | |||
The Commons at Temecula | Temecula, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 25,606 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 35,887 | |||
Adjustments to basis | 1,567 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 37,454 | |||
Gross amount carried at end of period, total | 49,454 | |||
Accumulated depreciation | 14,617 | |||
Coppell Town Center | Coppell, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,589 | |||
Initial cost of land | 2,919 | |||
Initial cost of buildings and improvements | 13,281 | |||
Adjustments to basis | 57 | |||
Gross amount carried at end of period, land and improvements | 2,919 | |||
Gross amount carried at end of period, buildings and improvements | 13,338 | |||
Gross amount carried at end of period, total | 16,257 | |||
Accumulated depreciation | 1,209 | |||
Coram Plaza | Coram, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 13,183 | |||
Initial cost of land | 10,200 | |||
Initial cost of buildings and improvements | 26,178 | |||
Adjustments to basis | 3,031 | |||
Gross amount carried at end of period, land and improvements | 10,200 | |||
Gross amount carried at end of period, buildings and improvements | 29,209 | |||
Gross amount carried at end of period, total | 39,409 | |||
Accumulated depreciation | 11,681 | |||
Corwest Plaza | New Britain, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 14,213 | |||
Initial cost of land | 6,900 | |||
Initial cost of buildings and improvements | 23,851 | |||
Adjustments to basis | (30) | |||
Gross amount carried at end of period, land and improvements | 6,900 | |||
Gross amount carried at end of period, buildings and improvements | 23,821 | |||
Gross amount carried at end of period, total | 30,721 | |||
Accumulated depreciation | 10,534 | |||
Cottage Plaza | Pawtucket, RI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,146 | |||
Initial cost of land | 3,000 | |||
Initial cost of buildings and improvements | 19,158 | |||
Adjustments to basis | 340 | |||
Gross amount carried at end of period, land and improvements | 3,000 | |||
Gross amount carried at end of period, buildings and improvements | 19,498 | |||
Gross amount carried at end of period, total | 22,498 | |||
Accumulated depreciation | 7,722 | |||
Cranberry Square | Cranberry Township, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,408 | |||
Initial cost of land | 3,000 | |||
Initial cost of buildings and improvements | 18,736 | |||
Adjustments to basis | 1,303 | |||
Gross amount carried at end of period, land and improvements | 3,000 | |||
Gross amount carried at end of period, buildings and improvements | 20,039 | |||
Gross amount carried at end of period, total | 23,039 | |||
Accumulated depreciation | 8,255 | |||
Crown Theater | Hartford, CT | ||||
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 | 665 | |||
Cuyahoga Falls Market Center | Cuyahoga Falls, OH | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,440 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 11,083 | |||
Adjustments to basis | 575 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,658 | |||
Gross amount carried at end of period, total | 15,008 | |||
Accumulated depreciation | 4,524 | |||
CVS Pharmacy | Burleson, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,113 | |||
CVS Pharmacy | Lawton, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 759 | |||
CVS Pharmacy | Moore, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,040 | |||
CVS Pharmacy | Oklahoma City, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,379 | |||
CVS Pharmacy | Saginaw, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,282 | |||
CVS Pharmacy | Sylacauga, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,012 | |||
CVS Pharmacy (Eckerd) | Edmond, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,095 | |||
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 | 1,068 | |||
CVS Pharmacy (Eckerd) | Norman, OK | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,309 | |||
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 | 1,959 | |||
Cypress Mill Plaza | Cypress, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,962 | |||
Initial cost of buildings and improvements | 9,976 | |||
Adjustments to basis | 85 | |||
Gross amount carried at end of period, land and improvements | 4,962 | |||
Gross amount carried at end of period, buildings and improvements | 10,061 | |||
Gross amount carried at end of period, total | 15,023 | |||
Accumulated depreciation | 1,028 | |||
Davis Towne Crossing | North Richland Hills, TX | ||||
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 | 1,153 | |||
Gross amount carried at end of period, land and improvements | 1,671 | |||
Gross amount carried at end of period, buildings and improvements | 7,013 | |||
Gross amount carried at end of period, total | 8,684 | |||
Accumulated depreciation | 2,788 | |||
Denton Crossing | Denton, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 25,737 | |||
Initial cost of land | 6,000 | |||
Initial cost of buildings and improvements | 43,434 | |||
Adjustments to basis | 11,631 | |||
Gross amount carried at end of period, land and improvements | 6,000 | |||
Gross amount carried at end of period, buildings and improvements | 55,065 | |||
Gross amount carried at end of period, total | 61,065 | |||
Accumulated depreciation | 22,289 | |||
Dorman Center I & II | Spartanburg, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 20,210 | |||
Initial cost of land | 17,025 | |||
Initial cost of buildings and improvements | 29,478 | |||
Adjustments to basis | 1,035 | |||
Gross amount carried at end of period, land and improvements | 17,025 | |||
Gross amount carried at end of period, buildings and improvements | 30,513 | |||
Gross amount carried at end of period, total | 47,538 | |||
Accumulated depreciation | 13,528 | |||
Downtown Crown | Gaithersburg, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 43,367 | |||
Initial cost of buildings and improvements | 110,785 | |||
Adjustments to basis | 1,375 | |||
Gross amount carried at end of period, land and improvements | 43,367 | |||
Gross amount carried at end of period, buildings and improvements | 112,160 | |||
Gross amount carried at end of period, total | 155,527 | |||
Accumulated depreciation | 4,115 | |||
East Stone Commons | Kingsport, TN | ||||
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 | (747) | |||
Gross amount carried at end of period, land and improvements | 2,826 | |||
Gross amount carried at end of period, buildings and improvements | 28,041 | |||
Gross amount carried at end of period, total | 30,867 | |||
Accumulated depreciation | 9,727 | |||
Eastwood Towne Center | Lansing, MI | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 65,067 | |||
Adjustments to basis | 3,797 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 68,864 | |||
Gross amount carried at end of period, total | 80,864 | |||
Accumulated depreciation | 28,315 | |||
