Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Trading Symbol | CDR | |
Entity Registrant Name | CEDAR REALTY TRUST, INC. | |
Entity Central Index Key | 761,648 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 91,207,909 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Land | $ 295,734,000 | $ 304,237,000 |
Buildings and improvements | 1,206,608,000 | 1,230,362,000 |
Real estate, gross | 1,502,342,000 | 1,534,599,000 |
Less accumulated depreciation | (353,085,000) | (341,943,000) |
Real estate, net | 1,149,257,000 | 1,192,656,000 |
Real estate held for sale | 11,348,000 | |
Cash and cash equivalents | 4,398,000 | 3,702,000 |
Restricted cash | 3,517,000 | |
Receivables | 21,905,000 | 17,193,000 |
Other assets and deferred charges, net | 50,645,000 | 35,350,000 |
TOTAL ASSETS | 1,237,553,000 | 1,252,418,000 |
LIABILITIES AND EQUITY | ||
Mortgage loans payable | 47,545,000 | 127,969,000 |
Capital lease obligation | 5,398,000 | |
Unsecured revolving credit facility | 102,000,000 | 55,000,000 |
Unsecured term loans | 471,954,000 | 397,156,000 |
Accounts payable and accrued liabilities | 25,688,000 | 24,519,000 |
Unamortized intangible lease liabilities | 14,014,000 | 17,663,000 |
Total liabilities | 666,599,000 | 622,307,000 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 159,541,000 | 207,508,000 |
Common stock ($.06 par value, 150,000,000 shares authorized, 91,211,000 and 91,317,000 shares, issued and outstanding, respectively) | 5,473,000 | 5,479,000 |
Treasury stock (2,979,000 and 3,359,000 shares, respectively, at cost) | (16,650,000) | (18,463,000) |
Additional paid-in capital | 876,865,000 | 875,062,000 |
Cumulative distributions in excess of net income | (473,098,000) | (446,944,000) |
Accumulated other comprehensive income | 15,592,000 | 5,694,000 |
Total Cedar Realty Trust, Inc. shareholders' equity | 567,723,000 | 628,336,000 |
Noncontrolling interests: | ||
Minority interests in consolidated joint ventures | (215,000) | (609,000) |
Limited partners' OP Units | 3,446,000 | 2,384,000 |
Total noncontrolling interests | 3,231,000 | 1,775,000 |
Total equity | 570,954,000 | 630,111,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,237,553,000 | $ 1,252,418,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
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 | 91,211,000 | 91,317,000 |
Common stock, shares outstanding | 91,211,000 | 91,317,000 |
Treasury stock, shares | 2,979,000 | 3,359,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUES | ||||
Total revenues | $ 36,170,000 | $ 36,398,000 | $ 115,088,000 | $ 108,871,000 |
EXPENSES | ||||
Operating, maintenance and management | 6,394,000 | 5,578,000 | 20,182,000 | 18,084,000 |
Real estate and other property-related taxes | 5,037,000 | 4,931,000 | 15,172,000 | 14,597,000 |
General and administrative | 3,975,000 | 4,121,000 | 12,745,000 | 12,494,000 |
Acquisition pursuit costs | 156,000 | |||
Depreciation and amortization | 9,650,000 | 9,807,000 | 30,245,000 | 30,178,000 |
Total expenses | 25,056,000 | 24,437,000 | 78,344,000 | 75,509,000 |
OTHER | ||||
Gain on sale | 4,864,000 | 4,864,000 | 7,099,000 | |
Impairment reversals / (charges) | 707,000 | (20,689,000) | (9,850,000) | |
Total other | 5,571,000 | (15,825,000) | (2,751,000) | |
OPERATING INCOME | 16,685,000 | 11,961,000 | 20,919,000 | 30,611,000 |
NON-OPERATING INCOME AND EXPENSES | ||||
Interest expense | (5,551,000) | (5,544,000) | (16,468,000) | (16,638,000) |
Early extinguishment of debt costs | (4,829,000) | (4,829,000) | ||
Total non-operating income and expenses | (10,380,000) | (5,544,000) | (21,297,000) | (16,638,000) |
NET INCOME (LOSS) | 6,305,000 | 6,417,000 | (378,000) | 13,973,000 |
Net (income) loss attributable to noncontrolling interests: | ||||
Minority interests in consolidated joint ventures | (126,000) | (138,000) | (394,000) | (393,000) |
Limited partners' interest in Operating Partnership | (19,000) | 21,000 | 41,000 | 22,000 |
Total net (income) attributable to noncontrolling interests | 145,000 | 117,000 | 353,000 | 371,000 |
NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | 6,160,000 | 6,300,000 | (731,000) | 13,602,000 |
Preferred stock dividends | (2,688,000) | (3,535,000) | (8,175,000) | (10,739,000) |
Preferred stock redemption costs | (7,890,000) | (3,507,000) | (7,890,000) | |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ 3,472,000 | $ (5,125,000) | $ (12,413,000) | $ (5,027,000) |
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS: | ||||
Basic | $ 0.04 | $ (0.06) | $ (0.15) | $ (0.07) |
Diluted | $ 0.04 | $ (0.06) | $ (0.15) | $ (0.07) |
Weighted average number of common shares: | ||||
Basic | 89,049,000 | 85,642,000 | 88,228,000 | 83,049,000 |
Diluted | 89,875,000 | 85,642,000 | 88,228,000 | 83,049,000 |
Rents [Member] | ||||
REVENUES | ||||
Total revenues | $ 28,120,000 | $ 28,362,000 | $ 85,732,000 | $ 84,790,000 |
Expense Recoveries [Member] | ||||
REVENUES | ||||
Total revenues | 7,747,000 | 7,436,000 | 24,800,000 | 22,796,000 |
Other [Member] | ||||
REVENUES | ||||
Total revenues | $ 303,000 | $ 600,000 | $ 4,556,000 | $ 1,285,000 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 6,305,000 | $ 6,417,000 | $ (378,000) | $ 13,973,000 |
Other comprehensive income - unrealized gain on change in fair value of cash flow hedges | 2,129,000 | 1,279,000 | 9,956,000 | 1,591,000 |
Comprehensive income | 8,434,000 | 7,696,000 | 9,578,000 | 15,564,000 |
Comprehensive (income) attributable to noncontrolling interests | (174,000) | (122,000) | (411,000) | (377,000) |
Comprehensive income attributable to Cedar Realty Trust, Inc. | $ 8,260,000 | $ 7,574,000 | $ 9,167,000 | $ 15,187,000 |
Consolidated Statement Of Equit
Consolidated Statement Of Equity - 9 months ended Sep. 30, 2018 - USD ($) | Total | Limited Partners' Interest In Operating Partnership [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series B [Member] | Common Stock [Member] | Treasury Stock, At Cost [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Series B [Member] | Cumulative Distributions In Excess Of Net Income [Member] | Cumulative Distributions In Excess Of Net Income [Member]Series B [Member] | Accumulated Other Comprehensive Income [Member] | Cedar Realty Trust, Inc. [Member] | Cedar Realty Trust, Inc. [Member]Series B [Member] | Minority Interests In Consolidated Joint Ventures [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2017 | $ 630,111,000 | $ 2,384,000 | $ 207,508,000 | $ 5,479,000 | $ (18,463,000) | $ 875,062,000 | $ (446,944,000) | $ 5,694,000 | $ 628,336,000 | $ (609,000) | $ 1,775,000 | ||||
Balance, shares at Dec. 31, 2017 | 8,450,000 | 91,317,000 | |||||||||||||
Net (loss) income | (378,000) | (41,000) | (731,000) | (731,000) | 394,000 | 353,000 | |||||||||
Unrealized gain on change in fair value of cash flow hedges | 9,956,000 | 58,000 | 9,898,000 | 9,898,000 | 58,000 | ||||||||||
Share-based compensation, net | 2,286,000 | $ (6,000) | 1,813,000 | 479,000 | 2,286,000 | ||||||||||
Share-based compensation, net, shares | (108,000) | ||||||||||||||
Redemptions of Series B Shares | (50,016,000) | $ (47,967,000) | $ 1,458,000 | $ (3,507,000) | $ (50,016,000) | ||||||||||
Redemptions of Series B Shares, Shares | (2,000,000) | ||||||||||||||
Common stock sales, net of issuance expenses | 5,000 | 5,000 | 5,000 | ||||||||||||
Common stock sales, net of issuance expenses, shares | 2,000 | ||||||||||||||
Preferred stock dividends | (8,175,000) | (8,175,000) | (8,175,000) | ||||||||||||
Distributions to common shareholders/noncontrolling interests | (13,803,000) | (62,000) | (13,741,000) | (13,741,000) | (62,000) | ||||||||||
Redemption of OP Units | (7,000) | (7,000) | (7,000) | ||||||||||||
Issuance of OP Units | 975,000 | 975,000 | 975,000 | ||||||||||||
Reallocation adjustment of limited partners' interest | 139,000 | (139,000) | (139,000) | 139,000 | |||||||||||
Balance at Sep. 30, 2018 | $ 570,954,000 | $ 3,446,000 | $ 159,541,000 | $ 5,473,000 | $ (16,650,000) | $ 876,865,000 | $ (473,098,000) | $ 15,592,000 | $ 567,723,000 | $ (215,000) | $ 3,231,000 | ||||
Balance, shares at Sep. 30, 2018 | 6,450,000 | 91,211,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ 6,305,000 | $ (378,000) | $ 13,973,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Gain on sales | (4,864,000) | (4,864,000) | (7,099,000) |
Impairment charges | 20,689,000 | 9,850,000 | |
Early extinguishment of debt costs | 4,829,000 | 4,829,000 | |
Straight-line rents | (332,000) | (824,000) | (787,000) |
Provision for doubtful accounts | 1,662,000 | 1,215,000 | |
