Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35481 | ||
Entity Registrant Name | RETAIL PROPERTIES OF AMERICA, INC. | ||
Entity Central Index Key | 0001222840 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 42-1579325 | ||
Entity Address, Address Line One | 2021 Spring Road | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Oak Brook | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60523 | ||
City Area Code | 630 | ||
Local Phone Number | 634-4200 | ||
Title of 12(b) Security | Class A Common Stock, $.001 par value | ||
Trading Symbol | RPAI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.5 | ||
Entity Common Stock, Shares Outstanding | 213,950,261 | ||
Documents Incorporated by Reference | Certain information contained in the Registrant’s Proxy Statement relating to its Annual Meeting of Stockholders to be held on May 28, 2020 is incorporated by reference in Items 10, 11, 12, 13 and 14 of Part III. The Registrant intends to file such Proxy Statement with the Securities and Exchange Commission no later than 120 days after the end of its fiscal year ended December 31, 2019 . |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment properties: | ||
Land | $ 1,021,829 | $ 1,036,901 |
Building and other improvements | 3,544,582 | 3,607,484 |
Developments in progress | 113,353 | 48,369 |
Gross investment properties | 4,679,764 | 4,692,754 |
Less: accumulated depreciation | (1,383,274) | (1,313,602) |
Net investment properties (includes $12,445 and $0 from consolidated variable interest entities, respectively) | 3,296,490 | 3,379,152 |
Cash and cash equivalents | 9,989 | 14,722 |
Accounts and notes receivable, net | 73,832 | 78,398 |
Acquired lease intangible assets, net | 79,832 | 97,090 |
Right-of-use lease assets | 50,241 | 0 |
Other assets, net (includes $164 and $1,264 from consolidated variable interest entities, respectively) | 75,978 | 78,108 |
Total assets | 3,586,362 | 3,647,470 |
Liabilities: | ||
Mortgages payable, net | 94,155 | 205,320 |
Unsecured notes payable, net | 796,247 | 696,362 |
Unsecured term loans, net | 716,523 | 447,367 |
Unsecured revolving line of credit | 18,000 | 273,000 |
Accounts payable and accrued expenses | 78,902 | 82,942 |
Distributions payable | 35,387 | 35,387 |
Acquired lease intangible liabilities, net | 63,578 | 86,543 |
Lease liabilities | 91,129 | 0 |
Other liabilities (includes $1,707 and $428 from consolidated variable interest entities, respectively) | 56,368 | 73,540 |
Total liabilities | 1,950,289 | 1,900,461 |
Commitments and contingencies (Note 14) | ||
Equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized, none issued or outstanding | 0 | 0 |
Additional paid-in capital | 4,510,484 | 4,504,702 |
Accumulated distributions in excess of earnings | (2,865,933) | (2,756,802) |
Accumulated other comprehensive loss | (12,288) | (1,522) |
Total shareholders' equity | 1,632,477 | 1,746,591 |
Noncontrolling interests | 3,596 | 418 |
Total equity | 1,636,073 | 1,747,009 |
Total liabilities and equity | 3,586,362 | 3,647,470 |
Class A common stock | ||
Equity: | ||
Class A common stock | $ 214 | $ 213 |
Consolidated Balance Sheets (pa
Consolidated Balance Sheets (parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net investment properties from VIEs (in dollars) | $ 12,445 | $ 0 |
Other assets, net from VIEs (in dollars) | 164 | 1,264 |
Other liabilities from VIEs (in dollars) | $ 1,707 | $ 428 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 213,600 | 213,176 |
Common stock, shares outstanding | 213,600 | 213,176 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Other Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Lease income | $ 481,686 | $ 482,497 | $ 538,139 |
Expenses: | |||
Operating expenses | 68,396 | 74,885 | 84,556 |
Real estate taxes | 73,247 | 73,683 | 82,755 |
Depreciation and amortization | 194,573 | 175,977 | 203,866 |
Provision for impairment of investment properties | 12,298 | 2,079 | 67,003 |
General and administrative expenses | 40,489 | 42,363 | 40,724 |
Total expenses | 389,003 | 368,987 | 478,904 |
Other (expense) income: | |||
Interest expense | (76,571) | (73,746) | (146,092) |
Gain on sales of investment properties | 18,872 | 37,211 | 337,975 |
Other (expense) income, net | (2,587) | 665 | 373 |
Net income | 32,397 | 77,640 | 251,491 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to the Company | 32,397 | 77,640 | 251,491 |
Preferred stock dividends | 0 | 0 | (13,867) |
Net income attributable to common shareholders | $ 32,397 | $ 77,640 | $ 237,624 |
Earnings per common share - basic and diluted: | |||
Net income per common share attributable to common shareholders | $ 0.15 | $ 0.35 | $ 1.03 |
Net income | $ 32,397 | $ 77,640 | $ 251,491 |
Other comprehensive (loss) income: | |||
Net unrealized (loss) gain on derivative instruments (Note 8) | (10,766) | (2,608) | 352 |
Comprehensive income attributable to the Company | $ 21,631 | $ 75,032 | $ 251,843 |
Weighted average number of common shares outstanding – basic | 212,948 | 217,830 | 230,747 |
Weighted average number of common shares outstanding – diluted | 213,198 | 218,231 | 230,927 |
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 | Additional paid-in capital | Accumulated distributions in excess of earnings | Accumulated other comprehensive income (loss) | Total shareholders' equity | Noncontrolling interests |
Balance at Dec. 31, 2016 | $ 2,152,086 | $ 5 | $ 237 | $ 4,927,155 | $ (2,776,033) | $ 722 | $ 2,152,086 | $ 0 |
Balance (in shares) at Dec. 31, 2016 | 5,400 | 236,770 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | 251,491 | 251,491 | 251,491 | |||||
Other comprehensive income (loss) | 352 | 352 | 352 | |||||
Redemption of preferred stock | (135,000) | $ (5) | (130,289) | (4,706) | (135,000) | |||
Redemption of preferred stock (in shares) | (5,400) | |||||||
Distributions declared to preferred shareholders | (9,161) | (9,161) | (9,161) | |||||
Distributions declared to common shareholders | (151,612) | (151,612) | (151,612) | |||||
Shares repurchased through common stock repurchase program | (227,102) | $ (18) | (227,084) | (227,102) | ||||
Shares repurchased through common stock repurchase program (in shares) | (17,683) | |||||||
Issuance of restricted shares (in shares) | 285 | |||||||
Stock-based compensation expense, net of forfeitures | 6,059 | 6,059 | 6,059 | |||||
Stock-based compensation expense, net of forfeitures (in shares) | (40) | |||||||
Shares withheld for employee taxes | (1,413) | (1,413) | (1,413) | |||||
Shares withheld for employee taxes (in shares) | (95) | |||||||
Balance at Dec. 31, 2017 | 1,885,700 | $ 0 | $ 219 | 4,574,428 | (2,690,021) | 1,074 | 1,885,700 | 0 |
Balance (in shares) at Dec. 31, 2017 | 0 | 219,237 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Cumulative effect of accounting change | (12) | 12 | ||||||
Net income | 77,640 | 77,640 | 77,640 | |||||
Other comprehensive income (loss) | (2,608) | (2,608) | (2,608) | |||||
Contributions from noncontrolling interests | 418 | 418 | ||||||
Distributions declared to common shareholders | (144,409) | (144,409) | (144,409) | |||||
Issuance of common stock (in shares) | 59 | |||||||
Shares repurchased through common stock repurchase program | (74,952) | $ (6) | (74,946) | (74,952) | ||||
Shares repurchased through common stock repurchase program (in shares) | (6,341) | |||||||
Issuance of restricted shares (in shares) | 382 | |||||||
Stock-based compensation expense, net of forfeitures | 6,992 | 6,992 | 6,992 | |||||
Stock-based compensation expense, net of forfeitures (in shares) | (12) | |||||||
Shares withheld for employee taxes | (1,772) | (1,772) | (1,772) | |||||
Shares withheld for employee taxes (in shares) | (149) | |||||||
Balance at Dec. 31, 2018 | 1,747,009 | $ 0 | $ 213 | 4,504,702 | (2,756,802) | (1,522) | 1,746,591 | 418 |
Balance (in shares) at Dec. 31, 2018 | 0 | 213,176 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||
Net income | 32,397 | 32,397 | 32,397 | |||||
Other comprehensive income (loss) | (10,766) | (10,766) | (10,766) | |||||
Contributions from noncontrolling interests | 3,178 | 3,178 | ||||||
Distributions declared to common shareholders | (141,528) | (141,528) | (141,528) | |||||
Issuance of common stock (in shares) | 111 | |||||||
Issuance of restricted shares | 1 | $ 1 | 1 | |||||
Issuance of restricted shares (in shares) | 469 | |||||||
Stock-based compensation expense, net of forfeitures | 7,559 | 7,559 | 7,559 | |||||
Stock-based compensation expense, net of forfeitures (in shares) | (16) | |||||||
Shares withheld for employee taxes | (1,777) | (1,777) | (1,777) | |||||
Shares withheld for employee taxes (in shares) | (140) | |||||||
Balance at Dec. 31, 2019 | $ 1,636,073 | $ 0 | $ 214 | $ 4,510,484 | $ (2,865,933) | $ (12,288) | $ 1,632,477 | $ 3,596 |
Balance (in shares) at Dec. 31, 2019 | 0 | 213,600 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (parenthetical) | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Distributions declared to preferred shareholders (in dollars per share) | $ 1.6965 |
Distributions declared to common shareholders (in dollars per share) | $ 0.6625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 32,397 | $ 77,640 | $ 251,491 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 194,573 | 175,977 | 203,866 |
Provision for impairment of investment properties | 12,298 | 2,079 | 67,003 |
Gain on sales of investment properties | (18,872) | (37,211) | (337,975) |
Amortization of loan fees and debt premium and discount, net | 2,863 | 3,416 | 7,655 |
Amortization of stock-based compensation | 7,559 | 6,992 | 6,059 |
Premium paid in connection with defeasance of mortgages payable | 0 | 0 | 59,968 |
Debt prepayment fees | 8,151 | 5,791 | 8,498 |
Payment of leasing fees and inducements | (10,436) | (8,775) | (15,981) |
Changes in accounts receivable, net | 4,830 | (8,395) | 962 |
Changes in right-of-use lease assets | 1,923 | 0 | 0 |
Changes in accounts payable and accrued expenses, net | 129 | (6,398) | 579 |
Changes in lease liabilities | (630) | 0 | 0 |
Changes in other operating assets and liabilities, net | 2,935 | (672) | (1,770) |
Other, net | (6,229) | (6,281) | (2,839) |
Net cash provided by operating activities | 231,491 | 204,163 | 247,516 |
Cash flows from investing activities: | |||
Purchase of investment properties | (29,891) | (25,450) | (200,755) |
Capital expenditures and tenant improvements | (75,597) | (72,936) | (73,750) |
Proceeds from sales of investment properties | 44,656 | 197,887 | 896,456 |
Investment in developments in progress | (29,470) | (12,226) | (13,649) |
Net cash (used in) provided by investing activities | (90,302) | 87,275 | 608,302 |
Cash flows from financing activities: | |||
Principal payments on mortgages payable | (110,546) | (81,788) | (106,722) |
Proceeds from unsecured notes payable | 100,000 | 0 | 0 |
Proceeds from unsecured term loans | 270,000 | 0 | 200,000 |
Repayments of unsecured term loans | 0 | (100,000) | (100,000) |
Proceeds from unsecured revolving line of credit | 263,000 | 482,000 | 943,000 |
Repayments of unsecured revolving line of credit | (518,000) | (425,000) | (813,000) |
Payment of loan fees and deposits | (2,519) | (5,954) | (10) |
Debt prepayment fees | (8,151) | (5,791) | (8,498) |
Purchase of U.S. Treasury securities in connection with defeasance of mortgages payable | 0 | 0 | (439,403) |
Redemption of preferred stock | 0 | 0 | (135,000) |
Distributions paid | (141,528) | (145,333) | (163,684) |
Shares repurchased through common stock repurchase program | 0 | (74,952) | (227,102) |
Other, net | 1,401 | (1,354) | (1,413) |
Net cash used in financing activities | (146,343) | (358,172) | (851,832) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (5,154) | (66,734) | 3,986 |
Cash, cash equivalents and restricted cash, at beginning of year | 19,601 | 86,335 | 82,349 |
Cash, cash equivalents and restricted cash, at end of year | 14,447 | 19,601 | 86,335 |
Supplemental cash flow disclosure, including non-cash activities: | |||
Cash paid for interest, net of interest capitalized | 74,154 | 70,564 | 78,327 |
Cash paid for amounts included in the measurement of operating lease liabilities | 6,011 | 0 | 0 |
Distributions payable | 35,387 | 35,387 | 36,311 |
Accrued capital expenditures and tenant improvements | 7,477 | 16,007 | 7,902 |
Accrued leasing fees and inducements | 1,903 | 530 | 547 |
Accrued redevelopment costs | 2,185 | 41 | 750 |
Amounts reclassified into developments in progress | 34,746 | 0 | 0 |
Developments in progress placed in service | 1,377 | 11,997 | 0 |
Lease liabilities arising from obtaining right-of-use lease assets | 103,840 | 0 | 0 |
Straight-line ground rent liabilities reclassified to right-of-use lease asset | 31,030 | 0 | 0 |
Straight-line office rent liability reclassified to right-of-use lease asset | 507 | 0 | 0 |
Acquired ground lease intangible liability reclassified to right-of-use lease asset | 11,898 | 0 | 0 |
U.S. Treasury securities transferred in connection with defeasance of mortgages payable | 0 | 0 | 439,403 |
Defeasance of mortgages payable | 0 | 0 | 379,435 |
Purchase of investment properties (after credits at closing): | |||
Net investment properties | (28,486) | (25,450) | (198,984) |
Accounts receivable, acquired lease intangibles and other assets | (1,792) | 0 | (15,451) |
Accounts payable, acquired lease intangibles and other liabilities | 387 | 0 | 11,156 |
Gain on exchange of investment property | 0 | 0 | 2,524 |
Purchase of investment properties (after credits at closing) | (29,891) | (25,450) | (200,755) |
Proceeds from sales of investment properties: | |||
Net investment properties | 30,119 | 156,248 | 556,129 |
Right-of-use lease assets | 8,242 | 0 | 0 |
Accounts receivable, acquired lease intangibles and other assets | 1,591 | 11,279 | 17,678 |
Lease liabilities | (11,326) | 0 | 0 |
Accounts payable, acquired lease intangibles and other liabilities | (2,842) | (6,851) | (11,316) |
Deferred gain | 0 | 0 | (1,486) |
Gain on sales of investment properties, excluding gain on exchange of investment property | 18,872 | 37,211 | 335,451 |
Proceeds from sales of investment properties | 44,656 | 197,887 | 896,456 |
Reconciliation of cash, cash equivalents and restricted cash, at end of year: | |||
Cash and cash equivalents | 9,989 | 14,722 | 25,185 |
Restricted cash (included within “Other assets, net”) | 4,458 | 4,879 | 61,150 |
Cash, cash equivalents and restricted cash, at end of year | $ 14,447 | $ 19,601 | $ 86,335 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
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 and its primary purpose is to own and operate high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of December 31, 2019 , the Company owned 104 retail operating properties 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 provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), and initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions and initial recognition of right-of-use lease assets and lease liabilities. Actual results could differ from these estimates. In accordance with Accounting Standards Codification Topic 205, Presentation of Financial Statements , certain prior year balances have been reclassified in order to conform to the current period presentation. Specifically, all lease-related revenues have been presented in a single line item, “Lease income,” rather than the previous presentation which separated revenues between “Rental income,” “Tenant recovery income” and “Other property income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. See Note 2 to the consolidated financial statements. All share amounts and dollar amounts in the consolidated financial statements and notes thereto are stated in thousands with the exception of per share, per square foot and per unit 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 and consolidated variable interest entities (VIEs). All intercompany balances and transactions have been eliminated in consolidation. Wholly owned subsidiaries generally consist of limited liability companies, limited partnerships and statutory trusts. The Company’s property ownership as of December 31, 2019 is summarized below: Property Count Retail operating properties 104 Expansion and redevelopment projects: Circle East (a) 1 One Loudoun Downtown – Pads G & H (b) — Carillon 1 Total number of properties 106 (a) The redevelopment at Circle East is no longer combined with the Company’s neighboring property Towson Square, which increased the Company’s redevelopment property count by one . There was no change to the property count of retail operating properties as Towson Square remains within the Company’s retail operating portfolio. (b) The operating portion of this property is included within the property count for retail operating properties. During the year ended December 31, 2019, the Company entered into a joint venture related to the redevelopment project at Carillon. During the year ended December 31, 2018, the Company entered into two joint venture agreements related to expansion and redevelopment projects at One Loudoun Downtown and Carillon. The joint ventures are considered VIEs and the Company is considered the primary beneficiary. As such, the Company has consolidated these joint ventures and presented the joint venture partners’ interests as noncontrolling interests. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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, including internal salaries and related benefits of personnel directly involved in the improvements, are capitalized. The Company allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating the 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. Fair value estimates used in acquisition accounting, 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 $14,728 , $21,014 and $25,284 for the years ended December 31, 2019 , 2018 and 2017 , 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 lease income. Amortization pertaining to above market lease intangibles of $3,197 , $4,403 and $4,696 for the years ended December 31, 2019 , 2018 and 2017 , respectively, was recorded as a reduction to lease income. Amortization pertaining to below market lease intangibles of $8,626 , $9,870 and $8,009 for the years ended December 31, 2019 , 2018 and 2017 , respectively, was recorded as an increase to lease income. With respect to acquired leases in which the Company is the lessee, a lease liability is measured at the present value of the remaining lease payments and the right-of-use lease (ROU) asset is initially measured as the same amount as the lease liability and adjusted for any above or below market ground lease intangibles. Amortization pertaining to above market ground lease intangibles of $560 and $560 for the years ended December 31, 2018 and 2017, respectively, was recorded as a reduction to 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, 2019 : 2020 2021 2022 2023 2024 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 1,910 $ 1,418 $ 1,150 $ 1,010 $ 772 $ 2,393 $ 8,653 Acquired in-place lease value intangibles (a) 10,461 9,471 8,267 7,105 6,291 29,584 71,179 Acquired lease intangible assets, net (b) $ 12,371 $ 10,889 $ 9,417 $ 8,115 $ 7,063 $ 31,977 $ 79,832 Acquired below market lease intangibles (a) $ (5,513 ) $ (5,147 ) $ (4,830 ) $ (4,600 ) $ (4,384 ) $ (39,104 ) $ (63,578 ) Acquired lease intangible liabilities, net (b) $ (5,513 ) $ (5,147 ) $ (4,830 ) $ (4,600 ) $ (4,384 ) $ (39,104 ) $ (63,578 ) (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 lease 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 $280,530 and $53,018 of accumulated amortization, respectively, as of December 31, 2019 . 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, all of which are incremental to signed leases, 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 internal salaries and related benefits of personnel directly involved in capital projects and tenant improvements of $2,685 , $2,032 and $1,187 during the years ended December 31, 2019 , 2018 and 2017 . The Company also capitalized $359 , $384 and $368 of internal leasing incentives, all of which were incremental to signed leases, during the years ended December 31, 2019 , 2018 and 2017 , respectively. Impairment of Long-Lived Assets: 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 reduction 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; • comparable selling prices; and • a property-specific discount rate. 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, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Impairment of consolidated properties (a) $ 12,298 $ 2,079 $ 67,003 (a) Included within “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company’s assessment of impairment as of December 31, 2019 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 2020 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 12 to the consolidated financial statements for further discussion. Expansion and Redevelopment Projects : Active expansion and redevelopment projects are classified as developments in progress on the accompanying consolidated balance sheets and include (i) land held for development, (ii) ground-up developments and (iii) redevelopment properties undergoing significant renovations and improvements. During the development 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 project costs begins when the activities and related expenditures commence and cease when the project, or a portion of the project, is substantially complete and ready for its intended use, at which time the classification changes from development to operating, the project is placed in service and depreciation commences. Generally, rental property is considered substantially complete and ready for its intended use upon completion of tenant improvements, but no later than one year from completion of major construction activity. A property is considered stabilized upon reaching 90% occupancy, but generally no later than one year from completion of major construction activity. The Company makes estimates as to the probability of completion of expansion and redevelopment projects. If the Company determines that completion of the expansion or redevelopment project is no longer probable, the Company expenses any capitalized costs that are not recoverable. The Company capitalized $3,730 , $2,128 and $1,202 of indirect project costs related to expansions and redevelopment projects, including, among other costs, $1,414 , $1,123 and $268 of internal salaries and related benefits of personnel directly involved in the expansion and redevelopment projects and $1,594 , $462 and $485 of interest, during the years ended December 31, 2019 , 2018 and 2017 , respectively. Investment Properties Held for Sale : In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale in its present condition, 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, 2019 and 2018 . Partially-Owned Entities : The Company consolidates partially-owned entities if they are VIEs in accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and the Company is considered the primary beneficiary, the Company has voting control, the limited partners (or non-managing members) do not have substantive kick-out rights or substantive participating rights, or other conditions exist that indicate that the Company has control. Management uses its judgment when determining if the Company is the primary beneficiary of, or has a controlling financial interest in, an entity in which it has a variable interest, to determine whether the Company has the power to direct the activities that most significantly impact the entity’s economic performance and if it has significant economic exposure to the risk and rewards of ownership. The Company assesses its interests in VIEs on an ongoing basis to determine if the entity should be consolidated. 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 (loss) 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. Cash, Cash Equivalents and Restricted Cash : 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 equivalents 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 consists of funds restricted through lender or other agreements, including funds held in escrow for future acquisitions, funds related to our captive insurance company and potential Internal Revenue Code Section 1031 tax-deferred exchanges (1031 Exchanges), and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. Derivative and Hedging Activities: Derivatives are recorded in the accompanying consolidated balance sheets at fair value within “Other assets, net” and “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 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 fair value of a derivative that is designated and that qualifies as a cash flow hedge are recorded in “Accumulated other comprehensive loss” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2019 and 2018 , the balance in accumulated other comprehensive loss relating to derivatives was $12,288 and $1,522 , respectively. 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 entity’s control. Thus, the timing and/or method of settlement may be conditional on a future event. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2019 and 2018 . Lease Income and Accounts and Notes Receivable, Net: The Company is primarily a lessor of commercial retail space and the majority of revenues from the Company’s properties consist of rents received under long-term operating leases, predominantly consisting of base rent with designated increases over the term of the lease. The Company commences recognition of lease income 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. At lease commencement, the Company expects that collectibility is probable for all of its leases due to the creditworthiness analysis performed by the Company before entering into a new lease. Lease income, for leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of the lease. The difference between such lease 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. Certain leases provide for percentage rent based primarily on tenant sales volume. The Company recognizes percentage rent when the specified target (i.e., breakpoint) that triggers the percentage rent is achieved. The Company recorded percentage rent and percentage rent in lieu of base rent of $2,555 , $3,426 and $4,451 for the years ended December 31, 2019 , 2018 and 2017 , respectively, within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Also, most leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord including, among others, real estate taxes, insurance, utilities, common area maintenance and management fees, subject to the terms of the respective lease. Certain other tenants are subject to net leases where the tenant is responsible for paying base rent to the Company but is directly responsible for other costs associated with occupancy, such a real estate taxes. Expenses paid directly by the tenant rather than the landlord are not included in the accompanying consolidated statements of operations and other comprehensive (loss) income. Expenses paid by the landlord, subject to reimbursement by the tenant, are included within “Operating expenses” or “Real estate taxes” and reimbursements are included within “Lease income” along with the associated base rent in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company made an accounting policy election to not separate non-lease components (primarily reimbursement of common area maintenance costs) from the related lease components as (i) the fixed non-lease components have the same timing and pattern of transfer as the associated lease component, (ii) the lease component, if accounted for separately, would be classified as an operating lease and (iii) the Company considers the lease component to be the predominant component of the combined contract. Reimbursements from tenants for recoverable operating expenses are recognized within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. In addition, the Company records lease termination fee income when (i) a termination letter agreement is signed, (ii) all of the conditions of such agreement have been fulfilled, (iii) the tenant is no longer occupying the property and (iv) 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 fee income of $2,024 , $1,721 and $2,021 for the years ended December 31, 2019 , 2018 and 2017 , respectively, which is included within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) 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 in accordance with 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 within “Operating expenses” and sales tax reimbursements included within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Such taxes remitted to governmental authorities, which are generally reimbursed by tenants, were $634 , $545 and $1,414 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Accounts and notes receivable include base rent, percentage rent, tenant reimbursements, sales tax reimbursements and deferred rent receivables. Beginning January 1, 2019, the Company began recording changes in collectibility of operating lease receivables as an adjustment to “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. For the periods prior to January 1, 2019, changes in collectibility of operating lease receivables are presented within “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Management’s estimate of the collectibility of accounts and notes receivable is completed on a lease-by-lease basis based on the best information available to management at the time of evaluation and includes consideration of items such as balances outstanding and tenant creditworthiness. Right-of-use Lease Assets and Lease Liabilities : The Company is a lessee of (i) land under non-cancellable operating leases and (ii) office space for certain management offices and its corporate offices. Rental expense associated with land and office space that the Company leases under non-cancellable operating leases is recorded on a straight-line basis over the term of each lease. On January 1, 2019, the Company began recognizing lease liabilities and ROU assets for long-term ground and office leases where it is the lessee in connection with the Company’s adoption of Accounting Standards Update (ASU) 2016-02, Leases . The lease liability is calculated by discounting future lease payments by the Company’s incremental borrowing rate, which is determined through consideration of (i) the Company’s entity-specific risk premium, (ii) observable market interest rates and (iii) lease term. The ROU asset is initially measured as the same amount as the lease liability and presented net of the Company’s existing straight-line ground rent liabilities and acquired ground lease intangible liability. The lease liability is amortized based on changes in the value of discounted future lease payments and the ROU asset is amortized by the difference in the straight-line lease expense for the period and the change in value of the lease liability. The Company does not (i) include option terms in its future lease payments where they are not reasonably certain to be exercised, (ii) recognize lease liabilities and ROU assets for leases with a term of 12 months or less or (iii) separate non-lease components from lease components for operating leases. Gain on Sales of Investment Properties: Beginning January 1, 2018, gains on sale of investment properties are recognized, and the related real estate derecognized, when (i) the parties to the sale contract have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the property transferred; (iii) the Company can identify the payment terms for the property transferred; (iv) the contract has commercial substance (that is, the risk, timing or amount of the entity’s future cash flows is expected to change as a result of the contract); and (v) the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. Prior to January 1, 2018, profits from sales of real estate were recognized under the full accrual method when the following criteria were met: (i) a sale was consummated; (ii) the buyer’s initial and continuing investments were adequate to demonstrate a commitment to pay for the property; (iii) the Company’s receivable, if applicable, was not subject to future subordination; (iv) the Company had transferred to the buyer the usual risks and rewards of ownership; and (v) the Company did not have substantial continuing involvement with the property. The Company sold two , 10 and 47 consolidated investment properties during the years ended December 31, 2019 , 2018 and 2017 , respectively. Refer to Note 4 to the consolidated financial statements for further discussion. 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 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, net” 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 2016 through 2019 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’s chief operating decision maker evaluates the collective performance of its properties. Recently Adopted Accounting Pronouncements – Prior to 2020 Effective January 1, 2019, the Company adopted ASU 2016-02, Leases . This new guidance, including related ASUs that were subsequently issued, requires lessees to recognize a liability to make lease payments and a right-of-use lease (ROU) asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees are permitted to make an accounting policy election, by class of underlying asset, to not recognize lease liabilities and lease assets. The guidance allows lessees and lessors to make an accounting policy election, by class of underlying asset, to not separate non-lease components from lease components. The guidance also provides an optional transition method that would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary, and provides a package of three practical expedients whereby companies are not required to reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification (operating vs. capital/financing leases) for any expired or existing leases and (iii) initial direct costs for any existing leases (Package of Three Practical Expedients), as well as practical expedients whereby companies are not required to reassess whether land easements contain a lease and can use hindsight in determining the lease term and assessing impairment of the ROU asset. The guidance requires changes in collectibility of operating lease receivables to be presented as an adjustment to revenue rather than the previous presentation within “Operating expenses” on the consolidated statements of operations and other comprehensive (loss) income. Finally, only incremental direct leasing costs may be capitalized under the new guidance, which is consistent with our previous policies. The Company adopted this new guidance on January 1, 2019, applied the requirements as of that date, made an accounting policy election to not separate non-lease c |
Acquisitions and Developments i