Edgemont Town Center | Homewood, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,138 | |||
Initial cost of land | 3,500 | |||
Initial cost of buildings and improvements | 10,956 | |||
Adjustments to basis | 405 | |||
Gross amount carried at end of period, land and improvements | 3,500 | |||
Gross amount carried at end of period, buildings and improvements | 11,361 | |||
Gross amount carried at end of period, total | 14,861 | |||
Accumulated depreciation | 4,591 | |||
Edwards Multiplex | Fresno, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,977 | |||
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 | 13,853 | |||
Edwards Multiplex | Ontario, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 12,979 | |||
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 | 12,944 | |||
Evans Towne Centre | Evans, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,028 | |||
Initial cost of land | 1,700 | |||
Initial cost of buildings and improvements | 6,425 | |||
Adjustments to basis | 911 | |||
Gross amount carried at end of period, land and improvements | 1,700 | |||
Gross amount carried at end of period, buildings and improvements | 7,336 | |||
Gross amount carried at end of period, total | 9,036 | |||
Accumulated depreciation | 2,754 | |||
Fairgrounds Plaza | Middletown, NY | ||||
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 | 4,354 | |||
Gross amount carried at end of period, land and improvements | 5,431 | |||
Gross amount carried at end of period, buildings and improvements | 17,213 | |||
Gross amount carried at end of period, total | 22,644 | |||
Accumulated depreciation | 6,695 | |||
Five Forks | Simpsonville, SC | ||||
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 | 2,725 | |||
Fordham Place | Bronx, NY | ||||
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 | (218) | |||
Gross amount carried at end of period, land and improvements | 17,209 | |||
Gross amount carried at end of period, buildings and improvements | 96,329 | |||
Gross amount carried at end of period, total | 113,538 | |||
Accumulated depreciation | 7,549 | |||
Forks Town Center | Easton, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,991 | |||
Initial cost of land | 2,430 | |||
Initial cost of buildings and improvements | 14,836 | |||
Adjustments to basis | 800 | |||
Gross amount carried at end of period, land and improvements | 2,430 | |||
Gross amount carried at end of period, buildings and improvements | 15,636 | |||
Gross amount carried at end of period, total | 18,066 | |||
Accumulated depreciation | 6,497 | |||
Fort Evans Plaza II | Leesburg, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,118 | |||
Initial cost of buildings and improvements | 44,880 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 16,118 | |||
Gross amount carried at end of period, buildings and improvements | 44,880 | |||
Gross amount carried at end of period, total | 60,998 | |||
Accumulated depreciation | 1,780 | |||
Fox Creek Village | Longmont, CO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,525 | |||
Initial cost of land | 3,755 | |||
Initial cost of buildings and improvements | 15,563 | |||
Adjustments to basis | (930) | |||
Gross amount carried at end of period, land and improvements | 3,755 | |||
Gross amount carried at end of period, buildings and improvements | 14,633 | |||
Gross amount carried at end of period, total | 18,388 | |||
Accumulated depreciation | 6,063 | |||
Fullerton Metrocenter | Fullerton, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 26,522 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 47,403 | |||
Adjustments to basis | 2,884 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 50,287 | |||
Gross amount carried at end of period, total | 50,287 | |||
Accumulated depreciation | 20,690 | |||
Galvez Shopping Center | Galveston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,250 | |||
Initial cost of buildings and improvements | 4,947 | |||
Adjustments to basis | 378 | |||
Gross amount carried at end of period, land and improvements | 1,250 | |||
Gross amount carried at end of period, buildings and improvements | 5,325 | |||
Gross amount carried at end of period, total | 6,575 | |||
Accumulated depreciation | 2,051 | |||
Gardiner Manor Mall | Bay Shore, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 36,523 | |||
Initial cost of land | 12,348 | |||
Initial cost of buildings and improvements | 56,199 | |||
Adjustments to basis | 421 | |||
Gross amount carried at end of period, land and improvements | 12,348 | |||
Gross amount carried at end of period, buildings and improvements | 56,620 | |||
Gross amount carried at end of period, total | 68,968 | |||
Accumulated depreciation | 3,330 | |||
The Gateway | Salt Lake City, UT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 94,328 | |||
Initial cost of land | 28,665 | |||
Initial cost of buildings and improvements | 110,945 | |||
Adjustments to basis | (62,566) | |||
Gross amount carried at end of period, land and improvements | 18,163 | |||
Gross amount carried at end of period, buildings and improvements | 58,881 | |||
Gross amount carried at end of period, total | 77,044 | |||
Accumulated depreciation | 4,469 | |||
Gateway Pavilions | Avondale, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 22,920 | |||
Initial cost of land | 9,880 | |||
Initial cost of buildings and improvements | 55,195 | |||
Adjustments to basis | 1,358 | |||
Gross amount carried at end of period, land and improvements | 9,880 | |||
Gross amount carried at end of period, buildings and improvements | 56,553 | |||
Gross amount carried at end of period, total | 66,433 | |||
Accumulated depreciation | 22,605 | |||
Gateway Plaza | Southlake, TX | ||||
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 | 12,204 | |||
Gateway Station | College Station, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 3,911 | |||
Adjustments to basis | 1,107 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 5,018 | |||
Gross amount carried at end of period, total | 6,068 | |||
Accumulated depreciation | 1,986 | |||
Gateway Station II & III | College Station, TX | ||||
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 | 47 | |||
Gross amount carried at end of period, land and improvements | 3,280 | |||
Gross amount carried at end of period, buildings and improvements | 11,604 | |||
Gross amount carried at end of period, total | 14,884 | |||
Accumulated depreciation | 3,314 | |||
Gateway Village | Annapolis, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 35,428 | |||
Initial cost of land | 8,550 | |||
Initial cost of buildings and improvements | 39,298 | |||
Adjustments to basis | 4,950 | |||
Gross amount carried at end of period, land and improvements | 8,550 | |||
Gross amount carried at end of period, buildings and improvements | 44,248 | |||
Gross amount carried at end of period, total | 52,798 | |||
Accumulated depreciation | 18,061 | |||
Gerry Centennial Plaza | Oswego, IL | ||||
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 | 9,214 | |||