Depreciation and amortization | 9,650,000 | 30,245,000 | 30,178,000 |
Amortization of intangible lease liabilities, net | (729,000) | (3,611,000) | (1,900,000) |
Expense relating to share-based compensation, net | 2,801,000 | 2,693,000 | |
Amortization of premium on mortgage loan payable | (80,000) | (97,000) | |
Amortization of deferred financing costs | 913,000 | 1,040,000 | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Rents and other receivables | (3,524,000) | (3,112,000) | |
Prepaid expenses and other | (9,207,000) | (6,395,000) | |
Accounts payable and accrued liabilities | 1,326,000 | 1,826,000 | |
Net cash provided by operating activities | 39,977,000 | 41,385,000 | |
INVESTING ACTIVITIES | |||
Acquisitions of real estate | (179,000) | (32,442,000) | |
Expenditures for real estate improvements | (21,919,000) | (17,115,000) | |
Net proceeds from sales of real estate | 19,118,000 | 10,372,000 | |
Issuance of mortgage note receivable | (3,500,000) | ||
Net cash (used in) investing activities | (6,480,000) | (39,185,000) | |
FINANCING ACTIVITIES | |||
Repayments under revolving credit facility | (117,500,000) | (134,500,000) | |
Advances under revolving credit facility | 164,500,000 | 157,500,000 | |
Advance under term loan | 75,000,000 | ||
Mortgage repayments | (80,077,000) | (2,399,000) | |
Payments of early extinguishment of debt costs | (5,159,000) | ||
Payments of debt financing costs | (677,000) | (2,498,000) | |
Noncontrolling interests: | |||
Distributions to limited partners | (62,000) | (53,000) | |
Redemption of OP Units | (7,000) | (11,000) | |
Net proceeds from sale of preferred stock | 72,337,000 | ||
Redemptions of preferred stock | (50,016,000) | (112,510,000) | |
Common stock sales less issuance expenses, net | 9,000 | 43,164,000 | |
Preferred stock dividends | (8,588,000) | (11,113,000) | |
Distributions to common shareholders | (13,741,000) | (13,116,000) | |
Net cash (used in) financing activities | (36,318,000) | (3,199,000) | |
Net (decrease) in cash, cash equivalents and restricted cash | (2,821,000) | (999,000) | |
Cash, cash equivalents and restricted cash at beginning of year | 7,219,000 | 5,762,000 | |
Cash, cash equivalents and restricted cash at end of period | 4,398,000 | 4,398,000 | 4,763,000 |
Reconciliation to consolidated balance sheets: | |||
Cash and cash equivalents | 4,398,000 | 4,398,000 | 2,240,000 |
Restricted cash | 2,523,000 | ||
Cash, cash equivalents and restricted cash at end of period | $ 4,398,000 | $ 4,398,000 | $ 4,763,000 |
Business And Organization
Business And Organization | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business And Organization | Note 1. Business and Organization Cedar Realty Trust, Inc. (the “Company”) is a real estate investment trust (“REIT”) that focuses primarily on ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. At September 30, 2018, the Company owned and managed a portfolio of 58 operating properties (excluding properties “held for sale”). Cedar Realty Trust Partnership, L.P. (the “Operating Partnership”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At September 30, 2018, the Company owned a 99.4% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.6% at September 30, 2018) is represented by Operating Partnership Units (“OP Units”). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners’ ownership percentage of the Operating Partnership’s net equity. The 553,000 OP Units outstanding at September 30, 2018 are economically equivalent to the Company’s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s common stock or, at the Company’s option, for cash. 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The 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. The prior period financial statements reflect certain reclassifications, such as the reclassification of restricted cash and the related accounts on the consolidated statements of cash flows, which had no impact on previously-reported net income attributable to common shareholders or earnings per share. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The unaudited 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 for which it is the primary beneficiary. Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 16,593,000 $ 15,945,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,125,000 483,000 Issuance of OP Units in connection with a land parcel acquisition 975,000 — Recently-Adopted Accounting Pronouncements In May 2014, the FASB issued guidance which amends the accounting for revenue recognition. Under the amended guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled to and receive in exchange for those goods or services. Leases are specifically excluded from this guidance and will be governed by the applicable lease codification. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In August 2016, the FASB issued guidance that clarifies how an entity should classify certain cash receipts and cash payments on its statement of cash flows. The guidance established that an entity will classify cash payments for debt prepayment or extinguishment costs as financing cash flows. In addition, the guidance provides entities with an alternative to consider regarding the nature of the source of distributions that an investor receives from an equity method investment when classifying distributions received in its cash flow statement (the nature of the distribution approach). Alternatively, entities can elect to classify the distributions received from equity method investees based on the cumulative earnings approach. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows. When cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions on the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In May 2017, the FASB issued guidance which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. Under the new guidance, an entity will not apply modification accounting if the award’s fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. Recently-Issued Accounting Pronouncements In February 2016, the FASB issued guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for pursuant to existing guidance for operating leases. The guidance will result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations under its ground lease and executive office lease agreements for which the Company is the lessee. Additionally, the guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. FASB provided lessors with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components as a single lease component if certain criteria are met. Lessors that make these elections will be required to provide additional disclosures. FASB provided an additional (and optional) transition method that allows entities to initially apply the guidance at the adoption date (January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to apply both these practical expedients upon adoption. The Company, based on the anticipated election of practical expedients, anticipates that its tenant leases, where it is the lessor, will continue to be accounted for as operating leases under the new standard. The Company is also the lessee under various ground lease arrangements. The Company would not be required to reassess the classification of existing ground leases where it is the lessee and therefore these leases would continue to be accounted for as operating or financing leases. Therefore, as of January 1, 2019, the Company does not currently anticipate significant changes in the accounting for its lease revenues as lessor, but does anticipate the recognition of right of use assets and related lease liabilities on its consolidated balance sheets related to ground leases as lessee. In the event the Company modifies existing ground leases or enters into new ground leases after adoption of the new standard, such leases may be classified as finance leases. 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, straight-line rent receivables, 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. