Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | CEDAR REALTY TRUST, INC. | ||
Entity Central Index Key | 0000761648 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 225,311,000 | ||
Entity File Number | 001-31817 | ||
Entity Tax Identification Number | 42-1241468 | ||
Entity Address, Address Line One | 44 South Bayles Avenue | ||
Entity Address, City or Town | Port Washington | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11050-3765 | ||
City Area Code | 516 | ||
Local Phone Number | 767-6492 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 89,352,996 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s definitive proxy statement relating to its 2020 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K . | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | CDR | ||
Title of 12(b) Security | Common Stock, $0.06 par value | ||
Security Exchange Name | NYSE | ||
Series B Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | CDRpB | ||
Title of 12(b) Security | 7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | CDRpC | ||
Title of 12(b) Security | 6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Land | $ 293,456,000 | $ 295,734,000 |
Buildings and improvements | 1,221,750,000 | 1,212,948,000 |
Real estate, gross | 1,515,206,000 | 1,508,682,000 |
Less accumulated depreciation | (389,861,000) | (361,969,000) |
Real estate, net | 1,125,345,000 | 1,146,713,000 |
Real estate held for sale | 13,230,000 | 11,592,000 |
Cash and cash equivalents | 2,747,000 | 1,977,000 |
Receivables | 22,164,000 | 21,977,000 |
Other assets and deferred charges, net | 42,139,000 | 40,642,000 |
TOTAL ASSETS | 1,205,625,000 | 1,222,901,000 |
LIABILITIES AND EQUITY | ||
Mortgage loan payable | 46,370,000 | 47,315,000 |
Finance lease obligation | 5,364,000 | 5,387,000 |
Unsecured revolving credit facility | 106,000,000 | 100,000,000 |
Unsecured term loans | 472,841,000 | 472,132,000 |
Accounts payable and accrued liabilities | 50,502,000 | 26,142,000 |
Unamortized intangible lease liabilities | 10,473,000 | 13,209,000 |
Total liabilities | 691,550,000 | 664,185,000 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 159,541,000 | 159,541,000 |
Common stock ($0.06 par value, 150,000,000 shares authorized, 89,020,000 and 90,436,000 shares, issued and outstanding, respectively) | 5,341,000 | 5,426,000 |
Treasury stock (3,068,000 and 2,971,000 shares, respectively, at cost) | (16,311,000) | (16,572,000) |
Additional paid-in capital | 872,724,000 | 875,565,000 |
Cumulative distributions in excess of net income | (503,725,000) | (475,726,000) |
Accumulated other comprehensive (loss) income | (7,009,000) | 7,191,000 |
Total Cedar Realty Trust, Inc. shareholders' equity | 510,561,000 | 555,425,000 |
Noncontrolling interests: | ||
Minority interests in consolidated joint ventures | 435,000 | (112,000) |
Limited partners' OP Units | 3,079,000 | 3,403,000 |
Total noncontrolling interests | 3,514,000 | 3,291,000 |
Total equity | 514,075,000 | 558,716,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,205,625,000 | $ 1,222,901,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 89,020,000 | 90,436,000 |
Common stock, shares outstanding | 89,020,000 | 90,436,000 |
Treasury stock, shares | 3,068,000 | 2,971,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | |||
Total revenues | $ 144,083,000 | $ 152,020,000 | $ 146,008,000 |
EXPENSES | |||
Operating, maintenance and management | 27,593,000 | 27,771,000 | 24,752,000 |
Real estate and other property-related taxes | 20,754,000 | 20,123,000 | 19,577,000 |
General and administrative | 18,804,000 | 16,915,000 | 16,907,000 |
Acquisition pursuit costs | 156,000 | ||
Depreciation and amortization | 45,861,000 | 40,053,000 | 40,115,000 |
Total expenses | 113,012,000 | 104,862,000 | 101,507,000 |
OTHER | |||
Gain on sales | 2,942,000 | 4,864,000 | 7,099,000 |
Impairment charges | (8,938,000) | (20,689,000) | (9,538,000) |
Total other | (5,996,000) | (15,825,000) | (2,439,000) |
OPERATING INCOME | 25,075,000 | 31,333,000 | 42,062,000 |
NON-OPERATING INCOME AND EXPENSES | |||
Interest expense | (23,509,000) | (22,146,000) | (22,199,000) |
Early extinguishment of debt costs | (4,829,000) | (210,000) | |
Total non-operating income and expenses | (23,509,000) | (26,975,000) | (22,409,000) |
NET INCOME | 1,566,000 | 4,358,000 | 19,653,000 |
Net (income) loss attributable to noncontrolling interests: | |||
Minority interests in consolidated joint ventures | (547,000) | (497,000) | (523,000) |
Limited partners' interest in Operating Partnership | 57,000 | 28,000 | 13,000 |
Total net (income) attributable to noncontrolling interests | 490,000 | 469,000 | 510,000 |
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | 1,076,000 | 3,889,000 | 19,143,000 |
Preferred stock dividends | (10,752,000) | (10,863,000) | (13,652,000) |
Preferred stock redemption costs | (3,507,000) | (7,890,000) | |
NET (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (9,676,000) | $ (10,481,000) | $ (2,399,000) |
NET (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED): | $ (0.12) | $ (0.13) | $ (0.04) |
Weighted average number of common shares - basic and diluted | 86,341,000 | 88,420,000 | 84,168,000 |
Rental Revenues [Member] | |||
REVENUES | |||
Total revenues | $ 142,719,000 | $ 147,236,000 | $ 144,496,000 |
Other [Member] | |||
REVENUES | |||
Total revenues | $ 1,364,000 | $ 4,784,000 | $ 1,512,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 1,566,000 | $ 4,358,000 | $ 19,653,000 |
