Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | ||||
Document type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2022 | |||
Document Fiscal Period Focus | FY | |||
Document Fiscal Year Focus | 2022 | |||
Entity Registrant Name | CEDAR REALTY TRUST, INC. | |||
Entity Central Index Key | 0000761648 | |||
Current Fiscal Year End Date | --12-31 | |||
Entity Filer Category | Accelerated Filer | |||
Entity Shell Company | false | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
ICFR Auditor Attestation Flag | true | |||
Entity Current Reporting Status | Yes | |||
Entity Voluntary Filers | No | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Public Float | $ 371,337,000 | |||
Entity File Number | 001-31817 | |||
Entity Tax Identification Number | 42-1241468 | |||
Entity Address, Address Line One | 2529 Virginia Beach Blvd. | |||
Entity Address, City or Town | Virginia Beach | |||
Entity Address, State or Province | VA | |||
Entity Address, Postal Zip Code | 23452 | |||
City Area Code | 757 | |||
Local Phone Number | 627-9088 | |||
Entity Interactive Data Current | Yes | |||
Entity Incorporation, State or Country Code | MD | |||
Document Annual Report | true | |||
Document Transition Report | false | |||
Auditor Firm ID | 677 | 42 | ||
Auditor Name | Cherry Bekaert LLP | Ernst & Young LLP | ||
Auditor Location | Virginia Beach, Virginia | New York, New York | ||
Entity Common Stock, Shares Outstanding | 13,718,169 | |||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE None . | |||
Series B Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Trading Symbol | CDRpB | |||
Title of 12(b) Security | 7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value | |||
Security Exchange Name | NYSE | |||
Series C Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Trading Symbol | CDRpC | |||
Title of 12(b) Security | 6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value | |||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land | $ 69,111,000 | $ 68,865,000 |
Buildings and improvements | 294,999,000 | 300,962,000 |
Real estate, gross | 364,110,000 | 369,827,000 |
Less accumulated depreciation | (157,468,000) | (155,250,000) |
Real estate, net | 206,642,000 | 214,577,000 |
Real estate held for sale | 757,037,000 | |
Investment in unconsolidated joint venture | 4,654,000 | |
Cash and cash equivalents | 3,899,000 | 3,039,000 |
Restricted cash | 9,564,000 | 230,000 |
Receivables | 6,135,000 | 13,580,000 |
Other assets and deferred charges, net | 7,924,000 | 23,777,000 |
TOTAL ASSETS | 234,164,000 | 1,016,894,000 |
LIABILITIES AND EQUITY | ||
Mortgage loan payable - held for sale | 131,462,000 | 156,821,000 |
Finance lease obligation - held for sale | 5,314,000 | |
Unsecured revolving credit facility | 66,000,000 | |
Unsecured term loans | 298,903,000 | |
Secured term loans, net | 131,462,000 | 156,821,000 |
Accounts payable and accrued liabilities | 10,094,000 | 42,099,000 |
Due to Wheeler Real Estate Investment Trust, Inc. | 7,328,000 | |
Unamortized intangible lease liabilities | 3,078,000 | 5,367,000 |
Unamortized intangible lease liabilities - held for sale | 2,422,000 | |
Total liabilities | 151,962,000 | 576,926,000 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 159,541,000 | 159,541,000 |
Common stock ($0.06 par value, 150,000,000 shares authorized, 13,718,000 and 13,658,000 shares, issued and outstanding, respectively) | 823,000 | 820,000 |
Treasury stock (0 and 387,000 shares, respectively, at cost) | 13,266,000 | |
Additional paid-in capital | 868,323,000 | 881,009,000 |
Cumulative distributions in excess of net income | (946,485,000) | (582,464,000) |
Accumulated other comprehensive loss | (8,258,000) | |
Total Cedar Realty Trust, Inc. shareholders' equity | 82,202,000 | 437,382,000 |
Noncontrolling interests: | ||
Limited partners' OP Units | 2,586,000 | |
Total noncontrolling interests | 2,586,000 | |
Total equity | 82,202,000 | 439,968,000 |
TOTAL LIABILITIES AND EQUITY | $ 234,164,000 | $ 1,016,894,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, shares par value | $ 0.06 | $ 0.06 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 13,718,000 | 13,658,000 |
Common stock, shares outstanding | 13,718,000 | 13,658,000 |
Treasury stock, shares | 0 | 387,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Total revenues | $ 34,005,000 | $ 39,187,000 | $ 45,890,000 |
EXPENSES | |||
Operating, maintenance and management | 8,119,000 | 7,299,000 | 4,234,000 |
Real estate and other property-related taxes | 5,949,000 | 6,589,000 | 7,324,000 |
General and administrative | 10,099,000 | 17,811,000 | 16,691,000 |
Depreciation and amortization | 9,645,000 | 12,141,000 | 16,469,000 |
Total expenses | 33,812,000 | 43,840,000 | 44,718,000 |
OTHER | |||
Gain on sales | 48,857,000 | 3,753,000 | |
Transaction costs | (58,959,000) | ||
Impairment charges | (9,350,000) | (65,975,000) | (7,607,000) |
Total other | (68,309,000) | (17,118,000) | (3,854,000) |
OPERATING LOSS | (68,116,000) | (21,771,000) | (2,682,000) |
NON-OPERATING INCOME AND EXPENSES | |||
Interest expense, net | (10,894,000) | (13,901,000) | (19,840,000) |
Total non-operating income and expenses | (10,894,000) | (13,901,000) | (19,840,000) |
NET LOSS FROM CONTINUING OPERATIONS | (79,010,000) | (35,672,000) | (22,522,000) |
DISCONTINUED OPERATIONS | |||
Income from discontinued operations | 14,302,000 | 23,535,000 | 21,359,000 |
Impairment (charges) reversal | (16,629,000) | (33,913,000) | 643,000 |
Gain on sales | 125,500,000 | 1,047,000 | |
Total income (loss) from discontinued operations | 123,173,000 | (9,331,000) | 22,002,000 |
NET INCOME (LOSS) | 44,163,000 | (45,003,000) | (520,000) |
Net loss (income) attributable to noncontrolling interests: | |||
Minority interests in consolidated joint ventures | (425,000) | (618,000) | |
Limited partners' interest in Operating Partnership | (132,000) | 329,000 | 66,000 |
Total net loss (income) attributable to noncontrolling interests | 132,000 | 96,000 | 552,000 |
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | 44,031,000 | (45,099,000) | (1,072,000) |
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 33,279,000 | $ (55,851,000) | $ (11,824,000) |
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED): | |||
Continuing operations, basic per share | $ (6.64) | $ (3.53) | $ (2.59) |
Continuing operations, diluted per share | (6.64) | (3.53) | (2.59) |
Discontinued operations, basic per share | 9.12 | (0.71) | 1.67 |
Discontinued operations, diluted per share | 9.12 | (0.71) | 1.67 |
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, BASIC | 2.48 | (4.24) | (0.92) |
NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, DILUTED | $ 2.48 | $ (4.24) | $ (0.92) |
Weighted average number of common shares - basic | 13,448,000 | 13,213,000 | 13,104,000 |
Weighted average number of common shares - diluted | 13,448,000 | 13,213,000 | 13,104,000 |
Rental Revenues [Member] | |||
REVENUES | |||
Total revenues | $ 32,671,000 | $ 38,612,000 | $ 38,408,000 |
Other [Member] | |||
REVENUES | |||
Total revenues | $ 1,334,000 | $ 575,000 | $ 7,482,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 44,163,000 | $ (45,003,000) | $ (520,000) |
Unrealized gain (loss) on change in fair value of cash flow hedges | 8,321,000 | 10,624,000 | (11,878,000) |
Comprehensive income (loss) | 52,484,000 | (34,379,000) | (12,398,000) |
Comprehensive income attributable to noncontrolling interests | (195,000) | (162,000) | (481,000) |
Comprehensive income (loss) attributable to Cedar Realty Trust, Inc. | $ 52,289,000 | $ (34,541,000) | $ (12,879,000) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Limited Partners' Interest In Operating Partnership [Member] | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] WHLR [Member] | Treasury Stock, At Cost [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member] WHLR [Member] | Cumulative Distributions In Excess Of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cedar Realty Trust, Inc. [Member] | Minority Interests In Consolidated Joint Ventures [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2019 | $ 514,075,000 | $ 3,079,000 | $ 159,541,000 | $ 809,000 | $ (16,311,000) | $ 877,256,000 | $ (503,725,000) | $ (7,009,000) | $ 510,561,000 | $ 435,000 | $ 3,514,000 | ||
Balance, shares at Dec. 31, 2019 | 6,450,000 | 13,488,000 | |||||||||||
Net (loss) income | (520,000) | (66,000) | (1,072,000) | (1,072,000) | 618,000 | 552,000 | |||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | (11,878,000) | (71,000) | (11,807,000) | (11,807,000) | (71,000) | ||||||||
Share-based compensation, net | 3,709,000 | $ 3,000 | 1,178,000 | 2,528,000 | 3,709,000 | ||||||||
Share-based compensation, net, shares | 40,000 | ||||||||||||
Common stock sales, net of issuance expenses | 13,000 | 13,000 | 13,000 | ||||||||||
Common stock sales, net of issuance expenses, shares | 2,000 | ||||||||||||
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) | ||||||||||
Distributions to common shareholders/noncontrolling interests | (7,189,000) | (42,000) | (7,147,000) | (7,147,000) | (42,000) | ||||||||
Reallocation adjustment of limited partners' interest | 7,000 | (7,000) | (7,000) | 7,000 | |||||||||
Balance at Dec. 31, 2020 | 487,458,000 | 2,907,000 | $ 159,541,000 | $ 812,000 | (15,133,000) | 879,790,000 | (522,696,000) | (18,816,000) | 483,498,000 | 1,053,000 | 3,960,000 | ||
Balance, shares at Dec. 31, 2020 | 6,450,000 | 13,530,000 | |||||||||||
Net (loss) income | (45,003,000) | (329,000) | (45,099,000) | (45,099,000) | 425,000 | 96,000 | |||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | 10,624,000 | 66,000 | 10,558,000 | 10,558,000 | 66,000 | ||||||||
Share-based compensation, net | 1,858,000 | $ 8,000 | 1,867,000 | (17,000) | 1,858,000 | ||||||||
Share-based compensation, net, shares | 128,000 | ||||||||||||
Common stock sales, net of issuance expenses | 4,000 | 4,000 | 4,000 | ||||||||||
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) | ||||||||||
Acquisition of minority interests | (276,000) | 1,202,000 | 1,202,000 | $ (1,478,000) | (1,478,000) | ||||||||
Distributions to common shareholders/noncontrolling interests | (3,937,000) | (20,000) | (3,917,000) | (3,917,000) | (20,000) | ||||||||
Reallocation adjustment of limited partners' interest | (30,000) | 30,000 | 30,000 | (30,000) | |||||||||
Conversion of OP Units to shares | (8,000) | (8,000) | (8,000) | ||||||||||
Balance at Dec. 31, 2021 | 439,968,000 | 2,586,000 | $ 159,541,000 | $ 820,000 | (13,266,000) | 881,009,000 | (582,464,000) | (8,258,000) | 437,382,000 | 2,586,000 | |||
Balance, shares at Dec. 31, 2021 | 6,450,000 | 13,658,000 | |||||||||||
Net (loss) income | 44,163,000 | 132,000 | 44,031,000 | 44,031,000 | 132,000 | ||||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | 8,321,000 | 63,000 | $ 8,258,000 | 8,258,000 | 63,000 | ||||||||
Share-based compensation, net | 960,000 | $ (6,000) | $ 13,266,000 | (12,300,000) | 960,000 | ||||||||
Share-based compensation, net, shares | (103,000) | ||||||||||||
Common stock sales, net of issuance expenses | 1,000 | 1,000 | 1,000 | ||||||||||
Common stock repurchases | $ (821,000) | 821,000 | |||||||||||
Common stock repurchases. Shares | (13,669,000) | ||||||||||||
Common stock issuance | $ 7,000 | $ 823,000 | (7,000) | $ (823,000) | |||||||||
Common stock issuance, shares | 114,000 | 13,718,000 | |||||||||||
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) | ||||||||||
Acquisition of minority interests | (1,000,000) | (1,000,000) | (1,000,000) | ||||||||||
Distributions to common shareholders/noncontrolling interests | (398,733,000) | (1,433,000) | (397,300,000) | (397,300,000) | (1,433,000) | ||||||||
Redemption of OP Units | 726,000 | 726,000 | 726,000 | ||||||||||
Reallocation adjustment of limited partners' interest | $ (622,000) | 622,000 | 622,000 | $ (622,000) | |||||||||
Balance at Dec. 31, 2022 | $ 82,202,000 | $ 159,541,000 | $ 823,000 | $ 868,323,000 | $ (946,485,000) | $ 82,202,000 | |||||||
Balance, shares at Dec. 31, 2022 | 6,450,000 | 13,718,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 44,163,000 | $ (45,003,000) | $ (520,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on sales | (125,500,000) | (49,904,000) | (4,396,000) |
Impairment charges | 25,979,000 | 99,888,000 | 7,607,000 |
Straight-line rents and expenses, net | (506,000) | (161,000) | 1,279,000 |
Provision for doubtful accounts | 968,000 | 1,114,000 | 1,478,000 |
Depreciation and amortization | 19,372,000 | 39,454,000 | 48,412,000 |
Amortization of intangible lease liabilities, net | (1,080,000) | (1,074,000) | (1,373,000) |
Expense relating to share-based compensation, net | 1,608,000 | 3,043,000 | 3,723,000 |
Amortization of deferred financing costs | 6,105,000 | 1,360,000 | 1,331,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Rents and other receivables | (15,575,000) | (1,266,000) | (2,811,000) |
Prepaid expenses and other | (5,654,000) | (2,709,000) | (9,216,000) |
Accounts payable and accrued liabilities | 29,656,000 | 220,000 | (2,934,000) |
Net cash (used in) provided by operating activities | (20,464,000) | 44,962,000 | 42,580,000 |
INVESTING ACTIVITIES | |||
Expenditures for real estate improvements | (22,407,000) | (28,309,000) | (39,551,000) |
Net proceeds from sales of real estate | 699,337,000 | 104,497,000 | 21,182,000 |
Contributions to unconsolidated joint venture | (155,000) | (4,654,000) | |
Net cash provided by (used in) investing activities | 676,775,000 | 71,534,000 | (18,369,000) |
FINANCING ACTIVITIES | |||
Repayments under revolving credit facility | (70,000,000) | (188,000,000) | (104,000,000) |
Advances under revolving credit facility | 4,000,000 | 79,000,000 | 173,000,000 |
Repayment of term note | (300,000,000) | (100,000,000) | (75,000,000) |
Proceeds (termination payment) related to interest rate swap | 3,400,000 | (503,000) | |
Term loans and mortgage proceeds | 265,000,000 | 114,000,000 | |
Term loan and mortgage repayments | (130,664,000) | (1,110,000) | (1,067,000) |
Payments of debt financing costs | (7,368,000) | (3,278,000) | (326,000) |
Noncontrolling interests: | |||
Purchase of minority interest | (276,000) | ||
Distributions to limited partners | (966,000) | (20,000) | (42,000) |
Acquisition of joint venture minority interest share | 1,000,000 | ||
Redemption of OP units | (467,000) | (8,000) | |
Common stock sales less issuance expenses, net | 13,000 | ||
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) |
Distributions to common shareholders | (397,300,000) | (3,917,000) | (7,147,000) |
Net cash used in financing activities | (646,117,000) | (114,864,000) | (25,321,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 10,194,000 | 1,632,000 | (1,110,000) |
Cash, cash equivalents and restricted cash at beginning of year | 3,269,000 | 1,637,000 | 2,747,000 |
Cash, cash equivalents and restricted cash at end of year | 13,463,000 | 3,269,000 | 1,637,000 |
Reconciliation to consolidated balance sheets: | |||
Cash and cash equivalents | 3,899,000 | 3,039,000 | 1,637,000 |
Restricted cash | 9,564,000 | 230,000 | |
Cash, cash equivalents and restricted cash at end of year | $ 13,463,000 | $ 3,269,000 | $ 1,637,000 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Note 1. Business a nd Organ ization Cedar Realty Trust, Inc. (the “Company”) is a real estate investment trust (“REIT”) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers primarily in the Northeast. The Company, organized as a Maryland corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to Cedar Realty Trust Partnership L.P. (the “Operating Partnership”), organized as a limited partnership under the laws of Delaware. The Company conducts substantially all of its business through the Operating Partnership. Prior to consummation of the Transactions described below, the Operating Partnership had limited partners other than the Company, but their limited partnership interests in the Operating Partnership were canceled pursuant to the Merger Agreement, as described below. At December 31, 2022, the Company owned a 100.0 % general and limited partnership interest in, and was the sole general partner of, the Operating Partnership and is a wholly-owned subsidiary of WHLR. As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only. Asset Sale and Merger On March 2, 2022, the Company announced that following its previously announced review of strategic alternatives, it had entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions. Specifically, on March 2, 2022, the Company and certain of its subsidiaries entered into an asset purchase and sale agreement (the “Asset Purchase Agreement”) with DRA Fund X-B LLC and KPR Centers LLC (together with their respective designees, the “Grocery-Anchored Purchasers”) for the sale of a portfolio of 33 grocery-anchored shopping centers for cash (the “Grocery-Anchored Portfolio Sale”). In addition, on March 2, 2022, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with WHLR and certain of its affiliates pursuant to which, following closing of the Grocery-Anchored Portfolio Sale, WHLR would acquire the balance of the Company’s shopping center assets by way of an all-cash merger transaction (the “Merger”). The transactions contemplated by the Asset Purchase Agreement and the Merger Agreement are collectively referred to as the “Transactions”. The Transactions were unanimously approved by the Company’s Board of Directors (the “Board”) and were approved by the Company’s common stockholders at a special meeting of stockholders held on May 27, 2022. On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $ 879 million, including the assumed debt. There were no material relationships among the Company, the Grocery-Anchored Purchasers, or any of their respective affiliates. On August 22, 2022, the Company completed the Merger. Each outstanding share of common stock of the Company and outstanding common unit of the Operating Partnership held by persons other than the Company immediately prior to the Merger were canceled and converted into the right to receive a cash payment of $ 9.48 per share or unit. As a result of the Merger, WHLR acquired all of the outstanding shares of the Company's common stock, which ceased to be publicly traded on the NYSE. The Company's outstanding 7.25 % Series B Preferred Stock and 6.50 % Series C Preferred Stock remain outstanding and continue to trade on the NYSE. In addition, prior to consummation of the Merger, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock and OP Units of $ 19.52 per share, payable to holders of record of the Company's common stock and OP Units at the close of business on August 19, 2022. In connection with the transactions discussed above, the Company incurred transaction costs of $ 59.0 million for t he year ended December 31, 2022, included in the accompanying consolidated statement of operations, o f which $ 33.5 million relate s to employee severance payments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Reverse Stock Split On November 25, 2020, the Company effected a 1-for-6.6 reverse stock split of the issued and outstanding shares of common s tock. Each 6.6 shares of the Company's issued and outstanding common stock were combined into one share of the Company's common stock. The number of authorized shares and the par value of the common stock were not changed. In addition, the Company amended the Limited Partnership Agreement of our Operating Partnership to effect a corresponding reverse split of the partnership interests of the Operating Partnership. In accordance with accounting principles generally accepted in the United States (“GAAP”), all shares of common stock, restricted stock units, Operating Partnership Units (“OP Units”) and per share/unit information that are presented in this Form 10-K were adjusted to reflect the reverse split on a retroactive basis for all periods presented. Principles of Consolidation/Basis of Preparation The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities (“VIEs”) for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity’s activities that significantly impact the entity’s performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (1) the power to direct the activities that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current values, performance of real estate held by these VIEs, and general market conditions. The Financial Accounting Standards Board (“FASB”) issued guidance which amended the consolidation requirements, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under the analysis, limited partnerships and other similar entities will be considered variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. The guidance was adopted on January 1, 2016. The Company had a 60 %-owned joint venture originally formed to develop the project known as Crossroads II. This joint venture was consolidated as it was deemed to be a VIE and the Company was the primary beneficiary. The Company (1) guaranteed all related debt, (2) did not require its partners to fund additional capital requirements, (3) had an economic interest greater than its voting proportion and (4) directed the management activities that significantly impacted the performance of the joint venture. At December 31, 2021, this VIE owned real estate with a carrying value of $ 36.2 million and no mortgage loan payable. On June 28, 2022 , the Company acquired the 40 % minority ownership interest percentage in Crossroads II and the Company's ownership interest in Crossroads II was included in the Grocery-Anchored Portfolio Sale that occurred on July 7, 2022. The accompanying financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. Real Estate Investments Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years , with buildings being depreciated at the upper end of the range. Depreciation expen se, net of discontinued operations, amounted to $ 8.5 million, $ 11.1 million and $ 15.2 million for 2022, 2021 and 2020, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset’s estimated useful life. A variety of costs are incurred in the development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Properties Held for Sale The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as “held for sale” on the Company’s consolidated balance sheets at the time such determinations are made, on a prospective basis only. The Company, when applicable, conducts a continuing review of the values for all properties “held for sale” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts less costs to sell for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated (see Note 4, Fair Value Measurements), or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s determination to dispose of properties, which are subsequently reclassified to “held for sale”, the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflects that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell. The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The results of operations for those properties not meeting such criteria are reported in “continuing operations” in the consolidated statements of operations. Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investme nts with original maturities when purchased of less than ninety days, and include cash at a consolidated joint venture of $ 0.0 million and $ 0.2 million at December 31, 2022 and 2021, respectively. The terms of the secured term loans may require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. 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 while also considering counterparty credit risk in the assessment of fair value. Revenue Recognition and Receivables The Company's underlying assets relating to rental revenue activity is solely retail space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination fees, which are included in revenues on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company, as of January 1, 2019, to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. In accordance with this guidance, $ 4.1 million of rental revenue relating to certain leases that were no longer deemed probable of collection were not recorded as rental revenue for the year ended December 31, 2020. Of this amount, $ 0.7 million represented deferred rent receivables that were written-off for the year ended December 31, 2020. For the year ended December 31, 2021, $( 0.2 ) million of rental revenue previously removed from rental revenue was recovered and recorded as rental revenue. Of this amount, there were no deferred rent receivables that were written-off for the year ended December 31, 2021. For the year ended December 31, 2022, there was no rental revenue relating to certain leases that were no longer deemed probable of collection. $( 0.3 ) million of deferred rent receivables that were previously written-off were recovered for the year ended December 31, 2022. The allowance for doubtful accounts was $ 2.0 million and $ 1.0 million at December 31, 2022 and 2021, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $( 0.3 ) million, $( 0.6 ) million and $( 3.9 ) million in 2022, 2021 and 2020, respectively. Segment Information The Company’s primary business is the ownership and operation of grocery-anchored shopping centers. The Company reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of rental income and other property income, less operating expenses and real estate taxes. For the year ended December 31, 2022, one property constitutes approximately 15.8 % of the Company's revenues and no other individual property constitutes more than 10% of the Company’s revenues or property operating income. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in other assets and accounts payable and accrued liabilities on the Company's consolidated balance sheets. Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. Transaction Costs All costs associated with the Company's strategic alternatives process, including the Grocery-Anchored Portfolio Sale and the Merger, were expensed as incurred. Income Taxes The Company, organized in 1984, has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its stockholders and complies with certain other requirements. As of December 31, 2022, the Company was in compliance with all REIT requirements. The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual. Derivative Financial Instruments Prior to its merger with WHLR, the Company occasionally utilized derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company had established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments had to be effective in reducing the Company’s interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction were modified, or when the underlying hedged item ceased to exist, all changes in the fair value of the instrument were marked-to-market with changes in value included in net income for each period until the derivative financial instrument matured or was settled. Any derivative financial instrument used for risk management that did not meet the hedging criteria was marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Share-Based Compensation During 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 Plan”), which replaced the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). As of the effective date of the 2017 Plan, the Company may not grant any further awards under the 2012 Plan. The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company’s shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares of the Company’s common stock that may be issued pursuant to the 2017 Plan by 303,000 shares, to a new total of 909,000 shares (see Note 14, Share-Based Compensation), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 76,000 . All grants issued pursuant to the 2017 Plan generally vest (1) at the end of designated time periods for time-based grants, or (2) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time–based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants are being expensed on a straight-line basis over their respective vesting periods (irrespective of achievement of the market performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the terms of the 2017 Plan, those grants of restricted shares that are contributed to the Rabbi Trusts are classified as treasury stock on the Company’s consolidated balance sheet. The 2017 Plan was terminated in connection with the merger with WHLR. Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2022 2021 2020 Supplemental disclosure of cash activities: Cash paid for interest $ 14,344,000 $ 20,219,000 $ 23,208,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,035,000 3,399,000 2,674,000 Buildings and improvements included in accounts payable and accrued liabilities ( 4,062,000 ) 871,000 2,976,000 Recognition of right-of-use assets and related lease liabilities — — 703,000 Payoff of mortgages through mortgage assumptions 157,925,000 — — Issued and Adopted Accounting Pronouncements In June 2016, the FASB issued guidance which enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. In November 2018, the FASB issued guidance to clarify that operating lease receivables, including straight-line rent receivables recorded by lessors are explicitly excluded from the scope of the June 2016 guidance. The guidance was effective January 1, 2020, and it did not have a material effect on the Company’s consolidated financial statements. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Note 3. Real Estate Investment in unconsolidated joint venture On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners (the “Joint Venture”) for the construction of an approximately 258,000 square foot six-story commercial building in Washington, D.C. consisting of approximately 240,000 square feet of office space which is 100 % leased to the Washington, D.C., Department of General Services (“DGS”) for its headquarters and approximately 18,000 square feet of street-level retail. The term of the lease with DGS is for 20 years and 10 months , to commence upon substantial completion and delivery to the DGS. The Company sold approximately $ 8.0 million of development costs to the Joint Venture as part of its formation on May 5, 2021. On August 5, 2022, the Joi nt Venture was sold in connection with the Grocery-Anchored Portfolio Sale. The Company contributed approximately $ 4.8 million of capital to the Joint Venture through its tenure. 2022 Acquisition On June 28, 2022, the Company acquired the 40 % minority ownership percentage in the Crossroads II joint venture for $ 1.0 million. The Company's ownership interest in Crossroads II was included in the Grocery-Anchored Portfolio Sale that occurred on July 7, 2022. 2021 Acquisition On October 14, 2021, the Company purchased the 60 % minority ownership in the Patuxent Crossing joint venture, located in California, Maryland. The purchase price for the minority ownership was $ 0.3 million. Dispositions Excluding the Grocery-Anchored Portfolio Sale, during 2022, 2021 and 2020, the Company sold the properties listed below: Gain on Sale/ Date Sales Reversal of Property Location Sold Price Impairment 2022 Riverview Plaza Philadelphia, PA 5/16/2022 $ 34,000,000 $ ( 361,000 ) 2021 Kempsville Crossing (land parcel) Virginia Beach, VA 2/24/2021 $ 1,300,000 $ 1,047,000 The Commons Dubois, PA 5/5/2021 9,761,000 1,849,000 Camp Hill Shopping Center Camp Hill, PA 6/21/2021 89,662,500 48,857,000 $ 100,723,500 $ 51,753,000 2020 Metro Square Owings Mills, MD 7/9/2020 $ 4,288,000 $ - Oakland Mills outparcel building Columbia, MD 9/17/2020 1,050,000 643,000 Glen Allen Shopping Center Glen Allen, VA 10/8/2020 8,540,000 1,780,000 Pine Grove Plaza outparcel building Brown Mills, NJ 11/2/2020 1,100,000 565,000 Suffolk Plaza Suffolk, VA 12/10/2020 6,950,000 1,408,000 $ 21,928,000 $ 4,396,000 Impairme nts of $ 9.4 million fo r the year ended December 31, 2022 also include those related to the Company's investment in the unconsolidated joint venture and the note receivable associated with Senator Square. These impairments are included in operating loss in the accompanying consolidated statement of operations. Impairments of $ 58.5 million for the year ended December 31, 2021 relate to the Company's dual-track strategic alternatives process required upon classification as held for sale. These impairments are included in operating loss in the accompanying consolidated statement of operations. The Company recorded impairment charges of $ 7.2 million relating to Metro Square during 2020, which are included in continuing operations in the accompanying consolidated statements of operations. Real Estate Held for Sale As of December 31, 2022, there were no properties classified as “real estate held for sale” on the accompanying consolidated balance sheet. As of December 31, 2021, Carll’s Corner, located in Bridgeton, New Jersey, and Riverview Plaza, located in Philadelphia, Pennsylvania, along with the properties that were part of the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales, were classified as “real estate held for sale” on the accompanying consolidated balance. As of December 31, 2022 and 2021, real estate held for sale consists of the following: December 31, 2022 2021 Real estate held for sale $ — $ 736,230,000 Receivables — 8,453,000 Other assets and deferred charges, net — 12,354,000 Total real estate held for sale $ — $ 757,037,000 During 2021, the Company recorded a (1) reversal of impairment charges of $ 1.8 million for The Commons, located in Dubois, Pennsylvania, and (2) recorded, as part of the dual-track strategic alternatives process, impairment charges of $ 9.3 million. In addition, the Company recorded impairment charges of $ 0.4 million for The Commons in 2 020. These impairment charges were included in continuing operations in the accompanying consolidated statement of operations. Discontinued Operations On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $ 879 million, including the assumed debt. The assets sold in these transactions are: Property Name Location Property Name Location Academy Plaza Philadelphia, PA New London Mall New London, CT Bethel Shopping Center Bethel, CT Newport Plaza Newport, PA Carmans Plaza Massapequa, NY Northside Commons Campbelltown, PA Christina Crossing Wilmington, DE Norwood Shopping Center Norwood, MA Colonial Commons Harrisburg, PA Oak Ridge Shopping Center Suffolk, VA Crossroads II Bartonsville, PA Oakland Mills Columbia, MD East River Park Washington, DC Palmyra Shopping Center Palmyra, PA Elmhurst Square Portsmouth, VA Quartermaster Plaza Philadelphia, PA Fishtown Crossing Philadelphia, PA Senator Square Washington, DC Franklin Village Plaza Franklin, MA Shoppes at Arts District Hyattsville, MD General Booth Plaza Virginia Beach, VA Swede Square E. Norriton Township, PA Girard Plaza Philadelphia, PA The Point Harrisburg, PA Groton Shopping Center Groton, CT The Shops as Bloomfield Station Bloomfield, NJ Halifax Plaza Halifax, PA The Shops at Suffolk Downs Revere, MA Jordan Lane Wethersfield, PA Trexlertown Plaza Trexlertown, PA Kempsville Crossing Virginia Beach, VA Valley Plaza Hagerstown, MD Lawndale Plaza Philadelphia, PA Yorktowne Plaza Cockeysville, MD Meadows Marketplace Hummelstown, PA The Grocery-Anchored Portfolio Sale represents a strategic shift and has a material effect on the Company’s operations and financial results, and, therefore, the Company determined that it is deemed a discontinued operation. Accordingly , the portfolio of 33 grocery-anchored shopping centers have been classified as held for sale and the results of their operations have been classified as discontinued operations retrospectively for all periods presented herein. The following is a summary of income (loss) from discontinued operations: Years ended December 31, 2022 2021 2020 REVENUES Rental revenues $ 45,073,000 $ 87,839,000 $ 88,763,000 Other 184,000 524,000 885,000 Total revenues 45,257,000 88,363,000 89,648,000 EXPENSES Operating, maintenance and management 10,818,000 19,518,000 21,311,000 Real estate and other property-related taxes 6,749,000 13,040,000 12,727,000 General and administrative 151,000 222,000 174,000 Depreciation and amortization 9,726,000 27,313,000 31,943,000 Total expenses 27,444,000 60,093,000 66,155,000 OPERATING INCOME 17,813,000 28,270,000 23,493,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net ( 3,511,000 ) ( 4,735,000 ) ( 2,134,000 ) Total non-operating income and expenses ( 3,511,000 ) ( 4,735,000 ) ( 2,134,000 ) INCOME FROM DISCONTINUED OPERATIONS 14,302,000 23,535,000 21,359,000 Impairment (charges) reversal ( 16,629,000 ) ( 33,913,000 ) 643,000 Gain on sales 125,500,000 1,047,000 — TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 123,173,000 $ ( 9,331,000 ) $ 22,002,000 Net cash provided by operations from discontinued operations was $ 25.9 million, $ 48.3 million and $ 39.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. Net cash provided by (used in) investing activities from discontinued operations was $ 651.5 million, $( 21.2 ) million and $( 23.4 ) million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued liabilities, and variable-rate debt approximate their fair value due to their terms and/or short-term nature. The fair value of the Company’s investments and liabilities related to deferred compensation were determined to be Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The fair value of the Company’s fixed rate mortgage loan was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2022, the Company's fixed rate mortgage loan payable was paid off. As of December 31, 2021, the fair value of the Company’s fixed rate mortgage loan payable, which was determined to be Level 3 within the valuation hierarchy, was $ 159.0 million and the carrying value of such loan, was $ 156.8 million. As of December 31, 2022, the fair value of the Company’s fixed rate secured term loans, which were determined to be Level 3 within the valuation hierarchy, was $ 131.8 million and the carrying value of such loans, was $ 131.5 million. As of December 31, 2021, the aggregate fair values of the Company’s unsecured revolving credit facility and unsecured term loans approximated the carrying values. In addition, the fair values of the Company’s mortgage note receivable and finance lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of December 31, 2021. The Company did not have the unsecured revolving credit facility, mortgage note receivable and finance lease obligation as of December 31, 2022. The interest rate swaps were terminated as part of the Grocery-Anchored Portfolio Sale. The valuations of the liabilities for the Company’s interest rate swaps, which are measured on a recurring basis, were determined to be Level 2 within the valuation hierarchy, and were based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and user-observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of December 31, 2021, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale, which, if applicable, are measured on a nonrecurring basis, and have been determined to be (1) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, income capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and income capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were composed of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach is utilized for certain land values and includes comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believes to be within a reasonable range of current market rates for the respective properties. As a result of the Grocery-Anchored Portfolio Sale, the Company has no interest rate swap and deferred compensation assets or liabilities as of December 31, 2 022. The following table shows the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2021: December 31, 2021 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 955,000 $ — $ — $ 955,000 Deferred compensation liabilities (b) $ 982,000 $ — $ — $ 982,000 Interest rate swaps liability (b) $ — $ 8,232,000 $ — $ 8,232,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. In connection with the dual-track strategic alternatives process, it was determined that certain of the Company’s operating properties would be sold significantly prior to the end of their previously estimated hold periods. As of December 31, 2021, the Company tested the recoverability of real estate held for use and, as a result of the carrying amount of the assets not being deemed recoverable and exceeding their fair value as measured on an asset by asset basis, recorded $ 58.5 million in impairment charges. These charges are included in impairment charges in the consolidated statement of operations. Such assets have an aggregate fair value of $ 84.8 million as of December 31, 2021. The fair value of the assets was determined to be Level 2. As of December 31, 2021, real estate held for sale on the consolidated balance sheet consisted of thirty seven retail properties, totaling $ 757.0 million, which were determined to be Level 2 assets under the hierarchy, for which the carrying values were below their fair values. During 2021, the Company recorded an impairment of $ 43.3 million, which is included in impairment charges in the consolidated statement of operations. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 5. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits and/or suitable guarantees. Excluding properties held for sale and properties included in discontinued operations, there were no tenants that accounted for an aggregate o f more than 10% of the Company’s total revenues during 2022, 2021 and 2020. Excluding properties held for sale, the Company’s properties are located largely in the Northeast, which exposes it to greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 7 of the Company’s properties are located in Pennsylvania). |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Receivables | Note 6. Receivables Receivables a t December 31, 2022 and 2021 are composed of the following: December 31, 2022 2021 Rents and other receivables, net $ 2,904,000 $ 7,242,000 Mortgage note receivable — 3,500,000 Straight-line rents, net 3,231,000 2,838,000 $ 6,135,000 $ 13,580,000 |