Gross amount carried at end of period, land and improvements | 5,370 | |||
Gross amount carried at end of period, buildings and improvements | 22,182 | |||
Gross amount carried at end of period, total | 27,552 | |||
Accumulated depreciation | 6,618 | |||
Governor's Marketplace | Tallahassee, FL | ||||
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 | 3,037 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 33,414 | |||
Gross amount carried at end of period, total | 33,414 | |||
Accumulated depreciation | 13,918 | |||
Grapevine Crossing | Grapevine, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,100 | |||
Initial cost of buildings and improvements | 16,938 | |||
Adjustments to basis | 235 | |||
Gross amount carried at end of period, land and improvements | 3,894 | |||
Gross amount carried at end of period, buildings and improvements | 17,379 | |||
Gross amount carried at end of period, total | 21,273 | |||
Accumulated depreciation | 6,726 | |||
Green's Corner | Cumming, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,017 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 8,663 | |||
Adjustments to basis | 262 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 8,925 | |||
Gross amount carried at end of period, total | 12,125 | |||
Accumulated depreciation | 3,594 | |||
Gurnee Town Center | Gurnee, IL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 14,286 | |||
Initial cost of land | 7,000 | |||
Initial cost of buildings and improvements | 35,147 | |||
Adjustments to basis | 4,644 | |||
Gross amount carried at end of period, land and improvements | 7,000 | |||
Gross amount carried at end of period, buildings and improvements | 39,791 | |||
Gross amount carried at end of period, total | 46,791 | |||
Accumulated depreciation | 15,793 | |||
Henry Town Center | McDonough, GA | ||||
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 | 6,873 | |||
Gross amount carried at end of period, land and improvements | 10,650 | |||
Gross amount carried at end of period, buildings and improvements | 53,687 | |||
Gross amount carried at end of period, total | 64,337 | |||
Accumulated depreciation | 19,826 | |||
Heritage Square | Issaquah, WA | ||||
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 | 1,271 | |||
Gross amount carried at end of period, land and improvements | 6,377 | |||
Gross amount carried at end of period, buildings and improvements | 12,656 | |||
Gross amount carried at end of period, total | 19,033 | |||
Accumulated depreciation | 852 | |||
Heritage Towne Crossing | Euless, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,904 | |||
Initial cost of land | 3,065 | |||
Initial cost of buildings and improvements | 10,729 | |||
Adjustments to basis | 1,442 | |||
Gross amount carried at end of period, land and improvements | 3,065 | |||
Gross amount carried at end of period, buildings and improvements | 12,171 | |||
Gross amount carried at end of period, total | 15,236 | |||
Accumulated depreciation | 5,226 | |||
Hickory Ridge | Hickory, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 18,242 | |||
Initial cost of land | 6,860 | |||
Initial cost of buildings and improvements | 33,323 | |||
Adjustments to basis | 612 | |||
Gross amount carried at end of period, land and improvements | 6,860 | |||
Gross amount carried at end of period, buildings and improvements | 33,935 | |||
Gross amount carried at end of period, total | 40,795 | |||
Accumulated depreciation | 13,819 | |||
High Ridge Crossing | High Ridge, MO | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,659 | |||
Initial cost of land | 3,075 | |||
Initial cost of buildings and improvements | 9,148 | |||
Adjustments to basis | (204) | |||
Gross amount carried at end of period, land and improvements | 3,075 | |||
Gross amount carried at end of period, buildings and improvements | 8,944 | |||
Gross amount carried at end of period, total | 12,019 | |||
Accumulated depreciation | 3,554 | |||
Holliday Towne Center | Duncansville, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,352 | |||
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 | 4,589 | |||
Home Depot Center | Pittsburgh, PA | ||||
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 | 6,451 | |||
Home Depot Plaza | Orange, CT | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,682 | |||
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 | 7,047 | |||
HQ Building | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,200 | |||
Initial cost of buildings and improvements | 10,010 | |||
Adjustments to basis | 4,209 | |||
Gross amount carried at end of period, land and improvements | 5,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,219 | |||
Gross amount carried at end of period, total | 19,419 | |||
Accumulated depreciation | 5,218 | |||
Huebner Oaks Center | San Antonio, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 18,087 | |||
Initial cost of buildings and improvements | 64,731 | |||
Adjustments to basis | 153 | |||
Gross amount carried at end of period, land and improvements | 18,087 | |||
Gross amount carried at end of period, buildings and improvements | 64,884 | |||
Gross amount carried at end of period, total | 82,971 | |||
Accumulated depreciation | 3,766 | |||
Humblewood Shopping Center | Humble, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 12,823 | |||
Adjustments to basis | 1,042 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 13,865 | |||
Gross amount carried at end of period, total | 16,065 | |||
Accumulated depreciation | 4,800 | |||
Irmo Station | Irmo, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,750 | |||
Initial cost of land | 2,600 | |||
Initial cost of buildings and improvements | 9,247 | |||
Adjustments to basis | 1,219 | |||
Gross amount carried at end of period, land and improvements | 2,579 | |||
Gross amount carried at end of period, buildings and improvements | 10,487 | |||
Gross amount carried at end of period, total | 13,066 | |||
Accumulated depreciation | 4,045 | |||
Jefferson Commons | Newport News, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 23,097 | |||
Initial cost of buildings and improvements | 52,762 | |||
Adjustments to basis | 1,432 | |||
Gross amount carried at end of period, land and improvements | 23,097 | |||
Gross amount carried at end of period, buildings and improvements | 54,194 | |||
Gross amount carried at end of period, total | 77,291 | |||
Accumulated depreciation | 15,596 | |||
John's Creek Village | John's Creek, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,446 | |||
Initial cost of buildings and improvements | 23,932 | |||
Adjustments to basis | 90 | |||
Gross amount carried at end of period, land and improvements | 14,446 | |||
Gross amount carried at end of period, buildings and improvements | 24,022 | |||
Gross amount carried at end of period, total | 38,468 | |||
Accumulated depreciation | 1,566 | |||
King Philip's Crossing | Seekonk, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 7,053 | |||