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate | Note 3. Real Estate Land Parcel Acquisition On August 8, 2018, the Company purchased a land parcel adjacent to its Riverview Plaza property, located in Philadelphia, Pennsylvania. The purchase price for the land parcel was $1.0 million, which was comprised of $25,000 in cash and approximately 208,000 OP Units (based on the market price of the Company’s common stock). Shopping Center Acquisition On August 21, 2018, the Company entered into a deed of lease for Senator Square, a shopping center located in Washington, D.C. The deed of lease conveys fee title in the buildings to the Company and contains future options to acquire fee title in the land at its then fair-value. This lease is presented in the Company’s financial statements as two separate components as follows: (1) a$5.7 million capital lease obligation for the fee interest in the buildings, and (2) an operating lease for the land. The capital lease obligation was computed through the date of the Company’s first purchase option, as discussed below, and reflects an interest rate of 5.3%. The lease initially requires monthly payments of $75,000 through maturity in August 2117 unless the Company exercises one of its options to acquire the land. The first such option will be available between the 25th and 33rd anniversaries of the lease, depending on certain property benchmarks, with additional purchase options every 10 years thereafter during the lease term. The lease also provides for 1.5% annual increases which begin on approximately the 8th anniversary of the lease, depending on the aforementioned property benchmarks. In addition, at the time the Company’s first purchase option becomes available, the lease payments will be adjusted to the greater of then fair-value or the current payment amount. The lease payments are subject to similar adjustments at the 25th and 50th anniversaries of such first purchase option. The Company has also issued a $3.5 million interest only mortgage note receivable to the lessor of Senator Square, which bears interest at 4.5% per annum. The maturity date of this mortgage note can range from 26.5 years to 34.5 years from the date of issuance, based on the aforementioned property benchmarks. Dispositions On August 28, 2018, the Company sold Mechanicsburg Center, located in Mechanicsburg, Pennsylvania. The sales price for the property was $16.1 million, which resulted in a gain on sale of $4.9 million, which has been included in continuing operations in the accompanying consolidated statements of operations. On September 28, 2018, the Company sold West Bridgewater Plaza, located in West Bridgewater, Massachusetts. The sales price for the property was $3.5 million. An impairment charge of $9.4 million has been recorded in connection with the property during 2018, which has been included in continuing operations in the accompanying consolidated statements of operations. Real Estate Held for Sale 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 for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow or income capitalization 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. As of September 30, 2018, Carll’s Corner, located in Bridgeton, New Jersey, and Maxatawny Marketplace, located in Maxatawny, Pennsylvania, have been classified as “real estate held for sale” on the accompanying consolidated balance sheet. The Company recorded impairment charges of $11.3 million in connection with these properties during 2018. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
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 share-based 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 loans were 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 September 30, 2018 and December 31, 2017, the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be Level 3 within the valuation hierarchy, were $45.2 million and $127.7 million, respectively; the carrying values of such loans were $47.5 million and $128.0 million, respectively. As of September 30, 2018 and December 31, 2017, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. In addition, the fair value of the Company’s mortgage note receivable and capital lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of September 30, 2018. The valuation of the assets and 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 September 30, 2018, 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. Valuations were prepared using internally-developed valuation models. These valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from the acquisition, accounting, finance, operations, development and leasing departments, and the valuations are updated as appropriate. In addition, the Company may engage third-party valuation experts to assist with the preparation of certain of its valuations. The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, respectively: September 30, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 689,000 $ — $ — $ 689,000 Deferred compensation liabilities (b) $ 687,000 $ — $ — $ 687,000 Interest rate swaps asset (a) $ — $ 15,755,000 $ — $ 15,755,000 December 31, 2017 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 552,000 $ — $ — $ 552,000 Deferred compensation liabilities (b) $ 544,000 $ — $ — $ 544,000 Interest rate swaps asset (a) $ — $ 6,394,000 $ — $ 6,394,000 Interest rate swaps liability (b) $ — $ 511,000 $ — $ 511,000 (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. There were no assets measured at fair value on a non-recurring basis as of December 31, 2017. As of September 30, 2018, one retail property, totaling $1.6 million, was determined to be Level 3 asset under the hierarchy, and was measured at fair value less cost to sell on a non-recurring basis using an income capitalization approach, consisting of a capitalization rate of 8.5%. In addition, real estate held for sale on the consolidated balance sheet as of September 30, 2018 includes the carrying value of a property which is below its fair value. |
Mortgage Loans Payable and Cred
Mortgage Loans Payable and Credit Facility | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable and Credit Facility | Note 5. Mortgage Loans Payable and Credit Facility Debt is composed of the following at September 30, 2018: September 30, 2018 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 47,917,000 3.9% Unsecured credit facilities: Variable-rate: Revolving credit facility Sep 2021 (a) 102,000,000 3.5% Term loan Sep 2022 50,000,000 3.4% Fixed-rate (b): Term loan Feb 2021 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% Term loan Sep 2022 (c) 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% Term loan Sep 2024 (d) 75,000,000 3.3% Term loan Jul 2025 75,000,000 4.6% 624,917,000 3.5% Unamortized debt issuance costs (3,418,000 ) $ 621,499,000 (a) The revolving credit facility is subject to a one-year extension at the Company’s option. (b) The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. (c) The current interest rate swap agreement expires in February 2019 at which time a new interest rate swap agreement will begin resulting in an effective interest rate of 3.2%, based on the Company’s current leverage ratio. (d) The current interest rate swap agreement expires in February 2020 at which time a new interest rate swap agreement will begin resulting in an effective interest ratio of 3.7%, based on the Company’s current leverage ratio. Mortgage Loans Payable During 2018, the Company repaid the following mortgage loans payable: Principal payoff Property Repayment date amount East River Park August 10, 2018 $ 18,772,000 Colonial Commons August 24, 2018 $ 24,108,000 Shoppes at Arts District August 24, 2018 $ 8,114,000 The Point September 6, 2018 $ 27,003,000 In connection with these repayments, the Company incurred charges relating to early extinguishment of mortgage loans payable (defeasance fees, prepayment penalties and accelerated amortization of deferred financing and premium costs) of $4.8 million. Unsecured Revolving Credit Facility and Term Loans The Company has a $300 million unsecured credit facility which, as amended and restated on September 8, 2017, consists of (1) a $250 million revolving credit facility, expiring on September 8, 2021, and (2) a $50 million term loan, expiring on September 8, 2022. The revolving credit facility may be extended, at the Company’s option, for an additional one-year period, subject to customary conditions. Under an accordion feature, the facility can be increased to $750 million, subject to customary conditions and lending commitments. Interest on borrowings under the revolving credit facility component can range from the London Interbank Offered Rate (“LIBOR”) plus 135 basis points (“bps”) to 195 bps (135 bps at September 30, 2018) and interest on borrowings under the term loan component can range from LIBOR plus 130 to 190 bps (130 bps at September 30, 2018), each based on the Company’s leverage ratio. As of September 30, 2018, the Company had $135.1 million available for additional borrowings