Other Assets and Deferred Charg
Other Assets and Deferred Charges, Net | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets and Deferred Charges, Net | Note 7. Other Assets and Deferred Charges, Net Other assets and deferred charg es, net, at December 31, 2022 and 2021 are composed of the following: December 31, 2022 2021 Lease origination costs (a) $ 4,747,000 $ 4,710,000 Right-of-use assets 2,062,000 9,861,000 Prepaid expenses 1,029,000 7,255,000 Investments related to share-based compensation — 955,000 Unsecured revolving credit facility financing costs — 1,134,000 Leasehold improvements, furniture and fixtures — 50,000 Other 86,000 ( 188,000 ) Total other assets and deferred charges, net $ 7,924,000 $ 23,777,000 (a) Lease origination costs include the unamortized balance of intangible lease as sets resulting from purchase accounting allocations of $ 0.1 million (cost of $ 1.8 million and accumulated amortization of $ 1.7 million) and $ 0.1 million (cost of $ 3.1 million and accumulated amortization of $ 3.0 million) as of December 31, 2022 and 2021, respectively. Deferred charges are amortized over the terms of the related agreements. Amortization expense related to deferred charges (including amortization of deferred financing costs included in non-operating income and expense), net of discontinued operations, amounte d to $ 7.2 million, $ 2.4 million and $ 2.6 million for 2022, 2021, and 2020, respectively. The unamortized balances of deferred lease origination costs is net of accumulated amortization of $ 10.6 million at December 31, 2022. Deferred lease origination costs will be charged to future operations as follows: Lease origination costs 2023 $ 759,000 2024 766,000 2025 666,000 2026 596,000 2027 545,000 Thereafter 1,415,000 $ 4,747,000 |
Mortgage Loans Payable and Cred
Mortgage Loans Payable and Credit Facilities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable and Credit Facilities | Note 8. Mortgage Loans Payable and Credit Facilities Debt and finance lease obligations are composed of the following at December 31, 2022 and 2021 and collateralized by 12 properties at December 31, 2022: December 31, 2022 December 31, 2021 Contractual Contractual Maturity Balance interest rates Balance interest rates Description dates outstanding weighted-average outstanding weighted-average Fixed-rate mortgage Franklin Village Jun 2026 $ — n/a $ 44,571,000 3.9 % Shops at Suffolk Downs (a) Jun 2031 — n/a 15,600,000 3.5 % Trexlertown Plaza (a) Jun 2031 — n/a 36,100,000 3.5 % The Point (a) Jun 2031 — n/a 29,700,000 3.5 % Christina Crossing (a) Jun 2031 — n/a 17,000,000 3.5 % Lawndale Plaza (a) Jun 2031 — n/a 15,600,000 3.5 % Senator Square finance lease obligation Sep 2050 — n/a 5,596,000 5.3 % — n/a 164,167,000 3.6 % Credit facilities: Variable-rate: Revolving credit facility (b) Aug 2024 — n/a 66,000,000 1.6 % (b) Fixed-rate: Term loan (c) Apr 2023 — n/a 100,000,000 3.3 % Term loan (c) Sep 2024 — n/a 75,000,000 3.8 % Term loan (c) Jul 2025 — n/a 75,000,000 4.7 % Term loan (c) Aug 2026 — n/a 50,000,000 3.3 % Term loan Nov 2032 110,000,000 5.3 % — n/a Term loan Jan 2033 25,000,000 6.4 % — n/a 135,000,000 5.5 % 530,167,000 3.5 % Unamortized issuance costs ( 3,538,000 ) ( 3,129,000 ) $ 131,462,000 $ 527,038,000 (a) The mortgages for these properties were cross-collateralized. (b) The revolving credit facility was subject to two one-year extensions at the Company’s option. (c) The interest rates on these term loans consisted of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company had interest rate swap agreements which converted the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. The finance lease obligation was part of the Grocery-Anchored Portfolio Sale and had a zero balance at December 31, 2022. Mortgage Loans Payable On May 5, 2021, the Company closed a non-recourse mortgage for $ 114.0 million. The mortgage matures June 1, 2031 , bears interest at a fixed-rate of 3.49 % and requires payment of interest-only for the first five years followed by payments of principal and interest based on thirty-year amortization for the remainder of the term. The loan is secured by five shopping centers consisting of Lawndale Plaza, The Shops at Suffolk Downs, Christina Crossing, Trexlertown Plaza, and The Point. These properties had no pre-existing debt and the proceeds from this new loan were used to reduce amounts outstanding under the Company’s revolving credit facility. The mortgage loans payable were assumed by the Grocery-Anchored Purchasers, in connection with the Grocery-Anchored Portfolio Sale. Unsecured Revolving Credit Facility and Term Loans On August 30, 2021, the Company amended its then-existing $ 300 million unsecured credit facility and $ 50 million term loan. After the amendment, the new unsecured revolving credit facility was $ 185 million with an expiration in August 2024 . The unsecured revolving credit facility was able to be extended, at the Company’s option for two additional one-year periods, subject to customary conditions. Interest on the borrowings under the new unsecured revolving credit facility component could range from LIBOR plus 135 bps to 195 bps ( 150 bps at June 30, 2022, prior to its pay off, as discussed below), based on the Company’s leverage ratio. The Company extended its $ 50 million term loan four years with an expiration in August 2026 . Although the credit facility was unsecured, borrowing availability was based on unencumbered property adjusted net operating income for the trailing twelve months, as defined in the agreements. The unsecured revolving credit facility and term loans were paid off and terminated on July 11, 2022, in connection with the Grocery-Anchored Portfolio Sale. KeyBank Credit Agreement On August 22, 2022, the Company entered into a loan agreement with KeyBank National Association for $ 130.0 million (the “KeyBank Credit Agreement”). The interest rate on this term loan consisted of the term Secured Overnight Financing Rate plus 0.10 % plus an applicable margin of 2.5 % through February 2023 , at which time increases to 4.0 % and was collateralized by all of the Company's remaining 19 properties following the Transactions. As of December 31, 2022, the KeyBank Credit Agreement was repaid with the proceeds from the Guggenheim Loan Agreement and Citi Loan Agreement. Secured Term Loans On October 28, 2022, the Company entered into a term loan agreement with Guggenheim Real Estate, LLC for $ 110.0 million at a fixed rate of 5.25 % with interest-only payments due monthly (“Guggenheim Loan Agreement”). Commencing on December 10, 2027, until the maturity date of November 10, 2032 , monthly principal and interest payments will be made based on a 30-year amortization sched ule calculated based on the principal amount as of that time. The Guggenheim Loan Agreement includes certain financial covenants. The Guggenheim Loan Agreement is collateralized by 10 properties, consisting of Brickyard Plaza, Fairview Commons, Gold Star Plaza, Golden Triangle, Hamburg Square, Pine Grove Plaza, Southington Center, Trexler Mall, Washington Center and Webster Commons, and proceeds were used to paydown the Company’s KeyBank Credit Agreement. On December 21, 2022, the Company entered into a term loan agreement with Citi Real Estate Funding Inc. (“Citi Loan Agreement”) for $ 25.0 million at a fixed rate of 6.35 % with interest-only payments due monthly through maturity on January 6, 2033 . The Citi Loan Agreement is collateralized by 2 properties, consisting of Patuxent Crossing and Coliseum Marketplace, and proceeds were used to satisfy the remaining obligation of the KeyBank Credit Agreement and released the remaining collateral under that agreement. Scheduled Principal Payments Scheduled principal payments on secured term loans at December 31, 2022, due on various dates from 2032 to 2033, are as follows: 2023 $ — 2024 — 2025 — 2026 — 2027 126,000 Thereafter 134,874,000 $ 135,000,000 Derivative Financial Instruments The interest rate swaps were terminated as part of the Grocery-Anchored Portfolio Sale for a $ 3.4 million benefit, which is included in interest expense, net on the consolidated statement of operations for the year ended December 31, 2022. The fair values of the interest rate swaps applicable to the unsecured term loans discussed above are included in accounts payable and accrued liabilities on the consolidated balance sheet at December 31, 2021. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehens ive income (loss), noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. The following is a summary of the derivative financial instruments held by the Compan y at December 31, 2021: December 31, 2021 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 8,232,000 2023 - 2025 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at December 31, 2021 were $ 300.0 million. The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equit y for the years ended 2022, 2021 and 2020, respectively: (Loss) gain recognized in other comprehensive income (loss) (effective portion) Designation/ Years ended December 31, Cash flow Derivative 2022 2021 2020 Qualifying Interest rate swaps $ 6,001,000 $ 4,148,000 $ ( 17,940,000 ) (Loss) recognized in other comprehensive income (loss) reclassified into earnings (effective portion) Years ended December 31, Classification 2022 2021 2020 Continuing Operations $ ( 2,320,000 ) $ ( 6,476,000 ) $ ( 6,062,000 ) |
Intangible Lease Asset_Liabilit
Intangible Lease Asset/Liability | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Lease Asset Liability [Abstract] | |
Intangible Lease Asset/Liability | Note 9. Intangible Lease Asset/Liability Unamortized intangible lease liabiliti es that relate to below-market leases amounted to $ 3.1 million and $ 5.4 million at December 31, 2022 and December 31, 2021, respectively. Unamortized intangible lease assets that relate to above-market leases amounted to $ 0.1 million and $ 0.1 million at December 31, 2022 and December 31, 2021, respectively. The unamortized balance of intangible lease liabilities at December 31, 2022 is net of accumulated amortization of $ 42.9 million, and will be credited to future operations as follows: 2023 $ 416,000 2024 250,000 2025 236,000 2026 236,000 2027 236,000 Thereafter 1,704,000 $ 3,078,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies The Company is the lessee under several ground lease agreements and its executive office lease agreement. The executive office lease agreement was terminated during the third quarter of 2022. As of December 31, 2022, the Company’s weighted average remaining lease term is approxim ately 49.0 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 8.6 %. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $ 0.3 million, $ 0.5 million and $ 0.8 million for 2022, 2021 and 2020, respectively. The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and executive office lease agreements applicable to lease liabilities as o f December 31, 2022: 2023 $ 179,000 2024 179,000 2025 179,000 2026 179,000 2027 179,000 Thereafter 7,852,000 Total undiscounted future minimum lease payments 8,747,000 Future minimum lease payments, discount ( 6,685,000 ) Lease liabilities $ 2,062,000 Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under an insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors’, officers’, entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover its losses. Regulatory and Environmental Under various federal, state, and local laws, ordinances, and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Generally, the Company’s tenants must comply with environmental laws and meet any remediation requirements. In addition, leases typically impose obligations on tenants to indemnify the Company from any compliance costs the Company may incur as a result of environmental conditions on the property caused by the tenant. However, if a lease does not require compliance, or if a tenant fails to or cannot comply, the Company could be forced to pay these costs. Management is unaware of any environmental matters that would have a material impact on the Company’s consolidated financial statements. Litigation The Company is involved in various legal proceedings in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated. In addition, the below legal proceedings are in process: As described in Note 1, on March 2, 2022, the Company entered into definitive agreements for the Transactions, which provided for the sale of the Company and its assets in a series of related all-cash transactions. On April 5, 2022, a purported stockholder of the Company filed a complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the Eastern District of New York, entitled Stein v. Cedar Realty Trust, Inc. et. al., Civil Action No. 22-cv-1944. On April 6, 2022, another purported stockholder of the Company filed a complaint against the Company and the former Board of Directors in the United States District Court for the Eastern District of New York, entitled Wang v. Cedar Realty Trust, Inc. et. al., Civil Action No. 22-cv-1975. On April 18, 2022, another purported stockholder of the Company filed a complaint against the Company and the former Board of Directors in the United States District Court for the Eastern District of New York, entitled Whitfield v. Cedar Realty Trust, Inc. et. al., Civil Action No. 22-cv-02204. Also on April 18, 2022, a purported stockholder of the Company filed a complaint against the Company and the former Board of Directors in the United States District Court for the Eastern District of Pennsylvania, entitled Waterman v. Cedar Realty Trust, Inc. et. al., Civil Action No. 22-cv-01489. On April 22, 2022, a purported stockholder of the Company filed a complaint against the Company and the former Board of Directors in the United States District Court for the Eastern District of New York, entitled Thornburgh v. Cedar Realty Trust, Inc. et. al., Civil Action No. 22-cv-02304. In each action, the complaint alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in connection with the proposed Transactions. The complaints generally allege that the preliminary proxy statement on Schedule 14A filed by the Company with the SEC on April 5, 2022 omitted material information regarding financial projections, the financial analysis conducted by JLL Securities in connection with its fairness opinion, conflicts of interest on behalf of JLL Securities and BofA Securities, and the terms of BofA Securities’ engagement. The complaints sought, among other things, an injunction preventing the consummation of the Transactions, or, in the event the Transactions are consummated, damages resulting from Defendants’ alleged violations of the Exchange Act. The lawsuits were each voluntarily dismissed in July, August or September 2022. On April 8, 2022, several purported holders of the Company’s outstanding preferred stock filed a putative class action complaint against the Company, the Board of Directors prior to the Merger, and WHLR in Montgomery County Circuit Court, Maryland entitled Sydney, et al. v. Cedar Realty Trust, Inc., et al., (Case No. C-15-CV-22-001527). The original complaint alleged on behalf of a putative class of holders of the Company’s preferred stock, among other things, against the Company and the former Board of Directors, claims for breach of contract with respect to the articles supplementary governing the terms of the Company’s preferred stock, breach of fiduciary duty, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. The original complaint sought, among other things, a declaration that holders of the Company’s preferred stock are entitled to a liquidation preference as set forth in the articles supplementary governing the terms of the Company’s preferred stock, compensatory damages, and an injunction enjoining the merger with WHLR, and an injunction enjoining the distribution to the Company’s common shareholders of the proceeds of any of the Transactions pending a determination of the merits of Plaintiffs’ claims. On May 6, 2022, Plaintiffs in the Sydney action filed an amended complaint. The amended complaint alleged on behalf of a putative class of holders of the Company’s preferred stock, among other things, against the Company and the former Board of Directors, claims for breach of contract with respect to the articles supplementary governing the terms of the Company’s preferred stock and breach of fiduciary duty, and, against WHLR, tortious interference and aiding and abetting breach of fiduciary duty. The Sydney amended complaint sought, among other things, (i) a declaration that holders of the Company’s preferred stock are entitled to exercise either their liquidation rights or conversion rights as set forth in the articles supplementary, (ii) compensatory damages, (iii) an injunction enjoining the distribution to the Company’s common shareholders of the proceeds of the Grocery-Anchored Portfolio Sale, and (iv) an injunction enjoining the merger with WHLR. On May 6, 2022, the Plaintiffs in Sydney filed a motion for a preliminary injunction to temporarily enjoin, until the final resolution of the litigation (i) the distribution of the gross proceeds from the Grocery-Anchored Portfolio Sale to the common stockholders, (ii) the closing of the merger with WHLR, and (iii) the imposition of a constructive trust over the gross proceeds from both the Grocery Anchored Portfolio Sale and the merger with WHLR. Also on May, 6, 2022, a purported holder of the Company’s outstanding preferred stock filed a putative class action complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the District of Maryland, entitled Kim v. Cedar Realty Trust, Inc., et al., Civil Action No. 22-cv-01103. The original complaint alleged on behalf of a putative class of holders of the Company’s preferred stock, among other things, claims for declaratory and injunctive relief with respect to the articles supplementary governing the terms of the Company’s preferred stock and breach of fiduciary duty. On May 11, 2022, the Company, the former Board of Directors of the Company and WHLR removed the Sydney action to the United States District Court for the District of Maryland, Case No. 8:22-cv-01142-GLR. On May 16, 2022, the court ordered that a hearing on the Sydney Plaintiffs’ motion for preliminary injunction will be held on June 22, 2022. On June 2, 2022, the Plaintiffs in Kim filed a motion for a preliminary injunction (i) to require that the Company provide preferred shareholders with a vote to approve the Grocery-Anchored Portfolio Sale and the Merger, and (ii) requiring Cedar disclose to preferred shareholders that the Grocery-Anchored Portfolio Sale and Merger entitled the preferred stockholders to exercise their change of control conversion right. The court agreed to consolidate the Kim Plaintiffs’ motion for preliminary injunction with the Sydney Plaintiffs’ motion for preliminary injunction, and to hear arguments on both motions at the hearing on June 22, 2022. On June 23, 2022, following a hearing on both the Sydney and Kim motions for preliminary injunction, the court issued an order denying both motions for preliminary injunction, holding that the Plaintiffs in both cases were unlikely to succeed on the merits of any of their contractual or fiduciary duty claims, and that Plaintiffs had not established that they would suffer irreparable harm if the injunction was denied. By order dated July 11, 2022, the Court consolidated the Sydney and Kim cases and set an August 24, 2022 deadline for the Plaintiffs in both cases to file a consolidated amended complaint. Plaintiffs filed their amended complaint on August 24, 2022, and, on October 7, 2022, Defendants moved to dismiss the amended complaint. Plaintiffs filed their opposition to the motion to dismiss on November 21, 2022 and Defendants filed a reply brief in support of their motions to dismiss on December 21, 2022. On February 2, 2023, Plaintiffs filed a motion to certify a question of law to the Maryland Supreme Court, and Defendants’ opposition to Plaintiff's motion was filed on February 24, 2023. At this juncture, the outcome of the litigation is uncertain. On July 11, 2022, a purported holder of the Company's outstanding preferred stock filed a complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the Eastern District of New York, entitled High Income Securities Fund v. Cedar Realty Trust, Inc., et al., No. 2:22-cv-4031. The complaint alleged that the Defendants violated Section 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions, and that the former Board of Directors are control persons under Section 20(a) of the Exchange Act. On August 12, 2022, Defendants requested permission to file a motion to dismiss, and Plaintiff responded to Defendants’ request on September 7, 2022. The court granted Defendants’ request to file a motion to dismiss on October 25, 2022. Defendants served their motion to dismiss on December 23, 2022, which Plaintiff opposed on January 27, 2023. Defendants filed a reply brief on the motion to dismiss on February 17, 2023. At this juncture, the outcome of the litigation is uncertain. On October 14, 2022, a purported holder of the Company's outstanding preferred stock filed a putative class action against the Company, the Board of Directors prior to the Merger, and WHLR in Nassau County Supreme Court entitled Krasner v. Cedar Realty Trust, Inc., et al., (Case No. 613985/2022). The complaint alleges on behalf of a putative class of holders of the Company's preferred stock, among other things, against the Company and the former Board of Directors, claims for breach of contract with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. The complaint seeks, among other things, an award of monetary damages, attorneys' fees, and expert fees. Defendants removed the case to a federal court on November 14, 2022. On December 14, 2022, Plaintiff moved to remand the case, Defendants opposed Plaintiff's remand motion on December 28, 2022, and Plaintiff filed a reply brief in support of his remand motion on January 4, 2023. Defendants' deadline to answer, move to dismiss, or otherwise respond to the complaint is 30 days after a ruling on Plaintiff's remand motion. At this juncture, the outcome of the litigation is uncertain. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 11. Shareholders’ Equity Preferred Stock The Company’s 7.25 % Series B Cumulative Redeemable Preferred Stock “Series B Preferred Stock” has no stated maturity, is not convertible into any other security of the Company, and is redeemable, in whole or in part, at the Company’s option beginning May 22, 2017 at a price of $ 25.00 per share plus accrued and unpaid distributions. The Company’s 6.50 % Series C Cumulative Redeemable Preferred Stock “Series C Preferred Stock” has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company’s option beginning August 24, 2022 at a price of $ 25.00 per share plus accrued and unpaid distributions. The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 December 31, 2022 December 31, 2021 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000 Common Stock On November 25, 2020, the Company effected a 1-for-6.6 reverse stock split of the issued and outstanding shares of common stock. Each 6.6 shares of the Company's issued and outstanding common stock were combined into one share of the Company's common stock. The number of authorized shares and the par value of the common stock were not changed. In addition, the Company amended the Limited Partnership Agreement of our Operating Partnership to effect a corresponding reverse split of the partnership interests of the Operating Partnership. In accordance with GAAP, all shares of common stock, restricted stock units, OP Units and per share/unit information that are presented in this Form 10-K were adjusted to reflect the reverse split on a retroactive basis for all periods presented. The Company had a Dividend Reinvestment and Direct Stock Purchase Plan (“DRIP”) which offered a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company’s common stock. Such purchases were at 100 % of market value. There were no significant transactions under the DRIP during 2022, 2021 and 2020. At December 31, 2022, there were no shares authorized under the DRIP since the DRIP was terminated in connection with the Transactions. Dividends The following table provides a summary of dividends declared and paid per share: Years ended December 31, 2022 2021 2020 Common stock $ 19.586 $ 0.264 $ 0.528 7.25 % Series B Preferred Stock $ 1.812 $ 1.812 $ 1.812 6.50 % Series C Preferred Stock $ 1.625 $ 1.625 $ 1.625 On August 9, 2022, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock of $ 19.52 per share, payable to holders of record of the Company’s common stock at the close of business on August 19, 2022. On August 26, 2022, the Company paid merger consideration of $ 9.48 per share on shares of the Company’s outstanding common stock. At December 31, 2022 and 2021, there were $ 1.2 million and $ 1.2 million, respectively, of accrued preferred stock dividends. O n January 20, 2023 , th e Company’s Board of Directors declared a dividend of $ 0.453125 and $ 0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on February 20, 2023 to shareholders of record on February 10, 2023 . |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenues [Abstract] | |
Revenues | Note 12. Revenues Rental reven ues for 2022, 2021 and 2020, respectively, are comprised of the following: Years ended December 31, 2022 2021 2020 Base rents $ 23,111,000 $ 27,946,000 $ 29,419,000 Expense recoveries 7,769,000 9,394,000 8,344,000 Percentage rent 534,000 676,000 1,448,000 Straight-line rents 361,000 ( 61,000 ) ( 1,513,000 ) Amortization of intangible lease liabilities, net 896,000 657,000 710,000 Total rents $ 32,671,000 $ 38,612,000 $ 38,408,000 On January 31, 2020, the Company agreed to a cash payment in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration at Metro Square. As a result of this termination, revenues for 2020, included approximately $ 7.1 million of other income. The Company reviews the collectability of charges under its tenant operating leases on a regular basis, 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 and economic conditions in the area where the property is located. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. The Company identified various tenants where collection was no longer considered probable, and therefore, durin g the years ended December 31, 2022 and 2021, respectively, $ 0.6 million and $ 0.2 million of billed charges, consisting of rent and tenant reimbursements, were unpaid. B ased on the Company’s determination to record revenue on a cash basis for these tenants, these amounts were not recorded as revenue. Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2022 are approximately as follows: 2023 $ 23,961,000 2024 23,133,000 2025 20,845,000 2026 18,550,000 2027 16,313,000 Thereafter 54,132,000 $ 156,934,000 Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants’ sales volume. Such amounts do not include amortization of intangible lease liabilities. |
401(k) Retirement Plan
401(k) Retirement Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
401(k) Retirement Plan | Note 13. 401(k) Retirement Plan The Company had a 401(k) retirement plan (the “Plan”), which permitted all eligible employees to defer a portion of their compensation under the Code. Pursuant to the provisions of the Plan, the Company could make discretionary contributions on behalf of eligible employees. The Company made contributions to the Plan of $ 145,000 , $ 327,000 , and $ 375,000 for 2022, 2021, and 2020, respectively. The Plan was terminated as a result of the Company's merger with WHLR. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | Note 14. Share-Based Compensation The following tables set forth certain share-based compensation information for 2022, 2021, and 2020, respectively: Years ended December 31, 2022 2021 2020 Expense relating to share/unit grants $ 1,662,000 $ 3,229,000 $ 3,954,000 Amounts capitalized ( 54,000 ) ( 186,000 ) ( 231,000 ) Total charged to operations $ 1,608,000 $ 3,043,000 $ 3,723,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2021 492,000 $ 23.47 Restricted share grants 7,000 26.31 Vested during period ( 417,000 ) 28.63 Forfeitures/cancellations/retirements ( 82,000 ) 28.29 Unvested shares/units, December 31, 2022 — At December 31, 2022, there were no shares available for grants pursuant to the 2017 Plan since this plan was terminated in connection with the merger with WHLR. During 2022, there were 7,000 time-based restricted shares issued with a weighted average grant date fair value of $ 26.31 per share. During 2021, there were 149,000 time-based restricted shares issued with a weighted average grant date fair value of $ 11.98 per share. During 2020, there were 63,000 time-based restricted shares issued, with a weighted average grant date fair value of $ 17.48 per share. The total fair values of shares vested during 2022, 2021 , and 2020 were $ 11.9 million, $ 6.0 million, and $ 0.9 million, respectively. President and CEO Employment Contract On June 15, 2018, the Company’s then-President and CEO was granted a market performance-based equity award of 227,272 restricted stock units (“RSUs”) and 227,272 dividend equivalent rights (“DERs”) of the Company. Each RSU represents a contingent right to receive one share of common stock if certain market performance criteria are achieved. Each DER accrues and will be deemed to be reinvested into the Company’s common stock for which payment will only be made for the portion of the market performance-based equity award that are earned and vest. During the three years ending June 15, 2021 (the “Interim Performance Period”), a maximum of 113,636 shares were earned. Any portion of the market performance-based equity award that was not earned as of the end of the Interim Performance Period will be carried forward for calculation for the five years ending June 15, 2023 (the “Full Performance Period”). The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. Linear interpolation shall be applied to determine the percentage of the market performance-based equity award that is earned where the average annual TSR over the performance period falls between the percentages set forth above. Based on market performance for the Interim Performance Period, it was determined the Company’s then-President and CEO earned 113,636 shares. Accordingly, on July 20, 2021, the Company issued 113,636 common shares to the then-President and CEO and paid him $ 0.3 million for the related DERs. On August 22, 2022, due to a change in control of the Company in connection with the Transactions, the RSUs fully vested. On August 26, 2022, the Company's then-President and CEO received an aggregate cash payment of $ 3.3 million, representing the aggregate per share merger consideration and per share special dividend amount attributable to the vested RSUs, along with $ 0.5 million for the related DERs. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are con sidered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For 2022, 2021 and 2020, the Company had 0.2 million, 0.4 million and 0.4 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2022, 2021 and 2020, respectively: Years ended December 31, 2022 2021 2020 Numerator Net loss from continuing operations $ ( 79,010,000 ) $ ( 35,672,000 ) $ ( 22,522,000 ) Preferred stock dividends ( 10,752,000 ) ( 10,752,000 ) ( 10,752,000 ) Net loss (income) attributable to noncontrolling interests 355,000 ( 151,000 ) ( 423,000 ) Net earnings (loss) allocated to unvested shares 58,000 ( 117,000 ) ( 238,000 ) Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares ( 89,349,000 ) ( 46,692,000 ) ( 33,935,000 ) Income (loss) from discontinued operations, net of noncontrolling interests, attributable to vested common shares 122,686,000 ( 9,276,000 ) 21,873,000 Net income (loss) attributable to vested common shares $ 33,337,000 $ ( 55,968,000 ) $ ( 12,062,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,448,000 13,213,000 13,104,000 Net income (loss) per common share attributable to common shareholders (basic and diluted): Continuing operations $ ( 6.64 ) $ ( 3.53 ) $ ( 2.59 ) Discontinued operations 9.12 ( 0.71 ) 1.67 $ 2.48 $ ( 4.24 ) $ ( 0.92 ) Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. For 2022, 2021 and 2020, no restricted stock units would have been issuable under the Company’s then-President and CEO market performance-based equity award (see Note 14, Share-Based Compensation) had the measurement period ended on December 31, 2022, 2021 and 2020, respectively, and therefore, this market performance-based equity award had no impact in calculating diluted EPS for those periods. Net (income) loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been included. The weighted average number of OP Units outstan ding was 44,000 , 81,000 and 81,000 for 2022, 20 21 and 2020, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16. Related Party Transactions With the completion of the Company's merger with WHLR, the Company became a wholly-owned subsidiary of WHLR. WHLR performs property management and leasing services for the Company. During the year ended December 31, 2022, the Company paid WHLR $ 1.0 million for th ese services. The related party amounts due to WHLR for the year ended December 31, 2022 were $ 7.3 million, which consists primarily of financing costs, real estate taxes and costs paid on the Company's behalf at the closing of the KeyBank Credit Agreement. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Note 17. Selected Quarterly Financial Data (unaudited) Quarter ended March 31 June 30 September 30 December 31 2022 Revenues $ 8,278,000 $ 8,503,000 $ 7,984,000 $ 9,240,000 Net (loss) income $ ( 1,057,000 ) $ ( 42,587,000 ) $ 89,309,000 $ ( 1,634,000 ) Net (loss) income attributable to common shareholders $ ( 3,745,000 ) $ ( 45,275,000 ) $ 86,621,000 $ ( 4,322,000 ) Per common share (basic and diluted) - continuing operations $ ( 0.71 ) $ ( 2.78 ) $ ( 2.87 ) $ ( 0.28 ) Per common share (basic and diluted) - discontinued operations $ 0.43 $ ( 0.63 ) $ 9.29 $ 0.03 Per common share (basic and diluted) - total $ ( 0.28 ) $ ( 3.41 ) $ 6.42 $ ( 0.25 ) 2021 Revenues $ 10,935,000 $ 10,844,000 $ 8,495,000 $ 8,913,000 Net income (loss) $ 1,112,000 $ 51,055,000 $ ( 80,516,000 ) $ ( 16,750,000 ) Net (loss) income attributable to common shareholders $ ( 1,576,000 ) $ 48,367,000 $ ( 83,204,000 ) $ ( 19,438,000 ) Per common share (basic and diluted) - continuing operations $ ( 0.60 ) $ 3.11 $ ( 4.97 ) $ ( 1.07 ) Per common share (basic and diluted) - discontinued operations $ 0.49 $ 0.41 $ ( 1.31 ) $ ( 0.30 ) Per common share (basic and diluted) - total $ ( 0.11 ) $ 3.52 $ ( 6.28 ) $ ( 1.37 ) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Cedar Realty Trust, Inc. Schedul e III Real Estate and Accumulated Depreciation Year built/ Gross Initial cost to the Company Year Percent Year last leasable Building and Property State acquired owned renovated area Land Improvements Brickyard Plaza CT 2004 100 % 1990 / 2012 228,000 7,632,000 29,308,000 Carll's Corner NJ 2007 100 % 1960 s- 1999 129,000 $ 3,034,000 $ 15,293,000 Coliseum Marketplace VA 2005 100 % 1987 / 2012 107,000 2,924,000 14,416,000 Fairview Commons PA 2007 100 % 1976 / 2003 53,000 858,000 3,568,000 Fieldstone Marketplace MA 2005 / 2012 100 % 1988 / 2003 194,000 5,229,000 21,440,000 Gold Star Plaza PA 2006 100 % 1988 72,000 1,644,000 6,519,000 Golden Triangle PA 2003 100 % 1960 / 2005 203,000 2,320,000 9,713,000 Hamburg Square PA 2004 100 % 1993 / 2010 102,000 1,153,000 4,678,000 Kings Plaza MA 2007 100 % 1970 / 1994 168,000 2,413,000 12,604,000 Oakland Commons CT 2007 100 % 1962 / 2013 90,000 2,504,000 15,662,000 Patuxent Crossing MD 2009 100 % 1985 - 1997 264,000 14,849,000 18,445,000 Pine Grove Plaza NJ 2003 100 % 2001 / 2002 79,000 2,010,000 6,489,000 Oregon Avenue PA 2016 100 % 2011 20,000 2,247,000 18,616,000 South Philadelphia PA 2003 100 % 1950 / 2003 222,000 8,222,000 36,314,000 Southington Center CT 2003 100 % 1972 / 2000 156,000 - 11,834,000 Timpany Plaza MA 2007 100 % 1970 's- 1989 183,000 3,412,000 19,240,000 Trexler Mall PA 2005 100 % 1973 / 2013 337,000 6,932,000 32,815,000 Washington Centers Shoppes NJ 2001 100 % 1979 / 1995 157,000 2,061,000 7,314,000 Webster Commons MA 2007 100 % 1960 's- 2004 99,000 3,551,000 18,412,000 Other n/a n/a 100 % n/a - 1,965,000 - Total Portfolio 2,863,000 $ 74,960,000 $ 302,680,000 Gross amount at which carried at (continued) Subsequent December 31, 2022 cost Building and Accumulated Property capitalized (a) Land improvements Total depreciation Brickyard Plaza ( 779,000 ) 7,648,000 28,513,000 36,161,000 13,850,000 Carll's Corner $ ( 11,815,000 ) $ 246,000 $ 6,266,000 $ 6,512,000 $ 5,321,000 Coliseum Marketplace ( 4,860,000 ) 3,586,000 8,894,000 12,480,000 7,091,000 Fairview Commons 462,000 858,000 4,030,000 4,888,000 1,801,000 Fieldstone Marketplace ( 3,219,000 ) 5,167,000 18,283,000 23,450,000 12,069,000 Gold Star Plaza ( 140,000 ) 1,644,000 6,379,000 8,023,000 2,840,000 Golden Triangle 12,345,000 2,320,000 22,058,000 24,378,000 11,429,000 Hamburg Square 6,573,000 1,153,000 11,251,000 12,404,000 4,902,000 Kings Plaza 1,915,000 2,408,000 14,524,000 16,932,000 5,460,000 Oakland Commons ( 4,668,000 ) 2,504,000 10,994,000 13,498,000 6,450,000 Patuxent Crossing 1,835,000 13,211,000 21,918,000 35,129,000 10,679,000 Pine Grove Plaza 632,000 1,622,000 7,509,000 9,131,000 3,849,000 Oregon Avenue ( 16,980,000 ) 2,141,000 1,742,000 3,883,000 358,000 South Philadelphia ( 9,764,000 ) 8,222,000 26,550,000 34,772,000 21,389,000 Southington Center 1,464,000 - 13,298,000 13,298,000 6,208,000 Timpany Plaza ( 4,845,000 ) 3,368,000 14,439,000 17,807,000 7,953,000 Trexler Mall 13,720,000 6,932,000 46,535,000 53,467,000 19,962,000 Washington Centers Shoppes 7,513,000 2,000,000 14,888,000 16,888,000 7,241,000 Webster Commons ( 1,518,000 ) 4,081,000 16,364,000 20,445,000 8,447,000 Other ( 1,401,000 ) - 564,000 564,000 169,000 Total Portfolio $ ( 13,530,000 ) $ 69,111,000 $ 294,999,000 $ 364,110,000 $ 157,468,000 Cedar Realty Trust, Inc. Schedule III Real Estate and Accumulated Depreciation The changes in real estate and accumulated depreciation for the years ended December 31, 2022, 2021 and 2020, respectively, are as follows: Cost 2022 2021 2020 Balance, beginning of the year $ 369,827,000 $ 604,265,000 $ 1,515,206,000 Properties transferred to/from held for sale ( 11,495,000 ) ( 180,123,000 ) ( 945,725,000 ) Outparcel dispositions — ( 387,000 ) ( 840,000 ) Property impairments ( 16,629,000 ) ( 83,224,000 ) — Improvements and betterments 22,407,000 29,296,000 35,624,000 Balance, end of the year $ 364,110,000 (b) $ 369,827,000 $ 604,265,000 Accumulated depreciation Balance, beginning of the year $ 155,250,000 $ 197,119,000 $ 389,861,000 Properties transferred to/from held for sale ( 15,339,000 ) ( 78,207,000 ) ( 235,397,000 ) Outparcel dispositions — — ( 90,000 ) Depreciation expense (c) 17,557,000 36,338,000 42,745,000 Balance, end of the year $ 157,468,000 $ 155,250,000 $ 197,119,000 Net book value $ 206,642,000 $ 214,577,000 $ 407,146,000 (a) Negative amounts represent write-offs of fully depreciated assets and impairments. (b) At December 31, 2022, the aggregate cost for federal income tax purposes was approximately $ 49.6 million greater than the Company's recorded values. (c) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Reverse Stock Split | Reverse Stock Split On November 25, 2020, the Company effected a 1-for-6.6 reverse stock split of the issued and outstanding shares of common s tock. Each 6.6 shares of the Company's issued and outstanding common stock were combined into one share of the Company's common stock. The number of authorized shares and the par value of the common stock were not changed. In addition, the Company amended the Limited Partnership Agreement of our Operating Partnership to effect a corresponding reverse split of the partnership interests of the Operating Partnership. In accordance with accounting principles generally accepted in the United States (“GAAP”), all shares of common stock, restricted stock units, Operating Partnership Units (“OP Units”) and per share/unit information that are presented in this Form 10-K were adjusted to reflect the reverse split on a retroactive basis for all periods presented. |