La Plaza Del Norte | San Antonio, TX | ||||
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 | 3,928 | |||
Gross amount carried at end of period, land and improvements | 16,005 | |||
Gross amount carried at end of period, buildings and improvements | 41,672 | |||
Gross amount carried at end of period, total | 57,677 | |||
Accumulated depreciation | 17,323 | |||
Lake Mary Pointe | Lake Mary, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,536 | |||
Initial cost of land | 2,075 | |||
Initial cost of buildings and improvements | 4,009 | |||
Adjustments to basis | 101 | |||
Gross amount carried at end of period, land and improvements | 2,065 | |||
Gross amount carried at end of period, buildings and improvements | 4,120 | |||
Gross amount carried at end of period, total | 6,185 | |||
Accumulated depreciation | 1,685 | |||
Lake Worth Towne Crossing | Lake Worth, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 30,910 | |||
Adjustments to basis | 7,802 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 38,712 | |||
Gross amount carried at end of period, total | 45,312 | |||
Accumulated depreciation | 12,245 | |||
Lakepointe Towne Center | Lewisville, TX | ||||
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 | 9,979 | |||
Lakewood Towne Center | Lakewood, WA | ||||
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 | (14,100) | |||
Gross amount carried at end of period, land and improvements | 12,555 | |||
Gross amount carried at end of period, buildings and improvements | 60,512 | |||
Gross amount carried at end of period, total | 73,067 | |||
Accumulated depreciation | 24,647 | |||
Lincoln Park | Dallas, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 25,896 | |||
Initial cost of land | 38,329 | |||
Initial cost of buildings and improvements | 17,772 | |||
Adjustments to basis | 327 | |||
Gross amount carried at end of period, land and improvements | 38,329 | |||
Gross amount carried at end of period, buildings and improvements | 18,099 | |||
Gross amount carried at end of period, total | 56,428 | |||
Accumulated depreciation | 1,106 | |||
Lincoln Plaza | Worcester, MA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 46,482 | |||
Adjustments to basis | 22,731 | |||
Gross amount carried at end of period, land and improvements | 13,110 | |||
Gross amount carried at end of period, buildings and improvements | 69,103 | |||
Gross amount carried at end of period, total | 82,213 | |||
Accumulated depreciation | 24,947 | |||
Low Country Village I & II | Bluffton, SC | ||||
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 | (277) | |||
Gross amount carried at end of period, land and improvements | 2,486 | |||
Gross amount carried at end of period, buildings and improvements | 16,761 | |||
Gross amount carried at end of period, total | 19,247 | |||
Accumulated depreciation | 6,905 | |||
Lowe's/Bed, Bath & Beyond | Butler, NJ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 550 | |||
MacArthur Crossing | Los Colinas, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,629 | |||
Initial cost of land | 4,710 | |||
Initial cost of buildings and improvements | 16,265 | |||
Adjustments to basis | 1,875 | |||
Gross amount carried at end of period, land and improvements | 4,710 | |||
Gross amount carried at end of period, buildings and improvements | 18,140 | |||
Gross amount carried at end of period, total | 22,850 | |||
Accumulated depreciation | 7,830 | |||
Magnolia Square | Houma, LA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 6,000 | |||
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 | 5,779 | |||
Manchester Meadows | Town and Country, MO | ||||
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 | 2,852 | |||
Gross amount carried at end of period, land and improvements | 14,700 | |||
Gross amount carried at end of period, buildings and improvements | 42,590 | |||
Gross amount carried at end of period, total | 57,290 | |||
Accumulated depreciation | 16,870 | |||
Mansfield Towne Crossing | Mansfield, TX | ||||
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 | 3,625 | |||
Gross amount carried at end of period, land and improvements | 3,300 | |||
Gross amount carried at end of period, buildings and improvements | 15,820 | |||
Gross amount carried at end of period, total | 19,120 | |||
Accumulated depreciation | 6,408 | |||
Maple Tree Place | Williston, VT | ||||
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 | 4,950 | |||
Gross amount carried at end of period, land and improvements | 28,000 | |||
Gross amount carried at end of period, buildings and improvements | 72,311 | |||
Gross amount carried at end of period, total | 100,311 | |||
Accumulated depreciation | 28,245 | |||
Merrifield Town Center | Falls Church, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 18,678 | |||
Initial cost of buildings and improvements | 36,496 | |||
Adjustments to basis | 18 | |||
Gross amount carried at end of period, land and improvements | 18,678 | |||
Gross amount carried at end of period, buildings and improvements | 36,514 | |||
Gross amount carried at end of period, total | 55,192 | |||
Accumulated depreciation | 1,297 | |||
Mid-Hudson Center | Poughkeepsie, NY | ||||
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 | 60 | |||
Gross amount carried at end of period, land and improvements | 9,900 | |||
Gross amount carried at end of period, buildings and improvements | 29,220 | |||
Gross amount carried at end of period, total | 39,120 | |||
Accumulated depreciation | 11,149 | |||
Mitchell Ranch Plaza | New Port Richey, FL | ||||
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 | 795 | |||
Gross amount carried at end of period, land and improvements | 5,550 | |||
Gross amount carried at end of period, buildings and improvements | 27,008 | |||
Gross amount carried at end of period, total | 32,558 | |||
Accumulated depreciation | 11,111 | |||
New Forest Crossing | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,100 | |||
Newnan Crossing I & II | Newnan, GA | ||||
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 | 5,911 | |||
Gross amount carried at end of period, land and improvements | 15,100 | |||
Gross amount carried at end of period, buildings and improvements | 39,898 | |||
Gross amount carried at end of period, total | 54,998 | |||
Accumulated depreciation | 16,422 | |||
Newton Crossroads | Covington, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,533 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 6,927 | |||
Adjustments to basis | 306 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,233 | |||
Gross amount carried at end of period, total | 10,583 | |||
Accumulated depreciation | 2,816 | |||
North Rivers Towne Center | Charleston, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 9,516 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 15,720 | |||
Adjustments to basis | 323 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 16,043 | |||
Gross amount carried at end of period, total | 19,393 | |||
