Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 09, 2021 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SERITAGE GROWTH PROPERTIES | ||
Entity Central Index Key | 0001628063 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 407,000,000 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-37420 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 38-3976287 | ||
Entity Address, Address Line One | 500 Fifth Avenue | ||
Entity Address, Address Line Two | Suite 1530 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10110 | ||
City Area Code | 212 | ||
Local Phone Number | 355-7800 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of Seritage Growth Properties’ Proxy Statement for its 2021 Annual Meeting of Shareholders, to be held May 20, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
ICFR Auditor Attestation Flag | true | ||
Series A Cumulative Redeemable Preferred Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SRG-PA | ||
Title of 12(b) Security | 7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Class A Common Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SRG | ||
Entity Common Stock, Shares Outstanding | 38,903,146 | ||
Title of 12(b) Security | Class A common shares of beneficial interest, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Class B Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 | ||
Class C Common Shares [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Class A Common Shares [Member] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 100,000,000 | 100,000,000 |
Common shares, outstanding | 38,896,428 | 36,897,364 |
Common shares, issued | 38,896,428 | 36,897,364 |
Class B Common Shares [Member] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 5,000,000 | 5,000,000 |
Common shares, outstanding | 0 | 1,242,536 |
Common shares, issued | 0 | 1,242,536 |
Series A Preferred Shares [Member] | ||
Common shares, outstanding | 2,800,000 | 2,800,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 10,000,000 | 10,000,000 |
Preferred shares, outstanding | 2,800,000 | 2,800,000 |
Preferred shares, issued | 2,800,000 | 2,800,000 |
Preferred shares, liquidation preference | $ 70,000 | $ 70,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in real estate | ||
Land | $ 592,770 | $ 667,004 |
Buildings and improvements | 1,107,532 | 1,112,653 |
Accumulated depreciation | (142,206) | (147,696) |
Real Estate Investment Property, at Cost, Total | 1,558,096 | 1,631,961 |
Construction in progress | 352,776 | 338,672 |
Net investment in real estate | 1,910,872 | 1,970,633 |
Real estate held for sale | 1,864 | 5,275 |
Investment in unconsolidated entities | 457,033 | 445,077 |
Cash and cash equivalents | 143,728 | 139,260 |
Restricted cash | 6,526 | |
Tenant and other receivables, net | 46,570 | 54,470 |
Lease intangible assets, net | 18,595 | 68,153 |
Prepaid expenses, deferred expenses and other assets, net | 63,755 | 67,744 |
Total assets | 2,648,943 | 2,750,612 |
Liabilities | ||
Term loan facility, net | 1,598,909 | 1,598,487 |
Sales-leaseback financing obligations | 20,425 | |
Accounts payable, accrued expenses and other liabilities | 146,882 | 108,755 |
Total liabilities | 1,766,216 | 1,707,242 |
Commitments and contingencies (Note 9) | ||
Shareholders' Equity | ||
Additional paid-in capital | 1,177,260 | 1,149,721 |
Accumulated deficit | (528,637) | (418,711) |
Total shareholders' equity | 649,040 | 731,419 |
Non-controlling interests | 233,687 | 311,951 |
Total equity | 882,727 | 1,043,370 |
Total liabilities and equity | 2,648,943 | 2,750,612 |
Class A Common Shares [Member] | ||
Shareholders' Equity | ||
Common shares | 389 | 369 |
Total equity | 389 | 369 |
Class B Common Shares [Member] | ||
Shareholders' Equity | ||
Common shares | 12 | |
Total equity | 12 | |
Series A Preferred Shares [Member] | ||
Shareholders' Equity | ||
Preferred shares | 28 | 28 |
Total equity | $ 28 | $ 28 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUE | |||
Rental income | $ 116,202 | $ 167,035 | $ 213,558 |
Management and other fee income | $ 293 | $ 1,598 | $ 1,196 |
Type of Revenue [Extensible List] | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember | us-gaap:ManagementServiceMember |
Total revenue | $ 116,495 | $ 168,633 | $ 214,754 |
EXPENSES | |||
Property operating | 41,164 | 42,123 | 28,705 |
Real estate taxes | 36,768 | 38,595 | 42,446 |
Depreciation and amortization | 95,997 | 104,581 | 226,675 |
General and administrative | 28,849 | 39,156 | 34,788 |
Provision for doubtful accounts | 257 | ||
Total expenses | 202,778 | 224,455 | 332,871 |
Gain on sale of real estate | 88,555 | 71,104 | 96,165 |
Gain on sale of interests in unconsolidated entities | 1,758 | ||
Impairment of real estate assets | (64,108) | 0 | 0 |
Equity in loss of unconsolidated entities | (4,712) | (17,994) | (10,448) |
Interest and other income | 3,394 | 6,824 | 7,886 |
Interest expense | (91,316) | (94,519) | (90,020) |
Change in fair value of interest rate cap | (23) | ||
Loss before income taxes | (152,712) | (90,407) | (114,557) |
Provision for income taxes | (252) | (196) | (321) |
Net loss | (152,964) | (90,603) | (114,878) |
Net loss attributable to non-controlling interests | 47,938 | 31,206 | 41,406 |
Net loss attributable to Seritage | (105,026) | (59,397) | (73,472) |
Preferred dividends | (4,900) | (4,900) | (4,903) |
Net loss attributable to Seritage common shareholders | $ (109,926) | $ (64,297) | $ (78,375) |
Net loss per share attributable to Seritage Class A and Class C common shareholders - Basic | $ (2.87) | $ (1.77) | $ (2.20) |
Net loss per share attributable to Seritage Class A and Class C common shareholders - Diluted | $ (2.87) | $ (1.77) | $ (2.20) |
Weighted average Class A and Class C common shares outstanding - Basic | 38,298 | 36,413 | 35,560 |
Weighted average Class A and Class C common shares outstanding - Diluted | 38,298 | 36,413 | 35,560 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Class A Common Shares [Member] | Class B Common Shares [Member] | Class C Common Shares [Member] | Series A Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Non-Controlling Interest [Member] |
Beginning balance at Dec. 31, 2017 | $ 1,320,860 | $ 324 | $ 13 | $ 31 | $ 28 | $ 1,116,060 | $ (229,760) | $ 434,164 | ||
Beginning balance, shares at Dec. 31, 2017 | 32,416,000 | 1,329,000 | 3,151,000 | 2,800,000 | ||||||
Net loss | (114,878) | (73,472) | (41,406) | |||||||
Common dividends and distributions declared | (56,141) | (35,997) | (20,144) | |||||||
Preferred dividends declared | (4,093) | (4,093) | ||||||||
Vesting of restricted share units, shares | 2,000 | |||||||||
Share-based compensation | 5,632 | 5,632 | ||||||||
Preferred stock offering costs | (113) | (113) | ||||||||
Share class exchanges, net | 1 | $ 32 | $ 31 | |||||||
Share class exchanges, net, shares | 3,151,131 | 3,151,000 | ||||||||
Share class surrenders, shares | (7,000) | |||||||||
OP Unit exchanges | $ 1 | 2,925 | (2,926) | |||||||
OP Unit exchanges, shares | 99,000 | |||||||||
Ending balance at Dec. 31, 2018 | 1,150,458 | $ 357 | $ 13 | $ 28 | 1,124,504 | (344,132) | 369,688 | |||
Ending balance, shares at Dec. 31, 2018 | 35,668,000 | 1,322,000 | 2,800,000 | |||||||
Net loss | (90,603) | (59,397) | (31,206) | |||||||
Cumulative effect of accounting change at Dec. 31, 2018 | $ (1,286) | $ (1,286) | ||||||||
Common dividends and distributions declared | (14,026) | (8,996) | (5,030) | |||||||
Preferred dividends declared | (4,900) | (4,900) | ||||||||
Vesting of restricted share units | (3,523) | (3,523) | ||||||||
Vesting of restricted share units, shares | 15,000 | |||||||||
Share-based compensation | 7,250 | 7,250 | ||||||||
Share class surrenders | $ (1) | 1 | ||||||||
Share class surrenders, shares | (79,000) | |||||||||
OP Unit exchanges | $ 12 | 21,489 | (21,501) | |||||||
OP Unit exchanges, shares | 1,214,000 | |||||||||
Ending balance at Dec. 31, 2019 | 1,043,370 | $ 369 | $ 12 | $ 28 | 1,149,721 | (418,711) | 311,951 | |||
Ending balance, shares at Dec. 31, 2019 | 36,897,364 | 1,242,536 | 2,800,000 | |||||||
Net loss | (152,964) | (105,026) | (47,938) | |||||||
Cumulative effect of accounting change at Dec. 31, 2019 | (418,711) | |||||||||
Preferred dividends declared | (4,900) | (4,900) | ||||||||
Vesting of restricted share units | $ 1 | (1) | ||||||||
Vesting of restricted share units, shares | 97,000 | |||||||||
Share-based compensation | (2,779) | (2,779) | ||||||||
Share class surrenders | $ (12) | 12 | ||||||||
Share class surrenders, shares | (1,243,000) | |||||||||
OP Unit exchanges | $ 19 | 30,307 | (30,326) | |||||||
OP Unit exchanges, shares | 1,902,000 | |||||||||
Ending balance at Dec. 31, 2020 | $ 882,727 | $ 389 | $ 28 | $ 1,177,260 | $ (528,637) | $ 233,687 | ||||
Ending balance, shares at Dec. 31, 2020 | 38,896,428 | 0 | 2,800,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common dividends and distributions declared, per share | $ 0.25 | $ 1 | |
Preferred dividends declared, per share | $ 1.75 | $ 1.75 | $ 1.75 |
Class B Common Shares [Member] | |||
Share class surrenders, shares | 1,242,536 | 79,829 | 6,501 |
Class A Common Shares [Member] | |||
Share class exchanges, common shares | 3,151,131 | ||
OP Unit exchanges, shares | 1,901,739 | 1,214,577 | 98,923 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Net loss | $ (152,964) | $ (90,603) | $ (114,878) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Equity in loss of unconsolidated entities | 4,712 | 17,994 | 10,448 |
Distributions from unconsolidated entities | 213 | 877 | 3,956 |
Gain on sale of interest in unconsolidated entities | (1,758) | ||
Gain on sale of real estate | (88,555) | (71,104) | (96,165) |
Impairment of real estate assets | 64,108 | 0 | 0 |
Change in fair value of interest rate cap | 23 | ||
Share-based compensation | (3,035) | 6,845 | 7,472 |
Depreciation and amortization | 95,997 | 104,581 | 226,675 |
Amortization of deferred financing costs | 421 | 434 | 10,322 |
Amortization of above and below market leases, net | (1,793) | (495) | (768) |
Straight-line rent adjustment | 4,983 | (15,590) | 2,825 |
Change in operating assets and liabilities | |||
Tenants and other receivables | 9,725 | 2,556 | (256) |
Prepaid expenses, deferred expenses and other assets | (179) | (5,149) | (9,811) |
Accounts payable, accrued expenses and other liabilities | 20,811 | (8,006) | 15,056 |
Net cash (used in) provided by operating activities | (47,314) | (57,660) | 54,899 |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Investment in unconsolidated entities | (62,891) | (54,193) | (27,005) |
Net proceeds from disposition of interest in unconsolidated entities | 19,551 | ||
Distributions from unconsolidated entities | 1,150 | 1,884 | 10,988 |
Net proceeds from sale of real estate | 331,878 | 140,505 | 210,097 |
Development of real estate | (246,820) | (387,686) | (313,555) |
Net cash provided by (used in) investing activities | 42,868 | (299,490) | (119,475) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Proceeds from Term Loan Facility | 1,600,000 | ||
Repayment of mortgage loans payable | (1,210,561) | ||
Repayment of Unsecured Term Loan | (145,000) | ||
Payment of deferred financing costs | (2,472) | ||
Proceeds from sale-leaseback financing obligations | 20,425 | ||
Preferred stock offering costs | (113) | ||
Purchase of shares related to stock grant recipients' tax withholdings | (85) | (3,523) | (1,840) |
Preferred dividends paid | (4,900) | (4,900) | (4,020) |
Common dividends paid | (17,964) | (35,677) | |
Non-controlling interests distributions paid | (10,060) | (20,118) | |
Net cash provided by (used in) financing activities | 15,440 | (36,447) | 180,199 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 10,994 | (393,597) | 115,623 |
Cash, cash equivalents, and restricted cash, beginning of period | 139,260 | 532,857 | 417,234 |
Cash, cash equivalents, and restricted cash, end of period | 150,254 | 139,260 | 532,857 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash payments for interest | 117,866 | 117,556 | 102,786 |
Capitalized interest | 27,130 | 28,497 | 23,183 |
Income taxes paid | 293 | 285 | 321 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Development of real estate financed with accounts payable | 20,586 | 17,006 | 26,180 |
Common dividends and OP unit distributions declared and unpaid | 14,027 | ||
Preferred dividends declared and unpaid | 1,225 | 1,225 | 1,225 |
Decrease in real estate, net resulting from deconsolidated properties | |||
Real estate, net | (26,977) | (17,237) | (156,568) |
Tenants and other receivables, net | (610) | (2) | |
Lease intangible assets, net | (567) | (26) | (1,416) |
Prepaid expenses, deferred expenses and other assets, net | (528) | (84) | (193) |
Accounts payable, accrued expenses and other liabilities | 547 | 6 | |
Transfer to real estate assets held for sale | (3,411) | (5,275) | (3,094) |
Transfer of below market asset to right of use asset | (11,005) | ||
Recording of right of use assets | 1,598 | 19,373 | |
Recording of lease liabilities | (1,598) | (8,368) | |
Property delivered in exchange | (2,075) | ||
Property received in exchange | 11,326 | ||
Property received in JV distribution | 19,300 | ||
Non-cash property investment in JV distribution | (19,300) | ||
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents | 143,728 | 139,260 | 532,857 |
Restricted cash | 6,526 | ||
Cash, cash equivalents, and restricted cash, end of period | $ 150,254 | $ 139,260 | $ 532,857 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1 – Organization Seritage Growth Properties (“Seritage”) (NYSE: SRG), a Maryland real estate investment trust formed on June 3, 2015, is a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) as defined under Section 856(c) of the Internal Revenue Code (the “Code”). Seritage’s assets are held by and its operations are primarily conducted, directly or indirectly, through Seritage Growth Properties, L.P., a Delaware limited partnership (the “Operating Partnership”). Under the partnership agreement of the Operating Partnership, Seritage, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. Unless otherwise expressly stated or the context otherwise requires, the “Company” and “Seritage” refer to Seritage, the Operating Partnership and its owned and controlled subsidiaries. Seritage is principally engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail and mixed-use properties throughout the United States. As of December 31, 2020, the Company’s portfolio consisted of interests in 183 properties totaling approximately 26.5 million square feet of GLA, including 158 wholly owned properties totaling approximately 24.5 million square feet of GLA across 41 states and Puerto Rico (the “Wholly Owned Properties”), and interests in 25 properties totaling approximately 1.9 million square feet of GLA across 13 states that are owned in unconsolidated entities (the “Unconsolidated Properties”). The Company’s mission is to create long-term value for our shareholders by unlocking the value of our portfolio through re-leasing, redevelopment, formation of strategic partnerships or other bespoke solutions. Background The Company commenced operations on July 7, 2015 following a rights offering to the shareholders of Sears Holdings Corporation (“Sears Holdings” or “Sears”) to purchase common shares of Seritage in order to fund, in part, the $2.7 billion acquisition of certain of Sears Holdings’ owned properties and its 50% interests in three joint ventures which were simultaneously leased back to Sears Holdings under a master lease agreement (the “Original Master Lease” and the “Original JV Master Leases”, respectively). On October 15, 2018, Sears Holdings and certain of its affiliates filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Subsequently, the Company and certain affiliates of Transform Holdco LLC (“Holdco”), an affiliate of ESL Investments, Inc., executed a master lease with respect to 51 Wholly Owned Properties (the “Holdco Master Lease”). As of December 31, 2020, the Company did not have any remaining properties leases to Holdco or Sears Holdings after giving effect to the pending termination of the last five Wholly Owned Properties which is scheduled to be completed in March 2021. Edward S. Lampert is the Chairman and Chief Executive Officer of ESL Investments, Inc, which owns Holdco. Mr. Lampert is also the Chairman of Seritage and controls each of the tenant entities that is a party to the Holdco Master Lease. Since inception, and excluding 17 projects that have been sold, we have completed or substantially completed 51 redevelopment projects and, as of December 31, 2020, we had an additional 15 projects in various stages of redevelopment, with the remaining commenced projects on hold due to adverse conditions resulting from the coronavirus (“COVID-19”) pandemic. As of December 31, 2020, including our proportional share of Unconsolidated Properties, we had 6.4 million square feet of GLA leased to diversified tenants under in-place leases, 2.9 million square feet of GLA leased to diversified tenants under signed not yet opened leases, and 18 million square feet of GLA available for lease and/or redevelopment. COVID-19 Pandemic The novel coronavirus (“COVID-19”) pandemic continues to have a significant impact on the real estate industry in the United States, including the Company’s properties. As of December 31, 2020, the Company had collected 93% of and agreed to defer an additional 4%. % of 2%. While the Company intends to enforce its contractual rights under its leases, there can be no assurance that tenants will meet their future obligations or that additional rental modification agreements will not be necessary. The Company continues to maintain a cautious approach as it responds to the evolving COVID-19 pandemic with an emphasis on managing its cash resources and preserving the value of its assets and its platform. The Company intends to continue monetizing appropriate assets and selectively allocating capital to the assets with opportunistic risk-adjusted returns within its portfolio As a result of the fluidity and uncertainty surrounding the nation’s response to and limitations as a result of the pandemic, the Company expects that these conditions will change, potentially significantly, in future periods and results for the year ended December 31, 2020 may not be indicative of the impact of the COVID-19 pandemic on the Company’s business for future periods. As such, the Company cannot reasonably estimate the impact of COVID-19 on its financial condition, results of operations or cash flows over the foreseeable future. Liquidity The Company’s primary uses of cash include the payment of property operating and other expenses, including general and administrative expenses and debt service (collectively, “obligations”), and, on a selective basis given the current environment, the reinvestment in and redevelopment of its properties (“development expenditures”). As a result of a decrease in occupancy levels due to the Company’s recapture of space for redevelopment purposes and the execution of certain termination rights by Sears Holdings under the Original Master Lease and Holdco under the Holdco Master Lease, property rental income, which is the Company’s primary source of operating cash flow, did not fully fund obligations incurred during the year ended December 31, 2020 and the Company had operating cash outflows of $47.3 million. Additionally, the Company’s asset sales during the year ended December 31, 2020 drove investing cash inflows of $42.9 million and financing cash inflows of $15.4 million. Obligations are projected to continue to exceed property rental income and the COVID-19 pandemic has created uncertainty with respect to rent collections and the timing of the Company’s construction projects, many of which remain on hold. While the Company does not currently have the liquid funds available to satisfy its obligations and development expenditures, the Company expects to fund such obligations and any development expenditures with a combination of cash on hand and sales of Wholly Owned Properties, subject to any approvals that may be required under the Company’s Term Loan Facility, as described in Note 6, Debt. Management has determined that it is probable its plans will be effectively implemented within one year after the date the financial statements are issued and that these actions will provide the necessary cash flows to fund the Company’s obligations and development expenditures. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All intercompany accounts and transactions have been eliminated. Where the Company has an interest in a VIE and it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of December 31, 2020 and December 31, 2019, the Company has several unconsolidated VIEs and does not consolidate these entities because the Company is not the primary beneficiary and the nature of its involvement in the activities of these entities does not give the Company power over decisions that significantly affect these entities’ economic performance. As of December 31, 2020, the Company holds a 69.6% interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Partnership. The Company has determined that the Operating Partnership is a VIE as the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Accordingly, the Company consolidates its interest in the Operating Partnership. The assets and liabilities of the Operating Partnership are the same as those of the Company and are presented in the consolidated balance sheets. To the extent such variable interests are in entities that are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to real estate impairment assessments, and assessing the recoverability of accounts receivable. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. Segment Reporting The Company currently operates in a single reportable segment which includes the acquisition, ownership, development, redevelopment, management, and leasing of real estate properties. The Company’s chief operating decision maker, its principal executive officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants, and operational process. Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved, and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. The Company, on a periodic basis, assesses whether there are indicators that the value of the real estate assets may be impaired. These indicators include macroeconomic conditions, such as the expected impact of the current COVID-19 pandemic. If an indicator is identified, management will estimate the real estate asset recoverability based on projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated holding period and capitalization rates, to determine if the undiscounted cash flows are less than a real estate asset’s carrying value. If the carrying value of an asset exceeds the undiscounted cash flows, an analysis is performed to determine the estimated fair value of the real asset. In estimating the fair value of an asset, various factors are considered, including expected future operating income, trends and leasing prospects including the effects of demand, competition, and other economic factors such as discount rates and market comparables. Changes in any estimates and/or assumptions, including the anticipated holding period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. Subsequent tests for impairment may result in future impairment charges if the COVID-19 pandemic causes economic and market conditions to deteriorate further. The Company recognized $64.1 million in impairment losses for year ended December 31, 2020 and no impairment losses on real estate assets were recognized for the years ended December 31, 2019 and 2018. Approximately $10.3 million of impairment was attributable to a change in holding period for two properties for which management was in active negotiations for a sale at a value below carrying value. These assets were subsequently sold during the year. In addition, the Company recorded impairment losses of $53.8 million during the year ended December 31, 2020 on vacant assets and partially stabilized assets that are leased primarily to theater and fitness tenants which have been negatively impacted by COVID-19. Such impairment losses are included within impairment on real estate assets Real Estate Dispositions When the Company disposes of all or a portion of a real estate asset, it recognizes a gain or loss on sale of real estate as the difference between the carrying value and consideration received. Consideration consists of cash proceeds received and in certain circumstances, non-cash consideration which is typically in the form of equity in unconsolidated entities The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Contributions to unconsolidated entities Gross proceeds $ 27.0 $ 21.7 $ 232.7 Gain (loss) on sale of real estate, net (1.5 ) 3.9 63.9 Dispositions to third parties Gross proceeds $ 333.4 $ 144.3 $ 114.3 Gain (loss) on sale of real estate, net (1)(2) 120.1 63.7 29.5 Total gains on contributions and dispositions, net $ 118.6 $ 67.6 $ 93.4 (1) (2) During the year ended December 31, 2020, the Company sold an outparcel for proceeds of $2.7 million which did not meet the criteria for sale accounting because the buyer has the right to put the property back to the Company if the property is not delivered to the tenant. As of December 31, 2020, the Company recognized a deferred purchase price liability for this asset which is located in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. Real Estate Held for Sale When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, the Company makes a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or at all. As of December 31, 2020, one property w as classified as held for sale with assets of $ 1.9 million and no liabilities , and as of December 31, 2019, two properties were classified as held for sale with assets of $ 5.3 million and no liabilities. Investments in Unconsolidated Entities The Company accounts for its investments in unconsolidated entities using the equity method of accounting as the Company exercises significant influence but does not have a controlling financial interest. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions, and earnings which are recognized in accordance with the terms of the applicable agreement. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions (which include macroeconomic conditions such as the expected impact of the COVID-19 pandemic), that the value of the Company’s investments in unconsolidated entities may be impaired. An investment’s value is impaired if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. If the COVID-19 pandemic causes economic and market conditions to deteriorate further, subsequent tests for impairment may result in future impairment charges. No such impairment losses were recognized for the years ended December 31, 2020, 2019 or 2018. Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. Restricted Cash As of December 31, 2020, restricted cash represented cash received as proceeds for a sale which did not meet the criteria for sale accounting at December 31, 2020, as well as cash collateral for a letter of credit. As of December 31, 2020, the Company had restricted cash of $6.5 million and as of December 31, 2019, the Company did not have any restricted cash. Rental Revenue Recognition and Tenant Receivables Rental income is comprised of base rent and reimbursements of property operating expenses. The Company commences rental revenue recognition when the lessee takes control of the physical use of the leased asset based on an evaluation of several factors. Base rent is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable base rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as straight-line rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, including the expected impact of the COVID-19 pandemic, and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, the Company will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental income in the Company’s consolidated statements of operations. If future circumstances change such that the Company believes that it is reasonably certain that the Company will collect all rental income remaining on such leases, the Company will resume accruing rental income and recognize a cumulative catch up for previously written off receivables. The Company also recognizes a general reserve, as a reduction to rental income, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company recorded a reduction to rental income of $5.6 million and $255 thousand during the years ended December 31, 2020 and December 31, 2019 as a result of the Company’s evaluation of collectability. In addition, the Company also recorded a reversal of previously recorded straight-line rent of $5.0 million for the year ended December 31, 2020. No such reversals were recorded for the year ended December 31, 2019. During the year ended December 31, 2020, the reduction to rental income included an allowance of $1.8 million related to deferral agreements. Due to the COVID-19 pandemic, the Company has entered into amendments to existing leases with certain tenants (the “Rent Deferral Agreements”), that provide for the deferral of all or some portion of rental payments due during the period which such tenant was affected by the COVID-19 pandemic (“Deferred Rent”). The Rent Deferral Agreements typically provide for repayment of the Deferred Rent within 6-12 months following the end of the rent deferral period and, in many instances, waive certain other conditions in favor of the Company while Deferred Rent is outstanding. Deferred Rent generally becomes immediately due and payable under the Rent Deferral Agreements if the tenant does not make the minimum contractual payments or otherwise defaults on the lease. In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases, providing optional relief related to the lease modification guidance under ASC 842 for lease concession agreements entered as a result of COVID-19. As a result, the Company has not adjusted accrued rental revenues or the portion of accrued rental revenues related to the straight-line method for the portion which has been deferred. When the Deferred Rents are repaid, the Company will relieve the accrual in tenant and other receivables. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. Tenant and Other Receivables Tenant and other receivables includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses, and amounts arising from the straight-lining of rent, as discussed above. Tenant and other receivables also include management fees receivable for services performed for the benefit of certain unconsolidated entities. In the event that the collectability of a management fee receivable is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. Management and Other Fee Income Management and other fee income represents property management, construction, leasing and development fees for services performed for the benefit of certain unconsolidated entities. Property management fee income is reported at 100% of the revenue earned from such Unconsolidated Properties in management and other fee income on the consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated entities is reported in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Leasing and development fees are initially reported at the portion of revenue earned attributable to outside ownership of the related unconsolidated entities. The Company’s share in leasing and development fee income is recognized over the useful life of the associated development project, in the case of development fees, or lease term, in the case of leasing fees, as the associated asset is depreciated over the same term and included in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. For property and asset management services, the Company is typically compensated for its services through a monthly management fee earned based on a specified percentage of monthly rental income or rental receipts generated from the property under management. For construction and development services, the Company is typically compensated for planning, administering and monitoring the design and construction of projects within our unconsolidated entities based on a percentage of project costs or a fixed fee. Revenues from such management contracts are recognized over the life of the applicable contract. Conversely, leasing services are considered to be performance obligations, satisfied as of a point in time. The Company’s leasing fee is typically paid upon the occurrence of certain contractual event(s) that may be contingent and the pattern of revenue recognition may differ from the timing of payment. For these services, the obligations are typically satisfied at lease execution and tenant opening date, and revenue is recognized in accordance with the related agreement at the point in time when the obligation has been satisfied. Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease (see Note 5) Seritage Recapture Rights. The Company generally treats the delivery of a recapture notice as a modification of the lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: − The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space, if any, is amortized over the remaining life of the lease. − The portion of intangible lease assets and liabilities that is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space, if any, is amortized over the remaining useful life of the asset or liability. A recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the recapture notice are generally capitalized as either an initial direct cost of obtaining a new lease or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Termination Rights. The Original Master Lease provided, and the Holdco Master Lease provides the tenant with certain rights to terminate their lease. Such terminations would generally result in the following accounting adjustments for the terminated property: − Accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. − Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. − Termination fees required to be paid are recognized as follows: • For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of vacancy. • For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred. Share-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards. Compensation expense is recognized ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return). For awards with performance-based vesting determined by Company operating criteria, the Company recognizes compensation expense at the date the achievement of performance criteria is deemed probable for the amount which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. The Company utilizes a third-party valuation firm to measure the grant date fair value of restricted stock unit awards with market-based criteria using the Monte Carlo model. Forfeitures are recorded on an actual basis. Concentration of Credit Risk ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2020, the Company leased space at only five Wholly Owned Properties to Holdco under the Holdco Master Lease , all of which will be terminated effective March 2021 . T he Company’s exposure to Holdco has been reduced to a level such that Holdco no longer represents a significant concentration of credit risk. Management believes the Company's portfolio is reasonably diversified and does not contain any other significant concentrations of credit risk. As of December 31, 2020, the Company's portfolio of Wholly Owned Properties and Unconsolidated Properties was diversified by location across states and Puerto Rico. Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings (loss) per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As of August 29, 2018, all outstanding Class C common shares had been exchanged for Class A common shares and there are currently no Class C common shares outstanding. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. As of December 31, 2020, all outstanding Class B common shares have been surrendered and there are currently no Class B common shares outstanding. As of December 31, 2019, 1,242,536 Class B non-economic common shares were issued and outstanding. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share. Recently Issued Accounting Pronouncements The following presents Accounting Standards Updates (“ASU”) issued by Financial Accounting Standards Board (“FASB”) which have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (“Topic 842”) ASU 2018-10, Codification Improvements ASU 2018-11, Leases, Targeted Improvements ASU 2018-20, Leases This standard, as amended by subsequent ASUs on the topic, sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. However, ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less should be accounted for consistent with earlier guidance under ASC 840 for operating leases. Lessees should recognize an expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. January 1, 2019 The Company adopted this standard by electing the package of practical expedients without hindsight which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the adoption date. The Company has two ground leases and several corporate office leases, which are classified as operating leases, for which the Company is required to record a right-of-use asset and a lease liability equal to the present value of the remaining minimum lease payments and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, the Company recorded an aggregate of approximately $8.4 million of right-of-use assets and corresponding $8.4 million of lease liabilities upon adoption of this standard. Right-of-use assets and corresponding lease liabilities are included in the prepaid expenses, deferred expenses and other assets and accounts payable, accrued expenses and other liabilities line item respectively on the consolidated balance sheets. Additionally, the Company is no longer able to capitalize certain internal and external leasing costs. Because of this change, $1.3 million of such costs incurred in previous periods for leases which had not commenced at the beginning of current period were adjusted against opening equity upon adoption. The Company also combined $11,005 of below-market lease assets pertaining to a ground lease where we are a lessee with the right of use asset recorded for the ground lease as required upon adoption of ASU 2016-02. The below-market lease asset was previously recorded within the lease intangibles on the consolidated balance sheets. ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2018-01, Leases , Land Easement Practical Expedient for Transition to Topic 842 In March 2018, the FASB finalized changes with respect to optional transition relief and approved a practical expedient for lessors that would permit lessors to make an accounting policy election to not separate non-lease components from the associated lease components, by class of underlying asset, if the following two criteria are met: (1) the timing and pattern of transfer of the lease and non-lease components are the same and (2) the lease component would be classified as an operating lease if accounted for separately. January 1, 2019 The Company has elected the optional transition relief and has determined that it is not required to bifurcate and separately report non-lease components, such as common area maintenance revenue, for operating leases on the consolidated statements of operations for leases where the Company is the lessor. As a result, leases where the Company is the lessor have been accounted for in a similar method to earlier guidance under ASC 840. The Company’s adoption of ASC 842 did not have a material impact on our consolidated financial statements. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ASU 2018- |
Lease Intangible Assets and Lia
Lease Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Lease Intangible Assets and Liabilities | Note 3 – Lease Intangible Assets and Liabilities Lease intangible assets (acquired in-place leases, above-market leases and below-market ground leases) and liabilities (acquired below-market leases), net of accumulated amortization, were $18.6 million and $4.2 million, respectively, as of December 31, 2020, and $68.2 million and $10.6 million, respectively, as of December 31, 2019. The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2020 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 73,169 $ (56,369 ) $ 16,800 Above-market leases, net 4,139 (2,344 ) 1,795 Total $ 77,308 $ (58,713 ) $ 18,595 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 6,626 $ (2,440 ) $ 4,186 Total $ 6,626 $ (2,440 ) $ 4,186 December 31, 2019 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 245,745 $ (180,639 ) $ 65,106 Above-market leases, net 6,625 (3,578 ) 3,047 Total $ 252,370 $ (184,217 ) $ 68,153 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 15,912 $ (5,264 ) $ 10,648 Total $ 15,912 $ (5,264 ) $ 10,648 Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $1.8 million, $0.5 million and $0.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization of these intangibles is estimated to increase rental income as set forth below (in thousands): 2021 $ 43 2022 (53 ) 2023 1 2024 26 2025 97 Amortization of acquired below-market ground leases resulted in additional rent expense of $0.2 million for each of the years ended December 31, 2020, 2019 and 2018. Future amortization of the below-market ground lease is estimated to increase property expenses as set forth below (in thousands): 2021 $ 203 2022 203 2023 203 2024 203 2025 203 Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $42.5 million, $40.5 million and $173.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future estimated amortization of acquired in-place leases is set forth below (in thousands): 2021 $ 3,022 2022 2,750 2023 1,921 2024 1,385 2025 1,077 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | Note 4 – Investments in Unconsolidated Entities The Company conducts a portion of its property rental activities through investments in unconsolidated entities. The Company and its partners in these unconsolidated entities make initial and/or ongoing capital contributions to these unconsolidated entities. The obligations to make capital contributions are governed by each unconsolidated entity’s respective operating agreement and related governing documents. As of December 31, 2020, the Company had investments in ten unconsolidated entities as follows: Seritage % # of Total Unconsolidated Entities Entity Partner(s) Ownership Properties GLA GS Portfolio Holdings II LLC ("GGP I JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 4 520,400 GS Portfolio Holdings (2017) LLC ("GGP II JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 3 474,100 MS Portfolio LLC ("Macerich JV") The Macerich Company 50.0 % 7 1,266,600 SPS Portfolio Holdings II LLC ("Simon JV") Simon Property Group, Inc. 50.0 % 5 872,200 Mark 302 JV LLC ("Mark 302 JV") An investment fund managed by Invesco Real Estate 50.0 % 1 103,000 SI UTC LLC ("UTC JV") A separate account advised by Invesco Real Estate 50.0 % 1 226,200 SF WH Joint Venture LLC ("West Hartford JV") An affiliate of First Washington Realty 50.0 % 1 163,700 GGCAL SRG HV LLC ("Cockeysville JV") An affiliate of Greenberg Gibbons 50.0 % 1 160,200 Tech Ridge JV Holding LLC ("Tech Ridge JV") An affiliate of RD Management 50.0 % 1 — J&J Baldwin Park LLC ("Carson Investment") An affiliate of NewMark Merrilll Companies and other entities 20.0 % 1 182,200 25 3,968,600 The Company has contributed certain properties to unconsolidated entities in exchange for equity interests in those unconsolidated entities. The contribution of property to unconsolidated entities is accounted for as a sale of real estate and the Company recognizes the gain (loss) on the sale (the “Gain (Loss)”) based upon the transaction price attributed to the property at the closing of the unconsolidated entities transaction (the “Contribution Value”). The Gain (Loss) is included in gain on sale of real estate on the consolidated statements of operations. In certain circumstances, the Contribution Value is subject to revaluation as defined in the respective unconsolidated entity agreements, which may result in an adjustment to the Gain (Loss) recognized. If the Contribution Value is subject to revaluation, the Company initially recognizes the Gain (Loss) at the value that is the expected amount within the range of possible outcomes and will re-evaluate the expected amount on a quarterly basis through the final determination date. Upon revaluation, the primary inputs in determining the Contribution Value will be updated for actual results and may result in a cash settlement or capital account adjustment between the unconsolidated entity partners, as well as an adjustment to the Initial Gain (Loss). Each reporting period, the Company re-analyzes the primary inputs that determine the Contribution Value and the Gain (Loss) for those unconsolidated entities subject to a revaluation. The following table presents summarizes the properties contributed to the Company’s unconsolidated entities: December 31, 2020 Unconsolidated Entity Contribution Date Contribution Value Gain (Loss) 2018 Mark 302 JV (1) March 20, 2018 $ 60.0 $ 8.8 UTC JV May 18, 2018 68.0 28.3 West Hartford JV (2) May 18, 2018 20.3 (1.1 ) 2019 Cockeysville JV (3) March 29, 2019 $ 12.5 $ 3.8 Tech Ridge JV (4) September 27, 2019 3.0 0.1 (1) The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million. During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date . ( 2 ) The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2019, and (ii) an adjustment based on the timing, method and magnitude of the reassessment of the property for real estate tax purposes between 2018 and 2022. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations. ( 3 ) The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million. ( 4 ) The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million. Other Unconsolidated Entity Transactions Carson Investment On September 21, 2020, the Company contributed its property located in Carson, CA to the Carson Investment and retained a 20% interest in the property. As a result of the sale, the Company recorded an impairment of $6.4 million which is included in impairment on real estate assets on the consolidated statements of operations, and a loss on sale of $1.5 million which is included in gain on sale of real estate on the consolidated statements of operations. GGP II JV On December 23, 2020, the Company sold to its partner, Brookfield Properties Retail, its 50% membership interests in two of the assets in the GGP II JV for total consideration of $20.0 million and recorded a reduction of its investment, which is included in Investment in unconsolidated entities on the consolidated balance sheets. As a result of the sale, the Company recorded a gain on sale of $1.8 million in gain on sale of real estate on the consolidated statements of operations. Macerich JV On December 30, 2020, the Company acquired full ownership of the former Sears parcel Arrowhead Towne Center in Glendale, AZ, and surrendered its 50% share of the former Sears parcel at South Plains Mall in Lubbock, TX. This transaction was recorded as a distribution of property. Unconsolidated Entity Management and Related Fees The Company acts as the operating partner and day-to-day manager for Mark 302, West Hartford, UTC and Tech Ridge. The Company is entitled to receive fees for providing management, leasing, construction supervision and asset management services to these entities. The Company also acts as the development manager for one of the properties in the group of GGP II entities which entitles the Company to receive certain development fees. The Company earned $293 thousand and $1.6 million from these services for the years ended December 31, 2020 and December 31, 2019, respectively. The following tables present combined financial data for all of the Company’s unconsolidated entities (in thousands): December 31, 2020 December 31, 2019 ASSETS Investment in real estate Land $ 318,540 $ 336,739 Buildings and improvements 492,973 517,068 Accumulated depreciation (81,730 ) (86,496 ) 729,783 767,311 Construction in progress 222,663 177,028 Net investment in real estate 952,446 944,339 Cash and cash equivalents 16,094 27,977 Tenant and other receivables, net 4,104 3,113 Other assets, net 62,882 26,051 Total assets $ 1,035,526 $ 1,001,480 LIABILITIES AND MEMBERS' INTERESTS Liabilities Mortgage loans payable, net $ 34,672 $ 14,218 Accounts payable, accrued expenses and other liabilities 48,405 89,110 Total liabilities 83,077 103,328 Members Interest Additional paid in capital 964,868 934,120 Retained earnings (12,419 ) (35,968 ) Total members interest 952,449 898,152 Total liabilities and members interest $ 1,035,526 $ 1,001,480 Year Ended December 31, 2020 2019 2018 EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES Total revenue $ 22,420 $ 31,470 $ 48,455 Property operating expenses (9,962 ) (11,385 ) (9,357 ) Depreciation and amortization (18,401 ) (60,745 ) (31,676 ) Operating income (loss) (5,943 ) (40,660 ) 7,422 Other expenses (3,551 ) (2,049 ) (28,317 ) Gain on sale of real estate 166 6,721 — Net loss $ (9,328 ) $ (35,988 ) $ (20,895 ) Equity in (loss) income of unconsolidated entities $ (4,712 ) $ (17,994 ) $ (10,448 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 5 – Leases Lessor Disclosures Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2020 and December 31, 2019 is approximately as follows: (in thousands) December 31, 2020 2021 95,780 2022 89,685 2023 83,864 2024 80,592 2025 80,382 Thereafter 430,456 Total Lease Payments $ 860,759 (in thousands) December 31, 2019 2020 113,265 2021 121,909 2022 124,067 2023 119,745 2024 116,607 Thereafter 1,019,054 Total Lease Payments $ 1,614,647 The components of lease revenues for the years ended December 31, 2020, December 31, 2019 and December 31, 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Fixed rental income 93,259 104,956 140,661 Variable rental income 26,133 45,994 74,839 Total rental income $ 119,392 $ 150,950 $ 215,500 Lessee Disclosures The Company has two ground leases and multiple corporate office leases which are classified as operating leases. The Company initially recorded $8.6 million of right-of-use, or ROU, assets and lease liabilities. The Company’s ROU assets were subsequently increased by $11.0 million as a result of the reclassification of acquired below-market lease assets, net, from lease intangible assets, net, during the year ended 2019. As of December 31, 2020, and December 31, 2019, the outstanding amount of ROU assets were $18.8 million and $18.5 million, respectively. The Company recorded rent expense related to leased corporate office space of $1.7 million, $1.6 million, and $0.7 million for the years ended December 31, 2020, December 31, 2019 and December 31, 2018, respectively. Such rent expense is classified within general and administrative expenses on the consolidated statements of operations. In addition, the Company recorded ground rent expense of approximately $45 thousand for each of the years ended December 31, 2020, December 31, 2019 and December 31, 2018, respectively. Such ground rent expense is classified within property operating expenses on the consolidated statements of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all extension options are exercised. The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2020: (dollar amounts in thousands) As of December 31, 2020 Weighted average remaining lease term (in years) 9.94 Weighted average discount rate 6.98 % Cash paid for operating leases $ 2,145 Sale-leaseback Financing Obligations During the year ended December 31, 2020, the Company completed a sale-leaseback transaction for its property in Hialeah, Florida for $21.0 million. As part of the sale-leaseback transaction, the Company agreed to lease all land and improvements on the land for a fixed term of 25 years at an initial base rent of $1.5 million per annum which will increase by 1.5% per year thereafter. For the initial periods of the sale-leaseback, cash payments are less than the interest expense recognized, which causes the obligation to increase during the initial years of the lease term. The implied interest rate is approximately 7.00%. The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price. The Hialeah property continues to be reflected as a long lived asset and depreciated over its remaining useful life. Future sale-leaseback financing obligations as of December 31, 2020 are approximately as follows: (in thousands) December 31, 2020 2021 1,444 2022 1,466 2023 1,488 2024 1,510 2025 1,532 2026 1,555 Thereafter 33,891 Interest Portion (22,830 ) Total Lease Payments $ 20,056 Original Master Lease and Holdco Master Lease On February 28, 2019, the Company and certain affiliates of Holdco executed the Holdco Master Lease which became effective on March 12, 2019 when the Bankruptcy Lease Structure The structure of the Holdco Master Lease is consistent with the structure of the Original Master Lease in all material respects, including that it is a triple net lease subject to proportional sharing by the tenant for repair and maintenance charges, real property taxes, insurance and other costs and expenses which are common to both the space leased by the tenant and other space occupied by other tenants in the same or other buildings. The Holdco Master Lease provides for an initial base rent at the same rates which were in place at the time the Original Master Lease was rejected. In each of the initial term and the first two renewal terms, consistent with the Original Master Lease, base rent under the Holdco Master Lease was increased in August of each year by 2.0% per annum. For subsequent renewal terms, consistent with the Original Master Lease, rent was to be set at the commencement of the renewal term at a fair market rent based on a customary third-party appraisal process, but in no event would the renewal rent be less than the rent payable in the immediately preceding lease year. The lease provided for annual rent increases and four renewal terms. The base rent under the Holdco Master Lease was subject to an adjustment in the form of a rent credit of up to approximately $12 million in each of the first and second years of the Holdco Master Lease. The rent credit was allocated to specific properties based on the trailing twelve- month EBITDA of the particular property Revenues from the Holdco Master Lease and the Original Master Lease for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands and excluding straight-line rental income of $(7.9) million, $0.3 million and $(4.9) million, respectively). Year Ended December 31, 2020 2019 2018 Fixed rental income $ 4,268 $ 27,628 $ 86,224 Variable rental income 10,425 23,525 65,450 Total rental income $ 14,693 $ 51,153 $ 151,674 Seritage Recapture Rights The Holdco Master Lease provides the Company with the right to recapture up to approximately 50% of the space occupied by the tenant at all properties (other than five specified properties) and the right to recapture any automotive care centers which are free-standing or attached as “appendages” to the properties, all outparcels or outlots and certain portions of parking areas and common areas. As of December 31, 2020, the Company had previously exercised certain recapture rights with respect to 70 properties under the Original Master Lease prior to its rejection on March 12, 2019, and exercised recapture rights with respect to four properties under the Holdco Master Lease during the year ended December 31, 2019, including three properties where the Company had previously exercised certain recapture rights under the Original Master Lease. The following table provides a summary of the Company’s recapture activity as of December 31, 2020: (in thousands except property count) Year Square Feet Total Number of Properties 100% Recaptures (1) Partial Recaptures (2) 2020 — — — — 2019 629 4 3 1 2018 3,428 20 17 3 2017 3,302 27 16 11 2016 1,501 17 4 13 Total 8,860 68 40 28 (1) Includes properties for which the Company had converted partial recapture rights to 100% recapture rights. (2) Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas. Holdco Termination Rights Under the terms of the Holdco Master Lease, Holdco has the right, at any time, to terminate the Holdco Master Lease with respect to any property upon the payment of a termination fee equal to one year of base rent plus annual taxes and other operating expenses. Sears Holdings exercised termination rights with respect to 87 properties under the Original Master Lease prior to its rejection on March 12, 2019 and Holdco had exercised termination rights with respect to all remaining properties under the Holdco Master Lease as of December 31, 2020. The following table provides a summary of Sears Holdings’ and Holdco’s termination activity (excluding 31 properties totaling 4.3 million square feet that were rejected on March 12, 2019 as part of Sears Holdings’ bankruptcy filing) as of December 31, 2020: (in thousands except property count) Notice Date Termination Date Square Feet Number of Properties Redevelopments Announced Properties Sold December 2020 March 2021 (1) 639 5 — — June 2020 September 2020 (1) 1,800 12 2 — November 2019 March 2020 4,332 29 7 1 August 2018 December 2018 1,605 13 6 3 June 2018 November 2018 (2) 1,218 9 6 1 April 2018 August 2018 1,494 9 4 1 June 2017 October 2017 (3) 3,812 20 8 4 January 2017 April 2017 1,872 19 7 8 September 2016 January 2017 1,727 17 8 6 Total 18,499 133 48 24 (1) Properties terminated pursuant to the Amendments signed in 2020. (2) Two properties were terminated in October 2018. (3) One property was terminated in November 2017 and one was terminated in January 2018. As of December 31, 2020, the Company had commenced or completed redevelopment projects at 48 of the terminated properties, and sold an additional 24 of the terminated properties, and will continue to announce redevelopment activity as new leases are signed to occupy the space formerly occupied by Sears or Kmart. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 6 – Debt Term Loan Facility On July 31, 2018, the Operating Partnership, as borrower, and the Company, as guarantor, entered into a Senior Secured Term Loan Agreement (the “Term Loan Agreement”) providing for a The Term Loan Facility matures on July 31, 2023. The Company used a portion of the proceeds from the Initial Funding to (i) repay existing indebtedness and (ii) pay transaction and related costs. The remaining proceeds from the Initial Funding, as well as borrowings under the Incremental Funding Facility, were used to fund the Company’s redevelopment pipeline and to pay operating expenses of the Company and its subsidiaries Funded amounts under the Term Loan Facility bear interest at an annual rate of 7.0% and unfunded amounts under the Incremental Funding Facility are subject to an annual fee of 1.0% until drawn. The Company prepays the annual fee and amortizes the expense to interest expense on the consolidated statements of operations. As of December 31, 2020, the aggregate principal amount outstanding under the Term Loan Facility was $1.6 billion. The Company’s ability to access the Incremental Funding Facility is subject to (i) the Company achieving rental income from non-Sears Holdings tenants, on an annualized basis (after giving effect to SNO Leases expected to commence rent payment within 12 months) for the fiscal quarter ending prior to the date of incurrence of the Incremental Funding Facility, of not less than $200 million (ii) the Company’s good faith projection that rental income from non-Sears Holdings tenants (after giving effect to SNO Leases expected to commence rent payment within 12 months) for the succeeding four consecutive fiscal quarters (beginning with the fiscal quarter during which the incremental facility is accessed) will be not less than $200 million, and (iii) the repayment by the Operating Partnership of any deferred interest permitted under the amendment to the Term Loan Amendment as further described below. The Term Loan Facility is guaranteed by the Company and, subject to certain exceptions, is required to be guaranteed by all existing and future subsidiaries of the Operating Partnership. The Term Loan Facility is secured on a first lien basis by a pledge of the capital stock of the direct subsidiaries of the Operating Partnership and the guarantors, including its joint venture interests, except as prohibited by the organizational documents of such entities or any joint venture agreements applicable to such entities, and contains a requirement to provide mortgages and other customary collateral upon the breach of certain financial metrics described below, the occurrence and continuation of an event of default and certain other conditions set forth in the Term Loan Agreement . The Term Loan Facility includes certain financial metrics to govern springing collateral requirements and certain covenant exceptions set forth in the Term Loan Agreement, including: (i) a total fixed charge coverage ratio of not less than 1.00 to 1.00 for each fiscal quarter beginning with the fiscal quarter ending September 30, 2018 through the fiscal quarter ending June 30, 2021, and not less than 1.20 to 1.00 for each fiscal quarter thereafter; (ii) an unencumbered fixed charge coverage ratio of not less than 1.05 to 1.00 for each fiscal quarter beginning with the fiscal quarter ending September 30, 2018 through the fiscal quarter ending June 30, 2021, and not less than 1.30 to 1.00 for each fiscal quarter thereafter; (iii) a total leverage ratio of not more than 65%; (iv) an unencumbered ratio of not more than 60%; and (v) a minimum net worth of at least $1.2 billion. Any failure to satisfy any of these financial metrics limits the Company’s ability to dispose of assets via sale or joint venture and triggers the springing mortgage and collateral requirements but will not result in an event of default. The Term Loan Facility also includes certain limitations relating to, among other activities, the Company’s ability to: sell assets or merge, consolidate or transfer all or substantially all of its assets; incur additional debt; incur certain liens; enter into, terminate or modify certain material leases and/or the material agreements for the Company’s properties; make certain investments (including limitations on joint ventures) and other restricted payments; pay distributions on or repurchase the Company’s capital stock; and enter into certain transactions with affiliates. The Term Loan Facility contains customary events of default, including (subject to certain materiality thresholds and grace periods) payment default, material inaccuracy of representations or warranties, and bankruptcy or insolvency proceedings. If there is an event of default, the lenders may declare all or any portion of the outstanding indebtedness to be immediately due and payable, exercise any rights they might have under any of the Term Loan Facility documents, and require the Company to pay a default interest rate on overdue amounts equal to 2.0% in excess of the then applicable interest rate. As of December 31, 2020, the Company was not in compliance with certain of the financial metrics described above. As a result, the Company must receive the consent of Berkshire Hathaway to dispose of assets via sale or joint venture and, as of December 31, 2020, Berkshire Hathaway had provided such consent for all such transactions submitted for approval. During 2019, Berkshire Hathaway requested mortgages on a majority of the Company’s portfolio which were recorded in accordance with the mortgage and collateral requirement (the “Lender Request”), and in 2021, the Company provided mortgages on the remaining unencumbered assets. There are no other changes to the terms and conditions of the Term Loan Facility, or the Company’s ability to operate thereunder, as a result of providing mortgages against any of the Company’s assets pursuant to the mortgage and collateral requirement. The Company accounted for the Lender Request transaction as a modification of debt as of December 31, 2020. The Company believes it is in compliance with The Company incurred $2.1 million of debt issuance costs related to the Term Loan Facility which are recorded as a direct deduction from the carrying amount of the Term Loan Facility and amortized over the term of the Term Loan Agreement. As of December 31, 2020 and December 31, 2019, the unamortized balance of the Company’s debt issuance costs were $1.1 million and $1.5 million, respectively. On May 5, 2020, the Operating Partnership and Berkshire Hathaway entered into an amendment (the “Term Loan Amendment”) to the Term Loan Agreement by and among the Operating Partnership and Berkshire Hathaway as initial lender and administrative agent that permits the deferral of payment of interest under the Term Loan Agreement if, as of the first day of each applicable month, (x) the amount of unrestricted and unencumbered (other than liens created under the Term Loan Agreement) cash on hand of the Operating Partnership and its subsidiaries, minus (y) the aggregate amount of anticipated necessary expenditures for such period (such sum, “Available Cash”) is equal to or less than $30.0 million. In such instances, for each interest period, the Operating Partnership is obligated to make payments of interest in an amount equal to the difference between (i) Available Cash and (ii) $20.0 million (provided that such payment shall not exceed the amount of current interest otherwise due under the Term Loan Agreement). Any deferred interest shall accrue interest at 2.0 % in excess of the then applicable interest rate and shall be due and payable on July 31, 2023; provided, that the Operating Partnership is required to pay any deferred interest from Available Cash in excess of $ 30.0 million (unless otherwise agreed to by the administrative agent under the Term Loan Agreement in its sole discretion). In addition, repayment of any outstanding deferred interest is a condition to any borrowings under the $ 400.0 million incremental funding facility under the Term Loan Agreement. The Company has paid all interest due under the Term Loan Agreement and has not deferred any interest as permitted under the Term Loan A mend ment. Additionally, the Term Loan Amendment provides that the administrative agent and the lenders express their continued support for asset dispositions, subject to the administrative agent’s right to approve the terms of individual transactions due to the occurrence of a Financial Metric Trigger Event, as such term is defined under the Term Loan Agreement. Mortgage Loans Payable On July 7, 2015, in connection with the Company commencing operations, the Company entered into a mortgage loan agreement (the “Mortgage Loan Agreement”) and mezzanine loan agreement (collectively, the “Mortgage Loan Agreements”), providing for term loans in an initial principal amount of approximately $1,161 million (collectively, the “Mortgage Loans”) and a $100 million future funding facility (the “Future Funding Facility”). The Mortgage Loans and Future Funding Facility were secured by all of the Company’s Wholly Owned Properties and a pledge of its equity in the unconsolidated entities. Pursuant to the terms of the Mortgage Loan Agreements, amounts available under the Future Funding Facility were fully drawn by the Company on June 30, 2017. Such amounts were deposited into a redevelopment reserve and used to fund redevelopment activity at the Company’s properties. Interest under the Mortgage Loans was due and payable on the payment dates, and all outstanding principal amounts were due when the loan was scheduled to mature on the payment date in July 2019 The Company incurred $22.3 million of debt issuance costs related to the Mortgage Loans and Future Funding Facility which were recorded as a direct deduction from the carrying amount of the Mortgage Loans and Future Funding Facility and amortized over the term of the Mortgage Loan Agreements. During the year ended December 31, 2018, the Company fully amortized the remaining unamortized debt issuance costs as a result of the full repayment of the Mortgage Loans and Future Funding Facility on July 31, 2018. As of December 31, 2020 and December 31, 2019, the Company had no unamortized debt issuance costs related to the Mortgage Loans and Future Funding Facility. On July 31, 2018, the aggregate principal amounts outstanding under the Mortgage Loans and the Future Funding Facility were repaid in full and no amounts were outstanding as of December 31, 2020. Unsecured Term Loan On December 27, 2017, the Operating Partnership, as borrower, and the Company, as guarantor, refinanced its unsecured delayed draw term loan with a $200 million unsecured term loan facility (the “Unsecured Term Loan”). The principal amount outstanding under the Unsecured Delayed Draw Term Loan at termination was $85 million. No prepayment penalties were triggered and the Unsecured Delayed Draw Term Loan terminated in accordance with its terms. The lenders under the Unsecured Delayed Draw Term Loan, JPP, LLC and JPP II, LLC, maintained their funding of $85 million in the Unsecured Term Loan, with JPP, LLC appointed as administrative agent under the Unsecured Term Loan. An affiliate of Empyrean Capital Partners, L.P., a Delaware limited partnership (and together with JPP, LLC and JPP II LLC, each an “Initial Lender” and collectively, the “Initial Lenders”), funded $60 million under the Unsecured Term Loan, resulting in a total of $145 million committed and funded under the Unsecured Term Loan at closing. The Borrower paid to each Initial Lender an upfront fee in an aggregate amount equal to 1.00% of the principal amount of the loan made by such Initial Lender. Under an accordion feature, the Company had the right to increase the total commitments up to $200 million and place an additional $55 million of incremental loans with the Initial Lenders or new lenders. The Initial Lenders under the Unsecured Term Loan were not obligated to make all or any portion of the incremental loans. The Unsecured Term Loan matured on the earlier of (i) December 31, 2018 and (ii) the date on which the outstanding indebtedness under the Company’s existing mortgage and mezzanine facilities are repaid in full. The Unsecured Term Loan was prepayable at any time in whole or in part, without any penalty or premium. Amounts drawn under the Unsecured Term Loan and repaid may not have been redrawn. The principal amount of loans outstanding under the Unsecured Term Loan bore a base annual interest rate of 6.75%. The Company incurred $1.8 million of debt issuance costs related to the Unsecured Term Loan which was recorded as a direct deduction from the carrying amount of the Unsecured Term Loan and amortized over the term of the loan. During the year ended December 31, 2018, the Company fully amortized the remaining unamortized debt issuance costs as a result of the full repayment of the Unsecured Term Loan on July 31, 2018. As of December 31, 2020 and December 31, 2019, the Company had no unamortized debt issuance costs related to the Unsecured Term Loan. Edward S. Lampert, the Company’s Chairman, is the Chairman and Chief Executive Officer of ESL Investments, Inc., which controls JPP, LLC and JPP II, LLC. The terms of the Unsecured Term Loan were approved by the Company’s Audit Committee and the Company’s Board of Trustees (with Mr. Lampert recusing himself). On July 31, 2018, the principal amounts outstanding under the Unsecured Term Loan were repaid in full and no amounts were outstanding as of December 31, 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes The Company has elected to be taxed as a REIT as defined under Section 856 of the Code for U.S. federal income tax purposes and expects to continue to operate to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to currently distribute at least 90% of its adjusted REIT taxable income to its shareholders. As a REIT, 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 or does not distribute 100% of its taxable income in any taxable year, it will be subject to U.S. federal income tax at regular corporate rates (including, for any taxable year ended on or before December 31, 2017, any applicable alternative minimum tax) and any applicable state and local income taxes. In addition, if the Company fails to qualify as a REIT, it may not be able to qualify as a REIT for four subsequent taxable years in some cases. Even if the Company qualifies for taxation as a REIT, the Company is subject to certain U.S. state, local and Puerto Rico taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed REIT taxable income. The Company’s taxable REIT subsidiaries are subject to corporate income tax. The Company evaluated whether any uncertain tax positions existed as of December 31, 2020 and 2019 and concluded that there are no uncertain tax positions. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8 – Fair Value Measurements ASC 820, Fair Value Measurement Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities Level 2 - observable prices based on inputs not quoted in active markets, but corroborated by market data Level 3 - unobservable inputs used when little or no market data is available The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company also considers counterparty credit risk in its assessment of fair value. Financial Assets and Liabilities Measured at Fair Value on a Recurring or Non-Recurring Basis All derivative instruments were carried at fair value and were valued using Level 2 inputs. The Company had no derivative instruments as of December 31, 2020 (an interest rate cap associated with the Mortgage Loans and Future Funding Facility was terminated subsequent to the repayment of the Mortgage Loans and Future Funding Facility on July 31, 2018). The Company utilized an independent third party and interest rate market pricing models to assist management in determining the fair value of this instrument. The Company had elected not to utilize hedge accounting, and therefore, the change in fair value was included in previous periods within change in fair value of interest rate cap on the consolidated statements of operations. For the years ended December 31, 2020 and December 31, 2019, the Company did no t record any gain or loss compared to a loss of $ 23 thousand for the year ended December 31, 2018 . Assets Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis on our consolidated balance sheets consist of real estate assets that have been written down to estimated fair value and are classified as Level 3 within the fair value hierarchy. The Company’s estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions, potential development projects and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. In addition, signed contracts or letters of intent from third parties are considered. For the years ended December 31, 2020, 2019 and 2018, in accordance with ASC 360-10, Property, Plant and Equipment Financial Assets and Liabilities not Measured at Fair Value Financial assets and liabilities that are not measured at fair value on the consolidated balance sheets include cash equivalents and term loan facility. The fair value of cash equivalents and restricted cash are classified as Level 1 and the fair value of term loan facility is classified as Level 2. Cash equivalents and restricted cash are carried at cost, which approximates fair value. The fair value of debt obligations is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings. As of December 31, 2020 and December 31, 2019 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies Insurance The Company maintains general liability insurance and all-risk property and rental value, with sub-limits for certain perils such as floods and earthquakes on each of the Company’s properties. The Company also maintains coverage for terrorism acts as defined by Terrorism Risk Insurance Program Reauthorization Act, which expires in December 2027. Insurance premiums are charged directly to each of the properties. The Company will be responsible for deductibles and losses in excess of insurance coverage, which could be material. The Company continues to monitor the state of the insurance market and the scope and costs of coverage for acts of terrorism. However, the Company cannot anticipate what coverage will be available on commercially reasonable terms in the future. Environmental Matters Under various federal, state and local laws, ordinances and regulations, the Company may be considered an owner or operator of real property or may have arranged for the disposal or treatment of hazardous or toxic substances. As a result, the Company may be liable for certain costs including removal, remediation, government fines and injuries to persons and property. Under the Holdco Master Lease, Holdco is required to indemnify the Company from certain environmental liabilities at the Wholly Owned Properties before or during the period in which each Wholly Owned Property was leased to Holdco, including removal and remediation of all affected facilities and equipment constituting the automotive care center. In addition, an environmental reserve was funded at the closing of the transactions in connection with the Company commencing operations in the amount of approximately $12.0 million. As of December 31, 2020, the balance of the environmental reserve was approximately $9.5 million. Litigation and Other Matters In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued or discloses the fact that such a range of loss cannot be estimated. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. On April 18, 2019, at the direction of the Restructuring Sub-Committee of the Restructuring Committee of the Board of Directors of Sears Holdings, Sears Holdings, Sears, Roebuck & Co., Sears Development Co., Kmart Corporation, and Kmart of Washington, LLC filed a lawsuit (the “Litigation”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) against, among others, Edward S. Lampert, ESL Investments, Inc. and certain of its affiliates and investors, Fairholme Capital Management, L.L.C., certain members of the Sears Holdings board of directors, and the Company, the Operating Partnership, and certain of our affiliates and subsidiaries (the Company, the Operating Partnership, and certain of our affiliates and subsidiaries collectively, the “Seritage Defendants”). The Litigation is dual captioned as In re: Sears Holdings Corporation, et al., Case No. 18-23538 (RDD) and Sears Holdings Corporation et al., v. Lampert et al., Case No. 19-08250 (RDD). The Litigation alleges, among other things, that certain transactions undertaken by Sears Holdings since 2011 constituted actual and/or constructive fraudulent transfers and/or illegal dividends by Sears Holdings. The challenged transactions include the July 2015 transactions giving rise to Seritage, the execution of the Original Master Lease with Sears Holdings, and the acquisition of real estate from Sears Holdings. The Litigation alleges, among other things, that the real estate acquired by Seritage from Sears Holdings in July 2015 was worth at least $649 to $749 million more than the purchase price paid. The Litigation seeks as relief, among other things, declaratory relief, avoidance of the allegedly actual and/or constructive fraudulent transfers and either (i) rescission of the transfers of real estate from Sears Holdings to Seritage in 2015 and return of the proceeds of the transactions between Sears Holdings and Seritage, or, in the alternative, (ii) payment by Seritage to Sears Holdings of damages at least equal to the value of the transferred property. On October 15, 2019, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming the Modified Second Amended Joint Chapter 11 Plan of Sears Holdings and its affiliated debtors (the “Chapter 11 Plan”). Pursuant to the terms of the Confirmation Order, upon the effective date of the Chapter Plan, a liquidating trust will be formed, and the Litigation will vest in the liquidating trust. The Confirmation Order further provides that, prior to the effective date of the Chapter 11 Plan and the formation of the liquidating trust, the Litigation shall be controlled by five litigation designees selected by Sears Holdings and the Unsecured Creditors’ Committee (the “UCC”). For further information, refer to the Chapter 11 Plan, Confirmation Order and liquidating trust agreement, each of which has been publicly filed with the Bankruptcy Court. On February 21, 2020, the Seritage defendants filed a partial motion to dismiss seeking dismissal of the claims in the operative complaint in the Litigation relating to the release received in the Sears Holdings derivative litigation, unjust enrichment, and equitable subordination. Briefing and oral argument on the motions were completed in August 2020, and the parties are awaiting a decision. The Company believes that the claims against the Seritage Defendants in the Litigation are without merit and intends to defend against them vigorously. In addition to the litigation described above, the Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business and due to the current environment. 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 position, results of operations, cash flows or liquidity of the Company. As of December 31, 2020, and December 31, 2019, the Company did not record any amounts for litigation or other matters. |
Related Party Disclosure
Related Party Disclosure | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Disclosure | Note 10 – Related Party Disclosure Edward S. Lampert Edward S. Lampert is the Chairman and Chief Executive Officer of ESL, which owns Holdco, and was Chairman of Sears Holdings. Mr. Lampert is also the Chairman of Seritage. As of December 31, 2020, Mr. Lampert beneficially owned a 30.4% interest in the Operating Partnership and approximately 6.5% of the outstanding Class A common shares. Subsidiaries of Holdco, as lessees, and subsidiaries of the Company, as lessors, are parties to the Holdco Master Lease and subsidiaries of Sears Holdings, as lessees, and subsidiaries of the Company, as lessors, were parties to the Original Master Lease (see Note 5). Unconsolidated Entities Certain unconsolidated entities ventures have engaged the Company to provide management, leasing, construction supervision and development services at the properties owned by the unconsolidated entities. Fees for the services performed are reported at 100% of the revenue earned from such joint ventures in management and other fee income on the consolidated statements of operations. The Company’s In addition, as of December 31, 2020, the Company had incurred $5.0 million of development expenditures at properties owned by certain unconsolidated entities for which the Company will be repaid by the respective unconsolidated entities. These amounts are included in tenant and other receivables, net on the Company’s consolidated balance sheets. $9.7 . |
Non-Controlling Interests
Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Non-Controlling Interests | Note 11 – Non-Controlling Interests Partnership Agreement On July 7, 2015, Seritage and ESL entered into the agreement of limited partnership of the Operating Partnership which was amended and restated on December 14, 2017. Pursuant to this partnership agreement, as the sole general partner of the Operating Partnership, Seritage exercises exclusive and complete responsibility and discretion in its day-to-day management, authority to make decisions, and control of the Operating Partnership, and may not be removed as general partner by the limited partners. As of December 31, 2020, the Company held a 69.6% interest in the Operating Partnership and ESL held a 30.4% interest. The portions of consolidated entities not owned by the Company are presented as non-controlling interest as of and during the periods presented. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Note 12 – Shareholders’ Equity Class A Common Shares As of December 31, 2020, 38,896,428 Class A common shares were issued and outstanding. Class A shares have a par value of $0.01 per share. During the year ended December 31, 2020, 1,901,739 OP Units were exchanged for an equal number of Class A shares. Class B Non-Economic Common Shares During the year ended December 31, 2020, 1,242,536 Class B non-economic common shares were surrendered to the Company. As of December 31, 2020, there were no Class B non-economic common shares issued or outstanding. Class B non-economic common shares have a par value of $0.01 per share. Class C Non-Voting Common Shares As of December 31, 2020, there were no Class C non-voting common shares issued or outstanding. Class C non-voting shares have a par value of $0.01 per share. Series A Preferred Shares In December 2017, the Company issued 2,800,000 7.00% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) in a public offering at $25.00 per share. The Company received net proceeds from the offering of approximately $66.4 million, after deducting payment of the underwriting discount and offering expenses. The Company may not redeem the Series A Preferred Shares before December 14, 2022 except to preserve its status as a REIT or upon the occurrence of a Change of Control, as defined in the trust agreement addendum designating the Series A Preferred Shares. On and after December 14, 2022, the Company may redeem any or all of the Series A Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. The Series A Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they are converted. Dividends and Distributions The Company’s Board of Trustees has not declared dividends on the Company’s Class A and Class C common shares during 2020. The last dividend on the Company’s Class A and C common shares that the Board of Trustees declared was on February 25, 2019, which was paid on April 11, 2019 to shareholders of record on March 29, 2019. Our Board of Trustees will continue to assess the Company’s investment opportunities and its expectations of taxable income in its determination of future distributions, if any. The Company intends to, at a minimum, make distributions to its shareholders to comply with the REIT requirements of the Code, which may be satisfied by dividends on the Company’s Series A Preferred Shares. The Company declared total dividends of $0.25 and $1.00 per common share for the years ended December 31, 2019 and 2018, respectively. The dividends have been reflected as follows for U.S. federal income tax purposes: Year Ended December 31, 2020 2019 2018 Ordinary income $ — $ — $ 0.01 Capital gain distributions — — 0.35 Return of capital — 0.50 0.39 Dividends reallocation (1) — (0.25 ) 0.25 Total $ — $ 0.25 $ 1.00 (1) The Company’s Board of Trustees also declared the following dividends on preferred shares during 2021, 2020 and 2019: Declaration Date Record Date Payment Date Preferred Share 2021 February 23 March 31 April 15 $ 0.43750 2020 December 17 December 31 January 15, 2021 $ 0.43750 September 17 September 30 October 15 0.43750 June 9 June 30 July 15 0.43750 February 18 March 31 April 15 0.43750 2019 October 23 December 31 January 15, 2020 $ 0.43750 July 23 September 30 October 15 0.43750 April 30 June 28 July 15 0.43750 February 25 March 29 April 15 0.43750 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 13 – Earnings per Share The table below provides a reconciliation of net loss and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares. Potentially dilutive securities consist of shares of non-vested restricted stock and the redeemable non-controlling interests in the Operating Partnership. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing EPS pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of EPS. Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. Year Ended December 31, (in thousands except per share amounts) 2020 2019 2018 Numerator - Basic and Diluted Net loss $ (152,964 ) $ (90,603 ) $ (114,878 ) Net loss attributable to non-controlling interests 47,938 31,206 41,406 Preferred dividends (4,900 ) (4,900 ) (4,903 ) Net loss attributable to common shareholders $ (109,926 ) $ (64,297 ) $ (78,375 ) Earnings allocated to unvested participating securities — — — Net loss available to common shareholders - Basic and diluted $ (109,926 ) $ (64,297 ) $ (78,375 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 38,298 36,413 35,103 Weighted average Class C common shares outstanding - - 457 Weighted average Class A and Class C common shares outstanding 38,298 36,413 35,560 Net income (loss) per share attributable to Class A and Class C common shareholders $ (2.87 ) $ (1.77 ) $ (2.20 ) No adjustments were made to the numerator for the years ended December 31, 2020, 2019 or 2018 because the Company generated a net loss. During periods of net loss, undistributed losses are not allocated to the participating securities as they are not required to absorb losses. No adjustments were made to the denominator for the years ended December 31, 2020, 2019 or 2018 because (i) the inclusion of outstanding non-vested restricted shares would have had an anti-dilutive effect and (ii) including the non-controlling interest in the Operating Partnership would also require that the share of Operating Partnership loss attributable to such interests be added back to net loss, therefore, resulting in no effect on earnings per share. As of December 31, 2020, 2019 and 2018, there were 157,465, 349,318 and 403,129 shares, respectively, of non-vested restricted shares outstanding. |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Based Compensation | Note 14 – Share-Based Compensation On July 7, 2015, the Company adopted the Seritage Growth Properties 2015 Share Plan (the “Plan”). The number of shares of common stock reserved for issuance under the Plan is 3,250,000. The Plan provides for grants of restricted shares, share units, other share-based awards, options, and share appreciation rights, each as defined in the Plan (collectively, the "Awards"). Directors, officers, other employees, and consultants of the Company and its subsidiaries and affiliates are eligible for Awards. Restricted Shares and Share Units Pursuant to the Plan, the Company has periodically made grants of restricted shares or share units. The vesting terms of these grants are specific to the individual grant and vary in that a portion of the restricted shares and share units vest in equal annual amounts over the subsequent three years (time-based vesting) and a portion of the restricted shares and share units vest on the third, and in some instances, the fourth anniversary of the grants subject to the achievement of certain performance criteria (performance-based and market-based vesting). In general, participating employees are required to remain employed for vesting to occur (subject to certain limited exceptions). Restricted shares and share units that do not vest are forfeited. Dividends on restricted shares and share units with time-based vesting are paid to holders of such shares and share units and are not returnable, even if the underlying shares or share units do not ultimately vest. Dividends on restricted shares and share units with performance-based vesting are accrued when declared and paid to holders of such shares on the third , and in some instances, the fourth See Note 2 for valuation information related to the grants of the awards that are subject to market-based vesting conditions. The following table summarizes restricted share activity for the grant periods ended December 31, 2020 and 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 349,318 $ 44.88 403,129 $ 41.57 Restricted shares granted 106,327 31.06 76,948 57.04 Restricted shares vested (55,308 ) 43.23 (127,767 ) 41.76 Restricted shares forfeited (242,872 ) 43.19 (2,992 ) 45.02 Unvested restricted shares at end of period 157,465 $ 38.73 349,318 $ 44.88 The Company recognized share-based compensation of $4.0 million for the year ended December 31, 2020 offset by $7.0 million of forfeitures of unvested shares related to the resignation of certain executives. The Company recognized share As of December 31, 2020, there were $1.9 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 1.7 years. As of December 31, 2019, there were $7.4 million of total unrecognized compensation costs related to the outstanding restricted shares which is expected to be recognized over a weighted-average period of approximately 1.6 years. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | SERITAGE GROWTH PROPERTIES SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (Dollars in thousand) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Anchorage AK (3) $ 11,517 $ 11,729 $ — $ 20,945 $ 11,517 $ 32,674 $ 44,191 $ (3,334 ) July, 2015 (4) North Little Rock AR (3) 1,288 2,881 — 2,047 1,288 4,928 6,216 (542 ) July, 2015 (4) Glendale AZ (3) 19,040 - — 300 19,040 300 19,340 - December, 2020 (4) Mesa/East AZ (3) 2,661 2,559 — (642 ) 2,661 1,917 4,578 (319 ) July, 2015 (4) Park Mall AZ (3) 5,207 3,458 (2,221 ) 5,183 2,986 8,641 11,627 (649 ) July, 2015 (4) Phoenix AZ (3) 568 1,088 — (624 ) 568 464 1,032 (72 ) July, 2015 (4) Phoenix-Desert Sky AZ (3) 2,605 2,448 — (669 ) 2,605 1,779 4,384 (316 ) July, 2015 (4) Sierra Vista AZ (3) 1,252 1,791 (243 ) (194 ) 1,009 1,597 2,606 (640 ) July, 2015 (4) Yuma AZ (3) 1,485 1,596 — (401 ) 1,485 1,195 2,680 (219 ) July, 2015 (4) Big Bear Lake CA (3) 3,664 2,945 — (436 ) 3,664 2,509 6,173 (417 ) July, 2015 (4) Chula Vista CA (3) 7,315 6,834 — (900 ) 7,315 5,934 13,249 (1,125 ) July, 2015 (4) Citrus Hts-Sunrise CA (3) 3,778 2,088 — (775 ) 3,778 1,313 5,091 (241 ) July, 2015 (4) El Cajon CA (3) 10,573 2,883 — 23,989 10,573 26,872 37,445 (674 ) July, 2015 (4) El Centro CA (3) 3,877 3,977 (668 ) (1,429 ) 3,209 2,548 5,757 (484 ) July, 2015 (4) Fairfield CA (3) 3,679 1,366 (166 ) 1,785 3,513 3,151 6,664 (237 ) July, 2015 (4) Florin CA (3) 1,022 1,366 — (191 ) 1,022 1,175 2,197 (206 ) July, 2015 (4) Fresno CA (3) 1,370 2,000 — (920 ) 1,370 1,080 2,450 (205 ) July, 2015 (4) McKinleyville CA (3) 1,354 1,655 — (562 ) 1,354 1,093 2,447 (172 ) July, 2015 (4) Merced CA (3) 2,534 1,604 — 3,159 2,534 4,763 7,297 (230 ) July, 2015 (4) Montclair CA (3) 2,498 2,119 — — 2,498 2,119 4,617 (513 ) July, 2015 (4) Hollywood CA (3) 8,049 3,172 — 18,305 8,049 21,477 29,526 (2,319 ) July, 2015 (4) Palm Desert CA (3) 5,473 1,705 (542 ) (679 ) 4,931 1,026 5,957 (182 ) July, 2015 (4) Ramona CA (3) 7,239 1,452 — (318 ) 7,239 1,134 8,373 (191 ) July, 2015 (4) Riverside CA (3) 2,670 2,489 — (767 ) 2,670 1,722 4,392 (310 ) July, 2015 (4) Riverside CA (3) 4,397 4,407 — (1,136 ) 4,397 3,271 7,668 (622 ) July, 2015 (4) Roseville CA (3) 4,848 3,215 (1,909 ) 8,181 2,939 11,396 14,335 (629 ) July, 2015 (4) Salinas CA (3) 2,644 4,394 — (765 ) 2,644 3,629 6,273 (665 ) July, 2015 (4) San Bernardino CA (3) 4,131 2,066 — (780 ) 4,131 1,286 5,417 (236 ) July, 2015 (4) San Bruno CA (3) 7,854 4,642 — (977 ) 7,854 3,665 11,519 (672 ) July, 2015 (4) San Jose-Eastridge CA (3) 1,531 2,356 — (804 ) 1,531 1,552 3,083 (284 ) July, 2015 (4) Santa Maria CA (3) 3,967 2,635 (1,184 ) (1,024 ) 2,783 1,611 4,394 (407 ) July, 2015 (4) Temecula CA (3) 6,098 2,214 — 7,852 6,098 10,066 16,164 (693 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Thousand Oaks CA (3) $ 9,853 $ 14,785 $ — $ 7,507 $ 9,853 $ 22,292 $ 32,145 $ (4,089 ) July, 2015 (4) Ventura CA (3) 5,578 6,172 (949 ) (1,050 ) 4,629 5,122 9,751 (1,028 ) July, 2015 (4) West Covina CA (3) 5,972 2,053 — (648 ) 5,972 1,405 7,377 (266 ) July, 2015 (4) Westminster CA (3) 6,845 5,651 — (1,024 ) 6,845 4,627 11,472 (848 ) July, 2015 (4) Lakewood CO (3) 1,290 4,550 — (417 ) 1,290 4,133 5,423 (784 ) July, 2015 (4) Thornton CO (3) 1,881 1,300 — 3,041 1,881 4,341 6,222 (608 ) July, 2015 (4) Waterford CT (3) 1,371 2,534 — (680 ) 1,371 1,854 3,225 (329 ) July, 2015 (4) Rehoboth Beach DE (3) 714 4,523 (134 ) 6,262 580 10,785 11,365 (1,788 ) July, 2015 (4) Boca Raton FL (3) 16,089 7,480 — (515 ) 16,089 6,965 23,054 (1,236 ) July, 2015 (4) Bradenton FL (3) 1,420 1,479 — (414 ) 1,420 1,065 2,485 (189 ) July, 2015 (4) Clearwater/Cntrysd FL (3) 5,852 17,777 — 182 5,852 17,959 23,811 (3,636 ) July, 2015 (4) Doral(Miami) FL (3) 9,214 2,654 — (600 ) 9,214 2,054 11,268 (364 ) July, 2015 (4) Ft Myers FL (3) 3,168 2,853 — (418 ) 3,168 2,435 5,603 (462 ) July, 2015 (4) Hialeah FL (3) 5,492 2,344 — 13,518 5,492 15,862 21,354 (1,124 ) July, 2015 (4) Hialeah/Westland FL (3) 9,683 3,472 — 224 9,683 3,696 13,379 (595 ) July, 2015 (4) Lakeland FL (3) 1,503 1,045 — (378 ) 1,503 667 2,170 (111 ) July, 2015 (4) Miami FL (3) 13,264 61,577 — (61,520 ) 13,264 57 13,321 (57 ) July, 2015 (4) Miami/Cutler Rdg FL (3) 5,219 1,236 — (206 ) 5,219 1,030 6,249 (189 ) July, 2015 (4) North Miami FL (3) 4,748 2,434 — 6,591 4,748 9,025 13,773 (505 ) July, 2015 (4) Ocala FL (3) 2,468 1,150 — (456 ) 2,468 694 3,162 (123 ) July, 2015 (4) Orlando Colonial FL (3) 4,403 3,626 (177 ) 15,850 4,226 19,476 23,702 (1,036 ) July, 2015 (4) Panama City FL (3) 3,227 1,614 — (461 ) 3,227 1,153 4,380 (204 ) July, 2015 (4) Pensacola FL (3) 2,620 2,990 — 13,261 2,620 16,251 18,871 (431 ) July, 2015 (4) Plantation FL (3) 6,933 2,509 (3,361 ) (1,641 ) 3,572 868 4,440 (299 ) July, 2015 (4) Sarasota FL (3) 3,920 2,200 — (831 ) 3,920 1,369 5,289 (243 ) July, 2015 (4) St Petersburg FL (3) 2,381 2,420 (50 ) 22,977 2,331 25,397 27,728 (3,302 ) July, 2015 (4) St. Petersburg FL (3) 1,653 777 — (279 ) 1,653 498 2,151 (91 ) July, 2015 (4) Savannah GA (3) 5,285 3,012 — (344 ) 5,285 2,668 7,953 (419 ) July, 2015 (4) Honolulu HI (3) 6,824 2,195 — 21,279 6,824 23,474 30,298 (2,512 ) July, 2015 (4) Cedar Rapids IA (3) 2,833 2,197 — (457 ) 2,833 1,740 4,573 (325 ) July, 2015 (4) Charles City IA (3) 793 1,914 — — 793 1,914 2,707 (933 ) July, 2015 (4) Webster City IA (3) 392 896 — — 392 896 1,288 (368 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Boise ID (3) $ 1,828 $ 1,848 $ — $ — $ 1,828 $ 1,848 $ 3,676 $ (745 ) July, 2015 (4) Chicago IL (3) 2,385 7,924 (807 ) (2,985 ) 1,578 4,939 6,517 (1,415 ) July, 2015 (4) Joliet IL (3) 2,557 3,108 — — 2,557 3,108 5,665 (1,819 ) July, 2015 (4) Lombard IL (3) 2,685 8,281 — — 2,685 8,281 10,966 (1,686 ) July, 2015 (4) N Riverside IL (3) 1,846 3,178 — 14,034 1,846 17,212 19,058 (2,350 ) July, 2015 (4) Orland Park IL (3) 1,783 974 — (380 ) 1,783 594 2,377 (105 ) July, 2015 (4) Springfield IL (3) 2,182 5,051 (213 ) 14,870 1,969 19,921 21,890 (2,447 ) July, 2015 (4) Steger IL (3) 589 2,846 — — 589 2,846 3,435 (585 ) July, 2015 (4) Elkhart IN (3) 1,349 869 — (302 ) 1,349 567 1,916 (102 ) July, 2015 (4) Ft Wayne IN (3) 3,247 5,476 (796 ) (3,382 ) 2,451 2,094 4,545 (57 ) July, 2015 (4) Merrillville IN (3) 3,413 3,224 — (724 ) 3,413 2,500 5,913 (480 ) July, 2015 (4) Hopkinsville KY (3) 553 2,815 (68 ) 1,314 485 4,129 4,614 (650 ) July, 2015 (4) Paducah KY (3) 1,022 2,868 — 9,254 1,022 12,122 13,144 (1,654 ) July, 2015 (4) Lafayette LA (3) 1,406 5,094 — (1,019 ) 1,406 4,075 5,481 (723 ) July, 2015 (4) New Iberia LA (3) 450 1,819 (446 ) (1,780 ) 4 39 43 (10 ) July, 2015 (4) Braintree MA (3) 6,585 5,614 — 11,319 6,585 16,933 23,518 (2,999 ) July, 2015 (4) Saugus MA (3) 1,656 2,835 — (1,087 ) 1,656 1,748 3,404 (331 ) July, 2015 (4) Bowie MD (3) 4,583 2,335 (504 ) 356 4,079 2,691 6,770 (1,019 ) July, 2015 (4) Edgewater MD (3) 5,534 2,116 (841 ) (856 ) 4,693 1,260 5,953 (248 ) July, 2015 (4) Madawaska ME (3) 140 942 — — 140 942 1,082 (234 ) July, 2015 (4) Lincoln Park MI (3) 1,106 3,198 — (493 ) 1,106 2,705 3,811 (513 ) July, 2015 (4) Manistee MI (3) 508 3,045 — (625 ) 508 2,420 2,928 (403 ) July, 2015 (4) Roseville MI (3) 3,286 4,778 — 10,671 3,286 15,449 18,735 (2,164 ) July, 2015 (4) Sault Ste. Marie MI (3) 946 917 — (478 ) 946 439 1,385 (78 ) July, 2015 (4) Troy MI (3) 7,954 2,651 (815 ) 5,745 7,139 8,396 15,535 (1,844 ) July, 2015 (4) Ypsilanti MI (3) 2,462 1,277 (402 ) (637 ) 2,060 640 2,700 (123 ) July, 2015 (4) Burnsville MN (3) 3,513 1,281 — (505 ) 3,513 776 4,289 (138 ) July, 2015 (4) Maplewood MN (3) 3,605 1,162 — (521 ) 3,605 641 4,246 (117 ) July, 2015 (4) St Paul MN (3) 1,866 1,028 — (309 ) 1,866 719 2,585 (134 ) July, 2015 (4) Florissant MO (3) 2,430 1,607 (24 ) (224 ) 2,406 1,383 3,789 (200 ) July, 2015 (4) Jefferson City MO (3) 957 2,224 (150 ) (483 ) 807 1,741 2,548 (329 ) July, 2015 (4) Springfield MO (3) 922 2,050 — (383 ) 922 1,667 2,589 (275 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Columbus MS (3) $ 2,940 $ 2,547 $ — $ 1,187 $ 2,940 $ 3,734 $ 6,674 (1,805 ) July, 2015 (4) Asheville NC (3) 4,141 2,036 — (750 ) 4,141 1,286 5,427 (236 ) July, 2015 (4) Greensboro NC (3) 3,869 4,387 — 510 3,869 4,897 8,766 (1,088 ) July, 2015 (4) Kearney NE (3) 272 483 — 7,838 272 8,321 8,593 (1,042 ) July, 2015 (4) Manchester NH (3) 1,458 4,160 — 13,605 1,458 17,765 19,223 (880 ) July, 2015 (4) Nashua NH (3) 1,794 7,255 (229 ) (927 ) 1,565 6,328 7,893 (1,322 ) July, 2015 (4) Portsmouth NH (3) 3,934 3,375 — (739 ) 3,934 2,636 6,570 (468 ) July, 2015 (4) Salem NH (3) 3,321 12,198 (639 ) 8,066 2,682 20,264 22,946 (3,036 ) July, 2015 (4) Henderson NV (3) 3,124 1,362 — 2,449 3,124 3,811 6,935 (355 ) July, 2015 (4) Las Vegas(Meadows) NV (3) 3,354 1,879 — 6,702 3,354 8,581 11,935 (444 ) July, 2015 (4) Reno NV (3) 2,135 5,748 (236 ) 4,978 1,899 10,726 12,625 (1,089 ) July, 2015 (4) Albany NY (3) 8,289 6,523 — 6,804 8,289 13,327 21,616 (1,845 ) July, 2015 (4) Clay NY (3) 787 4,134 — (677 ) 787 3,457 4,244 (576 ) July, 2015 (4) East Northport NY (3) 7,617 2,065 — 44,212 7,617 46,277 53,894 (1,382 ) July, 2015 (4) Hicksville NY (3) 38,629 19,061 — (888 ) 38,628 18,176 56,804 (3,448 ) July, 2015 (4) Olean NY (3) 249 2,124 — 4,476 249 6,600 6,849 (609 ) July, 2015 (4) Rochester-Greece NY (3) 3,082 1,560 — (380 ) 3,082 1,180 4,262 (209 ) July, 2015 (4) Sidney NY (3) 1,942 1,769 (338 ) (837 ) 1,604 932 2,536 (188 ) July, 2015 (4) Victor NY (3) 4,144 1,391 — 5,408 4,144 6,799 10,943 (282 ) July, 2015 (4) Yorktown Hts NY (3) 3,584 1,569 (950 ) 10,227 2,634 11,796 14,430 (428 ) July, 2015 (4) Watchung NY (3) 6,704 4,110 — 31,069 6,704 35,179 41,883 (1,751 ) July, 2015 (4) Canton OH (3) 1,650 5,854 — 20,335 1,650 26,189 27,839 (1,296 ) July, 2015 (4) Dayton Mall OH (3) 2,650 1,223 — 2,398 2,650 3,621 6,271 (419 ) July, 2015 (4) Kenton OH (3) 340 417 — (233 ) 340 184 524 (31 ) July, 2015 (4) Mentor OH (3) 1,092 1,776 — (726 ) 1,092 1,050 2,142 (185 ) July, 2015 (4) Middleburg Hts OH (3) 698 1,547 — (322 ) 698 1,225 1,923 (233 ) July, 2015 (4) Toledo OH (3) 1,664 1,289 — (612 ) 1,664 677 2,341 (127 ) July, 2015 (4) Okla City/Sequoyah OK (3) 1,542 2,210 — 4,911 1,542 7,121 8,663 (934 ) July, 2015 (4) Happy Valley OR (3) 6,659 1,271 (619 ) 8,807 6,040 10,078 16,118 (378 ) July, 2015 (4) King of Prussia PA (3) - 42,300 — 3,673 - 45,973 45,973 (8,821 ) July, 2015 (4) Lebanon PA (3) 