Other comprehensive income - unrealized (loss) gain on change in fair value of cash flow hedges | (14,286,000) | 1,518,000 | 5,287,000 |
Comprehensive (loss) income | (12,720,000) | 5,876,000 | 24,940,000 |
Comprehensive (income) attributable to noncontrolling interests | (404,000) | (490,000) | (530,000) |
Comprehensive (loss) income attributable to Cedar Realty Trust, Inc. | $ (13,124,000) | $ 5,386,000 | $ 24,410,000 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) | Total | Limited Partners' Interest In Operating Partnership [Member] | Restated [Member] | Restated [Member]Limited Partners' Interest In Operating Partnership [Member] | Preferred Stock [Member] | Preferred Stock [Member]Restated [Member] | Preferred Stock [Member]Series C [Member] | Common Stock [Member] | Common Stock [Member]Restated [Member] | Treasury Stock, At Cost [Member] | Treasury Stock, At Cost [Member]Restated [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Restated [Member] | Additional Paid-In Capital [Member]Series C [Member] | Cumulative Distributions In Excess Of Net Income [Member] | Cumulative Distributions In Excess Of Net Income [Member]Restated [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Restated [Member] | Cedar Realty Trust, Inc. [Member] | Cedar Realty Trust, Inc. [Member]Restated [Member] | Cedar Realty Trust, Inc. [Member]Series C [Member] | Minority Interests In Consolidated Joint Ventures [Member] | Minority Interests In Consolidated Joint Ventures [Member]Restated [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member]Restated [Member] |
Balance at Dec. 31, 2016 | $ 581,997,000 | $ 2,389,000 | $ 190,661,000 | $ 5,119,000 | $ (18,129,000) | $ 829,526,000 | $ (426,864,000) | $ 427,000 | $ 580,740,000 | $ (1,132,000) | $ 1,257,000 | ||||||||||||||
Balance, shares at Dec. 31, 2016 | 7,950,000 | 85,316,000 | |||||||||||||||||||||||
Net (loss) income | 19,653,000 | (13,000) | 19,143,000 | 19,143,000 | 523,000 | 510,000 | |||||||||||||||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | 5,287,000 | 20,000 | 5,267,000 | 5,267,000 | 20,000 | ||||||||||||||||||||
Share-based compensation, net | 3,513,000 | $ 15,000 | (334,000) | 3,832,000 | 3,513,000 | ||||||||||||||||||||
Share-based compensation, net, shares | 249,000 | ||||||||||||||||||||||||
Net proceeds from sales of Series C Shares | 120,432,000 | $ 124,774,000 | $ (4,342,000) | $ 120,432,000 | |||||||||||||||||||||
Net proceeds from sales of Series C Shares, Shares | 5,000,000 | ||||||||||||||||||||||||
Redemptions of Series B Shares | (112,510,000) | $ (107,927,000) | 3,307,000 | (7,890,000) | (112,510,000) | ||||||||||||||||||||
Redemptions of Series B Shares, Shares | (4,500,000) | ||||||||||||||||||||||||
Common stock sales, net of issuance expenses | 43,166,000 | $ 345,000 | 42,821,000 | 43,166,000 | |||||||||||||||||||||
Common stock sales, net of issuance expenses, shares | 5,752,000 | ||||||||||||||||||||||||
Preferred stock dividends | (13,652,000) | (13,652,000) | (13,652,000) | ||||||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | (17,751,000) | (70,000) | (17,681,000) | (17,681,000) | (70,000) | ||||||||||||||||||||
Redemption of OP Units | (24,000) | (24,000) | (24,000) | ||||||||||||||||||||||
Reallocation adjustment of limited partners' interest | 82,000 | (82,000) | (82,000) | 82,000 | |||||||||||||||||||||
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 | |||||||||||||||||||||||
Prior period adjustment - adoption of lease accounting standard | Accounting Standards Update 2016-02 [Member] | (515,000) | (515,000) | (515,000) | ||||||||||||||||||||||
Net (loss) income | 4,358,000 | (28,000) | 3,889,000 | 3,889,000 | 497,000 | 469,000 | |||||||||||||||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | 1,518,000 | 21,000 | 1,497,000 | 1,497,000 | 21,000 | ||||||||||||||||||||
Share-based compensation, net | 3,351,000 | $ (7,000) | 1,891,000 | 1,467,000 | 3,351,000 | ||||||||||||||||||||
Share-based compensation, net, shares | (111,000) | ||||||||||||||||||||||||
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 | 9,000 | 9,000 | 9,000 | ||||||||||||||||||||||
Common stock sales, net of issuance expenses, shares | 2,000 | ||||||||||||||||||||||||
Common stock repurchases | (2,329,000) | $ (46,000) | (2,283,000) | (2,329,000) | |||||||||||||||||||||
Common stock repurchases. Shares | (772,000) | ||||||||||||||||||||||||
Preferred stock dividends | (10,863,000) | (10,863,000) | (10,863,000) | ||||||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | (18,391,000) | (90,000) | (18,301,000) | (18,301,000) | (90,000) | ||||||||||||||||||||
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 | 148,000 | (148,000) | (148,000) | 148,000 | |||||||||||||||||||||
Balance at Dec. 31, 2018 | 558,716,000 | 3,403,000 | $ 558,201,000 | $ 3,403,000 | $ 159,541,000 | $ 159,541,000 | $ 5,426,000 | $ 5,426,000 | (16,572,000) | $ (16,572,000) | 875,565,000 | $ 875,565,000 | (475,726,000) | $ (476,241,000) | 7,191,000 | $ 7,191,000 | 555,425,000 | $ 554,910,000 | (112,000) | $ (112,000) | 3,291,000 | $ 3,291,000 | |||
Balance, shares at Dec. 31, 2018 | 6,450,000 | 6,450,000 | 90,436,000 | 90,436,000 | |||||||||||||||||||||
Net (loss) income | 1,566,000 | (57,000) | 1,076,000 | 1,076,000 | 547,000 | 490,000 | |||||||||||||||||||
Unrealized gain (loss) on change in fair value of cash flow hedges | (14,286,000) | (86,000) | (14,200,000) | (14,200,000) | (86,000) | ||||||||||||||||||||