Accumulated depreciation | 6,848 | |||
Northgate North | Seattle, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 26,645 | |||
Initial cost of land | 7,540 | |||
Initial cost of buildings and improvements | 49,078 | |||
Adjustments to basis | (14,640) | |||
Gross amount carried at end of period, land and improvements | 7,540 | |||
Gross amount carried at end of period, buildings and improvements | 34,438 | |||
Gross amount carried at end of period, total | 41,978 | |||
Accumulated depreciation | 14,920 | |||
Northpointe Plaza | Spokane, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 22,016 | |||
Initial cost of land | 13,800 | |||
Initial cost of buildings and improvements | 37,707 | |||
Adjustments to basis | 4,667 | |||
Gross amount carried at end of period, land and improvements | 13,800 | |||
Gross amount carried at end of period, buildings and improvements | 42,374 | |||
Gross amount carried at end of period, total | 56,174 | |||
Accumulated depreciation | 17,531 | |||
Northwood Crossing | Northport, AL | ||||
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 | 1,191 | |||
Gross amount carried at end of period, land and improvements | 3,770 | |||
Gross amount carried at end of period, buildings and improvements | 14,849 | |||
Gross amount carried at end of period, total | 18,619 | |||
Accumulated depreciation | 5,361 | |||
Northwoods Center | Wesley Chapel, FL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,035 | |||
Initial cost of land | 3,415 | |||
Initial cost of buildings and improvements | 9,475 | |||
Adjustments to basis | 6,659 | |||
Gross amount carried at end of period, land and improvements | 3,415 | |||
Gross amount carried at end of period, buildings and improvements | 16,134 | |||
Gross amount carried at end of period, total | 19,549 | |||
Accumulated depreciation | 6,360 | |||
Orange Plaza (Golfland Plaza) | Orange, CT | ||||
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 | 2,362 | |||
Gross amount carried at end of period, land and improvements | 4,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,196 | |||
Gross amount carried at end of period, total | 11,546 | |||
Accumulated depreciation | 2,539 | |||
The Orchard | New Hartford, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 17,151 | |||
Adjustments to basis | 225 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 17,376 | |||
Gross amount carried at end of period, total | 20,576 | |||
Accumulated depreciation | 6,526 | |||
Oswego Commons | Oswego, IL | ||||
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 | 502 | |||
Gross amount carried at end of period, land and improvements | 6,454 | |||
Gross amount carried at end of period, buildings and improvements | 16,506 | |||
Gross amount carried at end of period, total | 22,960 | |||
Accumulated depreciation | 1,168 | |||
Pacheco Pass Phase I & II | Gilroy, CA | ||||
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 | 406 | |||
Gross amount carried at end of period, land and improvements | 13,400 | |||
Gross amount carried at end of period, buildings and improvements | 33,210 | |||
Gross amount carried at end of period, total | 46,610 | |||
Accumulated depreciation | 11,454 | |||
Page Field Commons | Fort Myers, FL | ||||
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 | 1,147 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 44,502 | |||
Gross amount carried at end of period, total | 44,502 | |||
Accumulated depreciation | 16,519 | |||
Paradise Valley Marketplace | Phoenix, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,707 | |||
Initial cost of land | 6,590 | |||
Initial cost of buildings and improvements | 20,425 | |||
Adjustments to basis | 785 | |||
Gross amount carried at end of period, land and improvements | 6,590 | |||
Gross amount carried at end of period, buildings and improvements | 21,210 | |||
Gross amount carried at end of period, total | 27,800 | |||
Accumulated depreciation | 9,117 | |||
Parkway Towne Crossing | Frisco, TX | ||||
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 | 6,561 | |||
Gross amount carried at end of period, land and improvements | 6,142 | |||
Gross amount carried at end of period, buildings and improvements | 26,984 | |||
Gross amount carried at end of period, total | 33,126 | |||
Accumulated depreciation | 9,427 | |||
Pavillion at Kings Grant I & II | Concord, NC | ||||
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 | 12,144 | |||
Gross amount carried at end of period, land and improvements | 10,274 | |||
Gross amount carried at end of period, buildings and improvements | 24,536 | |||
Gross amount carried at end of period, total | 34,810 | |||
Accumulated depreciation | 8,451 | |||
Pelham Manor Shopping Plaza | Pelham Manor, NY | ||||
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 | 66 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 67,936 | |||
Gross amount carried at end of period, total | 67,936 | |||
Accumulated depreciation | 5,894 | |||
Peoria Crossings I & II | Peoria, AZ | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 24,073 | |||
Initial cost of land | 6,995 | |||
Initial cost of buildings and improvements | 32,816 | |||
Adjustments to basis | 3,886 | |||
Gross amount carried at end of period, land and improvements | 8,495 | |||
Gross amount carried at end of period, buildings and improvements | 35,202 | |||
Gross amount carried at end of period, total | 43,697 | |||
Accumulated depreciation | 14,925 | |||
Phenix Crossing | Phenix City, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,937 | |||
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 | 2,889 | |||
Placentia Town Center | Placentia, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 10,507 | |||
Initial cost of land | 11,200 | |||
Initial cost of buildings and improvements | 11,751 | |||
Adjustments to basis | 2,080 | |||
Gross amount carried at end of period, land and improvements | 11,200 | |||
Gross amount carried at end of period, buildings and improvements | 13,831 | |||
Gross amount carried at end of period, total | 25,031 | |||
Accumulated depreciation | 5,269 | |||
Plaza at Marysville | Marysville, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,766 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 13,728 | |||
Adjustments to basis | 862 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 14,590 | |||
Gross amount carried at end of period, total | 21,190 | |||
Accumulated depreciation | 5,948 | |||
Plaza Santa Fe II | Santa Fe, NM | ||||
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 | 3,237 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 31,825 | |||
Gross amount carried at end of period, total | 31,825 | |||
Accumulated depreciation | 13,449 | |||
Pleasant Run | Cedar Hill, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 12,975 | |||
Initial cost of land | 4,200 | |||
Initial cost of buildings and improvements | 29,085 | |||
Adjustments to basis | 3,610 | |||
Gross amount carried at end of period, land and improvements | 4,200 | |||