1,333 2,085 — (952 ) 1,333 1,133 2,466 (189 ) July, 2015 (4) Walnutport PA (3) 885 3,452 — (1,045 ) 885 2,407 3,292 (401 ) July, 2015 (4) Costs Capitalized Gross Amount at Which Carried Acquisition Costs Subsequent to Acquisition (1) at Close of Period (2) Life Upon Which Buildings and Buildings and Buildings and Accumulated Date Depreciation City State Encumbrances Land Improvements Land Improvements Land Improvements Total Depreciation Acquired is Computed Bayamon PR (3) $ 656 $ 7,173 $ (139 ) $ (1,517 ) $ 517 $ 5,656 $ 6,173 $ (1,611 ) July, 2015 (4) Caguas PR (3) 431 9,362 (100 ) (2,184 ) 331 7,178 7,509 (1,961 ) July, 2015 (4) Carolina PR (3) 611 8,640 — — 611 8,640 9,251 (2,110 ) July, 2015 (4) Mayaguez PR (3) 564 4,555 — — 564 4,555 5,119 (1,404 ) July, 2015 (4) Ponce PR (3) 473 3,965 — — 473 3,965 4,438 (1,165 ) July, 2015 (4) Warwick RI (3) 9,166 3,388 (1,132 ) 8,891 8,034 12,279 20,313 (1,080 ) July, 2015 (4) Anderson SC (3) 1,297 638 (5 ) 9,224 1,292 9,862 11,154 (2,263 ) July, 2015 (4) Chrlstn/Northwoods SC (3) 3,576 1,497 (1,019 ) 9,757 2,557 11,254 13,811 (922 ) July, 2015 (4) Cordova TN (3) 2,581 4,279 — — 2,581 4,279 6,860 (1,253 ) July, 2015 (4) Memphis/Poplar TN (3) 2,827 2,475 — 24,877 2,827 27,352 30,179 (3,426 ) July, 2015 (4) Austin TX (3) 3,164 2,858 (2,288 ) 8,070 876 10,928 11,804 (2,208 ) July, 2015 (4) Central Park TX (3) 5,468 1,457 (1,904 ) 18,053 3,564 19,510 23,074 (731 ) July, 2015 (4) El Paso TX (3) 2,008 1,778 — 6,157 2,008 7,935 9,943 (416 ) July, 2015 (4) Friendswd/Baybrk TX (3) 6,124 2,038 — (806 ) 6,124 1,232 7,356 (218 ) July, 2015 (4) Houston TX (3) 6,110 1,525 — (525 ) 6,110 1,000 7,110 (157 ) July, 2015 (4) Ingram TX (3) 4,651 2,560 — (683 ) 4,651 1,877 6,528 (333 ) July, 2015 (4) Irving TX (3) 4,493 5,743 — (721 ) 4,493 5,022 9,515 (921 ) July, 2015 (4) Shepherd TX (3) 5,457 2,081 — (510 ) 5,457 1,571 7,028 (298 ) July, 2015 (4) Valley View TX (3) 4,706 3,230 — (3,230 ) 4,706 - 4,706 - July, 2015 (4) Layton UT (3) 2,234 974 (824 ) 3,265 1,410 4,239 5,649 (1,022 ) July, 2015 (4) West Jordan UT (3) 3,190 2,305 — 7,147 3,190 9,452 12,642 (2,233 ) July, 2015 (4) Alexandria VA (3) 3,728 3,294 — (738 ) 3,728 2,556 6,284 (469 ) July, 2015 (4) Chspk/Greenbrier VA (3) 4,236 1,700 — (482 ) 4,236 1,218 5,454 (216 ) July, 2015 (4) Fairfax VA (3) 10,873 1,491 — 25,342 10,873 26,833 37,706 (1,272 ) July, 2015 (4) Virginia Beach VA (3) 10,413 4,760 (1,343 ) 11,343 9,070 16,103 25,173 (2,863 ) July, 2015 (4) Warrenton VA (3) 1,956 2,480 — 5,938 1,956 8,418 10,374 (432 ) July, 2015 (4) Redmond Pk WA (3) 5,133 4,133 10,513 (1,243 ) 15,646 2,890 18,536 (627 ) July, 2015 (4) Greendale WI (3) 3,208 2,340 — 14,911 3,208 17,251 20,459 (1,251 ) July, 2015 (4) Madison-West WI (3) 3,053 2,130 — 16,132 3,053 18,262 21,315 (1,571 ) July, 2015 (4) Various (3) - — — 352,776 — 352,777 352,777 - n/a (4) $ 610,693 $ 606,997 $ (17,922 ) $ 853,307 $ 592,770 $ 1,460,308 $ 2,053,078 $ (142,206 ) ( 1 ) Includes reductions related to partial site sales and impairment of long-lived assets. ( 2 ) The aggregate cost of land, building and improvements (which includes construction in process) for U.S. federal income tax purposes is approximately $2.8 billion. (3 ) The Term Loan Facility is secured on a first lien basis by individual mortgages and a pledge of the capital stock of the direct subsidiaries of the Company, including those that own each of the Company’s properties. See Note 6. (4 ) Depreciation is computed based on the following estimated useful lives: Building: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease F-43 SERITAGE GROWTH PROPERTIES NOTES TO SCHEDULE III (Dollars in thousands) Reconciliation of Real Estate 2020 2019 2018 Balance at beginning of period $ 2,118,329 $ 1,889,014 $ 1,854,043 Additions 256,126 364,970 318,820 Impairments (64,108 ) — — Dispositions (226,889 ) (95,270 ) (244,815 ) Write-offs (30,380 ) (40,385 ) (39,034 ) Balance at end of period $ 2,053,078 $ 2,118,329 $ 1,889,014 Reconciliation of Accumulated Depreciation 2020 2019 2018 Balance at beginning of period $ 147,696 $ 137,947 $ 139,483 Depreciation expense 48,569 59,289 50,272 Dispositions (23,679 ) (9,174 ) (12,772 ) Write-offs (30,380 ) (40,366 ) (39,036 ) Balance at end of period $ 142,206 $ 147,696 $ 137,947 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The consolidated financial statements include the accounts of the Company, the Operating Partnership, each of their wholly-owned subsidiaries, and all other entities in which they have a controlling financial interest or entities that meet the definition of a variable interest entity (“VIE”) in which the Company has, as a result of ownership, contractual interests or other financial interests, both the power to direct activities that most significantly impact the economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. All intercompany accounts and transactions have been eliminated. Where the Company has an interest in a VIE and it is not determined to be the primary beneficiary, the Company accounts for its interest under the equity method of accounting. Similarly, for those entities which are not VIEs and over which the Company has the ability to exercise significant influence, but does not have a controlling financial interest, the Company accounts for its interests under the equity method of accounting. The Company continually evaluates whether it qualifies as the primary beneficiary and reconsiders its determination of whether an entity is a VIE upon reconsideration events. As of December 31, 2020 and December 31, 2019, the Company has several unconsolidated VIEs and does not consolidate these entities because the Company is not the primary beneficiary and the nature of its involvement in the activities of these entities does not give the Company power over decisions that significantly affect these entities’ economic performance. As of December 31, 2020, the Company holds a 69.6% interest in the Operating Partnership and is the sole general partner which gives the Company exclusive and complete responsibility for the day-to-day management, authority to make decisions, and control of the Operating Partnership. The Company has determined that the Operating Partnership is a VIE as the limited partners in the Operating Partnership, although entitled to vote on certain matters, do not possess kick-out rights or substantive participating rights. Accordingly, the Company consolidates its interest in the Operating Partnership. The assets and liabilities of the Operating Partnership are the same as those of the Company and are presented in the consolidated balance sheets. To the extent such variable interests are in entities that are not evaluated under the VIE model, the Company evaluates its interests using the voting interest entity model. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting periods. The most significant assumptions and estimates relate to real estate impairment assessments, and assessing the recoverability of accounts receivable. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from these estimates. |
Segment Reporting | Segment Reporting The Company currently operates in a single reportable segment which includes the acquisition, ownership, development, redevelopment, management, and leasing of real estate properties. The Company’s chief operating decision maker, its principal executive officer, assesses and measures the operating and financial results for each property on an individual basis and does not distinguish or group properties based on geography, size, or type. The Company, therefore, aggregates all properties into one reportable segment due to their similarities with regard to the nature and economics of the properties, tenants, and operational process. |
Real Estate Investments | Real Estate Investments Real estate assets are recorded at cost, less accumulated depreciation and amortization. Expenditures for ordinary repairs and maintenance will be expensed as incurred. Significant renovations which improve the property or extend the useful life of the assets are capitalized. As real estate is undergoing redevelopment activities, all amounts directly associated with and attributable to the project, including planning, development and construction costs, interest costs, personnel costs of employees directly involved, and other miscellaneous costs incurred during the period of redevelopment, are capitalized. The capitalization period begins when redevelopment activities are underway and ends when the project is substantially complete. Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease The Company amortizes identified intangibles that have finite lives over the period they are expected to contribute directly or indirectly to the future cash flows of the property or business acquired, generally the remaining non-cancelable term of a related lease. The Company, on a periodic basis, assesses whether there are indicators that the value of the real estate assets may be impaired. These indicators include macroeconomic conditions, such as the expected impact of the current COVID-19 pandemic. If an indicator is identified, management will estimate the real estate asset recoverability based on projected operating cash flows (undiscounted and unleveraged), taking into account the anticipated holding period and capitalization rates, to determine if the undiscounted cash flows are less than a real estate asset’s carrying value. If the carrying value of an asset exceeds the undiscounted cash flows, an analysis is performed to determine the estimated fair value of the real asset. In estimating the fair value of an asset, various factors are considered, including expected future operating income, trends and leasing prospects including the effects of demand, competition, and other economic factors such as discount rates and market comparables. Changes in any estimates and/or assumptions, including the anticipated holding period, could have a material impact on the projected operating cash flows. If management determines that the carrying value of a real estate asset is impaired, a loss will be recorded for the excess of its carrying amount over its estimated fair value. Subsequent tests for impairment may result in future impairment charges if the COVID-19 pandemic causes economic and market conditions to deteriorate further. The Company recognized $64.1 million in impairment losses for year ended December 31, 2020 and no impairment losses on real estate assets were recognized for the years ended December 31, 2019 and 2018. Approximately $10.3 million of impairment was attributable to a change in holding period for two properties for which management was in active negotiations for a sale at a value below carrying value. These assets were subsequently sold during the year. In addition, the Company recorded impairment losses of $53.8 million during the year ended December 31, 2020 on vacant assets and partially stabilized assets that are leased primarily to theater and fitness tenants which have been negatively impacted by COVID-19. Such impairment losses are included within impairment on real estate assets Real Estate Dispositions When the Company disposes of all or a portion of a real estate asset, it recognizes a gain or loss on sale of real estate as the difference between the carrying value and consideration received. Consideration consists of cash proceeds received and in certain circumstances, non-cash consideration which is typically in the form of equity in unconsolidated entities The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Contributions to unconsolidated entities Gross proceeds $ 27.0 $ 21.7 $ 232.7 Gain (loss) on sale of real estate, net (1.5 ) 3.9 63.9 Dispositions to third parties Gross proceeds $ 333.4 $ 144.3 $ 114.3 Gain (loss) on sale of real estate, net (1)(2) 120.1 63.7 29.5 Total gains on contributions and dispositions, net $ 118.6 $ 67.6 $ 93.4 (1) (2) |
Real Estate Held for Sale | Real Estate Held for Sale When a real estate asset is identified by management as held for sale, the Company ceases depreciation of the asset and estimates its fair value, net of estimated costs to sell. If the estimated fair value, net of estimated costs to sell, of an asset is less than its net carrying value, an adjustment is recorded to reflect the estimated fair value. Properties classified as real estate held for sale generally represent properties that are under contract for sale and are expected to close within a year. In evaluating whether a property meets the held for sale criteria, the Company makes a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or at all. As of December 31, 2020, one property w as classified as held for sale with assets of $ 1.9 million and no liabilities , and as of December 31, 2019, two properties were classified as held for sale with assets of $ 5.3 million and no liabilities. |
Investments in Unconsolidated Joint Ventures | Investments in Unconsolidated Entities The Company accounts for its investments in unconsolidated entities using the equity method of accounting as the Company exercises significant influence but does not have a controlling financial interest. These investments are initially recorded at cost and are subsequently adjusted for cash contributions, cash distributions, and earnings which are recognized in accordance with the terms of the applicable agreement. On a periodic basis, management assesses whether there are indicators, including the operating performance of the underlying real estate and general market conditions (which include macroeconomic conditions such as the expected impact of the COVID-19 pandemic), that the value of the Company’s investments in unconsolidated entities may be impaired. An investment’s value is impaired if management’s estimate of the fair value of the Company’s investment is less than its carrying value and such difference is deemed to be other-than-temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over its estimated fair value. If the COVID-19 pandemic causes economic and market conditions to deteriorate further, subsequent tests for impairment may result in future impairment charges. No such impairment losses were recognized for the years ended December 31, 2020, 2019 or 2018. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers instruments with an original maturity of three months or less to be cash and cash equivalents. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. |
Restricted Cash | Restricted Cash As of December 31, 2020, restricted cash represented cash received as proceeds for a sale which did not meet the criteria for sale accounting at December 31, 2020, as well as cash collateral for a letter of credit. As of December 31, 2020, the Company had restricted cash of $6.5 million and as of December 31, 2019, the Company did not have any restricted cash. |
Rental Revenue Recognition and Tenant Receivables | Rental Revenue Recognition and Tenant Receivables Rental income is comprised of base rent and reimbursements of property operating expenses. The Company commences rental revenue recognition when the lessee takes control of the physical use of the leased asset based on an evaluation of several factors. Base rent is recognized on a straight-line basis over the non-cancelable terms of the related leases. For leases that have fixed and measurable base rent escalations, the difference between such rental income earned and the cash rent due under the provisions of the lease is recorded as straight-line rent receivable and included as a component of tenant and other receivables on the consolidated balance sheets. Reimbursement of property operating expenses arises from tenant leases which provide for the recovery of all or a portion of the operating expenses and real estate taxes of the respective property. This revenue is accrued in the same periods as the expenses are incurred. The Company periodically reviews its receivables for collectability, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates, including the expected impact of the COVID-19 pandemic, and economic conditions in the area where the property is located. Tenant receivables, including receivables arising from the straight-lining of rents, are written-off directly when management deems that the collectability of substantially all future lease payments from a specified lease is not probable of collection, at which point, the Company will begin recognizing revenue on a cash basis, based on actual amounts received. Any receivables that are deemed to be uncollectible are recognized as a reduction to rental income in the Company’s consolidated statements of operations. If future circumstances change such that the Company believes that it is reasonably certain that the Company will collect all rental income remaining on such leases, the Company will resume accruing rental income and recognize a cumulative catch up for previously written off receivables. The Company also recognizes a general reserve, as a reduction to rental income, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company recorded a reduction to rental income of $5.6 million and $255 thousand during the years ended December 31, 2020 and December 31, 2019 as a result of the Company’s evaluation of collectability. In addition, the Company also recorded a reversal of previously recorded straight-line rent of $5.0 million for the year ended December 31, 2020. No such reversals were recorded for the year ended December 31, 2019. During the year ended December 31, 2020, the reduction to rental income included an allowance of $1.8 million related to deferral agreements. Due to the COVID-19 pandemic, the Company has entered into amendments to existing leases with certain tenants (the “Rent Deferral Agreements”), that provide for the deferral of all or some portion of rental payments due during the period which such tenant was affected by the COVID-19 pandemic (“Deferred Rent”). The Rent Deferral Agreements typically provide for repayment of the Deferred Rent within 6-12 months following the end of the rent deferral period and, in many instances, waive certain other conditions in favor of the Company while Deferred Rent is outstanding. Deferred Rent generally becomes immediately due and payable under the Rent Deferral Agreements if the tenant does not make the minimum contractual payments or otherwise defaults on the lease. In April 2020, the FASB staff issued a question-and-answer (Q&A) document focusing on the application of the lease guidance in ASC 842, Leases, providing optional relief related to the lease modification guidance under ASC 842 for lease concession agreements entered as a result of COVID-19. As a result, the Company has not adjusted accrued rental revenues or the portion of accrued rental revenues related to the straight-line method for the portion which has been deferred. When the Deferred Rents are repaid, the Company will relieve the accrual in tenant and other receivables. In leasing tenant space, the Company may provide funding to the lessee through a tenant allowance. In accounting for a tenant allowance, the Company will determine whether the allowance represents funding for the construction of leasehold improvements and evaluate the ownership of such improvements. If the Company is considered the owner of the improvements for accounting purposes, the Company will capitalize the amount of the tenant allowance and depreciate it over the shorter of the useful life of the improvements or the related lease term. If the tenant allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements for accounting purposes, the allowance is considered a lease incentive and is recognized over the lease term as a reduction of rental revenue on a straight-line basis. |
Tenant and Other Receivables | Tenant and Other Receivables Tenant and other receivables includes unpaid amounts billed to tenants, accrued revenues for future billings to tenants for property expenses, and amounts arising from the straight-lining of rent, as discussed above. Tenant and other receivables also include management fees receivable for services performed for the benefit of certain unconsolidated entities. In the event that the collectability of a management fee receivable is in doubt, a provision for uncollectible amounts will be established or a direct write-off of the specific receivable will be made. |
Management and Other Fee Income | Management and Other Fee Income Management and other fee income represents property management, construction, leasing and development fees for services performed for the benefit of certain unconsolidated entities. Property management fee income is reported at 100% of the revenue earned from such Unconsolidated Properties in management and other fee income on the consolidated statements of operations. The Company’s share of management expenses incurred by the unconsolidated entities is reported in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Leasing and development fees are initially reported at the portion of revenue earned attributable to outside ownership of the related unconsolidated entities. The Company’s share in leasing and development fee income is recognized over the useful life of the associated development project, in the case of development fees, or lease term, in the case of leasing fees, as the associated asset is depreciated over the same term and included in equity in income (loss) of unconsolidated entities on the consolidated statements of operations and in other expenses in the combined financial data in Note 4. Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. For property and asset management services, the Company is typically compensated for its services through a monthly management fee earned based on a specified percentage of monthly rental income or rental receipts generated from the property under management. For construction and development services, the Company is typically compensated for planning, administering and monitoring the design and construction of projects within our unconsolidated entities based on a percentage of project costs or a fixed fee. Revenues from such management contracts are recognized over the life of the applicable contract. Conversely, leasing services are considered to be performance obligations, satisfied as of a point in time. The Company’s leasing fee is typically paid upon the occurrence of certain contractual event(s) that may be contingent and the pattern of revenue recognition may differ from the timing of payment. For these services, the obligations are typically satisfied at lease execution and tenant opening date, and revenue is recognized in accordance with the related agreement at the point in time when the obligation has been satisfied. |
Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease | Accounting for Recapture and Termination Activity Pursuant to the Original Master Lease and Holdco Master Lease (see Note 5) Seritage Recapture Rights. The Company generally treats the delivery of a recapture notice as a modification of the lease as of the date of notice. Such a notice and lease modification result in the following accounting adjustments for the recaptured property: − The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the lease modification are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. The portion of accrued rental revenues related to the straight-line method of reporting rental revenue that is attributable to the retained space, if any, is amortized over the remaining life of the lease. − The portion of intangible lease assets and liabilities that is deemed to be impacted by the lease modification is amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. The portion of intangible lease assets and liabilities that is attributable to the retained space, if any, is amortized over the remaining useful life of the asset or liability. A recapture will generally occur in conjunction with obtaining a new tenant or a real estate development project. As such, termination fees, if any, associated with the recapture notice are generally capitalized as either an initial direct cost of obtaining a new lease or a necessary cost of the real estate project and depreciated over the life of the new lease obtained or the real estate asset being constructed or improved. Termination Rights. The Original Master Lease provided, and the Holdco Master Lease provides the tenant with certain rights to terminate their lease. Such terminations would generally result in the following accounting adjustments for the terminated property: − Accrued rental revenues related to the straight-line method of reporting rental revenue that are subject to the termination are amortized over the remaining shortened life of the lease from the date of notice to the date of vacancy. − Intangible lease assets and liabilities that are deemed to be impacted by the termination are amortized over the shorter of the shortened lease term from the date of notice to the date of vacancy or the remaining useful life of the asset or liability. − Termination fees required to be paid are recognized as follows: • For the portion of the termination fee attributable to the annual base rent of the subject property, termination income is recognized on a straight-line basis over the shortened life of the lease from the date the termination fee becomes legally binding to the date of vacancy. • For the portion of the termination fee attributable to estimated real estate taxes and property operating expenses for the subject property, prepaid rental income is recorded in the period such fee is received and recognized as tenant reimbursement revenue in the same periods as the expenses are incurred. |
Share-Based Compensation | Share-Based Compensation The Company generally recognizes equity awards to employees as compensation expense and includes such expense within general and administrative expenses in the consolidated statements of operations. Compensation expense for equity awards is based on the grant date fair value of the awards. Compensation expense is recognized ratably over the vesting period for awards with time-based vesting and awards with market-based vesting conditions (e.g. total shareholder return). For awards with performance-based vesting determined by Company operating criteria, the Company recognizes compensation expense at the date the achievement of performance criteria is deemed probable for the amount which would have been recognized ratably from the date of the grant through the date the achievement of performance criteria is deemed probable, and then ratably from the date the achievement of performance criteria is deemed probable through the remainder of the vesting period. The Company utilizes a third-party valuation firm to measure the grant date fair value of restricted stock unit awards with market-based criteria using the Monte Carlo model. Forfeitures are recorded on an actual basis. |
Concentration of Credit Risk | Concentration of Credit Risk ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. As of December 31, 2020, the Company leased space at only five Wholly Owned Properties to Holdco under the Holdco Master Lease , all of which will be terminated effective March 2021 . T he Company’s exposure to Holdco has been reduced to a level such that Holdco no longer represents a significant concentration of credit risk. Management believes the Company's portfolio is reasonably diversified and does not contain any other significant concentrations of credit risk. As of December 31, 2020, the Company's portfolio of Wholly Owned Properties and Unconsolidated Properties was diversified by location across states and Puerto Rico. |
Earnings per Share | Earnings per Share The Company has three classes of common stock. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common shares and Class C non-voting common shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. The net earnings (loss) per share amounts are the same for Class A and Class C common shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. As of August 29, 2018, all outstanding Class C common shares had been exchanged for Class A common shares and there are currently no Class C common shares outstanding. Class B non-economic common shares are excluded from earnings per share computations as they do not have economic rights. As of December 31, 2020, all outstanding Class B common shares have been surrendered and there are currently no Class B common shares outstanding. As of December 31, 2019, 1,242,536 Class B non-economic common shares were issued and outstanding. All outstanding non-vested shares that contain non-forfeitable rights to dividends are considered participating securities and are included in computing earnings per share pursuant to the two-class method which specifies that all outstanding non-vested share-based payment awards that contain non-forfeitable rights to distributions are considered participating securities and should be included in the computation of earnings per share. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The following presents Accounting Standards Updates (“ASU”) issued by Financial Accounting Standards Board (“FASB”) which have been adopted by the Company: ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2016-02, Leases (“Topic 842”) ASU 2018-10, Codification Improvements ASU 2018-11, Leases, Targeted Improvements ASU 2018-20, Leases This standard, as amended by subsequent ASUs on the topic, sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. Additional guidance and targeted improvements to the February 2016 ASU were made through the issuance of supplementary ASUs in July 2018, December 2018 and March 2019. The accounting applied by the lessor is largely unchanged from that applied under the existing lease standard. However, ASU 2016-02 requires lessees to apply a two-method approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase. Lessees are required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months. Leases with a term of 12 months or less should be accounted for consistent with earlier guidance under ASC 840 for operating leases. Lessees should recognize an expense based on the effective interest method for finance leases or on a straight-line basis for operating leases. January 1, 2019 The Company adopted this standard by electing the package of practical expedients without hindsight which permits the Company to not reassess (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) any initial direct costs for any existing leases as of the adoption date. The Company has two ground leases and several corporate office leases, which are classified as operating leases, for which the Company is required to record a right-of-use asset and a lease liability equal to the present value of the remaining minimum lease payments and will continue to recognize expense on a straight-line basis for these leases. On January 1, 2019, the Company recorded an aggregate of approximately $8.4 million of right-of-use assets and corresponding $8.4 million of lease liabilities upon adoption of this standard. Right-of-use assets and corresponding lease liabilities are included in the prepaid expenses, deferred expenses and other assets and accounts payable, accrued expenses and other liabilities line item respectively on the consolidated balance sheets. Additionally, the Company is no longer able to capitalize certain internal and external leasing costs. Because of this change, $1.3 million of such costs incurred in previous periods for leases which had not commenced at the beginning of current period were adjusted against opening equity upon adoption. The Company also combined $11,005 of below-market lease assets pertaining to a ground lease where we are a lessee with the right of use asset recorded for the ground lease as required upon adoption of ASU 2016-02. The below-market lease asset was previously recorded within the lease intangibles on the consolidated balance sheets. ASU Description Adoption Date Effect on the financial statements or other significant matters ASU 2018-01, Leases , Land Easement Practical Expedient for Transition to Topic 842 In March 2018, the FASB finalized changes with respect to optional transition relief and approved a practical expedient for lessors that would permit lessors to make an accounting policy election to not separate non-lease components from the associated lease components, by class of underlying asset, if the following two criteria are met: (1) the timing and pattern of transfer of the lease and non-lease components are the same and (2) the lease component would be classified as an operating lease if accounted for separately. January 1, 2019 The Company has elected the optional transition relief and has determined that it is not required to bifurcate and separately report non-lease components, such as common area maintenance revenue, for operating leases on the consolidated statements of operations for leases where the Company is the lessor. As a result, leases where the Company is the lessor have been accounted for in a similar method to earlier guidance under ASC 840. The Company’s adoption of ASC 842 did not have a material impact on our consolidated financial statements. ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) ASU 2018-19, Codification improvements to Topic 326, Financial Instruments – Credit Losses ASU 2016-13 changes the impairment model for most financial assets and certain other instruments, requiring the use of an "expected credit loss" model and adding more disclosure requirements. ASU 2018-19 clarifies that impairment of receivables arising from operating leases should accounted for in accordance with Topic 842, Leases. January 1, 2020 The Company’s adoption of ASU 2016-13 did not have a material impact on our consolidated financial statements. The Lease Modification Q&A In April 2020, the FASB staff issued the Lease Modification Q&A focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant or if a lease concession was under the enforceable rights and obligations within the existing lease agreement. The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and similar circumstances. April 10, 2020 The Company has elected to avail itself of the relief provided in the Lease Modification Q&A for all leases which were modified during the second quarter of 2020. The Company entered into Rent Deferral Agreements on 66 leases as of December 31, 2020 and one additional leases subsequent to the end of the year. The Company has determined that the deferral agreements are all substantially similar arrangements and has elected to bypass the lease by lease analysis. This election did not result in a material change to the Company’s financial statements. The impact of this election is dependent upon the circumstances and characteristics of future modifications and as such the impact of the Lease Modification Q&A may change. Refer to revenue recognition in Note 2 for further information regarding the deferral agreements and their impact to the Company’s results of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives | Depreciation of real estate assets, excluding land, is recognized on a straight-line basis over their estimated useful lives as follows: Buildings: 25 – 40 years Site improvements: 5 – 15 years Tenant improvements: shorter of the estimated useful life or non-cancelable term of lease |