Acquisitions and Developments in Progress | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Developments in Progress | ACQUISITIONS AND DEVELOPMENTS IN PROGRESS Acquisitions The Company closed on the following acquisitions during the year ended December 31, 2019: Date Property Name Metropolitan Property Type Square Footage Acquisition Price March 7, 2019 North Benson Center Seattle Multi-tenant retail 70,500 $ 25,340 June 10, 2019 Paradise Valley Marketplace – Parcel Phoenix Land (a) — 1,343 August 13, 2019 Southlake Town Square – Parcel Dallas Single-user parcel (b) 3,100 3,293 73,600 $ 29,976 (c) (a) The Company acquired a parcel adjacent to its Paradise Valley Marketplace multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (b) The Company acquired a single-user parcel at its Southlake Town Square multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (c) Acquisition price does not include capitalized closing costs and adjustments totaling $316 . During the year ended December 31, 2018, the Company acquired One Loudoun Uptown for an acquisition price of $25,000 . The 58 -acre land parcel contains 32 acres that are developable and is located adjacent to One Loudoun Downtown, the Company’s multi-tenant retail operating property in Ashburn, Virginia. The acquisition price does not include capitalized closing costs and adjustments totaling $450 . The acquired land parcel is classified as land held for development and is included in “Developments in progress” in the accompanying consolidated balance sheets. The total number of properties in the Company’s portfolio was not affected by this transaction. The Company closed on the following acquisitions during the year ended December 31, 2017: Date Property Name Metropolitan Property Type Square Footage Acquisition Price January 13, 2017 Main Street Promenade (a) Chicago Multi-tenant retail 181,600 $ 88,000 January 25, 2017 Carillon – Fee Interest Washington, D.C. Fee interest (b) — 2,000 February 24, 2017 One Loudoun Downtown – Phase II Washington, D.C. Additional phase of multi-tenant retail (c) 15,900 4,128 April 5, 2017 One Loudoun Downtown – Phase III Washington, D.C. Additional phase of multi-tenant retail (c) 9,800 2,193 May 16, 2017 One Loudoun Downtown – Phase IV Washington, D.C. Development rights (c) — 3,500 July 6, 2017 New Hyde Park Shopping Center New York Multi-tenant retail 32,300 22,075 August 8, 2017 One Loudoun Downtown – Phase V Washington, D.C. Additional phase of multi-tenant retail (c) 17,700 5,167 August 8, 2017 One Loudoun Downtown – Phase VI Washington, D.C. Additional phase of multi-tenant retail (c) 74,100 20,523 December 11, 2017 Plaza del Lago (d) Chicago Multi-tenant retail 100,200 48,300 December 19, 2017 Southlake Town Square – Outparcel Dallas Multi-tenant retail outparcel (e) 12,200 7,029 443,800 $ 202,915 (f) (a) This property was acquired through two consolidated VIEs and was used to facilitate a 1031 Exchange. (b) The multi-tenant retail operating property located in Largo, Maryland was previously subject to an approximately 70 acre long-term ground lease with a third party. The Company completed a transaction whereby it received the fee interest in approximately 50 acres of the underlying land in exchange for which (i) the Company paid $1,939 and (ii) the term of the ground lease with respect to the remaining approximately 20 acres was shortened to nine months . The Company derecognized building and improvements of $11,347 related to the remaining ground lease, recognized the fair value of land received of $15,200 and recorded a gain of $2,524 , which was recognized during the three months ended December 31, 2017 upon the expiration of the ground lease on approximately 20 acres. The total number of properties in the Company’s portfolio was not affected by this transaction. (c) The Company acquired the remaining five phases under contract, including the development rights for an additional 123 residential units for a total of 408 units, at One Loudoun Downtown. The total number of properties in the Company’s portfolio was not affected by these transactions. (d) Plaza del Lago also contained 8,800 square feet of residential space, comprised of 15 multi-family rental units at acquisition, for a total of 109,000 square feet. (e) The Company acquired a multi-tenant retail outparcel located at its Southlake Town Square multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (f) Acquisition price does not include capitalized closing costs and adjustments totaling $2,506 . The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions completed during the years ended December 31, 2019 , 2018 and 2017 discussed above: 2019 2018 2017 Land $ 14,819 $ — $ 50,876 Developments in progress — 25,450 — Building and other improvements, net 13,667 — 148,108 Acquired lease intangible assets (a) 2,040 — 15,608 Acquired lease intangible liabilities (b) (234 ) — (8,095 ) Other liabilities — — (1,076 ) Net assets acquired $ 30,292 $ 25,450 $ 205,421 (a) The weighted average amortization period for acquired lease intangible assets is six years and seven years for acquisitions completed during the years ended December 31, 2019 and 2017, respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is five years and 13 years for acquisitions completed during the years ended December 31, 2019 and 2017, respectively. These acquisitions were funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Company’s unsecured revolving line of credit. All of the acquisitions completed during 2019, 2018 and 2017 were considered asset acquisitions and, as such, transaction costs were capitalized upon closing. Developments in Progress The carrying amount of the Company’s developments in progress are as follows: December 31, Property Name MSA 2019 2018 Active expansion and redevelopment projects: Circle East (a) Baltimore $ 33,628 $ 22,383 Plaza del Lago (b) Chicago — 536 One Loudoun Downtown (c) Washington, D.C. 27,868 — Carillon (d) Washington, D.C. 26,407 — 87,903 22,919 Land held for future development: One Loudoun Uptown (e) Washington, D.C. 25,450 25,450 Total developments in progress $ 113,353 $ 48,369 (a) During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the “Developments in progress” balance as of December 31, 2019 and 2018 in the accompanying consolidated balance sheets. (b) During the three months ended September 30, 2019, the Company placed the Plaza del Lago multi-family rental redevelopment project in service and reclassified the related costs from “Developments in progress” into “Building and other improvements” in the accompanying consolidated balance sheets. (c) During the three months ended June 30, 2019, the Company commenced the active development of Pads G & H at One Loudoun Downtown, at which time all predevelopment costs related to the development as well as the Company’s historical basis in the pads were reclassified from “Other assets, net” and “Investment properties,” respectively, to “Developments in progress” in the accompanying consolidated balance sheets. (d) During the three months ended September 30, 2019, the Company commenced the active redevelopment at Carillon, at which time the Company (i) recorded $26,330 of accelerated depreciation related to the write-off of assets taken out of service due to the demolition of existing structures in connection with the redevelopment and (ii) reclassified all predevelopment costs related to the redevelopment as well as the Company’s historical basis in the phases to be developed from “Other assets, net” and “Investment properties,” respectively, to “Developments in progress” in the accompanying consolidated balance sheets. (e) During 2018, the Company acquired One Loudoun Uptown, a 58 -acre land parcel that contains 32 acres that are developable. Variable Interest Entities During the year ended December 31, 2019, the Company entered into a joint venture related to the development, ownership and operation of the medical office building portion of the redevelopment project at Carillon, of which joint venture the Company owns 95% . During the year ended December 31, 2018, the Company entered into two joint ventures related to the development, ownership and operation of (i) the multi-family rental portion of the expansion project at One Loudoun Downtown – Pads G & H and (ii) the multi-family rental redevelopment project at Carillon, of which joint ventures the Company owns 90% and 95% , respectively. The joint ventures are considered VIEs primarily because the Company’s joint venture partners do not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in each joint venture. As such, the Company has consolidated these joint ventures and presented the joint venture partners’ interests as noncontrolling interests. As of December 31, 2019 and 2018 , the Company had recorded the following amounts related to the consolidated joint ventures: December 31, 2019 December 31, 2018 One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total Net investment properties $ 8,830 $ 2,940 $ 675 $ 12,445 $ — $ — $ — $ — Other assets, net $ 164 $ — $ — $ 164 $ 579 $ 685 $ — $ 1,264 Other liabilities $ 1,546 $ 32 $ 129 $ 1,707 $ 165 $ 263 $ — $ 428 Noncontrolling interests $ 1,869 $ 1,454 $ 273 $ 3,596 $ 207 $ 211 $ — $ 418 Development costs are funded by the partners, including the Company, and/or construction loan financing throughout the construction period. Under terms defined in the joint venture agreements, after construction completion and stabilization of the respective development project, the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the respective joint venture at fair value. The Company has not provided financial support to these VIEs in excess of any amounts that it is contractually required to provide. There was no income from the joint venture projects during the years ended December 31, 2019 and 2018 and, as such, no income was attributed to the noncontrolling interests. During the year ended December 31, 2017, the Company entered into an agreement with a qualified intermediary related to a 1031 Exchange. The Company loaned $87,452 to the VIEs to acquire Main Street Promenade. The 1031 Exchange was completed during the year ended December 31, 2017 and, in accordance with applicable provisions of the Code, within 180 days after the acquisition date of the property. At the completion of the 1031 Exchange, the sole membership interests of the VIEs were assigned to the Company in satisfaction of the outstanding loan, resulting in the entities being wholly owned by the Company and no longer considered VIEs. During 2017, prior to the completion of the 1031 Exchange, the Company was deemed to be the primary beneficiary of the VIEs related to the 1031 Exchange as it had the ability to direct the activities of the VIEs that most significantly impacted their economic performance and it had all of the risks and rewards of ownership. Accordingly, the Company consolidated the VIEs related to the 1031 Exchange. No value or income was attributed to the noncontrolling interests during the year ended December 31, 2017. The assets of the VIEs related to the 1031 Exchange consisted of the investment property that was operated by the Company. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | DISPOSITIONS The Company closed on the following dispositions during the year ended December 31, 2019: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain March 8, 2019 Edwards Multiplex – Fresno (b) Single-user retail 94,600 $ 25,850 $ 21,605 $ 8,449 June 28, 2019 North Rivers Towne Center Multi-tenant retail 141,500 18,900 17,989 6,881 236,100 $ 44,750 $ 39,594 $ 15,330 (a) Aggregate proceeds are net of transaction costs. (b) Prior to the disposition, the Company was subject to a ground lease whereby it leased the underlying land from a third party. The ground lease was assumed by the purchaser in connection with the disposition. During the year ended December 31, 2019, the Company also received net proceeds of $5,062 and recognized a gain of $3,542 in connection with the sale of the second and third phases of a land parcel at One Loudoun Downtown, which included rights to develop 22 residential units. The aggregate proceeds from the property dispositions and other transactions during the year ended December 31, 2019 totaled $44,656 , with aggregate gains of $18,872 . As of December 31, 2019 and 2018 , no properties qualified for held for sale accounting treatment. The Company closed on the following dispositions during the year ended December 31, 2018: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 19, 2018 Crown Theater Single-user retail 74,200 $ 6,900 $ 6,350 $ 2,952 February 15, 2018 Cranberry Square Multi-tenant retail 195,200 23,500 23,163 10,174 March 7, 2018 Rite Aid Store (Eckerd)–Crossville, TN Single-user retail 13,800 1,800 1,768 157 March 20, 2018 Home Depot Plaza (b) Multi-tenant retail 135,600 16,250 15,873 — March 21, 2018 Governor's Marketplace (c) Multi-tenant retail 243,100 23,500 22,400 8,836 March 28, 2018 Stony Creek I & Stony Creek II (d) Multi-tenant retail 204,800 32,800 32,078 11,628 April 19, 2018 CVS Pharmacy – Lawton, OK Single-user retail 10,900 1,600 1,596 — May 31, 2018 Schaumburg Towers Office 895,400 86,600 73,315 — December 28, 2018 Orange Plaza (Golfland Plaza) Multi-tenant retail 58,200 8,450 7,566 — 1,831,200 $ 201,400 $ 184,109 $ 33,747 (a) Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $169 of condemnation proceeds, which did not result in any additional gain recognition. (b) The Company repaid a $10,750 mortgage payable in conjunction with the disposition of the property. (c) The Company recorded an additional gain on sale of $1,407 during the three months ended September 30, 2018 upon satisfaction of performance obligations associated with escrow agreements executed upon disposition of the property. (d) The terms of the disposition of Stony Creek I and Stony Creek II were negotiated as a single transaction. During the year ended December 31, 2018, the Company also received net proceeds of $11,820 and recognized a gain of $2,179 in connection with the sale of air rights at Circle East. In addition, the Company received net proceeds of $1,789 and recognized a gain of $1,285 in connection with the sale of the first phase of a land parcel, which included rights to develop eight residential units, at One Loudoun Downtown. The aggregate proceeds from the property dispositions and other transactions during the year ended December 31, 2018 totaled $197,887 with aggregate gains of $37,211 . During the year ended December 31, 2017 , the Company sold 47 properties aggregating 5,810,700 square feet for total consideration of $917,808 . The property dispositions and certain additional transactions, including the receipt of escrow funds related to a property disposition and a condemnation award, resulted in aggregate proceeds of $896,456 with aggregate gains of $337,975 . During the year ended December 31, 2017 , the Company repaid or defeased $241,858 in mortgages payable prior to or in connection with the 2017 dispositions. |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation Plans | EQUITY COMPENSATION PLANS The Company’s Amended and Restated 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 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, 2017 , 2018 and 2019 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2017 542 $ 15.28 Shares granted (a) 285 $ 14.60 Shares vested (291 ) $ 15.44 Shares forfeited (40 ) $ 15.12 Balance as of December 31, 2017 496 $ 14.81 Shares granted (a) 382 $ 12.81 Shares vested (426 ) $ 14.52 Shares forfeited (12 ) $ 13.26 Balance as of December 31, 2018 440 $ 13.40 Shares granted (a) 469 $ 12.22 Shares vested (358 ) $ 13.29 Shares forfeited (16 ) $ 12.77 Balance as of December 31, 2019 (b) 535 $ 12.46 (a) Shares granted in 2017 , 2018 and 2019 vest over periods ranging from one year to three years , 0.9 years to three years and 0.9 years to three years , respectively, in accordance with the terms of applicable award agreements. (b) As of December 31, 2019 , total unrecognized compensation expense related to unvested restricted shares was $2,052 , which is expected to be amortized over a weighted average term of 1.2 years . In addition, during the years ended December 31, 2019 , 2018 and 2017 , performance restricted stock units (RSUs) were granted to the Company’s executives. Following the three-year performance period, one-third of the RSUs that are earned 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 (TSR) as compared to that of the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index (Peer Companies) for the respective performance period. If an executive terminates employment during the performance period by reason of a qualified termination, as defined in the award agreement, a prorated portion of his or her 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 or she would forfeit his or her outstanding RSUs. Following the performance period, 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 on the earned awards during the performance period. The Company calculated the grant date fair values per unit using Monte Carlo simulations based on the probabilities of satisfying the market performance hurdles over the remainder of the performance period. The following table summarizes the Company’s unvested RSUs as of and for the years ended December 31, 2017 , 2018 and 2019 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2017 391 $ 14.02 RSUs granted (a) 253 $ 15.52 RSUs ineligible for conversion (89 ) $ 14.68 RSUs eligible for future conversion as of December 31, 2017 555 $ 14.60 RSUs granted (b) 291 $ 14.36 Conversion of RSUs to common stock and restricted shares (c) (141 ) $ 14.10 RSUs ineligible for conversion (56 ) $ 15.36 RSUs eligible for future conversion as of December 31, 2018 649 $ 14.54 RSUs granted (d) 382 $ 10.98 Conversion of RSUs to common stock and restricted shares (e) (192 ) $ 13.74 RSUs eligible for future conversion as of December 31, 2019 (f) (g) 839 $ 13.10 (a) Assumptions and inputs as of the grant date included a risk-free interest rate of 1.50% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s common stock dividend yield of 4.32% . (b) Assumptions and inputs as of the grant dates included a weighted average risk-free interest rate of 2.04% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s weighted average common stock dividend yield of 5.00% . (c) On February 5, 2018, 141 RSUs converted into 42 shares of common stock and 65 restricted shares that vested on December 31, 2018, after applying a conversion rate of 76% based upon the Company’s TSR relative to the TSRs of its Peer Companies, for the performance period that concluded on December 31, 2017. An additional 16 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. (d) Assumptions and inputs as of the grant date included a risk-free interest rate of 2.47% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s common stock dividend yield of 6.07% . (e) On February 4, 2019, 192 RSUs converted into 82 shares of common stock and 125 restricted shares that vested on December 31, 2019, after applying a conversion rate of 107.5% based upon the Company’s TSR relative to the TSRs of its Peer companies, for the performance period that concluded on December 31, 2018. An additional 29 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. (f) As of December 31, 2019 , total unrecognized compensation expense related to unvested RSUs was $4,856 , which is expected to be amortized over a weighted average term of 1.9 years . (g) Subsequent to December 31, 2019 , 196 RSUs converted into 105 shares of common stock and 175 restricted shares with a one year vesting term after applying a conversion rate of 142.5% based upon the Company’s TSR relative to the TSRs of its Peer Companies, for the performance period that concluded on December 31, 2019. An additional 43 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. During the years ended December 31, 2019 , 2018 and 2017 , the Company recorded compensation expense of $7,559 , $6,992 and $6,059 , respectively, related to the amortization of unvested restricted shares and RSUs. Included within the amortization of stock-based compensation expense recorded during the year ended December 31, 2018 is compensation expense of $330 related to the accelerated vesting of 23 restricted shares and remaining amortization related to the 29 RSUs that remained eligible for future conversion in conjunction with the departure of the Company’s former Executive Vice President, General Counsel and Secretary. Included within the amortization of stock-based compensation expense recorded during the year ended December 31, 2017 is the reversal of $830 of previously recognized compensation expense related to the forfeiture of 34 restricted shares and 89 RSUs resulting from the 2017 resignation of the Company’s former Chief Financial Officer and Treasurer. In addition, $30 of dividends previously paid on the forfeited restricted shares were reclassified from distributions paid into compensation expense. The total fair value of restricted shares that vested during the years ended December 31, 2019 , 2018 and 2017 was $4,448 , $5,091 and $4,232 , respectively. In addition, the total fair value of RSUs that converted into common stock during the years ended December 31, 2019 and 2018 was $1,052 and $486 , 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. Options to purchase a total of 84 shares of common stock had been granted under the plan. As of December 31, 2019 , options to purchase 16 shares of common stock remained outstanding and exercisable. The Company did not grant any options in 2019 , 2018 or 2017 and no compensation expense related to stock options was recorded during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES Leases as Lessor Lease income related to the Company’s operating leases is comprised of the following: Year Ended December 31, 2019 2018 2017 Lease income related to fixed lease payments $ 362,866 $ 361,909 $ 406,923 Lease income related to variable lease payments 116,928 116,141 128,968 Other (a) 1,892 4,447 2,248 Lease income $ 481,686 $ 482,497 $ 538,139 (a) For the year ended December 31, 2019, “Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements. For the years ended December 31, 2018 and 2017, “Other” is comprised of amortization of above and below market lease intangibles and lease inducements. As of December 31, 2019, undiscounted lease payments to be received under operating leases, excluding 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, for the next five years and thereafter are as follows: Lease Payments 2020 $ 363,222 2021 327,131 2022 279,283 2023 230,164 2024 175,781 Thereafter 556,877 Total $ 1,932,458 As of December 31, 2018, undiscounted lease payments to be received under operating leases, excluding 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, were as follows: Lease Payments 2019 $ 351,145 2020 314,081 2021 274,135 2022 227,417 2023 180,199 Thereafter 569,758 Total $ 1,916,735 The remaining lease terms range from less than one year to approximately 63 years and less than one year to approximately 64 years as of December 31, 2019 and 2018, respectively. Many of the leases at the Company’s 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. Leases as Lessee The Company leases land under non-cancellable operating leases at certain of its properties expiring in various years from 2035 to 2073 , exclusive of any available option periods. In addition, the Company leases office space for certain management offices and its corporate offices expiring in various years from 2020 to 2023 , exclusive of any available option periods. Upon adoption of the new lease accounting standard (ASU 2016-02 and related amendments) on January 1, 2019, the Company recorded lease liabilities and ROU assets of $103,432 for long-term ground and office leases where it is the lessee, calculated by discounting future lease payments by the Company’s incremental borrowing rate as of January 1, 2019. The incremental borrowing rate was determined through consideration of (i) the Company’s entity-specific risk premium, (ii) observable market interest rates and (iii) lease term. The weighted average incremental borrowing rate used to discount the future payments was 5.91% and the Company’s operating leases had a weighted average remaining lease term of 44 years as of January 1, 2019. The Company’s existing straight-line ground rent liabilities of $31,030 and acquired ground lease intangible liability of $11,898 were reclassified as of January 1, 2019 to be presented net of the ROU assets. During 2019, the Company extended the term of one office lease resulting in an additional lease liability and ROU asset of $321 . The following table summarizes total lease costs recognized during the period, including variable lease payments which were not significant, and non-cash rent expense. Lease costs recognized during the year ended December 31, 2019 are presented under the new lease accounting standard and lease costs recognized during the years ended December 31, 2018 and 2017 are presented under the standard in effect prior to the Company’s adoption of ASU 2016-02. Year Ended December 31, 2019 2018 2017 Ground lease rent expense (a) $ 6,395 $ 7,638 $ 9,188 Office rent expense (b) $ 1,133 $ 1,137 $ 1,311 Office rent costs capitalized (c) $ 181 $ 156 $ — (a) Included within “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Includes non-cash ground rent expense of $1,356 , $2,404 and $2,710 for the years ended December 31, 2019 , 2018 and 2017 , respectively. (b) Office rent related to property management operations is included within “Operating expenses” and office rent related to corporate office operations is included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company has elected to not record a lease liability/ROU asset for leases with a term of less than 12 months. Office rent expense for the year ended December 31, 2019 includes $29 of short-term lease costs. (c) Office rent costs incurred as an indirect cost related to redevelopment projects are capitalized as a cost of the redevelopment project. As of December 31, 2019 , undiscounted future rental obligations to be paid under the long-term ground and office leases, including fixed rental increases, for the next five years and thereafter are as follows: Lease Obligations 2020 $ 6,152 2021 6,283 2022 6,155 2023 6,102 2024 5,698 Thereafter 247,798 Total $ 278,188 Adjustment for discounting (187,059 ) Lease liabilities as of December 31, 2019 $ 91,129 The Company’s operating leases for ground leases and office leases had a weighted average remaining lease term of 44 years and a weighted average discount rate of 5.93% as of December 31, 2019 . As of December 31, 2018, future rental obligations to be paid under the ground and office leases, including fixed rental increases, were as follows: Lease Obligations 2019 $ 6,448 2020 6,656 2021 6,716 2022 6,761 2023 6,769 Thereafter 279,916 Total $ 313,266 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company has the following types of indebtedness: (i) mortgages payable, (ii) unsecured notes payable, (iii) unsecured term loans and (iv) an unsecured revolving line of credit. Mortgages Payable The following table summarizes the Company’s mortgages payable: December 31, 2019 December 31, 2018 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) $ 94,904 4.37 % 5.1 $ 205,450 4.65 % 4.5 Premium, net of accumulated amortization — 775 Discount, net of accumulated amortization (493 ) (536 ) Capitalized loan fees, net of accumulated amortization (256 ) (369 ) Mortgages payable, net $ 94,155 $ 205,320 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of December 31, 2019 and 2018 . During the year ended December 31, 2019 , the Company repaid mortgages payable in the total amount of $107,671 , which had a weighted average fixed interest rate of 4.91% , incurred $8,151 of debt prepayment fees and made scheduled principal payments of $2,875 related to amortizing loans. Certain of the Company’s mortgages payable require monthly payments of principal and interest. Collateral for the Company’s mortgages payable consists of the respective mortgaged property and its related tenant leases. Unsecured Notes Payable The following table summarizes the Company’s unsecured notes payable: December 31, 2019 December 31, 2018 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% 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 % 250,000 4.00 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % 100,000 4.08 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % Senior notes – 4.82% due 2029 June 28, 2029 100,000 4.82 % — — % 800,000 4.27 % 700,000 4.19 % Discount, net of accumulated amortization (616 ) (734 ) Capitalized loan fees, net of accumulated amortization (3,137 ) (2,904 ) Total $ 796,247 $ 696,362 Notes Due 2029 On June 28, 2019, the Company issued $100,000 of 4.82% senior unsecured notes due 2029 (Notes Due 2029) in a private placement transaction pursuant to a note purchase agreement it entered into with certain institutional investors on April 5, 2019. The proceeds were used to repay borrowings on the Company’s unsecured revolving line of credit. The note purchase agreement governing the Notes Due 2029 contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of such note purchase agreement, the Company is subject to various financial covenants, which include the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) a minimum interest coverage ratio; (iii) a minimum unencumbered interest coverage ratio (as set forth in the Company’s unsecured credit facility and the note purchase agreements governing the Notes Due 2021 and 2024 and the Notes Due 2026 and 2028 defined below); and (iv) a minimum fixed charge coverage ratio (as set forth in the Company’s unsecured credit facility). Notes Due 2026 and 2028 On September 30, 2016, the Company issued $100,000 of 4.08% senior unsecured notes due 2026 in a private placement transaction pursuant to a note purchase agreement it entered into with certain institutional investors on September 30, 2016. Pursuant to the same note purchase agreement, on December 28, 2016, the Company also issued $100,000 of 4.24% senior unsecured notes due 2028 (Notes Due 2026 and 2028). The proceeds were used to pay down the Company’s unsecured revolving line of credit, early repay certain longer-dated mortgages payable and for general corporate purposes. The note purchase agreement governing the Notes Due 2026 and 2028 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, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) a minimum interest coverage ratio; (iii) an unencumbered interest coverage ratio (as set forth in the Company’s unsecured credit facility and the note purchase agreement governing the Notes Due 2021 and 2024 described below); and (iv) a fixed charge coverage ratio (as set forth in the Company’s unsecured credit facility). Notes Due 2025 On March 12, 2015, the Company completed a public offering of $250,000 in aggregate principal amount of 4.00% senior unsecured notes due 2025 (Notes Due 2025). The Notes Due 2025 were priced at 99.526% of the principal amount to yield 4.058% to maturity. The proceeds were used to repay a portion of the Company’s unsecured revolving line of credit. The indenture, as supplemented, governing the Notes Due 2025 (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. Notes Due 2021 and 2024 On June 30, 2014, the Company completed a private placement of $250,000 of unsecured notes, consisting of $100,000 of 4.12% senior unsecured notes due 2021 and $150,000 of 4.58% senior unsecured notes due 2024 (Notes Due 2021 and 2024). The proceeds were used to repay a portion of the Company’s unsecured revolving line of credit. The note purchase agreement governing the Notes Due 2021 and 2024 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 unsecured 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, 2019 , management believes the Company was in compliance with the financial covenants under the Indenture and the note purchase agreements. Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s unsecured term loans and revolving line of credit: December 31, 2019 December 31, 2018 Maturity Date Balance Interest Rate Balance Interest Rate Unsecured credit facility term loan due 2021 – fixed rate (a) January 5, 2021 $ 250,000 3.20 % $ 250,000 3.20 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 4.05 % 200,000 4.05 % Unsecured term loan due 2024 – fixed rate (c) July 17, 2024 120,000 2.88 % — — % Unsecured term loan due 2026 – fixed rate (d) July 17, 2026 150,000 3.27 % — — % Subtotal 720,000 450,000 Capitalized loan fees, net of accumulated amortization (3,477 ) (2,633 ) Term loans, net $ 716,523 $ 447,367 Unsecured credit facility revolving line of credit – variable rate (e) April 22, 2022 $ 18,000 2.85 % $ 273,000 3.57 % (a) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through January 5, 2021. The applicable credit spread was 1.20% as of December 31, 2019 and 2018 . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.20% as of December 31, 2019 and 2018 . (c) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of December 31, 2019 . (d) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.50% as of December 31, 2019 . (e) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying consolidated balance sheets. Unsecured Credit Facility On April 23, 2018, the Company entered into its fifth amended and restated unsecured credit agreement (Unsecured Credit Agreement) with a syndicate of financial institutions led by Wells Fargo Bank, National Association serving as syndication agent and KeyBank National Association serving as administrative agent to provide for an unsecured credit facility aggregating $1,100,000 (Unsecured Credit Facility). The Unsecured Credit Facility consists of an $850,000 unsecured revolving line of credit and a $250,000 unsecured term loan and is priced on a leverage grid at a rate of LIBOR plus a credit spread. In accordance with the Unsecured Credit Agreement, the Company may elect to convert to an investment grade pricing grid. As of December 31, 2019 , 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 key terms of the Unsecured Credit Facility: Leverage-Based Pricing Investment Grade Pricing Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee $250,000 unsecured term loan due 2021 1/5/2021 N/A N/A 1.20%–1.70% N/A 0.90%–1.75% N/A $850,000 unsecured revolving line of credit 4/22/2022 2-six month 0.075% 1.05%–1.50% 0.15%–0.30% 0.825%–1.55% 0.125%–0.30% The Unsecured Credit Facility has a $500,000 accordion option that allows the Company, at its election, to increase the total Unsecured 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 Unsecured Credit Agreement and (ii) the Company’s ability to obtain additional lender commitments. The Unsecured Credit Agreement contains customary representations, warranties and covenants, and events of default. Pursuant to the terms of the Unsecured Credit Agreement, the Company is subject to various financial covenants, including the requirement to maintain the following: (i) maximum unencumbered, secured and consolidated leverage ratios; and (ii) minimum fixed charge and unencumbered interest coverage ratios. As of December 31, 2019 , management believes the Company was in compliance with the financial covenants and default provisions under the Unsecured Credit Agreement. Unsecured Term Loans Term Loan Due 2024 and Term Loan Due 2026 On July 17, 2019, the Company entered into a term loan agreement (2019 Term Loan Agreement) with a group of financial institutions for a five-year $120,000 unsecured term loan (Term Loan Due 2024) and a seven-year $150,000 unsecured term loan (Term Loan Due 2026). The Term Loan Due 2024 and Term Loan Due 2026 bear interest at a rate of LIBOR , adjusted based on applicable reserve percentages established by the Federal Reserve, plus a credit spread based on a leverage grid. In accordance with the 2019 Term Loan Agreement, the Company may elect to convert to an investment grade pricing grid. As of December 31, 2019 , 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 proceeds were used to repay outstanding indebtedness and for general corporate purposes. Term Loan Due 2023 On January 3, 2017, the Company received funding on a seven-year $200,000 unsecured term loan (Term Loan Due 2023) with a group of financial institutions, which closed during the year ended December 31, 2016 and was amended on November 20, 2018. The Term Loan Due 2023 is priced on a leverage grid at a rate of LIBOR plus a credit spread. In accordance with the amended term loan agreement (Amended 2017 Term Loan Agreement), the Company may elect to convert to an investment grade pricing grid. As of December 31, 2019 , 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 key terms of the unsecured term loans: Unsecured Term Loans Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan due 2023 11/22/2023 1.20 % – 1.85% 0.85 % – 1.65% $120,000 unsecured term loan due 2024 7/17/2024 1.20 % – 1.70% 0.80 % – 1.65% $150,000 unsecured term loan due 2026 7/17/2026 1.50 % – 2.20% 1.35 % – 2.25% The Term Loan Due 2024 has a $130,000 accordion option and the Term Loan Due 2026 has a $100,000 accordion option that, collectively, allow the Company, at its election, to increase the total of the Term Loan Due 2024 and Term Loan Due 2026 up to $500,000 , subject to (i) customary fees and conditions, including the absence of an event of default as defined in the 2019 Term Loan Agreement and (ii) the Company’s ability to obtain additional lender commitments. The Term Loan Due 2023 has a $100,000 accordion option that allows the Company, at its election, to increase the Term Loan Due 2023 up to $300,000 , subject to (i) customary fees and conditions, including the absence of an event of default as defined in the Amended 2017 Term Loan Agreement and (ii) the Company’s ability to obtain additional lender commitments. The 2019 Term Loan Agreement and the Amended 2017 Term Loan Agreement contain customary representations, warranties and covenants, and events of default. These include financial covenants such as (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum fixed charge coverage ratios; and (iii) minimum unencumbered interest coverage ratios. As of December 31, 2019 , management believes the Company was in compliance with the financial covenants and default provisions under the 2019 Term Loan Agreement and the Amended 2017 Term Loan Agreement. Debt Maturities The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2019 , 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 2020 debt activity. 2020 2021 2022 2023 2024 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 2,494 $ 2,626 $ 26,678 $ 31,758 $ 1,737 $ 29,611 $ 94,904 Fixed rate term loans (b) — 250,000 — 200,000 120,000 150,000 720,000 Unsecured notes payable (c) — 100,000 — — 150,000 550,000 800,000 Total fixed rate debt 2,494 352,626 26,678 231,758 271,737 729,611 1,614,904 Variable rate debt: Variable rate revolving line of credit — — 18,000 — — — 18,000 Total debt (d) $ 2,494 $ 352,626 $ 44,678 $ 231,758 $ 271,737 $ 729,611 $ 1,632,904 Weighted average interest rate on debt: Fixed rate debt 4.38 % 3.47 % 4.81 % 4.06 % 3.83 % 4.02 % 3.89 % Variable rate debt (e) — — 2.85 % — — — 2.85 % Total 4.38 % 3.47 % 4.02 % 4.06 % 3.83 % 4.02 % 3.88 % (a) Excludes mortgage discount of $(493) and capitalized loan fees of $(256) , net of accumulated amortization, as of December 31, 2019 . (b) Excludes capitalized loan fees of $(3,477) , net of accumulated amortization, as of December 31, 2019 . The following variable rate term loans have been swapped to fixed rate debt: (i) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021; (ii) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (iii) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iv) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of December 31, 2019 , the applicable credit spread for (i), (ii) and (iii) was 1.20% and for (iv) was 1.50% . (c) Excludes discount of $(616) and capitalized loan fees of $(3,137) , net of accumulated amortization, as of December 31, 2019 . (d) The weighted average years to maturity of consolidated indebtedness was 4.7 years as of December 31, 2019 . (e) Represents interest rate as of December 31, 2019 . The Company plans on addressing its debt maturities through a combination of cash flows generated from operations, working capital, capital markets transactions and its unsecured revolving line of credit. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