under the revolving credit facility. On July 24, 2018, the Company closed a new $75.0 million unsecured term loan maturing on July 24, 2025 (all of which was borrowed on September 28, 2018). Interest on borrowings under the term loan can range from LIBOR plus 170 to 225 bps (170 bps at September 30, 2018) based on the Company’s leverage ratio. Additionally, the Company entered into forward interest rate swap agreements which convert the LIBOR rate to a fixed rate through its maturity. The Company’s unsecured credit facility and term loans contain financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum fixed charge coverage, and minimum net worth. In addition, the facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreements. The Company’s failure to comply with the covenants or the occurrence of an event of default under the facilities could result in the acceleration of the related debt and exercise of other lender remedies. As of September 30, 2018, the Company is in compliance with all financial covenants. Interest on borrowings under the unsecured credit facility and term loans are based on the Company’s leverage ratio. Derivative Financial Instruments At September 30, 2018, the Company had $15.8 million included in other assets and deferred charges, net, on the consolidated balance sheet relating to the fair value of the interest rate swaps applicable to the unsecured term loans discussed above. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehensive income (loss), 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 Company estimates that approximately $2.6 million of accumulated other comprehensive loss will be reclassified as a charge to earnings within the next twelve months. The following is a summary of the derivative financial instruments held by the Company at September 30, 2018 and December 31, 2017: September 30, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 9 $ 15,755,000 2019-2025 Other assets and deferred charges, net December 31, 2017 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 6 $ 6,394,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 1 $ 511,000 2021 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at September 30, 2018 and December 30, 2017 were $425.0 million and $350.0 million, respectively. The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2018 and 2017, respectively: Gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2018 2017 2018 2017 Qualifying Interest rate swaps $ 2,375,000 $ 872,000 $ 10,221,000 $ (332,000 ) Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2018 2017 2018 2017 Continuing Operations $ 246,000 $ (407,000 ) $ 265,000 $ (1,923,000 ) As of September 30, 2018 the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 6. Commitments and Contingencies The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company’s consolidated financial statements. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 7. Shareholders’ Equity 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 September 30, 2018 December 31, 2017 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 3,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 3,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 82,734,000 124,774,000 On January 12, 2018, the Company redeemed 2,000,000 shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate of $50.0 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date. Dividends The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Common stock $ 0.050 $ 0.050 $ 0.150 $ 0.150 7.25% Series B Preferred Stock $ 0.453 $ 0.453 $ 1.359 $ 1.359 6.50% Series C Preferred Stock $ 0.406 $ - $ 1.219 $ - On October 19, 2018, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared dividends 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 November 20, 2018 to shareholders of record on November 9, 2018. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2018 | |
Revenues [Abstract] | |
Revenues | Note 8. Revenues Rental revenues for the three and nine months ended September 30, 2018 and 2017, respectively, comprise the following: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Base rents $ 26,878,000 $ 27,187,000 $ 80,901,000 $ 81,398,000 Percentage rent 181,000 259,000 396,000 705,000 Straight-line rents 332,000 291,000 824,000 787,000 Amortization of intangible lease liabilities, net 729,000 625,000 3,611,000 1,900,000 Total rents $ 28,120,000 $ 28,362,000 $ 85,732,000 $ 84,790,000 In April 2018, the Company accepted a cash payment of $4.3 million in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration. As a result of this termination, revenues for the nine months ended September 30, 2018 includes $5.4 million, consisting of (1) $3.8 million of other income (the $4.3 million cash payment reduced by $0.5 million straight-line rent receivable) and (2) $1.5 million accelerated intangible lease liability amortization. The Company recognizes lease termination income when the following conditions are met: (1) the lease termination agreement has been executed, (2) the lease termination fee is determinable, (3) all the Company’s landlord services pursuant to the terminated lease have been rendered, and (4) collectability of the lease termination fee is assured. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | Note 9. Share-Based Compensation Upon employment on June 15, 2011, the Company’s President and Chief Executive Officer (“CEO”) received restricted share grants totaling 2,500,000 shares, one-half of which was time-based, vesting upon the seventh anniversary of the date of grant (June 15, 2018), and the other half market performance-based, to be earned if the total annual return on an investment in the Company’s common stock (“TSR”) was at least an average of 6.5% per year for the seven years ended June 15, 2018. On June 15, 2018, the 1,250,000 time-based shares vested and the 1,250,000 market performance-based shares were forfeited as the market performance criteria was not achieved. On June 15, 2018, in connection with a new amended and restated employment agreement, the Company’s President and CEO received a 1.0 million time-based restricted share grant at a market price of $4.38. However, as a result of an existing limitation within the Company’s 2017 Stock Incentive Plan (the “2017 Plan”), only 750,000 shares were granted on June 15, 2018, with the remaining 250,000 shares to be granted on January 1, 2019. All 1.0 million time-based restricted shares will vest upon the fifth anniversary of the effective date of the employment agreement (June 15, 2023), subject to the Company’s President and CEO continuous employment with the Company through such date, subject to certain exceptions. Consistent with such time-based restricted grant awards to other participants, dividends will be paid on these shares. In addition, on June 15, 2018, the Company’s President and CEO was also granted a market performance-based equity award of 1,500,000 restricted stock units (“RSUs”) and 1,500,000 dividend equivalent rights of the Company. Each RSU represents a contingent right to receive one common share if certain market performance criteria are achieved. During the three years ending June 15, 2021 (the “Interim Performance Period”), a maximum of 750,000 shares can be earned. Any portion of the market performance-based equity award that is 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 average annual 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. An independent appraisal determined the value of the market performance-based equity award for the interim and full performance periods to be $3.30 and $2.97 per share, respectively, compared to a market price at the date of grant of $4.38 per share. The dividend equivalent rights will accrue and will be deemed to be reinvested into the Company’s common stock and payment with respect to the dividend equivalent rights will be deferred until the end of the Interim Performance Period, or the Full Performance Period, as the case may be, to coincide with the vesting, if any, of the market performance-based equity award. Payment will only be made for the portion of the market performance-based equity award that is earned and vests. The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2018 and 2017, respectively: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Expense relating to share grants $ 1,080,000 $ 936,000 $ 3,134,000 $ 2,880,000 Amounts capitalized (116,000 ) (76,000 ) (333,000 ) (187,000 ) Total charged to operations $ 964,000 $ 860,000 $ 2,801,000 $ 2,693,000 The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. At September 30, 2018, 0.9 million shares remained available for grants pursuant to the 2017 Plan. Excluding the grants relating to the Company’s President and CEO (see above), during the nine months ended September 30, 2018 , there were 610,000 restricted shares issued, with a weighted average grant date fair value of $4.93 per share. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. 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 considered 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 the three months ended September 30, 2018 and 2017, the Company had 2.2 million and 3.8 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. For the nine months ended September 30, 2018 and 2017, the Company had 3.3 million and 3.8 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2018 and 2017: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 6,305,000 $ 6,417,000 $ (378,000 ) $ 13,973,000 Preferred stock dividends (2,688,000 ) (3,535,000 ) (8,175,000 ) (10,739,000 ) Preferred stock redemptions costs - (7,890,000 ) (3,507,000 ) (7,890,000 ) Net (income) attributable to noncontrolling interests (145,000 ) (117,000 ) (353,000 ) (371,000 ) Net earnings allocated to unvested shares (108,000 ) (190,000 ) (520,000 ) (564,000 ) Net income (loss) attributable to vested common shares $ 3,364,000 $ (5,315,000 ) $ (12,933,000 ) $ (5,591,000 ) Denominator Weighted average number of vested common shares outstanding, basic 89,049,000 85,642,000 88,228,000 83,049,000 Assumed vesting of market performance-based restricted stock units 826,000 - - - Weighted average number of vested common shares outstanding, diluted 89,875,000 85,642,000 88,228,000 83,049,000 Net income (loss) per common share attributable to common shareholders, basic $ 0.04 $ (0.06 ) $ (0.15 ) $ (0.07 ) Net income (loss) per common share attributable to common shareholders, diluted $ 0.04 $ (0.06 ) $ (0.15 ) $ (0.07 ) 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 the three months ended September 30, 2018, fully-diluted EPS reflects the restricted stock units that would have been issuable under the Company’s President and CEO market performance-based equity award (see Note 9 – “Share-Based Compensation”) had the measurement period ended on September 30, 2018, whereas |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from October 1, 2018 through the date of filing this Quarterly Report on Form 10-Q. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation/Basis of Preparation | Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The 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. The prior period financial statements reflect certain reclassifications, such as the reclassification of restricted cash and the related accounts on the consolidated statements of cash flows, which had no impact on previously-reported net income attributable to common shareholders or earnings per share. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The unaudited 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 for which it is the primary beneficiary. |
Recently-Adopted Accounting Pronouncements | Recently-Adopted Accounting Pronouncements In May 2014, the FASB issued guidance which amends the accounting for revenue recognition. Under the amended guidance, an entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled to and receive in exchange for those goods or services. Leases are specifically excluded from this guidance and will be governed by the applicable lease codification. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In August 2016, the FASB issued guidance that clarifies how an entity should classify certain cash receipts and cash payments on its statement of cash flows. The guidance established that an entity will classify cash payments for debt prepayment or extinguishment costs as financing cash flows. In addition, the guidance provides entities with an alternative to consider regarding the nature of the source of distributions that an investor receives from an equity method investment when classifying distributions received in its cash flow statement (the nature of the distribution approach). Alternatively, entities can elect to classify the distributions received from equity method investees based on the cumulative earnings approach. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents and restricted cash in the statement of cash flows. When cash, cash equivalents and restricted cash are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions on the balance sheet. This reconciliation can be presented either on the face of the statement of cash flows or in the notes to the financial statements. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. In May 2017, the FASB issued guidance which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as a modification. Under the new guidance, an entity will not apply modification accounting if the award’s fair value, vesting conditions, and the classification of the award as equity or a liability are the same immediately before and after the change. The guidance, effective January 1, 2018, did not have a material effect on the Company’s consolidated financial statements. |
Recently-Issued Accounting Pronouncements | Recently-Issued Accounting Pronouncements In February 2016, the FASB issued guidance which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for pursuant to existing guidance for operating leases. The guidance will result in the recognition of a right-to-use asset and related liability to account for the Company’s future obligations under its ground lease and executive office lease agreements for which the Company is the lessee. Additionally, the guidance will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Under this guidance, allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. FASB provided lessors with a practical expedient, elected by class of underlying asset, to account for lease and non-lease components as a single lease component if certain criteria are met. Lessors that make these elections will be required to provide additional disclosures. FASB provided an additional (and optional) transition method that allows entities to initially apply the guidance at the adoption date (January 1, 2019) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company intends to apply both these practical expedients upon adoption. The Company, based on the anticipated election of practical expedients, anticipates that its tenant leases, where it is the lessor, will continue to be accounted for as operating leases under the new standard. The Company is also the lessee under various ground lease arrangements. The Company would not be required to reassess the classification of existing ground leases where it is the lessee and therefore these leases would continue to be accounted for as operating or financing leases. Therefore, as of January 1, 2019, the Company does not currently anticipate significant changes in the accounting for its lease revenues as lessor, but does anticipate the recognition of right of use assets and related lease liabilities on its consolidated balance sheets related to ground leases as lessee. In the event the Company modifies existing ground leases or enters into new ground leases after adoption of the new standard, such leases may be classified as finance leases. 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, straight-line rent receivables, 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. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2019. The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Supplemental Consolidated Statements Of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 16,593,000 $ 15,945,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,125,000 483,000 Issuance of OP Units in connection with a land parcel acquisition 975,000 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis | The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, respectively: September 30, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 689,000 $ — $ — $ 689,000 Deferred compensation liabilities (b) $ 687,000 $ — $ — $ 687,000 Interest rate swaps asset (a) $ — $ 15,755,000 $ — $ 15,755,000 December 31, 2017 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 552,000 $ — $ — $ 552,000 Deferred compensation liabilities (b) $ 544,000 $ — $ — $ 544,000 Interest rate swaps asset (a) $ — $ 6,394,000 $ — $ 6,394,000 Interest rate swaps liability (b) $ — $ 511,000 $ — $ 511,000 (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. |