Schedule Of Gain On Sale Of Real Estate | The following table summarizes the Company’s gain on sale of real estate, net during the years ended December 31, 2020, 2019, and 2018 (in thousands): Year Ended December 31, 2020 2019 2018 Contributions to unconsolidated entities Gross proceeds $ 27.0 $ 21.7 $ 232.7 Gain (loss) on sale of real estate, net (1.5 ) 3.9 63.9 Dispositions to third parties Gross proceeds $ 333.4 $ 144.3 $ 114.3 Gain (loss) on sale of real estate, net (1)(2) 120.1 63.7 29.5 Total gains on contributions and dispositions, net $ 118.6 $ 67.6 $ 93.4 (1) |
Lease Intangible Assets and L_2
Lease Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |
Summary of Lease Intangible Assets | The following table summarizes the Company’s lease intangible assets and liabilities (in thousands): December 31, 2020 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 73,169 $ (56,369 ) $ 16,800 Above-market leases, net 4,139 (2,344 ) 1,795 Total $ 77,308 $ (58,713 ) $ 18,595 December 31, 2019 Gross Accumulated Lease Intangible Assets Asset Amortization Balance In-place leases, net $ 245,745 $ (180,639 ) $ 65,106 Above-market leases, net 6,625 (3,578 ) 3,047 Total $ 252,370 $ (184,217 ) $ 68,153 |
Summary of Lease Intangible Liabilities | Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 6,626 $ (2,440 ) $ 4,186 Total $ 6,626 $ (2,440 ) $ 4,186 Gross Accumulated Lease Intangible Liabilities Liability Amortization Balance Below-market leases, net $ 15,912 $ (5,264 ) $ 10,648 Total $ 15,912 $ (5,264 ) $ 10,648 |
Schedule of Future Amortization for Below-Market Ground Leases | Future amortization of the below-market ground lease is estimated to increase property expenses as set forth below (in thousands): 2021 $ 203 2022 203 2023 203 2024 203 2025 203 |
Above-Market Leases, Net [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Future Amortization of Acquired Leases | Future amortization of these intangibles is estimated to increase rental income as set forth below (in thousands): 2021 $ 43 2022 (53 ) 2023 1 2024 26 2025 97 |
In-Place Leases, Net [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Future Amortization of Acquired Leases | Future estimated amortization of acquired in-place leases is set forth below (in thousands): 2021 $ 3,022 2022 2,750 2023 1,921 2024 1,385 2025 1,077 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of Company's Investments in Unconsolidated Entities | As of December 31, 2020, the Company had investments in ten unconsolidated entities as follows: Seritage % # of Total Unconsolidated Entities Entity Partner(s) Ownership Properties GLA GS Portfolio Holdings II LLC ("GGP I JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 4 520,400 GS Portfolio Holdings (2017) LLC ("GGP II JV") Brookfield Properties Retail (formerly GGP Inc.) 50.0 % 3 474,100 MS Portfolio LLC ("Macerich JV") The Macerich Company 50.0 % 7 1,266,600 SPS Portfolio Holdings II LLC ("Simon JV") Simon Property Group, Inc. 50.0 % 5 872,200 Mark 302 JV LLC ("Mark 302 JV") An investment fund managed by Invesco Real Estate 50.0 % 1 103,000 SI UTC LLC ("UTC JV") A separate account advised by Invesco Real Estate 50.0 % 1 226,200 SF WH Joint Venture LLC ("West Hartford JV") An affiliate of First Washington Realty 50.0 % 1 163,700 GGCAL SRG HV LLC ("Cockeysville JV") An affiliate of Greenberg Gibbons 50.0 % 1 160,200 Tech Ridge JV Holding LLC ("Tech Ridge JV") An affiliate of RD Management 50.0 % 1 — J&J Baldwin Park LLC ("Carson Investment") An affiliate of NewMark Merrilll Companies and other entities 20.0 % 1 182,200 25 3,968,600 |
Summary of Properties Contributed In Unconsolidated Entities | The following table presents summarizes the properties contributed to the Company’s unconsolidated entities: December 31, 2020 Unconsolidated Entity Contribution Date Contribution Value Gain (Loss) 2018 Mark 302 JV (1) March 20, 2018 $ 60.0 $ 8.8 UTC JV May 18, 2018 68.0 28.3 West Hartford JV (2) May 18, 2018 20.3 (1.1 ) 2019 Cockeysville JV (3) March 29, 2019 $ 12.5 $ 3.8 Tech Ridge JV (4) September 27, 2019 3.0 0.1 (1) The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million. During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date . ( 2 ) The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2019, and (ii) an adjustment based on the timing, method and magnitude of the reassessment of the property for real estate tax purposes between 2018 and 2022. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations. ( 3 ) The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million. ( 4 ) The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million. |
Summary of Combined Financial Data of Unconsolidated Entities | The following tables present combined financial data for all of the Company’s unconsolidated entities (in thousands): December 31, 2020 December 31, 2019 ASSETS Investment in real estate Land $ 318,540 $ 336,739 Buildings and improvements 492,973 517,068 Accumulated depreciation (81,730 ) (86,496 ) 729,783 767,311 Construction in progress 222,663 177,028 Net investment in real estate 952,446 944,339 Cash and cash equivalents 16,094 27,977 Tenant and other receivables, net 4,104 3,113 Other assets, net 62,882 26,051 Total assets $ 1,035,526 $ 1,001,480 LIABILITIES AND MEMBERS' INTERESTS Liabilities Mortgage loans payable, net $ 34,672 $ 14,218 Accounts payable, accrued expenses and other liabilities 48,405 89,110 Total liabilities 83,077 103,328 Members Interest Additional paid in capital 964,868 934,120 Retained earnings (12,419 ) (35,968 ) Total members interest 952,449 898,152 Total liabilities and members interest $ 1,035,526 $ 1,001,480 Year Ended December 31, 2020 2019 2018 EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES Total revenue $ 22,420 $ 31,470 $ 48,455 Property operating expenses (9,962 ) (11,385 ) (9,357 ) Depreciation and amortization (18,401 ) (60,745 ) (31,676 ) Operating income (loss) (5,943 ) (40,660 ) 7,422 Other expenses (3,551 ) (2,049 ) (28,317 ) Gain on sale of real estate 166 6,721 — Net loss $ (9,328 ) $ (35,988 ) $ (20,895 ) Equity in (loss) income of unconsolidated entities $ (4,712 ) $ (17,994 ) $ (10,448 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Receipts excluding Variable Payments and Tenant Reimbursements of Expenses Under Non-cancelable Operating Leases | Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2020 and December 31, 2019 is approximately as follows: (in thousands) December 31, 2020 2021 95,780 2022 89,685 2023 83,864 2024 80,592 2025 80,382 Thereafter 430,456 Total Lease Payments $ 860,759 (in thousands) December 31, 2019 2020 113,265 2021 121,909 2022 124,067 2023 119,745 2024 116,607 Thereafter 1,019,054 Total Lease Payments $ 1,614,647 |
Components of Lease Revenues | The components of lease revenues for the years ended December 31, 2020, December 31, 2019 and December 31, 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Fixed rental income 93,259 104,956 140,661 Variable rental income 26,133 45,994 74,839 Total rental income $ 119,392 $ 150,950 $ 215,500 |
Information Related to Measurement of Lease Liabilities | The following table sets forth information related to the measurement of our lease liabilities as of December 31, 2020: (dollar amounts in thousands) As of December 31, 2020 Weighted average remaining lease term (in years) 9.94 Weighted average discount rate 6.98 % Cash paid for operating leases $ 2,145 |
Schedule of Future Sale-Leaseback Financing Obligations | Future sale-leaseback financing obligations as of December 31, 2020 are approximately as follows: (in thousands) December 31, 2020 2021 1,444 2022 1,466 2023 1,488 2024 1,510 2025 1,532 2026 1,555 Thereafter 33,891 Interest Portion (22,830 ) Total Lease Payments $ 20,056 |
Summary of Revenue from Master Lease | Revenues from the Holdco Master Lease and the Original Master Lease for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands and excluding straight-line rental income of $(7.9) million, $0.3 million and $(4.9) million, respectively). Year Ended December 31, 2020 2019 2018 Fixed rental income $ 4,268 $ 27,628 $ 86,224 Variable rental income 10,425 23,525 65,450 Total rental income $ 14,693 $ 51,153 $ 151,674 |
Summary of the Company's Recapture Activity | The following table provides a summary of the Company’s recapture activity as of December 31, 2020: (in thousands except property count) Year Square Feet Total Number of Properties 100% Recaptures (1) Partial Recaptures (2) 2020 — — — — 2019 629 4 3 1 2018 3,428 20 17 3 2017 3,302 27 16 11 2016 1,501 17 4 13 Total 8,860 68 40 28 (1) Includes properties for which the Company had converted partial recapture rights to 100% recapture rights. (2) Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas. |
Summary of Termination and Redevelopment Properties | The following table provides a summary of Sears Holdings’ and Holdco’s termination activity (excluding 31 properties totaling 4.3 million square feet that were rejected on March 12, 2019 as part of Sears Holdings’ bankruptcy filing) as of December 31, 2020: (in thousands except property count) Notice Date Termination Date Square Feet Number of Properties Redevelopments Announced Properties Sold December 2020 March 2021 (1) 639 5 — — June 2020 September 2020 (1) 1,800 12 2 — November 2019 March 2020 4,332 29 7 1 August 2018 December 2018 1,605 13 6 3 June 2018 November 2018 (2) 1,218 9 6 1 April 2018 August 2018 1,494 9 4 1 June 2017 October 2017 (3) 3,812 20 8 4 January 2017 April 2017 1,872 19 7 8 September 2016 January 2017 1,727 17 8 6 Total 18,499 133 48 24 (1) Properties terminated pursuant to the Amendments signed in 2020. (2) Two properties were terminated in October 2018. (3) One property was terminated in November 2017 and one was terminated in January 2018. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Class of Stock [Line Items] | |
Summary of Dividends and Distributions | The Company’s Board of Trustees also declared the following dividends on preferred shares during 2021, 2020 and 2019: Declaration Date Record Date Payment Date Preferred Share 2021 February 23 March 31 April 15 $ 0.43750 2020 December 17 December 31 January 15, 2021 $ 0.43750 September 17 September 30 October 15 0.43750 June 9 June 30 July 15 0.43750 February 18 March 31 April 15 0.43750 2019 October 23 December 31 January 15, 2020 $ 0.43750 July 23 September 30 October 15 0.43750 April 30 June 28 July 15 0.43750 February 25 March 29 April 15 0.43750 |
Class A and Class C Common Share [Member] | |
Class of Stock [Line Items] | |
Summary of Dividends and Distributions | The dividends have been reflected as follows for U.S. federal income tax purposes: Year Ended December 31, 2020 2019 2018 Ordinary income $ — $ — $ 0.01 Capital gain distributions — — 0.35 Return of capital — 0.50 0.39 Dividends reallocation (1) — (0.25 ) 0.25 Total $ — $ 0.25 $ 1.00 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share | Earnings per share has not been presented for Class B shareholders, as they do not have economic rights. Year Ended December 31, (in thousands except per share amounts) 2020 2019 2018 Numerator - Basic and Diluted Net loss $ (152,964 ) $ (90,603 ) $ (114,878 ) Net loss attributable to non-controlling interests 47,938 31,206 41,406 Preferred dividends (4,900 ) (4,900 ) (4,903 ) Net loss attributable to common shareholders $ (109,926 ) $ (64,297 ) $ (78,375 ) Earnings allocated to unvested participating securities — — — Net loss available to common shareholders - Basic and diluted $ (109,926 ) $ (64,297 ) $ (78,375 ) Denominator - Basic and Diluted Weighted average Class A common shares outstanding 38,298 36,413 35,103 Weighted average Class C common shares outstanding - - 457 Weighted average Class A and Class C common shares outstanding 38,298 36,413 35,560 Net income (loss) per share attributable to Class A and Class C common shareholders $ (2.87 ) $ (1.77 ) $ (2.20 ) |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Share | The following table summarizes restricted share activity for the grant periods ended December 31, 2020 and 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Weighted- Weighted- Average Grant Average Grant Shares Date Fair Value Shares Date Fair Value Unvested restricted shares at beginning of period 349,318 $ 44.88 403,129 $ 41.57 Restricted shares granted 106,327 31.06 76,948 57.04 Restricted shares vested (55,308 ) 43.23 (127,767 ) 41.76 Restricted shares forfeited (242,872 ) 43.19 (2,992 ) 45.02 Unvested restricted shares at end of period 157,465 $ 38.73 349,318 $ 44.88 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Thousands | Mar. 05, 2021 | Oct. 15, 2018Property | Jul. 07, 2015USD ($)JointVenture | Dec. 31, 2020ft²State | Dec. 31, 2021 | Dec. 31, 2020USD ($)ft²PropertyState | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Organization And Basis Of Presentation [Line Items] | ||||||||
Number of properties interested in the portfolio | Property | 183 | |||||||
Area of real estate property (in square feet) | ft² | 8,860 | 8,860 | ||||||
Number of states in properties located | State | 41 | 41 | ||||||
Number of redevelopment projects since inception | Property | 51 | |||||||
Number of projects sold | Property | 17 | |||||||
Number of redevelopment projects under various stages | Property | 15 | |||||||
Area of properties leased to diversified tenants under in place leases | ft² | 6,400,000 | |||||||
Area of properties leased to diversified tenants under signed not yet opened ("SNO") lease | ft² | 2,900,000 | |||||||
Area of properties avilable for lease and/or redevelopment | ft² | 18,000,000 | |||||||
Net cash (used in) provided by operating activities | $ | $ 47,314 | $ 57,660 | $ (54,899) | |||||
Net cash (used in) provided by investing activities | $ | 42,868 | (299,490) | (119,475) | |||||
Net Cash Provided By Used In Financing Activities | $ | $ 15,440 | $ (36,447) | $ 180,199 | |||||
COVID-19 Pandemic [Member] | December 2020 [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Percent of contractual rental income collected | 93.00% | |||||||
Percent of tenant contractual rental income collected | 4.00% | |||||||
COVID-19 Pandemic [Member] | Forecast [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Expected future rent, description | Company had collected 93% of | |||||||
COVID-19 Pandemic [Member] | Subsequent Event | January and February 2021 [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Percent of contractual rental income collected | 95.00% | |||||||
Percent of tenant contractual rental income collected | 2.00% | |||||||
Sears Holdings Corporation [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Business acquisition fair value, purchase price | $ | $ 2,700,000 | |||||||
Interests in joint ventures acquired | 50.00% | |||||||
Number of joint venture acquired | JointVenture | 3 | |||||||
Wholly Owned Properties [Member] | Holdco Master Lease [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Number of wholly owned properties | Property | 5 | |||||||
Real Estate Investment Trust [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 26,500,000 | 26,500,000 | ||||||
Real Estate Investment Trust [Member] | Wholly Owned Properties [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 24,500,000 | 24,500,000 | ||||||
Number of wholly owned properties | Property | 51 | 158 | ||||||
Number of states in properties located | State | 41 | 41 | ||||||
Real Estate Investment Trust [Member] | Joint Venture Properties [Member] | ||||||||
Organization And Basis Of Presentation [Line Items] | ||||||||
Area of real estate property (in square feet) | ft² | 1,900,000 | 1,900,000 | ||||||
Number of states in properties located | State | 13 | 13 | ||||||
Number of properties | Property | 25 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||||||
Dec. 31, 2020USD ($)PropertyStateJointVentureSegmentLeaseshares | Dec. 31, 2019USD ($)Propertyshares | Dec. 31, 2018USD ($)shares | Oct. 01, 2020Lease | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Aug. 29, 2018shares | Dec. 31, 2017shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of reportable segments | Segment | 1 | |||||||
Impairment of real estate assets | $ 64,108,000 | $ 0 | $ 0 | |||||
Number of real estate assets | Property | 2 | |||||||
Impairment of real estate attributable to partial stabilized leased assets | $ 53,800,000 | |||||||
Impairment loss on real estate attributable to change in holdings of properties | 10,300,000 | |||||||
Net proceeds from sale of real estate | $ 331,878,000 | $ 140,505,000 | 210,097,000 | |||||
Number of properties classified | Property | 1 | 2 | ||||||
Real estate held for sale, assets | $ 1,864,000 | $ 5,275,000 | ||||||
Real estate held for sale, liabilities | 0 | 0 | ||||||
Impairment loss | 0 | 0 | $ 0 | |||||
Restricted cash | 6,500,000 | 0 | ||||||
Reduction to rental revenue | 5,600,000 | 255,000 | ||||||
Reversal of straight line rent | $ 5,000,000 | 0 | ||||||
Revenue performance obligation satisfied over time method used description | Management determined that property and asset management and construction and development management services each represent a series of stand-ready performance obligations satisfied over time with each day of service being a distinct performance obligation. | |||||||
Number of wholly owned properties acquired | Property | 158 | |||||||
Number of entities acquired | JointVenture | 25 | |||||||
Number of states in properties located | State | 41 | |||||||
Below Market Lease assets | $ 4,186,000 | 10,648,000 | ||||||
Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating Lease, Right-of-Use Asset | 18,500,000 | $ 18,800,000 | $ 8,600,000 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating lease, liability | $ 8,600,000 | |||||||
ASU 2016-02 [Member] | Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating Lease, Right-of-Use Asset | $ 8,400,000 | |||||||
ASU 2016-02 [Member] | Accounts Payable, Accrued Expenses and Other Liabilities [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating lease, liability | $ 8,400,000 | |||||||
ASU 2016-02 [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Lease, Cost | 1,300,000 | |||||||
Below Market Lease assets | $ 11,005 | |||||||
Class C Common Shares [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common shares, outstanding | shares | 0 | 3,151,000 | ||||||
Class B Common Shares [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common shares, outstanding | shares | 0 | 1,242,536 | 1,322,000 | 1,329,000 | ||||
Common shares, issued | shares | 0 | 1,242,536 | ||||||
Class B Non-economic Common Shares [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Common shares, outstanding | shares | 1,242,536 | |||||||
Common shares, issued | shares | 1,242,536 | |||||||
Management and Other Fee Income [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of revenue earned from unconsolidated joint ventures | 100.00% | |||||||
Rent Deferral Agreements [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Allowance to tenant | $ 1,800,000 | |||||||
Rent Deferral Agreements [Member] | ASU 2016-02 [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of leases | Lease | 66 | |||||||
Number of additional leases | Lease | 1 | |||||||
Outparcel [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Net proceeds from sale of real estate | $ 2,700,000 | |||||||
Wholly Owned Properties [Member] | Holdco Master Lease [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of wholly owned properties | Property | 5 | |||||||
Operating Partnership [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Percentage of operating partnership interest held by parent | 69.60% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Minimum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Site Improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Gain on Sale of Real Estate (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Contributions to unconsolidated entities | ||||
Gross proceeds | $ 27,000 | $ 21,700 | $ 232,700 | |
Gain (loss) on sale of real estate, net | (1,500) | 3,900 | 63,900 | |
Dispositions to third parties | ||||
Gross proceeds | 333,400 | 144,300 | 114,300 | |
Gain (loss) on sale of real estate, net | [1],[2] | 120,100 | 63,700 | 29,500 |
Total gains on contributions and dispositions, net | $ 118,600 | $ 67,600 | $ 93,400 | |
[1] | Excludes loss of $30.0 million related to the revaluation of Mark 302 JV to adjust the gain from $38.8 million to $8.8 million as further described in Note 4 below. | |||
[2] | Includes gain of $6.9 million related to the exchange of a portion of one land parcel for two parcels of approximately equal size for the year ended December 31, 2019. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Gain on Sale of Real Estate (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Gain related to exchange of land parcels | $ 6,900,000 |
Loss (gain) on revaluation of Mark 302 JV | 30,000,000 |
Maximum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Gain or loss on sale of real estate based on final contribution value | 38,800,000 |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Gain or loss on sale of real estate based on final contribution value | $ 8,800,000 |
Lease Intangible Assets and L_3
Lease Intangible Assets and Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net of accumulated amortization | $ 18,595 | $ 68,153 | |
Identified intangible liability, net of accumulated amortization | 4,186 | 10,648 | |
Amortization of below-market leases, net of above-market leases | 1,800 | 500 | $ 900 |
Additional property expense | 200 | 200 | 200 |
In-Place Leases, Net [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Identified intangible assets, net of accumulated amortization | 16,800 | 65,106 | |
Amortization expense of intangible assets | $ 42,500 | $ 40,500 | $ 173,100 |
Lease Intangible Assets and L_4
Lease Intangible Assets and Liabilities - Summary of Lease Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | $ 77,308 | $ 252,370 |
Accumulated Amortization | (58,713) | (184,217) |
Balance | 18,595 | 68,153 |
In-Place Leases, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 73,169 | 245,745 |
Accumulated Amortization | (56,369) | (180,639) |
Balance | 16,800 | 65,106 |
Above-Market Leases, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Asset | 4,139 | 6,625 |
Accumulated Amortization | (2,344) | (3,578) |
Balance | $ 1,795 | $ 3,047 |
Lease Intangible Assets and L_5
Lease Intangible Assets and Liabilities - Summary of Lease Intangible Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Below Market Lease Net [Abstract] | ||
Gross Liability | $ 6,626 | $ 15,912 |
Accumulated Amortization | (2,440) | (5,264) |
Balance | $ 4,186 | $ 10,648 |
Lease Intangible Assets and L_6
Lease Intangible Assets and Liabilities - Schedule of Future Amortization of Intangibles (Detail) - Above-Market Leases, Net [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 43 |
2022 | (53) |
2023 | 1 |
2024 | 26 |
2025 | $ 97 |
Lease Intangible Assets and L_7
Lease Intangible Assets and Liabilities - Schedule of Future Amortization for Below-Market Ground Lease (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Below Market Lease Amortization Income Maturity Schedule [Abstract] | |
2021 | $ 203 |
2022 | 203 |
2023 | 203 |
2024 | 203 |
2025 | $ 203 |
Lease Intangible Assets and L_8
Lease Intangible Assets and Liabilities - Schedule of Future Estimated Amortization of Acquired In-Place Leases (Detail) - In-Place Leases, Net [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 3,022 |
2022 | 2,750 |
2023 | 1,921 |
2024 | 1,385 |
2025 | $ 1,077 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Company's Investments in Unconsolidated Entities (Detail) | 12 Months Ended |
Dec. 31, 2020ft²Property | |
Income Statement Equity Method Investments [Line Items] | |
Number of Properties | 25 |
Total GLA | ft² | 3,968,600 |
Brookfield Properties Retail I [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 4 |
Total GLA | ft² | 520,400 |
Brookfield Properties Retail II [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 3 |
Total GLA | ft² | 474,100 |
The Macerich Company [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 7 |
Total GLA | ft² | 1,266,600 |
Simon Property Group Inc [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 5 |
Total GLA | ft² | 872,200 |
Invesco Real Estate [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 103,000 |
Invesco Real Estate II [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 226,200 |
First Washington Realty [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 163,700 |
Greenberg Gibbons [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
Total GLA | ft² | 160,200 |
RD Management [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 50.00% |
Number of Properties | 1 |
New Mark Merrilll Companies And Other Entities [Member] | |
Income Statement Equity Method Investments [Line Items] | |
Seritage % Ownership | 20.00% |
Number of Properties | 1 |
Total GLA | ft² | 182,200 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Summary of Properties Contributed In Unconsolidated Entities (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Mark 302 JV [Member] | ||
Related Party Transaction [Line Items] | ||
Investment in entity revaluation date | Mar. 20, 2018 | [1] |
Contribution Value | $ 60 | [1] |
Gain (Loss) | $ 8.8 | [1] |
UTC Joint Venture [Member] | ||
Related Party Transaction [Line Items] | ||
Investment in entity revaluation date | May 18, 2018 | |
Contribution Value | $ 68 | |
Gain (Loss) | $ 28.3 | |
West Hartford JV [Member] | ||
Related Party Transaction [Line Items] | ||
Investment in entity revaluation date | May 18, 2018 | [2] |
Contribution Value | $ 20.3 | [2] |
Gain (Loss) | $ (1.1) | [2] |
Cockeysville JV [Member] | ||
Related Party Transaction [Line Items] | ||
Investment in entity revaluation date | Mar. 29, 2019 | [3] |
Contribution Value | $ 12.5 | [3] |
Gain (Loss) | $ 3.8 | [3] |
Tech Ridge JV [Member] | ||
Related Party Transaction [Line Items] | ||
Investment in entity revaluation date | Sep. 27, 2019 | [4] |
Contribution Value | $ 3 | [4] |
Gain (Loss) | $ 0.1 | [4] |
[1] | The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million. During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date | |
[2] | The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2019, and (ii) an adjustment based on the timing, method and magnitude of the reassessment of the property for real estate tax purposes between 2018 and 2022. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations. | |
[3] | The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million. | |
[4] | The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million. |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Properties Contributed In Unconsolidated Entities (Parenthetical) (Detail) - USD ($) | May 18, 2018 | Mar. 20, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 27, 2019 | |
Related Party Transaction [Line Items] | |||||||
Gain on sale of real estate | $ 88,555,000 | $ 71,104,000 | $ 96,165,000 | ||||
Maximum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Gain or loss on sale of real estate based on final contribution value | 38,800,000 | ||||||
Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Gain or loss on sale of real estate based on final contribution value | $ 8,800,000 | ||||||
Mark 302 JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment in entity revaluation date | [1] | Mar. 20, 2018 | |||||
West Hartford JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment in entity revaluation date | [2] | May 18, 2018 | |||||
Cockeysville JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment in entity revaluation date | [3] | Mar. 29, 2019 | |||||
Tech Ridge JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment in entity revaluation date | [4] | Sep. 27, 2019 | |||||
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable On Sale Of Investment Real Estate On Final Contribution Value | $ 15,000,000 | ||||||
Real estate fee paid on sale of real estate based on final contribution value | $ 1,100,000 | ||||||
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Maximum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment in entity revaluation date | Dec. 31, 2020 | Sep. 30, 2021 | |||||
Final contribution value | $ 105,000,000 | $ 90,000,000 | |||||
Gain or loss on sale of real estate based on final contribution value | 53,800,000 | 30,000,000 | |||||
Contribution value | 105,000,000 | 90,000,000 | |||||
Invesco Real Estate [Member] | Santa Monica, CA [Member] | Mark 302 JV [Member] | Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Final contribution value | 60,000,000 | 60,000,000 | |||||
Gain or loss on sale of real estate based on final contribution value | 8,800,000 | ||||||
Reduction in Final contribution value | 15,000,000 | ||||||
Contribution value | $ 60,000,000 | $ 60,000,000 | |||||
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Final contribution value | $ 2,300,000 | ||||||
Gain or loss on sale of real estate based on final contribution value | 2,300,000 | ||||||
Contribution value | $ 2,300,000 | ||||||
Invesco Real Estate [Member] | West Hartford, CT [Member] | West Hartford JV [Member] | Maximum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment in Enitity revaluation date | Dec. 31, 2019 | ||||||
Invesco Real Estate [Member] | West Hartford, CT [Member] | Tech Ridge JV [Member] | Minimum [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Final contribution value | $ 2,750,000 | ||||||
Contribution value | $ 2,750,000 | ||||||
Invesco Real Estate [Member] | Cockeysville, MD [Member] | Cockeysville JV [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Gain on sale of real estate | $ 3,800,000 | ||||||
[1] | The Mark 302 JV is subject to a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2020. The primary inputs in determining the Contribution Value for the Mark 302 JV are property operating income based on signed leases and total project costs and the Contribution Value will be recalculated to yield a pre-determined rate of return to its partner. Initially, the Contribution Value ranged from $105.0 million to $60.0 million, and as a result, the Gain (Loss) will not be more than $53.8 million or less than $8.8 million. During the year ended December 31, 2020 the Company adjusted the Contribution Value down to $60.0 million and reduced the Gain (Loss) by $30.0 million which is included in gain on sale of real estate on the consolidated statements of operations. The Company also recorded a $15.0 million reduction to the Mark 302 JV investment value and a $15.0 million payable related to the amounts due to its partner which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. In addition, 2020, the Company and its partner entered into an agreement to extend the revaluation date for the Mark 302 JV to September 30, 2021. Pursuant to the terms of this agreement, the Company will pay its partner a fee of $1.1 million and the Contribution Value cannot be more than $90.0 million or less than $60.0 million. The Company will continue to re-evaluate the expected amount on a periodic basis through the final determination date | ||||||
[2] | The West Hartford JV was subject to (i) a revaluation upon the earlier of the first anniversary of project stabilization or December 31, 2019, and (ii) an adjustment based on the timing, method and magnitude of the reassessment of the property for real estate tax purposes between 2018 and 2022. As of December 31, 2019, the Company revalued the Contribution Value and recorded an additional loss of $2.3 million, and the Company does not expect there to be any additional revaluations. | ||||||
[3] | The Cockeysville JV is subject to revaluation if an affiliate of Greenberg Gibbons contributes another adjacent parcel of land (the “Additional Land Parcel”) to the Cockeysville JV if certain milestones are met with respect to entitling the Additional Land Parcel for residential use. If the Additional Land Parcel is contributed to the Cockeysville JV, the Company will record an increased investment in the Cockeysville JV in an amount equal to 50% of the fair value of the Additional Land Parcel at the time of contribution. The Contribution Value of the Cockeysville JV is based upon the Company’s assessment of the probability of the Additional Land Parcel being entitled for residential use. The maximum Gain (Loss) is the fair value of the Additional Land Parcel at the time the Contribution Value is revalued, which cannot be less than $ million. | ||||||
[4] | The Tech Ridge JV is subject to a revaluation primarily based upon the number of residential units constructed by the Tech Ridge JV. T he Contribution Value cannot be less than $ 2.75 million. |
Investments in Unconsolidated_6
Investments in Unconsolidated Entities - Additional Information (Detail) | Dec. 23, 2020USD ($)Property | Sep. 21, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 30, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Impairment of real estate assets | $ 64,108,000 | $ 0 | $ 0 | |||
Gain on sale of real estate | 88,555,000 | 71,104,000 | $ 96,165,000 | |||
Net proceeds from disposition of interest in unconsolidated entities | 19,551,000 | |||||
Gain on sale of interest in unconsolidated joint venture | 1,758,000 | |||||