Principles of Consolidation/Basis of Preparation | Principles of Consolidation/Basis of Preparation The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities (“VIEs”) for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity’s activities that significantly impact the entity’s performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. A VIE is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE has (1) the power to direct the activities that most significantly impact the entity’s economic performance, and (2) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Significant judgments related to these determinations include estimates about the current values, performance of real estate held by these VIEs, and general market conditions. The Financial Accounting Standards Board (“FASB”) issued guidance which amended the consolidation requirements, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under the analysis, limited partnerships and other similar entities will be considered variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. The guidance was adopted on January 1, 2016. The Company had a 60 %-owned joint venture originally formed to develop the project known as Crossroads II. This joint venture was consolidated as it was deemed to be a VIE and the Company was the primary beneficiary. The Company (1) guaranteed all related debt, (2) did not require its partners to fund additional capital requirements, (3) had an economic interest greater than its voting proportion and (4) directed the management activities that significantly impacted the performance of the joint venture. At December 31, 2021, this VIE owned real estate with a carrying value of $ 36.2 million and no mortgage loan payable. On June 28, 2022 , the Company acquired the 40 % minority ownership interest percentage in Crossroads II and the Company's ownership interest in Crossroads II was included in the Grocery-Anchored Portfolio Sale that occurred on July 7, 2022. The accompanying financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. |
Real Estate Investments | Real Estate Investments Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years , with buildings being depreciated at the upper end of the range. Depreciation expen se, net of discontinued operations, amounted to $ 8.5 million, $ 11.1 million and $ 15.2 million for 2022, 2021 and 2020, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset’s estimated useful life. A variety of costs are incurred in the development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. |
Properties Held for Sale | Properties Held for Sale The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as “held for sale” on the Company’s consolidated balance sheets at the time such determinations are made, on a prospective basis only. The Company, when applicable, conducts a continuing review of the values for all properties “held for sale” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts less costs to sell for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated (see Note 4, Fair Value Measurements), or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s determination to dispose of properties, which are subsequently reclassified to “held for sale”, the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflects that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell. The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The results of operations for those properties not meeting such criteria are reported in “continuing operations” in the consolidated statements of operations. |
Cash and Cash Equivalents / Restricted Cash | Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investme nts with original maturities when purchased of less than ninety days, and include cash at a consolidated joint venture of $ 0.0 million and $ 0.2 million at December 31, 2022 and 2021, respectively. The terms of the secured term loans may require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. |
Fair Value Measurements | Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. 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 while also considering counterparty credit risk in the assessment of fair value. |
Revenue Recognition and Receivables | Revenue Recognition and Receivables The Company's underlying assets relating to rental revenue activity is solely retail space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination fees, which are included in revenues on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company, as of January 1, 2019, to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. In accordance with this guidance, $ 4.1 million of rental revenue relating to certain leases that were no longer deemed probable of collection were not recorded as rental revenue for the year ended December 31, 2020. Of this amount, $ 0.7 million represented deferred rent receivables that were written-off for the year ended December 31, 2020. For the year ended December 31, 2021, $( 0.2 ) million of rental revenue previously removed from rental revenue was recovered and recorded as rental revenue. Of this amount, there were no deferred rent receivables that were written-off for the year ended December 31, 2021. For the year ended December 31, 2022, there was no rental revenue relating to certain leases that were no longer deemed probable of collection. $( 0.3 ) million of deferred rent receivables that were previously written-off were recovered for the year ended December 31, 2022. The allowance for doubtful accounts was $ 2.0 million and $ 1.0 million at December 31, 2022 and 2021, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $( 0.3 ) million, $( 0.6 ) million and $( 3.9 ) million in 2022, 2021 and 2020, respectively. |
Segment Information | Segment Information The Company’s primary business is the ownership and operation of grocery-anchored shopping centers. The Company reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, which consists of rental income and other property income, less operating expenses and real estate taxes. For the year ended December 31, 2022, one property constitutes approximately 15.8 % of the Company's revenues and no other individual property constitutes more than 10% of the Company’s revenues or property operating income. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. |
Lease Commitments | Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in other assets and accounts payable and accrued liabilities on the Company's consolidated balance sheets. Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. |
Transaction Costs | Transaction Costs All costs associated with the Company's strategic alternatives process, including the Grocery-Anchored Portfolio Sale and the Merger, were expensed as incurred. |
Income Taxes | Income Taxes The Company, organized in 1984, has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its stockholders and complies with certain other requirements. As of December 31, 2022, the Company was in compliance with all REIT requirements. The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual. |
Derivative Financial Instruments | Derivative Financial Instruments Prior to its merger with WHLR, the Company occasionally utilized derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company had established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments had to be effective in reducing the Company’s interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction were modified, or when the underlying hedged item ceased to exist, all changes in the fair value of the instrument were marked-to-market with changes in value included in net income for each period until the derivative financial instrument matured or was settled. Any derivative financial instrument used for risk management that did not meet the hedging criteria was marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. |
Share-Based Compensation | Share-Based Compensation During 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 Plan”), which replaced the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). As of the effective date of the 2017 Plan, the Company may not grant any further awards under the 2012 Plan. The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company’s shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares of the Company’s common stock that may be issued pursuant to the 2017 Plan by 303,000 shares, to a new total of 909,000 shares (see Note 14, Share-Based Compensation), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 76,000 . All grants issued pursuant to the 2017 Plan generally vest (1) at the end of designated time periods for time-based grants, or (2) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time–based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants are being expensed on a straight-line basis over their respective vesting periods (irrespective of achievement of the market performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the terms of the 2017 Plan, those grants of restricted shares that are contributed to the Rabbi Trusts are classified as treasury stock on the Company’s consolidated balance sheet. The 2017 Plan was terminated in connection with the merger with WHLR. |
Supplemental Consolidated Statement of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2022 2021 2020 Supplemental disclosure of cash activities: Cash paid for interest $ 14,344,000 $ 20,219,000 $ 23,208,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,035,000 3,399,000 2,674,000 Buildings and improvements included in accounts payable and accrued liabilities ( 4,062,000 ) 871,000 2,976,000 Recognition of right-of-use assets and related lease liabilities — — 703,000 Payoff of mortgages through mortgage assumptions 157,925,000 — — |
Issued and Adopted Accounting Pronouncements | Issued and Adopted Accounting Pronouncements In June 2016, the FASB issued guidance which enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, loans, held-to-maturity debt securities, net investments in leases, and off-balance-sheet credit exposures. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. In November 2018, the FASB issued guidance to clarify that operating lease receivables, including straight-line rent receivables recorded by lessors are explicitly excluded from the scope of the June 2016 guidance. The guidance was effective January 1, 2020, and it did not have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Supplemental Consolidated Statements of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2022 2021 2020 Supplemental disclosure of cash activities: Cash paid for interest $ 14,344,000 $ 20,219,000 $ 23,208,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,035,000 3,399,000 2,674,000 Buildings and improvements included in accounts payable and accrued liabilities ( 4,062,000 ) 871,000 2,976,000 Recognition of right-of-use assets and related lease liabilities — — 703,000 Payoff of mortgages through mortgage assumptions 157,925,000 — — |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate Properties [Line Items] | |
Schedule of Real Estate Held for Sale | As of December 31, 2022 and 2021, real estate held for sale consists of the following: December 31, 2022 2021 Real estate held for sale $ — $ 736,230,000 Receivables — 8,453,000 Other assets and deferred charges, net — 12,354,000 Total real estate held for sale $ — $ 757,037,000 |
Schedule of Transactions Related to Properties Held for Sale/Conveyance | Dispositions Excluding the Grocery-Anchored Portfolio Sale, during 2022, 2021 and 2020, the Company sold the properties listed below: Gain on Sale/ Date Sales Reversal of Property Location Sold Price Impairment 2022 Riverview Plaza Philadelphia, PA 5/16/2022 $ 34,000,000 $ ( 361,000 ) 2021 Kempsville Crossing (land parcel) Virginia Beach, VA 2/24/2021 $ 1,300,000 $ 1,047,000 The Commons Dubois, PA 5/5/2021 9,761,000 1,849,000 Camp Hill Shopping Center Camp Hill, PA 6/21/2021 89,662,500 48,857,000 $ 100,723,500 $ 51,753,000 2020 Metro Square Owings Mills, MD 7/9/2020 $ 4,288,000 $ - Oakland Mills outparcel building Columbia, MD 9/17/2020 1,050,000 643,000 Glen Allen Shopping Center Glen Allen, VA 10/8/2020 8,540,000 1,780,000 Pine Grove Plaza outparcel building Brown Mills, NJ 11/2/2020 1,100,000 565,000 Suffolk Plaza Suffolk, VA 12/10/2020 6,950,000 1,408,000 $ 21,928,000 $ 4,396,000 |
Summary of Income (Loss) from Discontinued Operations | The following is a summary of income (loss) from discontinued operations: Years ended December 31, 2022 2021 2020 REVENUES Rental revenues $ 45,073,000 $ 87,839,000 $ 88,763,000 Other 184,000 524,000 885,000 Total revenues 45,257,000 88,363,000 89,648,000 EXPENSES Operating, maintenance and management 10,818,000 19,518,000 21,311,000 Real estate and other property-related taxes 6,749,000 13,040,000 12,727,000 General and administrative 151,000 222,000 174,000 Depreciation and amortization 9,726,000 27,313,000 31,943,000 Total expenses 27,444,000 60,093,000 66,155,000 OPERATING INCOME 17,813,000 28,270,000 23,493,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net ( 3,511,000 ) ( 4,735,000 ) ( 2,134,000 ) Total non-operating income and expenses ( 3,511,000 ) ( 4,735,000 ) ( 2,134,000 ) INCOME FROM DISCONTINUED OPERATIONS 14,302,000 23,535,000 21,359,000 Impairment (charges) reversal ( 16,629,000 ) ( 33,913,000 ) 643,000 Gain on sales 125,500,000 1,047,000 — TOTAL INCOME (LOSS) FROM DISCONTINUED OPERATIONS $ 123,173,000 $ ( 9,331,000 ) $ 22,002,000 |
Discontinued Operations [Member] | |
Real Estate Properties [Line Items] | |
Schedule of Transactions Related to Properties Held for Sale/Conveyance | The assets sold in these transactions are: Property Name Location Property Name Location Academy Plaza Philadelphia, PA New London Mall New London, CT Bethel Shopping Center Bethel, CT Newport Plaza Newport, PA Carmans Plaza Massapequa, NY Northside Commons Campbelltown, PA Christina Crossing Wilmington, DE Norwood Shopping Center Norwood, MA Colonial Commons Harrisburg, PA Oak Ridge Shopping Center Suffolk, VA Crossroads II Bartonsville, PA Oakland Mills Columbia, MD East River Park Washington, DC Palmyra Shopping Center Palmyra, PA Elmhurst Square Portsmouth, VA Quartermaster Plaza Philadelphia, PA Fishtown Crossing Philadelphia, PA Senator Square Washington, DC Franklin Village Plaza Franklin, MA Shoppes at Arts District Hyattsville, MD General Booth Plaza Virginia Beach, VA Swede Square E. Norriton Township, PA Girard Plaza Philadelphia, PA The Point Harrisburg, PA Groton Shopping Center Groton, CT The Shops as Bloomfield Station Bloomfield, NJ Halifax Plaza Halifax, PA The Shops at Suffolk Downs Revere, MA Jordan Lane Wethersfield, PA Trexlertown Plaza Trexlertown, PA Kempsville Crossing Virginia Beach, VA Valley Plaza Hagerstown, MD Lawndale Plaza Philadelphia, PA Yorktowne Plaza Cockeysville, MD Meadows Marketplace Hummelstown, PA |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis | The following table shows the hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2021: December 31, 2021 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 955,000 $ — $ — $ 955,000 Deferred compensation liabilities (b) $ 982,000 $ — $ — $ 982,000 Interest rate swaps liability (b) $ — $ 8,232,000 $ — $ 8,232,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Components of Receivables | Receivables a t December 31, 2022 and 2021 are composed of the following: December 31, 2022 2021 Rents and other receivables, net $ 2,904,000 $ 7,242,000 Mortgage note receivable — 3,500,000 Straight-line rents, net 3,231,000 2,838,000 $ 6,135,000 $ 13,580,000 |
Other Assets and Deferred Cha_2
Other Assets and Deferred Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Assets and Deferred Charges, Net | Other assets and deferred charg es, net, at December 31, 2022 and 2021 are composed of the following: December 31, 2022 2021 Lease origination costs (a) $ 4,747,000 $ 4,710,000 Right-of-use assets 2,062,000 9,861,000 Prepaid expenses 1,029,000 7,255,000 Investments related to share-based compensation — 955,000 Unsecured revolving credit facility financing costs — 1,134,000 Leasehold improvements, furniture and fixtures — 50,000 Other 86,000 ( 188,000 ) Total other assets and deferred charges, net $ 7,924,000 $ 23,777,000 (a) Lease origination costs include the unamortized balance of intangible lease as sets resulting from purchase accounting allocations of $ 0.1 million (cost of $ 1.8 million and accumulated amortization of $ 1.7 million) and $ 0.1 million (cost of $ 3.1 million and accumulated amortization of $ 3.0 million) as of December 31, 2022 and 2021, respectively. |
Schedule of Future Charges of Unamortized Balances of Deferred Lease Origination Costs | Lease origination costs 2023 $ 759,000 2024 766,000 2025 666,000 2026 596,000 2027 545,000 Thereafter 1,415,000 $ 4,747,000 |
Mortgage Loans Payable and Cr_2
Mortgage Loans Payable and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations | Debt and finance lease obligations are composed of the following at December 31, 2022 and 2021 and collateralized by 12 properties at December 31, 2022: December 31, 2022 December 31, 2021 Contractual Contractual Maturity Balance interest rates Balance interest rates Description dates outstanding weighted-average outstanding weighted-average Fixed-rate mortgage Franklin Village Jun 2026 $ — n/a $ 44,571,000 3.9 % Shops at Suffolk Downs (a) Jun 2031 — n/a 15,600,000 3.5 % Trexlertown Plaza (a) Jun 2031 — n/a 36,100,000 3.5 % The Point (a) Jun 2031 — n/a 29,700,000 3.5 % Christina Crossing (a) Jun 2031 — n/a 17,000,000 3.5 % Lawndale Plaza (a) Jun 2031 — n/a 15,600,000 3.5 % Senator Square finance lease obligation Sep 2050 — n/a 5,596,000 5.3 % — n/a 164,167,000 3.6 % Credit facilities: Variable-rate: Revolving credit facility (b) Aug 2024 — n/a 66,000,000 1.6 % (b) Fixed-rate: Term loan (c) Apr 2023 — n/a 100,000,000 3.3 % Term loan (c) Sep 2024 — n/a 75,000,000 3.8 % Term loan (c) Jul 2025 — n/a 75,000,000 4.7 % Term loan (c) Aug 2026 — n/a 50,000,000 3.3 % Term loan Nov 2032 110,000,000 5.3 % — n/a Term loan Jan 2033 25,000,000 6.4 % — n/a 135,000,000 5.5 % 530,167,000 3.5 % Unamortized issuance costs ( 3,538,000 ) ( 3,129,000 ) $ 131,462,000 $ 527,038,000 (a) The mortgages for these properties were cross-collateralized. (b) The revolving credit facility was subject to two one-year extensions at the Company’s option. (c) The interest rates on these term loans consisted of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company had interest rate swap agreements which converted the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. |
Schedule of Principal Payments on Secured Term Loans | Scheduled principal payments on secured term loans at December 31, 2022, due on various dates from 2032 to 2033, are as follows: 2023 $ — 2024 — 2025 — 2026 — 2027 126,000 Thereafter 134,874,000 $ 135,000,000 |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Compan y at December 31, 2021: December 31, 2021 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 8,232,000 2023 - 2025 Accounts payable and accrued liabilities |
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equit y for the years ended 2022, 2021 and 2020, respectively: (Loss) gain recognized in other comprehensive income (loss) (effective portion) Designation/ Years ended December 31, Cash flow Derivative 2022 2021 2020 Qualifying Interest rate swaps $ 6,001,000 $ 4,148,000 $ ( 17,940,000 ) (Loss) recognized in other comprehensive income (loss) reclassified into earnings (effective portion) Years ended December 31, Classification 2022 2021 2020 Continuing Operations $ ( 2,320,000 ) $ ( 6,476,000 ) $ ( 6,062,000 ) |
Intangible Lease Asset_Liabil_2
Intangible Lease Asset/Liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Lease Asset Liability [Abstract] | |