Gross amount carried at end of period, buildings and improvements | 32,695 | |||
Gross amount carried at end of period, total | 36,895 | |||
Accumulated depreciation | 12,803 | |||
Quakertown | Quakertown, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,400 | |||
Initial cost of buildings and improvements | 9,246 | |||
Adjustments to basis | 25 | |||
Gross amount carried at end of period, land and improvements | 2,400 | |||
Gross amount carried at end of period, buildings and improvements | 9,271 | |||
Gross amount carried at end of period, total | 11,671 | |||
Accumulated depreciation | 3,509 | |||
Red Bug Village | Winter Springs, FL | ||||
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 | 219 | |||
Gross amount carried at end of period, land and improvements | 1,790 | |||
Gross amount carried at end of period, buildings and improvements | 6,397 | |||
Gross amount carried at end of period, total | 8,187 | |||
Accumulated depreciation | 2,459 | |||
Reisterstown Road Plaza | Baltimore, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 46,169 | |||
Initial cost of land | 15,800 | |||
Initial cost of buildings and improvements | 70,372 | |||
Adjustments to basis | 14,642 | |||
Gross amount carried at end of period, land and improvements | 15,791 | |||
Gross amount carried at end of period, buildings and improvements | 85,023 | |||
Gross amount carried at end of period, total | 100,814 | |||
Accumulated depreciation | 33,975 | |||
Rite Aid Store (Eckerd), Sheridan Dr. | Amherst, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,014 | |||
Rite Aid Store (Eckerd), Transit Rd. | Amherst, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,031 | |||
Rite Aid Store (Eckerd), E. Main St. | Batavia, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,042 | |||
Rite Aid Store (Eckerd), W. Main St. | Batavia, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 979 | |||
Rite Aid Store (Eckerd), Ferry St. | Buffalo, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 998 | |||
Rite Aid Store (Eckerd), Main St. | Buffalo, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 817 | |||
Rite Aid Store (Eckerd) | Canandaigua, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 960 | |||
Rite Aid Store (Eckerd) | Chattanooga, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 786 | |||
Rite Aid Store (Eckerd) | Cheektowaga, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 519 | |||
Rite Aid Store (Eckerd) | Colesville, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 2,903 | |||
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 | 1,548 | |||
Rite Aid Store (Eckerd) | Columbia, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,557 | |||
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 | 1,036 | |||
Rite Aid Store (Eckerd) | Crossville, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,241 | |||
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 | 863 | |||
Rite Aid Store (Eckerd) | Grand Island, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 917 | |||
Rite Aid Store (Eckerd) | Greece, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 990 | |||
Rite Aid Store (Eckerd) | Greer, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,495 | |||
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 | 869 | |||
Rite Aid Store (Eckerd) | Hudson, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 698 | |||
Rite Aid Store (Eckerd) | Irondequoit, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,020 | |||
Rite Aid Store (Eckerd) | Kill Devil Hills, NC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,778 | |||
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 | 1,257 | |||
Rite Aid Store (Eckerd) | Lancaster, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 450 | |||
Rite Aid Store (Eckerd) | Lockport, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,039 | |||
Rite Aid Store (Eckerd) | North Chili, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 721 | |||
Rite Aid Store (Eckerd) | Olean, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,047 | |||
Rite Aid Store (Eckerd) | Tonawanda, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,146 | |||
Rite Aid Store (Eckerd) | Yorkshire, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 534 | |||
Rite Aid Store (Eckerd), Culver Rd. | Rochester, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 849 | |||
Rite Aid Store (Eckerd), Lake Ave. | Rochester, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 1,128 | |||
Rite Aid Store (Eckerd), Harlem Rd. | West Seneca, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 627 | |||
Rite Aid Store (Eckerd), Union Rd. | West Seneca, NY | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 857 | |||
Rivery Town Crossing | Georgetown, TX | ||||
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 | 2,486 | |||
Royal Oaks Village II | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,450 | |||
Initial cost of buildings and improvements | 16,955 | |||
Adjustments to basis | 262 | |||
Gross amount carried at end of period, land and improvements | 3,450 | |||
Gross amount carried at end of period, buildings and improvements | 17,217 | |||
Gross amount carried at end of period, total | 20,667 | |||
Accumulated depreciation | 4,391 | |||
Saucon Valley Square | Bethlehem, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,071 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 12,642 | |||
Adjustments to basis | (155) | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 12,487 | |||
Gross amount carried at end of period, total | 15,687 | |||
Accumulated depreciation | 4,702 | |||
Sawyer Heights Village | Houston, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 18,851 | |||
Initial cost of land | 24,214 | |||
Initial cost of buildings and improvements | 15,797 | |||
Adjustments to basis | 452 | |||
Gross amount carried at end of period, land and improvements | 24,214 | |||
Gross amount carried at end of period, buildings and improvements | 16,249 | |||
Gross amount carried at end of period, total | 40,463 | |||
Accumulated depreciation | 1,492 | |||
Shoppes at Park West | Mt. Pleasant, SC | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,020 | |||
Initial cost of land | 2,240 | |||
Initial cost of buildings and improvements | 9,357 | |||
Adjustments to basis | 25 | |||
Gross amount carried at end of period, land and improvements | 2,240 | |||
Gross amount carried at end of period, buildings and improvements | 9,382 | |||
Gross amount carried at end of period, total | 11,622 | |||
Accumulated depreciation | 3,854 | |||
The Shoppes at Quarterfield | Severn, MD | ||||
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 | 135 | |||
Gross amount carried at end of period, land and improvements | 2,190 | |||
Gross amount carried at end of period, buildings and improvements | 8,975 | |||
Gross amount carried at end of period, total | 11,165 | |||
Accumulated depreciation | 3,899 | |||