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. As of December 31, 2019 , the Company has 11 interest rate swaps to hedge the variable cash flows associated with variable rate debt. Changes in fair value of the derivatives that are designated and that qualify as cash flow hedges are recorded in “Accumulated other comprehensive loss” and are reclassified into 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 $3,817 will be reclassified as an increase to interest expense. The following table summarizes the Company’s interest rate swaps as of December 31, 2019 , which effectively convert one-month floating rate LIBOR to a fixed rate: Number of Instruments Effective Date Notional Fixed Interest Rate Maturity Date Three December 29, 2017 $ 250,000 2.00 % January 5, 2021 Two November 23, 2018 $ 200,000 2.85 % November 22, 2023 Three August 15, 2019 $ 120,000 1.68 % July 17, 2024 Three August 15, 2019 $ 150,000 1.77 % July 17, 2026 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, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Interest rate swaps 11 5 $ 720,000 $ 450,000 The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques used are described in Note 13 to the consolidated financial statements. Derivatives December 31, 2019 December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other assets, net $ — Other assets, net $ 2,324 Interest rate swaps Other liabilities $ 12,288 Other liabilities $ 3,846 The following table presents the effect of the Company’s derivative financial instruments on the accompanying consolidated statements of operations and other comprehensive (loss) income for the years ended December 31, 2019 and 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income Amount of Loss (Gain) Reclassified from AOCI into Income Total Interest Expense 2019 2018 2019 2018 2019 2018 Interest rate swaps $ 11,080 $ 1,567 Interest expense $ 314 $ (1,041 ) $ 76,571 $ 73,746 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, 2019 , 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 $12,818 . As of December 31, 2019 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions as of December 31, 2019 , it could have been required to settle its obligations under the agreements at their termination value of $12,818 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | EQUITY In December 2012, the Company issued 5,400 shares of its 7.00% Series A cumulative redeemable preferred stock at a price of $25.00 per share. On December 20, 2017, the Company redeemed all 5,400 outstanding shares of its Series A preferred stock for cash at a redemption price of $25.00 per share, plus $0.3840 per share representing all accrued and unpaid dividends up to, but excluding, the redemption date. The $4,706 difference between the carrying value of $130,294 and the redemption amount of $135,000 represents the original underwriting discount and offering costs from 2012 and was recorded as preferred stock dividends. In December 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. In December 2017, the Company’s board of directors authorized a $250,000 increase to the common stock repurchase program. The shares may be repurchased in the open market or in privately negotiated transactions and are canceled upon repurchase. 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. The following table presents activity under the Company’s common stock repurchase program during the years ended December 31, 2019 , 2018 and 2017 : Number of Common Shares Repurchased Average Price per Share Total Repurchases Year to date December 31, 2019 — $ — $ — Year to date December 31, 2018 6,341 $ 11.80 $ 74,952 Year to date December 31, 2017 17,683 $ 12.82 $ 227,102 As of December 31, 2019 , $189,105 remained available for repurchases of shares of the Company’s common stock under its common stock repurchase program. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Numerator: Net income $ 32,397 $ 77,640 $ 251,491 Preferred stock dividends — — (13,867 ) Net income attributable to common shareholders 32,397 77,640 237,624 Earnings allocated to unvested restricted shares (405 ) (339 ) (513 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 31,992 $ 77,301 $ 237,111 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 212,948 (a) 217,830 (b) 230,747 (c) Effect of dilutive securities: Stock options — (d) — (d) 1 (d) RSUs 250 (e) 401 (f) 179 (g) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 213,198 218,231 230,927 (a) Excludes 535 shares of unvested restricted common stock as of December 31, 2019 , which equate to 645 shares on a weighted average basis for the year ended December 31, 2019 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 440 shares of unvested restricted common stock as of December 31, 2018 , which equate to 535 shares on a weighted average basis for the year ended December 31, 2018 . 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 496 shares of unvested restricted common stock as of December 31, 2017 , which equate to 537 shares on a weighted average basis for the year ended December 31, 2017 . 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 16 , 22 and 38 shares of common stock as of December 31, 2019 , 2018 and 2017 , respectively, at a weighted average exercise price of $15.87 , $17.34 and $18.85 , respectively. Of these totals, outstanding options to purchase 12 , 18 and 32 shares of common stock as of December 31, 2019 , 2018 and 2017 , respectively, at a weighted average exercise price of $17.25 , $18.58 and $20.19 , respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (e) As of December 31, 2019 , there were 839 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the consolidated financial statements), which equate to 837 RSUs on a weighted average basis for the year ended December 31, 2019 . These contingently issuable shares are a component of calculating diluted EPS. (f) As of December 31, 2018 , there were 649 RSUs eligible for future conversion upon completion of the performance periods, which equate to 658 RSUs on a weighted average basis for the year ended December 31, 2018 . These contingently issuable shares are a component of calculating diluted EPS. (g) As of December 31, 2017 , there were 555 RSUs eligible for future conversion upon completion of the performance periods, which equate to 617 RSUs on a weighted average basis for the year ended December 31, 2017 . These contingently issuable shares are a component of calculating diluted EPS. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 . 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 its net deferred tax asset will be realized in future periods and therefore, has recorded a valuation allowance for the balance, resulting in no effect on the consolidated financial statements. The Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: 2019 2018 Deferred tax assets: Basis difference in properties $ 2 $ 2 Capital loss carryforward 3,939 3,939 Net operating loss carryforward 6,174 6,170 Other 467 467 Gross deferred tax assets 10,582 10,578 Less: valuation allowance (10,582 ) (10,578 ) Total deferred tax assets — — Deferred tax liabilities: Other — — Net deferred tax assets $ — $ — The Company’s deferred tax assets and liabilities result from the activities of the TRS. As of December 31, 2019 , the TRS had a capital loss carryforward and a federal net operating loss carryforward of $18,757 and $29,399 , respectively, which if not utilized, will begin to expire in 2020 and 2031, respectively. Differences between net income from the consolidated statements of operations and other comprehensive (loss) income and the Company’s taxable income primarily relate to the recognition of sales of investment properties, 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, 2019 , 2018 and 2017 : 2019 2018 2017 Net income attributable to the Company $ 32,397 $ 77,640 $ 251,491 Book/tax differences 91,144 588 (59,220 ) REIT taxable income subject to 90% dividend requirement $ 123,541 $ 78,228 $ 192,271 The Company’s dividends paid deduction for the years ended December 31, 2019 , 2018 and 2017 is summarized below: 2019 2018 2017 Distributions $ 141,172 $ 116,725 $ 192,271 Less: non-dividend distributions (17,630 ) (38,497 ) — Total dividends paid deduction attributable to earnings and profits $ 123,542 $ 78,228 $ 192,271 A summary of the tax characterization per share of the distributions to shareholders of the Company’s preferred stock and common stock for the years ended December 31, 2019 , 2018 and 2017 follows: 2019 2018 2017 Preferred stock Ordinary dividends $ — $ — $ 1.62 Capital gain distributions — — 0.07 Total distributions per share $ — $ — $ 1.69 Common stock Ordinary dividends (a) $ 0.58 $ 0.36 $ 0.76 Non-dividend distributions 0.08 0.17 — Capital gain distributions — — 0.03 Total distributions per share $ 0.66 $ 0.53 $ 0.79 (a) The 2019 and 2018 ordinary dividends are qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Code. 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, 2019 or 2018 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, 2019 . Returns for the calendar years 2016 through 2019 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, 2019 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Provision for Impairment of Investment Properties | PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of December 31, 2019 and 2017, 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. As of December 31, 2018, the Company did not identify indicators of impairment at any of its properties. The following table summarizes the results of these analyses as of December 31, 2019 and 2017: December 31, 2019 2017 Number of properties for which indicators of impairment were identified 1 6 (a) Less: number of properties for which an impairment charge was recorded 1 1 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 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary — 4 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (b) N/A 14 % (a) Includes five properties which have subsequently been sold as of December 31, 2019 . (b) 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 charge during the year ended December 31, 2019: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Streets of Yorktown (a) Multi-tenant retail September 30, 2019 85,200 $ 11,177 King Philip’s Crossing (b) Multi-tenant retail December 31, 2019 105,900 1,121 $ 12,298 Estimated fair value of impaired properties as of impairment date $ 16,944 (a) The Company recorded an impairment charge as a result of a combination of factors, including expected impact on future operating results stemming from anticipated changes in lease terms related to the tenant population and a re-evaluation of the strategic alternatives for the property. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on February 13, 2020. The Company recorded the following investment property impairment charges during the year ended December 31, 2018: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Schaumburg Towers (a) Office Various 895,400 $ 1,116 CVS Pharmacy – Lawton, OK (b) Single-user retail March 31, 2018 10,900 200 Orange Plaza (Golfland Plaza) (c) Multi-tenant retail December 28, 2018 58,200 763 $ 2,079 Estimated fair value of impaired properties as of impairment date $ 85,321 (a) The Company recorded an impairment charge on March 31, 2018 based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of March 31, 2018 and was sold on May 31, 2018, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on April 19, 2018. (c) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on December 28, 2018. The Company recorded the following investment property impairment charges during the year ended December 31, 2017: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Century III Plaza, excluding the Home Depot parcel (a) Multi-tenant retail Various (a) 152,200 $ 3,304 Lakepointe Towne Center (b) Multi-tenant retail June 30, 2017 196,600 9,958 Saucon Valley Square (c) Multi-tenant retail September 30, 2017 80,700 184 Schaumburg Towers (d) Office September 30, 2017 895,400 45,638 High Ridge Crossing (e) Multi-tenant retail December 22, 2017 76,900 3,480 Home Depot Plaza (f) Multi-tenant retail December 31, 2017 135,600 4,439 $ 67,003 Estimated fair value of impaired properties as of impairment date $ 107,400 (a) The Company recorded an impairment charge on June 30, 2017 based upon the terms and conditions of a bona fide purchase offer and additional impairment was recognized upon sale pursuant to the terms and conditions of an executed sales contract. This property was classified as held for sale as of December 31, 2016 and was sold on December 15, 2017. The Home Depot parcel of Century III Plaza was sold on March 15, 2017. (b) 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 June 30, 2017 and was sold on August 4, 2017. (c) 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 September 30, 2017 and was sold on October 27, 2017. (d) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. The property was sold on May 31, 2018. (e) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on December 22, 2017. (f) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on March 20, 2018. The Company provides 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, 2019 | |
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, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Derivative asset $ — $ — $ 2,324 $ 2,324 Financial liabilities: Mortgages payable, net $ 94,155 $ 98,082 $ 205,320 $ 208,173 Unsecured notes payable, net $ 796,247 $ 822,883 $ 696,362 $ 671,492 Unsecured term loans, net $ 716,523 $ 720,000 $ 447,367 $ 449,266 Unsecured revolving line of credit $ 18,000 $ 18,000 $ 273,000 $ 272,553 Derivative liability $ 12,288 $ 12,288 $ 3,846 $ 3,846 The carrying value of the derivative asset is included within “Other assets, net” and the carrying value of the derivative liability is included within “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, 2019 Derivative liability $ — $ 12,288 $ — $ 12,288 December 31, 2018 Derivative asset $ — $ 2,324 $ — $ 2,324 Derivative liability $ — $ 3,846 $ — $ 3,846 Derivatives: The fair value of the derivative asset and derivative liability is determined using a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis uses 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 use 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, 2019 and 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. The Company’s derivative instruments are further described in Note 8 to the consolidated financial statements. Nonrecurring Fair Value Measurements The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2019 , 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 as a result of impairment charges recorded during the year ended December 31, 2019 . Methods and assumptions used to estimate the fair value of this asset are described after the table. The Company did not remeasure any assets to fair value on a nonrecurring basis as of December 31, 2018. Fair Value Level 1 Level 2 Level 3 Total Provision for Impairment December 31, 2019 Investment properties $ — $ 11,644 (a) $ 5,300 (b) $ 16,944 $ 12,298 (a) Represents the fair value of the Company’s King Philip’s Crossing investment property as of December 31, 2019, the date the asset was measured at fair value. The estimated fair value of King Philip’s Crossing was based upon the expected sales price from an executed sales contract and determined to be a Level 2 input. (b) Represents the fair value of the Company’s Streets of Yorktown investment property as of September 30, 2019, the date the asset was measured at fair value. The estimated fair value of Streets of Yorktown was 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. The discount rates and third-party comparable sales prices used in this approach are derived from property-specific information, market transactions and other industry data and are considered significant inputs to this valuation. The reversion value of the property was based upon third-party comparable sales prices, which contain unobservable inputs used by these third parties. A weighted average discount rate of 6.89% was used to (i) present value the estimated income stream over the estimated holding period and (ii) present value the reversion value. 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. Fair Value Level 1 Level 2 Level 3 Total December 31, 2019 Mortgages payable, net $ — $ — $ 98,082 $ 98,082 Unsecured notes payable, net $ 255,965 $ — $ 566,918 $ 822,883 Unsecured term loans, net $ — $ — $ 720,000 $ 720,000 Unsecured revolving line of credit $ — $ — $ 18,000 $ 18,000 December 31, 2018 Mortgages payable, net $ — $ — $ 208,173 $ 208,173 Unsecured notes payable, net $ 235,788 $ — $ 435,704 $ 671,492 Unsecured term loans, net $ — $ — $ 449,266 $ 449,266 Unsecured revolving line of credit $ — $ — $ 272,553 $ 272,553 The Company estimates the fair value of its Level 3 financial liabilities using a discounted cash flow model that incorporates future contractual principal and interest payments. The Company estimates the fair value of its mortgages payable, net and Level 3 unsecured notes payable, net 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 Company estimates the fair value of its unsecured term loans, net and unsecured revolving line of credit by discounting the anticipated future cash flows at a reference rate, currently one-month LIBOR, plus an applicable credit spread currently offered to the Company by its lenders for similar instruments of comparable maturities. The following rates were used in the discounted cash flow model to calculate the fair value of the Company’s Level 3 financial liabilities: December 31, 2019 December 31, 2018 Mortgages payable, net – range of discount rates used 3.2% to 3.6% 4.2% to 4.4% Unsecured notes payable, net – weighted average discount rate used 3.79% 4.91% Unsecured term loans, net – weighted average credit spread portion of discount rate used 1.26% 1.25% Unsecured revolving line of credit – credit spread portion of discount rate used 1.05% 1.10% There were no transfers between the levels of the fair value hierarchy during the years ended December 31, 2019 and 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES 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, environmental 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. As of December 31, 2019 , the Company had letters of credit outstanding totaling $291 that serve as collateral for certain capital improvements at one of its properties and reduce the available borrowings on its unsecured revolving line of credit. The following table summarizes the Company’s active expansion and redevelopment projects as of December 31, 2019 : Estimated Net Investment Net Investment as of December 31, 2019 Project Name MSA Low High Circle East (a) Baltimore $ 42,000 $ 44,000 $ 21,766 One Loudoun Downtown – Pads G & H (b) Washington, D.C. $ 125,000 $ 135,000 $ 14,711 Carillon – phase one (b) Washington, D.C. $ 194,000 $ 215,000 $ 5,358 (a) Investment amounts are net of proceeds of $11,820 received from the sale of air rights. (b) Investment amounts are net of expected and actual contributions from the Company’s joint venture partners. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to December 31, 2019 , the Company: • closed on the disposition of King Philip’s Crossing, a 105,900 square foot multi-tenant retail operating property located in Seekonk, Massachusetts, for a sales price of $13,900 with no anticipated gain on sale or additional impairment due to previously recognized impairment charges; • closed on the acquisition of the fee interest in Fullerton Metrocenter, its existing multi-tenant retail operating property located in Fullerton, California, for a gross purchase price of $55,000 . In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor; • granted 116 restricted shares at a grant date fair value of $13.07 per share and 331 RSUs at a grant date fair value of $13.67 per RSU to the Company’s executives in conjunction with its long-term equity compensation plan. The restricted shares will vest over three years and the RSUs granted are subject to a three-year performance period. Refer to Note 5 to the consolidated financial statements for additional details regarding the terms of the RSUs; • issued 105 shares of common stock and 175 restricted shares with a one year vesting term for the RSUs with a performance period that concluded on December 31, 2019 . An additional 43 shares of common stock were also issued for dividends that would have been paid on the common stock and restricted shares during the performance period; and • declared the cash dividend for the first quarter of 2020 of $0.165625 per share on its outstanding Class A common stock, which will be paid on April 9, 2020 to Class A common shareholders of record at the close of business on March 26, 2020 . |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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: 2019 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 120,817 $ 119,717 $ 118,449 $ 122,703 Net income (loss) $ 16,172 $ (28,153 ) $ 21,170 $ 23,208 Net income (loss) attributable to common shareholders $ 16,172 $ (28,153 ) $ 21,170 $ 23,208 Net income (loss) per common share attributable to common shareholders – basic and diluted $ 0.08 $ (0.13 ) $ 0.10 $ 0.11 Weighted average number of common shares outstanding – basic 212,996 212,995 212,951 212,850 Weighted average number of common shares outstanding – diluted 213,627 212,995 213,090 213,223 2018 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 119,354 $ 119,137 $ 119,164 $ 124,842 Net income $ 12,144 $ 12,834 $ 10,882 $ 41,780 Net income attributable to common shareholders $ 12,144 $ 12,834 $ 10,882 $ 41,780 Net income per common share attributable to common shareholders – basic and diluted $ 0.06 $ 0.06 $ 0.05 $ 0.19 Weighted average number of common shares outstanding – basic 214,684 218,808 218,982 218,849 Weighted average number of common shares outstanding – diluted 215,093 219,021 219,410 219,403 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts For the Years Ended December 31, 2019 , 2018 and 2017 (in thousands) Balance at beginning of year Charged to costs and expenses Deductions Balance at end of year Year ended December 31, 2019 Allowance for doubtful accounts $ 7,976 — (7,976 ) $ — Tax valuation allowance $ 10,578 4 — $ 10,582 Year ended December 31, 2018 Allowance for doubtful accounts $ 6,567 3,155 (1,746 ) $ 7,976 Tax valuation allowance $ 12,347 (1,769 ) — $ 10,578 Year ended December 31, 2017 Allowance for doubtful accounts $ 6,886 2,143 (2,462 ) $ 6,567 Tax valuation allowance $ 21,175 (8,828 ) — $ 12,347 |
Schedule III Real Estate and Ac
Schedule III Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III Real Estate and Accumulated Depreciation | Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 Ashland & Roosevelt $ 439 $ 13,850 $ 21,052 $ 1,277 $ 13,850 $ 22,329 $ 36,179 $ 11,630 2002 05/05 Chicago, IL Avondale Plaza — 4,573 9,497 74 4,573 9,571 14,144 1,890 2005 11/14 Redmond, WA Bed Bath & Beyond Plaza — 4,530 11,901 405 4,530 12,306 16,836 6,355 2000-2002 07/05 Westbury, NY The Brickyard — 45,300 26,657 8,870 45,300 35,527 80,827 18,094 1977/2004 04/05 Chicago, IL Carillon (a) — 15,261 114,703 (109,424 ) 2,811 17,729 20,540 8,263 2004 09/04 Largo, MD Cedar Park Town Center — 23,923 13,829 251 23,923 14,080 38,003 3,286 2013 02/15 Cedar Park, TX Central Texas Marketplace — 13,000 47,559 11,122 13,000 58,681 71,681 26,896 2004 12/06 Waco, TX Centre at Laurel — 19,000 8,406 17,479 18,700 26,185 44,885 12,808 2005 02/06 Laurel, MD Chantilly Crossing — 8,500 16,060 2,560 8,500 18,620 27,120 9,765 2004 05/05 Chantilly, VA Circle East (a) (b) — 9,050 17,840 (26,484 ) — 406 406 55 1998 7/04 Towson, MD Clearlake Shores — 1,775 7,026 1,363 1,775 8,389 10,164 4,377 2003-2004 04/05 Clear Lake, TX Coal Creek Marketplace — 5,023 12,382 261 5,023 12,643 17,666 2,095 1991 08/15 Newcastle, WA Colony Square — 16,700 22,775 7,781 16,700 30,556 47,256 13,605 1997 05/06 Sugar Land, TX The Commons at Temecula — 12,000 35,887 7,145 12,000 43,032 55,032 22,053 1999 04/05 Temecula, CA Coppell Town Center — 2,919 13,281 330 2,919 13,611 16,530 3,342 1999 10/13 Coppell, TX Coram Plaza — 10,200 26,178 3,900 10,200 30,078 40,278 16,391 2004 12/04 Coram, NY Cypress Mill Plaza — 4,962 9,976 178 4,962 10,154 15,116 2,677 2004 10/13 Cypress, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 Davis Towne Crossing $ — $ 1,850 $ 5,681 $ 1,210 $ 1,671 $ 7,070 $ 8,741 $ 3,905 2003-2004 06/04 North Richland Hills, TX Denton Crossing — 6,000 43,434 17,093 6,000 60,527 66,527 31,246 2003-2004 10/04 Denton, TX Downtown Crown — 43,367 110,785 5,073 43,367 115,858 159,225 21,752 2014 01/15 Gaithersburg, MD East Stone Commons — 2,900 28,714 338 2,826 29,126 31,952 14,338 2005 06/06 Kingsport, TN Eastside — 4,055 17,620 87 4,055 17,707 21,762 2,582 2008 06/16 Richardson, TX Eastwood Towne Center — 12,000 65,067 9,765 12,000 74,832 86,832 39,860 2002 05/04 Lansing, MI Edwards Multiplex — 11,800 33,098 — 11,800 33,098 44,898 17,797 1997 05/05 Ontario, CA Fairgrounds Plaza — 4,800 13,490 5,082 5,431 17,941 23,372 9,338 2002-2004 01/05 Middletown, NY Fordham Place — 17,209 96,547 328 17,209 96,875 114,084 21,263 Redev: 2009 11/13 Bronx, NY Fort Evans Plaza II — 16,118 44,880 407 16,118 45,287 61,405 9,194 2008 01/15 Leesburg, VA Fullerton Metrocenter — — 47,403 3,643 — 51,046 51,046 28,723 1988 06/04 Fullerton, CA Galvez Shopping Center — 1,250 4,947 442 1,250 5,389 6,639 2,838 2004 06/05 Galveston, TX Gardiner Manor Mall — 12,348 56,199 1,941 12,348 58,140 70,488 11,944 2000 06/14 Bay Shore, NY Gateway Pavilions — 9,880 55,195 5,090 9,880 60,285 70,165 31,744 2003-2004 12/04 Avondale, AZ Gateway Plaza — — 26,371 5,599 — 31,970 31,970 17,077 2000 07/04 Southlake, TX Gateway Station — 1,050 3,911 1,333 1,050 5,244 6,294 2,761 2003-2004 12/04 College Station, TX Gateway Station II & III — 3,280 11,557 371 3,280 11,928 15,208 5,301 2006-2007 05/07 College Station, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 Village $ 32,580 $ 8,550 $ 39,298 $ 6,753 $ 8,550 $ 46,051 $ 54,601 $ 24,933 1996 07/04 Annapolis, MD Gerry Centennial Plaza — 5,370 12,968 10,137 5,370 23,105 28,475 10,214 2006 06/07 Oswego, IL Grapevine Crossing — 4,100 16,938 492 3,894 17,636 21,530 9,371 2001 04/05 Grapevine, TX Green's Corner — 3,200 8,663 1,468 3,200 10,131 13,331 5,187 1997 12/04 Cumming, GA Gurnee Town Center — 7,000 35,147 6,828 7,000 41,975 48,975 22,023 2000 10/04 Gurnee, IL Henry Town Center — 10,650 46,814 9,419 10,650 56,233 66,883 28,361 2002 12/04 McDonough, GA Heritage Square — 6,377 11,385 2,393 6,377 13,778 20,155 3,036 1985 02/14 Issaquah, WA Heritage Towne Crossing — 3,065 10,729 1,757 3,065 12,486 15,551 7,121 2002 03/04 Euless, TX Home Depot Center — — 16,758 — — 16,758 16,758 8,908 1996 06/05 Pittsburgh, PA HQ Building — 5,200 10,010 4,406 5,200 14,416 19,616 7,785 Redev: 2004 12/05 San Antonio, TX Huebner Oaks Center — 18,087 64,731 3,107 18,087 67,838 85,925 13,495 1996 06/14 San Antonio, TX Humblewood Shopping Center — 2,200 12,823 1,244 2,200 14,067 16,267 7,039 Renov: 2005 11/05 Humble, TX Jefferson Commons — 23,097 52,762 3,791 23,097 56,553 79,650 24,281 2005 02/08 Newport News, VA John's Creek Village — 14,446 23,932 1,278 14,295 25,361 39,656 5,526 2004 06/14 John's Creek, GA King Philip's Crossing — 3,710 19,144 (11,171 ) 3,388 8,295 11,683 — 2005 11/05 Seekonk, MA La Plaza Del Norte — 16,005 37,744 5,404 16,005 43,148 59,153 24,321 1996/1999 01/04 San Antonio, TX Lake Worth Towne Crossing — 6,600 30,910 9,357 6,600 40,267 46,867 18,947 2005 06/06 Lake Worth, TX RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 Lakewood Towne Center $ — $ 12,555 $ 74,612 $ (8,038 ) $ 12,555 $ 66,574 $ 79,129 $ 34,695 1998/2002- 06/04 Lakewood, WA 2003 Lincoln Park — 38,329 17,772 733 38,329 18,505 56,834 3,957 1997 06/14 Dallas, TX Lincoln Plaza — 13,000 46,482 23,209 13,110 69,581 82,691 35,147 2001-2004 09/05 Worcester, MA Lowe's/Bed, Bath & Beyond — 7,423 799 (8 ) 7,415 799 8,214 763 2005 08/05 Butler, NJ MacArthur Crossing — 4,710 16,265 2,691 4,710 18,956 23,666 10,766 1995-1996 02/04 Los Colinas, TX Main Street Promenade — 4,317 83,276 289 4,317 83,565 87,882 9,027 2003 & 2014 01/17 Naperville, IL Manchester Meadows — 14,700 39,738 9,395 14,700 49,133 63,833 25,661 1994-1995 08/04 Town and Country, MO Mansfield Towne Crossing — 3,300 12,195 3,701 3,300 15,896 19,196 8,716 2003-2004 11/04 Mansfield, TX Merrifield Town Center — 18,678 36,496 1,224 18,678 37,720 56,398 7,001 2008 01/15 Falls Church, VA Merrifield Town Center II — 28,797 14,698 105 28,797 14,803 43,600 2,142 1972 Renov: 01/16 Falls Church, VA 2006-2007 New Forest Crossing — 4,390 11,313 1,107 4,390 12,420 16,810 2,949 2003 10/13 Houston, TX New Hyde Park Shopping Center — 14,568 5,562 (11 ) 14,568 5,551 20,119 625 1964 Renov: 07/17 New Hyde Park, NY 2011 Newnan Crossing I & II — 15,100 33,987 9,863 15,100 43,850 58,950 22,945 1999 & 12/03 & Newnan, GA 2004 02/04 Newton Crossroads — 3,350 6,927 927 3,350 7,854 11,204 4,037 1997 12/04 Covington, GA North Benson Center — 13,275 10,619 487 13,275 11,106 24,381 386 1988-1990 03/19 Renton, WA Northgate North 24,675 7,540 49,078 (12,582 ) 7,540 36,496 44,036 21,016 1999-2003 06/04 Seattle, WA Northpointe Plaza — 13,800 37,707 9,544 13,800 47,251 61,051 24,725 1991-1993 05/04 Spokane, WA RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 Oak Brook Promenade $ — $ 10,343 $ 50,057 $ 1,776 $ 10,343 $ 51,833 $ 62,176 $ 7,789 2006 03/16 Oak Brook, IL One Loudoun (a) — 26,799 122,224 129 15,067 134,085 149,152 15,409 2013-2017 11/16, 2/17, Ashburn, VA 4/17, 5/17, 8/17 & 11/18 Oswego Commons — 6,454 16,004 1,701 6,454 17,705 24,159 4,241 2002-2004 06/14 Oswego, IL Paradise Valley Marketplace — 8,134 20,425 2,562 8,134 22,987 31,121 12,343 2002 4/04 & 6/19 Phoenix, AZ Parkway Towne Crossing — 6,142 20,423 9,508 6,142 29,931 36,073 15,903 2010 08/06 Frisco, TX Pavilion at Kings Grant I & II — 10,274 12,392 21,340 10,105 33,901 44,006 13,023 2002-2003 12/03 & Concord, NC & 2005 06/06 Pelham Manor Shopping Plaza — — 67,870 938 — 68,808 68,808 16,824 2008 11/13 Pelham Manor, NY Peoria Crossings I & II 24,110 6,995 32,816 4,653 8,495 35,969 44,464 20,076 2002-2003 03/04 & Peoria, AZ & 2005 05/05 Plaza at Marysville — 6,600 13,728 1,162 6,600 14,890 21,490 8,230 1995 07/04 Marysville, WA Plaza del Lago — 12,042 33,382 4,027 12,042 37,409 49,451 2,741 1928 Renov: 12/17 Wilmette, IL 1996/2019 Pleasant Run — 4,200 29,085 7,629 4,200 36,714 40,914 19,012 2004 12/04 Cedar Hill, TX Reisterstown Road Plaza — 15,800 70,372 24,474 15,790 94,856 110,646 45,506 1986/2004/ 08/04 Baltimore, MD 2018 Rivery Town Crossing — 2,900 6,814 1,284 2,900 8,098 10,998 3,638 2005 10/06 Georgetown, TX Royal Oaks Village II — 3,450 17,000 964 3,450 17,964 21,414 7,022 2004-2005 11/05 Houston, TX Sawyer Heights Village — 24,214 15,797 778 24,214 16,575 40,789 4,170 2007 10/13 Houston, TX Shoppes at Hagerstown — 4,034 21,937 275 4,034 22,212 26,246 3,670 2008 01/16 Hagerstown, MD The Shoppes at Quarterfield — 2,190 8,840 359 2,190 9,199 11,389 5,207 1999 01/04 Severn, MD RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 The Shoppes at Union Hill $ 12,351 $ 12,666 $ 45,227 $ 2,608 $ 12,666 $ 47,835 $ 60,501 $ 6,789 2003 04/16 Denville, NJ Shoppes of New Hope — 1,350 11,045 258 1,350 11,303 12,653 6,325 2004 07/04 Dallas, GA Shoppes of Prominence Point I & II — 3,650 12,652 734 3,650 13,386 17,036 7,304 2004 & 2005 06/04 & Canton, GA 09/05 Shops at Forest Commons — 1,050 6,133 428 1,050 6,561 7,611 3,607 2002 12/04 Round Rock, TX The Shops at Legacy — 8,800 108,940 19,162 8,800 128,102 136,902 58,203 2002 06/07 Plano, TX Shops at Park Place — 9,096 13,175 4,735 9,096 17,910 27,006 8,900 2001 10/03 Plano, TX Southlake Corners — 6,612 23,605 200 6,612 23,805 30,417 5,567 2004 10/13 Southlake, TX Southlake Town Square I - VII (c) — 43,790 210,402 32,890 41,604 245,478 287,082 111,172 1998-2007 12/04, 5/07, Southlake, TX 9/08 & 3/09 Stilesboro Oaks — 2,200 9,426 816 2,200 10,242 12,442 5,448 1997 12/04 Acworth, GA Stonebridge Plaza — 1,000 5,783 847 1,000 6,630 7,630 3,373 1997 08/05 McKinney, TX Streets of Yorktown — 3,440 22,111 (20,558 ) 1,062 3,931 4,993 72 2005 12/05 Houston, TX Tacoma South — 10,976 22,898 222 10,976 23,120 34,096 3,367 1984-2015 05/16 Tacoma, WA Target South Center — 2,300 8,760 730 2,300 9,490 11,790 5,029 1999 11/05 Austin, TX Tollgate Marketplace — 8,700 61,247 14,954 8,700 76,201 84,901 37,215 1979/1994 07/04 Bel Air, MD Towson Square (b) — 13,757 21,958 383 13,757 22,341 36,098 3,441 2014 11/15 Towson, MD Tysons Corner — 22,525 7,184 3,799 22,525 10,983 33,508 1,504 1980 05/15 Vienna, VA Renov:2004, Village Shoppes at Simonton — 2,200 10,874 376 2,200 11,250 13,450 6,089 2004 08/04 Lawrenceville, GA RETAIL PROPERTIES OF AMERICA, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (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 Walter's Crossing $ — $ 14,500 $ 16,914 $ 507 $ 14,500 $ 17,421 $ 31,921 $ 8,854 2005 07/06 Tampa, FL Watauga Pavilion — 5,185 27,504 1,728 5,185 29,232 34,417 16,223 2003-2004 05/04 Watauga, TX Winchester Commons — 4,400 7,471 930 4,400 8,401 12,801 4,384 1999 11/04 Memphis, TN Woodinville Plaza — 16,073 25,433 8,013 16,073 33,446 49,519 5,253 1981 06/15 & Woodinville, WA 8/16 Total 94,155 1,058,803 3,266,098 241,510 1,021,829 3,544,582 4,566,411 1,383,274 Developments in Progress — 25,450 — 87,903 65,319 48,034 113,353 — Total Investment Properties $ 94,155 $ 1,084,253 $ 3,266,098 $ 329,413 $ 1,087,148 $ 3,592,616 $ 4,679,764 $ 1,383,274 (a) The cost basis associated with this property or a portion of this property is included within “Developments in progress” as the property or a portion of the property is an active redevelopment. (b) The redevelopment at Circle East is no longer combined with the Company’s neighboring property Towson Square. (c) The Company acquired a parcel at this property in 2019. 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, 2019 for U.S. federal income tax purposes was approximately $4,690,491 . (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: 2019 2018 2017 Balance as of January 1, $ 4,692,754 $ 4,785,927 $ 5,499,506 Purchases and additions to investment property 133,259 114,050 272,145 Sale and write-offs of investment property (111,557 ) (203,766 ) (829,170 ) Property held for sale — — (2,791 ) Provision for asset impairment (34,692 ) (3,457 ) (153,763 ) Balance as of December 31, $ 4,679,764 $ 4,692,754 $ 4,785,927 (E) Reconciliation of accumulated depreciation: 2019 2018 2017 Balance as of January 1, $ 1,313,602 $ 1,215,990 $ 1,443,333 Depreciation expense 173,619 149,302 171,823 Sale and write-offs of investment property (81,438 ) (48,795 ) (308,662 ) Property held for sale — — (27 ) Provision for asset impairment (22,509 ) (2,895 ) (90,477 ) Balance as of December 31, $ 1,383,274 $ 1,313,602 $ 1,215,990 Depreciation is computed based upon the following estimated useful lives in the accompanying consolidated statements of operations and other comprehensive (loss) income: Years Building and improvements 30 Site improvements 15 Tenant improvements Life of related lease |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, including internal salaries and related benefits of personnel directly involved in the improvements, are capitalized. The Company allocates the purchase price of each acquired investment property accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. For tangible assets acquired, including land, building and other improvements, the Company considers available comparable market and industry information in estimating the 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. Fair value estimates used in acquisition accounting, 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 $14,728 , $21,014 and $25,284 for the years ended December 31, 2019 , 2018 and 2017 , 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 lease income. Amortization pertaining to above market lease intangibles of $3,197 , $4,403 and $4,696 for the years ended December 31, 2019 , 2018 and 2017 , respectively, was recorded as a reduction to lease income. Amortization pertaining to below market lease intangibles of $8,626 , $9,870 and $8,009 for the years ended December 31, 2019 , 2018 and 2017 , respectively, was recorded as an increase to lease income. With respect to acquired leases in which the Company is the lessee, a lease liability is measured at the present value of the remaining lease payments and the right-of-use lease (ROU) asset is initially measured as the same amount as the lease liability and adjusted for any above or below market ground lease intangibles. Amortization pertaining to above market ground lease intangibles of $560 and $560 for the years ended December 31, 2018 and 2017, respectively, was recorded as a reduction to 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, 2019 : 2020 2021 2022 2023 2024 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 1,910 $ 1,418 $ 1,150 $ 1,010 $ 772 $ 2,393 $ 8,653 Acquired in-place lease value intangibles (a) 10,461 9,471 8,267 7,105 6,291 29,584 71,179 Acquired lease intangible assets, net (b) $ 12,371 $ 10,889 $ 9,417 $ 8,115 $ 7,063 $ 31,977 $ 79,832 Acquired below market lease intangibles (a) $ (5,513 ) $ (5,147 ) $ (4,830 ) $ (4,600 ) $ (4,384 ) $ (39,104 ) $ (63,578 ) Acquired lease intangible liabilities, net (b) $ (5,513 ) $ (5,147 ) $ (4,830 ) $ (4,600 ) $ (4,384 ) $ (39,104 ) $ (63,578 ) (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 lease 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 $280,530 and $53,018 of accumulated amortization, respectively, as of December 31, 2019 . 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, all of which are incremental to signed leases, 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 internal salaries and related benefits of personnel directly involved in capital projects and tenant improvements of $2,685 , $2,032 and $1,187 during the years ended December 31, 2019 , 2018 and 2017 . The Company also capitalized $359 , $384 and $368 of internal leasing incentives, all of which were incremental to signed leases, during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: 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 reduction 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; • comparable selling prices; and • a property-specific discount rate. 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, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Impairment of consolidated properties (a) $ 12,298 $ 2,079 $ 67,003 (a) Included within “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company’s assessment of impairment as of December 31, 2019 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 2020 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 12 to the consolidated financial statements for further discussion. |