Schedule of Unamortized Balance of Intangible Lease Liabilities Net | The unamortized balance of intangible lease liabilities at December 31, 2022 is net of accumulated amortization of $ 42.9 million, and will be credited to future operations as follows: 2023 $ 416,000 2024 250,000 2025 236,000 2026 236,000 2027 236,000 Thereafter 1,704,000 $ 3,078,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Reconciliation of Undiscounted Future Minimum Lease Payments for its Ground Lease and Executive Office Lease Agreements to Right-of-Use Liabilities | The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and executive office lease agreements applicable to lease liabilities as o f December 31, 2022: 2023 $ 179,000 2024 179,000 2025 179,000 2026 179,000 2027 179,000 Thereafter 7,852,000 Total undiscounted future minimum lease payments 8,747,000 Future minimum lease payments, discount ( 6,685,000 ) Lease liabilities $ 2,062,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Dividends | The following table provides a summary of dividends declared and paid per share: Years ended December 31, 2022 2021 2020 Common stock $ 19.586 $ 0.264 $ 0.528 7.25 % Series B Preferred Stock $ 1.812 $ 1.812 $ 1.812 6.50 % Series C Preferred Stock $ 1.625 $ 1.625 $ 1.625 |
Preferred Stock [Member] | |
Summary of Preferred Stock | The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 December 31, 2022 December 31, 2021 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenues [Abstract] | |
Schedule of Rent Revenues | Rental reven ues for 2022, 2021 and 2020, respectively, are comprised of the following: Years ended December 31, 2022 2021 2020 Base rents $ 23,111,000 $ 27,946,000 $ 29,419,000 Expense recoveries 7,769,000 9,394,000 8,344,000 Percentage rent 534,000 676,000 1,448,000 Straight-line rents 361,000 ( 61,000 ) ( 1,513,000 ) Amortization of intangible lease liabilities, net 896,000 657,000 710,000 Total rents $ 32,671,000 $ 38,612,000 $ 38,408,000 |
Schedule of Annual Future Base Rents Due to be Received | Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2022 are approximately as follows: 2023 $ 23,961,000 2024 23,133,000 2025 20,845,000 2026 18,550,000 2027 16,313,000 Thereafter 54,132,000 $ 156,934,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-Based Compensation Information | The following tables set forth certain share-based compensation information for 2022, 2021, and 2020, respectively: Years ended December 31, 2022 2021 2020 Expense relating to share/unit grants $ 1,662,000 $ 3,229,000 $ 3,954,000 Amounts capitalized ( 54,000 ) ( 186,000 ) ( 231,000 ) Total charged to operations $ 1,608,000 $ 3,043,000 $ 3,723,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2021 492,000 $ 23.47 Restricted share grants 7,000 26.31 Vested during period ( 417,000 ) 28.63 Forfeitures/cancellations/retirements ( 82,000 ) 28.29 Unvested shares/units, December 31, 2022 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for 2022, 2021 and 2020, respectively: Years ended December 31, 2022 2021 2020 Numerator Net loss from continuing operations $ ( 79,010,000 ) $ ( 35,672,000 ) $ ( 22,522,000 ) Preferred stock dividends ( 10,752,000 ) ( 10,752,000 ) ( 10,752,000 ) Net loss (income) attributable to noncontrolling interests 355,000 ( 151,000 ) ( 423,000 ) Net earnings (loss) allocated to unvested shares 58,000 ( 117,000 ) ( 238,000 ) Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares ( 89,349,000 ) ( 46,692,000 ) ( 33,935,000 ) Income (loss) from discontinued operations, net of noncontrolling interests, attributable to vested common shares 122,686,000 ( 9,276,000 ) 21,873,000 Net income (loss) attributable to vested common shares $ 33,337,000 $ ( 55,968,000 ) $ ( 12,062,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,448,000 13,213,000 13,104,000 Net income (loss) per common share attributable to common shareholders (basic and diluted): Continuing operations $ ( 6.64 ) $ ( 3.53 ) $ ( 2.59 ) Discontinued operations 9.12 ( 0.71 ) 1.67 $ 2.48 $ ( 4.24 ) $ ( 0.92 ) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data (unaudited) | Quarter ended March 31 June 30 September 30 December 31 2022 Revenues $ 8,278,000 $ 8,503,000 $ 7,984,000 $ 9,240,000 Net (loss) income $ ( 1,057,000 ) $ ( 42,587,000 ) $ 89,309,000 $ ( 1,634,000 ) Net (loss) income attributable to common shareholders $ ( 3,745,000 ) $ ( 45,275,000 ) $ 86,621,000 $ ( 4,322,000 ) Per common share (basic and diluted) - continuing operations $ ( 0.71 ) $ ( 2.78 ) $ ( 2.87 ) $ ( 0.28 ) Per common share (basic and diluted) - discontinued operations $ 0.43 $ ( 0.63 ) $ 9.29 $ 0.03 Per common share (basic and diluted) - total $ ( 0.28 ) $ ( 3.41 ) $ 6.42 $ ( 0.25 ) 2021 Revenues $ 10,935,000 $ 10,844,000 $ 8,495,000 $ 8,913,000 Net income (loss) $ 1,112,000 $ 51,055,000 $ ( 80,516,000 ) $ ( 16,750,000 ) Net (loss) income attributable to common shareholders $ ( 1,576,000 ) $ 48,367,000 $ ( 83,204,000 ) $ ( 19,438,000 ) Per common share (basic and diluted) - continuing operations $ ( 0.60 ) $ 3.11 $ ( 4.97 ) $ ( 1.07 ) Per common share (basic and diluted) - discontinued operations $ 0.49 $ 0.41 $ ( 1.31 ) $ ( 0.30 ) Per common share (basic and diluted) - total $ ( 0.11 ) $ 3.52 $ ( 6.28 ) $ ( 1.37 ) |
Business and Organization (Deta
Business and Organization (Details) | 12 Months Ended | |||
Jul. 07, 2022 USD ($) | Dec. 31, 2022 USD ($) ft² $ / shares | Aug. 22, 2022 $ / shares | Mar. 02, 2022 Property | |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||||
Gross leasable area | ft² | 2,863,000 | |||
Cash payments per share | $ / shares | $ 9.48 | |||
Common stock dividends per share declared | $ / shares | $ 19.52 | |||
Transaction costs | $ 58,959,000 | |||
Series B Preferred Stock [Member] | ||||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||||
Preferred stock outstanding percentage | 7.25% | |||
Series C Preferred Stock [Member] | ||||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||||
Preferred stock outstanding percentage | 6.50% | |||
Discontinued Operations [Member] | ||||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||||
Proceeds from sale of grocery-anchored shopping centers | $ 879,000,000 | |||
Transaction costs | 59,000,000 | |||
Employee severance costs | $ 33,500,000 | |||
Asset Purchase Agreement [Member] | ||||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||||
Number of properties | Property | 33 | |||
Cedar Realty Trust Partnership L.P [Member] | ||||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||||
Company's interest in Operating Partnership | 100% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||||||
Nov. 25, 2020 | Dec. 31, 2022 USD ($) Segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2017 shares | Jun. 28, 2022 | May 01, 2019 shares | Apr. 30, 2019 shares | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
VIE real estate owned carrying value | $ 364,110,000 | $ 369,827,000 | ||||||
Mortgage loan payable | 131,462,000 | 156,821,000 | ||||||
Depreciation expense, net of discontinued operations | 8,500,000 | 11,100,000 | $ 15,200,000 | |||||
Cash at consolidated joint ventures | 0 | 200,000 | ||||||
Uncollectible lease rental revenue | 0 | 200,000 | 4,100,000 | |||||
Deferred rent receivables written-off | (300,000) | 0 | 700,000 | |||||
Allowance for doubtful accounts receivable | 2,000,000 | 1,000,000 | ||||||
Provision for doubtful accounts included in operating, maintenance and management expenses | $ (300,000) | (600,000) | $ (3,900,000) | |||||
Number of reportable segment | Segment | 1 | |||||||
Property One [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Sales revenue percentage | 15.80% | |||||||
2017 Stock Incentive Plan [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Maximum number of shares may be issued under the plan | shares | 909,000 | 303,000 | ||||||
Maximum number of shares to be granted per year to a participant | shares | 76,000 | |||||||
Minimum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Real estate investments useful life | 3 years | |||||||
Maximum [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Real estate investments useful life | 40 years | |||||||
Crossroads II [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Minority ownership interest percentage | 40% | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | Other Ownership Interest [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
VIE real estate owned carrying value | 36,200,000 | |||||||
Mortgage loan payable | $ 0 | |||||||
Crossroads II [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Other Ownership Interest [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 60% | |||||||
Common Stock [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Stockholders' equity, reverse stock split, conversion ratio | 0.15 | |||||||
Stockholders' equity, reverse stock split | Each 6.6 shares of the Company's issued and outstanding common stock were combined into one share of the Company's common stock. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Supplemental Consolidated Statements of Cash Flows Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental disclosure of cash activities: | |||
Cash paid for interest | $ 14,344,000 | $ 20,219,000 | $ 23,208,000 |
Supplemental disclosure of non-cash activities: | |||
Capitalization of interest and financing costs | 1,035,000 | 3,399,000 | 2,674,000 |
Buildings and improvements included in accounts payable and accrued liabilities | (4,062,000) | $ 871,000 | 2,976,000 |
Recognition of right-of-use assets and related lease liabilities | $ 703,000 | ||
Payoff of mortgages through mortgage assumptions | $ 157,925,000 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) | 12 Months Ended | 15 Months Ended | ||||||
Jul. 07, 2022 USD ($) | Jun. 28, 2022 USD ($) | Oct. 14, 2021 USD ($) | May 05, 2021 USD ($) ft² | Dec. 31, 2022 USD ($) Property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 05, 2022 USD ($) | |
Real Estate Properties [Line Items] | ||||||||
Impairment charges | $ 9,350,000 | $ 65,975,000 | $ 7,607,000 | |||||
Contributed capital to joint venture | 155,000 | 4,654,000 | $ 4,800,000 | |||||
Net cash provided by operations from discontinued operations | 25,900,000 | 48,300,000 | 39,700,000 | |||||
Net cash provided by (used in) investing activities from discontinued operations | 651,500,000 | (21,200,000) | (23,400,000) | |||||
Investment in Unconsolidated Joint Venture [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of commercial building | ft² | 258,000 | |||||||
Area of commercial space leased percentage | 100% | |||||||
Term of lease | 20 years 10 months | |||||||
Development cost sold to Joint Venture | $ 8,000,000 | |||||||
Investment in Unconsolidated Joint Venture [Member] | Office Space [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of commercial building | ft² | 240,000 | |||||||
Investment in Unconsolidated Joint Venture [Member] | Street-Level Retail [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Area of commercial building | ft² | 18,000 | |||||||
Investment in Unconsolidated Joint Venture [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment charges | $ 9,400,000 | |||||||
Dual-track Strategic Alternatives Process [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment charges | 58,500,000 | |||||||
Impairment charges, assets held for sale | 9,300,000 | |||||||
Patuxent Crossing [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Minority ownership | 60% | |||||||
Purchase price | $ 300,000 | |||||||
Metro Square [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment charges | 7,200,000 | |||||||
Real Estate Held for Sale [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties | Property | 0 | |||||||
Impairment charges, assets held for sale | $ 400,000 | |||||||
Reversal of impairment charges | $ 1,800,000 | |||||||
Crossroads II [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Minority ownership | 40% | |||||||
Purchase price | $ 1,000,000 | |||||||
Discontinued Operations [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gross proceeds from sale of real estate | $ 879,000,000 | |||||||
Discontinued Operations [Member] | Grocery-Anchored Shopping Center [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of properties | Property | 33 |
Real Estate (Summary of Real Es
Real Estate (Summary of Real Estate Held For Sale) (Details) | Dec. 31, 2021 USD ($) |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |
Real estate held for sale | $ 736,230,000 |
Receivables | 8,453,000 |
Other assets and deferred charges, net | 12,354,000 |
Total real estate held for sale | $ 757,037,000 |
Real Estate (Schedule of Transa
Real Estate (Schedule of Transactions Related to Properties Held for Sale/Conveyance) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Real Estate Properties [Line Items] | |||
Gain on Sale/Reversal of Impairment | $ 48,857,000 | $ 3,753,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |||
Real Estate Properties [Line Items] | |||
Sales Price | 100,723,500 | 21,928,000 | |
Gain on Sale/Reversal of Impairment | $ 51,753,000 | $ 4,396,000 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Metro Square [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Owings Mills, MD | ||
Date Sold | Jul. 09, 2020 | ||
Sales Price | $ 4,288,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Riverview Plaza [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Philadelphia, PA | ||
Date Sold | May 16, 2022 | ||
Sales Price | $ 34,000,000 | ||
Gain on Sale/Reversal of Impairment | $ (361,000) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Kempsville Crossing [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Virginia Beach, VA | ||
Date Sold | Feb. 24, 2021 | ||
Sales Price | $ 1,300,000 | ||
Gain on Sale/Reversal of Impairment | $ 1,047,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Oakland Mills Outparcel Building [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Columbia, MD | ||
Date Sold | Sep. 17, 2020 | ||
Sales Price | $ 1,050,000 | ||
Gain on Sale/Reversal of Impairment | $ 643,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | The Commons [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Dubois, PA | ||
Date Sold | May 05, 2021 | ||
Sales Price | $ 9,761,000 | ||
Gain on Sale/Reversal of Impairment | $ 1,849,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Glen Allen Shopping Center [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Glen Allen, VA | ||
Date Sold | Oct. 08, 2020 | ||
Sales Price | $ 8,540,000 | ||
Gain on Sale/Reversal of Impairment | $ 1,780,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Camp Hill Shopping Center [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Camp Hill, PA | ||
Date Sold | Jun. 21, 2021 | ||
Sales Price | $ 89,662,500 | ||
Gain on Sale/Reversal of Impairment | $ 48,857,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Pine Grove Plaza Outparcel Building [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Brown Mills, NJ | ||
Date Sold | Nov. 02, 2020 | ||
Sales Price | $ 1,100,000 | ||
Gain on Sale/Reversal of Impairment | $ 565,000 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Suffolk Plaza [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Suffolk, VA | ||
Date Sold | Dec. 10, 2020 | ||
Sales Price | $ 6,950,000 | ||
Gain on Sale/Reversal of Impairment | $ 1,408,000 |
Real Estate (Schedule of Tran_2
Real Estate (Schedule of Transactions Related to Assets Sold in Discontinued Operations (Details) - Discontinued Operations [Member] | Jul. 07, 2022 |
Academy Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Philadelphia, PA |
Bethel Shopping Center [Member] | |
Real Estate Properties [Line Items] | |
Location | Bethel, CT |
Carmans Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Massapequa, NY |
Christina Crossing [Member] | |
Real Estate Properties [Line Items] | |
Location | Wilmington, DE |
Colonial Commons [Member] | |
Real Estate Properties [Line Items] | |
Location | Harrisburg, PA |
Crossroads II [Member] | |
Real Estate Properties [Line Items] | |
Location | Bartonsville, PA |
East River Park [Member] | |
Real Estate Properties [Line Items] | |
Location | Washington, DC |
Elmhurst Square [Member] | |
Real Estate Properties [Line Items] | |
Location | Portsmouth, VA |
Fishtown Crossing [Member] | |
Real Estate Properties [Line Items] | |
Location | Philadelphia, PA |
Franklin Village Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Franklin, MA |
General Booth Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Virginia Beach, VA |
Girard Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Philadelphia, PA |
Groton Shopping Center [Member] | |
Real Estate Properties [Line Items] | |
Location | Groton, CT |
Halifax Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Halifax, PA |
Jordan Lane [Member] | |
Real Estate Properties [Line Items] | |
Location | Wethersfield, PA |
Kempsville Crossing [Member] | |
Real Estate Properties [Line Items] | |
Location | Virginia Beach, VA |
Lawndale Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Philadelphia, PA |
Meadows Marketplace [Member] | |
Real Estate Properties [Line Items] | |
Location | Hummelstown, PA |
New London Mall [Member] | |
Real Estate Properties [Line Items] | |
Location | New London, CT |
Newport Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Newport, PA |
Northside Commons [Member] | |
Real Estate Properties [Line Items] | |
Location | Campbelltown, PA |
Norwood Shopping Center [Member] | |
Real Estate Properties [Line Items] | |
Location | Norwood, MA |
Oak Ridge Shopping Center [Member] | |
Real Estate Properties [Line Items] | |
Location | Suffolk, VA |
Oakland Mills [Member] | |
Real Estate Properties [Line Items] | |
Location | Columbia, MD |
Palmyra Shopping Center [Member] | |
Real Estate Properties [Line Items] | |
Location | Palmyra, PA |
Quartermaster Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Philadelphia, PA |
Senator Square [Member] | |
Real Estate Properties [Line Items] | |
Location | Washington, DC |
Shoppes at Arts District [Member] | |
Real Estate Properties [Line Items] | |
Location | Hyattsville, MD |
Swede Square [Member] | |
Real Estate Properties [Line Items] | |
Location | E. Norriton Township, PA |
The Point [Member] | |
Real Estate Properties [Line Items] | |
Location | Harrisburg, PA |
The Shops as Bloomfield Station [Member] | |
Real Estate Properties [Line Items] | |
Location | Bloomfield, NJ |
The Shops at Suffolk Downs [Member] | |
Real Estate Properties [Line Items] | |
Location | Revere, MA |
Trexlertown Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Trexlertown, PA |
Valley Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Hagerstown, MD |
Yorktowne Plaza [Member] | |
Real Estate Properties [Line Items] | |
Location | Cockeysville, MD |
Real Estate (Summary of Income
Real Estate (Summary of Income (loss) from Discontinued Operations) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Rental revenues | $ 45,073,000 | $ 87,839,000 | $ 88,763,000 |
Other | 184,000 | 524,000 | 885,000 |
Total revenues | 45,257,000 | 88,363,000 | 89,648,000 |
EXPENSES | |||
Operating, maintenance and management | 10,818,000 | 19,518,000 | 21,311,000 |
Real estate and other property-related taxes | 6,749,000 | 13,040,000 | 12,727,000 |
General and administrative | 151,000 | 222,000 | 174,000 |
Depreciation and amortization | 9,726,000 | 27,313,000 | 31,943,000 |
Total expenses | 27,444,000 | 60,093,000 | 66,155,000 |
OPERATING INCOME | 17,813,000 | 28,270,000 | 23,493,000 |
NON-OPERATING INCOME AND EXPENSES | |||
Interest expense | (3,511,000) | (4,735,000) | (2,134,000) |
Total non-operating income and expenses | (3,511,000) | (4,735,000) | (2,134,000) |
INCOME FROM DISCONTINUED OPERATIONS | 14,302,000 | 23,535,000 | 21,359,000 |
Impairment (charges) reversal | (16,629,000) | (33,913,000) | 643,000 |
Gain on sales | 125,500,000 | 1,047,000 | |
Total income (loss) from discontinued operations | $ 123,173,000 | $ (9,331,000) | $ 22,002,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Property | Dec. 31, 2020 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of fixed rate mortgage loans payable | $ 131,800,000 | $ 159,000,000 | |
Carrying value of fixed rate mortgage payable | 131,500,000 | 156,800,000 | |
Deferred compensation assets | 0 | ||
Deferred compensation liabilities | 0 | ||
Interest rate swap | 0 | ||
Impairment charges | $ 9,350,000 | 65,975,000 | $ 7,607,000 |
Aggregate fair value of impairment charges | 84,800,000 | ||
Real estate held for sale | 757,037,000 | ||
Level 2 [Member] | Assets [Member] | Retail Properties [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $ 43,300,000 | ||