Mortgage Loans Payable and Cr_2
Mortgage Loans Payable and Credit Facility (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Related to Continuing Operations | Debt is composed of the following at September 30, 2018: September 30, 2018 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 47,917,000 3.9% Unsecured credit facilities: Variable-rate: Revolving credit facility Sep 2021 (a) 102,000,000 3.5% Term loan Sep 2022 50,000,000 3.4% Fixed-rate (b): Term loan Feb 2021 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% Term loan Sep 2022 (c) 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% Term loan Sep 2024 (d) 75,000,000 3.3% Term loan Jul 2025 75,000,000 4.6% 624,917,000 3.5% Unamortized debt issuance costs (3,418,000 ) $ 621,499,000 (a) The revolving credit facility is subject to a one-year extension at the Company’s option. (b) The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. (c) The current interest rate swap agreement expires in February 2019 at which time a new interest rate swap agreement will begin resulting in an effective interest rate of 3.2%, based on the Company’s current leverage ratio. (d) The current interest rate swap agreement expires in February 2020 at which time a new interest rate swap agreement will begin resulting in an effective interest ratio of 3.7%, based on the Company’s current leverage ratio. |
Schedule of Mortgage Loans Payable Repaid | During 2018, the Company repaid the following mortgage loans payable: Principal payoff Property Repayment date amount East River Park August 10, 2018 $ 18,772,000 Colonial Commons August 24, 2018 $ 24,108,000 Shoppes at Arts District August 24, 2018 $ 8,114,000 The Point September 6, 2018 $ 27,003,000 |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at September 30, 2018 and December 31, 2017: September 30, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 9 $ 15,755,000 2019-2025 Other assets and deferred charges, net December 31, 2017 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 6 $ 6,394,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 1 $ 511,000 2021 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 equity for the three and nine months ended September 30, 2018 and 2017, respectively: Gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2018 2017 2018 2017 Qualifying Interest rate swaps $ 2,375,000 $ 872,000 $ 10,221,000 $ (332,000 ) Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2018 2017 2018 2017 Continuing Operations $ 246,000 $ (407,000 ) $ 265,000 $ (1,923,000 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule Of Dividends | The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Common stock $ 0.050 $ 0.050 $ 0.150 $ 0.150 7.25% Series B Preferred Stock $ 0.453 $ 0.453 $ 1.359 $ 1.359 6.50% Series C Preferred Stock $ 0.406 $ - $ 1.219 $ - |
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 September 30, 2018 December 31, 2017 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 3,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 3,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 82,734,000 124,774,000 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenues [Abstract] | |
Schedule Of Rental Revenues | Rental revenues for the three and nine months ended September 30, 2018 and 2017, respectively, comprise the following: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Base rents $ 26,878,000 $ 27,187,000 $ 80,901,000 $ 81,398,000 Percentage rent 181,000 259,000 396,000 705,000 Straight-line rents 332,000 291,000 824,000 787,000 Amortization of intangible lease liabilities, net 729,000 625,000 3,611,000 1,900,000 Total rents $ 28,120,000 $ 28,362,000 $ 85,732,000 $ 84,790,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Information | The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2018 and 2017, respectively: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Expense relating to share grants $ 1,080,000 $ 936,000 $ 3,134,000 $ 2,880,000 Amounts capitalized (116,000 ) (76,000 ) (333,000 ) (187,000 ) Total charged to operations $ 964,000 $ 860,000 $ 2,801,000 $ 2,693,000 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 the three and nine months ended September 30, 2018 and 2017: Three months ended September 30, Nine months ended September 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 6,305,000 $ 6,417,000 $ (378,000 ) $ 13,973,000 Preferred stock dividends (2,688,000 ) (3,535,000 ) (8,175,000 ) (10,739,000 ) Preferred stock redemptions costs - (7,890,000 ) (3,507,000 ) (7,890,000 ) Net (income) attributable to noncontrolling interests (145,000 ) (117,000 ) (353,000 ) (371,000 ) Net earnings allocated to unvested shares (108,000 ) (190,000 ) (520,000 ) (564,000 ) Net income (loss) attributable to vested common shares $ 3,364,000 $ (5,315,000 ) $ (12,933,000 ) $ (5,591,000 ) Denominator Weighted average number of vested common shares outstanding, basic 89,049,000 85,642,000 88,228,000 83,049,000 Assumed vesting of market performance-based restricted stock units 826,000 - - - Weighted average number of vested common shares outstanding, diluted 89,875,000 85,642,000 88,228,000 83,049,000 Net income (loss) per common share attributable to common shareholders, basic $ 0.04 $ (0.06 ) $ (0.15 ) $ (0.07 ) Net income (loss) per common share attributable to common shareholders, diluted $ 0.04 $ (0.06 ) $ (0.15 ) $ (0.07 ) |
Business And Organization (Deta
Business And Organization (Details) | 9 Months Ended |
Sep. 30, 2018propertyshares | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of properties | property | 58 |
Company's interest in Operating Partnership | 99.40% |
Limited partners' interest in Operating Partnership | 0.60% |
OP units outstanding | shares | 553,000 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental disclosure of cash activities: | ||
Cash paid for interest | $ 16,593,000 | $ 15,945,000 |
Supplemental disclosure of non-cash activities: | ||
Capitalization of interest and financing costs | 1,125,000 | $ 483,000 |
Issuance of OP Units in connection with a land parcel acquisition | $ 975,000 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | Sep. 28, 2018 | Aug. 28, 2018 | Aug. 21, 2018 | Aug. 08, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Real Estate Properties [Line Items] | ||||||||
Capital lease obligation | $ 5,398,000 | $ 5,398,000 | ||||||
Total revenues | $ 36,170,000 | $ 36,398,000 | 115,088,000 | $ 108,871,000 | ||||
Impairment charges | $ 20,689,000 | $ 9,850,000 | ||||||
Land Parcel Adjacent To Riverview Plaza | ||||||||
Real Estate Properties [Line Items] | ||||||||
Purchase price | $ 1,000,000 | |||||||
Cash payments | $ 25,000 | |||||||
Number of OP Units issued | 208,000 | |||||||
Senator Square [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Capital lease obligation | $ 5,700,000 | |||||||
Capital Leases obligation interest rate | 5.30% | |||||||
Lease monthly payment | $ 75,000 | |||||||
Lease expiration date | Aug. 31, 2117 | |||||||
Duration required to earn fair value purchase option minimum | 25 years | |||||||
Duration required to earn fair value purchase option maximum | 33 years | |||||||
Duration interval between subsequent fair value purchase option | 10 years | |||||||
Lease terms | The lease initially requires monthly payments of $75,000 through maturity in August 2117 unless the Company exercises one of its options to acquire the land. The first such option will be available between the 25th and 33rd anniversaries of the lease, depending on certain property benchmarks, with additional purchase options every 10 years thereafter during the lease term. The lease also provides for 1.5% annual increases which begin on approximately the 8th anniversary of the lease, depending on the aforementioned property benchmarks. | |||||||
Lease annual increase percentage | 1.50% | |||||||
Lease period of aforementioned property benchmarks | 8 years | |||||||
Lease payment mnimum duration period required to adjustment purchase options | 25 years | |||||||
Lease payment maximum duration period required to adjustment purchase options | 50 years | |||||||
Interest only mortgage note receivable issued | $ 3,500,000 | |||||||
Interest only mortgage note receivable, interest rate | 4.50% | |||||||
Senator Square [Member] | Minimum [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Mortgage note receivable maturity date | 26 years 6 months | |||||||
Senator Square [Member] | Maximum [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Mortgage note receivable maturity date | 34 years 6 months | |||||||