Expansion and Redevelopment Projects | Expansion and Redevelopment Projects : Active expansion and redevelopment projects are classified as developments in progress on the accompanying consolidated balance sheets and include (i) land held for development, (ii) ground-up developments and (iii) redevelopment properties undergoing significant renovations and improvements. During the development 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 project costs begins when the activities and related expenditures commence and cease when the project, or a portion of the project, is substantially complete and ready for its intended use, at which time the classification changes from development to operating, the project is placed in service and depreciation commences. Generally, rental property is considered substantially complete and ready for its intended use upon completion of tenant improvements, but no later than one year from completion of major construction activity. A property is considered stabilized upon reaching 90% occupancy, but generally no later than one year from completion of major construction activity. The Company makes estimates as to the probability of completion of expansion and redevelopment projects. If the Company determines that completion of the expansion or redevelopment project is no longer probable, the Company expenses any capitalized costs that are not recoverable. The Company capitalized $3,730 , $2,128 and $1,202 of indirect project costs related to expansions and redevelopment projects, including, among other costs, $1,414 , $1,123 and $268 of internal salaries and related benefits of personnel directly involved in the expansion and redevelopment projects and $1,594 , $462 and $485 of interest, during the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Investment Properties Held For Sale | Investment Properties Held for Sale : In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale in its present condition, 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, 2019 and 2018 . |
Partially-Owned Entities | Partially-Owned Entities : The Company consolidates partially-owned entities if they are VIEs in accordance with the Consolidation Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) and the Company is considered the primary beneficiary, the Company has voting control, the limited partners (or non-managing members) do not have substantive kick-out rights or substantive participating rights, or other conditions exist that indicate that the Company has control. Management uses its judgment when determining if the Company is the primary beneficiary of, or has a controlling financial interest in, an entity in which it has a variable interest, to determine whether the Company has the power to direct the activities that most significantly impact the entity’s economic performance and if it has significant economic exposure to the risk and rewards of ownership. The Company assesses its interests in VIEs on an ongoing basis to determine if the entity should be consolidated. 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 (loss) 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. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash : 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 equivalents 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 consists of funds restricted through lender or other agreements, including funds held in escrow for future acquisitions, funds related to our captive insurance company and potential Internal Revenue Code Section 1031 tax-deferred exchanges (1031 Exchanges), and are included as a component of “Other assets, net” in the accompanying consolidated balance sheets. |
Derivative and Hedging Activities | Derivative and Hedging Activities: Derivatives are recorded in the accompanying consolidated balance sheets at fair value within “Other assets, net” and “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 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 fair value of a derivative that is designated and that qualifies as a cash flow hedge are recorded in “Accumulated other comprehensive loss” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2019 and 2018 , the balance in accumulated other comprehensive loss relating to derivatives was $12,288 and $1,522 , respectively. |
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 entity’s control. Thus, the timing and/or method of settlement may be conditional on a future event. Based upon the Company’s evaluation, no accrual of a liability for asset retirement obligations was warranted as of December 31, 2019 and 2018 . |
Lease Income | Lease Income and Accounts and Notes Receivable, Net: The Company is primarily a lessor of commercial retail space and the majority of revenues from the Company’s properties consist of rents received under long-term operating leases, predominantly consisting of base rent with designated increases over the term of the lease. The Company commences recognition of lease income 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. At lease commencement, the Company expects that collectibility is probable for all of its leases due to the creditworthiness analysis performed by the Company before entering into a new lease. Lease income, for leases that have fixed and measurable rent escalations, is recognized on a straight-line basis over the term of the lease. The difference between such lease 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. Certain leases provide for percentage rent based primarily on tenant sales volume. The Company recognizes percentage rent when the specified target (i.e., breakpoint) that triggers the percentage rent is achieved. The Company recorded percentage rent and percentage rent in lieu of base rent of $2,555 , $3,426 and $4,451 for the years ended December 31, 2019 , 2018 and 2017 , respectively, within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Also, most leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord including, among others, real estate taxes, insurance, utilities, common area maintenance and management fees, subject to the terms of the respective lease. Certain other tenants are subject to net leases where the tenant is responsible for paying base rent to the Company but is directly responsible for other costs associated with occupancy, such a real estate taxes. Expenses paid directly by the tenant rather than the landlord are not included in the accompanying consolidated statements of operations and other comprehensive (loss) income. Expenses paid by the landlord, subject to reimbursement by the tenant, are included within “Operating expenses” or “Real estate taxes” and reimbursements are included within “Lease income” along with the associated base rent in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company made an accounting policy election to not separate non-lease components (primarily reimbursement of common area maintenance costs) from the related lease components as (i) the fixed non-lease components have the same timing and pattern of transfer as the associated lease component, (ii) the lease component, if accounted for separately, would be classified as an operating lease and (iii) the Company considers the lease component to be the predominant component of the combined contract. Reimbursements from tenants for recoverable operating expenses are recognized within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. In addition, the Company records lease termination fee income when (i) a termination letter agreement is signed, (ii) all of the conditions of such agreement have been fulfilled, (iii) the tenant is no longer occupying the property and (iv) 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 fee income of $2,024 , $1,721 and $2,021 for the years ended December 31, 2019 , 2018 and 2017 , respectively, which is included within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) 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 in accordance with 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 within “Operating expenses” and sales tax reimbursements included within “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Such taxes remitted to governmental authorities, which are generally reimbursed by tenants, were $634 , $545 and $1,414 for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Accounts and Notes Receivable, Net | Accounts and notes receivable include base rent, percentage rent, tenant reimbursements, sales tax reimbursements and deferred rent receivables. Beginning January 1, 2019, the Company began recording changes in collectibility of operating lease receivables as an adjustment to “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. For the periods prior to January 1, 2019, changes in collectibility of operating lease receivables are presented within “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Management’s estimate of the collectibility of accounts and notes receivable is completed on a lease-by-lease basis based on the best information available to management at the time of evaluation and includes consideration of items such as balances outstanding and tenant creditworthiness. |
Right-of-use Lease Assets and Lease Liabilities | Right-of-use Lease Assets and Lease Liabilities : The Company is a lessee of (i) land under non-cancellable operating leases and (ii) office space for certain management offices and its corporate offices. Rental expense associated with land and office space that the Company leases under non-cancellable operating leases is recorded on a straight-line basis over the term of each lease. On January 1, 2019, the Company began recognizing lease liabilities and ROU assets for long-term ground and office leases where it is the lessee in connection with the Company’s adoption of Accounting Standards Update (ASU) 2016-02, Leases . The lease liability is calculated by discounting future lease payments by the Company’s incremental borrowing rate, which is determined through consideration of (i) the Company’s entity-specific risk premium, (ii) observable market interest rates and (iii) lease term. The ROU asset is initially measured as the same amount as the lease liability and presented net of the Company’s existing straight-line ground rent liabilities and acquired ground lease intangible liability. The lease liability is amortized based on changes in the value of discounted future lease payments and the ROU asset is amortized by the difference in the straight-line lease expense for the period and the change in value of the lease liability. The Company does not (i) include option terms in its future lease payments where they are not reasonably certain to be exercised, (ii) recognize lease liabilities and ROU assets for leases with a term of 12 months or less or (iii) separate non-lease components from lease components for operating leases. |
Gain on Sales of Investment Properties | Gain on Sales of Investment Properties: Beginning January 1, 2018, gains on sale of investment properties are recognized, and the related real estate derecognized, when (i) the parties to the sale contract have approved the contract and are committed to perform their respective obligations; (ii) the Company can identify each party’s rights regarding the property transferred; (iii) the Company can identify the payment terms for the property transferred; (iv) the contract has commercial substance (that is, the risk, timing or amount of the entity’s future cash flows is expected to change as a result of the contract); and (v) the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. Prior to January 1, 2018, profits from sales of real estate were recognized under the full accrual method when the following criteria were met: (i) a sale was consummated; (ii) the buyer’s initial and continuing investments were adequate to demonstrate a commitment to pay for the property; (iii) the Company’s receivable, if applicable, was not subject to future subordination; (iv) the Company had transferred to the buyer the usual risks and rewards of ownership; and (v) the Company did not have substantial continuing involvement with the property. The Company sold two , 10 and 47 consolidated investment properties during the years ended December 31, 2019 , 2018 and 2017 , respectively. Refer to Note 4 to the consolidated financial statements for further discussion. |
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. The Company 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, net” in the accompanying consolidated balance sheets. |
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 2016 through 2019 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’s chief operating decision maker evaluates the collective performance of its properties. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements – Prior to 2020 Effective January 1, 2019, the Company adopted ASU 2016-02, Leases . This new guidance, including related ASUs that were subsequently issued, requires lessees to recognize a liability to make lease payments and a right-of-use lease (ROU) asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees are permitted to make an accounting policy election, by class of underlying asset, to not recognize lease liabilities and lease assets. The guidance allows lessees and lessors to make an accounting policy election, by class of underlying asset, to not separate non-lease components from lease components. The guidance also provides an optional transition method that would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary, and provides a package of three practical expedients whereby companies are not required to reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification (operating vs. capital/financing leases) for any expired or existing leases and (iii) initial direct costs for any existing leases (Package of Three Practical Expedients), as well as practical expedients whereby companies are not required to reassess whether land easements contain a lease and can use hindsight in determining the lease term and assessing impairment of the ROU asset. The guidance requires changes in collectibility of operating lease receivables to be presented as an adjustment to revenue rather than the previous presentation within “Operating expenses” on the consolidated statements of operations and other comprehensive (loss) income. Finally, only incremental direct leasing costs may be capitalized under the new guidance, which is consistent with our previous policies. The Company adopted this new guidance on January 1, 2019, applied the requirements as of that date, made an accounting policy election to not separate non-lease components from lease components for all classes of assets, and elected the Package of Three Practical Expedients as well as the practical expedient related to not reassessing whether land easements contain a lease. The Company did not elect the practical expedient related to hindsight for determining the lease term or assessing impairment of ROU assets. There was no retained earnings adjustment as a result of the adoption. The guidance regarding capitalization of leasing costs did not have any effect on the Company’s consolidated financial statements. Upon adoption, the Company recognized lease liabilities and ROU assets of $103,432 for operating leases where it is the lessee related to long-term ground leases and office leases, which are presented as “Right-of-use lease assets” and “Lease liabilities” in the accompanying consolidated balance sheets. The ROU assets are presented net of the Company’s existing straight-line ground rent liabilities of $31,030 and acquired ground lease intangible liability of $11,898 as of January 1, 2019. For leases with a term of 12 months or less, the Company made an accounting policy election to not recognize lease liabilities and lease assets. For leases where the Company is the lessor, as noted above, the Company made an accounting policy election to not separate non-lease components from lease components for all classes of assets and have presented all lease-related revenues in a single line item, “Lease income,” rather than the previous presentation that separated revenues between “Rental income,” “Tenant recovery income” and “Other property income” in the consolidated statements of operations and other comprehensive (loss) income for the current and comparative periods. This resulted in the reclassification of (i) $370,638 and $414,804 of revenue previously presented as “Rental income,” (ii) $105,170 and $115,944 of revenue previously presented as “Tenant recovery income” and (iii) $6,689 and $7,391 of revenue previously presented as “Other property income” for the years ended December 31, 2018 and 2017, respectively, into “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. In addition, the Company began recording changes in collectibility of operating lease receivables as an adjustment to “Lease income” in the accompanying consolidated statements of operations and other comprehensive (loss) income. For the years ended December 31, 2018 and 2017, changes in collectibility of operating lease receivables are presented within “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Effective January 1, 2019, the Company adopted ASU 2018-16, Derivatives and Hedging , due to its early adoption of ASU 2017-12, Derivatives and Hedging . This new guidance permits use of the Overnight Index Swap (OIS) Rate based on the Secured Overnight Financing Rate (SOFR) as a U.S. benchmark interest rate for hedge accounting purposes. SOFR represents the fifth permissible U.S. benchmark rate in addition to the following current eligible benchmark interest rates: (i) direct Treasury obligations of the U.S. government (UST), (ii) the London Interbank Offered Rate (LIBOR) swap rate, (iii) the OIS Rate based on the Fed Funds Effective Rate and (iv) the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. The adoption of this pronouncement did not have any effect on the Company’s consolidated financial statements as the Company did not change its benchmark rate. Recently Adopted Accounting Pronouncements – 2020 In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This new guidance was effective January 1, 2020 and replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. Financial assets that are measured at amortized cost are required to be presented at the net amount expected to be collected with an allowance for credit losses deducted from the amortized cost basis. In addition, an entity must consider broader information in developing its expected credit loss estimate, including the use of forecasted information. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments – Credit Losses , which clarifies that receivables arising from operating leases are not within the scope of this new guidance. Generally, the pronouncement requires a modified retrospective method of adoption. The adoption of this pronouncement on January 1, 2020 did not have any effect on the Company’s consolidated financial statements as it did not have any financial assets within the scope of this guidance. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement . This new guidance was effective January 1, 2020 and provides new and, in some cases, eliminates or modifies the existing disclosure requirements on fair value measurements. Public entities are now required to disclose the following: (i) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (ii) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. In addition, public entities are no longer required to disclose the following: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (ii) the policy for timing of transfers between levels and (iii) the valuation processes for Level 3 fair value measurements. The new pronouncement also clarifies and modifies certain existing provisions to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and clarifies that materiality is an appropriate consideration when evaluating disclosure requirements. As permitted by the new pronouncement, the Company removed the discussion of its valuation processes for Level 3 fair value measurements. The Company did not remove any other disclosures as it did not have any transfers between levels of the fair value hierarchy during the current and comparative periods. The adoption of this pronouncement on January 1, 2020 did not have any effect on the Company’s consolidated financial statements. The amended disclosure guidance will be applied prospectively. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of property ownership | The Company’s property ownership as of December 31, 2019 is summarized below: Property Count Retail operating properties 104 Expansion and redevelopment projects: Circle East (a) 1 One Loudoun Downtown – Pads G & H (b) — Carillon 1 Total number of properties 106 (a) The redevelopment at Circle East is no longer combined with the Company’s neighboring property Towson Square, which increased the Company’s redevelopment property count by one . There was no change to the property count of retail operating properties as Towson Square remains within the Company’s retail operating portfolio. (b) The operating portion of this property is included within the property count for retail operating properties. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 : 2020 2021 2022 2023 2024 Thereafter Total Amortization of: Acquired above market lease intangibles (a) $ 1,910 $ 1,418 $ 1,150 $ 1,010 $ 772 $ 2,393 $ 8,653 Acquired in-place lease value intangibles (a) 10,461 9,471 8,267 7,105 6,291 29,584 71,179 Acquired lease intangible assets, net (b) $ 12,371 $ 10,889 $ 9,417 $ 8,115 $ 7,063 $ 31,977 $ 79,832 Acquired below market lease intangibles (a) $ (5,513 ) $ (5,147 ) $ (4,830 ) $ (4,600 ) $ (4,384 ) $ (39,104 ) $ (63,578 ) Acquired lease intangible liabilities, net (b) $ (5,513 ) $ (5,147 ) $ (4,830 ) $ (4,600 ) $ (4,384 ) $ (39,104 ) $ (63,578 ) (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 lease 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 $280,530 and $53,018 of accumulated amortization, respectively, as of December 31, 2019 . |
Schedule of investment property impairment charges | Below is a summary of impairment charges recorded during the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Impairment of consolidated properties (a) $ 12,298 $ 2,079 $ 67,003 (a) Included within “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company recorded the following investment property impairment charge during the year ended December 31, 2019: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Streets of Yorktown (a) Multi-tenant retail September 30, 2019 85,200 $ 11,177 King Philip’s Crossing (b) Multi-tenant retail December 31, 2019 105,900 1,121 $ 12,298 Estimated fair value of impaired properties as of impairment date $ 16,944 (a) The Company recorded an impairment charge as a result of a combination of factors, including expected impact on future operating results stemming from anticipated changes in lease terms related to the tenant population and a re-evaluation of the strategic alternatives for the property. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on February 13, 2020. The Company recorded the following investment property impairment charges during the year ended December 31, 2018: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Schaumburg Towers (a) Office Various 895,400 $ 1,116 CVS Pharmacy – Lawton, OK (b) Single-user retail March 31, 2018 10,900 200 Orange Plaza (Golfland Plaza) (c) Multi-tenant retail December 28, 2018 58,200 763 $ 2,079 Estimated fair value of impaired properties as of impairment date $ 85,321 (a) The Company recorded an impairment charge on March 31, 2018 based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of March 31, 2018 and was sold on May 31, 2018, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on April 19, 2018. (c) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on December 28, 2018. The Company recorded the following investment property impairment charges during the year ended December 31, 2017: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Century III Plaza, excluding the Home Depot parcel (a) Multi-tenant retail Various (a) 152,200 $ 3,304 Lakepointe Towne Center (b) Multi-tenant retail June 30, 2017 196,600 9,958 Saucon Valley Square (c) Multi-tenant retail September 30, 2017 80,700 184 Schaumburg Towers (d) Office September 30, 2017 895,400 45,638 High Ridge Crossing (e) Multi-tenant retail December 22, 2017 76,900 3,480 Home Depot Plaza (f) Multi-tenant retail December 31, 2017 135,600 4,439 $ 67,003 Estimated fair value of impaired properties as of impairment date $ 107,400 (a) The Company recorded an impairment charge on June 30, 2017 based upon the terms and conditions of a bona fide purchase offer and additional impairment was recognized upon sale pursuant to the terms and conditions of an executed sales contract. This property was classified as held for sale as of December 31, 2016 and was sold on December 15, 2017. The Home Depot parcel of Century III Plaza was sold on March 15, 2017. (b) 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 June 30, 2017 and was sold on August 4, 2017. (c) 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 September 30, 2017 and was sold on October 27, 2017. (d) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. The property was sold on May 31, 2018. (e) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on December 22, 2017. (f) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on March 20, 2018. |
Acquisitions and Developments_2
Acquisitions and Developments in Progress (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of acquisitions | The Company closed on the following acquisitions during the year ended December 31, 2019: Date Property Name Metropolitan Property Type Square Footage Acquisition Price March 7, 2019 North Benson Center Seattle Multi-tenant retail 70,500 $ 25,340 June 10, 2019 Paradise Valley Marketplace – Parcel Phoenix Land (a) — 1,343 August 13, 2019 Southlake Town Square – Parcel Dallas Single-user parcel (b) 3,100 3,293 73,600 $ 29,976 (c) (a) The Company acquired a parcel adjacent to its Paradise Valley Marketplace multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (b) The Company acquired a single-user parcel at its Southlake Town Square multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (c) Acquisition price does not include capitalized closing costs and adjustments totaling $316 . The Company closed on the following acquisitions during the year ended December 31, 2017: Date Property Name Metropolitan Property Type Square Footage Acquisition Price January 13, 2017 Main Street Promenade (a) Chicago Multi-tenant retail 181,600 $ 88,000 January 25, 2017 Carillon – Fee Interest Washington, D.C. Fee interest (b) — 2,000 February 24, 2017 One Loudoun Downtown – Phase II Washington, D.C. Additional phase of multi-tenant retail (c) 15,900 4,128 April 5, 2017 One Loudoun Downtown – Phase III Washington, D.C. Additional phase of multi-tenant retail (c) 9,800 2,193 May 16, 2017 One Loudoun Downtown – Phase IV Washington, D.C. Development rights (c) — 3,500 July 6, 2017 New Hyde Park Shopping Center New York Multi-tenant retail 32,300 22,075 August 8, 2017 One Loudoun Downtown – Phase V Washington, D.C. Additional phase of multi-tenant retail (c) 17,700 5,167 August 8, 2017 One Loudoun Downtown – Phase VI Washington, D.C. Additional phase of multi-tenant retail (c) 74,100 20,523 December 11, 2017 Plaza del Lago (d) Chicago Multi-tenant retail 100,200 48,300 December 19, 2017 Southlake Town Square – Outparcel Dallas Multi-tenant retail outparcel (e) 12,200 7,029 443,800 $ 202,915 (f) (a) This property was acquired through two consolidated VIEs and was used to facilitate a 1031 Exchange. (b) The multi-tenant retail operating property located in Largo, Maryland was previously subject to an approximately 70 acre long-term ground lease with a third party. The Company completed a transaction whereby it received the fee interest in approximately 50 acres of the underlying land in exchange for which (i) the Company paid $1,939 and (ii) the term of the ground lease with respect to the remaining approximately 20 acres was shortened to nine months . The Company derecognized building and improvements of $11,347 related to the remaining ground lease, recognized the fair value of land received of $15,200 and recorded a gain of $2,524 , which was recognized during the three months ended December 31, 2017 upon the expiration of the ground lease on approximately 20 acres. The total number of properties in the Company’s portfolio was not affected by this transaction. (c) The Company acquired the remaining five phases under contract, including the development rights for an additional 123 residential units for a total of 408 units, at One Loudoun Downtown. The total number of properties in the Company’s portfolio was not affected by these transactions. (d) Plaza del Lago also contained 8,800 square feet of residential space, comprised of 15 multi-family rental units at acquisition, for a total of 109,000 square feet. (e) The Company acquired a multi-tenant retail outparcel located at its Southlake Town Square multi-tenant retail operating property. The total number of properties in the Company’s portfolio was not affected by this transaction. (f) Acquisition price does not include capitalized closing costs and adjustments totaling $2,506 . |
Schedule of acquisition date fair values | The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisitions completed during the years ended December 31, 2019 , 2018 and 2017 discussed above: 2019 2018 2017 Land $ 14,819 $ — $ 50,876 Developments in progress — 25,450 — Building and other improvements, net 13,667 — 148,108 Acquired lease intangible assets (a) 2,040 — 15,608 Acquired lease intangible liabilities (b) (234 ) — (8,095 ) Other liabilities — — (1,076 ) Net assets acquired $ 30,292 $ 25,450 $ 205,421 (a) The weighted average amortization period for acquired lease intangible assets is six years and seven years for acquisitions completed during the years ended December 31, 2019 and 2017, respectively. (b) The weighted average amortization period for acquired lease intangible liabilities is five years and 13 years for acquisitions completed during the years ended December 31, 2019 and 2017, respectively. |
Schedule of developments in progress | The carrying amount of the Company’s developments in progress are as follows: December 31, Property Name MSA 2019 2018 Active expansion and redevelopment projects: Circle East (a) Baltimore $ 33,628 $ 22,383 Plaza del Lago (b) Chicago — 536 One Loudoun Downtown (c) Washington, D.C. 27,868 — Carillon (d) Washington, D.C. 26,407 — 87,903 22,919 Land held for future development: One Loudoun Uptown (e) Washington, D.C. 25,450 25,450 Total developments in progress $ 113,353 $ 48,369 (a) During the year ended December 31, 2018, the Company received net proceeds of $11,820 in connection with the sale of air rights to a third party to develop multi-family rental units at Circle East, which is shown net in the “Developments in progress” balance as of December 31, 2019 and 2018 in the accompanying consolidated balance sheets. (b) During the three months ended September 30, 2019, the Company placed the Plaza del Lago multi-family rental redevelopment project in service and reclassified the related costs from “Developments in progress” into “Building and other improvements” in the accompanying consolidated balance sheets. (c) During the three months ended June 30, 2019, the Company commenced the active development of Pads G & H at One Loudoun Downtown, at which time all predevelopment costs related to the development as well as the Company’s historical basis in the pads were reclassified from “Other assets, net” and “Investment properties,” respectively, to “Developments in progress” in the accompanying consolidated balance sheets. (d) During the three months ended September 30, 2019, the Company commenced the active redevelopment at Carillon, at which time the Company (i) recorded $26,330 of accelerated depreciation related to the write-off of assets taken out of service due to the demolition of existing structures in connection with the redevelopment and (ii) reclassified all predevelopment costs related to the redevelopment as well as the Company’s historical basis in the phases to be developed from “Other assets, net” and “Investment properties,” respectively, to “Developments in progress” in the accompanying consolidated balance sheets. (e) During 2018, the Company acquired One Loudoun Uptown, a 58 -acre land parcel that contains 32 acres that are developable. |