Joint venture contributed properties ownership interest surrendered | 50.00% | |||||
West Hartford JV [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Income earned from servicing activities | $ 293,000 | $ 1,600 | ||||
Carson Investment Group Inc [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Seritage % Ownership | 20.00% | |||||
Impairment of real estate assets | $ 6,400,000 | |||||
Gain on sale of real estate | $ 1,500,000 | |||||
Brookfield Properties Retail [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage of interests sold | 50.00% | |||||
Number Of Joint Venture Properties Sold | Property | 2 | |||||
Net proceeds from disposition of interest in unconsolidated entities | $ 20,000,000 | |||||
Gain on sale of interest in unconsolidated joint venture | $ 1,800,000 |
Investments in Unconsolidated_7
Investments in Unconsolidated Entities - Summary of Combined Condensed Financial Data of Unconsolidated Entities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment in real estate | ||||
Land | $ 592,770 | $ 667,004 | ||
Accumulated depreciation | (142,206) | (147,696) | ||
Net investment in real estate | 1,910,872 | 1,970,633 | ||
Cash and cash equivalents | 143,728 | 139,260 | $ 532,857 | |
Total assets | 2,648,943 | 2,750,612 | ||
Liabilities | ||||
Total liabilities | 1,766,216 | 1,707,242 | ||
Members Interest | ||||
Total equity | 882,727 | 1,043,370 | 1,150,458 | $ 1,320,860 |
Total liabilities and equity | 2,648,943 | 2,750,612 | ||
EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES | ||||
Total revenue | 116,495 | 168,633 | 214,754 | |
Gain on sale of real estate | 88,555 | 71,104 | 96,165 | |
Net loss | (152,964) | (90,603) | (114,878) | |
Unconsolidated Entities [Member] | ||||
Investment in real estate | ||||
Land | 318,540 | 336,739 | ||
Buildings and improvements | 492,973 | 517,068 | ||
Accumulated depreciation | (81,730) | (86,496) | ||
Investment in real estate, gross | 729,783 | 767,311 | ||
Construction in progress | 222,663 | 177,028 | ||
Net investment in real estate | 952,446 | 944,339 | ||
Cash and cash equivalents | 16,094 | 27,977 | ||
Tenant and other receivables, net | 4,104 | 3,113 | ||
Other assets, net | 62,882 | 26,051 | ||
Total assets | 1,035,526 | 1,001,480 | ||
Liabilities | ||||
Mortgage loans payable, net | 34,672 | 14,218 | ||
Accounts payable, accrued expenses and other liabilities | 48,405 | 89,110 | ||
Total liabilities | 83,077 | 103,328 | ||
Members Interest | ||||
Additional paid in capital | 964,868 | 934,120 | ||
Retained earnings | (12,419) | (35,968) | ||
Total equity | 952,449 | 898,152 | ||
Total liabilities and equity | 1,035,526 | 1,001,480 | ||
EQUITY IN INCOME OF UNCONSOLIDATED ENTITIES | ||||
Total revenue | 22,420 | 31,470 | 48,455 | |
Property operating expenses | (9,962) | (11,385) | (9,357) | |
Depreciation and amortization | (18,401) | (60,745) | (31,676) | |
Operating income (loss) | (5,943) | (40,660) | 7,422 | |
Other expenses | (3,551) | (2,049) | (28,317) | |
Gain on sale of real estate | 166 | 6,721 | ||
Net loss | (9,328) | (35,988) | (20,895) | |
Equity in (loss) income of unconsolidated entities | $ (4,712) | $ (17,994) | $ (10,448) |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Receipts excluding Variable Payments and Tenant Reimbursements of Expenses Under Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 95,780 | |
2022 | 89,685 | |
2023 | 83,864 | |
2024 | 80,592 | |
2025 | 80,382 | |
Thereafter | 430,456 | |
Total Lease Payments | $ 860,759 | |
2020 | $ 113,265 | |
2021 | 121,909 | |
2022 | 124,067 | |
2023 | 119,745 | |
2024 | 116,607 | |
Thereafter | 1,019,054 | |
Total Lease Payments | $ 1,614,647 |
Leases - Components of Lease Re
Leases - Components of Lease Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessor Disclosure [Abstract] | |||
Fixed rental income | $ 93,259 | $ 104,956 | $ 140,661 |
Variable rental income | 26,133 | 45,994 | 74,839 |
Total rental income | $ 119,392 | $ 150,950 | $ 215,500 |
Leases - Additional Information
Leases - Additional Information (Detail) ft² in Millions | Mar. 12, 2019ft²Property | Feb. 28, 2019USD ($)Lease | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) |
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Number of properties subject to ground lease | Property | 2 | |||||
Increase in ROU assets | $ 11,000,000 | |||||
Operating leases expiration year | 2073 | |||||
Sales-leaseback financing obligations | $ 20,425,000 | |||||
Reversal of straight line rent | $ 5,000,000 | 0 | ||||
Right to recapture property space | 50.00% | |||||
Number of real estate specified properties | Property | 5 | |||||
Number of real estate properties acquisition exercised | Property | 70 | |||||
Number of terminated properties commenced or completed for redevelopment | Property | 48 | |||||
Number of terminated properties sold | Property | 24 | |||||
Sears Holdings Corporation [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Number of properties terminated under lease | Property | 31 | |||||
Area of properties rejected under leases | ft² | 4.3 | |||||
Hialeah [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Sales-leaseback financing obligations | $ 21,000,000 | |||||
Sale leaseback term | 25 years | |||||
Sale leaseback Interest rate | 7.00% | |||||
Sale leaseback base rent | $ 1,500,000 | |||||
Percentage of increase in annual rent | 1.50% | |||||
Sale leaseback description | The Company has a purchase option during years four, five or seven of the 25-year term to reacquire, solely at the Company’s option, the Hialeah property at a predetermined price | |||||
Holdco Master Lease [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Number of renewal term that will be increased | Lease | 2 | |||||
Percentage of increase annual lease rent | 2.00% | |||||
Rent credit allocation description | The rent credit was allocated to specific properties based on the trailing twelve- month EBITDA of the particular property as of December 2018 | |||||
Number of real estate properties acquisition exercised | Property | 4 | |||||
Holdco Master Lease [Member] | Maximum [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Lease adjustment in form of rent credit | $ 12,000,000 | |||||
Original and Holdco Master Lease [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Reversal of straight line rent | $ (7,900,000) | 300,000 | $ (4,900,000) | |||
Original Master Lease [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Number of real estate properties acquisition exercised | Property | 3 | |||||
Master Lease [Member] | Sears Holdings Corporation [Member] | Lease Terminations [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Number of real estate properties acquisition exercised | Property | 87 | |||||
General and Administrative Expenses [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Rent expense | $ 1,700,000 | 1,600,000 | 700,000 | |||
Property Operating Expense | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Rent expense | 45,000 | 45,000 | $ 45,000 | |||
Prepaid Expenses, Deferred Expenses and Other Assets, Net [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
ROU assets | $ 18,500,000 | $ 18,800,000 | $ 8,600,000 | |||
Accounts Payable, Accrued Expenses and Other Liabilities [Member] | ||||||
Schedule Of Operating Leases Future Minimum Payments Receivable [Line Items] | ||||||
Lease liabilities | $ 8,600,000 |
Leases - Information Related to
Leases - Information Related to Measurement of Lease Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Lessee Disclosure [Abstract] | |
Weighted average remaining lease term (in years) | 9 years 11 months 8 days |
Weighted average discount rate | 6.98% |
Cash paid for operating leases | $ 2,145 |
Leases - Schedule of Future Sal
Leases - Schedule of Future Sale-Leaseback Financing Obligations (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 1,444 |
2022 | 1,466 |
2023 | 1,488 |
2024 | 1,510 |
2025 | 1,532 |
2026 | 1,555 |
Thereafter | 33,891 |
Interest Portion | (22,830) |
Total Lease Payments | $ 20,056 |
Leases - Summary of Revenue fro
Leases - Summary of Revenue from Master Lease (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Fixed rental income | $ 93,259 | $ 104,956 | $ 140,661 |
Variable rental income | 26,133 | 45,994 | 74,839 |
Total rental income | 119,392 | 150,950 | 215,500 |
Original and Holdco Master Lease [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Fixed rental income | 4,268 | 27,628 | 86,224 |
Variable rental income | 10,425 | 23,525 | 65,450 |
Total rental income | $ 14,693 | $ 51,153 | $ 151,674 |
Leases - Summary of Recapture R
Leases - Summary of Recapture Rights Exercised by the Company (Detail) | 12 Months Ended | |
Dec. 31, 2020ft²Property | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross leasable area | ft² | 8,860 | |
Number of Properties | 68 | |
Hundred Percent Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 40 | [1] |
Partial Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 28 | [2] |
Year2019 | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross leasable area | ft² | 629 | |
Number of Properties | 4 | |
Year2019 | Hundred Percent Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 3 | [1] |
Year2019 | Partial Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 1 | [2] |
Year2018 | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross leasable area | ft² | 3,428 | |
Number of Properties | 20 | |
Year2018 | Hundred Percent Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 17 | [1] |
Year2018 | Partial Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 3 | [2] |
Year2017 | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross leasable area | ft² | 3,302 | |
Number of Properties | 27 | |
Year2017 | Hundred Percent Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 16 | [1] |
Year2017 | Partial Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 11 | [2] |
Year2016 | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Gross leasable area | ft² | 1,501 | |
Number of Properties | 17 | |
Year2016 | Hundred Percent Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 4 | [1] |
Year2016 | Partial Recaptures | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Number of Properties | 13 | [2] |
[1] | Includes properties for which the Company had converted partial recapture rights to 100% recapture rights. | |
[2] | Partial recaptures include the recapture of (i) up to approximately 50% of the space occupied by the tenant at all properties, (ii) automotive care centers which are free-standing or attached as “appendages” to the properties, and/or (iii) outparcels or outlots and certain portions of parking areas and common areas. |
Leases - Summary of Recapture_2
Leases - Summary of Recapture Rights Exercised by the Company (Parenthetical) (Detail) | Dec. 31, 2020 |
Property Subject To Or Available For Operating Lease Net [Abstract] | |
Right to recapture property space exercised | 100.00% |
Right to recapture property space | 50.00% |
Leases - Summary of Termination
Leases - Summary of Termination and Redevelopement Properties (Detail) | 12 Months Ended | ||
Dec. 31, 2020ft²Property | Dec. 31, 2019Property | ||
Property Subject to or Available for Operating Lease [Line Items] | |||
Area of real estate property (in square feet) | ft² | 8,860 | ||
Number of properties classified | 1 | 2 | |
Lease Terminations [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Area of real estate property (in square feet) | ft² | 18,499 | ||
Number of properties classified | 133 | ||
Number of Properties Redeveloped by the Company | 48 | ||
Properties Sold | 24 | ||
Lease Terminations [Member] | Master Lease [Member] | Holdco [Member] | December 2020 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2020-12 | ||
Termination Date | 2021-03 | ||
Area of real estate property (in square feet) | ft² | 639 | ||
Number of properties classified | 5 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | June 2020 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2020-06 | ||
Termination Date | [1] | 2020-09 | |
Area of real estate property (in square feet) | ft² | 1,800 | ||
Number of properties classified | 12 | ||
Number of Properties Redeveloped by the Company | 2 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | November 2019 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2019-11 | ||
Termination Date | 2020-03 | ||
Area of real estate property (in square feet) | ft² | 4,332 | ||
Number of properties classified | 29 | ||
Number of Properties Redeveloped by the Company | 7 | ||
Properties Sold | 1 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | August 2018 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2018-08 | ||
Termination Date | 2018-12 | ||
Area of real estate property (in square feet) | ft² | 1,605 | ||
Number of properties classified | 13 | ||
Number of Properties Redeveloped by the Company | 6 | ||
Properties Sold | 3 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | June 2018 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2018-06 | ||
Termination Date | [2] | 2018-11 | |
Area of real estate property (in square feet) | ft² | 1,218 | ||
Number of properties classified | 9 | ||
Number of Properties Redeveloped by the Company | 6 | ||
Properties Sold | 1 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | April 2018 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2018-04 | ||
Termination Date | 2018-08 | ||
Area of real estate property (in square feet) | ft² | 1,494 | ||
Number of properties classified | 9 | ||
Number of Properties Redeveloped by the Company | 4 | ||
Properties Sold | 1 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | June 2017 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2017-06 | ||
Termination Date | [3] | 2017-10 | |
Area of real estate property (in square feet) | ft² | 3,812 | ||
Number of properties classified | 20 | ||
Number of Properties Redeveloped by the Company | 8 | ||
Properties Sold | 4 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | January 2017 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2017-01 | ||
Termination Date | 2017-04 | ||
Area of real estate property (in square feet) | ft² | 1,872 | ||
Number of properties classified | 19 | ||
Number of Properties Redeveloped by the Company | 7 | ||
Properties Sold | 8 | ||
Lease Terminations [Member] | Master Lease [Member] | Sears Holdings Corporation [Member] | September 2016 [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Notice Date | 2016-09 | ||
Termination Date | 2017-01 | ||
Area of real estate property (in square feet) | ft² | 1,727 | ||
Number of properties classified | 17 | ||
Number of Properties Redeveloped by the Company | 8 | ||
Properties Sold | 6 | ||
[1] | Properties terminated pursuant to the Amendments signed in 2020. | ||
[2] | Two properties were terminated in October 2018. | ||
[3] | One property was terminated in November 2017 and one was terminated in January 2018. |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | May 05, 2020 | Jul. 31, 2018 | Dec. 27, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 07, 2015 |
Mortgage Loans and Future Funding Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 0 | |||||
Term Loan Facility [Member] | Berkshire Hathaway [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of senior secured term loan agreement | Jul. 31, 2018 | |||||
Principal amount outstanding | $ 2,000,000,000 | 1,600,000,000 | ||||
Line of credit, maturity date | Jul. 31, 2023 | |||||
Minimum rental income to achieve from tenants on annual basis to access incremental funding facility | 200,000,000 | |||||
Minimum rental income to achieve from tenants for succeeding four consecutive fiscal quarters to access incremental funding facility | 200,000,000 | |||||
Minimum net worth required for loan documentation | $ 1,200,000,000 | |||||
Default interest rate on overdue amounts excess of base interest rate | 2.00% | 2.00% | ||||
Debt issuance costs | $ 2,100,000 | |||||
Unamortized debt issuance costs | $ 1,100,000 | $ 1,500,000 | ||||
'Deferred interest | $ 400,000,000 | |||||
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fixed charge coverage ratio for each fiscal quarter till June 30, 2021 | 1.00% | |||||
Fixed charge coverage ratio for each fiscal quarter after June 30, 2021 | 1.20% | |||||
Unencumbered fixed charge coverage ratio for each fiscal quarter till June 30, 2021 | 1.05% | |||||
Unencumbered fixed charge coverage ratio to each fiscal quarter after June 30, 2021 | 1.30% | |||||
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unencumbered fixed charge coverage ratio | 60.00% | |||||
Maximum leverage ratio | 65.00% | |||||
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Maximum [Member] | Unrestricted Cash | ||||||
Debt Instrument [Line Items] | ||||||
Available cash | $ 30,000,000 | |||||
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Initial Funding [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 1,600,000,000 | |||||
Debt instrument, base annual interest rate | 7.00% | |||||
Term Loan Facility [Member] | Berkshire Hathaway [Member] | Incremental Funding Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 400,000,000 | |||||
Debt instrument, base annual interest rate | 1.00% | |||||
Mortgage Loans [Member] | Mortgage Loans over $1,000,000 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Expiration date | Jul. 31, 2019 | |||||
Interest rate description | Borrowings under the Mortgage Loans bore interest at the London Interbank Offered Rates (“LIBOR”) plus, as of July 31, 2018, a weighted-average spread of 485 basis points; payments were made monthly on an interest-only basis. | |||||
Basis spread on variable rate | 4.85% | |||||
Frequency of interest payment | monthly | |||||
Mortgage Loans [Member] | Term Loans [Member] | Mortgage Loans over $1,000,000 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, face amount | $ 1,161,000,000 | |||||
Mortgage Loans [Member] | Future Funding Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ 22,300,000 | |||||
Unamortized debt issuance costs | 0 | 0 | ||||
Mortgage Loans [Member] | Future Funding Facility [Member] | Mortgage Loans over $1,000,000 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, face amount | $ 100,000,000 | |||||
Unsecured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 200,000,000 | $ 0 | ||||
Line of credit, maturity date | Dec. 31, 2018 | |||||
Debt instrument, base annual interest rate | 6.75% | |||||
Debt issuance costs | $ 1,800,000 | |||||
Unamortized debt issuance costs | $ 0 | $ 0 | ||||
Line of credit facility, current funding | 85,000,000 | |||||
Line of credit facility, maximum | 200,000,000 | |||||
Additional Incremental loans | $ 55,000,000 | |||||
Line of credit facility, fee percentage | 1.00% | |||||
Debt instrument, interest rate terms | The principal amount of loans outstanding under the Unsecured Term Loan bore a base annual interest rate of 6.75%. | |||||
Unsecured Term Loan [Member] | Empyrean Capital Partners, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, current funding | $ 60,000,000 | |||||
Line of credit facility, maximum | 145,000,000 | |||||
Unsecured Delayed Draw Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount outstanding at termination | $ 85,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||
Uncertain tax positions | $ 0 | $ 0 |
Minimum [Member] | ||
Income Tax Contingency [Line Items] | ||
Distribution of taxable income to qualify as REIT, percent | 90.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)PropertyDerivativeInstrument | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Number of derivative instruments | DerivativeInstrument | 0 | ||
Asset Impairment Charges [Abstract] | |||
Impairment loss on real estate assets | $ 64,108 | $ 0 | $ 0 |
Number of Impaired Properties Sold | Property | 2 | ||
Minimum [Member] | |||
Asset Impairment Charges [Abstract] | |||
Fair value inputs capitalization rate | 6.75% | ||
Maximum [Member] | |||
Asset Impairment Charges [Abstract] | |||
Fair value inputs capitalization rate | 9.25% | ||
Fair Value, Inputs, Level 2 | |||
Asset Impairment Charges [Abstract] | |||
Debt obligations, fair value | $ 1,600,000 | 1,600,000 | |
Assets Leased [Member] | |||
Asset Impairment Charges [Abstract] | |||
Impairment loss on real estate assets | 53,800 | ||
Loss on Impairment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset Impairment Charges [Abstract] | |||
Impairment loss on real estate assets | 64,100 | 0 | 0 |
Sale of Property [Member] | |||
Asset Impairment Charges [Abstract] | |||
Impairment loss on real estate assets | 10,300 | ||
Interest Rate Cap | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Derivative gain (loss) | $ 0 | $ 0 | $ 23 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Apr. 18, 2019 | Dec. 31, 2020 | Jul. 07, 2015 |
Loss Contingencies [Line Items] | |||
Environmental reserve | $ 9.5 | $ 12 | |
Sears Holdings Corporation [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Worth of real estate in excess of purchase price paid | $ 649 | ||
Sears Holdings Corporation [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Worth of real estate in excess of purchase price paid | $ 749 |
Related Party Disclosure - Addi
Related Party Disclosure - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Other Related Party Transactions [Line Items] | ||
Property development expenditures receivable | $ 46,570 | $ 54,470 |
Unconsolidated Entities Ventures [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Percentage of fees for service performed on revenue earned from management and other fee income | 100.00% | |
Property development expenditures receivable | $ 5,000 | $ 9,700 |
Operating Partnership [Member] | Sears Holdings Corporation [Member] | ESL [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Ownership interest percentage held by related party | 30.40% | |
Operating Partnership [Member] | Sears Holdings Corporation [Member] | Class A Common Shares [Member] | ESL [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Ownership interest percentage held by related party | 6.50% |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Detail) - Operating Partnership [Member] | Dec. 31, 2020 |
Noncontrolling Interest [Line Items] | |
Percentage of operating partnership interest held by parent | 69.60% |
ESL [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership interest percentage held by related party | 30.40% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 14, 2022 | Jul. 07, 2015 | |
Class of Stock [Line Items] | ||||||
Cash dividend declared | $ 0.25 | $ 1 | ||||
Class B Non Economic Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares, par value | $ 0.01 | |||||
Common shares, issued | 0 | |||||
Common shares, outstanding | 0 | |||||
Common shares surrendered | 1,242,536 | |||||
Class A Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common shares, issued | 38,896,428 | 36,897,364 | ||||
Common shares, outstanding | 38,896,428 | 36,897,364 | 35,668,000 | 32,416,000 | ||
OP Unit exchanges, shares | 1,901,739 | 1,214,577 | 98,923 | |||
Class C Non Voting Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common shares, par value | $ 0.01 | |||||
Common shares, issued | 0 | |||||
Common shares, outstanding | 0 | |||||
Series A Cumulative Redeemable Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares, issued | 2,800,000 | |||||
Percentage of preferred dividend rate | 7.00% | |||||
Preferred shares public offering price per share | $ 25 | |||||
Net proceeds from public offering | $ 66.4 | |||||
Series A Cumulative Redeemable Preferred Shares [Member] | Forecast [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares redemption price per share plus any accrued and unpaid dividends | $ 25 | |||||
Class A and Class C Common Share [Member] | ||||||
Class of Stock [Line Items] | ||||||
Cash dividend declared | $ 0.25 | $ 1 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Reflected for U.S. Federal Income Tax Purposes (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Dividends Payable [Line Items] | ||||
Total | $ 0.25 | $ 1 | ||
Class A and Class C Common Share [Member] | ||||
Dividends Payable [Line Items] | ||||
Total | 0.25 | 1 | ||
Class A and Class C Common Share [Member] | Domestic Country [Member] | Dividend Declared [Member] | ||||
Dividends Payable [Line Items] | ||||
Ordinary income | 0.01 | |||
Capital gain distributions | $ 0 | 0 | 0.35 | |
Return of capital | 0 | 0.50 | 0.39 | |
Dividends reallocation | [1] | $ 0 | (0.25) | 0.25 |
Total | $ 0.25 | $ 1 | ||
[1] | In 2018, the fourth quarter dividend of 2018 declared on October 23, 2018 was allocated to the 2019 tax year. |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Preferred Stock Dividends and Distributions (Detail) - $ / shares | Feb. 23, 2021 | Dec. 17, 2020 | Sep. 17, 2020 | Apr. 30, 2020 | Feb. 25, 2020 | Oct. 23, 2019 | Jul. 23, 2019 | Apr. 30, 2019 | Feb. 25, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Dividends Payable [Line Items] | ||||||||||||
Preferred Share | $ 1.75 | $ 1.75 | $ 1.75 | |||||||||
Series A Preferred Shares [Member] | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Declaration Date | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2009 | Feb. 28, 2018 | Oct. 31, 2023 | Jul. 31, 2023 | Apr. 30, 2030 | Feb. 28, 2025 | ||||
Record Date | Dec. 31, 2031 | Sep. 30, 2030 | Jun. 30, 2030 | Mar. 31, 2031 | Dec. 31, 2031 | Sep. 30, 2030 | Jun. 30, 2028 | Mar. 31, 2029 | ||||
Payment Date | Jan. 15, 2021 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 15, 2020 | Oct. 31, 2015 | Jul. 31, 2015 | Apr. 30, 2015 | ||||
Preferred Share | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | $ 0.43750 | ||||
Series A Preferred Shares [Member] | Subsequent Event | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Declaration Date | Feb. 28, 2023 | |||||||||||
Record Date | Mar. 31, 2031 | |||||||||||
Payment Date | Apr. 30, 2015 | |||||||||||
Preferred Share | $ 0.43750 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of Basic Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator - Basic and Diluted | |||
Net loss | $ (152,964) | $ (90,603) | $ (114,878) |
Net loss attributable to non-controlling interests | 47,938 | 31,206 | 41,406 |
Preferred dividends | (4,900) | (4,900) | (4,903) |
Net loss attributable to Seritage common shareholders | (109,926) | (64,297) | (78,375) |
Net loss available to common shareholders - Basic and diluted | $ (109,926) | $ (64,297) | $ (78,375) |
Denominator - Basic and Diluted | |||
Weighted average common shares outstanding | 38,298 | 36,413 | 35,560 |
Net income (loss) per share attributable to Class A and Class C common shareholders | $ (2.87) | $ (1.77) | $ (2.20) |
Class A Common Shares [Member] | |||
Denominator - Basic and Diluted | |||
Weighted average common shares outstanding | 38,298 | 36,413 | 35,103 |
Class C Common Shares [Member] | |||
Denominator - Basic and Diluted | |||
Weighted average common shares outstanding | 457 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Time Based Restricted Shares and Share Units [Member] | |||
Earning Per Share [Line Items] | |||
Non-vested restricted shares outstanding | 157,465 | 349,318 | 403,129 |
Share Based Compensation - Addi
Share Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 07, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Off set of forfeitures of unvested shares | $ 7 | |||
Time Based Restricted Shares and Share Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 1.9 | $ 7.4 | ||
Unrecognized compensation costs, weighted average expected recognition period | 1 year 8 months 12 days | 1 year 7 months 6 days | ||
Restricted Share [Member] | General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense recognized | $ 4 | $ 6.8 | $ 7.5 | |
Seritage Growth Properties 2015 Share Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares of common stock reserved for issuance | 3,250,000 |
Share Based Compensation - Summ
Share Based Compensation - Summary of Restricted Share (Detail) - Restricted Share [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested restricted shares at beginning of period | 349,318 | 403,129 |
Restricted shares granted | 106,327 | 76,948 |
Restricted shares vested | (55,308) | (127,767) |
Restricted shares forfeited | (242,872) | (2,992) |
Unvested restricted shares at end of period | 157,465 | 349,318 |
Weighted-Average Grant Date Fair Value, Unvested restricted shares at beginning of period | $ 44.88 | $ 41.57 |
Weighted-Average Grant Date Fair Value, Restricted shares granted | 31.06 | 57.04 |
Weighted-Average Grant Date Fair Value, Restricted shares vested | 43.23 | 41.76 |
Weighted-Average Grant Date Fair Value, Restricted shares forfeited | 43.19 | 45.02 |
Weighted-Average Grant Date Fair Value, Unvested restricted shares at end of period | $ 38.73 | $ 44.88 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 610,693 | |||
Acquisition Costs, Buildings and Improvements | 606,997 | |||
Costs Capitalized Subsequent to Acquisition, Land | (17,922) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 853,307 | |||
Gross Amount at Which Carried at Close of Period , Land | 592,770 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,460,308 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,053,078 | $ 2,118,329 | $ 1,889,014 | $ 1,854,043 |
Accumulated Depreciation | (142,206) | $ (147,696) | $ (137,947) | $ (139,483) |
Anchorage, AK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | 11,517 | |||
Acquisition Costs, Buildings and Improvements | 11,729 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 20,945 | |||
Gross Amount at Which Carried at Close of Period , Land | 11,517 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 32,674 | |||
Gross Amount at Which Carried at Close of Period, Total | 44,191 | |||
Accumulated Depreciation | $ (3,334) | |||
Date Acquired | 2015-07 | |||
North Little Rock, AR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,288 | |||
Acquisition Costs, Buildings and Improvements | 2,881 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,047 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,288 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,928 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,216 | |||
Accumulated Depreciation | $ (542) | |||
Date Acquired | 2015-07 | |||
Glendale, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 19,040 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 300 | |||
Gross Amount at Which Carried at Close of Period , Land | 19,040 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 300 | |||
Gross Amount at Which Carried at Close of Period, Total | $ 19,340 | |||
Date Acquired | 2020-12 | |||
Mesa/East, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,661 | |||
Acquisition Costs, Buildings and Improvements | 2,559 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (642) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,661 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,917 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,578 | |||
Accumulated Depreciation | $ (319) | |||
Date Acquired | 2015-07 | |||
ParkMall, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,207 | |||
Acquisition Costs, Buildings and Improvements | 3,458 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,221) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,183 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,986 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,641 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,627 | |||
Accumulated Depreciation | $ (649) | |||
Date Acquired | 2015-07 | |||
Phoenix, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 568 | |||
Acquisition Costs, Buildings and Improvements | 1,088 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (624) | |||
Gross Amount at Which Carried at Close of Period , Land | 568 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 464 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,032 | |||
Accumulated Depreciation | $ (72) | |||
Date Acquired | 2015-07 | |||
Phoenix Desert Sky, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,605 | |||
Acquisition Costs, Buildings and Improvements | 2,448 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (669) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,605 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,779 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,384 | |||
Accumulated Depreciation | $ (316) | |||
Date Acquired | 2015-07 | |||
Sierra Vista,, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,252 | |||
Acquisition Costs, Buildings and Improvements | 1,791 | |||
Costs Capitalized Subsequent to Acquisition, Land | (243) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (194) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,009 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,597 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,606 | |||
Accumulated Depreciation | $ (640) | |||
Date Acquired | 2015-07 | |||
Yuma, AZ [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,485 | |||
Acquisition Costs, Buildings and Improvements | 1,596 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (401) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,485 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,195 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,680 | |||
Accumulated Depreciation | $ (219) | |||
Date Acquired | 2015-07 | |||
Big Bear Lake, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,664 | |||
Acquisition Costs, Buildings and Improvements | 2,945 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (436) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,664 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,509 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,173 | |||
Accumulated Depreciation | $ (417) | |||
Date Acquired | 2015-07 | |||
Chula Vista, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,315 | |||
Acquisition Costs, Buildings and Improvements | 6,834 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (900) | |||
Gross Amount at Which Carried at Close of Period , Land | 7,315 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,934 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,249 | |||
Accumulated Depreciation | $ (1,125) | |||
Date Acquired | 2015-07 | |||