Mechanicsburg Center [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Gain on sale of real estate | $ 4,900,000 | |||||||
Mechanicsburg Center [Member] | Real Estate [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total revenues | $ 16,100,000 | |||||||
West Bridgewater Plaza [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment charges | $ 9,400,000 | |||||||
West Bridgewater Plaza [Member] | Real Estate [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Total revenues | $ 3,500,000 | |||||||
Carll's Corner [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Location | Bridgeton, New Jersey | |||||||
Maxatawny Marketplace [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Location | Maxatawny, Pennsylvania | |||||||
Real Estate Held for Sale [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment charges | $ 11,300,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2018USD ($)property | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of fixed rate mortgage loans payable | $ 45,200,000 | $ 127,700,000 |
Carrying value of fixed rate mortgage payable | $ 47,500,000 | 128,000,000 |
Number of properties | property | 58 | |
Real estate held for sale | $ 11,348,000 | |
Nonrecurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | |
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Income Capitalization Approach [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of properties | property | 1 | |
Real estate held for sale | $ 1,600,000 | |
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Income Capitalization Approach [Member] | Measurement Input Cap Rate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Capitalization rates | 8.50% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) - Recurring Basis [Member] - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 689,000 | $ 552,000 |
Deferred compensation liabilities | 687,000 | 544,000 |
Interest rate swaps asset | 15,755,000 | 6,394,000 |
Interest rate swaps liability | 511,000 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 689,000 | 552,000 |
Deferred compensation liabilities | 687,000 | 544,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps asset | $ 15,755,000 | 6,394,000 |
Interest rate swaps liability | $ 511,000 |
Mortgage Loans Payable and Cr_3
Mortgage Loans Payable and Credit Facility (Schedule of Debt Related to Continuing Operations) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Mortgage loans payable | $ 47,545,000 | $ 127,969,000 |
Unsecured revolving credit facility | 102,000,000 | $ 55,000,000 |
Continuing Operations [Member] | ||
Debt Instrument [Line Items] | ||
Total debt gross | 624,917,000 | |
Unamortized debt issuance costs | (3,418,000) | |
Total debt | $ 621,499,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2026 | |
Mortgage loans payable | $ 47,917,000 | |
Weighted average contractual interest rate | 3.90% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Two [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Feb. 28, 2021 | |
Unsecured revolving credit facility | $ 75,000,000 | |
Weighted average contractual interest rate | 3.60% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Three [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Feb. 28, 2022 | |
Unsecured revolving credit facility | $ 50,000,000 | |
Weighted average contractual interest rate | 3.00% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Four [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2022 | |
Unsecured revolving credit facility | $ 50,000,000 | |
Weighted average contractual interest rate | 2.80% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Five [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2023 | |
Unsecured revolving credit facility | $ 100,000,000 | |
Weighted average contractual interest rate | 3.20% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Six [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2024 | |
Unsecured revolving credit facility | $ 75,000,000 | |
Weighted average contractual interest rate | 3.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Seven [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jul. 31, 2025 | |
Unsecured revolving credit facility | $ 75,000,000 | |
Weighted average contractual interest rate | 4.60% | |
Continuing Operations [Member] | Variable Rate Mortgage | Revolving Credit Facility [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2021 | |
Unsecured revolving credit facility | $ 102,000,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Variable Rate Mortgage | Term Loan [Member] | Unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2022 | |
Unsecured revolving credit facility | $ 50,000,000 | |
Weighted average contractual interest rate | 3.40% |
Mortgage Loans Payable and Cr_4
Mortgage Loans Payable and Credit Facility (Schedule of Debt Related to Continuing Operations) (Parenthetical) (Details) | Sep. 08, 2017 | Sep. 30, 2018 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility extension allowed period | 1 year | 1 year |
Term Loan Four [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Expiration period | 2019-02 | |
Effective interest rate | 3.20% | |
Term Loan Six [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Expiration period | 2020-02 | |
Effective interest rate | 3.70% |
Mortgage Loans Payable and Cr_5
Mortgage Loans Payable and Credit Facility (Schedule of Mortgage Loans Payable Repaid) (Details) - Mortgage Loans Payable [Member] | 9 Months Ended |
Sep. 30, 2018USD ($) | |
East River Park [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Aug. 10, 2018 |
Principal payoff amount | $ 18,772,000 |
Colonial Commons [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Aug. 24, 2018 |
Principal payoff amount | $ 24,108,000 |
Shoppes At Arts District [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Aug. 24, 2018 |
Principal payoff amount | $ 8,114,000 |
The Point [Member] | |
Debt Instrument [Line Items] | |
Repayment date | Sep. 6, 2018 |
Principal payoff amount | $ 27,003,000 |
Mortgage Loans Payable and Cr_6
Mortgage Loans Payable and Credit Facility (Narrative) (Details) - USD ($) | Sep. 08, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Jul. 24, 2018 | Dec. 31, 2017 |
Line Of Credit Facility [Line Items] | |||||
Payments of early extinguishment of debt costs | $ 4,829,000 | $ 4,829,000 | |||
Other assets and deferred charges, net | 50,645,000 | 50,645,000 | $ 35,350,000 | ||
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings | 2,600,000 | ||||
Interest Rate Swap [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Derivative, notional amount | 425,000,000 | 425,000,000 | $ 350,000,000 | ||
Cash Flow Hedging, Count 3 [Member] | Interest Rate Swap [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Other assets and deferred charges, net | 15,800,000 | $ 15,800,000 | |||
Unsecured credit facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Credit facility borrowing capacity | $ 300,000,000 | ||||
Aggregate borrowing capacity including increase under accordion feature | $ 750,000,000 | ||||
Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit facility extension allowed period | 1 year | 1 year | |||
Basis spread on borrowings variable rate | 1.35% | ||||
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 | $ 250,000,000 | ||||
Credit facility expiration date | Sep. 8, 2021 | ||||
Remaining borrowing capacity | $ 135,100,000 | $ 135,100,000 | |||
Term loan facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 1.30% | ||||
Term loan facility [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 1.30% | ||||
Term loan facility [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 1.90% | ||||
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 | Sep. 8, 2022 | ||||
Term Loan Maturing July 24, 2025 [Member] | Unsecured credit facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Loan maturity date | Jul. 24, 2018 | ||||
Term loan amount | $ 75,000,000 | ||||
Term Loan Maturing July 24, 2025 [Member] | Unsecured credit facility [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 1.70% | ||||
Term Loan Maturing July 24, 2025 [Member] | Unsecured credit facility [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 2.25% |
Mortgage Loans Payable and Cr_7
Mortgage Loans Payable and Credit Facility (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Derivatives Fair Value [Line Items] | ||
Count | contract | 1 | |
Fair value | $ | $ 511,000 | |
Maturity dates | 2,021 | |