Share-based compensation, net | 4,129,000 | $ 38,000 | 261,000 | 3,830,000 | 4,129,000 | ||||||||||||||||||||
Share-based compensation, net, shares | 626,000 | ||||||||||||||||||||||||
Common stock sales, net of issuance expenses | 23,000 | 23,000 | 23,000 | ||||||||||||||||||||||
Common stock sales, net of issuance expenses, shares | 8,000 | ||||||||||||||||||||||||
Common stock repurchases | (6,844,000) | $ (123,000) | (6,721,000) | (6,844,000) | |||||||||||||||||||||
Common stock repurchases. Shares | (2,050,000) | ||||||||||||||||||||||||
Preferred stock dividends | (10,752,000) | (10,752,000) | (10,752,000) | ||||||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | (17,919,000) | (111,000) | (17,808,000) | (17,808,000) | (111,000) | ||||||||||||||||||||
Redemption of OP Units | (43,000) | (43,000) | (43,000) | ||||||||||||||||||||||
Reallocation adjustment of limited partners' interest | (27,000) | 27,000 | 27,000 | (27,000) | |||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 514,075,000 | $ 3,079,000 | $ 159,541,000 | $ 5,341,000 | $ (16,311,000) | $ 872,724,000 | $ (503,725,000) | $ (7,009,000) | $ 510,561,000 | $ 435,000 | $ 3,514,000 | ||||||||||||||
Balance, shares at Dec. 31, 2019 | 6,450,000 | 89,020,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
OPERATING ACTIVITIES | |||
Net income | $ 1,566,000 | $ 4,358,000 | $ 19,653,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on sales | (2,942,000) | (4,864,000) | (7,099,000) |
Impairment charges | 8,938,000 | 20,689,000 | 9,538,000 |
Early extinguishment of debt costs | 4,829,000 | 210,000 | |
Straight-line rents and expenses, net | (265,000) | (1,142,000) | (864,000) |
Provision for doubtful accounts | 412,000 | 2,273,000 | 1,715,000 |
Depreciation and amortization | 45,861,000 | 40,053,000 | 40,115,000 |
Amortization of intangible lease liabilities, net | (2,827,000) | (4,361,000) | (2,518,000) |
Expense relating to share-based compensation, net | 4,117,000 | 3,763,000 | 3,552,000 |
Amortization of premium on mortgage loan payable | (80,000) | (130,000) | |
Amortization of deferred financing costs | 1,286,000 | 1,224,000 | 1,325,000 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Rents and other receivables | (812,000) | (3,902,000) | (3,467,000) |
Prepaid expenses and other | (3,037,000) | (6,591,000) | (4,600,000) |
Accounts payable and accrued liabilities | 1,378,000 | 1,651,000 | (337,000) |
Net cash provided by operating activities | 53,675,000 | 57,900,000 | 57,093,000 |
INVESTING ACTIVITIES | |||
Acquisition of real estate | (9,083,000) | (179,000) | (32,442,000) |
Expenditures for real estate improvements | (31,910,000) | (30,377,000) | (25,561,000) |
Net proceeds from sales of real estate | 18,651,000 | 19,118,000 | 12,506,000 |
Issuance of mortgage note receivable | (3,500,000) | ||
Net cash (used in) investing activities | (22,342,000) | (14,938,000) | (45,497,000) |
FINANCING ACTIVITIES | |||
Repayments under revolving credit facility | (21,000,000) | (123,500,000) | (185,500,000) |
Advances under revolving credit facility | 27,000,000 | 168,500,000 | 168,500,000 |
Advance under term loan | 75,000,000 | ||
Mortgage repayments | (1,027,000) | (80,330,000) | (10,294,000) |
Payment of early extinguishment of debt costs | (5,159,000) | ||
Payments of debt financing costs | (705,000) | (2,502,000) | |
Noncontrolling interests: | |||
Distributions to limited partners | (111,000) | (90,000) | (70,000) |
Redemption of OP Units | (43,000) | (7,000) | (24,000) |
Net proceeds from sale of preferred stock | 120,432,000 | ||
Redemptions of preferred stock | (50,016,000) | (112,510,000) | |
Common stock sales less issuance expenses, net | 22,000 | 9,000 | 43,166,000 |
Common stock repurchases | (6,844,000) | (2,329,000) | |
Preferred stock dividends | (10,752,000) | (11,276,000) | (13,656,000) |
Distributions to common shareholders | (17,808,000) | (18,301,000) | (17,681,000) |
Net cash (used in) financing activities | (30,563,000) | (48,204,000) | (10,139,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 770,000 | (5,242,000) | 1,457,000 |
Cash, cash equivalents and restricted cash at beginning of year | 1,977,000 | 7,219,000 | 5,762,000 |
Cash, cash equivalents and restricted cash at end of year | 2,747,000 | 1,977,000 | 7,219,000 |
Reconciliation to consolidated balance sheets: | |||
Cash and cash equivalents | 2,747,000 | 1,977,000 | 3,702,000 |
Restricted cash | 3,517,000 | ||
Cash, cash equivalents and restricted cash at end of year | $ 2,747,000 | $ 1,977,000 | $ 7,219,000 |
Business and Organization
Business and Organization | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019, the Company owned and managed a portfolio of 56 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 December 31, 2019, the Company owned a 99.4% general and limited partnership interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.6% at December 31, 2019) is represented by partnership units in the Operating Partnership (“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 537,000 OP Units 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. Unless specifically noted otherwise, all references to OP Units exclude limited partnership units held by the Company. 