Shoppes of New Hope | Dallas, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,441 | |||
Initial cost of land | 1,350 | |||
Initial cost of buildings and improvements | 11,045 | |||
Adjustments to basis | 5 | |||
Gross amount carried at end of period, land and improvements | 1,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,050 | |||
Gross amount carried at end of period, total | 12,400 | |||
Accumulated depreciation | 4,636 | |||
Shoppes of Prominence Point I & II | Canton, GA | ||||
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 | 160 | |||
Gross amount carried at end of period, land and improvements | 3,650 | |||
Gross amount carried at end of period, buildings and improvements | 12,812 | |||
Gross amount carried at end of period, total | 16,462 | |||
Accumulated depreciation | 5,399 | |||
Shops at Forest Commons | Round Rock, TX | ||||
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 | 2,539 | |||
The Shops at Legacy | Plano, TX | ||||
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 | 14,057 | |||
Gross amount carried at end of period, land and improvements | 8,800 | |||
Gross amount carried at end of period, buildings and improvements | 122,997 | |||
Gross amount carried at end of period, total | 131,797 | |||
Accumulated depreciation | 38,554 | |||
Shops at Park Place | Plano, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 7,616 | |||
Initial cost of land | 9,096 | |||
Initial cost of buildings and improvements | 13,175 | |||
Adjustments to basis | 625 | |||
Gross amount carried at end of period, land and improvements | 9,096 | |||
Gross amount carried at end of period, buildings and improvements | 13,800 | |||
Gross amount carried at end of period, total | 22,896 | |||
Accumulated depreciation | 6,427 | |||
Southlake Corners | Southlake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 21,118 | |||
Initial cost of land | 6,612 | |||
Initial cost of buildings and improvements | 23,605 | |||
Adjustments to basis | 85 | |||
Gross amount carried at end of period, land and improvements | 6,612 | |||
Gross amount carried at end of period, buildings and improvements | 23,690 | |||
Gross amount carried at end of period, total | 30,302 | |||
Accumulated depreciation | 2,101 | |||
Southlake Town Square I - VII | Southlake, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 138,623 | |||
Initial cost of land | 41,490 | |||
Initial cost of buildings and improvements | 201,028 | |||
Adjustments to basis | 23,610 | |||
Gross amount carried at end of period, land and improvements | 41,490 | |||
Gross amount carried at end of period, buildings and improvements | 224,638 | |||
Gross amount carried at end of period, total | 266,128 | |||
Accumulated depreciation | 75,937 | |||
Stateline Station | Kansas City, MO | ||||
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 | (14,003) | |||
Gross amount carried at end of period, land and improvements | 3,829 | |||
Gross amount carried at end of period, buildings and improvements | 12,448 | |||
Gross amount carried at end of period, total | 16,277 | |||
Accumulated depreciation | 3,682 | |||
Stilesboro Oaks | Acworth, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,801 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 9,426 | |||
Adjustments to basis | 431 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 9,857 | |||
Gross amount carried at end of period, total | 12,057 | |||
Accumulated depreciation | 3,834 | |||
Stonebridge Plaza | McKinney, TX | ||||
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 | 315 | |||
Gross amount carried at end of period, land and improvements | 1,000 | |||
Gross amount carried at end of period, buildings and improvements | 6,098 | |||
Gross amount carried at end of period, total | 7,098 | |||
Accumulated depreciation | 2,345 | |||
Stony Creek I | Noblesville, IN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 8,079 | |||
Initial cost of land | 6,735 | |||
Initial cost of buildings and improvements | 17,564 | |||
Adjustments to basis | 1,536 | |||
Gross amount carried at end of period, land and improvements | 6,735 | |||
Gross amount carried at end of period, buildings and improvements | 19,100 | |||
Gross amount carried at end of period, total | 25,835 | |||
Accumulated depreciation | 8,370 | |||
Stony Creek II | Noblesville, IN | ||||
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 | 79 | |||
Gross amount carried at end of period, land and improvements | 1,900 | |||
Gross amount carried at end of period, buildings and improvements | 5,185 | |||
Gross amount carried at end of period, total | 7,085 | |||
Accumulated depreciation | 1,919 | |||
Streets of Yorktown | Houston, TX | ||||
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 | 9,099 | |||
Target South Center | Austin, TX | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
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 | 3,606 | |||
Tim Horton Donut Shop | Canandaigua, NY | ||||
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 | 21 | |||
Tollgate Marketplace | Bel Air, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 34,920 | |||
Initial cost of land | 8,700 | |||
Initial cost of buildings and improvements | 61,247 | |||
Adjustments to basis | 6,062 | |||
Gross amount carried at end of period, land and improvements | 8,700 | |||
Gross amount carried at end of period, buildings and improvements | 67,309 | |||
Gross amount carried at end of period, total | 76,009 | |||
Accumulated depreciation | 26,559 | |||
Town Square Plaza | Pottstown, PA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 16,750 | |||
Initial cost of land | 9,700 | |||
Initial cost of buildings and improvements | 18,264 | |||
Adjustments to basis | 1,667 | |||
Gross amount carried at end of period, land and improvements | 9,700 | |||
Gross amount carried at end of period, buildings and improvements | 19,931 | |||
Gross amount carried at end of period, total | 29,631 | |||
Accumulated depreciation | 7,267 | |||
Towson Circle | Towson, MD | ||||
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 | (788) | |||
Gross amount carried at end of period, land and improvements | 6,874 | |||
Gross amount carried at end of period, buildings and improvements | 19,228 | |||
Gross amount carried at end of period, total | 26,102 | |||
Accumulated depreciation | 7,773 | |||
Towson Square | Towson, MD | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,757 | |||
Initial cost of buildings and improvements | 21,958 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 13,757 | |||
Gross amount carried at end of period, buildings and improvements | 21,958 | |||
Gross amount carried at end of period, total | 35,715 | |||
Accumulated depreciation | 140 | |||
Tysons Corner | Vienna, VA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 22,525 | |||
Initial cost of buildings and improvements | 7,184 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 22,525 | |||
Gross amount carried at end of period, buildings and improvements | 7,184 | |||