Cash Flow Hedging, Count 7 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 9 | |
Fair value | $ | $ 15,755,000 | |
Cash Flow Hedging, Count 7 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2,019 | |
Cash Flow Hedging, Count 7 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2,025 | |
Cash Flow Hedging, Count 6 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 6 | |
Fair value | $ | $ 6,394,000 | |
Cash Flow Hedging, Count 6 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2,019 | |
Cash Flow Hedging, Count 6 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2,024 |
Mortgage Loans Payable and Cr_8
Mortgage Loans Payable and Credit Facility (Effect of Derivative Financial Instruments On Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Designation/Cash Flow [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net amount of Gain (loss) recognized in other comprehensive (loss) income (effective portion) | $ 2,375,000 | $ 872,000 | $ 10,221,000 | $ (332,000) |
Continuing Operations [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Net amount of Gain (loss) recognized in other comprehensive (loss)income reclassified into earnings (effective portion) | $ 246,000 | $ (407,000) | $ 265,000 | $ (1,923,000) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 19, 2018 | Jan. 12, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 12,500,000 | |||
Subsequent Event [Member] | ||||
Class Of Stock [Line Items] | ||||
Dividends payable, date declared | Oct. 19, 2018 | |||
Common stock, dividends declared | $ 0.05 | |||
Dividends payable, date to be paid | Nov. 20, 2018 | |||
Dividends payable, date of record | Nov. 9, 2018 | |||
Series B [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred stock, shares authorized | 1,450,000 | 3,450,000 | ||
Preferred stock redeemed, shares | 2,000,000 | |||
Redemption price per share | $ 25 | |||
Redemption price plus accrued and unpaid dividends amount | $ 50 | |||
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] | ||||
Preferred stock, shares authorized | 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 ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 12,500,000 | |
Preferred stock | $ 159,541,000 | $ 207,508,000 |
Series B [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 1,450,000 | 3,450,000 |
Shares issued | 1,450,000 | 3,450,000 |
Shares outstanding | 1,450,000 | 3,450,000 |
Preferred stock | $ 34,767,000 | $ 82,734,000 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class Of Stock [Line Items] | ||||
Common stock | $ 0.050 | $ 0.050 | $ 0.150 | $ 0.150 |
Series B [Member] | ||||
Class Of Stock [Line Items] | ||||
Cumulative Redeemable Preferred Stock | 0.453 | $ 0.453 | 1.359 | $ 1.359 |
Series C Preferred Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Cumulative Redeemable Preferred Stock | $ 0.406 | $ 1.219 |
Shareholders' Equity (Schedul_2
Shareholders' Equity (Schedule Of Dividends) (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Series B [Member] | |
Class Of Stock [Line Items] | |
Dividend rate percentage | 7.25% |
Series C Preferred Stock [Member] | |
Class Of Stock [Line Items] | |
Dividend rate percentage | 6.50% |
Revenues (Schedule Of Rental Re
Revenues (Schedule Of Rental Revenues) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues [Abstract] | ||||
Base rents | $ 26,878,000 | $ 27,187,000 | $ 80,901,000 | $ 81,398,000 |
Percentage rent | 181,000 | 259,000 | 396,000 | 705,000 |
Straight-line rents | 332,000 | 291,000 | 824,000 | 787,000 |
Amortization of intangible lease liabilities, net | 729,000 | 625,000 | 3,611,000 | 1,900,000 |
Total rents | $ 28,120,000 | $ 28,362,000 | $ 85,732,000 | $ 84,790,000 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Lessor Lease Description [Line Items] | |||||
Payment accepted on termination of lease prior to contractual expiration | $ 4,300,000 | ||||
Total revenues | $ 36,170,000 | $ 36,398,000 | $ 115,088,000 | $ 108,871,000 | |
Contract Termination [Member] | |||||
Lessor Lease Description [Line Items] | |||||
Total revenues | 5,400,000 | ||||
Cash payment reduced by straight line rent receivable | 500,000 | ||||
Accelerated Intangible Lease Liability Amortization [Member] | Contract Termination [Member] | |||||
Lessor Lease Description [Line Items] | |||||
Total revenues | 1,500,000 | ||||
Other Income [Member] | Contract Termination [Member] | |||||
Lessor Lease Description [Line Items] | |||||
Total revenues | $ 3,800,000 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - $ / shares | Jun. 15, 2018 | Jun. 15, 2011 | Sep. 30, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Grant date market price | $ 4.38 | ||
Effective date of the employment agreement | Jun. 15, 2023 | ||
Maximum shares to be earned | 750,000 | ||
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 average annual 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%. | ||
2017 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares granted under Stock incentive plan | 750,000 | ||
Shares available for grant under Stock Incentive Plan | 250,000 | 900,000 | |
Chief Executive Officer [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares granted to Company's President | 2,500,000 | ||
Average annual TSR threshold | 6.50% | ||
Vesting period | 7 years | ||
Time-Based Awards [Member] | Chief Executive Officer [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares vested | 1,250,000 | ||
Performance-Based Shares [Member] | Chief Executive Officer [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares forfeited | 1,250,000 | ||
Time-Based Restricted Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares will vest upon the fifth anniversary | 1,000,000 | ||
Time-Based Restricted Shares [Member] | Chief Executive Officer [Member] | New Amended and Restated Employment Agreement [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares granted to Company's President | 1,000,000 | ||
Grant date market price | $ 4.38 | ||
Market Performance-Based Equity Award [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share based compensation, interim period other than option grant, price per share | 3.30 | ||
Share based compensation, full performance period other than option grant, price per share | $ 2.97 | ||
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 | 1,500,000 | ||
Dividend equivalent rights | 1,500,000 | ||
Restricted Stock Awards [Member] | 2017 Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares issued | 610,000 | ||
Weighted-average grant date fair value per share | $ 4.93 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation [Abstract] | ||||
Expense relating to share grants | $ 1,080,000 | $ 936,000 | $ 3,134,000 | $ 2,880,000 |
Amounts capitalized | (116,000) | (76,000) | (333,000) | (187,000) |
Total charged to operations | $ 964,000 | $ 860,000 | $ 2,801,000 | $ 2,693,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Aug. 01, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||
Weighted average nonvested restricted shares outstanding | 2,200,000 | 3,800,000 | 3,300,000 | 3,800,000 | ||
Anti-dilutive common stock shares excluded from earnings per share amount | 5,750,000 | |||||
Weighted average number of OP units outstanding | 469,000 | 349,000 | 388,000 | 350,000 | ||
Forward Sales Agreements [Member] | ||||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||||
Settlement date of agreements | Aug. 1, 2017 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 6,305,000 | $ 6,417,000 | $ (378,000) | $ 13,973,000 |
Preferred stock dividends | (2,688,000) | (3,535,000) | (8,175,000) | (10,739,000) |
Preferred stock redemptions costs | (7,890,000) | (3,507,000) | (7,890,000) | |
Net (income) attributable to noncontrolling interests | (145,000) | (117,000) | (353,000) | (371,000) |
Net earnings allocated to unvested shares | (108,000) | (190,000) | (520,000) | (564,000) |
Net income (loss) attributable to vested common shares | $ 3,364,000 | $ (5,315,000) | $ (12,933,000) | $ (5,591,000) |
Weighted average number of vested common shares outstanding, basic | 89,049,000 | 85,642,000 | 88,228,000 | 83,049,000 |
Assumed vesting of market performance-based restricted stock units | 826,000 | |||
Weighted average number of vested common shares outstanding, diluted | 89,875,000 | 85,642,000 | 88,228,000 | 83,049,000 |
Net income (loss) per common share attributable to common shareholders, basic | $ 0.04 | $ (0.06) | $ (0.15) | $ (0.07) |
Net income (loss) per common share attributable to common shareholders, diluted | $ 0.04 | $ (0.06) | $ (0.15) | $ (0.07) |