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 | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation/Basis of Preparation The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities (“VIEs”) for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity’s activities that significantly impact the entity’s performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. Significant judgments related to these determinations include estimates about the current and future fair values, performance of real estate held by these VIEs, and general market conditions. The Financial Accounting Standards Board (“FASB”) issued guidance which amended the consolidation requirements, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under the analysis, limited partnerships and other similar entities will be considered variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. The guidance was adopted on January 1, 2016. The Company evaluated its existing joint venture property at San Souci Plaza based on the new guidance, determined the entity to be a variable interest entity, and continued to consolidate the entity. At December 31, 2019, this VIE owned real estate with a carrying value of $26.2 million and no mortgage loan payable. The Company has a 60%-owned joint venture originally formed to develop the project known as Crossroads II. This joint venture is consolidated as it is deemed to be a VIE and the Company is the primary beneficiary. The Company (1) guaranteed all related debt, (2) does not require its partners to fund additional capital requirements, (3) has an economic interest greater than its voting proportion and (4) directs the management activities that significantly impact the performance of the joint venture. At December 31, 2019, this VIE owned real estate with a carrying value of $37.6 million and no mortgage loan payable. The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States (“GAAP”), which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. Real Estate Investments Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years, with buildings being depreciated at the upper end of the range. Depreciation expense amounted to $41.8 million, $36.1 million and $36.5 million for 2019, 2018 and 2017, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset’s estimated useful life. A variety of costs are incurred in the development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Effective January 1, 2018, the Company has adopted the guidance on gains and losses from the derecognition of nonfinancial assets. This guidance applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and also clarifies that all businesses are derecognized using the deconsolidation guidance. Additionally, it defines an in substance nonfinancial asset as a financial asset that is promised to a counterparty in a contract in which substantially all of the fair value of the asset promised in the contract is concentrated in nonfinancial assets, which excludes cash or cash equivalents and liabilities. Properties Held For Sale The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The results of operations for those properties not meeting such criteria are reported in “continuing operations” in the consolidated statements of operations. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as “held for sale” on the Company’s consolidated balance sheets at the time such determinations are made, on a prospective basis only. In addition, the Company anticipates that sales of all such properties remaining classified as “held for sale” at the balance sheet date will be concluded within one year from such date. 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 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. Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days, and include cash at consolidated joint ventures of $0.3 million and $0.2 million at December 31, 2019 and 2018, respectively. The terms of mortgage loans payable may require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established. Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. Revenue Recognition and Receivables Management has determined that all of the Company’s leases with its various tenants are operating leases. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination 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. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company, as of January 1, 2019, to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. Prior to January 1, 2019, the Company made estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, percentage rent, expense reimbursements and other revenues. When management analyzed accounts receivable and evaluated the adequacy of the allowance for doubtful accounts, it considered such things as historical bad debts, tenant creditworthiness, current economic trends, current developments relevant to a tenant’s business specifically and to its business category generally, and changes in tenants’ payment patterns. The allowance for doubtful accounts was $5.6 million and $5.9 million at December 31, 2019 and 2018, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $0.4 million, $2.2 million and $1.7 million in 2019, 2018 and 2017, respectively. Segment Information The Company’s primary business is the ownership and operation of grocery-anchored shopping centers Income Taxes The Company, organized in 1984, has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its shareholders and complies with certain other requirements. As of December 31, 2019, the Company was in compliance with all REIT requirements. The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual. Derivative Financial Instruments The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company’s interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. Share-Based Compensation During 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 Plan”), which replaced the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). As of the effective date of the 2017 Plan, the Company may not grant any further awards under the 2012 Plan. The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company’s shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares of the Company’s common stock that may be issued pursuant to the 2017 Plan by 2.0 million shares, to a new total of 6.0 million shares (see Note 14 – “Share-Based Compensation”), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 500,000. All grants issued pursuant to the 2017 Plan generally vest (1) at the end of designated time periods for time-based grants, or (2) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time–based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants are being expensed on a straight-line basis over their respective vesting periods (irrespective of achievement of the performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the terms of the 2017 Plan, those grants of restricted shares that are contributed to the Rabbi Trusts are classified as treasury stock on the Company’s consolidated balance sheet. Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2019 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 23,859,000 $ 22,191,000 $ 21,359,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,649,000 1,528,000 684,000 Recognition of right-of-use assets and related lease liabilities 13,778,000 — — 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 March 2016, the FASB issued guidance which amends the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and the policy election with respect to accounting for forfeitures either as they occur or by estimating forfeitures. The guidance was adopted on January 1, 2017. The Company has elected to account for forfeitures as they occur, and the guidance did not have a material impact 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 January 2017, the FASB issued guidance which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset and/or a group of similar identifiable assets; if these criteria are met, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in the guidance on revenue from contracts with customers. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption being permitted. The Company has elected to early adopt this guidance effective January 1, 2017. The Company believes that most of its typical acquisitions of real estate will not meet the new definition of a business, and accordingly, will result in the capitalization of associated acquisition pursuit costs, as is the case regarding all acquisitions in 2017. 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. In February 2016, the FASB issued guidance amending 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, effective for annual and interim reporting periods beginning on or after December 15, 2018, 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. The Company is not required to reassess the classification of existing ground leases where it is the lessee and therefore these leases will continue to be accounted for as operating leases. 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 The 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 are required to provide additional disclosures. The 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 applied both these practical expedients upon adoption. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. As permitted by the standard upon adoption, the Company recorded a $0.5 million prior-period adjustment to opening equity which the Company has reflected in the consolidated statement of equity for 2019. Recently-Issued Accounting Pronouncements In June 2016, the FASB issued guidance which enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, 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 guidance, but does not believe it will have a material effect on the Company’s consolidated financial statements. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate | Note 3. Real Estate Real estate activity for 2019 and 2018 is composed of the following: Years ended December 31, 2019 2018 Cost Balance, beginning of year $ 1,508,682,000 $ 1,534,599,000 Properties transferred to held for sale (36,265,000 ) (61,505,000 ) Property acquisitions 9,333,000 6,481,000 Asset write-offs (3,633,000 ) — Improvements and betterments 37,089,000 29,107,000 Balance, end of the year $ 1,515,206,000 $ 1,508,682,000 Accumulated depreciation Balance, beginning of the year $ 361,969,000 $ 341,943,000 Properties transferred held for sale (10,143,000 ) (14,886,000 ) Asset write-offs (3,107,000 ) — Depreciation expense 41,142,000 34,912,000 Balance, end of the year $ 389,861,000 $ 361,969,000 Net book value $ 1,125,345,000 $ 1,146,713,000 At December 31, 2019, Franklin Village Plaza was pledged as collateral for a mortgage loan payable. See Note 8 - “Mortgage Loans Payable and Credit Facilities”. 2019 Acquisition On June 19, 2019, the Company purchased Girard Plaza, a shopping center adjacent to its South Philadelphia property, located in Philadelphia, Pennsylvania. The purchase price for the property was $8.5 million, which has been allocated to real estate assets and liabilities. 2018 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). 