Schedule of variable interest entities | As of December 31, 2019 and 2018 , the Company had recorded the following amounts related to the consolidated joint ventures: December 31, 2019 December 31, 2018 One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total One Loudoun Downtown – Pads G & H Carillon – Phase One Multi-family Rental Carillon – Phase One Medical Office Total Net investment properties $ 8,830 $ 2,940 $ 675 $ 12,445 $ — $ — $ — $ — Other assets, net $ 164 $ — $ — $ 164 $ 579 $ 685 $ — $ 1,264 Other liabilities $ 1,546 $ 32 $ 129 $ 1,707 $ 165 $ 263 $ — $ 428 Noncontrolling interests $ 1,869 $ 1,454 $ 273 $ 3,596 $ 207 $ 211 $ — $ 418 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property dispositions | The Company closed on the following dispositions during the year ended December 31, 2019: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain March 8, 2019 Edwards Multiplex – Fresno (b) Single-user retail 94,600 $ 25,850 $ 21,605 $ 8,449 June 28, 2019 North Rivers Towne Center Multi-tenant retail 141,500 18,900 17,989 6,881 236,100 $ 44,750 $ 39,594 $ 15,330 (a) Aggregate proceeds are net of transaction costs. (b) Prior to the disposition, the Company was subject to a ground lease whereby it leased the underlying land from a third party. The ground lease was assumed by the purchaser in connection with the disposition. The Company closed on the following dispositions during the year ended December 31, 2018: Date Property Name Property Type Square Footage Consideration Aggregate Proceeds, Net (a) Gain January 19, 2018 Crown Theater Single-user retail 74,200 $ 6,900 $ 6,350 $ 2,952 February 15, 2018 Cranberry Square Multi-tenant retail 195,200 23,500 23,163 10,174 March 7, 2018 Rite Aid Store (Eckerd)–Crossville, TN Single-user retail 13,800 1,800 1,768 157 March 20, 2018 Home Depot Plaza (b) Multi-tenant retail 135,600 16,250 15,873 — March 21, 2018 Governor's Marketplace (c) Multi-tenant retail 243,100 23,500 22,400 8,836 March 28, 2018 Stony Creek I & Stony Creek II (d) Multi-tenant retail 204,800 32,800 32,078 11,628 April 19, 2018 CVS Pharmacy – Lawton, OK Single-user retail 10,900 1,600 1,596 — May 31, 2018 Schaumburg Towers Office 895,400 86,600 73,315 — December 28, 2018 Orange Plaza (Golfland Plaza) Multi-tenant retail 58,200 8,450 7,566 — 1,831,200 $ 201,400 $ 184,109 $ 33,747 (a) Aggregate proceeds are net of transaction costs, as well as capital and tenant-related costs credited to the buyer at close, as applicable, and exclude $169 of condemnation proceeds, which did not result in any additional gain recognition. (b) The Company repaid a $10,750 mortgage payable in conjunction with the disposition of the property. (c) The Company recorded an additional gain on sale of $1,407 during the three months ended September 30, 2018 upon satisfaction of performance obligations associated with escrow agreements executed upon disposition of the property. (d) The terms of the disposition of Stony Creek I and Stony Creek II were negotiated as a single transaction. |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of unvested restricted shares and restricted stock units | The following table summarizes the Company’s unvested RSUs as of and for the years ended December 31, 2017 , 2018 and 2019 : Unvested RSUs Weighted Average Grant Date Fair Value per RSU RSUs eligible for future conversion as of January 1, 2017 391 $ 14.02 RSUs granted (a) 253 $ 15.52 RSUs ineligible for conversion (89 ) $ 14.68 RSUs eligible for future conversion as of December 31, 2017 555 $ 14.60 RSUs granted (b) 291 $ 14.36 Conversion of RSUs to common stock and restricted shares (c) (141 ) $ 14.10 RSUs ineligible for conversion (56 ) $ 15.36 RSUs eligible for future conversion as of December 31, 2018 649 $ 14.54 RSUs granted (d) 382 $ 10.98 Conversion of RSUs to common stock and restricted shares (e) (192 ) $ 13.74 RSUs eligible for future conversion as of December 31, 2019 (f) (g) 839 $ 13.10 (a) Assumptions and inputs as of the grant date included a risk-free interest rate of 1.50% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s common stock dividend yield of 4.32% . (b) Assumptions and inputs as of the grant dates included a weighted average risk-free interest rate of 2.04% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s weighted average common stock dividend yield of 5.00% . (c) On February 5, 2018, 141 RSUs converted into 42 shares of common stock and 65 restricted shares that vested on December 31, 2018, after applying a conversion rate of 76% based upon the Company’s TSR relative to the TSRs of its Peer Companies, for the performance period that concluded on December 31, 2017. An additional 16 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. (d) Assumptions and inputs as of the grant date included a risk-free interest rate of 2.47% , the Company’s historical common stock performance relative to the peer companies within the NAREIT Shopping Center Index and the Company’s common stock dividend yield of 6.07% . (e) On February 4, 2019, 192 RSUs converted into 82 shares of common stock and 125 restricted shares that vested on December 31, 2019, after applying a conversion rate of 107.5% based upon the Company’s TSR relative to the TSRs of its Peer companies, for the performance period that concluded on December 31, 2018. An additional 29 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. (f) As of December 31, 2019 , total unrecognized compensation expense related to unvested RSUs was $4,856 , which is expected to be amortized over a weighted average term of 1.9 years . (g) Subsequent to December 31, 2019 , 196 RSUs converted into 105 shares of common stock and 175 restricted shares with a one year vesting term after applying a conversion rate of 142.5% based upon the Company’s TSR relative to the TSRs of its Peer Companies, for the performance period that concluded on December 31, 2019. An additional 43 shares of common stock were also issued representing the dividends that would have been paid on the earned awards during the performance period. The following table summarizes the Company’s unvested restricted shares as of and for the years ended December 31, 2017 , 2018 and 2019 : Unvested Restricted Shares Weighted Average Grant Date Fair Value per Restricted Share Balance as of January 1, 2017 542 $ 15.28 Shares granted (a) 285 $ 14.60 Shares vested (291 ) $ 15.44 Shares forfeited (40 ) $ 15.12 Balance as of December 31, 2017 496 $ 14.81 Shares granted (a) 382 $ 12.81 Shares vested (426 ) $ 14.52 Shares forfeited (12 ) $ 13.26 Balance as of December 31, 2018 440 $ 13.40 Shares granted (a) 469 $ 12.22 Shares vested (358 ) $ 13.29 Shares forfeited (16 ) $ 12.77 Balance as of December 31, 2019 (b) 535 $ 12.46 (a) Shares granted in 2017 , 2018 and 2019 vest over periods ranging from one year to three years , 0.9 years to three years and 0.9 years to three years , respectively, in accordance with the terms of applicable award agreements. (b) As of December 31, 2019 , total unrecognized compensation expense related to unvested restricted shares was $2,052 , which is expected to be amortized over a weighted average term of 1.2 years . |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease income | Lease income related to the Company’s operating leases is comprised of the following: Year Ended December 31, 2019 2018 2017 Lease income related to fixed lease payments $ 362,866 $ 361,909 $ 406,923 Lease income related to variable lease payments 116,928 116,141 128,968 Other (a) 1,892 4,447 2,248 Lease income $ 481,686 $ 482,497 $ 538,139 (a) For the year ended December 31, 2019, “Other” is comprised of revenue adjustments related to changes in collectibility and amortization of above and below market lease intangibles and lease inducements. For the years ended December 31, 2018 and 2017, “Other” is comprised of amortization of above and below market lease intangibles and lease inducements. |
Schedule of lease payments to be received under operating leases (new lease accounting standard) | As of December 31, 2019, undiscounted lease payments to be received under operating leases, excluding 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, for the next five years and thereafter are as follows: Lease Payments 2020 $ 363,222 2021 327,131 2022 279,283 2023 230,164 2024 175,781 Thereafter 556,877 Total $ 1,932,458 |
Schedule of lease payments to be received under operating leases (previous lease accounting standard) | As of December 31, 2018, undiscounted lease payments to be received under operating leases, excluding 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, were as follows: Lease Payments 2019 $ 351,145 2020 314,081 2021 274,135 2022 227,417 2023 180,199 Thereafter 569,758 Total $ 1,916,735 |
Schedule of rent expense | The following table summarizes total lease costs recognized during the period, including variable lease payments which were not significant, and non-cash rent expense. Lease costs recognized during the year ended December 31, 2019 are presented under the new lease accounting standard and lease costs recognized during the years ended December 31, 2018 and 2017 are presented under the standard in effect prior to the Company’s adoption of ASU 2016-02. Year Ended December 31, 2019 2018 2017 Ground lease rent expense (a) $ 6,395 $ 7,638 $ 9,188 Office rent expense (b) $ 1,133 $ 1,137 $ 1,311 Office rent costs capitalized (c) $ 181 $ 156 $ — (a) Included within “Operating expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. Includes non-cash ground rent expense of $1,356 , $2,404 and $2,710 for the years ended December 31, 2019 , 2018 and 2017 , respectively. (b) Office rent related to property management operations is included within “Operating expenses” and office rent related to corporate office operations is included within “General and administrative expenses” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company has elected to not record a lease liability/ROU asset for leases with a term of less than 12 months. Office rent expense for the year ended December 31, 2019 includes $29 of short-term lease costs. (c) Office rent costs incurred as an indirect cost related to redevelopment projects are capitalized as a cost of the redevelopment project. |
Schedule of future rental obligations to be paid under ground and office leases (new lease accounting standard) | As of December 31, 2019 , undiscounted future rental obligations to be paid under the long-term ground and office leases, including fixed rental increases, for the next five years and thereafter are as follows: Lease Obligations 2020 $ 6,152 2021 6,283 2022 6,155 2023 6,102 2024 5,698 Thereafter 247,798 Total $ 278,188 Adjustment for discounting (187,059 ) Lease liabilities as of December 31, 2019 $ 91,129 |
Schedule of future rental obligations to be paid under ground and office leases (previous lease accounting standard) | As of December 31, 2018, future rental obligations to be paid under the ground and office leases, including fixed rental increases, were as follows: Lease Obligations 2019 $ 6,448 2020 6,656 2021 6,716 2022 6,761 2023 6,769 Thereafter 279,916 Total $ 313,266 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable: December 31, 2019 December 31, 2018 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) $ 94,904 4.37 % 5.1 $ 205,450 4.65 % 4.5 Premium, net of accumulated amortization — 775 Discount, net of accumulated amortization (493 ) (536 ) Capitalized loan fees, net of accumulated amortization (256 ) (369 ) Mortgages payable, net $ 94,155 $ 205,320 (a) The fixed rate mortgages had interest rates ranging from 3.75% to 7.48% as of December 31, 2019 and 2018 . |
Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable: December 31, 2019 December 31, 2018 Unsecured Notes Payable Maturity Date Principal Balance Interest Rate/ Weighted Average Interest Rate Principal Interest Rate/ Senior notes – 4.12% due 2021 June 30, 2021 $ 100,000 4.12 % $ 100,000 4.12 % Senior notes – 4.58% 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 % 250,000 4.00 % Senior notes – 4.08% due 2026 September 30, 2026 100,000 4.08 % 100,000 4.08 % Senior notes – 4.24% due 2028 December 28, 2028 100,000 4.24 % 100,000 4.24 % Senior notes – 4.82% due 2029 June 28, 2029 100,000 4.82 % — — % 800,000 4.27 % 700,000 4.19 % Discount, net of accumulated amortization (616 ) (734 ) Capitalized loan fees, net of accumulated amortization (3,137 ) (2,904 ) Total $ 796,247 $ 696,362 |
Summary of unsecured term loans and revolving line of credit | The following table summarizes the Company’s unsecured term loans and revolving line of credit: December 31, 2019 December 31, 2018 Maturity Date Balance Interest Rate Balance Interest Rate Unsecured credit facility term loan due 2021 – fixed rate (a) January 5, 2021 $ 250,000 3.20 % $ 250,000 3.20 % Unsecured term loan due 2023 – fixed rate (b) November 22, 2023 200,000 4.05 % 200,000 4.05 % Unsecured term loan due 2024 – fixed rate (c) July 17, 2024 120,000 2.88 % — — % Unsecured term loan due 2026 – fixed rate (d) July 17, 2026 150,000 3.27 % — — % Subtotal 720,000 450,000 Capitalized loan fees, net of accumulated amortization (3,477 ) (2,633 ) Term loans, net $ 716,523 $ 447,367 Unsecured credit facility revolving line of credit – variable rate (e) April 22, 2022 $ 18,000 2.85 % $ 273,000 3.57 % (a) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through January 5, 2021. The applicable credit spread was 1.20% as of December 31, 2019 and 2018 . (b) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.20% as of December 31, 2019 and 2018 . (c) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of December 31, 2019 . (d) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.50% as of December 31, 2019 . (e) Excludes capitalized loan fees, which are included in “Other assets, net” in the accompanying consolidated balance sheets. |
Summary of unsecured credit facility | The following table summarizes the key terms of the Unsecured Credit Facility: Leverage-Based Pricing Investment Grade Pricing Unsecured Credit Facility Maturity Date Extension Option Extension Fee Credit Spread Facility Fee Credit Spread Facility Fee $250,000 unsecured term loan due 2021 1/5/2021 N/A N/A 1.20%–1.70% N/A 0.90%–1.75% N/A $850,000 unsecured revolving line of credit 4/22/2022 2-six month 0.075% 1.05%–1.50% 0.15%–0.30% 0.825%–1.55% 0.125%–0.30% |
Summary of unsecured term loans | The following table summarizes the key terms of the unsecured term loans: Unsecured Term Loans Maturity Date Leverage-Based Pricing Credit Spread Investment Grade Pricing Credit Spread $200,000 unsecured term loan due 2023 11/22/2023 1.20 % – 1.85% 0.85 % – 1.65% $120,000 unsecured term loan due 2024 7/17/2024 1.20 % – 1.70% 0.80 % – 1.65% $150,000 unsecured term loan due 2026 7/17/2026 1.50 % – 2.20% 1.35 % – 2.25% |
Summary of scheduled maturities and principal amortization of indebtedness | The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of December 31, 2019 , 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 2020 debt activity. 2020 2021 2022 2023 2024 Thereafter Total Debt: Fixed rate debt: Mortgages payable (a) $ 2,494 $ 2,626 $ 26,678 $ 31,758 $ 1,737 $ 29,611 $ 94,904 Fixed rate term loans (b) — 250,000 — 200,000 120,000 150,000 720,000 Unsecured notes payable (c) — 100,000 — — 150,000 550,000 800,000 Total fixed rate debt 2,494 352,626 26,678 231,758 271,737 729,611 1,614,904 Variable rate debt: Variable rate revolving line of credit — — 18,000 — — — 18,000 Total debt (d) $ 2,494 $ 352,626 $ 44,678 $ 231,758 $ 271,737 $ 729,611 $ 1,632,904 Weighted average interest rate on debt: Fixed rate debt 4.38 % 3.47 % 4.81 % 4.06 % 3.83 % 4.02 % 3.89 % Variable rate debt (e) — — 2.85 % — — — 2.85 % Total 4.38 % 3.47 % 4.02 % 4.06 % 3.83 % 4.02 % 3.88 % (a) Excludes mortgage discount of $(493) and capitalized loan fees of $(256) , net of accumulated amortization, as of December 31, 2019 . (b) Excludes capitalized loan fees of $(3,477) , net of accumulated amortization, as of December 31, 2019 . The following variable rate term loans have been swapped to fixed rate debt: (i) $250,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.00% plus a credit spread based on a leverage grid through January 5, 2021; (ii) $200,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (iii) $120,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iv) $150,000 of LIBOR -based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of December 31, 2019 , the applicable credit spread for (i), (ii) and (iii) was 1.20% and for (iv) was 1.50% . (c) Excludes discount of $(616) and capitalized loan fees of $(3,137) , net of accumulated amortization, as of December 31, 2019 . (d) The weighted average years to maturity of consolidated indebtedness was 4.7 years as of December 31, 2019 . (e) Represents interest rate as of December 31, 2019 . |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table summarizes the Company’s interest rate swaps as of December 31, 2019 , which effectively convert one-month floating rate LIBOR to a fixed rate: Number of Instruments Effective Date Notional Fixed Interest Rate Maturity Date Three December 29, 2017 $ 250,000 2.00 % January 5, 2021 Two November 23, 2018 $ 200,000 2.85 % November 22, 2023 Three August 15, 2019 $ 120,000 1.68 % July 17, 2024 Three August 15, 2019 $ 150,000 1.77 % July 17, 2026 |
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, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Interest rate swaps 11 5 $ 720,000 $ 450,000 |
Schedule of estimated fair value of derivative instruments | The table below presents the estimated fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheets. The valuation techniques used are described in Note 13 to the consolidated financial statements. Derivatives December 31, 2019 December 31, 2018 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other assets, net $ — Other assets, net $ 2,324 Interest rate swaps Other liabilities $ 12,288 Other liabilities $ 3,846 |
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 (loss) income for the years ended December 31, 2019 and 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Other Comprehensive Income on Derivative Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income Amount of Loss (Gain) Reclassified from AOCI into Income Total Interest Expense 2019 2018 2019 2018 2019 2018 Interest rate swaps $ 11,080 $ 1,567 Interest expense $ 314 $ (1,041 ) $ 76,571 $ 73,746 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of common stock repurchase activity | The following table presents activity under the Company’s common stock repurchase program during the years ended December 31, 2019 , 2018 and 2017 : Number of Common Shares Repurchased Average Price per Share Total Repurchases Year to date December 31, 2019 — $ — $ — Year to date December 31, 2018 6,341 $ 11.80 $ 74,952 Year to date December 31, 2017 17,683 $ 12.82 $ 227,102 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Numerator: Net income $ 32,397 $ 77,640 $ 251,491 Preferred stock dividends — — (13,867 ) Net income attributable to common shareholders 32,397 77,640 237,624 Earnings allocated to unvested restricted shares (405 ) (339 ) (513 ) Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 31,992 $ 77,301 $ 237,111 Denominator: Denominator for earnings per common share – basic: Weighted average number of common shares outstanding 212,948 (a) 217,830 (b) 230,747 (c) Effect of dilutive securities: Stock options — (d) — (d) 1 (d) RSUs 250 (e) 401 (f) 179 (g) Denominator for earnings per common share – diluted: Weighted average number of common and common equivalent shares outstanding 213,198 218,231 230,927 (a) Excludes 535 shares of unvested restricted common stock as of December 31, 2019 , which equate to 645 shares on a weighted average basis for the year ended December 31, 2019 . These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b) Excludes 440 shares of unvested restricted common stock as of December 31, 2018 , which equate to 535 shares on a weighted average basis for the year ended December 31, 2018 . 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 496 shares of unvested restricted common stock as of December 31, 2017 , which equate to 537 shares on a weighted average basis for the year ended December 31, 2017 . 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 16 , 22 and 38 shares of common stock as of December 31, 2019 , 2018 and 2017 , respectively, at a weighted average exercise price of $15.87 , $17.34 and $18.85 , respectively. Of these totals, outstanding options to purchase 12 , 18 and 32 shares of common stock as of December 31, 2019 , 2018 and 2017 , respectively, at a weighted average exercise price of $17.25 , $18.58 and $20.19 , respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (e) As of December 31, 2019 , there were 839 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the consolidated financial statements), which equate to 837 RSUs on a weighted average basis for the year ended December 31, 2019 . These contingently issuable shares are a component of calculating diluted EPS. (f) As of December 31, 2018 , there were 649 RSUs eligible for future conversion upon completion of the performance periods, which equate to 658 RSUs on a weighted average basis for the year ended December 31, 2018 . These contingently issuable shares are a component of calculating diluted EPS. (g) As of December 31, 2017 , there were 555 RSUs eligible for future conversion upon completion of the performance periods, which equate to 617 RSUs on a weighted average basis for the year ended December 31, 2017 . These contingently issuable shares are a component of calculating diluted EPS. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities | The Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: 2019 2018 Deferred tax assets: Basis difference in properties $ 2 $ 2 Capital loss carryforward 3,939 3,939 Net operating loss carryforward 6,174 6,170 Other 467 467 Gross deferred tax assets 10,582 10,578 Less: valuation allowance (10,582 ) (10,578 ) Total deferred tax assets — — Deferred tax liabilities: Other — — Net deferred tax assets $ — $ — |
Reconciliation of net income to REIT 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, 2019 , 2018 and 2017 : 2019 2018 2017 Net income attributable to the Company $ 32,397 $ 77,640 $ 251,491 Book/tax differences 91,144 588 (59,220 ) REIT taxable income subject to 90% dividend requirement $ 123,541 $ 78,228 $ 192,271 |
Schedule of dividends paid deduction | The Company’s dividends paid deduction for the years ended December 31, 2019 , 2018 and 2017 is summarized below: 2019 2018 2017 Distributions $ 141,172 $ 116,725 $ 192,271 Less: non-dividend distributions (17,630 ) (38,497 ) — Total dividends paid deduction attributable to earnings and profits $ 123,542 $ 78,228 $ 192,271 |
Schedule of tax characterization of distributions paid per share | A summary of the tax characterization per share of the distributions to shareholders of the Company’s preferred stock and common stock for the years ended December 31, 2019 , 2018 and 2017 follows: 2019 2018 2017 Preferred stock Ordinary dividends $ — $ — $ 1.62 Capital gain distributions — — 0.07 Total distributions per share $ — $ — $ 1.69 Common stock Ordinary dividends (a) $ 0.58 $ 0.36 $ 0.76 Non-dividend distributions 0.08 0.17 — Capital gain distributions — — 0.03 Total distributions per share $ 0.66 $ 0.53 $ 0.79 (a) The 2019 and 2018 ordinary dividends are qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Code. |
Provision for Impairment of I_2
Provision for Impairment of Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Schedule of identified impairment indicators | The following table summarizes the results of these analyses as of December 31, 2019 and 2017: December 31, 2019 2017 Number of properties for which indicators of impairment were identified 1 6 (a) Less: number of properties for which an impairment charge was recorded 1 1 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 Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary — 4 Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (b) N/A 14 % (a) Includes five properties which have subsequently been sold as of December 31, 2019 . (b) Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed. |
Schedule of investment property impairment charges | Below is a summary of impairment charges recorded during the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Impairment of consolidated properties (a) $ 12,298 $ 2,079 $ 67,003 (a) Included within “Provision for impairment of investment properties” in the accompanying consolidated statements of operations and other comprehensive (loss) income. The Company recorded the following investment property impairment charge during the year ended December 31, 2019: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Streets of Yorktown (a) Multi-tenant retail September 30, 2019 85,200 $ 11,177 King Philip’s Crossing (b) Multi-tenant retail December 31, 2019 105,900 1,121 $ 12,298 Estimated fair value of impaired properties as of impairment date $ 16,944 (a) The Company recorded an impairment charge as a result of a combination of factors, including expected impact on future operating results stemming from anticipated changes in lease terms related to the tenant population and a re-evaluation of the strategic alternatives for the property. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on February 13, 2020. The Company recorded the following investment property impairment charges during the year ended December 31, 2018: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Schaumburg Towers (a) Office Various 895,400 $ 1,116 CVS Pharmacy – Lawton, OK (b) Single-user retail March 31, 2018 10,900 200 Orange Plaza (Golfland Plaza) (c) Multi-tenant retail December 28, 2018 58,200 763 $ 2,079 Estimated fair value of impaired properties as of impairment date $ 85,321 (a) The Company recorded an impairment charge on March 31, 2018 based upon the terms and conditions of an executed sales contract. This property was classified as held for sale as of March 31, 2018 and was sold on May 31, 2018, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. (b) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on April 19, 2018. (c) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on December 28, 2018. The Company recorded the following investment property impairment charges during the year ended December 31, 2017: Property Name Property Type Impairment Date Square Footage Provision for Impairment of Investment Properties Century III Plaza, excluding the Home Depot parcel (a) Multi-tenant retail Various (a) 152,200 $ 3,304 Lakepointe Towne Center (b) Multi-tenant retail June 30, 2017 196,600 9,958 Saucon Valley Square (c) Multi-tenant retail September 30, 2017 80,700 184 Schaumburg Towers (d) Office September 30, 2017 895,400 45,638 High Ridge Crossing (e) Multi-tenant retail December 22, 2017 76,900 3,480 Home Depot Plaza (f) Multi-tenant retail December 31, 2017 135,600 4,439 $ 67,003 Estimated fair value of impaired properties as of impairment date $ 107,400 (a) The Company recorded an impairment charge on June 30, 2017 based upon the terms and conditions of a bona fide purchase offer and additional impairment was recognized upon sale pursuant to the terms and conditions of an executed sales contract. This property was classified as held for sale as of December 31, 2016 and was sold on December 15, 2017. The Home Depot parcel of Century III Plaza was sold on March 15, 2017. (b) 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 June 30, 2017 and was sold on August 4, 2017. (c) 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 September 30, 2017 and was sold on October 27, 2017. (d) The Company recorded an impairment charge based upon the terms and conditions of a bona fide purchase offer. The property was sold on May 31, 2018. (e) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on December 22, 2017. (f) The Company recorded an impairment charge based upon the terms and conditions of an executed sales contract. The property was sold on March 20, 2018. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Financial assets: Derivative asset $ — $ — $ 2,324 $ 2,324 Financial liabilities: Mortgages payable, net $ 94,155 $ 98,082 $ 205,320 $ 208,173 Unsecured notes payable, net $ 796,247 $ 822,883 $ 696,362 $ 671,492 Unsecured term loans, net $ 716,523 $ 720,000 $ 447,367 $ 449,266 Unsecured revolving line of credit $ 18,000 $ 18,000 $ 273,000 $ 272,553 Derivative liability $ 12,288 $ 12,288 $ 3,846 $ 3,846 |
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, 2019 Derivative liability $ — $ 12,288 $ — $ 12,288 December 31, 2018 Derivative asset $ — $ 2,324 $ — $ 2,324 Derivative liability $ — $ 3,846 $ — $ 3,846 |
Schedule of assets measured at fair value on a nonrecurring basis | The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2019 , 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 as a result of impairment charges recorded during the year ended December 31, 2019 . Methods and assumptions used to estimate the fair value of this asset are described after the table. The Company did not remeasure any assets to fair value on a nonrecurring basis as of December 31, 2018. Fair Value Level 1 Level 2 Level 3 Total Provision for Impairment December 31, 2019 Investment properties $ — $ 11,644 (a) $ 5,300 (b) $ 16,944 $ 12,298 (a) Represents the fair value of the Company’s King Philip’s Crossing investment property as of December 31, 2019, the date the asset was measured at fair value. The estimated fair value of King Philip’s Crossing was based upon the expected sales price from an executed sales contract and determined to be a Level 2 input. (b) Represents the fair value of the Company’s Streets of Yorktown investment property as of September 30, 2019, the date the asset was measured at fair value. The estimated fair value of Streets of Yorktown was 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. The discount rates and third-party comparable sales prices used in this approach are derived from property-specific information, market transactions and other industry data and are considered significant inputs to this valuation. The reversion value of the property was based upon third-party comparable sales prices, which contain unobservable inputs used by these third parties. A weighted average discount rate of 6.89% was used to (i) present value the estimated income stream over the estimated holding period and (ii) present value the reversion value. |
Schedule of financial liabilities measured at fair value for disclosure purposes | 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. Fair Value Level 1 Level 2 Level 3 Total December 31, 2019 Mortgages payable, net $ — $ — $ 98,082 $ 98,082 Unsecured notes payable, net $ 255,965 $ — $ 566,918 $ 822,883 Unsecured term loans, net $ — $ — $ 720,000 $ 720,000 Unsecured revolving line of credit $ — $ — $ 18,000 $ 18,000 December 31, 2018 Mortgages payable, net $ — $ — $ 208,173 $ 208,173 Unsecured notes payable, net $ 235,788 $ — $ 435,704 $ 671,492 Unsecured term loans, net $ — $ — $ 449,266 $ 449,266 Unsecured revolving line of credit $ — $ — $ 272,553 $ 272,553 The Company estimates the fair value of its Level 3 financial liabilities using a discounted cash flow model that incorporates future contractual principal and interest payments. The Company estimates the fair value of its mortgages payable, net and Level 3 unsecured notes payable, net 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 Company estimates the fair value of its unsecured term loans, net and unsecured revolving line of credit by discounting the anticipated future cash flows at a reference rate, currently one-month LIBOR, plus an applicable credit spread currently offered to the Company by its lenders for similar instruments of comparable maturities. The following rates were used in the discounted cash flow model to calculate the fair value of the Company’s Level 3 financial liabilities: December 31, 2019 December 31, 2018 Mortgages payable, net – range of discount rates used 3.2% to 3.6% 4.2% to 4.4% Unsecured notes payable, net – weighted average discount rate used 3.79% 4.91% Unsecured term loans, net – weighted average credit spread portion of discount rate used 1.26% 1.25% Unsecured revolving line of credit – credit spread portion of discount rate used 1.05% 1.10% |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information (unaudited) | The following table sets forth selected quarterly financial data for the Company: 2019 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 120,817 $ 119,717 $ 118,449 $ 122,703 Net income (loss) $ 16,172 $ (28,153 ) $ 21,170 $ 23,208 Net income (loss) attributable to common shareholders $ 16,172 $ (28,153 ) $ 21,170 $ 23,208 Net income (loss) per common share attributable to common shareholders – basic and diluted $ 0.08 $ (0.13 ) $ 0.10 $ 0.11 Weighted average number of common shares outstanding – basic 212,996 212,995 212,951 212,850 Weighted average number of common shares outstanding – diluted 213,627 212,995 213,090 213,223 2018 Dec 31 Sep 30 Jun 30 Mar 31 Revenues $ 119,354 $ 119,137 $ 119,164 $ 124,842 Net income $ 12,144 $ 12,834 $ 10,882 $ 41,780 Net income attributable to common shareholders $ 12,144 $ 12,834 $ 10,882 $ 41,780 Net income per common share attributable to common shareholders – basic and diluted $ 0.06 $ 0.06 $ 0.05 $ 0.19 Weighted average number of common shares outstanding – basic 214,684 218,808 218,982 218,849 Weighted average number of common shares outstanding – diluted 215,093 219,021 219,410 219,403 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) | 12 Months Ended | |
Dec. 31, 2018agreements | Dec. 31, 2019subsidiaryproperty | |
Real Estate Properties [Line Items] | ||
Number of real estate properties owned | 106 | |
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 | |
Increase in redevelopment property count | 1 | |
Operating properties | Retail | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties owned | 104 | |
Circle East | Redevelopment properties | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties owned | 1 | |
One Loudoun Downtown - Pads G & H | Redevelopment properties | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties owned | 0 | |
Carillon | Redevelopment properties | ||
Real Estate Properties [Line Items] | ||
Number of real estate properties owned | 1 | |
One Loudoun Downtown and Carillon | ||
Real Estate Properties [Line Items] | ||
Number of joint venture agreements | agreements | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | Jan. 01, 2019USD ($) | Dec. 31, 2019USD ($)propertySegments | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property |
Impairment of consolidated properties | $ 12,298 | $ 2,079 | $ 67,003 | |
Occupancy percentage for stabilization | 90.00% | |||
Number of properties held for sale | property | 0 | 0 | ||
Balance in accumulated other comprehensive loss relating to derivatives | $ 12,288 | $ 1,522 | ||
Percentage rent | 2,555 | 3,426 | 4,451 | |
Lease termination fee income | 2,024 | 1,721 | 2,021 | |
Taxes remitted to governmental authorities and reimbursed by tenants | $ 634 | 545 | $ 1,414 | |
Number of properties sold | property | 47 | |||
Number of reportable segments | Segments | 1 | |||
Lease liabilities and ROU assets recognized | $ 103,840 | 0 | $ 0 | |
Straight-line ground rent liabilities | $ 31,030 | |||
Acquired ground lease intangible liability | 11,898 | |||
Rental income | 370,638 | 414,804 | ||
Tenant recovery income | 105,170 | 115,944 | ||
Other property income | 6,689 | 7,391 | ||
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
Total | 79,832 | 97,090 | ||
Total | (63,578) | (86,543) | ||
Acquired in-place lease value intangibles | ||||
Amortization expense | 14,728 | 21,014 | 25,284 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2020 | 10,461 | |||
2021 | 9,471 | |||
2022 | 8,267 | |||
2023 | 7,105 | |||
2024 | 6,291 | |||
Thereafter | 29,584 | |||
Total | 71,179 | |||
Acquired above market lease intangibles | ||||
Amortization expense | 3,197 | 4,403 | 4,696 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2020 | 1,910 | |||
2021 | 1,418 | |||
2022 | 1,150 | |||
2023 | 1,010 | |||
2024 | 772 | |||
Thereafter | 2,393 | |||
Total | 8,653 | |||
Acquired below market lease intangibles | ||||
Amortization expense | 8,626 | 9,870 | 8,009 | |
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2020 | (5,513) | |||
2021 | (5,147) | |||
2022 | (4,830) | |||
2023 | (4,600) | |||
2024 | (4,384) | |||
Thereafter | (39,104) | |||
Total | (63,578) | |||
Acquired ground lease intangibles | ||||
Amortization expense | 560 | 560 | ||
Acquired lease intangible assets, net | ||||
Accumulated amortization, acquired lease intangible assets | 280,530 | |||
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2020 | 12,371 | |||
2021 | 10,889 | |||
2022 | 9,417 | |||
2023 | 8,115 | |||
2024 | 7,063 | |||
Thereafter | 31,977 | |||
Total | 79,832 | |||
Acquired lease intangible liabilities, net | ||||
Accumulated amortization, acquired lease intangible liabilities | 53,018 | |||
Intangible Assets, Amortization Expense, Fiscal Year Maturity | ||||
2020 | (5,513) | |||
2021 | (5,147) | |||
2022 | (4,830) | |||
2023 | (4,600) | |||
2024 | (4,384) | |||
Thereafter | (39,104) | |||
Total | $ (63,578) | |||
Building and associated improvements | ||||
Estimated useful life (in years) | 30 years | |||
Capitalized internal salaries and related benefits | $ 2,685 | 2,032 | 1,187 | |
Site improvements and most other capital improvements | ||||
Estimated useful life (in years) | 15 years | |||
Capitalized internal leasing incentives | ||||
Capitalized internal leasing incentives | $ 359 | 384 | 368 | |
Consolidated properties | ||||
Impairment of consolidated properties | $ 12,298 | $ 2,079 | $ 67,003 | |
Number of properties sold | property | 2 | 10 | 47 | |
Redevelopment properties | ||||
Capitalized internal salaries and related benefits | $ 1,414 | $ 1,123 | $ 268 | |
Capitalized indirect project costs | 3,730 | 2,128 | 1,202 | |
Capitalized interest | $ 1,594 | $ 462 | $ 485 | |
ASU 2016-02 | ||||
Lease liabilities and ROU assets recognized | $ 103,432 |
Acquisitions and Developments_3
Acquisitions and Developments in Progress - Summary of Acquisitions (Details) $ in Thousands | Aug. 13, 2019USD ($)ft² | Jun. 10, 2019USD ($)ft² | Mar. 07, 2019USD ($)ft² | Dec. 19, 2017USD ($)ft² | Dec. 11, 2017USD ($)ft²unit | Aug. 08, 2017USD ($)ft²phase | Jul. 06, 2017USD ($)ft² | May 16, 2017USD ($)ft²unit | Apr. 05, 2017USD ($)ft² | Feb. 24, 2017USD ($)ft² | Jan. 25, 2017USD ($)aft² | Jan. 13, 2017USD ($)ft²VIE | Dec. 31, 2017USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($)ft² |