Number of properties | Property | 37 | ||
Real estate held for sale | $ 757,000,000 | ||
Dual-track Strategic Alternatives Process [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charges | $ 58,500,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 955,000 | |
Deferred compensation liabilities | $ 0 | |
Interest rate swaps liability | $ 0 | |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 955,000 | |
Deferred compensation liabilities | 982,000 | |
Interest rate swaps liability | $ 8,232,000 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | |
Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 955,000 | |
Deferred compensation liabilities | 982,000 | |
Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps liability | $ 8,232,000 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2022 Tenant Property | Dec. 31, 2021 Tenant | Dec. 31, 2020 Tenant | |
Concentration Risk [Line Items] | |||
Number of tenants | Tenant | 0 | 0 | 0 |
Pennsylvania [Member] | |||
Concentration Risk [Line Items] | |||
Number of properties | Property | 7 |
Receivables (Details)
Receivables (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Rents and other receivables, net | $ 2,904,000 | $ 7,242,000 |
Mortgage note receivable | 3,500,000 | |
Straight-line rents, net | 3,231,000 | 2,838,000 |
Receivables | $ 6,135,000 | $ 13,580,000 |
Other Assets and Deferred Cha_3
Other Assets and Deferred Charges, Net (Components of Other Assets and Deferred Charges, Net) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Costs And Other Assets [Line Items] | ||
Lease origination costs | $ 4,747,000 | $ 4,710,000 |
Right-of-use assets | $ 2,062,000 | $ 9,861,000 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets and deferred charges, net | Total other assets and deferred charges, net |
Prepaid expenses | $ 1,029,000 | $ 7,255,000 |
Investments related to share-based compensation | 955,000 | |
Unsecured revolving credit facility financing costs | 3,538,000 | 3,129,000 |
Leasehold improvements, furniture and fixtures | 50,000 | |
Other | 86,000 | (188,000) |
Total other assets and deferred charges, net | 7,924,000 | 23,777,000 |
Accumulated amortization of intangible lease assets | 10,600,000 | |
Intangible Lease Assets [Member] | ||
Deferred Costs And Other Assets [Line Items] | ||
Deferred charges, net | 100,000 | 100,000 |
Cost of intangible lease assets | 1,800,000 | 3,100,000 |
Accumulated amortization of intangible lease assets | $ 1,700,000 | 3,000,000 |
Unsecured Revolving Credit Facility [Member] | ||
Deferred Costs And Other Assets [Line Items] | ||
Unsecured revolving credit facility financing costs | $ 1,134,000 |
Other Assets and Deferred Cha_4
Other Assets and Deferred Charges, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs And Other Assets [Line Items] | |||
Amortization expense of deferred charges, net of discontinued operations | $ 7.2 | $ 2.4 | $ 2.6 |
Accumulated amortization of deferred lease origination costs | $ 10.6 |
Other Assets and Deferred Cha_5
Other Assets and Deferred Charges, Net (Schedule of Future Charges of Unamortized Balances of Deferred Lease Origination Costs and Deferred Financing Costs) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Costs And Other Assets [Line Items] | ||
Lease origination costs, 2023 | $ 759,000 | |
Lease origination costs, 2024 | 766,000 | |
Lease origination costs, 2025 | 666,000 | |
Lease origination costs, 2026 | 596,000 | |
Lease origination costs, 2027 | 545,000 | |
Lease origination costs, thereafter | 1,415,000 | |
Lease origination costs | $ 4,747,000 | $ 4,710,000 |
Mortgage Loans Payable and Cr_3
Mortgage Loans Payable and Credit Facilities (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Credit facilities | $ 66,000,000 | |
Credit facilities | $ 131,462,000 | 156,821,000 |
Unamortized issuance costs | (3,538,000) | (3,129,000) |
Continuing Operations [Member] | ||
Debt Instrument [Line Items] | ||
Total debt gross | 135,000,000 | 530,167,000 |
Total debt | $ 131,462,000 | $ 527,038,000 |
Weighted average contractual interest rate | 5.50% | 3.50% |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Total debt gross | $ 164,167,000 | |
Weighted average contractual interest rate | 3.60% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Franklin Village [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2026 | |
Total debt gross | $ 44,571,000 | |
Weighted average contractual interest rate | 3.90% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Shops at Suffolk Downs [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 15,600,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Trexlertown Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 36,100,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | The Point [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 29,700,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Christina Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 17,000,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Lawndale Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 15,600,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Senator Square Finance Lease Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2050 | |
Total debt gross | $ 5,596,000 | |
Weighted average contractual interest rate | 5.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2023 | |
Credit facilities | $ 100,000,000 | |
Weighted average contractual interest rate | 3.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Two [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2024 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 3.80% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Three [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jul. 31, 2025 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 4.70% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Four [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2026 | |
Credit facilities | $ 50,000,000 | |
Weighted average contractual interest rate | 3.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Five [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Nov. 30, 2032 | |
Credit facilities | $ 110,000,000 | |
Weighted average contractual interest rate | 5.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Six [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 31, 2033 | |
Credit facilities | $ 25,000,000 | |
Weighted average contractual interest rate | 6.40% | |
Continuing Operations [Member] | Variable Rate Mortgage | Revolving Credit Facility [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2024 | |
Credit facilities | $ 66,000,000 | |
Weighted average contractual interest rate | 1.60% |
Mortgage Loans Payable and Cr_4
Mortgage Loans Payable and Credit Facilities (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Parenthetical) (Details) - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2022 Term | |
Debt Instrument [Line Items] | |
Line of credit facility extension allowed period | 1 year |
Line of credit facility extension allowed term | 2 |
Mortgage Loans Payable and Cr_5
Mortgage Loans Payable and Credit Facilities (Narrative) (Details) | 6 Months Ended | 12 Months Ended | ||||||
Dec. 21, 2022 USD ($) PropertyPortfolio | Oct. 28, 2022 USD ($) PropertyPortfolio | Aug. 22, 2022 USD ($) PropertyPortfolio | Aug. 30, 2021 USD ($) Term | May 05, 2021 USD ($) | Jun. 30, 2022 | Dec. 31, 2022 USD ($) PropertyPortfolio Term | Dec. 31, 2021 USD ($) | |
Line Of Credit Facility [Line Items] | ||||||||
Number of properties collateralize by secured term loans | PropertyPortfolio | 12 | |||||||
Credit facilities | $ 66,000,000 | |||||||
Interest rate swaps liability | $ 0 | |||||||
Interest Rate Swap [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Derivative, notional amount | $ 300,000,000 | |||||||
Non-recourse Mortgage [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Maturity date | Jun. 01, 2031 | |||||||
Interest at fixed-rate | 3.49% | |||||||
Non-recourse Mortgage [Member] | Nonrecourse [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Non-recourse mortgage debt | $ 114,000,000 | |||||||
KeyBank Credit Agreement [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Number of property portfolio | PropertyPortfolio | 19 | |||||||
Term loan amount | $ 130,000,000 | |||||||
Guggenheim Loan Agreement [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Number of property portfolio | PropertyPortfolio | 10 | |||||||
Credit facilities | $ 110,000,000 | |||||||
Maturity date | Nov. 10, 2032 | |||||||
Interest at fixed-rate | 5.25% | |||||||
Citi Loan Agreement [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Number of property portfolio | PropertyPortfolio | 2 | |||||||
Credit facilities | $ 25,000,000 | |||||||
Maturity date | Jan. 06, 2033 | |||||||
Interest at fixed-rate | 6.35% | |||||||
Unsecured Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Credit facility borrowing capacity | $ 300,000,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility extension allowed term | Term | 2 | |||||||
Line of credit facility extension allowed period | 1 year | |||||||
Basis spread on borrowings variable rate | 1.50% | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread on borrowings variable rate | 1.35% | |||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread on borrowings variable rate | 1.95% | |||||||
Revolving Credit Facility [Member] | Unsecured Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Credit facility borrowing capacity | $ 185,000,000 | |||||||
Credit facility expiration date | Aug. 31, 2024 | |||||||
Line of credit facility extension allowed term | Term | 2 | |||||||
Line of credit facility extension allowed period | 1 year | |||||||
Term loan facility [Member] | Unsecured Credit Facility [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Credit facility borrowing capacity | $ 50,000,000 | |||||||
Credit facility expiration date | Aug. 31, 2026 | |||||||
Line of credit facility extension allowed period | 4 years | |||||||
Term Loan [Member] | KeyBank Credit Agreement [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Variable rate description | Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5% through February 2023 | |||||||
Applicable margin | 2.50% | |||||||
Increase in applicable margin | 4% | |||||||
Interest rate description | The interest rate on this term loan consisted of the term Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5% through February 2023, at which time increases to 4.0% | |||||||
Term Loan [Member] | KeyBank Credit Agreement [Member] | Secured Overnight Financing Rate [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Basis spread on borrowings variable rate | 0.10% | |||||||
Interest Expense, Net [Member] | Discontinued Operations [Member] | Interest Rate Swap [Member] | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Interest rate swaps termination benefit | $ 3,400,000 |
Mortgage Loans Payable and Cr_6
Mortgage Loans Payable and Credit Facilities (Schedule of Principal Payments on Secured Term Loans) (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) Term | Dec. 31, 2021 USD ($) | |
Unamortized Debt Issuance Costs | ||
Unamortized Debt Issuance Costs | $ (3,538,000) | $ (3,129,000) |
Revolving Credit Facility [Member] | ||
Debt Instrument, Net | ||
Line of credit facility extension allowed term | Term | 2 | |
Line of credit facility extension allowed period | 1 year | |
Term Loan [Member] | ||
Debt Instrument, Gross | ||
2027 | $ 126,000 | |
Thereafter | 134,874,000 | |
Total | $ 135,000,000 |
Mortgage Loans Payable and Cr_7
Mortgage Loans Payable and Credit Facilities (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member] - Cash Flow Hedging, Count 5 [Member] | 12 Months Ended |
Dec. 31, 2021 USD ($) Contract | |
Derivatives Fair Value [Line Items] | |
Count | Contract | 5 |
Fair value | $ | $ 8,232,000 |
Minimum [Member] | |
Derivatives Fair Value [Line Items] | |
Maturity dates | 2023 |
Maximum [Member] | |
Derivatives Fair Value [Line Items] | |
Maturity dates | 2025 |
Mortgage Loans Payable and Cr_8
Mortgage Loans Payable and Credit Facilities (Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Designation/Cash Flow [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
(Loss) gain recognized in other comprehensive income (loss) (effective portion) | $ 6,001,000 | $ 4,148,000 | $ (17,940,000) |
Continuing Operations [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
(Loss) recognized in other comprehensive income (loss) reclassified into earnings (effective portion) | $ (2,320,000) | $ (6,476,000) | $ (6,062,000) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income (Expense), Net | Interest Income (Expense), Net | Interest Income (Expense), Net |
Intangible Lease Asset_Liabil_3
Intangible Lease Asset/Liability (Narrative) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Intangible Lease Asset Liability [Abstract] | ||
Unamortized intangible lease liabilities | $ 3,078,000 | $ 5,367,000 |
Unamortized intangible lease assets | 100,000 | $ 100,000 |
Accumulated amortization | $ 42,900,000 |
Intangible Lease Asset_Liabil_4
Intangible Lease Asset/Liability (Schedule of Unamortized Balance of Intangible Lease Liabilities Net) (Details) | Dec. 31, 2022 USD ($) |
Intangible Lease Asset Liability [Abstract] | |
2023 | $ 416,000 |
2024 | 250,000 |
2025 | 236,000 |
2026 | 236,000 |
2027 | 236,000 |
Thereafter | 1,704,000 |
Unamortized intangible lease liabilities | $ 3,078,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Weighted average remaining lease term | 49 years | ||
Weighted average discount rate | 8.60% | ||
Rent expense | $ 0.3 | $ 0.5 | $ 0.8 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Reconciliation of Undiscounted Future Minimum Lease Payments for its Ground Lease and Executive Office Lease Agreements to Right-of-Use Liabilities) (Details) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 179,000 |
2024 | 179,000 |
2025 | 179,000 |
2026 | 179,000 |
2027 | 179,000 |
Thereafter | 7,852,000 |
Total undiscounted future minimum lease payments | 8,747,000 |
Future minimum lease payments, discount | (6,685,000) |
Lease liabilities | $ 2,062,000 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Jan. 20, 2023 $ / shares | Aug. 26, 2022 $ / shares | Nov. 25, 2020 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 | Aug. 09, 2022 $ / shares | |
Class Of Stock [Line Items] | |||||||
Preferred stock, shares authorized | shares | 12,500,000 | ||||||
Stock price as percentage of market value | 100% | ||||||
Special dividend paid | $ 19.52 | ||||||
Payments for merger consideration | $ 9.48 | ||||||
Accrued preferred stock dividends | $ | $ 1.2 | $ 1.2 | |||||
Common stock, dividends declared | $ 19.52 | ||||||
Subsequent Event [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Dividends payable, date declared | Jan. 20, 2023 | ||||||
Dividends payable, date to be paid | Feb. 20, 2023 | ||||||
Dividends payable, date of record | Feb. 10, 2023 | ||||||
Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stockholders' equity, reverse stock split, conversion ratio | 0.15 | ||||||
Stockholders' equity, reverse stock split | Each 6.6 shares of the Company's issued and outstanding common stock were combined into one share of the Company's common stock. | ||||||
Series B [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Dividend rate percentage | 7.25% | 7.25% | 7.25% | ||||
Redemption date | May 22, 2017 | ||||||
Redemption price per share | $ 25 | ||||||
Preferred stock, shares authorized | shares | 1,450,000 | 1,450,000 | |||||
Series B [Member] | Subsequent Event [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividends declared | $ 0.453125 | ||||||
Series C [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Dividend rate percentage | 6.50% | 6.50% | 6.50% | ||||
Redemption date | Aug. 24, 2022 | ||||||
Redemption price per share | $ 25 | ||||||
Preferred stock, shares authorized | shares | 6,450,000 | 6,450,000 | |||||
Series C [Member] | Subsequent Event [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividends declared | $ 0.406250 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Preferred Stock) (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 12,500,000 | |
Preferred stock | $ 159,541,000 | $ 159,541,000 |
Series B Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 1,450,000 | 1,450,000 |
Shares issued | 1,450,000 | 1,450,000 |
Shares outstanding | 1,450,000 | 1,450,000 |
Preferred stock | $ 34,767,000 | $ 34,767,000 |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 6,450,000 | 6,450,000 |
Shares issued | 5,000,000 | 5,000,000 |
Shares outstanding | 5,000,000 | 5,000,000 |
Preferred stock | $ 124,774,000 | $ 124,774,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Dividends) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class Of Stock [Line Items] | |||
Common stock | $ 19.586 | $ 0.264 | $ 0.528 |
Series B Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Cumulative Redeemable Preferred Stock | $ 1.812 | $ 1.812 | $ 1.812 |
Dividend rate percentage | 7.25% | 7.25% | 7.25% |
Series C Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Cumulative Redeemable Preferred Stock | $ 1.625 | $ 1.625 | $ 1.625 |
Dividend rate percentage | 6.50% | 6.50% | 6.50% |
Revenues (Schedule of Rent Reve
Revenues (Schedule of Rent Revenues) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues [Abstract] | |||
Base rents | $ 23,111,000 | $ 27,946,000 | $ 29,419,000 |
Expense recoveries | 7,769,000 | 9,394,000 | 8,344,000 |
Percentage rent | 534,000 | 676,000 | 1,448,000 |
Straight-line rents | 361,000 | (61,000) | (1,513,000) |
Amortization of intangible lease liabilities, net | 896,000 | 657,000 | 710,000 |
Total rents | $ 32,671,000 | $ 38,612,000 | $ 38,408,000 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor Lease Description [Line Items] | |||||||||||
Total revenues | $ 9,240,000 | $ 7,984,000 | $ 8,503,000 | $ 8,278,000 | $ 8,913,000 | $ 8,495,000 | $ 10,844,000 | $ 10,935,000 | $ 34,005,000 | $ 39,187,000 | $ 45,890,000 |
Unpaid billed charges of rent and tenant reimbursements | $ 600,000 | $ 200,000 | |||||||||
Other Income [Member] | Contract Termination [Member] | |||||||||||
Lessor Lease Description [Line Items] | |||||||||||
Total revenues | $ 7,100,000 |
Revenues (Schedule of Annual Fu
Revenues (Schedule of Annual Future Base Rents Due to be Received Under Non-Cancelable Operating Leases) (Details) | Dec. 31, 2022 USD ($) |
Revenues [Abstract] | |
2023 | $ 23,961,000 |
2024 | 23,133,000 |
2025 | 20,845,000 |
2026 | 18,550,000 |
2027 | 16,313,000 |
Thereafter | 54,132,000 |
Future rents due to be received | $ 156,934,000 |
401(k) Retirement Plan (Details
401(k) Retirement Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Retirement plan, employer contribution amount | $ 145,000 | $ 327,000 | $ 375,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||
Expense relating to share/unit grants | $ 1,662,000 | $ 3,229,000 | $ 3,954,000 |
Amounts capitalized | (54,000) | (186,000) | (231,000) |
Total charged to operations | $ 1,608,000 | $ 3,043,000 | $ 3,723,000 |
Unvested shares/units, December 31, 2021 | 492,000 | ||
Restricted share grants | 7,000 | ||
Vested during period | (417,000) | ||
Forfeitures/cancellations/retirements | (82,000) | ||
Unvested shares/units, December 31, 2022 | 492,000 | ||
Unvested shares/unit, December 31, 2021, weighted average grant date fair value | $ 23.47 | ||
Restricted share grants, weighted average grant date fair value | 26.31 | ||
Vested during period, weighted average grant date fair value | 28.63 | ||
Forfeitures/cancellations/retirements, weighted average grant date fair value | $ 28.29 | ||
Unvested shares/unit, December 31, 2022, weighted average grant date fair value | $ 23.47 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | 36 Months Ended | |||||
Aug. 26, 2022 | Jul. 20, 2021 | Jun. 15, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 15, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average grant date fair value per share | $ 26.31 | ||||||
Fair value of vested shares | $ 11,900,000 | $ 6,000,000 | $ 900,000 | ||||
Shares vested | 417,000 | ||||||
Shares forfeited | 82,000 | ||||||
Shares granted under Stock incentive plan | 7,000 | ||||||
Maximum shares to be earned | 113,636 | ||||||
Share based compensation average annual total stock holders return, description | The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. | ||||||