2018 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. The purchase price has been allocated to real estate assets and liabilities. This lease was originally 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%. Effective January 1, 2019, based upon the adoption of the new lease accounting standard, the component of the lease that was originally recorded as a capital lease obligation is now classified as a finance lease obligation, and is being presented as such for all years presented. 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 During 2019, 2018 and 2017, the Company sold the properties listed below: Date Sales Gain on Property Location Sold Price Sale 2019 Maxatawny Marketplace Maxatawny, PA 2/15/2019 $ 10,330,000 $ 101,000 Fort Washington Center Fort Washington, PA 6/26/2019 9,048,000 2,841,000 $ 19,378,000 $ 2,942,000 2018 Mechanicsburg Center Mechanicsburg, PA 8/28/2018 $ 16,100,000 $ 4,864,000 West Bridgewater Plaza West Bridgewater, MA 9/28/2018 3,500,000 - $ 19,600,000 $ 4,864,000 2017 Outparcel Building adjacent to Camp Hill Camp Hill, PA 2/1/2017 $ 10,650,000 $ 7,099,000 Fredericksburg Way Fredericksburg, VA 12/29/2017 2,200,000 - $ 12,850,000 $ 7,099,000 The Company recorded impairment charges of $9.4 million relating to West Bridgewater Plaza during 2018, and $9.5 million relating to Fredericksburg Way during 2017, which are included in continuing operations in the accompanying consolidated statements of operations. Real Estate Held for Sale As of December 31, 2019, Carll’s Corner, located in Bridgeton, New Jersey, Suffolk Plaza, located in Suffolk, Virginia, and The Commons, located in Dubois, Pennsylvania, have been classified as “real estate held for sale” on the accompanying consolidated balance sheet. The Company recorded an impairment charge of $8.9 million in connection with The Commons in 2019 and $11.3 million in connection with Carll’s Corner during 2018. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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 loan was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2019 and December 31, 2018, the fair value of the Company’s fixed rate mortgage loan payable, which was determined to be Level 3 within the valuation hierarchy, was $47.0 million and $44.4 million, respectively; the carrying value of such loan was $46.4 million and $47.3 million, respectively. As of December 31, 2019 and December 31, 2018, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. In addition, the fair values of the Company’s mortgage note receivable and finance lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of December 31, 2019 and December 31, 2018, respectively. The valuation of the liabilities for the Company’s interest rate swaps, which are measured on a recurring basis, were determined to be Level 2 within the valuation hierarchy, and were based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and user-observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of December 31, 2019, 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 December 31, 2019 and December 31, 2018, respectively: December 31, 2019 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 823,000 $ — $ — $ 823,000 Deferred compensation liabilities (b) $ 824,000 $ — $ — $ 824,000 Interest rate swaps asset (a) $ — $ 136,000 $ — $ 136,000 Interest rate swaps liability (b) $ — $ 7,180,000 $ — $ 7,180,000 December 31, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 616,000 $ — $ — $ 616,000 Deferred compensation liabilities (b) $ 610,000 $ — $ — $ 610,000 Interest rate swaps asset (a) $ — $ 8,871,000 $ — $ 8,871,000 Interest rate swaps liability (b) $ — $ 1,576,000 $ — $ 1,576,000 (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. As of December 31, 2019, real estate held for sale on the consolidated balance sheet consisted of (1) one retail property, totaling $1.9 million, which 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%, (2) one retail property, totaling $6.0 million, which 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 a discounted cash flow approach, consisting of a capitalization rate of 11.5% and a discount rate of 8.0%, and (3) the carrying value of a property which is below its fair value. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 5. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits and/or suitable guarantees. Excluding properties held for sale and sold, Giant Food Stores, LLC, Stop & Shop, Inc. and Food Lion, LLC, each of which is owned by Ahold N.V., a Netherlands corporation, accounted for an aggregate of approximately 12%, 11% and 12% of the Company’s total revenues during 2019, 2018 and 2017, respectively. The Company’s properties are located largely in the region straddling the Washington, D.C. to Boston corridor, which exposes it to greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 23 of the Company’s properties are located in Pennsylvania). |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Receivables | Note 6. Receivables Receivables at December 31, 2019 and 2018 are composed of the following: December 31, 2019 2018 Rents and other receivables, net $ 5,061,000 $ 4,443,000 Mortgage note receivable (a) 3,500,000 3,500,000 Straight-line rents, net 13,603,000 14,034,000 $ 22,164,000 $ 21,977,000 (a) See “Note 3 – Real Estate - 2018 Shopping Center Acquisition ” |
Other Assets and Deferred Charg