Business Acquisition [Line Items] | ||||||||||||||||
Gain on exchange of investment property | $ 0 | $ 0 | $ 2,524 | |||||||||||||
North Benson Center | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 70,500 | |||||||||||||||
Purchase price of asset acquisition | $ 25,340 | |||||||||||||||
Paradise Valley Marketplace - Parcel | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 0 | |||||||||||||||
Purchase price of asset acquisition | $ 1,343 | |||||||||||||||
Southlake Town Square - Parcel | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 3,100 | |||||||||||||||
Purchase price of asset acquisition | $ 3,293 | |||||||||||||||
2019 acquisitions | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 73,600 | |||||||||||||||
Purchase price of asset acquisition | $ 29,976 | |||||||||||||||
Capitalized closing costs and adjustments | $ 316 | |||||||||||||||
One Loudoun Uptown | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Purchase price of asset acquisition | 25,000 | |||||||||||||||
Capitalized closing costs and adjustments | $ 450 | |||||||||||||||
Acres of land | a | 58 | |||||||||||||||
Acres of land that are developable | a | 32 | |||||||||||||||
Main Street Promenade | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 181,600 | |||||||||||||||
Purchase price of asset acquisition | $ 88,000 | |||||||||||||||
Carillon - Fee Interest | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 0 | |||||||||||||||
Purchase price of asset acquisition | $ 2,000 | |||||||||||||||
Land subject to ground lease | a | 70 | |||||||||||||||
Fee interest in land acquired | a | 50 | |||||||||||||||
Consideration paid for fee interest in land | $ 1,939 | |||||||||||||||
Remaining land subject to ground lease | a | 20 | |||||||||||||||
Term of ground lease | 9 months | |||||||||||||||
Amount of building and improvements derecognized | $ 11,347 | |||||||||||||||
Fair value of land received | $ 15,200 | |||||||||||||||
Gain on exchange of investment property | $ 2,524 | |||||||||||||||
One Loudoun Downtown - Phase II | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 15,900 | |||||||||||||||
Purchase price of asset acquisition | $ 4,128 | |||||||||||||||
One Loudoun Downtown - Phase III | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 9,800 | |||||||||||||||
Purchase price of asset acquisition | $ 2,193 | |||||||||||||||
One Loudoun Downtown - Phase IV | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 0 | |||||||||||||||
Purchase price of asset acquisition | $ 3,500 | |||||||||||||||
Number of residential units | unit | 123 | |||||||||||||||
New Hyde Park Shopping Center | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 32,300 | |||||||||||||||
Purchase price of asset acquisition | $ 22,075 | |||||||||||||||
One Loudoun Downtown - Phase V | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 17,700 | |||||||||||||||
Purchase price of asset acquisition | $ 5,167 | |||||||||||||||
One Loudoun Downtown - Phase VI | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 74,100 | |||||||||||||||
Purchase price of asset acquisition | $ 20,523 | |||||||||||||||
Plaza del Lago | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 109,000 | |||||||||||||||
Purchase price of asset acquisition | $ 48,300 | |||||||||||||||
Number of residential units | unit | 15 | |||||||||||||||
Southlake Town Square - Outparcel | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 12,200 | |||||||||||||||
Purchase price of asset acquisition | $ 7,029 | |||||||||||||||
2017 acquisitions | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 443,800 | 443,800 | ||||||||||||||
Purchase price of asset acquisition | $ 202,915 | |||||||||||||||
Capitalized closing costs and adjustments | $ 2,506 | |||||||||||||||
One Loudoun Downtown - Phases II through VI | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of phases | phase | 5 | |||||||||||||||
One Loudoun Downtown | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of residential units | unit | 408 | |||||||||||||||
Retail | Plaza del Lago | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 100,200 | |||||||||||||||
Residential | Plaza del Lago | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Square footage | ft² | 8,800 | |||||||||||||||
VIE | Main Street Promenade | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of variable interest entities | VIE | 2 |
Acquisitions and Developments_4
Acquisitions and Developments in Progress - Acquisition Date Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
2019 acquisitions | |||
Acquisition Date Fair Values | |||
Land | $ 14,819 | ||
Developments in progress | 0 | ||
Building and other improvements, net | 13,667 | ||
Acquired lease intangible assets | 2,040 | ||
Acquired lease intangible liabilities | (234) | ||
Other liabilities | 0 | ||
Net assets acquired | $ 30,292 | ||
Weighted average amortization period, acquired lease intangible assets | 6 years | ||
Weighted average amortization period, acquired lease intangible liabilities | 5 years | ||
2018 acquisitions | |||
Acquisition Date Fair Values | |||
Land | $ 0 | ||
Developments in progress | 25,450 | ||
Building and other improvements, net | 0 | ||
Acquired lease intangible assets | 0 | ||
Acquired lease intangible liabilities | 0 | ||
Other liabilities | 0 | ||
Net assets acquired | $ 25,450 | ||
2017 acquisitions | |||
Acquisition Date Fair Values | |||
Land | $ 50,876 | ||
Developments in progress | 0 | ||
Building and other improvements, net | 148,108 | ||
Acquired lease intangible assets | 15,608 | ||
Acquired lease intangible liabilities | (8,095) | ||
Other liabilities | (1,076) | ||
Net assets acquired | $ 205,421 | ||
Weighted average amortization period, acquired lease intangible assets | 7 years | ||
Weighted average amortization period, acquired lease intangible liabilities | 13 years |
Acquisitions and Developments_5
Acquisitions and Developments in Progress - Summary of Developments in Progress (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | |
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Developments in progress | $ 113,353 | $ 48,369 | ||
Aggregate proceeds, net | 44,656 | 197,887 | $ 896,456 | |
Circle East | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Developments in progress | 33,628 | 22,383 | ||
Plaza del Lago | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Developments in progress | 0 | 536 | ||
One Loudoun Downtown | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Developments in progress | 27,868 | 0 | ||
Carillon | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Developments in progress | 26,407 | 0 | ||
Accelerated depreciation | $ 26,330 | |||
Redevelopment properties | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Developments in progress | 87,903 | 22,919 | ||
One Loudoun Uptown | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Land held for future development | $ 25,450 | $ 25,450 | ||
Acres of land | a | 58 | |||
Acres of land that are developable | a | 32 | |||
Circle East, air rights | ||||
Capitalized Costs of Unproved Properties Excluded from Amortization [Line Items] | ||||
Aggregate proceeds, net | $ 11,820 |
Acquisitions and Developments_6
Acquisitions and Developments in Progress - Variable Interest Entities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)agreements | Dec. 31, 2017USD ($)days | Dec. 31, 2019USD ($) | |
One Loudoun Downtown and Carillon | |||
Variable Interest Entity [Line Items] | |||
Number of joint ventures | agreements | 2 | ||
Office | Carillon | |||
Variable Interest Entity [Line Items] | |||
Company's ownership percentage | 95.00% | ||
Multifamily | Carillon | |||
Variable Interest Entity [Line Items] | |||
Company's ownership percentage | 95.00% | ||
Multifamily | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Company's ownership percentage | 90.00% | ||
Net investment properties | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | $ 0 | $ 12,445 | |
Net investment properties | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 8,830 | |
Net investment properties | Office | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 675 | |
Net investment properties | Multifamily | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 2,940 | |
Other assets, net | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 1,264 | 164 | |
Other assets, net | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 579 | 164 | |
Other assets, net | Office | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 0 | |
Other assets, net | Multifamily | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 685 | 0 | |
Other liabilities | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 428 | 1,707 | |
Other liabilities | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 165 | 1,546 | |
Other liabilities | Office | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 129 | |
Other liabilities | Multifamily | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 263 | 32 | |
Noncontrolling interests | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 418 | 3,596 | |
Noncontrolling interests | One Loudoun Downtown - Pads G & H | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 207 | 1,869 | |
Noncontrolling interests | Office | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | 0 | 273 | |
Noncontrolling interests | Multifamily | Carillon | |||
Variable Interest Entity [Line Items] | |||
Development costs incurred | $ 211 | $ 1,454 | |
VIE | |||
Variable Interest Entity [Line Items] | |||
Number of days to complete tax-deferred exchange | days | 180 | ||
VIE | Main Street Promenade | |||
Variable Interest Entity [Line Items] | |||
Amount loaned to VIE for acquisition | $ 87,452 |
Dispositions - Summary of Dispo
Dispositions - Summary of Dispositions (Details) $ in Thousands | Jun. 28, 2019USD ($)ft² | Mar. 08, 2019USD ($)ft² | Dec. 28, 2018USD ($)ft² | May 31, 2018USD ($)ft² | Apr. 19, 2018USD ($)ft² | Mar. 28, 2018USD ($)ft² | Mar. 21, 2018USD ($)ft² | Mar. 20, 2018USD ($)ft² | Mar. 07, 2018USD ($)ft² | Feb. 15, 2018USD ($)ft² | Jan. 19, 2018USD ($)ft² | Sep. 30, 2018USD ($) | Dec. 31, 2019USD ($)ft²unit | Dec. 31, 2018USD ($)ft²unit | Dec. 31, 2017USD ($)ft²property |
Dispositions [Line Items] | |||||||||||||||
Aggregate proceeds, net | $ 44,656 | $ 197,887 | $ 896,456 | ||||||||||||
Gain | $ 18,872 | 37,211 | $ 337,975 | ||||||||||||
Number of properties sold | property | 47 | ||||||||||||||
Edwards Multiplex - Fresno | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 94,600 | ||||||||||||||
Consideration | $ 25,850 | ||||||||||||||
Aggregate proceeds, net | 21,605 | ||||||||||||||
Gain | $ 8,449 | ||||||||||||||
North Rivers Towne Center | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 141,500 | ||||||||||||||
Consideration | $ 18,900 | ||||||||||||||
Aggregate proceeds, net | 17,989 | ||||||||||||||
Gain | $ 6,881 | ||||||||||||||
2019 dispositions | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 236,100 | ||||||||||||||
Consideration | $ 44,750 | ||||||||||||||
Aggregate proceeds, net | 39,594 | ||||||||||||||
Gain | 15,330 | ||||||||||||||
One Loudoun Downtown - Land | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Aggregate proceeds, net | 5,062 | 1,789 | |||||||||||||
Gain | $ 3,542 | $ 1,285 | |||||||||||||
Number of residential units with development rights | unit | 22 | 8 | |||||||||||||
Crown Theater | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 74,200 | ||||||||||||||
Consideration | $ 6,900 | ||||||||||||||
Aggregate proceeds, net | 6,350 | ||||||||||||||
Gain | $ 2,952 | ||||||||||||||
Cranberry Square | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 195,200 | ||||||||||||||
Consideration | $ 23,500 | ||||||||||||||
Aggregate proceeds, net | 23,163 | ||||||||||||||
Gain | $ 10,174 | ||||||||||||||
Rite Aid Store (Eckerd) - Crossville, TN | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 13,800 | ||||||||||||||
Consideration | $ 1,800 | ||||||||||||||
Aggregate proceeds, net | 1,768 | ||||||||||||||
Gain | $ 157 | ||||||||||||||
Home Depot Plaza | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 135,600 | ||||||||||||||
Consideration | $ 16,250 | ||||||||||||||
Aggregate proceeds, net | 15,873 | ||||||||||||||
Gain | 0 | ||||||||||||||
Mortgages payable repaid | $ 10,750 | ||||||||||||||
Governor's Marketplace | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 243,100 | ||||||||||||||
Consideration | $ 23,500 | ||||||||||||||
Aggregate proceeds, net | 22,400 | ||||||||||||||
Gain | $ 8,836 | $ 1,407 | |||||||||||||
Stony Creek I & Stony Creek II | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 204,800 | ||||||||||||||
Consideration | $ 32,800 | ||||||||||||||
Aggregate proceeds, net | 32,078 | ||||||||||||||
Gain | $ 11,628 | ||||||||||||||
CVS Pharmacy - Lawton, OK | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 10,900 | ||||||||||||||
Consideration | $ 1,600 | ||||||||||||||
Aggregate proceeds, net | 1,596 | ||||||||||||||
Gain | $ 0 | ||||||||||||||
Schaumburg Towers | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 895,400 | ||||||||||||||
Consideration | $ 86,600 | ||||||||||||||
Aggregate proceeds, net | 73,315 | ||||||||||||||
Gain | $ 0 | ||||||||||||||
Orange Plaza (Golfland Plaza) | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 58,200 | ||||||||||||||
Consideration | $ 8,450 | ||||||||||||||
Aggregate proceeds, net | 7,566 | ||||||||||||||
Gain | $ 0 | ||||||||||||||
2018 dispositions | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 1,831,200 | ||||||||||||||
Consideration | $ 201,400 | ||||||||||||||
Aggregate proceeds, net | 184,109 | ||||||||||||||
Gain | 33,747 | ||||||||||||||
Condemnation proceeds | 169 | ||||||||||||||
Circle East, air rights | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Aggregate proceeds, net | 11,820 | ||||||||||||||
Gain | $ 2,179 | ||||||||||||||
2017 dispositions | |||||||||||||||
Dispositions [Line Items] | |||||||||||||||
Square footage | ft² | 5,810,700 | ||||||||||||||
Consideration | $ 917,808 | ||||||||||||||
Mortgages payable repaid | $ 241,858 |
Equity Compensation Plans (Deta
Equity Compensation Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 31, 2019 | Feb. 04, 2019 | Feb. 05, 2018 | Feb. 19, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement [Line Items] | |||||||
Number of options granted | 84 | 0 | 0 | 0 | |||
Number of options outstanding | 16 | 16 | 22 | 38 | |||
Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Restricted shares/RSUs forfeited (in shares) | 16 | 12 | 40 | ||||
Fair value of restricted shares/RSUs vested | $ 4,448 | $ 5,091 | $ 4,232 | ||||
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | |||||||
Balance at the beginning of the period (in shares) | 535 | 440 | 496 | 542 | |||
Shares/RSUs granted (in shares) | 469 | 382 | 285 | ||||
Shares/RSUs vested (in shares) | (358) | (426) | (291) | ||||
Shares/RSUs forfeited (in shares) | (16) | (12) | (40) | ||||
Balance at the end of the period (in shares) | 535 | 535 | 440 | 496 | |||
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Balance at the beginning of the period (in dollars per share) | $ 12.46 | $ 13.40 | $ 14.81 | $ 15.28 | |||
Shares/RSUs granted (in dollars per share) | 12.22 | 12.81 | 14.60 | ||||
Shares/RSUs vested (in dollars per share) | 13.29 | 14.52 | 15.44 | ||||
Shares/RSUs forfeited (in dollars per share) | 12.77 | 13.26 | 15.12 | ||||
Balance at the end of the period (in dollars per share) | $ 12.46 | $ 12.46 | $ 13.40 | $ 14.81 | |||
Compensation Cost Not Yet Recognized [Abstract] | |||||||
Total unrecognized compensation expense | $ 2,052 | $ 2,052 | |||||
Unrecognized compensation expense, period for recognition (in years) | 1 year 2 months 12 days | ||||||
RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Vesting period for shares granted (in years) | 1 year | ||||||
Performance period (in years) | 3 years | ||||||
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% | ||||||
Risk-free interest rate (as a percent) | 2.47% | 1.50% | |||||
Common stock dividend yield (as a percent) | 6.07% | 4.32% | |||||
Restricted shares/RSUs forfeited (in shares) | 56 | 89 | |||||
Fair value of restricted shares/RSUs vested | $ 1,052 | $ 486 | |||||
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | |||||||
Balance at the beginning of the period (in shares) | 839 | 649 | 555 | 391 | |||
Shares/RSUs granted (in shares) | 382 | 291 | 253 | ||||
Shares/RSUs vested (in shares) | (192) | (141) | |||||
Shares/RSUs forfeited (in shares) | (56) | (89) | |||||
Balance at the end of the period (in shares) | 839 | 839 | 649 | 555 | |||
Equity Instruments, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Balance at the beginning of the period (in dollars per share) | $ 13.10 | $ 14.54 | $ 14.60 | $ 14.02 | |||
Shares/RSUs granted (in dollars per share) | 10.98 | 14.36 | 15.52 | ||||
Shares/RSUs vested (in dollars per share) | 13.74 | 14.10 | |||||
Shares/RSUs forfeited (in dollars per share) | 15.36 | 14.68 | |||||
Balance at the end of the period (in dollars per share) | $ 13.10 | $ 13.10 | $ 14.54 | $ 14.60 | |||
Compensation Cost Not Yet Recognized [Abstract] | |||||||
Total unrecognized compensation expense | $ 4,856 | $ 4,856 | |||||
Unrecognized compensation expense, period for recognition (in years) | 1 year 10 months 24 days | ||||||
Restricted shares and RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Compensation expense | 7,559 | $ 6,992 | $ 6,059 | ||||
Stock options | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Compensation expense | $ 0 | $ 0 | $ 0 | ||||
Minimum | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Vesting period for shares granted (in years) | 10 months 24 days | 10 months 24 days | 1 year | ||||
Minimum | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Conversion rate of RSUs if threshold met (as a percent) | 50.00% | ||||||
Maximum | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Vesting period for shares granted (in years) | 3 years | 3 years | 3 years | ||||
Maximum | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Conversion rate of RSUs if threshold met (as a percent) | 200.00% | ||||||
Weighted average | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Risk-free interest rate (as a percent) | 2.04% | ||||||
Common stock dividend yield (as a percent) | 5.00% | ||||||
2015 RSU grant | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 65 | ||||||
2015 RSU grant | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of RSUs converted | 141 | ||||||
Conversion rate | 76.00% | ||||||
2016 RSU grant | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 125 | ||||||
2016 RSU grant | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of RSUs converted | 192 | ||||||
Conversion rate | 107.50% | ||||||
Class A common stock | 2015 RSU grant | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 42 | ||||||
Class A common stock | 2016 RSU grant | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 82 | ||||||
Dividends | Class A common stock | 2015 RSU grant | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 16 | ||||||
Dividends | Class A common stock | 2016 RSU grant | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 29 | ||||||
Subsequent events | 2017 RSU Grant | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Vesting period for shares granted (in years) | 1 year | ||||||
Number of shares issued | 175 | ||||||
Subsequent events | 2017 RSU Grant | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of RSUs converted | 196 | ||||||
Conversion rate | 142.50% | ||||||
Subsequent events | Class A common stock | 2017 RSU Grant | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 105 | ||||||
Subsequent events | Dividends | Class A common stock | 2017 RSU Grant | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of shares issued | 43 | ||||||
Executive Vice President | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of restricted shares in which vesting was accelerated | 23 | ||||||
Executive Vice President | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Number of restricted shares in which vesting was accelerated | 29 | ||||||
Executive Vice President | Restricted shares and RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Additional compensation expense | $ 330 | ||||||
Chief Financial Officer | Restricted shares | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Restricted shares/RSUs forfeited (in shares) | 34 | ||||||
Dividends previously paid on forfeited restricted shares | $ 30 | ||||||
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | |||||||
Shares/RSUs forfeited (in shares) | (34) | ||||||
Chief Financial Officer | RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Restricted shares/RSUs forfeited (in shares) | 89 | ||||||
Equity Instruments, Nonvested, Number of Shares [Roll Forward] | |||||||
Shares/RSUs forfeited (in shares) | (89) | ||||||
Chief Financial Officer | Restricted shares and RSUs | |||||||
Share-based Compensation Arrangement [Line Items] | |||||||
Previously recognized compensation expense related to forfeiture | $ 830 |
Leases - Summary of Leases as L
Leases - Summary of Leases as Lessor (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease, Lease Income | |||||||||||
Lease income related to fixed lease payments | $ 362,866 | $ 361,909 | $ 406,923 | ||||||||
Lease income related to variable lease payments | 116,928 | 116,141 | 128,968 | ||||||||
Other | 1,892 | 4,447 | 2,248 | ||||||||
Lease income | $ 120,817 | $ 119,717 | $ 118,449 | $ 122,703 | $ 119,354 | $ 119,137 | $ 119,164 | $ 124,842 | 481,686 | 482,497 | $ 538,139 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity | |||||||||||
Lease payments, 2020 | 363,222 | 363,222 | |||||||||
Lease payments, 2021 | 327,131 | 327,131 | |||||||||
Lease payments, 2022 | 279,283 | 279,283 | |||||||||
Lease payments, 2023 | 230,164 | 230,164 | |||||||||
Lease payments, 2024 | 175,781 | 175,781 | |||||||||
Lease payments, thereafter | 556,877 | 556,877 | |||||||||
Total lease payments | $ 1,932,458 | $ 1,932,458 | |||||||||
Operating Leases, Future Minimum Payments Receivable | |||||||||||
Lease payments, 2019 | 351,145 | 351,145 | |||||||||
Lease payments, 2020 | 314,081 | 314,081 | |||||||||
Lease payments, 2021 | 274,135 | 274,135 | |||||||||
Lease payments, 2022 | 227,417 | 227,417 | |||||||||
Lease payments, 2023 | 180,199 | 180,199 | |||||||||
Lease payments, thereafter | 569,758 | 569,758 | |||||||||
Total lease payments | $ 1,916,735 | $ 1,916,735 | |||||||||
Minimum | |||||||||||
Lessor, Lease, Description [Line Items] | |||||||||||
Remaining lease term | 1 year | 1 year | 1 year | 1 year | |||||||
Maximum | |||||||||||
Lessor, Lease, Description [Line Items] | |||||||||||
Remaining lease term | 63 years | 64 years | 63 years | 64 years |
Leases - Summary of Leases as_2
Leases - Summary of Leases as Lessee (Details) $ in Thousands | Jan. 01, 2019USD ($) | Dec. 31, 2019USD ($)lease | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Lessee, Lease, Description [Line Items] | ||||
Lease liabilities and ROU assets recognized | $ 103,840 | $ 0 | $ 0 | |
Weighted average incremental borrowing rate (as a percent) | 5.91% | 5.93% | ||
Weighted average remaining lease term | 44 years | 44 years | ||
Straight-line ground rent liabilities | $ 31,030 | |||
Acquired ground lease intangible liability | 11,898 | |||
Operating Lease Liabilities, Payments Due | ||||
Lease obligations, 2020 | $ 6,152 | |||
Lease obligations, 2021 | 6,283 | |||
Lease obligations, 2022 | 6,155 | |||
Lease obligations, 2023 | 6,102 | |||
Lease obligations, 2024 | 5,698 | |||
Lease obligations, thereafter | 247,798 | |||
Total lease obligations | 278,188 | |||
Adjustment for discounting | (187,059) | |||
Lease liabilities | 91,129 | 0 | ||
Operating Leases, Future Payments Due | ||||
Lease obligations, 2019 | 6,448 | |||
Lease obligations, 2020 | 6,656 | |||
Lease obligations, 2021 | 6,716 | |||
Lease obligations, 2022 | 6,761 | |||
Lease obligations, 2023 | 6,769 | |||
Lease obligations, thereafter | 279,916 | |||
Total lease obligations | 313,266 | |||
ASU 2016-02 | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease liabilities and ROU assets recognized | $ 103,432 | |||
Office | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease liabilities and ROU assets recognized | $ 321 | |||
Number of leases | lease | 1 | |||
Rent expense under new lease accounting standard | $ 1,133 | |||
Rent expense under previous lease accounting standard | 1,137 | 1,311 | ||
Office rent costs capitalized | 181 | 156 | 0 | |
Short-term lease costs | 29 | |||
Ground lease | ||||
Lessee, Lease, Description [Line Items] | ||||
Rent expense under new lease accounting standard | 6,395 | |||
Rent expense under previous lease accounting standard | 7,638 | 9,188 | ||
Non-cash ground rent | ||||
Lessee, Lease, Description [Line Items] | ||||
Rent expense under new lease accounting standard | $ 1,356 | |||
Rent expense under previous lease accounting standard | $ 2,404 | $ 2,710 |
Debt - Summary of Mortgages Pay
Debt - Summary of Mortgages Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,632,904 | $ 1,632,904 | |||
Weighted average interest rate (as a percent) | 3.88% | 3.88% | |||
Debt prepayment fees | $ 8,151 | $ 5,791 | $ 8,498 | ||
Fixed rate debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,614,904 | $ 1,614,904 | |||
Weighted average interest rate (as a percent) | 3.89% | 3.89% | |||
Mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Premium, net of accumulated amortization | $ 0 | $ 775 | $ 0 | 775 | |
Discount, net of accumulated amortization | (493) | (536) | (493) | (536) | |
Capitalized loan fees, net of accumulated amortization | (256) | (369) | (256) | (369) | |
Mortgages payable, net | 94,155 | 205,320 | 94,155 | 205,320 | |
Amount of mortgages payable repaid | 107,671 | ||||
Debt prepayment fees | 8,151 | ||||
Scheduled principal payments related to amortizing loans | 2,875 | 2,875 | |||
Mortgages payable | Fixed rate debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 94,904 | $ 205,450 | $ 94,904 | $ 205,450 | |
Weighted average interest rate (as a percent) | 4.37% | 4.65% | 4.37% | 4.65% | |
Weighted average years to maturity | 5 years 1 month 6 days | 4 years 6 months | |||
Minimum | Mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate (as a percent) | 3.75% | 3.75% | 3.75% | 3.75% | |
Maximum | Mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate (as a percent) | 7.48% | 7.48% | 7.48% | 7.48% | |
Debt repaid | Weighted average | Mortgages payable | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate (as a percent) | 4.91% | 4.91% |
Debt - Summary of Unsecured Not
Debt - Summary of Unsecured Notes Payable (Details) - USD ($) $ in Thousands | Mar. 12, 2015 | Dec. 31, 2019 | Jun. 28, 2019 | Dec. 31, 2018 | Dec. 28, 2016 | Sep. 30, 2016 | Jun. 30, 2014 |
Debt Instrument [Line Items] | |||||||
Principal balance | $ 796,247 | $ 696,362 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | 800,000 | 700,000 | |||||
Discount, net of accumulated amortization | (616) | (734) | |||||
Capitalized loan fees, net of accumulated amortization | $ (3,137) | $ (2,904) | |||||
Weighted average interest rate (as a percent) | 4.27% | 4.19% | |||||
Senior Notes | 4.12% Notes Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | $ 100,000 | $ 100,000 | |||||
Stated interest rate (as a percent) | 4.12% | 4.12% | 4.12% | ||||
Amount of debt issuance | $ 100,000 | ||||||
Senior Notes | 4.58% Notes Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | $ 150,000 | $ 150,000 | |||||
Stated interest rate (as a percent) | 4.58% | 4.58% | 4.58% | ||||
Amount of debt issuance | $ 150,000 | ||||||
Senior Notes | 4.00% Notes Due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | $ 250,000 | $ 250,000 | |||||
Stated interest rate (as a percent) | 4.00% | 4.00% | 4.00% | ||||
Amount of debt issuance | $ 250,000 | ||||||
Percentage of principal amount (as a percent) | 99.526% | ||||||
Effective interest rate (as a percent) | 4.058% | ||||||
Senior Notes | 4.08% Notes Due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | $ 100,000 | $ 100,000 | |||||
Stated interest rate (as a percent) | 4.08% | 4.08% | 4.08% | ||||
Amount of debt issuance | $ 100,000 | ||||||
Senior Notes | 4.24% Notes Due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | $ 100,000 | $ 100,000 | |||||
Stated interest rate (as a percent) | 4.24% | 4.24% | 4.24% | ||||
Amount of debt issuance | $ 100,000 | ||||||
Senior Notes | 4.82% Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Principal balance | $ 100,000 | $ 0 | |||||
Stated interest rate (as a percent) | 4.82% | 4.82% | 0.00% | ||||
Amount of debt issuance | $ 100,000 | ||||||
Senior Notes | Notes Due 2021 and 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Amount of debt issuance | $ 250,000 |
Debt - Summary of Unsecured Ter
Debt - Summary of Unsecured Term Loans and Revolving Line of Credit (Details) $ in Thousands | Dec. 31, 2019USD ($) | Jul. 17, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 20, 2018 | Apr. 23, 2018USD ($)extension_options | Jan. 03, 2017USD ($) |
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured term loans | $ 716,523 | $ 447,367 | ||||
Unsecured revolving line of credit | 18,000 | 273,000 | ||||
Unsecured term loans | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured term loans | 720,000 | 450,000 | ||||
Capitalized loan fees, net of accumulated amortization | (3,477) | (2,633) | ||||
Term loans, net | 716,523 | 447,367 | ||||
Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Principal amount | $ 200,000 | |||||
Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Principal amount | $ 120,000 | |||||
Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Principal amount | $ 150,000 | |||||
Fixed rate debt | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured term loans | $ 250,000 | $ 250,000 | ||||
Interest rate on credit facility (as a percent) | 3.20% | 3.20% | ||||
Fixed rate debt | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured term loans | $ 200,000 | $ 200,000 | ||||
Interest rate on term loans (as a percent) | 4.05% | 4.05% | ||||
Fixed rate debt | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured term loans | $ 120,000 | $ 0 | ||||
Interest rate on term loans (as a percent) | 2.88% | 0.00% | ||||
Fixed rate debt | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured term loans | $ 150,000 | $ 0 | ||||
Interest rate on term loans (as a percent) | 3.27% | 0.00% | ||||
Variable rate debt | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Unsecured revolving line of credit | $ 18,000 | $ 273,000 | ||||
Interest rate on credit facility (as a percent) | 2.85% | 3.57% | ||||
Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 250,000 | |||||
Fixed interest rate (as a percent) | 2.00% | |||||
Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 250,000 | |||||
Fixed interest rate (as a percent) | 2.00% | |||||
Two $100,000 interest rate swaps maturing in 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 200,000 | |||||
Fixed interest rate (as a percent) | 2.85% | |||||
Two $100,000 interest rate swaps maturing in 2023 | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 200,000 | |||||
Fixed interest rate (as a percent) | 2.85% | |||||
Three $40,000 interest rate swaps maturing in 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 120,000 | |||||
Fixed interest rate (as a percent) | 1.68% | |||||
Three $40,000 interest rate swaps maturing in 2024 | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 120,000 | |||||
Fixed interest rate (as a percent) | 1.68% | |||||
Three $50,000 interest rate swaps maturing in 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 150,000 | |||||
Fixed interest rate (as a percent) | 1.77% | |||||
Three $50,000 interest rate swaps maturing in 2026 | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable rate debt swapped to fixed rate | $ 150,000 | |||||
Fixed interest rate (as a percent) | 1.77% | |||||
LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | ||||
LIBOR | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | ||||
LIBOR | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.20% | |||||
LIBOR | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.50% | |||||
LIBOR | Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
Variable interest rate spread (as a percent) | 1.20% | |||||
LIBOR | Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
Variable interest rate spread (as a percent) | 1.20% | |||||
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
Variable interest rate spread (as a percent) | 1.20% | |||||
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
Variable interest rate spread (as a percent) | 1.50% | |||||
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.20% | |||||
Minimum | LIBOR | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | ||||
Minimum | LIBOR | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | ||||
Minimum | LIBOR | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.50% | 1.50% | ||||
Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.70% | |||||
Maximum | LIBOR | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.85% | 1.85% | ||||
Maximum | LIBOR | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.70% | 1.70% | ||||
Maximum | LIBOR | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 2.20% | 2.20% | ||||
2018 Wells Fargo and KeyBank syndicate | Unsecured Credit Facility | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Aggregate borrowing capacity | $ 1,100,000 | |||||
Additional borrowing capacity | 500,000 | |||||
Maximum borrowing capacity | 1,600,000 | |||||
2018 Wells Fargo and KeyBank syndicate | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Principal amount | 250,000 | |||||
2018 Wells Fargo and KeyBank syndicate | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Aggregate borrowing capacity | $ 850,000 | |||||
Number of extension options | extension_options | 2 | |||||
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% | |||||
2018 Wells Fargo and KeyBank syndicate | Minimum | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Facility fee (as a percent) | 0.15% | |||||
2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.20% | |||||
2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.05% | |||||
2018 Wells Fargo and KeyBank syndicate | Maximum | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Facility fee (as a percent) | 0.30% | |||||
2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.70% | |||||
2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.50% | |||||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 0.85% | |||||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 0.80% | |||||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.35% | |||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2023 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.65% | |||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2024 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.65% | |||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2026 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 2.25% | |||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Minimum | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Facility fee (as a percent) | 0.125% | |||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 0.90% | |||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Minimum | LIBOR | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 0.825% | |||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Maximum | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Facility fee (as a percent) | 0.30% | |||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility term loan due 2021 | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.75% | |||||
Investment grade rated | 2018 Wells Fargo and KeyBank syndicate | Maximum | LIBOR | Unsecured credit facility revolving line of credit | ||||||
Term Loans and Line of Credit Facility [Line Items] | ||||||
Variable interest rate spread (as a percent) | 1.55% |
Debt - Summary of Unsecured T_2
Debt - Summary of Unsecured Term Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jul. 17, 2019 | Dec. 31, 2018 | Nov. 20, 2018 | Jan. 03, 2017 |
Term Loan Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Term of debt issuance | 7 years | ||||
Principal amount | $ 200,000 | ||||
Additional borrowing capacity | 100,000 | ||||
Maximum borrowing capacity | $ 300,000 | ||||
Term Loan Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Term of debt issuance | 5 years | ||||
Principal amount | $ 120,000 | ||||
Additional borrowing capacity | $ 130,000 | ||||
Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Term of debt issuance | 7 years | ||||
Principal amount | $ 150,000 | ||||
Additional borrowing capacity | 100,000 | ||||
Term Loan Due 2024 and Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 500,000 | ||||
LIBOR | Term Loan Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Reference rate for variable interest rate | LIBOR | ||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | |||