Gross amount carried at end of period, total | 29,709 | |||
Accumulated depreciation | 170 | |||
University Town Center | Tuscaloosa, AL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 4,206 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 9,557 | |||
Adjustments to basis | 144 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 9,701 | |||
Gross amount carried at end of period, total | 9,701 | |||
Accumulated depreciation | 3,973 | |||
Vail Ranch Plaza | Temecula, CA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,200 | |||
Initial cost of buildings and improvements | 16,275 | |||
Adjustments to basis | 174 | |||
Gross amount carried at end of period, land and improvements | 6,200 | |||
Gross amount carried at end of period, buildings and improvements | 16,449 | |||
Gross amount carried at end of period, total | 22,649 | |||
Accumulated depreciation | 6,414 | |||
Village Shoppes at Gainesville | Gainesville, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 19,651 | |||
Initial cost of land | 4,450 | |||
Initial cost of buildings and improvements | 36,592 | |||
Adjustments to basis | 1,281 | |||
Gross amount carried at end of period, land and improvements | 4,450 | |||
Gross amount carried at end of period, buildings and improvements | 37,873 | |||
Gross amount carried at end of period, total | 42,323 | |||
Accumulated depreciation | 14,281 | |||
Village Shoppes at Simonton | Lawrenceville, GA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 3,176 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 10,874 | |||
Adjustments to basis | 10 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 10,884 | |||
Gross amount carried at end of period, total | 13,084 | |||
Accumulated depreciation | 4,528 | |||
Walgreens | Northwoods, MO | ||||
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 | 1,909 | |||
Walter's Crossing | Tampa, FL | ||||
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 | 539 | |||
Gross amount carried at end of period, land and improvements | 14,500 | |||
Gross amount carried at end of period, buildings and improvements | 17,453 | |||
Gross amount carried at end of period, total | 31,953 | |||
Accumulated depreciation | 6,111 | |||
Watauga Pavillion | Watauga, TX | ||||
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 | 130 | |||
Gross amount carried at end of period, land and improvements | 5,185 | |||
Gross amount carried at end of period, buildings and improvements | 27,634 | |||
Gross amount carried at end of period, total | 32,819 | |||
Accumulated depreciation | 11,882 | |||
West Town Market | Fort Hill, SC | ||||
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 | 177 | |||
Gross amount carried at end of period, land and improvements | 1,170 | |||
Gross amount carried at end of period, buildings and improvements | 10,665 | |||
Gross amount carried at end of period, total | 11,835 | |||
Accumulated depreciation | 4,096 | |||
Wilton Square | Saratoga Springs, NY | ||||
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 | 251 | |||
Gross amount carried at end of period, land and improvements | 8,200 | |||
Gross amount carried at end of period, buildings and improvements | 35,789 | |||
Gross amount carried at end of period, total | 43,989 | |||
Accumulated depreciation | 13,620 | |||
Winchester Commons | Memphis, TN | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 5,376 | |||
Initial cost of land | 4,400 | |||
Initial cost of buildings and improvements | 7,471 | |||
Adjustments to basis | 448 | |||
Gross amount carried at end of period, land and improvements | 4,400 | |||
Gross amount carried at end of period, buildings and improvements | 7,919 | |||
Gross amount carried at end of period, total | 12,319 | |||
Accumulated depreciation | 3,109 | |||
Woodinville Plaza | Woodinville, WA | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,073 | |||
Initial cost of buildings and improvements | 20,933 | |||
Adjustments to basis | 17 | |||
Gross amount carried at end of period, land and improvements | 16,073 | |||
Gross amount carried at end of period, buildings and improvements | 20,950 | |||
Gross amount carried at end of period, total | 37,023 | |||
Accumulated depreciation | 507 | |||
Zurich Towers | Schaumburg, IL | ||||
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 | 53,529 | |||
South Billings Center | Billings, MT | ||||
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 | |||
Total Operating Properties | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 1,123,136 | |||
Initial cost of land | 1,268,577 | |||
Initial cost of buildings and improvements | 4,237,385 | |||
Adjustments to basis | 176,723 | |||
Gross amount carried at end of period, land and improvements | 1,254,131 | |||
Gross amount carried at end of period, buildings and improvements | 4,428,554 | |||
Gross amount carried at end of period, total | 5,682,685 | |||
Accumulated depreciation | 1,433,195 | |||
Total Development Property | ||||
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 | |||
Developments in Progress | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,009 | |||
Initial cost of buildings and improvements | 148 | |||
Adjustments to basis | 0 | |||
Gross amount carried at end of period, land and improvements | 5,009 | |||
Gross amount carried at end of period, buildings and improvements | 148 | |||
Gross amount carried at end of period, total | 5,157 | |||
Accumulated depreciation | $ 0 | |||
Building and associated improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Estimated useful life (in years) | 30 years | |||
Site improvements and most other capital improvements | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation | ||||
Estimated useful life (in years) | 15 years |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of carrying amount of real estate investments | |||
Balance as of January 1, | $ 5,680,376 | $ 5,804,518 | $ 5,962,878 |
Purchase of investment property | 508,924 | 397,993 | 339,955 |
Sale of investment property | (498,833) | (338,938) | (341,750) |
Property held for sale | 0 | (36,914) | (10,995) |
Provision for asset impairment | (4,786) | (159,447) | (150,373) |
Acquired lease intangible assets | (15,311) | 5,579 | (11,331) |
Acquired lease intangible liabilities | 17,472 | 7,585 | 16,134 |
Balance as of December 31, | $ 5,687,842 | $ 5,680,376 | $ 5,804,518 |
Schedule III - Reconciliation83
Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of real estate accumulated depreciation | |||
Balance as of January 1, | $ 1,365,471 | $ 1,330,474 | $ 1,275,787 |
Depreciation expense | 183,639 | 183,142 | 197,725 |
Sale of investment property | (111,346) | (63,460) | (62,009) |
Property held for sale | 0 | (5,358) | (2,206) |
Provision for asset impairment | (2,497) | (77,390) | (56,969) |
Write-offs due to early lease termination | (2,072) | (1,937) | (3,056) |
Other disposals | 0 | 0 | (18,798) |
Balance as of December 31, | $ 1,433,195 | $ 1,365,471 | $ 1,330,474 |