Citrus Heights, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,778 | |||
Acquisition Costs, Buildings and Improvements | 2,088 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (775) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,778 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,313 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,091 | |||
Accumulated Depreciation | $ (241) | |||
Date Acquired | 2015-07 | |||
El Cajon, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 10,573 | |||
Acquisition Costs, Buildings and Improvements | 2,883 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 23,989 | |||
Gross Amount at Which Carried at Close of Period , Land | 10,573 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,872 | |||
Gross Amount at Which Carried at Close of Period, Total | 37,445 | |||
Accumulated Depreciation | $ (674) | |||
Date Acquired | 2015-07 | |||
El Centro, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,877 | |||
Acquisition Costs, Buildings and Improvements | 3,977 | |||
Costs Capitalized Subsequent to Acquisition, Land | (668) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,429) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,209 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,548 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,757 | |||
Accumulated Depreciation | $ (484) | |||
Date Acquired | 2015-07 | |||
Fairfield, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,679 | |||
Acquisition Costs, Buildings and Improvements | 1,366 | |||
Costs Capitalized Subsequent to Acquisition, Land | (166) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,785 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,513 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,151 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,664 | |||
Accumulated Depreciation | $ (237) | |||
Date Acquired | 2015-07 | |||
Florin, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,022 | |||
Acquisition Costs, Buildings and Improvements | 1,366 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (191) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,022 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,175 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,197 | |||
Accumulated Depreciation | $ (206) | |||
Date Acquired | 2015-07 | |||
Fresno, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,370 | |||
Acquisition Costs, Buildings and Improvements | 2,000 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (920) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,370 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,080 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,450 | |||
Accumulated Depreciation | $ (205) | |||
Date Acquired | 2015-07 | |||
McKinleyville, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,354 | |||
Acquisition Costs, Buildings and Improvements | 1,655 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (562) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,354 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,093 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,447 | |||
Accumulated Depreciation | $ (172) | |||
Date Acquired | 2015-07 | |||
Merced, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,534 | |||
Acquisition Costs, Buildings and Improvements | 1,604 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,159 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,534 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,763 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,297 | |||
Accumulated Depreciation | $ (230) | |||
Date Acquired | 2015-07 | |||
Montclair, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,498 | |||
Acquisition Costs, Buildings and Improvements | 2,119 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,498 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,119 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,617 | |||
Accumulated Depreciation | $ (513) | |||
Date Acquired | 2015-07 | |||
Hollywood, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 8,049 | |||
Acquisition Costs, Buildings and Improvements | 3,172 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18,305 | |||
Gross Amount at Which Carried at Close of Period , Land | 8,049 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 21,477 | |||
Gross Amount at Which Carried at Close of Period, Total | 29,526 | |||
Accumulated Depreciation | $ (2,319) | |||
Date Acquired | 2015-07 | |||
Palm Desert Palm Desert, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,473 | |||
Acquisition Costs, Buildings and Improvements | 1,705 | |||
Costs Capitalized Subsequent to Acquisition, Land | (542) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (679) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,931 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,026 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,957 | |||
Accumulated Depreciation | $ (182) | |||
Date Acquired | 2015-07 | |||
Ramona, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,239 | |||
Acquisition Costs, Buildings and Improvements | 1,452 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (318) | |||
Gross Amount at Which Carried at Close of Period , Land | 7,239 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,134 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,373 | |||
Accumulated Depreciation | $ (191) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location - Riverside, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,670 | |||
Acquisition Costs, Buildings and Improvements | 2,489 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (767) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,670 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,722 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,392 | |||
Accumulated Depreciation | $ (310) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location Two - Riverside, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,397 | |||
Acquisition Costs, Buildings and Improvements | 4,407 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,136) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,397 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,271 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,668 | |||
Accumulated Depreciation | $ (622) | |||
Date Acquired | 2015-07 | |||
Roseville, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,848 | |||
Acquisition Costs, Buildings and Improvements | 3,215 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,909) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,181 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,939 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,396 | |||
Gross Amount at Which Carried at Close of Period, Total | 14,335 | |||
Accumulated Depreciation | $ (629) | |||
Date Acquired | 2015-07 | |||
Salinas, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,644 | |||
Acquisition Costs, Buildings and Improvements | 4,394 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (765) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,644 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,629 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,273 | |||
Accumulated Depreciation | $ (665) | |||
Date Acquired | 2015-07 | |||
San Bernardino, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,131 | |||
Acquisition Costs, Buildings and Improvements | 2,066 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (780) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,131 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,286 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,417 | |||
Accumulated Depreciation | $ (236) | |||
Date Acquired | 2015-07 | |||
San Bruno, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,854 | |||
Acquisition Costs, Buildings and Improvements | 4,642 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (977) | |||
Gross Amount at Which Carried at Close of Period , Land | 7,854 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,665 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,519 | |||
Accumulated Depreciation | $ (672) | |||
Date Acquired | 2015-07 | |||
San Jose- Eastridge, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,531 | |||
Acquisition Costs, Buildings and Improvements | 2,356 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (804) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,531 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,552 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,083 | |||
Accumulated Depreciation | $ (284) | |||
Date Acquired | 2015-07 | |||
Santa Maria, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,967 | |||
Acquisition Costs, Buildings and Improvements | 2,635 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,184) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,024) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,783 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,611 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,394 | |||
Accumulated Depreciation | $ (407) | |||
Date Acquired | 2015-07 | |||
Temecula, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,098 | |||
Acquisition Costs, Buildings and Improvements | 2,214 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,852 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,098 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,066 | |||
Gross Amount at Which Carried at Close of Period, Total | 16,164 | |||
Accumulated Depreciation | $ (693) | |||
Date Acquired | 2015-07 | |||
Thousand Oaks, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,853 | |||
Acquisition Costs, Buildings and Improvements | 14,785 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,507 | |||
Gross Amount at Which Carried at Close of Period , Land | 9,853 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 22,292 | |||
Gross Amount at Which Carried at Close of Period, Total | 32,145 | |||
Accumulated Depreciation | $ (4,089) | |||
Date Acquired | 2015-07 | |||
Ventura, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,578 | |||
Acquisition Costs, Buildings and Improvements | 6,172 | |||
Costs Capitalized Subsequent to Acquisition, Land | (949) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,050) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,629 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,122 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,751 | |||
Accumulated Depreciation | $ (1,028) | |||
Date Acquired | 2015-07 | |||
Ventura, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,972 | |||
Acquisition Costs, Buildings and Improvements | 2,053 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (648) | |||
Gross Amount at Which Carried at Close of Period , Land | 5,972 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,405 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,377 | |||
Accumulated Depreciation | $ (266) | |||
Date Acquired | 2015-07 | |||
Westminster, CA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,845 | |||
Acquisition Costs, Buildings and Improvements | 5,651 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,024) | |||
Gross Amount at Which Carried at Close of Period , Land | 6,845 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,627 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,472 | |||
Accumulated Depreciation | $ (848) | |||
Date Acquired | 2015-07 | |||
Lakewood, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,290 | |||
Acquisition Costs, Buildings and Improvements | 4,550 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (417) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,290 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,133 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,423 | |||
Accumulated Depreciation | $ (784) | |||
Date Acquired | 2015-07 | |||
Thornton, CO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,881 | |||
Acquisition Costs, Buildings and Improvements | 1,300 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,041 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,881 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,341 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,222 | |||
Accumulated Depreciation | $ (608) | |||
Date Acquired | 2015-07 | |||
Waterford, CT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,371 | |||
Acquisition Costs, Buildings and Improvements | 2,534 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (680) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,371 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,854 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,225 | |||
Accumulated Depreciation | $ (329) | |||
Date Acquired | 2015-07 | |||
Rehoboth Beach, DE [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 714 | |||
Acquisition Costs, Buildings and Improvements | 4,523 | |||
Costs Capitalized Subsequent to Acquisition, Land | (134) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,262 | |||
Gross Amount at Which Carried at Close of Period , Land | 580 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,785 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,365 | |||
Accumulated Depreciation | $ (1,788) | |||
Date Acquired | 2015-07 | |||
BocaRaton, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 16,089 | |||
Acquisition Costs, Buildings and Improvements | 7,480 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (515) | |||
Gross Amount at Which Carried at Close of Period , Land | 16,089 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,965 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,054 | |||
Accumulated Depreciation | $ (1,236) | |||
Date Acquired | 2015-07 | |||
Bradenton, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,420 | |||
Acquisition Costs, Buildings and Improvements | 1,479 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (414) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,420 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,065 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,485 | |||
Accumulated Depreciation | $ (189) | |||
Date Acquired | 2015-07 | |||
Clearwater/Cntrysd, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,852 | |||
Acquisition Costs, Buildings and Improvements | 17,777 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 182 | |||
Gross Amount at Which Carried at Close of Period , Land | 5,852 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,959 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,811 | |||
Accumulated Depreciation | $ (3,636) | |||
Date Acquired | 2015-07 | |||
Doral, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,214 | |||
Acquisition Costs, Buildings and Improvements | 2,654 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (600) | |||
Gross Amount at Which Carried at Close of Period , Land | 9,214 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,054 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,268 | |||
Accumulated Depreciation | $ (364) | |||
Date Acquired | 2015-07 | |||
FtMyers, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,168 | |||
Acquisition Costs, Buildings and Improvements | 2,853 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (418) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,168 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,435 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,603 | |||
Accumulated Depreciation | $ (462) | |||
Date Acquired | 2015-07 | |||
Hialeah, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,492 | |||
Acquisition Costs, Buildings and Improvements | 2,344 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,518 | |||
Gross Amount at Which Carried at Close of Period , Land | 5,492 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,862 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,354 | |||
Accumulated Depreciation | $ (1,124) | |||
Date Acquired | 2015-07 | |||
Hialeah Westland, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,683 | |||
Acquisition Costs, Buildings and Improvements | 3,472 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 224 | |||
Gross Amount at Which Carried at Close of Period , Land | 9,683 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,696 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,379 | |||
Accumulated Depreciation | $ (595) | |||
Date Acquired | 2015-07 | |||
Lakeland,FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,503 | |||
Acquisition Costs, Buildings and Improvements | 1,045 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (378) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,503 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 667 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,170 | |||
Accumulated Depreciation | $ (111) | |||
Date Acquired | 2015-07 | |||
Miami, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 13,264 | |||
Acquisition Costs, Buildings and Improvements | 61,577 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (61,520) | |||
Gross Amount at Which Carried at Close of Period , Land | 13,264 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 57 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,321 | |||
Accumulated Depreciation | $ (57) | |||
Date Acquired | 2015-07 | |||
Miami/Cutler Rdg, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,219 | |||
Acquisition Costs, Buildings and Improvements | 1,236 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (206) | |||
Gross Amount at Which Carried at Close of Period , Land | 5,219 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,030 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,249 | |||
Accumulated Depreciation | $ (189) | |||
Date Acquired | 2015-07 | |||
North Miami, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,748 | |||
Acquisition Costs, Buildings and Improvements | 2,434 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,591 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,748 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,025 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,773 | |||
Accumulated Depreciation | $ (505) | |||
Date Acquired | 2015-07 | |||
Ocala, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,468 | |||
Acquisition Costs, Buildings and Improvements | 1,150 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (456) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,468 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 694 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,162 | |||
Accumulated Depreciation | $ (123) | |||
Date Acquired | 2015-07 | |||
Orlando Colonial, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,403 | |||
Acquisition Costs, Buildings and Improvements | 3,626 | |||
Costs Capitalized Subsequent to Acquisition, Land | (177) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 15,850 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,226 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 19,476 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,702 | |||
Accumulated Depreciation | $ (1,036) | |||
Date Acquired | 2015-07 | |||
Panama City, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,227 | |||
Acquisition Costs, Buildings and Improvements | 1,614 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (461) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,227 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,153 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,380 | |||
Accumulated Depreciation | $ (204) | |||
Date Acquired | 2015-07 | |||
Pensacola, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,620 | |||
Acquisition Costs, Buildings and Improvements | 2,990 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,261 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,620 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 16,251 | |||
Gross Amount at Which Carried at Close of Period, Total | 18,871 | |||
Accumulated Depreciation | $ (431) | |||
Date Acquired | 2015-07 | |||
Plantation, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,933 | |||
Acquisition Costs, Buildings and Improvements | 2,509 | |||
Costs Capitalized Subsequent to Acquisition, Land | (3,361) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,641) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,572 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 868 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,440 | |||
Accumulated Depreciation | $ (299) | |||
Date Acquired | 2015-07 | |||
Sarasota, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,920 | |||
Acquisition Costs, Buildings and Improvements | 2,200 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (831) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,920 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,369 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,289 | |||
Accumulated Depreciation | $ (243) | |||
Date Acquired | 2015-07 | |||
Tyrone Square Mall - Tyrone Square Mall [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,381 | |||
Acquisition Costs, Buildings and Improvements | 2,420 | |||
Costs Capitalized Subsequent to Acquisition, Land | (50) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 22,977 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,331 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 25,397 | |||
Gross Amount at Which Carried at Close of Period, Total | 27,728 | |||
Accumulated Depreciation | $ (3,302) | |||
Date Acquired | 2015-07 | |||
Stand-Alone Location - St. Petersburg, FL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,653 | |||
Acquisition Costs, Buildings and Improvements | 777 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (279) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,653 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 498 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,151 | |||
Accumulated Depreciation | $ (91) | |||
Date Acquired | 2015-07 | |||
Savannah, GA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,285 | |||
Acquisition Costs, Buildings and Improvements | 3,012 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (344) | |||
Gross Amount at Which Carried at Close of Period , Land | 5,285 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,668 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,953 | |||
Accumulated Depreciation | $ (419) | |||
Date Acquired | 2015-07 | |||
Honolulu,HI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,824 | |||
Acquisition Costs, Buildings and Improvements | 2,195 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 21,279 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,824 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 23,474 | |||
Gross Amount at Which Carried at Close of Period, Total | 30,298 | |||
Accumulated Depreciation | $ (2,512) | |||
Date Acquired | 2015-07 | |||
Cedar Rapids, IA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,833 | |||
Acquisition Costs, Buildings and Improvements | 2,197 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (457) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,833 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,740 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,573 | |||
Accumulated Depreciation | $ (325) | |||
Date Acquired | 2015-07 | |||
Charles City, IA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 793 | |||
Acquisition Costs, Buildings and Improvements | 1,914 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 793 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,914 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,707 | |||
Accumulated Depreciation | $ (933) | |||
Date Acquired | 2015-07 | |||
Webster City, IA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 392 | |||
Acquisition Costs, Buildings and Improvements | 896 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 392 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 896 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,288 | |||
Accumulated Depreciation | $ (368) | |||
Date Acquired | 2015-07 | |||
Boise, ID [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,828 | |||
Acquisition Costs, Buildings and Improvements | 1,848 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,828 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,848 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,676 | |||
Accumulated Depreciation | $ (745) | |||
Date Acquired | 2015-07 | |||
Chicago, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,385 | |||
Acquisition Costs, Buildings and Improvements | 7,924 | |||
Costs Capitalized Subsequent to Acquisition, Land | (807) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,985) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,578 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,939 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,517 | |||
Accumulated Depreciation | $ (1,415) | |||
Date Acquired | 2015-07 | |||
Joilet, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,557 | |||
Acquisition Costs, Buildings and Improvements | 3,108 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,557 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,108 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,665 | |||
Accumulated Depreciation | $ (1,819) | |||
Date Acquired | 2015-07 | |||
Lombard, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,685 | |||
Acquisition Costs, Buildings and Improvements | 8,281 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,685 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,281 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,966 | |||
Accumulated Depreciation | $ (1,686) | |||
Date Acquired | 2015-07 | |||
N Riverside, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,846 | |||
Acquisition Costs, Buildings and Improvements | 3,178 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14,034 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,846 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,212 | |||
Gross Amount at Which Carried at Close of Period, Total | 19,058 | |||
Accumulated Depreciation | $ (2,350) | |||
Date Acquired | 2015-07 | |||
Orland Park, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,783 | |||
Acquisition Costs, Buildings and Improvements | 974 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (380) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,783 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 594 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,377 | |||
Accumulated Depreciation | $ (105) | |||
Date Acquired | 2015-07 | |||
Springfield, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,182 | |||
Acquisition Costs, Buildings and Improvements | 5,051 | |||
Costs Capitalized Subsequent to Acquisition, Land | (213) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14,870 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,969 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 19,921 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,890 | |||
Accumulated Depreciation | $ (2,447) | |||
Date Acquired | 2015-07 | |||
Steger, IL [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 589 | |||
Acquisition Costs, Buildings and Improvements | 2,846 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 589 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,846 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,435 | |||
Accumulated Depreciation | $ (585) | |||
Date Acquired | 2015-07 | |||
Elkhart, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,349 | |||
Acquisition Costs, Buildings and Improvements | 869 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (302) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,349 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 567 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,916 | |||
Accumulated Depreciation | $ (102) | |||
Date Acquired | 2015-07 | |||
Ft Wayne, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,247 | |||
Acquisition Costs, Buildings and Improvements | 5,476 | |||
Costs Capitalized Subsequent to Acquisition, Land | (796) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (3,382) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,451 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,094 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,545 | |||
Accumulated Depreciation | $ (57) | |||
Date Acquired | 2015-07 | |||
Merrillville, IN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,413 | |||
Acquisition Costs, Buildings and Improvements | 3,224 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (724) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,413 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,500 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,913 | |||
Accumulated Depreciation | $ (480) | |||
Date Acquired | 2015-07 | |||
Hopkinsville, KY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 553 | |||
Acquisition Costs, Buildings and Improvements | 2,815 | |||
Costs Capitalized Subsequent to Acquisition, Land | (68) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,314 | |||
Gross Amount at Which Carried at Close of Period , Land | 485 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,129 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,614 | |||
Accumulated Depreciation | $ (650) | |||
Date Acquired | 2015-07 | |||
Paducah, KY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,022 | |||
Acquisition Costs, Buildings and Improvements | 2,868 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,254 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,022 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 12,122 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,144 | |||
Accumulated Depreciation | $ (1,654) | |||
Date Acquired | 2015-07 | |||
Lafayette, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,406 | |||
Acquisition Costs, Buildings and Improvements | 5,094 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,019) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,406 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,075 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,481 | |||
Accumulated Depreciation | $ (723) | |||
Date Acquired | 2015-07 | |||
New Iberia, LA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 450 | |||
Acquisition Costs, Buildings and Improvements | 1,819 | |||
Costs Capitalized Subsequent to Acquisition, Land | (446) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,780) | |||
Gross Amount at Which Carried at Close of Period , Land | 4 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 39 | |||
Gross Amount at Which Carried at Close of Period, Total | 43 | |||
Accumulated Depreciation | $ (10) | |||
Date Acquired | 2015-07 | |||
Braintree, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,585 | |||
Acquisition Costs, Buildings and Improvements | 5,614 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,319 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,585 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 16,933 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,518 | |||
Accumulated Depreciation | $ (2,999) | |||
Date Acquired | 2015-07 | |||
Saugus, MA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,656 | |||
Acquisition Costs, Buildings and Improvements | 2,835 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,087) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,656 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,748 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,404 | |||
Accumulated Depreciation | $ (331) | |||
Date Acquired | 2015-07 | |||
Bowie, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,583 | |||
Acquisition Costs, Buildings and Improvements | 2,335 | |||
Costs Capitalized Subsequent to Acquisition, Land | (504) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 356 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,079 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,691 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,770 | |||
Accumulated Depreciation | $ (1,019) | |||
Date Acquired | 2015-07 | |||
Edgewater, MD [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,534 | |||
Acquisition Costs, Buildings and Improvements | 2,116 | |||
Costs Capitalized Subsequent to Acquisition, Land | (841) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (856) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,693 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,260 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,953 | |||
Accumulated Depreciation | $ (248) | |||
Date Acquired | 2015-07 | |||
Madawaska, ME [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 140 | |||
Acquisition Costs, Buildings and Improvements | 942 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 140 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 942 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,082 | |||
Accumulated Depreciation | $ (234) | |||
Date Acquired | 2015-07 | |||
Lincoln Park, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,106 | |||
Acquisition Costs, Buildings and Improvements | 3,198 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (493) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,106 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,705 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,811 | |||
Accumulated Depreciation | $ (513) | |||
Date Acquired | 2015-07 | |||
Manistee, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 508 | |||
Acquisition Costs, Buildings and Improvements | 3,045 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (625) | |||
Gross Amount at Which Carried at Close of Period , Land | 508 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,420 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,928 | |||
Accumulated Depreciation | $ (403) | |||
Date Acquired | 2015-07 | |||
Roseville, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,286 | |||
Acquisition Costs, Buildings and Improvements | 4,778 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,671 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,286 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 15,449 | |||
Gross Amount at Which Carried at Close of Period, Total | 18,735 | |||
Accumulated Depreciation | $ (2,164) | |||
Date Acquired | 2015-07 | |||
Sault Ste. Marie, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 946 | |||