LIBOR | Term Loan Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.20% | ||||
LIBOR | Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.50% | ||||
Minimum | LIBOR | Term Loan Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | |||
Minimum | LIBOR | Term Loan Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.20% | 1.20% | |||
Minimum | LIBOR | Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.50% | 1.50% | |||
Maximum | LIBOR | Term Loan Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.85% | 1.85% | |||
Maximum | LIBOR | Term Loan Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.70% | 1.70% | |||
Maximum | LIBOR | Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.20% | 2.20% | |||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 0.85% | ||||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 0.80% | ||||
Investment grade rated | Minimum | LIBOR | Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.35% | ||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2023 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.65% | ||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2024 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 1.65% | ||||
Investment grade rated | Maximum | LIBOR | Term Loan Due 2026 | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate spread (as a percent) | 2.25% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Fiscal Year Maturity | ||
2020 | $ 2,494 | |
2021 | 352,626 | |
2022 | 44,678 | |
2023 | 231,758 | |
2024 | 271,737 | |
Thereafter | 729,611 | |
Total | $ 1,632,904 | |
Long-term Debt, Weighted Average Interest Rate | ||
2020 | 4.38% | |
2021 | 3.47% | |
2022 | 4.02% | |
2023 | 4.06% | |
2024 | 3.83% | |
Thereafter | 4.02% | |
Total | 3.88% | |
Mortgages payable | ||
Debt Instrument [Line Items] | ||
Discount, net of accumulated amortization | $ (493) | $ (536) |
Capitalized loan fees, net of accumulated amortization | (256) | (369) |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Capitalized loan fees, net of accumulated amortization | (3,477) | |
Unsecured notes payable | ||
Debt Instrument [Line Items] | ||
Discount, net of accumulated amortization | (616) | (734) |
Capitalized loan fees, net of accumulated amortization | $ (3,137) | $ (2,904) |
Consolidated indebtedness | ||
Debt Instrument [Line Items] | ||
Weighted average years to maturity | 4 years 8 months 12 days | |
Fixed rate debt | ||
Long-term Debt, Fiscal Year Maturity | ||
2020 | $ 2,494 | |
2021 | 352,626 | |
2022 | 26,678 | |
2023 | 231,758 | |
2024 | 271,737 | |
Thereafter | 729,611 | |
Total | $ 1,614,904 | |
Long-term Debt, Weighted Average Interest Rate | ||
2020 | 4.38% | |
2021 | 3.47% | |
2022 | 4.81% | |
2023 | 4.06% | |
2024 | 3.83% | |
Thereafter | 4.02% | |
Total | 3.89% | |
Fixed rate debt | Mortgages payable | ||
Debt Instrument [Line Items] | ||
Weighted average years to maturity | 5 years 1 month 6 days | 4 years 6 months |
Long-term Debt, Fiscal Year Maturity | ||
2020 | $ 2,494 | |
2021 | 2,626 | |
2022 | 26,678 | |
2023 | 31,758 | |
2024 | 1,737 | |
Thereafter | 29,611 | |
Total | $ 94,904 | $ 205,450 |
Long-term Debt, Weighted Average Interest Rate | ||
Total | 4.37% | 4.65% |
Fixed rate debt | Unsecured term loans | ||
Long-term Debt, Fiscal Year Maturity | ||
2020 | $ 0 | |
2021 | 250,000 | |
2022 | 0 | |
2023 | 200,000 | |
2024 | 120,000 | |
Thereafter | 150,000 | |
Total | 720,000 | |
Fixed rate debt | Unsecured notes payable | ||
Long-term Debt, Fiscal Year Maturity | ||
2020 | 0 | |
2021 | 100,000 | |
2022 | 0 | |
2023 | 0 | |
2024 | 150,000 | |
Thereafter | 550,000 | |
Total | $ 800,000 | |
Variable rate debt | ||
Long-term Debt, Weighted Average Interest Rate | ||
2020 | 0.00% | |
2021 | 0.00% | |
2022 | 2.85% | |
2023 | 0.00% | |
2024 | 0.00% | |
Thereafter | 0.00% | |
Total | 2.85% | |
Variable rate debt | Unsecured revolving line of credit | ||
Long-term Debt, Fiscal Year Maturity | ||
2020 | $ 0 | |
2021 | 0 | |
2022 | 18,000 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | 18,000 | |
Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||
Debt Instrument [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 250,000 | |
Fixed interest rate (as a percent) | 2.00% | |
Two $100,000 interest rate swaps maturing in 2023 | ||
Debt Instrument [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 200,000 | |
Fixed interest rate (as a percent) | 2.85% | |
Three $40,000 interest rate swaps maturing in 2024 | ||
Debt Instrument [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 120,000 | |
Fixed interest rate (as a percent) | 1.68% | |
Three $50,000 interest rate swaps maturing in 2026 | ||
Debt Instrument [Line Items] | ||
Variable rate debt swapped to fixed rate | $ 150,000 | |
Fixed interest rate (as a percent) | 1.77% | |
LIBOR | Two $100,00 and one $50,000 interest rate swaps maturing in 2021 | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.20% | |
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.20% | |
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.20% | |
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | ||
Debt Instrument [Line Items] | ||
Reference rate for variable interest rate | LIBOR | |
Variable interest rate spread (as a percent) | 1.50% |
Derivatives - Schedule of Deriv
Derivatives - Schedule of Derivative Instruments (Details) $ in Thousands | Dec. 31, 2019USD ($)instrument | Dec. 31, 2019USD ($)instrument | Aug. 15, 2019USD ($)instrument | Dec. 31, 2018USD ($)instrument | Nov. 23, 2018USD ($)instrument | Dec. 29, 2017USD ($)instrument |
Two $100,000 interest rate swaps maturing in 2023 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 200,000 | $ 200,000 | ||||
Fixed interest rate (as a percent) | 2.85% | 2.85% | ||||
Three $40,000 interest rate swaps maturing in 2024 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 120,000 | $ 120,000 | ||||
Fixed interest rate (as a percent) | 1.68% | 1.68% | ||||
Three $50,000 interest rate swaps maturing in 2026 | ||||||
Derivative [Line Items] | ||||||
Notional | $ 150,000 | $ 150,000 | ||||
Fixed interest rate (as a percent) | 1.77% | 1.77% | ||||
Cash flow hedges | Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 11 | 11 | 5 | |||
Amount expected to be reclassified to interest expense over the next 12 months | $ 3,817 | |||||
Notional | $ 720,000 | $ 720,000 | $ 450,000 | |||
Cash flow hedges | Two $100,000 and one $50,000 interest rate swaps maturing in 2021 | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 3 | |||||
Notional | $ 250,000 | |||||
Fixed interest rate (as a percent) | 2.00% | |||||
Cash flow hedges | Two $100,000 interest rate swaps maturing in 2023 | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 2 | |||||
Notional | $ 200,000 | |||||
Fixed interest rate (as a percent) | 2.85% | |||||
Cash flow hedges | Three $40,000 interest rate swaps maturing in 2024 | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 3 | |||||
Notional | $ 120,000 | |||||
Fixed interest rate (as a percent) | 1.68% | |||||
Cash flow hedges | Three $50,000 interest rate swaps maturing in 2026 | ||||||
Derivative [Line Items] | ||||||
Number of instruments | instrument | 3 | |||||
Notional | $ 150,000 | |||||
Fixed interest rate (as a percent) | 1.77% | |||||
LIBOR | Two $100,000 interest rate swaps maturing in 2023 | ||||||
Derivative [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
LIBOR | Three $40,000 interest rate swaps maturing in 2024 | ||||||
Derivative [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
LIBOR | Three $50,000 interest rate swaps maturing in 2026 | ||||||
Derivative [Line Items] | ||||||
Reference rate for variable interest rate | LIBOR | |||||
LIBOR | Cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Reference rate for variable interest rate | one-month floating rate LIBOR |
Derivatives - Interest Rate Swa
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate swaps - Cash flow hedges $ in Thousands | Dec. 31, 2019USD ($)instrument | Dec. 31, 2018USD ($)instrument |
Derivative [Line Items] | ||
Number of instruments | instrument | 11 | 5 |
Notional | $ | $ 720,000 | $ 450,000 |
Derivatives - Estimated Fair Va
Derivatives - Estimated Fair Value (Details) - Interest rate swaps - Cash flow hedges - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative asset | $ 0 | $ 2,324 |
Fair value of derivative liability | $ 12,288 | $ 3,846 |
Derivatives - Effect on Stateme
Derivatives - Effect on Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded | $ 76,571 | $ 73,746 | $ 146,092 |
Interest rate swaps | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of loss recognized in other comprehensive income on derivative | 11,080 | 1,567 | |
Amount of loss (gain) reclassified from AOCI into income | 314 | (1,041) | |
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded | 76,571 | $ 73,746 | |
Derivative, Credit Risk Related Contingent Features [Abstract] | |||
Termination value of derivatives in a liability position | 12,818 | ||
Termination value of derivative agreements | $ 12,818 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 20, 2017 | Dec. 31, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Amount paid for shares repurchased | $ 0 | $ 74,952 | $ 227,102 | |||
7.00% Series A cumulative redeemable preferred stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued | 5,400 | |||||
Preferred stock, dividend rate | 7.00% | |||||
Preferred stock, par value (in dollars per share) | $ 25 | |||||
Series A preferred stock redemption | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares outstanding | 5,400 | |||||
Preferred stock, redemption price per share | $ 25 | |||||
Preferred stock, dividends per share | $ 0.3840 | |||||
Preferred stock, redemption premium | $ 4,706 | |||||
Preferred stock, carrying value | 130,294 | |||||
Preferred stock, redemption price | $ 135,000 | |||||
2015 Share Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Maximum authorized amount for stock repurchases | $ 250,000 | |||||
Increase in authorized amount for stock repurchases | $ 250,000 | |||||
Number of common shares repurchased | 0 | 6,341 | 17,683 | |||
Average repurchase price per share | $ 0 | $ 11.80 | $ 12.82 | |||
Amount paid for shares repurchased | $ 0 | $ 74,952 | $ 227,102 | |||
Remaining authorized repurchase amount | $ 189,105 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||||||||||||
Net income | $ 16,172 | $ (28,153) | $ 21,170 | $ 23,208 | $ 12,144 | $ 12,834 | $ 10,882 | $ 41,780 | $ 32,397 | $ 77,640 | $ 251,491 | |
Preferred stock dividends | 0 | 0 | (13,867) | |||||||||
Net income attributable to common shareholders | $ 16,172 | $ (28,153) | $ 21,170 | $ 23,208 | $ 12,144 | $ 12,834 | $ 10,882 | $ 41,780 | 32,397 | 77,640 | 237,624 | |
Earnings allocated to unvested restricted shares | (405) | (339) | (513) | |||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 31,992 | $ 77,301 | $ 237,111 | |||||||||
Denominator for earnings per common share – basic: | ||||||||||||
Weighted average number of common shares outstanding | 212,996 | 212,995 | 212,951 | 212,850 | 214,684 | 218,808 | 218,982 | 218,849 | 212,948 | 217,830 | 230,747 | |
Effect of dilutive securities: | ||||||||||||
Stock options | 0 | 0 | 1 | |||||||||
RSUs | 250 | 401 | 179 | |||||||||
Denominator for earnings per common share – diluted: | ||||||||||||
Weighted average number of common and common equivalent shares outstanding | 213,627 | 212,995 | 213,090 | 213,223 | 215,093 | 219,021 | 219,410 | 219,403 | 213,198 | 218,231 | 230,927 | |
Earnings per Share, Other Disclosures | ||||||||||||
Weighted average number of shares of restricted stock | 645 | 535 | 537 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||||||||||||
Number of outstanding options to purchase shares of common stock | 16 | 22 | 16 | 22 | 38 | |||||||
Weighted average exercise price of outstanding options (in dollars per share) | $ 15.87 | $ 17.34 | $ 15.87 | $ 17.34 | $ 18.85 | |||||||
Weighted average number of RSUs | 837 | 658 | 617 | |||||||||
Restricted shares | ||||||||||||
Earnings per Share, Other Disclosures | ||||||||||||
Unvested restricted common stock | 535 | 440 | 535 | 440 | 496 | 542 | ||||||
Stock options | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||||||||||||
Number of outstanding options to purchase shares of common stock that would be anti-dilutive | 12 | 18 | 32 | |||||||||
Weighted average exercise price of outstanding options excluded from diluted EPS calculation (in dollars per share) | $ 17.25 | $ 18.58 | $ 20.19 | |||||||||
RSUs | ||||||||||||
Earnings per Share, Other Disclosures | ||||||||||||
Unvested restricted common stock | 839 | 649 | 839 | 649 | 555 | 391 | ||||||
Antidilutive Securities Excluded from Computation of Earnings per Share [Line Items] | ||||||||||||
Number of RSUs eligible for future conversion | 839 | 649 | 839 | 649 | 555 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)subsidiary | Dec. 31, 2018USD ($) | |
Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Annual distribution requirement to shareholders | 90.00% | |
Number of wholly-owned subsidiaries jointly elected to be treated as a TRS | subsidiary | 1 | |
Deferred tax assets: | ||
Basis difference in properties | $ 2 | $ 2 |
Capital loss carryforward | 3,939 | 3,939 |
Net operating loss carryforward | 6,174 | 6,170 |
Other | 467 | 467 |
Gross deferred tax assets | 10,582 | 10,578 |
Less: valuation allowance | (10,582) | (10,578) |
Total deferred tax assets | 0 | 0 |
Deferred tax liabilities: | ||
Other | 0 | 0 |
Net deferred tax assets | 0 | $ 0 |
Federal taxing authority | ||
Components of Deferred Tax Assets and Liabilities [Line Items] | ||
Capital loss carryforward | 18,757 | |
Net operating loss carryforward | $ 29,399 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Net Income to REIT Taxable Income [Line Items] | |||
Net income attributable to the Company | $ 32,397 | $ 77,640 | $ 251,491 |
Book/tax differences | 91,144 | 588 | (59,220) |
REIT taxable income subject to 90% dividend requirement | $ 123,541 | $ 78,228 | $ 192,271 |
Annual distribution requirement to shareholders | 90.00% |
Income Taxes - Dividends Paid D
Income Taxes - Dividends Paid Deduction (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Paid Deduction [Line Items] | |||
Distributions | $ 141,172 | $ 116,725 | $ 192,271 |
Less: non-dividend distributions | (17,630) | (38,497) | 0 |
Total dividends paid deduction attributable to earnings and profits | $ 123,542 | $ 78,228 | $ 192,271 |
Qualified business income deduction | 20.00% | 20.00% | |
Liabilities recorded for uncertain income tax positions | $ 0 | $ 0 | |
7.00% Series A cumulative redeemable preferred stock | |||
Dividends Paid Deduction [Line Items] | |||
Ordinary dividends (per share) | $ 0 | $ 0 | $ 1.62 |
Capital gain distributions (per share) | 0 | 0 | 0.07 |
Total distributions per share | 0 | 0 | 1.69 |
Class A common stock | |||
Dividends Paid Deduction [Line Items] | |||
Ordinary dividends (per share) | 0.58 | 0.36 | 0.76 |
Non-dividend distributions (per share) | 0.08 | 0.17 | 0 |
Capital gain distributions (per share) | 0 | 0 | 0.03 |
Total distributions per share | $ 0.66 | $ 0.53 | $ 0.79 |
Provision for Impairment of I_3
Provision for Impairment of Investment Properties - Impairment Indicators (Details) - property | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Number of properties for which indicators of impairment were identified | 1 | 0 | 6 |
Number of properties for which an impairment charge was recorded | 1 | 1 | |
Number of properties held for sale with impairment indicators but not impaired | 0 | 1 | |
Remaining properties for which indicators of impairment were identified but no impairment was considered necessary | 0 | 4 | |
Weighted average percentage by which projected undiscounted cash flows exceeded carrying value for each of the remaining properties | 14.00% | ||
Number of properties with impairment indicators which were subsequently sold | 5 |
Provision for Impairment of I_4
Provision for Impairment of Investment Properties - Impairment Charges (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($)ft² | Dec. 31, 2017USD ($)ft² | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment of investment properties | $ 12,298 | $ 2,079 | $ 67,003 |
Estimated fair value of impaired properties as of impairment date | $ 16,944 | $ 85,321 | $ 107,400 |
Streets of Yorktown | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 85,200 | ||
Provision for impairment of investment properties | $ 11,177 | ||
King Philip's Crossing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 105,900 | ||
Provision for impairment of investment properties | $ 1,121 | ||
Schaumburg Towers | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 895,400 | 895,400 | |
Provision for impairment of investment properties | $ 1,116 | $ 45,638 | |
CVS Pharmacy - Lawton, OK | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 10,900 | ||
Provision for impairment of investment properties | $ 200 | ||
Orange Plaza (Golfland Plaza) | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 58,200 | ||
Provision for impairment of investment properties | $ 763 | ||
Century III Plaza, excluding the Home Depot parcel | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 152,200 | ||
Provision for impairment of investment properties | $ 3,304 | ||
Lakepointe Towne Center | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 196,600 | ||
Provision for impairment of investment properties | $ 9,958 | ||
Saucon Valley Square | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 80,700 | ||
Provision for impairment of investment properties | $ 184 | ||
High Ridge Crossing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 76,900 | ||
Provision for impairment of investment properties | $ 3,480 | ||
Home Depot Plaza | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 135,600 | ||
Provision for impairment of investment properties | $ 4,439 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial liabilities: | ||
Mortgages payable, net | $ 94,155 | $ 205,320 |
Unsecured notes payable, net | 796,247 | 696,362 |
Unsecured term loans, net | 716,523 | 447,367 |
Unsecured revolving line of credit | 18,000 | 273,000 |
Carrying value | ||
Financial assets: | ||
Derivative asset | 0 | 2,324 |
Financial liabilities: | ||
Mortgages payable, net | 94,155 | 205,320 |
Unsecured notes payable, net | 796,247 | 696,362 |
Unsecured term loans, net | 716,523 | 447,367 |
Unsecured revolving line of credit | 18,000 | 273,000 |
Derivative liability | 12,288 | 3,846 |
Fair value | ||
Financial assets: | ||
Derivative asset | 0 | 2,324 |
Financial liabilities: | ||
Mortgages payable, net | 98,082 | 208,173 |
Unsecured notes payable, net | 822,883 | 671,492 |
Unsecured term loans, net | 720,000 | 449,266 |
Unsecured revolving line of credit | 18,000 | 272,553 |
Derivative liability | $ 12,288 | $ 3,846 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Measurements [Line Items] | ||
Derivative asset | $ 2,324 | |
Derivative liability | $ 12,288 | 3,846 |
Fair value, Level 2 | ||
Fair Value Measurements [Line Items] | ||
Derivative asset | 2,324 | |
Derivative liability | $ 12,288 | $ 3,846 |
Fair Value Measurements - Nonre
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019 | |
Fair Value Measurements [Line Items] | ||||
Provision for impairment | $ 12,298 | $ 2,079 | $ 67,003 | |
Nonrecurring Fair Value Measurements | ||||
Fair Value Measurements [Line Items] | ||||
Fair value of investment properties | 16,944 | |||
Provision for impairment | 12,298 | |||
Fair value, Level 2 | Nonrecurring Fair Value Measurements | ||||
Fair Value Measurements [Line Items] | ||||
Fair value of investment properties | 11,644 | |||
Fair value, Level 3 | Nonrecurring Fair Value Measurements | ||||
Fair Value Measurements [Line Items] | ||||
Fair value of investment properties | $ 5,300 | |||
Weighted average | Discount rate | ||||
Fair Value Measurements [Line Items] | ||||
Input for measuring investment property | 0.0689 |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value Disclosures (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value Measurements [Line Items] | ||
Mortgages payable, net | $ 94,155 | $ 205,320 |
Unsecured notes payable, net | 796,247 | 696,362 |
Unsecured term loans, net | 716,523 | 447,367 |
Unsecured revolving line of credit | 18,000 | 273,000 |
Fair value, Level 1 | ||
Fair Value Measurements [Line Items] | ||
Unsecured notes payable, net | 255,965 | 235,788 |
Fair value, Level 3 | ||
Fair Value Measurements [Line Items] | ||
Mortgages payable, net | 98,082 | 208,173 |
Unsecured notes payable, net | 566,918 | 435,704 |
Unsecured term loans, net | 720,000 | 449,266 |
Unsecured revolving line of credit | 18,000 | 272,553 |
Fair value, Total | ||
Fair Value Measurements [Line Items] | ||
Mortgages payable, net | 98,082 | 208,173 |
Unsecured notes payable, net | 822,883 | 671,492 |
Unsecured term loans, net | 720,000 | 449,266 |
Unsecured revolving line of credit | 18,000 | 272,553 |
Unsecured notes payable | ||
Fair Value Measurements [Line Items] | ||
Unsecured notes payable, net | $ 800,000 | $ 700,000 |
Discount rate | Unsecured revolving line of credit | ||
Fair Value Measurements [Line Items] | ||
Input for measuring debt | 0.0105 | 0.0110 |
Discount rate | Minimum | Mortgages payable | ||
Fair Value Measurements [Line Items] | ||
Input for measuring debt | 0.032 | 0.042 |
Discount rate | Maximum | Mortgages payable | ||
Fair Value Measurements [Line Items] | ||
Input for measuring debt | 0.036 | 0.044 |
Discount rate | Weighted average | Unsecured notes payable | ||
Fair Value Measurements [Line Items] | ||
Input for measuring debt | 0.0379 | 0.0491 |
Discount rate | Weighted average | Unsecured term loans | ||
Fair Value Measurements [Line Items] | ||
Input for measuring debt | 0.0126 | 0.0125 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Commitments and Contingencies [Line Items] | |||
Number of properties with letters of credit | property | 1 | ||
Aggregate proceeds, net | $ 44,656 | $ 197,887 | $ 896,456 |
Guarantees | |||
Commitments and Contingencies [Line Items] | |||
Amount of letters of credit outstanding | 291 | ||
Circle East | |||
Commitments and Contingencies [Line Items] | |||
Redevelopment costs incurred | 21,766 | ||
One Loudoun Downtown - Pads G & H | |||
Commitments and Contingencies [Line Items] | |||
Redevelopment costs incurred | 14,711 | ||
Circle East, air rights | |||
Commitments and Contingencies [Line Items] | |||
Aggregate proceeds, net | 11,820 | ||
Carillon | |||
Commitments and Contingencies [Line Items] | |||
Redevelopment costs incurred | 5,358 | ||
Minimum | Circle East | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 42,000 | ||
Minimum | One Loudoun Downtown - Pads G & H | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 125,000 | ||
Minimum | Carillon | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 194,000 | ||
Maximum | Circle East | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 44,000 | ||
Maximum | One Loudoun Downtown - Pads G & H | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | 135,000 | ||
Maximum | Carillon | |||
Commitments and Contingencies [Line Items] | |||
Net estimated redevelopment costs | $ 215,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Feb. 19, 2020USD ($)ft²$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Subsequent Event [Line Items] | ||||
Dividends declared to common shareholders (in dollars per share) | $ / shares | $ 0.6625 | $ 0.6625 | $ 0.6625 | |
Restricted shares | ||||
Subsequent Event [Line Items] | ||||
Shares/RSUs granted (in shares) | 469 | 382 | 285 | |
Shares/RSUs granted (in dollars per share) | $ / shares | $ 12.22 | $ 12.81 | $ 14.60 | |
RSUs | ||||
Subsequent Event [Line Items] | ||||
Shares/RSUs granted (in shares) | 382 | 291 | 253 | |
Shares/RSUs granted (in dollars per share) | $ / shares | $ 10.98 | $ 14.36 | $ 15.52 | |
Vesting period for shares granted (in years) | 1 year | |||
Performance period (in years) | 3 years | |||
Subsequent events | King Philip's Crossing | ||||
Subsequent Event [Line Items] | ||||
Square footage | ft² | 105,900 | |||
Sales price | $ | $ 13,900 | |||
Subsequent events | Fullerton Metrocenter - Fee Interest | ||||
Subsequent Event [Line Items] | ||||
Purchase price of asset acquisition | $ | $ 55,000 | |||
Subsequent events | 2020 Restricted Stock Grant | Restricted shares | ||||
Subsequent Event [Line Items] | ||||
Shares/RSUs granted (in shares) | 116 | |||
Shares/RSUs granted (in dollars per share) | $ / shares | $ 13.07 | |||
Vesting period for shares granted (in years) | 3 years | |||
Subsequent events | 2020 RSU Grant | RSUs | ||||
Subsequent Event [Line Items] | ||||
Shares/RSUs granted (in shares) | 331 | |||
Shares/RSUs granted (in dollars per share) | $ / shares | $ 13.67 | |||
Performance period (in years) | 3 years | |||
Subsequent events | 2017 RSU Grant | Restricted shares | ||||
Subsequent Event [Line Items] | ||||
Vesting period for shares granted (in years) | 1 year | |||
Number of shares issued | 175 | |||
Subsequent events | Class A common stock | ||||
Subsequent Event [Line Items] | ||||
Dividends declared to common shareholders (in dollars per share) | $ / shares | $ 0.165625 | |||
Subsequent events | Class A common stock | 2017 RSU Grant | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued | 105 | |||
Subsequent events | Class A common stock | Dividends | 2017 RSU Grant | ||||
Subsequent Event [Line Items] | ||||
Number of shares issued | 43 |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 120,817 | $ 119,717 | $ 118,449 | $ 122,703 | $ 119,354 | $ 119,137 | $ 119,164 | $ 124,842 | $ 481,686 | $ 482,497 | $ 538,139 |
Net income (loss) | 16,172 | (28,153) | 21,170 | 23,208 | 12,144 | 12,834 | 10,882 | 41,780 | 32,397 | 77,640 | 251,491 |
Net income (loss) attributable to common shareholders | $ 16,172 | $ (28,153) | $ 21,170 | $ 23,208 | $ 12,144 | $ 12,834 | $ 10,882 | $ 41,780 | $ 32,397 | $ 77,640 | $ 237,624 |
Net income (loss) per common share attributable to common shareholders – basic and diluted (in dollars per share) | $ 0.08 | $ (0.13) | $ 0.10 | $ 0.11 | $ 0.06 | $ 0.06 | $ 0.05 | $ 0.19 | $ 0.15 | $ 0.35 | $ 1.03 |
Weighted average number of common shares outstanding – basic | 212,996 | 212,995 | 212,951 | 212,850 | 214,684 | 218,808 | 218,982 | 218,849 | 212,948 | 217,830 | 230,747 |
Weighted average number of common shares outstanding – diluted | 213,627 | 212,995 | 213,090 | 213,223 | 215,093 | 219,021 | 219,410 | 219,403 | 213,198 | 218,231 | 230,927 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 7,976 | $ 6,567 | $ 6,886 |
Charged to costs and expenses | 0 | 3,155 | 2,143 |
Deductions | (7,976) | (1,746) | (2,462) |
Balance at end of year | 0 | 7,976 | 6,567 |
Tax valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | 10,578 | 12,347 | 21,175 |
Charged to costs and expenses | 4 | (1,769) | (8,828) |
Deductions | 0 | 0 | 0 |
Balance at end of year | $ 10,582 | $ 10,578 | $ 12,347 |
Schedule III Real Estate and _2
Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 94,155 | |||
Initial cost of land | 1,084,253 | |||
Initial cost of buildings and improvements | 3,266,098 | |||
Adjustments to basis | 329,413 | |||
Gross amount carried at end of period, land and improvements | 1,087,148 | |||
Gross amount carried at end of period, buildings and improvements | 3,592,616 | |||
Gross amount carried at end of period, total | 4,679,764 | $ 4,692,754 | $ 4,785,927 | $ 5,499,506 |
Accumulated depreciation | 1,383,274 | $ 1,313,602 | $ 1,215,990 | $ 1,443,333 |
Aggregate cost of real estate, U.S. federal income tax purposes | 4,690,491 | |||
Ashland & Roosevelt | Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 439 | |||
Initial cost of land | 13,850 | |||
Initial cost of buildings and improvements | 21,052 | |||
Adjustments to basis | 1,277 | |||
Gross amount carried at end of period, land and improvements | 13,850 | |||
Gross amount carried at end of period, buildings and improvements | 22,329 | |||
Gross amount carried at end of period, total | 36,179 | |||
Accumulated depreciation | 11,630 | |||
Avondale Plaza | Redmond, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,573 | |||
Initial cost of buildings and improvements | 9,497 | |||
Adjustments to basis | 74 | |||
Gross amount carried at end of period, land and improvements | 4,573 | |||
Gross amount carried at end of period, buildings and improvements | 9,571 | |||
Gross amount carried at end of period, total | 14,144 | |||
Accumulated depreciation | 1,890 | |||
Bed Bath & Beyond Plaza | Westbury, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,530 | |||
Initial cost of buildings and improvements | 11,901 | |||
Adjustments to basis | 405 | |||
Gross amount carried at end of period, land and improvements | 4,530 | |||
Gross amount carried at end of period, buildings and improvements | 12,306 | |||
Gross amount carried at end of period, total | 16,836 | |||
Accumulated depreciation | 6,355 | |||
The Brickyard | Chicago, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 45,300 | |||
Initial cost of buildings and improvements | 26,657 | |||
Adjustments to basis | 8,870 | |||
Gross amount carried at end of period, land and improvements | 45,300 | |||
Gross amount carried at end of period, buildings and improvements | 35,527 | |||
Gross amount carried at end of period, total | 80,827 | |||
Accumulated depreciation | 18,094 | |||
Carillon | Largo, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 15,261 | |||
Initial cost of buildings and improvements | 114,703 | |||
Adjustments to basis | (109,424) | |||
Gross amount carried at end of period, land and improvements | 2,811 | |||
Gross amount carried at end of period, buildings and improvements | 17,729 | |||
Gross amount carried at end of period, total | 20,540 | |||
Accumulated depreciation | 8,263 | |||
Cedar Park Town Center | Cedar Park, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 23,923 | |||
Initial cost of buildings and improvements | 13,829 | |||
Adjustments to basis | 251 | |||
Gross amount carried at end of period, land and improvements | 23,923 | |||
Gross amount carried at end of period, buildings and improvements | 14,080 | |||
Gross amount carried at end of period, total | 38,003 | |||
Accumulated depreciation | 3,286 | |||
Central Texas Marketplace | Waco, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 47,559 | |||
Adjustments to basis | 11,122 | |||
Gross amount carried at end of period, land and improvements | 13,000 | |||
Gross amount carried at end of period, buildings and improvements | 58,681 | |||
Gross amount carried at end of period, total | 71,681 | |||
Accumulated depreciation | 26,896 | |||
Centre at Laurel | Laurel, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 19,000 | |||
Initial cost of buildings and improvements | 8,406 | |||
Adjustments to basis | 17,479 | |||
Gross amount carried at end of period, land and improvements | 18,700 | |||
Gross amount carried at end of period, buildings and improvements | 26,185 | |||
Gross amount carried at end of period, total | 44,885 | |||
Accumulated depreciation | 12,808 | |||
Chantilly Crossing | Chantilly, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,500 | |||
Initial cost of buildings and improvements | 16,060 | |||
Adjustments to basis | 2,560 | |||
Gross amount carried at end of period, land and improvements | 8,500 | |||
Gross amount carried at end of period, buildings and improvements | 18,620 | |||
Gross amount carried at end of period, total | 27,120 | |||
Accumulated depreciation | 9,765 | |||
Circle East | Towson, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 9,050 | |||
Initial cost of buildings and improvements | 17,840 | |||
Adjustments to basis | (26,484) | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 406 | |||
Gross amount carried at end of period, total | 406 | |||
Accumulated depreciation | 55 | |||
Clearlake Shores | Clear Lake, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,775 | |||
Initial cost of buildings and improvements | 7,026 | |||
Adjustments to basis | 1,363 | |||
Gross amount carried at end of period, land and improvements | 1,775 | |||
Gross amount carried at end of period, buildings and improvements | 8,389 | |||
Gross amount carried at end of period, total | 10,164 | |||
Accumulated depreciation | 4,377 | |||
Coal Creek Marketplace | New Castle, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,023 | |||
Initial cost of buildings and improvements | 12,382 | |||
Adjustments to basis | 261 | |||
Gross amount carried at end of period, land and improvements | 5,023 | |||
Gross amount carried at end of period, buildings and improvements | 12,643 | |||
Gross amount carried at end of period, total | 17,666 | |||
Accumulated depreciation | 2,095 | |||
Colony Square | Sugar Land, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,700 | |||
Initial cost of buildings and improvements | 22,775 | |||
Adjustments to basis | 7,781 | |||
Gross amount carried at end of period, land and improvements | 16,700 | |||
Gross amount carried at end of period, buildings and improvements | 30,556 | |||
Gross amount carried at end of period, total | 47,256 | |||
Accumulated depreciation | 13,605 | |||
The Commons at Temecula | Temecula, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 35,887 | |||
Adjustments to basis | 7,145 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 43,032 | |||
Gross amount carried at end of period, total | 55,032 | |||
Accumulated depreciation | 22,053 | |||
Coppell Town Center | Coppell, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,919 | |||
Initial cost of buildings and improvements | 13,281 | |||
Adjustments to basis | 330 | |||
Gross amount carried at end of period, land and improvements | 2,919 | |||
Gross amount carried at end of period, buildings and improvements | 13,611 | |||
Gross amount carried at end of period, total | 16,530 | |||
Accumulated depreciation | 3,342 | |||
Coram Plaza | Coram, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,200 | |||
Initial cost of buildings and improvements | 26,178 | |||
Adjustments to basis | 3,900 | |||
Gross amount carried at end of period, land and improvements | 10,200 | |||
Gross amount carried at end of period, buildings and improvements | 30,078 | |||
Gross amount carried at end of period, total | 40,278 | |||
Accumulated depreciation | 16,391 | |||
Cypress Mill Plaza | Cypress, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,962 | |||
Initial cost of buildings and improvements | 9,976 | |||
Adjustments to basis | 178 | |||
Gross amount carried at end of period, land and improvements | 4,962 | |||
Gross amount carried at end of period, buildings and improvements | 10,154 | |||
Gross amount carried at end of period, total | 15,116 | |||
Accumulated depreciation | 2,677 | |||
Davis Towne Crossing | North Richland Hills, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,850 | |||
Initial cost of buildings and improvements | 5,681 | |||
Adjustments to basis | 1,210 | |||
Gross amount carried at end of period, land and improvements | 1,671 | |||
Gross amount carried at end of period, buildings and improvements | 7,070 | |||
Gross amount carried at end of period, total | 8,741 | |||
Accumulated depreciation | 3,905 | |||
Denton Crossing | Denton, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,000 | |||
Initial cost of buildings and improvements | 43,434 | |||
Adjustments to basis | 17,093 | |||
Gross amount carried at end of period, land and improvements | 6,000 | |||
Gross amount carried at end of period, buildings and improvements | 60,527 | |||
Gross amount carried at end of period, total | 66,527 | |||
Accumulated depreciation | 31,246 | |||
Downtown Crown | Gaithersburg, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 43,367 | |||
Initial cost of buildings and improvements | 110,785 | |||
Adjustments to basis | 5,073 | |||
Gross amount carried at end of period, land and improvements | 43,367 | |||
Gross amount carried at end of period, buildings and improvements | 115,858 | |||
Gross amount carried at end of period, total | 159,225 | |||
Accumulated depreciation | 21,752 | |||
East Stone Commons | Kingsport, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,900 | |||
Initial cost of buildings and improvements | 28,714 | |||
Adjustments to basis | 338 | |||
Gross amount carried at end of period, land and improvements | 2,826 | |||
Gross amount carried at end of period, buildings and improvements | 29,126 | |||
Gross amount carried at end of period, total | 31,952 | |||
Accumulated depreciation | 14,338 | |||
Eastside | Richardson, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,055 | |||
Initial cost of buildings and improvements | 17,620 | |||
Adjustments to basis | 87 | |||
Gross amount carried at end of period, land and improvements | 4,055 | |||
Gross amount carried at end of period, buildings and improvements | 17,707 | |||
Gross amount carried at end of period, total | 21,762 | |||
Accumulated depreciation | 2,582 | |||
Eastwood Towne Center | Lansing, MI | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,000 | |||
Initial cost of buildings and improvements | 65,067 | |||