Other Assets and Deferred Charges, Net | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets and Deferred Charges, Net | Note 7. Other Assets and Deferred Charges, Net Other assets and deferred charges, net, at December 31, 2019 and 2018 are composed of the following: December 31, 2019 2018 Lease origination costs (a) $ 19,947,000 $ 21,623,000 Right-of-use assets (b) 13,638,000 — Interest rate swaps 136,000 8,871,000 Prepaid expenses 6,048,000 5,790,000 Unsecured revolving credit facility financing costs 1,021,000 1,627,000 Leasehold improvements, furniture and fixtures 200,000 359,000 Investments related to share-based compensation 823,000 616,000 Other 326,000 1,756,000 Total other assets and deferred charges, net $ 42,139,000 $ 40,642,000 (a) Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations of $6.6 million (cost of $19.9 million and accumulated amortization of $13.3 million) and $7.5 million (cost of $19.9 million and accumulated amortization of $12.4 million) as of December 31, 2019 and 2018, respectively. (b) In connection with of the new lease accounting standard (see Note 2 – “Recently-Adopted Accounting Pronouncements”), the Company recorded right-of-use assets and liabilities based on its future obligation under its ground lease and executive office lease agreements for which the Company is the lessee. Deferred charges are amortized over the terms of the related agreements. Amortization expense related to deferred charges (including amortization of deferred financing costs included in non-operating income and expense) amounted to $5.3 million, $5.2 million and $5.1 million for 2019, 2018, and 2017, respectively. The unamortized balances of deferred lease origination costs is net of accumulated amortization of $32.8 million at December 31, 2019. In addition, deferred financing costs relating to the unsecured revolving credit facility is net of accumulated amortization of $1.4 million at December 31, 2019. Deferred lease origination costs and deferred financing costs relating to the unsecured revolving credit facility will be charged to future operations as follows: Lease Unsecured revolving origination credit facility costs financing costs 2020 $ 2,858,000 $ 614,000 2021 2,280,000 407,000 2022 1,995,000 — 2023 1,700,000 — 2024 1,453,000 — Thereafter 9,661,000 — $ 19,947,000 $ 1,021,000 |
Mortgage Loans Payable and Unse
Mortgage Loans Payable and Unsecured Credit Facilities | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable and Unsecured Credit Facilities | Note 8. Mortgage Loans Payable and Unsecured Credit Facilities Debt and finance lease obligations are composed of the following at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Contractual Contractual Maturity Balance interest rates Balance interest rates Description dates outstanding weighted-average outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 46,679,000 3.9% $ 47,674,000 3.9% Finance lease obligation Sep 2050 5,665,000 5.3% 5,696,000 5.3% Unsecured credit facilities (a): Variable-rate: Revolving credit facility Sep 2021 (b) 106,000,000 3.2% 100,000,000 3.8% Term loan Sep 2022 50,000,000 3.3% 50,000,000 3.8% Fixed-rate (c): Term loan Feb 2021 75,000,000 3.6% 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% 50,000,000 3.0% Term loan Sep 2022 (d) 50,000,000 2.8% 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% 100,000,000 3.2% Term loan Sep 2024 75,000,000 3.7% 75,000,000 3.3% Term loan Jul 2025 75,000,000 4.6% 75,000,000 4.6% 633,344,000 3.5% 628,370,000 3.6% Unamortized issuance costs (2,769,000 ) (3,536,000 ) $ 630,575,000 $ 624,834,000 (a) During the first quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 bps (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio. (b) The revolving credit facility is subject to a one-year extension at the Company’s option. (c) 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. (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 rate of 3.2%, based on the Company’s leverage ratio at December 31, 2019. 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 During 2018 and 2017, in connection with mortgage repayments, the Company incurred charges relating to early extinguishment of mortgage loans payable (prepayment penalties and accelerated amortization of deferred financing costs) of $4.8 million and $0.1 million, respectively, included in continuing operations. 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 LIBOR plus 135 basis points (“bps”) to 195 bps (135 bps at December 31, 2019) and interest on borrowings under the term loan component can range from LIBOR plus 130 to 190 bps (130 bps at December 31, 2019), each based on the Company’s leverage ratio. As of December 31, 2019, the Company had $95.6 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 December 31, 2019) 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 details of the remaining unsecured term loans are as follows: Amount Maturity date Interest range $ 75,000,000 February 2021 LIBOR + 130 bps to 190 bps $ 50,000,000 February 2022 LIBOR + 130 bps to 190 bps $ 50,000,000 September 2022 LIBOR + 130 bps to 190 bps $ 100,000,000 April 2023 LIBOR + 165 bps to 225 bps $ 75,000,000 September 2024 LIBOR + 170 bps to 225 bps 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. As of December 31, 2019, the Company is in compliance with all financial covenants. Interest on borrowings under the unsecured credit facility and terms loans are based on the Company’s leverage ratio. Scheduled Scheduled principal payments on a mortgage loan payable, finance lease obligation, unsecured term loans, and the