Acquisition Costs, Buildings and Improvements | 917 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (478) | |||
Gross Amount at Which Carried at Close of Period , Land | 946 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 439 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,385 | |||
Accumulated Depreciation | $ (78) | |||
Date Acquired | 2015-07 | |||
Troy, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,954 | |||
Acquisition Costs, Buildings and Improvements | 2,651 | |||
Costs Capitalized Subsequent to Acquisition, Land | (815) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,745 | |||
Gross Amount at Which Carried at Close of Period , Land | 7,139 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,396 | |||
Gross Amount at Which Carried at Close of Period, Total | 15,535 | |||
Accumulated Depreciation | $ (1,844) | |||
Date Acquired | 2015-07 | |||
Ypsilanti, MI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,462 | |||
Acquisition Costs, Buildings and Improvements | 1,277 | |||
Costs Capitalized Subsequent to Acquisition, Land | (402) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (637) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,060 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 640 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,700 | |||
Accumulated Depreciation | $ (123) | |||
Date Acquired | 2015-07 | |||
Burnsville, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,513 | |||
Acquisition Costs, Buildings and Improvements | 1,281 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (505) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,513 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 776 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,289 | |||
Accumulated Depreciation | $ (138) | |||
Date Acquired | 2015-07 | |||
Maplewood, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,605 | |||
Acquisition Costs, Buildings and Improvements | 1,162 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (521) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,605 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 641 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,246 | |||
Accumulated Depreciation | $ (117) | |||
Date Acquired | 2015-07 | |||
St Paul, MN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,866 | |||
Acquisition Costs, Buildings and Improvements | 1,028 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (309) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,866 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 719 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,585 | |||
Accumulated Depreciation | $ (134) | |||
Date Acquired | 2015-07 | |||
Florissant, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,430 | |||
Acquisition Costs, Buildings and Improvements | 1,607 | |||
Costs Capitalized Subsequent to Acquisition, Land | (24) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (224) | |||
Gross Amount at Which Carried at Close of Period , Land | 2,406 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,383 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,789 | |||
Accumulated Depreciation | $ (200) | |||
Date Acquired | 2015-07 | |||
Jefferson City, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 957 | |||
Acquisition Costs, Buildings and Improvements | 2,224 | |||
Costs Capitalized Subsequent to Acquisition, Land | (150) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (483) | |||
Gross Amount at Which Carried at Close of Period , Land | 807 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,741 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,548 | |||
Accumulated Depreciation | $ (329) | |||
Date Acquired | 2015-07 | |||
Springfield, MO [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 922 | |||
Acquisition Costs, Buildings and Improvements | 2,050 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (383) | |||
Gross Amount at Which Carried at Close of Period , Land | 922 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,667 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,589 | |||
Accumulated Depreciation | $ (275) | |||
Date Acquired | 2015-07 | |||
Columbus, MS [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,940 | |||
Acquisition Costs, Buildings and Improvements | 2,547 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 1,187 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,940 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,734 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,674 | |||
Accumulated Depreciation | $ (1,805) | |||
Date Acquired | 2015-07 | |||
Asheville, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,141 | |||
Acquisition Costs, Buildings and Improvements | 2,036 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (750) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,141 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,286 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,427 | |||
Accumulated Depreciation | $ (236) | |||
Date Acquired | 2015-07 | |||
Greensboro, NC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,869 | |||
Acquisition Costs, Buildings and Improvements | 4,387 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 510 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,869 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,897 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,766 | |||
Accumulated Depreciation | $ (1,088) | |||
Date Acquired | 2015-07 | |||
Kearney, NE [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 272 | |||
Acquisition Costs, Buildings and Improvements | 483 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,838 | |||
Gross Amount at Which Carried at Close of Period , Land | 272 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,321 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,593 | |||
Accumulated Depreciation | $ (1,042) | |||
Date Acquired | 2015-07 | |||
Manchester, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,458 | |||
Acquisition Costs, Buildings and Improvements | 4,160 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 13,605 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,458 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,765 | |||
Gross Amount at Which Carried at Close of Period, Total | 19,223 | |||
Accumulated Depreciation | $ (880) | |||
Date Acquired | 2015-07 | |||
Nashua, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,794 | |||
Acquisition Costs, Buildings and Improvements | 7,255 | |||
Costs Capitalized Subsequent to Acquisition, Land | (229) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (927) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,565 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,328 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,893 | |||
Accumulated Depreciation | $ (1,322) | |||
Date Acquired | 2015-07 | |||
Portsmouth, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,934 | |||
Acquisition Costs, Buildings and Improvements | 3,375 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (739) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,934 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,636 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,570 | |||
Accumulated Depreciation | $ (468) | |||
Date Acquired | 2015-07 | |||
Salem, NH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,321 | |||
Acquisition Costs, Buildings and Improvements | 12,198 | |||
Costs Capitalized Subsequent to Acquisition, Land | (639) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,066 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,682 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 20,264 | |||
Gross Amount at Which Carried at Close of Period, Total | 22,946 | |||
Accumulated Depreciation | $ (3,036) | |||
Date Acquired | 2015-07 | |||
Henderson, NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,124 | |||
Acquisition Costs, Buildings and Improvements | 1,362 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,449 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,124 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,811 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,935 | |||
Accumulated Depreciation | $ (355) | |||
Date Acquired | 2015-07 | |||
Las Vegas (Meadows), NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,354 | |||
Acquisition Costs, Buildings and Improvements | 1,879 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,702 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,354 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,581 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,935 | |||
Accumulated Depreciation | $ (444) | |||
Date Acquired | 2015-07 | |||
Reno, NV [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,135 | |||
Acquisition Costs, Buildings and Improvements | 5,748 | |||
Costs Capitalized Subsequent to Acquisition, Land | (236) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,978 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,899 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,726 | |||
Gross Amount at Which Carried at Close of Period, Total | 12,625 | |||
Accumulated Depreciation | $ (1,089) | |||
Date Acquired | 2015-07 | |||
Albany, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 8,289 | |||
Acquisition Costs, Buildings and Improvements | 6,523 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,804 | |||
Gross Amount at Which Carried at Close of Period , Land | 8,289 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 13,327 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,616 | |||
Accumulated Depreciation | $ (1,845) | |||
Date Acquired | 2015-07 | |||
Clay, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 787 | |||
Acquisition Costs, Buildings and Improvements | 4,134 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (677) | |||
Gross Amount at Which Carried at Close of Period , Land | 787 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,457 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,244 | |||
Accumulated Depreciation | $ (576) | |||
Date Acquired | 2015-07 | |||
East Northport, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 7,617 | |||
Acquisition Costs, Buildings and Improvements | 2,065 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 44,212 | |||
Gross Amount at Which Carried at Close of Period , Land | 7,617 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 46,277 | |||
Gross Amount at Which Carried at Close of Period, Total | 53,894 | |||
Accumulated Depreciation | $ (1,382) | |||
Date Acquired | 2015-07 | |||
Hicksville, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 38,629 | |||
Acquisition Costs, Buildings and Improvements | 19,061 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (888) | |||
Gross Amount at Which Carried at Close of Period , Land | 38,628 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,176 | |||
Gross Amount at Which Carried at Close of Period, Total | 56,804 | |||
Accumulated Depreciation | $ (3,448) | |||
Date Acquired | 2015-07 | |||
Olean, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 249 | |||
Acquisition Costs, Buildings and Improvements | 2,124 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,476 | |||
Gross Amount at Which Carried at Close of Period , Land | 249 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,600 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,849 | |||
Accumulated Depreciation | $ (609) | |||
Date Acquired | 2015-07 | |||
Rochester Greece, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,082 | |||
Acquisition Costs, Buildings and Improvements | 1,560 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (380) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,082 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,180 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,262 | |||
Accumulated Depreciation | $ (209) | |||
Date Acquired | 2015-07 | |||
Sidney, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,942 | |||
Acquisition Costs, Buildings and Improvements | 1,769 | |||
Costs Capitalized Subsequent to Acquisition, Land | (338) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (837) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,604 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 932 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,536 | |||
Accumulated Depreciation | $ (188) | |||
Date Acquired | 2015-07 | |||
Victor, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,144 | |||
Acquisition Costs, Buildings and Improvements | 1,391 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,408 | |||
Gross Amount at Which Carried at Close of Period , Land | 4,144 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 6,799 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,943 | |||
Accumulated Depreciation | $ (282) | |||
Date Acquired | 2015-07 | |||
Yorktown Hts, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,584 | |||
Acquisition Costs, Buildings and Improvements | 1,569 | |||
Costs Capitalized Subsequent to Acquisition, Land | (950) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 10,227 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,634 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,796 | |||
Gross Amount at Which Carried at Close of Period, Total | 14,430 | |||
Accumulated Depreciation | $ (428) | |||
Date Acquired | 2015-07 | |||
Watchung, NY [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,704 | |||
Acquisition Costs, Buildings and Improvements | 4,110 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 31,069 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,704 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 35,179 | |||
Gross Amount at Which Carried at Close of Period, Total | 41,883 | |||
Accumulated Depreciation | $ (1,751) | |||
Date Acquired | 2015-07 | |||
Canton, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,650 | |||
Acquisition Costs, Buildings and Improvements | 5,854 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 20,335 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,650 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,189 | |||
Gross Amount at Which Carried at Close of Period, Total | 27,839 | |||
Accumulated Depreciation | $ (1,296) | |||
Date Acquired | 2015-07 | |||
Kenton, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 340 | |||
Acquisition Costs, Buildings and Improvements | 417 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (233) | |||
Gross Amount at Which Carried at Close of Period , Land | 340 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 184 | |||
Gross Amount at Which Carried at Close of Period, Total | 524 | |||
Accumulated Depreciation | $ (31) | |||
Date Acquired | 2015-07 | |||
Mentor, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,092 | |||
Acquisition Costs, Buildings and Improvements | 1,776 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (726) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,092 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,050 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,142 | |||
Accumulated Depreciation | $ (185) | |||
Date Acquired | 2015-07 | |||
Middleburg Hts, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 698 | |||
Acquisition Costs, Buildings and Improvements | 1,547 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (322) | |||
Gross Amount at Which Carried at Close of Period , Land | 698 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,225 | |||
Gross Amount at Which Carried at Close of Period, Total | 1,923 | |||
Accumulated Depreciation | $ (233) | |||
Date Acquired | 2015-07 | |||
Toledo, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,664 | |||
Acquisition Costs, Buildings and Improvements | 1,289 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (612) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,664 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 677 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,341 | |||
Accumulated Depreciation | $ (127) | |||
Date Acquired | 2015-07 | |||
Okla City Sequoyah, OK [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,542 | |||
Acquisition Costs, Buildings and Improvements | 2,210 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 4,911 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,542 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,121 | |||
Gross Amount at Which Carried at Close of Period, Total | 8,663 | |||
Accumulated Depreciation | $ (934) | |||
Date Acquired | 2015-07 | |||
Happy Valley, OR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,659 | |||
Acquisition Costs, Buildings and Improvements | 1,271 | |||
Costs Capitalized Subsequent to Acquisition, Land | (619) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,807 | |||
Gross Amount at Which Carried at Close of Period , Land | 6,040 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,078 | |||
Gross Amount at Which Carried at Close of Period, Total | 16,118 | |||
Accumulated Depreciation | $ (378) | |||
Date Acquired | 2015-07 | |||
King of Prussia, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Buildings and Improvements | $ 42,300 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,673 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 45,973 | |||
Gross Amount at Which Carried at Close of Period, Total | 45,973 | |||
Accumulated Depreciation | $ (8,821) | |||
Date Acquired | 2015-07 | |||
Lebanon, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,333 | |||
Acquisition Costs, Buildings and Improvements | 2,085 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (952) | |||
Gross Amount at Which Carried at Close of Period , Land | 1,333 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,133 | |||
Gross Amount at Which Carried at Close of Period, Total | 2,466 | |||
Accumulated Depreciation | $ (189) | |||
Date Acquired | 2015-07 | |||
Walnutport, PA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 885 | |||
Acquisition Costs, Buildings and Improvements | 3,452 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,045) | |||
Gross Amount at Which Carried at Close of Period , Land | 885 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,407 | |||
Gross Amount at Which Carried at Close of Period, Total | 3,292 | |||
Accumulated Depreciation | $ (401) | |||
Date Acquired | 2015-07 | |||
Dayton Mall, OH [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,650 | |||
Acquisition Costs, Buildings and Improvements | 1,223 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 2,398 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,650 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,621 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,271 | |||
Accumulated Depreciation | $ (419) | |||
Date Acquired | 2015-07 | |||
Bayamon PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 656 | |||
Acquisition Costs, Buildings and Improvements | 7,173 | |||
Costs Capitalized Subsequent to Acquisition, Land | (139) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,517) | |||
Gross Amount at Which Carried at Close of Period , Land | 517 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,656 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,173 | |||
Accumulated Depreciation | $ (1,611) | |||
Date Acquired | 2015-07 | |||
Caguas, PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 431 | |||
Acquisition Costs, Buildings and Improvements | 9,362 | |||
Costs Capitalized Subsequent to Acquisition, Land | (100) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (2,184) | |||
Gross Amount at Which Carried at Close of Period , Land | 331 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,178 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,509 | |||
Accumulated Depreciation | $ (1,961) | |||
Date Acquired | 2015-07 | |||
Carolina, PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 611 | |||
Acquisition Costs, Buildings and Improvements | 8,640 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 611 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,251 | |||
Accumulated Depreciation | $ (2,110) | |||
Date Acquired | 2015-07 | |||
Mayaguez, PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 564 | |||
Acquisition Costs, Buildings and Improvements | 4,555 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 564 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,555 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,119 | |||
Accumulated Depreciation | $ (1,404) | |||
Date Acquired | 2015-07 | |||
Ponce, PR [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 473 | |||
Acquisition Costs, Buildings and Improvements | 3,965 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 473 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 3,965 | |||
Gross Amount at Which Carried at Close of Period, Total | 4,438 | |||
Accumulated Depreciation | $ (1,165) | |||
Date Acquired | 2015-07 | |||
Warwick, RI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 9,166 | |||
Acquisition Costs, Buildings and Improvements | 3,388 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,132) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,891 | |||
Gross Amount at Which Carried at Close of Period , Land | 8,034 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 12,279 | |||
Gross Amount at Which Carried at Close of Period, Total | 20,313 | |||
Accumulated Depreciation | $ (1,080) | |||
Date Acquired | 2015-07 | |||
Anderson, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,297 | |||
Acquisition Costs, Buildings and Improvements | 638 | |||
Costs Capitalized Subsequent to Acquisition, Land | (5) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,224 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,292 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,862 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,154 | |||
Accumulated Depreciation | $ (2,263) | |||
Date Acquired | 2015-07 | |||
Chrlstn/ Northwoods, SC [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,576 | |||
Acquisition Costs, Buildings and Improvements | 1,497 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,019) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 9,757 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,557 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 11,254 | |||
Gross Amount at Which Carried at Close of Period, Total | 13,811 | |||
Accumulated Depreciation | $ (922) | |||
Date Acquired | 2015-07 | |||
Cordova, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,581 | |||
Acquisition Costs, Buildings and Improvements | 4,279 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,581 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,279 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,860 | |||
Accumulated Depreciation | $ (1,253) | |||
Date Acquired | 2015-07 | |||
Memphis/ Poplar, TN [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,827 | |||
Acquisition Costs, Buildings and Improvements | 2,475 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 24,877 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,827 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 27,352 | |||
Gross Amount at Which Carried at Close of Period, Total | 30,179 | |||
Accumulated Depreciation | $ (3,426) | |||
Date Acquired | 2015-07 | |||
Austin, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,164 | |||
Acquisition Costs, Buildings and Improvements | 2,858 | |||
Costs Capitalized Subsequent to Acquisition, Land | (2,288) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 8,070 | |||
Gross Amount at Which Carried at Close of Period , Land | 876 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 10,928 | |||
Gross Amount at Which Carried at Close of Period, Total | 11,804 | |||
Accumulated Depreciation | $ (2,208) | |||
Date Acquired | 2015-07 | |||
Central Park, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,468 | |||
Acquisition Costs, Buildings and Improvements | 1,457 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,904) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 18,053 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,564 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 19,510 | |||
Gross Amount at Which Carried at Close of Period, Total | 23,074 | |||
Accumulated Depreciation | $ (731) | |||
Date Acquired | 2015-07 | |||
El Paso, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,008 | |||
Acquisition Costs, Buildings and Improvements | 1,778 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 6,157 | |||
Gross Amount at Which Carried at Close of Period , Land | 2,008 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 7,935 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,943 | |||
Accumulated Depreciation | $ (416) | |||
Date Acquired | 2015-07 | |||
Friendswd/Baybrk, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,124 | |||
Acquisition Costs, Buildings and Improvements | 2,038 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (806) | |||
Gross Amount at Which Carried at Close of Period , Land | 6,124 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,232 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,356 | |||
Accumulated Depreciation | $ (218) | |||
Date Acquired | 2015-07 | |||
Houston, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 6,110 | |||
Acquisition Costs, Buildings and Improvements | 1,525 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (525) | |||
Gross Amount at Which Carried at Close of Period , Land | 6,110 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,000 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,110 | |||
Accumulated Depreciation | $ (157) | |||
Date Acquired | 2015-07 | |||
Ingram, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,651 | |||
Acquisition Costs, Buildings and Improvements | 2,560 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (683) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,651 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,877 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,528 | |||
Accumulated Depreciation | $ (333) | |||
Date Acquired | 2015-07 | |||
Irving, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,493 | |||
Acquisition Costs, Buildings and Improvements | 5,743 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (721) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,493 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 5,022 | |||
Gross Amount at Which Carried at Close of Period, Total | 9,515 | |||
Accumulated Depreciation | $ (921) | |||
Date Acquired | 2015-07 | |||
Shepherd, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,457 | |||
Acquisition Costs, Buildings and Improvements | 2,081 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (510) | |||
Gross Amount at Which Carried at Close of Period , Land | 5,457 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,571 | |||
Gross Amount at Which Carried at Close of Period, Total | 7,028 | |||
Accumulated Depreciation | $ (298) | |||
Date Acquired | 2015-07 | |||
Valley View, TX [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,706 | |||
Acquisition Costs, Buildings and Improvements | 3,230 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (3,230) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,706 | |||
Gross Amount at Which Carried at Close of Period, Total | $ 4,706 | |||
Date Acquired | 2015-07 | |||
Layton, UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 2,234 | |||
Acquisition Costs, Buildings and Improvements | 974 | |||
Costs Capitalized Subsequent to Acquisition, Land | (824) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 3,265 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,410 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 4,239 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,649 | |||
Accumulated Depreciation | $ (1,022) | |||
Date Acquired | 2015-07 | |||
West Jordan, UT [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,190 | |||
Acquisition Costs, Buildings and Improvements | 2,305 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 7,147 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,190 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 9,452 | |||
Gross Amount at Which Carried at Close of Period, Total | 12,642 | |||
Accumulated Depreciation | $ (2,233) | |||
Date Acquired | 2015-07 | |||
Alexandria, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,728 | |||
Acquisition Costs, Buildings and Improvements | 3,294 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (738) | |||
Gross Amount at Which Carried at Close of Period , Land | 3,728 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,556 | |||
Gross Amount at Which Carried at Close of Period, Total | 6,284 | |||
Accumulated Depreciation | $ (469) | |||
Date Acquired | 2015-07 | |||
Chspk/ Greenbrier, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 4,236 | |||
Acquisition Costs, Buildings and Improvements | 1,700 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (482) | |||
Gross Amount at Which Carried at Close of Period , Land | 4,236 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 1,218 | |||
Gross Amount at Which Carried at Close of Period, Total | 5,454 | |||
Accumulated Depreciation | $ (216) | |||
Date Acquired | 2015-07 | |||
Fairfax, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 10,873 | |||
Acquisition Costs, Buildings and Improvements | 1,491 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 25,342 | |||
Gross Amount at Which Carried at Close of Period , Land | 10,873 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 26,833 | |||
Gross Amount at Which Carried at Close of Period, Total | 37,706 | |||
Accumulated Depreciation | $ (1,272) | |||
Date Acquired | 2015-07 | |||
Virginia Beach, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 10,413 | |||
Acquisition Costs, Buildings and Improvements | 4,760 | |||
Costs Capitalized Subsequent to Acquisition, Land | (1,343) | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 11,343 | |||
Gross Amount at Which Carried at Close of Period , Land | 9,070 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 16,103 | |||
Gross Amount at Which Carried at Close of Period, Total | 25,173 | |||
Accumulated Depreciation | $ (2,863) | |||
Date Acquired | 2015-07 | |||
Warrenton, VA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 1,956 | |||
Acquisition Costs, Buildings and Improvements | 2,480 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 5,938 | |||
Gross Amount at Which Carried at Close of Period , Land | 1,956 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 8,418 | |||
Gross Amount at Which Carried at Close of Period, Total | 10,374 | |||
Accumulated Depreciation | $ (432) | |||
Date Acquired | 2015-07 | |||
Redmond Pk, WA [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 5,133 | |||
Acquisition Costs, Buildings and Improvements | 4,133 | |||
Costs Capitalized Subsequent to Acquisition, Land | 10,513 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | (1,243) | |||
Gross Amount at Which Carried at Close of Period , Land | 15,646 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 2,890 | |||
Gross Amount at Which Carried at Close of Period, Total | 18,536 | |||
Accumulated Depreciation | $ (627) | |||
Date Acquired | 2015-07 | |||
Greendale, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,208 | |||
Acquisition Costs, Buildings and Improvements | 2,340 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 14,911 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,208 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 17,251 | |||
Gross Amount at Which Carried at Close of Period, Total | 20,459 | |||
Accumulated Depreciation | $ (1,251) | |||
Date Acquired | 2015-07 | |||
Madison West, WI [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Acquisition Costs, Land | $ 3,053 | |||
Acquisition Costs, Buildings and Improvements | 2,130 | |||
Costs Capitalized Subsequent to Acquisition, Land | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 16,132 | |||
Gross Amount at Which Carried at Close of Period , Land | 3,053 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 18,262 | |||
Gross Amount at Which Carried at Close of Period, Total | 21,315 | |||
Accumulated Depreciation | $ (1,571) | |||
Date Acquired | 2015-07 | |||
Various [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Costs Capitalized Subsequent to Acquisition, Land | $ 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Improvements | 352,776 | |||
Gross Amount at Which Carried at Close of Period, Building and Improvements | 352,777 | |||
Gross Amount at Which Carried at Close of Period, Total | $ 352,777 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Building [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 25 years |
Building [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 40 years |
Site Improvement [Member] | Minimum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 5 years |
Site Improvement [Member] | Maximum [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon Which Depreciation is Computed | 15 years |
Tenant Improvements [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Life upon which depreciation is computed, description | shorter of the estimated useful life or non-cancelable term of lease |
U.S. [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost of land, building and improvements for federal income tax purpose | $ 2.8 |
Schedule III - Reconciliation o
Schedule III - Reconciliation of Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation Of Carrying Amount Of Real Estate Investments Roll Forward | |||
Balance at beginning of period | $ 2,118,329 | $ 1,889,014 | $ 1,854,043 |
Additions | 256,126 | 364,970 | 318,820 |
Impairments | (64,108) | 0 | 0 |
Dispositions | (226,889) | (95,270) | (244,815) |
Write-offs | (30,380) | (40,385) | (39,034) |
Balance at end of period | $ 2,053,078 | $ 2,118,329 | $ 1,889,014 |
Schedule III - Reconciliation_2
Schedule III - Reconciliation of Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation Of Real Estate Accumulated Depreciation Roll Forward | |||
Balance at beginning of period | $ 147,696 | $ 137,947 | $ 139,483 |
Depreciation expense | 48,569 | 59,289 | 50,272 |
Dispositions | (23,679) | (9,174) | (12,772) |
Write-offs | (30,380) | (40,366) | (39,036) |
Balance at end of period | $ 142,206 | $ 147,696 | $ 137,947 |