Adjustments to basis | 9,765 | |||
Gross amount carried at end of period, land and improvements | 12,000 | |||
Gross amount carried at end of period, buildings and improvements | 74,832 | |||
Gross amount carried at end of period, total | 86,832 | |||
Accumulated depreciation | 39,860 | |||
Edwards Multiplex | Ontario, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
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 | 17,797 | |||
Fairgrounds Plaza | Middletown, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,800 | |||
Initial cost of buildings and improvements | 13,490 | |||
Adjustments to basis | 5,082 | |||
Gross amount carried at end of period, land and improvements | 5,431 | |||
Gross amount carried at end of period, buildings and improvements | 17,941 | |||
Gross amount carried at end of period, total | 23,372 | |||
Accumulated depreciation | 9,338 | |||
Fordham Place | Bronx, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 17,209 | |||
Initial cost of buildings and improvements | 96,547 | |||
Adjustments to basis | 328 | |||
Gross amount carried at end of period, land and improvements | 17,209 | |||
Gross amount carried at end of period, buildings and improvements | 96,875 | |||
Gross amount carried at end of period, total | 114,084 | |||
Accumulated depreciation | 21,263 | |||
Fort Evans Plaza II | Leesburg, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,118 | |||
Initial cost of buildings and improvements | 44,880 | |||
Adjustments to basis | 407 | |||
Gross amount carried at end of period, land and improvements | 16,118 | |||
Gross amount carried at end of period, buildings and improvements | 45,287 | |||
Gross amount carried at end of period, total | 61,405 | |||
Accumulated depreciation | 9,194 | |||
Fullerton Metrocenter | Fullerton, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 47,403 | |||
Adjustments to basis | 3,643 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 51,046 | |||
Gross amount carried at end of period, total | 51,046 | |||
Accumulated depreciation | 28,723 | |||
Galvez Shopping Center | Galveston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,250 | |||
Initial cost of buildings and improvements | 4,947 | |||
Adjustments to basis | 442 | |||
Gross amount carried at end of period, land and improvements | 1,250 | |||
Gross amount carried at end of period, buildings and improvements | 5,389 | |||
Gross amount carried at end of period, total | 6,639 | |||
Accumulated depreciation | 2,838 | |||
Gardiner Manor Mall | Bay Shore, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,348 | |||
Initial cost of buildings and improvements | 56,199 | |||
Adjustments to basis | 1,941 | |||
Gross amount carried at end of period, land and improvements | 12,348 | |||
Gross amount carried at end of period, buildings and improvements | 58,140 | |||
Gross amount carried at end of period, total | 70,488 | |||
Accumulated depreciation | 11,944 | |||
Gateway Pavilions | Avondale, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 9,880 | |||
Initial cost of buildings and improvements | 55,195 | |||
Adjustments to basis | 5,090 | |||
Gross amount carried at end of period, land and improvements | 9,880 | |||
Gross amount carried at end of period, buildings and improvements | 60,285 | |||
Gross amount carried at end of period, total | 70,165 | |||
Accumulated depreciation | 31,744 | |||
Gateway Plaza | Southlake, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 26,371 | |||
Adjustments to basis | 5,599 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 31,970 | |||
Gross amount carried at end of period, total | 31,970 | |||
Accumulated depreciation | 17,077 | |||
Gateway Station | College Station, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 3,911 | |||
Adjustments to basis | 1,333 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 5,244 | |||
Gross amount carried at end of period, total | 6,294 | |||
Accumulated depreciation | 2,761 | |||
Gateway Station II & III | College Station, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,280 | |||
Initial cost of buildings and improvements | 11,557 | |||
Adjustments to basis | 371 | |||
Gross amount carried at end of period, land and improvements | 3,280 | |||
Gross amount carried at end of period, buildings and improvements | 11,928 | |||
Gross amount carried at end of period, total | 15,208 | |||
Accumulated depreciation | 5,301 | |||
Gateway Village | Annapolis, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 32,580 | |||
Initial cost of land | 8,550 | |||
Initial cost of buildings and improvements | 39,298 | |||
Adjustments to basis | 6,753 | |||
Gross amount carried at end of period, land and improvements | 8,550 | |||
Gross amount carried at end of period, buildings and improvements | 46,051 | |||
Gross amount carried at end of period, total | 54,601 | |||
Accumulated depreciation | 24,933 | |||
Gerry Centennial Plaza | Oswego, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,370 | |||
Initial cost of buildings and improvements | 12,968 | |||
Adjustments to basis | 10,137 | |||
Gross amount carried at end of period, land and improvements | 5,370 | |||
Gross amount carried at end of period, buildings and improvements | 23,105 | |||
Gross amount carried at end of period, total | 28,475 | |||
Accumulated depreciation | 10,214 | |||
Grapevine Crossing | Grapevine, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,100 | |||
Initial cost of buildings and improvements | 16,938 | |||
Adjustments to basis | 492 | |||
Gross amount carried at end of period, land and improvements | 3,894 | |||
Gross amount carried at end of period, buildings and improvements | 17,636 | |||
Gross amount carried at end of period, total | 21,530 | |||
Accumulated depreciation | 9,371 | |||
Green's Corner | Cumming, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,200 | |||
Initial cost of buildings and improvements | 8,663 | |||
Adjustments to basis | 1,468 | |||
Gross amount carried at end of period, land and improvements | 3,200 | |||
Gross amount carried at end of period, buildings and improvements | 10,131 | |||
Gross amount carried at end of period, total | 13,331 | |||
Accumulated depreciation | 5,187 | |||
Gurnee Town Center | Gurnee, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 7,000 | |||
Initial cost of buildings and improvements | 35,147 | |||
Adjustments to basis | 6,828 | |||
Gross amount carried at end of period, land and improvements | 7,000 | |||
Gross amount carried at end of period, buildings and improvements | 41,975 | |||
Gross amount carried at end of period, total | 48,975 | |||
Accumulated depreciation | 22,023 | |||
Henry Town Center | McDonough, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,650 | |||
Initial cost of buildings and improvements | 46,814 | |||
Adjustments to basis | 9,419 | |||
Gross amount carried at end of period, land and improvements | 10,650 | |||
Gross amount carried at end of period, buildings and improvements | 56,233 | |||
Gross amount carried at end of period, total | 66,883 | |||
Accumulated depreciation | 28,361 | |||
Heritage Square | Issaquah, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,377 | |||
Initial cost of buildings and improvements | 11,385 | |||
Adjustments to basis | 2,393 | |||
Gross amount carried at end of period, land and improvements | 6,377 | |||
Gross amount carried at end of period, buildings and improvements | 13,778 | |||
Gross amount carried at end of period, total | 20,155 | |||
Accumulated depreciation | 3,036 | |||
Heritage Towne Crossing | Euless, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,065 | |||
Initial cost of buildings and improvements | 10,729 | |||
Adjustments to basis | 1,757 | |||
Gross amount carried at end of period, land and improvements | 3,065 | |||
Gross amount carried at end of period, buildings and improvements | 12,486 | |||
Gross amount carried at end of period, total | 15,551 | |||
Accumulated depreciation | 7,121 | |||
Home Depot Center | Pittsburgh, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 8,908 | |||
HQ Building | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,200 | |||
Initial cost of buildings and improvements | 10,010 | |||
Adjustments to basis | 4,406 | |||
Gross amount carried at end of period, land and improvements | 5,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,416 | |||
Gross amount carried at end of period, total | 19,616 | |||
Accumulated depreciation | 7,785 | |||
Huebner Oaks Center | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 18,087 | |||
Initial cost of buildings and improvements | 64,731 | |||
Adjustments to basis | 3,107 | |||
Gross amount carried at end of period, land and improvements | 18,087 | |||
Gross amount carried at end of period, buildings and improvements | 67,838 | |||
Gross amount carried at end of period, total | 85,925 | |||
Accumulated depreciation | 13,495 | |||
Humblewood Shopping Center | Humble, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 12,823 | |||
Adjustments to basis | 1,244 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 14,067 | |||
Gross amount carried at end of period, total | 16,267 | |||
Accumulated depreciation | 7,039 | |||
Jefferson Commons | Newport News, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 23,097 | |||
Initial cost of buildings and improvements | 52,762 | |||
Adjustments to basis | 3,791 | |||
Gross amount carried at end of period, land and improvements | 23,097 | |||
Gross amount carried at end of period, buildings and improvements | 56,553 | |||
Gross amount carried at end of period, total | 79,650 | |||
Accumulated depreciation | 24,281 | |||
John's Creek Village | John's Creek, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,446 | |||
Initial cost of buildings and improvements | 23,932 | |||
Adjustments to basis | 1,278 | |||
Gross amount carried at end of period, land and improvements | 14,295 | |||
Gross amount carried at end of period, buildings and improvements | 25,361 | |||
Gross amount carried at end of period, total | 39,656 | |||
Accumulated depreciation | 5,526 | |||
King Philip's Crossing | Seekonk, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,710 | |||
Initial cost of buildings and improvements | 19,144 | |||
Adjustments to basis | (11,171) | |||
Gross amount carried at end of period, land and improvements | 3,388 | |||
Gross amount carried at end of period, buildings and improvements | 8,295 | |||
Gross amount carried at end of period, total | 11,683 | |||
Accumulated depreciation | 0 | |||
La Plaza Del Norte | San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,005 | |||
Initial cost of buildings and improvements | 37,744 | |||
Adjustments to basis | 5,404 | |||
Gross amount carried at end of period, land and improvements | 16,005 | |||
Gross amount carried at end of period, buildings and improvements | 43,148 | |||
Gross amount carried at end of period, total | 59,153 | |||
Accumulated depreciation | 24,321 | |||
Lake Worth Towne Crossing | Lake Worth, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 30,910 | |||
Adjustments to basis | 9,357 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 40,267 | |||
Gross amount carried at end of period, total | 46,867 | |||
Accumulated depreciation | 18,947 | |||
Lakewood Towne Center | Lakewood, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,555 | |||
Initial cost of buildings and improvements | 74,612 | |||
Adjustments to basis | (8,038) | |||
Gross amount carried at end of period, land and improvements | 12,555 | |||
Gross amount carried at end of period, buildings and improvements | 66,574 | |||
Gross amount carried at end of period, total | 79,129 | |||
Accumulated depreciation | 34,695 | |||
Lincoln Park | Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 38,329 | |||
Initial cost of buildings and improvements | 17,772 | |||
Adjustments to basis | 733 | |||
Gross amount carried at end of period, land and improvements | 38,329 | |||
Gross amount carried at end of period, buildings and improvements | 18,505 | |||
Gross amount carried at end of period, total | 56,834 | |||
Accumulated depreciation | 3,957 | |||
Lincoln Plaza | Worcester, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,000 | |||
Initial cost of buildings and improvements | 46,482 | |||
Adjustments to basis | 23,209 | |||
Gross amount carried at end of period, land and improvements | 13,110 | |||
Gross amount carried at end of period, buildings and improvements | 69,581 | |||
Gross amount carried at end of period, total | 82,691 | |||
Accumulated depreciation | 35,147 | |||
Lowe's/Bed Bath Beyond | Butler, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 763 | |||
MacArthur Crossing | Los Colinas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,710 | |||
Initial cost of buildings and improvements | 16,265 | |||
Adjustments to basis | 2,691 | |||
Gross amount carried at end of period, land and improvements | 4,710 | |||
Gross amount carried at end of period, buildings and improvements | 18,956 | |||
Gross amount carried at end of period, total | 23,666 | |||
Accumulated depreciation | 10,766 | |||
Main Street Promenade | Naperville, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,317 | |||
Initial cost of buildings and improvements | 83,276 | |||
Adjustments to basis | 289 | |||
Gross amount carried at end of period, land and improvements | 4,317 | |||
Gross amount carried at end of period, buildings and improvements | 83,565 | |||
Gross amount carried at end of period, total | 87,882 | |||
Accumulated depreciation | 9,027 | |||
Manchester Meadows | Town and Country, MO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,700 | |||
Initial cost of buildings and improvements | 39,738 | |||
Adjustments to basis | 9,395 | |||
Gross amount carried at end of period, land and improvements | 14,700 | |||
Gross amount carried at end of period, buildings and improvements | 49,133 | |||
Gross amount carried at end of period, total | 63,833 | |||
Accumulated depreciation | 25,661 | |||
Mansfield Towne Crossing | Mansfield, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,300 | |||
Initial cost of buildings and improvements | 12,195 | |||
Adjustments to basis | 3,701 | |||
Gross amount carried at end of period, land and improvements | 3,300 | |||
Gross amount carried at end of period, buildings and improvements | 15,896 | |||
Gross amount carried at end of period, total | 19,196 | |||
Accumulated depreciation | 8,716 | |||
Merrifield Town Center | Falls Church, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 18,678 | |||
Initial cost of buildings and improvements | 36,496 | |||
Adjustments to basis | 1,224 | |||
Gross amount carried at end of period, land and improvements | 18,678 | |||
Gross amount carried at end of period, buildings and improvements | 37,720 | |||
Gross amount carried at end of period, total | 56,398 | |||
Accumulated depreciation | 7,001 | |||
Merrifield Town Center II | Falls Church, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 28,797 | |||
Initial cost of buildings and improvements | 14,698 | |||
Adjustments to basis | 105 | |||
Gross amount carried at end of period, land and improvements | 28,797 | |||
Gross amount carried at end of period, buildings and improvements | 14,803 | |||
Gross amount carried at end of period, total | 43,600 | |||
Accumulated depreciation | 2,142 | |||
New Forest Crossing | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,390 | |||
Initial cost of buildings and improvements | 11,313 | |||
Adjustments to basis | 1,107 | |||
Gross amount carried at end of period, land and improvements | 4,390 | |||
Gross amount carried at end of period, buildings and improvements | 12,420 | |||
Gross amount carried at end of period, total | 16,810 | |||
Accumulated depreciation | 2,949 | |||
New Hyde Park Shopping Center | New Hyde Park, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,568 | |||
Initial cost of buildings and improvements | 5,562 | |||
Adjustments to basis | (11) | |||
Gross amount carried at end of period, land and improvements | 14,568 | |||
Gross amount carried at end of period, buildings and improvements | 5,551 | |||
Gross amount carried at end of period, total | 20,119 | |||
Accumulated depreciation | 625 | |||
Newnan Crossing I & II | Newnan, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 15,100 | |||
Initial cost of buildings and improvements | 33,987 | |||
Adjustments to basis | 9,863 | |||
Gross amount carried at end of period, land and improvements | 15,100 | |||
Gross amount carried at end of period, buildings and improvements | 43,850 | |||
Gross amount carried at end of period, total | 58,950 | |||
Accumulated depreciation | 22,945 | |||
Newton Crossroads | Covington, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,350 | |||
Initial cost of buildings and improvements | 6,927 | |||
Adjustments to basis | 927 | |||
Gross amount carried at end of period, land and improvements | 3,350 | |||
Gross amount carried at end of period, buildings and improvements | 7,854 | |||
Gross amount carried at end of period, total | 11,204 | |||
Accumulated depreciation | 4,037 | |||
North Benson Center | Renton, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,275 | |||
Initial cost of buildings and improvements | 10,619 | |||
Adjustments to basis | 487 | |||
Gross amount carried at end of period, land and improvements | 13,275 | |||
Gross amount carried at end of period, buildings and improvements | 11,106 | |||
Gross amount carried at end of period, total | 24,381 | |||
Accumulated depreciation | 386 | |||
Northgate North | Seattle, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 24,675 | |||
Initial cost of land | 7,540 | |||
Initial cost of buildings and improvements | 49,078 | |||
Adjustments to basis | (12,582) | |||
Gross amount carried at end of period, land and improvements | 7,540 | |||
Gross amount carried at end of period, buildings and improvements | 36,496 | |||
Gross amount carried at end of period, total | 44,036 | |||
Accumulated depreciation | 21,016 | |||
Northpointe Plaza | Spokane, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,800 | |||
Initial cost of buildings and improvements | 37,707 | |||
Adjustments to basis | 9,544 | |||
Gross amount carried at end of period, land and improvements | 13,800 | |||
Gross amount carried at end of period, buildings and improvements | 47,251 | |||
Gross amount carried at end of period, total | 61,051 | |||
Accumulated depreciation | 24,725 | |||
Oak Brook Promenade | Oak Brook, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,343 | |||
Initial cost of buildings and improvements | 50,057 | |||
Adjustments to basis | 1,776 | |||
Gross amount carried at end of period, land and improvements | 10,343 | |||
Gross amount carried at end of period, buildings and improvements | 51,833 | |||
Gross amount carried at end of period, total | 62,176 | |||
Accumulated depreciation | 7,789 | |||
One Loudoun | Ashburn, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 26,799 | |||
Initial cost of buildings and improvements | 122,224 | |||
Adjustments to basis | 129 | |||
Gross amount carried at end of period, land and improvements | 15,067 | |||
Gross amount carried at end of period, buildings and improvements | 134,085 | |||
Gross amount carried at end of period, total | 149,152 | |||
Accumulated depreciation | 15,409 | |||
Oswego Commons | Oswego, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,454 | |||
Initial cost of buildings and improvements | 16,004 | |||
Adjustments to basis | 1,701 | |||
Gross amount carried at end of period, land and improvements | 6,454 | |||
Gross amount carried at end of period, buildings and improvements | 17,705 | |||
Gross amount carried at end of period, total | 24,159 | |||
Accumulated depreciation | 4,241 | |||
Paradise Valley Marketplace | Phoenix, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,134 | |||
Initial cost of buildings and improvements | 20,425 | |||
Adjustments to basis | 2,562 | |||
Gross amount carried at end of period, land and improvements | 8,134 | |||
Gross amount carried at end of period, buildings and improvements | 22,987 | |||
Gross amount carried at end of period, total | 31,121 | |||
Accumulated depreciation | 12,343 | |||
Parkway Towne Crossing | Frisco, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,142 | |||
Initial cost of buildings and improvements | 20,423 | |||
Adjustments to basis | 9,508 | |||
Gross amount carried at end of period, land and improvements | 6,142 | |||
Gross amount carried at end of period, buildings and improvements | 29,931 | |||
Gross amount carried at end of period, total | 36,073 | |||
Accumulated depreciation | 15,903 | |||
Pavillion at Kings Grant I & II | Concord, NC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,274 | |||
Initial cost of buildings and improvements | 12,392 | |||
Adjustments to basis | 21,340 | |||
Gross amount carried at end of period, land and improvements | 10,105 | |||
Gross amount carried at end of period, buildings and improvements | 33,901 | |||
Gross amount carried at end of period, total | 44,006 | |||
Accumulated depreciation | 13,023 | |||
Pelham Manor Shopping Plaza | Pelham Manor, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 0 | |||
Initial cost of buildings and improvements | 67,870 | |||
Adjustments to basis | 938 | |||
Gross amount carried at end of period, land and improvements | 0 | |||
Gross amount carried at end of period, buildings and improvements | 68,808 | |||
Gross amount carried at end of period, total | 68,808 | |||
Accumulated depreciation | 16,824 | |||
Peoria Crossings I & II | Peoria, AZ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 24,110 | |||
Initial cost of land | 6,995 | |||
Initial cost of buildings and improvements | 32,816 | |||
Adjustments to basis | 4,653 | |||
Gross amount carried at end of period, land and improvements | 8,495 | |||
Gross amount carried at end of period, buildings and improvements | 35,969 | |||
Gross amount carried at end of period, total | 44,464 | |||
Accumulated depreciation | 20,076 | |||
Plaza at Marysville | Marysville, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,600 | |||
Initial cost of buildings and improvements | 13,728 | |||
Adjustments to basis | 1,162 | |||
Gross amount carried at end of period, land and improvements | 6,600 | |||
Gross amount carried at end of period, buildings and improvements | 14,890 | |||
Gross amount carried at end of period, total | 21,490 | |||
Accumulated depreciation | 8,230 | |||
Plaza del Lago | Wilmette, IL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 12,042 | |||
Initial cost of buildings and improvements | 33,382 | |||
Adjustments to basis | 4,027 | |||
Gross amount carried at end of period, land and improvements | 12,042 | |||
Gross amount carried at end of period, buildings and improvements | 37,409 | |||
Gross amount carried at end of period, total | 49,451 | |||
Accumulated depreciation | 2,741 | |||
Pleasant Run | Cedar Hill, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,200 | |||
Initial cost of buildings and improvements | 29,085 | |||
Adjustments to basis | 7,629 | |||
Gross amount carried at end of period, land and improvements | 4,200 | |||
Gross amount carried at end of period, buildings and improvements | 36,714 | |||
Gross amount carried at end of period, total | 40,914 | |||
Accumulated depreciation | 19,012 | |||
Reisterstown Road Plaza | Baltimore, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 15,800 | |||
Initial cost of buildings and improvements | 70,372 | |||
Adjustments to basis | 24,474 | |||
Gross amount carried at end of period, land and improvements | 15,790 | |||
Gross amount carried at end of period, buildings and improvements | 94,856 | |||
Gross amount carried at end of period, total | 110,646 | |||
Accumulated depreciation | 45,506 | |||
Rivery Town Crossing | Georgetown, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,900 | |||
Initial cost of buildings and improvements | 6,814 | |||
Adjustments to basis | 1,284 | |||
Gross amount carried at end of period, land and improvements | 2,900 | |||
Gross amount carried at end of period, buildings and improvements | 8,098 | |||
Gross amount carried at end of period, total | 10,998 | |||
Accumulated depreciation | 3,638 | |||
Royal Oaks Village II | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,450 | |||
Initial cost of buildings and improvements | 17,000 | |||
Adjustments to basis | 964 | |||
Gross amount carried at end of period, land and improvements | 3,450 | |||
Gross amount carried at end of period, buildings and improvements | 17,964 | |||
Gross amount carried at end of period, total | 21,414 | |||
Accumulated depreciation | 7,022 | |||
Sawyer Heights Village | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 24,214 | |||
Initial cost of buildings and improvements | 15,797 | |||
Adjustments to basis | 778 | |||
Gross amount carried at end of period, land and improvements | 24,214 | |||
Gross amount carried at end of period, buildings and improvements | 16,575 | |||
Gross amount carried at end of period, total | 40,789 | |||
Accumulated depreciation | 4,170 | |||
Shoppes at Hagerstown | Hagerstown, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,034 | |||
Initial cost of buildings and improvements | 21,937 | |||
Adjustments to basis | 275 | |||
Gross amount carried at end of period, land and improvements | 4,034 | |||
Gross amount carried at end of period, buildings and improvements | 22,212 | |||
Gross amount carried at end of period, total | 26,246 | |||
Accumulated depreciation | 3,670 | |||
The Shoppes at Quarterfield | Severn, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,190 | |||
Initial cost of buildings and improvements | 8,840 | |||
Adjustments to basis | 359 | |||
Gross amount carried at end of period, land and improvements | 2,190 | |||
Gross amount carried at end of period, buildings and improvements | 9,199 | |||
Gross amount carried at end of period, total | 11,389 | |||
Accumulated depreciation | 5,207 | |||
The Shoppes at Union Hill | Denville, NJ | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 12,351 | |||
Initial cost of land | 12,666 | |||
Initial cost of buildings and improvements | 45,227 | |||
Adjustments to basis | 2,608 | |||
Gross amount carried at end of period, land and improvements | 12,666 | |||
Gross amount carried at end of period, buildings and improvements | 47,835 | |||
Gross amount carried at end of period, total | 60,501 | |||
Accumulated depreciation | 6,789 | |||
Shoppes of New Hope | Dallas, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,350 | |||
Initial cost of buildings and improvements | 11,045 | |||
Adjustments to basis | 258 | |||
Gross amount carried at end of period, land and improvements | 1,350 | |||
Gross amount carried at end of period, buildings and improvements | 11,303 | |||
Gross amount carried at end of period, total | 12,653 | |||
Accumulated depreciation | 6,325 | |||
Shoppes of Prominence Point I & II | Canton, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,650 | |||
Initial cost of buildings and improvements | 12,652 | |||
Adjustments to basis | 734 | |||
Gross amount carried at end of period, land and improvements | 3,650 | |||
Gross amount carried at end of period, buildings and improvements | 13,386 | |||
Gross amount carried at end of period, total | 17,036 | |||
Accumulated depreciation | 7,304 | |||
Shops at Forest Commons | Round Rock, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,050 | |||
Initial cost of buildings and improvements | 6,133 | |||
Adjustments to basis | 428 | |||
Gross amount carried at end of period, land and improvements | 1,050 | |||
Gross amount carried at end of period, buildings and improvements | 6,561 | |||
Gross amount carried at end of period, total | 7,611 | |||
Accumulated depreciation | 3,607 | |||
The Shops at Legacy | Plano, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,800 | |||
Initial cost of buildings and improvements | 108,940 | |||
Adjustments to basis | 19,162 | |||
Gross amount carried at end of period, land and improvements | 8,800 | |||
Gross amount carried at end of period, buildings and improvements | 128,102 | |||
Gross amount carried at end of period, total | 136,902 | |||
Accumulated depreciation | 58,203 | |||
Shops at Park Place | Plano, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 9,096 | |||
Initial cost of buildings and improvements | 13,175 | |||
Adjustments to basis | 4,735 | |||
Gross amount carried at end of period, land and improvements | 9,096 | |||
Gross amount carried at end of period, buildings and improvements | 17,910 | |||
Gross amount carried at end of period, total | 27,006 | |||
Accumulated depreciation | 8,900 | |||
Southlake Corners | Southlake, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 6,612 | |||
Initial cost of buildings and improvements | 23,605 | |||
Adjustments to basis | 200 | |||
Gross amount carried at end of period, land and improvements | 6,612 | |||
Gross amount carried at end of period, buildings and improvements | 23,805 | |||
Gross amount carried at end of period, total | 30,417 | |||
Accumulated depreciation | 5,567 | |||
Southlake Town Square I - VII | Southlake, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 43,790 | |||
Initial cost of buildings and improvements | 210,402 | |||
Adjustments to basis | 32,890 | |||
Gross amount carried at end of period, land and improvements | 41,604 | |||
Gross amount carried at end of period, buildings and improvements | 245,478 | |||
Gross amount carried at end of period, total | 287,082 | |||
Accumulated depreciation | 111,172 | |||
Stilesboro Oaks | Acworth, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 9,426 | |||
Adjustments to basis | 816 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 10,242 | |||
Gross amount carried at end of period, total | 12,442 | |||
Accumulated depreciation | 5,448 | |||
Stonebridge Plaza | McKinney, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 1,000 | |||
Initial cost of buildings and improvements | 5,783 | |||
Adjustments to basis | 847 | |||
Gross amount carried at end of period, land and improvements | 1,000 | |||
Gross amount carried at end of period, buildings and improvements | 6,630 | |||
Gross amount carried at end of period, total | 7,630 | |||
Accumulated depreciation | 3,373 | |||
Streets of Yorktown | Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 3,440 | |||
Initial cost of buildings and improvements | 22,111 | |||
Adjustments to basis | (20,558) | |||
Gross amount carried at end of period, land and improvements | 1,062 | |||
Gross amount carried at end of period, buildings and improvements | 3,931 | |||
Gross amount carried at end of period, total | 4,993 | |||
Accumulated depreciation | 72 | |||
Tacoma South | Tacoma, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 10,976 | |||
Initial cost of buildings and improvements | 22,898 | |||
Adjustments to basis | 222 | |||
Gross amount carried at end of period, land and improvements | 10,976 | |||
Gross amount carried at end of period, buildings and improvements | 23,120 | |||
Gross amount carried at end of period, total | 34,096 | |||
Accumulated depreciation | 3,367 | |||
Target South Center | Austin, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,300 | |||
Initial cost of buildings and improvements | 8,760 | |||
Adjustments to basis | 730 | |||
Gross amount carried at end of period, land and improvements | 2,300 | |||
Gross amount carried at end of period, buildings and improvements | 9,490 | |||
Gross amount carried at end of period, total | 11,790 | |||
Accumulated depreciation | 5,029 | |||
Tollgate Marketplace | Bel Air, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 8,700 | |||
Initial cost of buildings and improvements | 61,247 | |||
Adjustments to basis | 14,954 | |||
Gross amount carried at end of period, land and improvements | 8,700 | |||
Gross amount carried at end of period, buildings and improvements | 76,201 | |||
Gross amount carried at end of period, total | 84,901 | |||
Accumulated depreciation | 37,215 | |||
Towson Square | Towson, MD | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 13,757 | |||
Initial cost of buildings and improvements | 21,958 | |||
Adjustments to basis | 383 | |||
Gross amount carried at end of period, land and improvements | 13,757 | |||
Gross amount carried at end of period, buildings and improvements | 22,341 | |||
Gross amount carried at end of period, total | 36,098 | |||
Accumulated depreciation | 3,441 | |||
Tysons Corner | Vienna, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 22,525 | |||
Initial cost of buildings and improvements | 7,184 | |||
Adjustments to basis | 3,799 | |||
Gross amount carried at end of period, land and improvements | 22,525 | |||
Gross amount carried at end of period, buildings and improvements | 10,983 | |||
Gross amount carried at end of period, total | 33,508 | |||
Accumulated depreciation | 1,504 | |||
Village Shoppes at Simonton | Lawrenceville, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 2,200 | |||
Initial cost of buildings and improvements | 10,874 | |||
Adjustments to basis | 376 | |||
Gross amount carried at end of period, land and improvements | 2,200 | |||
Gross amount carried at end of period, buildings and improvements | 11,250 | |||
Gross amount carried at end of period, total | 13,450 | |||
Accumulated depreciation | 6,089 | |||
Walter's Crossing | Tampa, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 14,500 | |||
Initial cost of buildings and improvements | 16,914 | |||
Adjustments to basis | 507 | |||
Gross amount carried at end of period, land and improvements | 14,500 | |||
Gross amount carried at end of period, buildings and improvements | 17,421 | |||
Gross amount carried at end of period, total | 31,921 | |||
Accumulated depreciation | 8,854 | |||
Watauga Pavillion | Watauga, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 5,185 | |||
Initial cost of buildings and improvements | 27,504 | |||
Adjustments to basis | 1,728 | |||
Gross amount carried at end of period, land and improvements | 5,185 | |||
Gross amount carried at end of period, buildings and improvements | 29,232 | |||
Gross amount carried at end of period, total | 34,417 | |||
Accumulated depreciation | 16,223 | |||
Winchester Commons | Memphis, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 4,400 | |||
Initial cost of buildings and improvements | 7,471 | |||
Adjustments to basis | 930 | |||
Gross amount carried at end of period, land and improvements | 4,400 | |||
Gross amount carried at end of period, buildings and improvements | 8,401 | |||
Gross amount carried at end of period, total | 12,801 | |||
Accumulated depreciation | 4,384 | |||
Woodinville Plaza | Woodinville, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 16,073 | |||
Initial cost of buildings and improvements | 25,433 | |||
Adjustments to basis | 8,013 | |||
Gross amount carried at end of period, land and improvements | 16,073 | |||
Gross amount carried at end of period, buildings and improvements | 33,446 | |||
Gross amount carried at end of period, total | 49,519 | |||
Accumulated depreciation | 5,253 | |||
Total Operating Properties and Redevelopment Properties | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 94,155 | |||
Initial cost of land | 1,058,803 | |||
Initial cost of buildings and improvements | 3,266,098 | |||
Adjustments to basis | 241,510 | |||
Gross amount carried at end of period, land and improvements | 1,021,829 | |||
Gross amount carried at end of period, buildings and improvements | 3,544,582 | |||
Gross amount carried at end of period, total | 4,566,411 | |||
Accumulated depreciation | 1,383,274 | |||
Developments in Progress | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost of land | 25,450 | |||
Initial cost of buildings and improvements | 0 | |||
Adjustments to basis | 87,903 | |||
Gross amount carried at end of period, land and improvements | 65,319 | |||
Gross amount carried at end of period, buildings and improvements | 48,034 | |||
Gross amount carried at end of period, total | 113,353 | |||
Accumulated depreciation | $ 0 | |||
Building and associated improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (in years) | 30 years | |||
Site improvements and most other capital improvements | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance as of January 1, | $ 4,692,754 | $ 4,785,927 | $ 5,499,506 |
Purchases and additions to investment property | 133,259 | 114,050 | 272,145 |
Sale and write-offs of investment property | (111,557) | (203,766) | (829,170) |
Property held for sale | 0 | 0 | (2,791) |
Provision for asset impairment | (34,692) | (3,457) | (153,763) |
Balance as of December 31, | $ 4,679,764 | $ 4,692,754 | $ 4,785,927 |
Schedule III - Reconciliation_2
Schedule III - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance as of January 1, | $ 1,313,602 | $ 1,215,990 | $ 1,443,333 |
Depreciation expense | 173,619 | 149,302 | 171,823 |
Sale and write-offs of investment property | (81,438) | (48,795) | (308,662) |
Property held for sale | 0 | 0 | (27) |
Provision for asset impairment | (22,509) | (2,895) | (90,477) |
Balance as of December 31, | $ 1,383,274 | $ 1,313,602 | $ 1,215,990 |