Common stock, shares issued | 13,718,000 | 13,658,000 | |||||
Common stock value | $ 823,000 | $ 820,000 | |||||
Dividends equivalent rights paid | $ 500,000 | ||||||
Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted to Company's President | 113,636 | ||||||
Common stock, shares issued | 113,636 | ||||||
Dividend equivalent rights paid | $ 300,000 | ||||||
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares granted under Stock incentive plan | 227,272 | ||||||
Dividend equivalent rights | 227,272 | ||||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock value | $ 3,300,000 | ||||||
2017 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for grant under Stock Incentive Plan | 0 | ||||||
2017 Plan [Member] | Time-Based Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued | 7,000 | 149,000 | 63,000 | ||||
Weighted-average grant date fair value per share | $ 26.31 | $ 11.98 | $ 17.48 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Weighted average nonvested restricted shares outstanding | 200,000 | 400,000 | 400,000 |
Weighted average number of OP units outstanding | 44,000 | 81,000 | 81,000 |
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Shares issuable under Stock incentive plan | 0 | 0 | 0 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss from continuing operations | $ (79,010,000) | $ (35,672,000) | $ (22,522,000) | ||||||||
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) | ||||||||
Net loss (income) attributable to noncontrolling interests | 355,000 | (151,000) | (423,000) | ||||||||
Net earnings (loss) allocated to unvested shares | 58,000 | (117,000) | (238,000) | ||||||||
Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares | (89,349,000) | (46,692,000) | (33,935,000) | ||||||||
Income (loss) from discontinued operations, net of noncontrolling interests, attributable to vested common shares | 122,686,000 | (9,276,000) | 21,873,000 | ||||||||
Net income (loss) attributable to vested common shares | $ 33,337,000 | $ (55,968,000) | $ (12,062,000) | ||||||||
Weighted average number of vested common shares outstanding, basic | 13,448,000 | 13,213,000 | 13,104,000 | ||||||||
Weighted average number of vested common shares outstanding, diluted | 13,448,000 | 13,213,000 | 13,104,000 | ||||||||
Continuing operations, basic per share | $ (0.28) | $ (2.87) | $ (2.78) | $ (0.71) | $ (1.07) | $ (4.97) | $ 3.11 | $ (0.60) | $ (6.64) | $ (3.53) | $ (2.59) |
Continuing operations, diluted per share | (0.28) | (2.87) | (2.78) | (0.71) | (1.07) | (4.97) | 3.11 | (0.60) | (6.64) | (3.53) | (2.59) |
Discontinued operations, basic per share | 0.03 | 9.29 | (0.63) | 0.43 | (0.30) | (1.31) | 0.41 | 0.49 | 9.12 | (0.71) | 1.67 |
Discontinued operations, diluted per share | 0.03 | 9.29 | (0.63) | 0.43 | (0.30) | (1.31) | 0.41 | 0.49 | 9.12 | (0.71) | 1.67 |
Net (loss) income per common share attributable to common shareholders, basic | (0.25) | 6.42 | (3.41) | (0.28) | (1.37) | (6.28) | 3.52 | (0.11) | 2.48 | (4.24) | (0.92) |
Net (loss) income per common share attributable to common shareholders, diluted | $ (0.25) | $ 6.42 | $ (3.41) | $ (0.28) | $ (1.37) | $ (6.28) | $ 3.52 | $ (0.11) | $ 2.48 | $ (4.24) | $ (0.92) |
Related Party Transactions (Add
Related Party Transactions (Additional Information) (Details) - WHLR [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |
Related party transaction expenses | $ 1 |
Related party amounts due | $ 7.3 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Schedule of Selected Quarterly Financial Data (unaudited)) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 9,240,000 | $ 7,984,000 | $ 8,503,000 | $ 8,278,000 | $ 8,913,000 | $ 8,495,000 | $ 10,844,000 | $ 10,935,000 | $ 34,005,000 | $ 39,187,000 | $ 45,890,000 |
Net (loss) income | (1,634,000) | 89,309,000 | (42,587,000) | (1,057,000) | (16,750,000) | (80,516,000) | 51,055,000 | 1,112,000 | 44,031,000 | (45,099,000) | (1,072,000) |
Net (loss) income attributable to common shareholders | $ (4,322,000) | $ 86,621,000 | $ (45,275,000) | $ (3,745,000) | $ (19,438,000) | $ (83,204,000) | $ 48,367,000 | $ (1,576,000) | $ 33,279,000 | $ (55,851,000) | $ (11,824,000) |
Per common share (basic) - continuing operations | $ (0.28) | $ (2.87) | $ (2.78) | $ (0.71) | $ (1.07) | $ (4.97) | $ 3.11 | $ (0.60) | $ (6.64) | $ (3.53) | $ (2.59) |
Per common share (diluted) - continuing operations | (0.28) | (2.87) | (2.78) | (0.71) | (1.07) | (4.97) | 3.11 | (0.60) | (6.64) | (3.53) | (2.59) |
Per common share (basic) - discontinued operations | 0.03 | 9.29 | (0.63) | 0.43 | (0.30) | (1.31) | 0.41 | 0.49 | 9.12 | (0.71) | 1.67 |
Per common share (diluted) - discontinued operations | 0.03 | 9.29 | (0.63) | 0.43 | (0.30) | (1.31) | 0.41 | 0.49 | 9.12 | (0.71) | 1.67 |
Net (loss) income per common share attributable to common shareholders, basic | (0.25) | 6.42 | (3.41) | (0.28) | (1.37) | (6.28) | 3.52 | (0.11) | 2.48 | (4.24) | (0.92) |
Net (loss) income per common share attributable to common shareholders, diluted | $ (0.25) | $ 6.42 | $ (3.41) | $ (0.28) | $ (1.37) | $ (6.28) | $ 3.52 | $ (0.11) | $ 2.48 | $ (4.24) | $ (0.92) |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Gross leasable area | ft² | 2,863,000 | |||||
Initial cost to the Company, Land | $ 74,960,000 | |||||
Initial cost to the Company, Building and Improvements | 302,680,000 | |||||
Subsequent cost capitalized | [1] | (13,530,000) | ||||
Gross carrying amount of Land | 69,111,000 | |||||
Gross carrying amount of building and improvements | 294,999,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 364,110,000 | [2] | $ 369,827,000 | $ 604,265,000 | $ 1,515,206,000 | |
Accumulated Depreciation | $ 157,468,000 | $ 155,250,000 | $ 197,119,000 | $ 389,861,000 | ||
Brickyard Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2004 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 228,000 | |||||
Initial cost to the Company, Land | $ 7,632,000 | |||||
Initial cost to the Company, Building and Improvements | 29,308,000 | |||||
Subsequent cost capitalized | [1] | (779,000) | ||||
Gross carrying amount of Land | 7,648,000 | |||||
Gross carrying amount of building and improvements | 28,513,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 36,161,000 | |||||
Accumulated Depreciation | $ 13,850,000 | |||||
Brickyard Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1990 | |||||
Brickyard Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
Carll's Corner [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 129,000 | |||||
Initial cost to the Company, Land | $ 3,034,000 | |||||
Initial cost to the Company, Building and Improvements | 15,293,000 | |||||
Subsequent cost capitalized | [1] | (11,815,000) | ||||
Gross carrying amount of Land | 246,000 | |||||
Gross carrying amount of building and improvements | 6,266,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 6,512,000 | |||||
Accumulated Depreciation | $ 5,321,000 | |||||
Carll's Corner [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Carll's Corner [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1999 | |||||
Coliseum Marketplace [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 107,000 | |||||
Initial cost to the Company, Land | $ 2,924,000 | |||||
Initial cost to the Company, Building and Improvements | 14,416,000 | |||||
Subsequent cost capitalized | [1] | (4,860,000) | ||||
Gross carrying amount of Land | 3,586,000 | |||||
Gross carrying amount of building and improvements | 8,894,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 12,480,000 | |||||
Accumulated Depreciation | $ 7,091,000 | |||||
Coliseum Marketplace [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1987 | |||||
Coliseum Marketplace [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
Fairview Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 53,000 | |||||
Initial cost to the Company, Land | $ 858,000 | |||||
Initial cost to the Company, Building and Improvements | 3,568,000 | |||||
Subsequent cost capitalized | [1] | 462,000 | ||||
Gross carrying amount of Land | 858,000 | |||||
Gross carrying amount of building and improvements | 4,030,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 4,888,000 | |||||
Accumulated Depreciation | $ 1,801,000 | |||||
Fairview Commons [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1976 | |||||
Fairview Commons [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2003 | |||||
Fieldstone Marketplace [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 194,000 | |||||
Initial cost to the Company, Land | $ 5,229,000 | |||||
Initial cost to the Company, Building and Improvements | 21,440,000 | |||||
Subsequent cost capitalized | [1] | (3,219,000) | ||||
Gross carrying amount of Land | 5,167,000 | |||||
Gross carrying amount of building and improvements | 18,283,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 23,450,000 | |||||
Accumulated Depreciation | $ 12,069,000 | |||||
Fieldstone Marketplace [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Year built/Year last renovated | 1988 | |||||
Fieldstone Marketplace [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2012 | |||||
Year built/Year last renovated | 2003 | |||||
Gold Star Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2006 | |||||
Percent Owned | 100% | |||||
Year built/Year last renovated | 1988 | |||||
Gross leasable area | ft² | 72,000 | |||||
Initial cost to the Company, Land | $ 1,644,000 | |||||
Initial cost to the Company, Building and Improvements | 6,519,000 | |||||
Subsequent cost capitalized | [1] | (140,000) | ||||
Gross carrying amount of Land | 1,644,000 | |||||
Gross carrying amount of building and improvements | 6,379,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 8,023,000 | |||||
Accumulated Depreciation | $ 2,840,000 | |||||
Golden Triangle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 203,000 | |||||
Initial cost to the Company, Land | $ 2,320,000 | |||||
Initial cost to the Company, Building and Improvements | 9,713,000 | |||||
Subsequent cost capitalized | [1] | 12,345,000 | ||||
Gross carrying amount of Land | 2,320,000 | |||||
Gross carrying amount of building and improvements | 22,058,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 24,378,000 | |||||
Accumulated Depreciation | $ 11,429,000 | |||||
Golden Triangle [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Golden Triangle [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2005 | |||||
Hamburg Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2004 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 102,000 | |||||
Initial cost to the Company, Land | $ 1,153,000 | |||||
Initial cost to the Company, Building and Improvements | 4,678,000 | |||||
Subsequent cost capitalized | [1] | 6,573,000 | ||||
Gross carrying amount of Land | 1,153,000 | |||||
Gross carrying amount of building and improvements | 11,251,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 12,404,000 | |||||
Accumulated Depreciation | $ 4,902,000 | |||||
Hamburg Square [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1993 | |||||
Hamburg Square [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2010 | |||||
Kings Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 168,000 | |||||
Initial cost to the Company, Land | $ 2,413,000 | |||||
Initial cost to the Company, Building and Improvements | 12,604,000 | |||||
Subsequent cost capitalized | [1] | 1,915,000 | ||||
Gross carrying amount of Land | 2,408,000 | |||||
Gross carrying amount of building and improvements | 14,524,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 16,932,000 | |||||
Accumulated Depreciation | $ 5,460,000 | |||||
Kings Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1970 | |||||
Kings Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1994 | |||||
Oakland Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 90,000 | |||||
Initial cost to the Company, Land | $ 2,504,000 | |||||
Initial cost to the Company, Building and Improvements | 15,662,000 | |||||
Subsequent cost capitalized | [1] | (4,668,000) | ||||
Gross carrying amount of Land | 2,504,000 | |||||
Gross carrying amount of building and improvements | 10,994,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 13,498,000 | |||||
Accumulated Depreciation | $ 6,450,000 | |||||
Oakland Commons [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1962 | |||||
Oakland Commons [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Patuxent Crossing [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2009 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 264,000 | |||||
Initial cost to the Company, Land | $ 14,849,000 | |||||
Initial cost to the Company, Building and Improvements | 18,445,000 | |||||
Subsequent cost capitalized | [1] | 1,835,000 | ||||
Gross carrying amount of Land | 13,211,000 | |||||
Gross carrying amount of building and improvements | 21,918,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 35,129,000 | |||||
Accumulated Depreciation | $ 10,679,000 | |||||
Patuxent Crossing [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1985 | |||||
Patuxent Crossing [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1997 | |||||
Pine Grove Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 79,000 | |||||
Initial cost to the Company, Land | $ 2,010,000 | |||||
Initial cost to the Company, Building and Improvements | 6,489,000 | |||||
Subsequent cost capitalized | [1] | 632,000 | ||||
Gross carrying amount of Land | 1,622,000 | |||||
Gross carrying amount of building and improvements | 7,509,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 9,131,000 | |||||
Accumulated Depreciation | $ 3,849,000 | |||||
Pine Grove Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2001 | |||||
Pine Grove Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2002 | |||||
Oregon Avenue [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2016 | |||||
Percent Owned | 100% | |||||
Year built/Year last renovated | 2011 | |||||
Gross leasable area | ft² | 20,000 | |||||
Initial cost to the Company, Land | $ 2,247,000 | |||||
Initial cost to the Company, Building and Improvements | 18,616,000 | |||||
Subsequent cost capitalized | [1] | (16,980,000) | ||||
Gross carrying amount of Land | 2,141,000 | |||||
Gross carrying amount of building and improvements | 1,742,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 3,883,000 | |||||
Accumulated Depreciation | $ 358,000 | |||||
South Philadelphia [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 222,000 | |||||
Initial cost to the Company, Land | $ 8,222,000 | |||||
Initial cost to the Company, Building and Improvements | 36,314,000 | |||||
Subsequent cost capitalized | [1] | (9,764,000) | ||||
Gross carrying amount of Land | 8,222,000 | |||||
Gross carrying amount of building and improvements | 26,550,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 34,772,000 | |||||
Accumulated Depreciation | $ 21,389,000 | |||||
South Philadelphia [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1950 | |||||
South Philadelphia [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2003 | |||||
Southington Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 156,000 | |||||
Initial cost to the Company, Building and Improvements | $ 11,834,000 | |||||
Subsequent cost capitalized | [1] | 1,464,000 | ||||
Gross carrying amount of building and improvements | 13,298,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 13,298,000 | |||||
Accumulated Depreciation | $ 6,208,000 | |||||
Southington Center [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1972 | |||||
Southington Center [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2000 | |||||
Timpany Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 183,000 | |||||
Initial cost to the Company, Land | $ 3,412,000 | |||||
Initial cost to the Company, Building and Improvements | 19,240,000 | |||||
Subsequent cost capitalized | [1] | (4,845,000) | ||||
Gross carrying amount of Land | 3,368,000 | |||||
Gross carrying amount of building and improvements | 14,439,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 17,807,000 | |||||
Accumulated Depreciation | $ 7,953,000 | |||||
Timpany Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1970 | |||||
Timpany Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1989 | |||||
Trexler Mall [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 337,000 | |||||
Initial cost to the Company, Land | $ 6,932,000 | |||||
Initial cost to the Company, Building and Improvements | 32,815,000 | |||||
Subsequent cost capitalized | [1] | 13,720,000 | ||||
Gross carrying amount of Land | 6,932,000 | |||||
Gross carrying amount of building and improvements | 46,535,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 53,467,000 | |||||
Accumulated Depreciation | $ 19,962,000 | |||||
Trexler Mall [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1973 | |||||
Trexler Mall [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Washington Centers Shoppes [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2001 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 157,000 | |||||
Initial cost to the Company, Land | $ 2,061,000 | |||||
Initial cost to the Company, Building and Improvements | 7,314,000 | |||||
Subsequent cost capitalized | [1] | 7,513,000 | ||||
Gross carrying amount of Land | 2,000,000 | |||||
Gross carrying amount of building and improvements | 14,888,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 16,888,000 | |||||
Accumulated Depreciation | $ 7,241,000 | |||||
Washington Centers Shoppes [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1979 | |||||
Washington Centers Shoppes [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1995 | |||||
Webster Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100% | |||||
Gross leasable area | ft² | 99,000 | |||||
Initial cost to the Company, Land | $ 3,551,000 | |||||
Initial cost to the Company, Building and Improvements | 18,412,000 | |||||
Subsequent cost capitalized | [1] | (1,518,000) | ||||
Gross carrying amount of Land | 4,081,000 | |||||
Gross carrying amount of building and improvements | 16,364,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 20,445,000 | |||||
Accumulated Depreciation | $ 8,447,000 | |||||
Webster Commons [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Webster Commons [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2004 | |||||
Other [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percent Owned | 100% | |||||
Initial cost to the Company, Land | $ 1,965,000 | |||||
Subsequent cost capitalized | [1] | (1,401,000) | ||||
Gross carrying amount of building and improvements | 564,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 564,000 | |||||
Accumulated Depreciation | $ 169,000 | |||||
[1] Negative amounts represent write-offs of fully depreciated assets and impairments. At December 31, 2022, the aggregate cost for federal income tax purposes was approximately $ 49.6 million greater than the Company's recorded values. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Changes in Real Estate and Accumulated Depreciation) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Real estate balance, beginning of the year | $ 369,827,000 | $ 604,265,000 | $ 1,515,206,000 | ||
Properties transferred to/from held for sale | (11,495,000) | (180,123,000) | (945,725,000) | ||
Outparcel dispositions | (387,000) | (840,000) | |||
Property impairments | (16,629,000) | (83,224,000) | |||
Improvements and betterments | 22,407,000 | 29,296,000 | 35,624,000 | ||
Real estate balance, end of the year | 364,110,000 | [1] | 369,827,000 | 604,265,000 | |
Accumulated depreciation balance, beginning of the year | 155,250,000 | 197,119,000 | 389,861,000 | ||
Properties transferred to/from held for sale | (15,339,000) | (78,207,000) | (235,397,000) | ||
Outparcel dispositions | (90,000) | ||||
Depreciation expense | [2] | 17,557,000 | 36,338,000 | 42,745,000 | |
Accumulated depreciation balance end of the year | 157,468,000 | 155,250,000 | 197,119,000 | ||
Net book value | 206,642,000 | $ 214,577,000 | $ 407,146,000 | ||
Difference between recorded cost of real estate and cost for federal tax purposes | $ 49,600,000 | ||||
Minimum [Member] | |||||
Estimated useful life of buildings and improvements | 3 years | ||||
Maximum [Member] | |||||
Estimated useful life of buildings and improvements | 40 years | ||||
[1] At December 31, 2022, the aggregate cost for federal income tax purposes was approximately $ 49.6 million greater than the Company's recorded values. Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years . |