unsecured credit facility at December 31, 2019, due on various dates from 2021 to 2050, are as follows: Mortgage Loan Finance Lease Revolving Term Unamortized Year Payable Obligation Credit Facility Loans Total Issuance Costs Total 2020 $ 1,034,000 $ 33,000 $ - $ - $ 1,067,000 $ (767,000 ) $ 300,000 2021 1,074,000 35,000 106,000,000 (a) 75,000,000 182,109,000 (648,000 ) 181,461,000 2022 1,116,000 37,000 - 150,000,000 151,153,000 (499,000 ) 150,654,000 2023 1,160,000 39,000 - 100,000,000 101,199,000 (274,000 ) 100,925,000 2024 1,206,000 41,000 - 75,000,000 76,247,000 (207,000 ) 76,040,000 Thereafter 41,089,000 5,480,000 - 75,000,000 121,569,000 (374,000 ) 121,195,000 $ 46,679,000 $ 5,665,000 $ 106,000,000 $ 475,000,000 $ 633,344,000 $ (2,769,000 ) $ 630,575,000 (a) The revolving credit facility is subject to a one-year extension at the Company's option. Derivative Financial Instruments At December 31, 2019, the Company had $0.1 million included in other assets and deferred charges, net, in addition to $7.2 million included in accounts payable and accrued liabilities 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), noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. The Company estimates that approximately $1.8 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 December 31, 2019 and December 31, 2018: December 31, 2019 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 2 $ 136,000 2020-2023 Other assets and deferred charges, net Qualifying Interest rate swaps 6 $ 7,180,000 2021-2025 Accounts payable and accrued liabilities December 31, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 8,871,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 2 $ 1,576,000 2025 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at December 31, 2019 and December 30, 2018 were $425.0 million and $425.0 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 2019, 2018 and 2017, respectively: (Loss) gain recognized in other comprehensive (loss) income (effective portion) Designation/ Years ended December 31, Cash flow Derivative 2019 2018 2017 Qualifying Interest rate swaps $ (13,090,000 ) $ 2,185,000 $ 2,492,000 Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Years ended December 31, Classification 2019 2018 2017 Continuing Operations $ 1,196,000 $ 667,000 $ (2,345,000 ) As of December 31, 2019, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. |
Intangible Lease Asset_Liabilit
Intangible Lease Asset/Liability | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Lease Asset Liability [Abstract] | |
Intangible Lease Asset/Liability | Note 9. Intangible Lease Asset/Liability Unamortized intangible lease liabilities that relate to below-market leases amounted to $10.5 million and $13.2 million at December 31, 2019 and December 31, 2018, respectively. Unamortized intangible lease assets that relate to above-market leases amounted to $0.4 million and $0.6 million at December 31, 2019 and December 31, 2018, respectively. The unamortized balance of intangible lease liabilities at December 31, 2019 is net of accumulated amortization of $39.6 million, and will be credited to future operations as follows: 2020 $ 1,300,000 2021 936,000 2022 874,000 2023 846,000 2024 783,000 Thereafter 5,734,000 $ 10,473,000 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. 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. Under various federal, state, and local laws, ordinances, and regulations, an owner or operator of real estate may be required to investigate and clean up hazardous or toxic substances, or petroleum product releases, at its properties. The owner may be liable to governmental entities or to third parties for property damage, and for investigation and cleanup costs incurred by such parties in connection with any contamination. Generally, the Company’s tenants must comply with environmental laws and meet any remediation requirements. In addition, leases typically impose obligations on tenants to indemnify the Company from any compliance costs the Company may incur as a result of environmental conditions on the property caused by the tenant. However, if a lease does not require compliance, or if a tenant fails to or cannot comply, the Company could be forced to pay these costs. Management is unaware of any environmental matters that would have a material impact on the Company’s consolidated financial statements. The Company’s executive offices are located at 44 South Bayles Avenue, Port Washington, New York. The terms of the lease, which will expire in February 2021 subject to a one year extension option, provide for future minimum rents as follows: 2020 - $530,000 and 2021 - $89,000. The Company is the lessee under several ground lease and its executive office lease agreements. In accordance with the adoption of the new lease accounting standard (see Note 2 – “Recently-Adopted Accounting Pronouncements”), the Company recorded right-of-use assets and related lease liabilities for these leases as of January 1, 2019. As of December 31, 2019, the Company’s weighted average remaining lease term is approximately 32.4 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.7%. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $1.7 million, $1.1 million and $1.1 million for 2019, 2018 and 2017, respectively. The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and executive office lease agreements applicable to right-of-use liabilities as of December 31, 2019: 2020 $ 1,095,000 2021 956,000 2022 955,000 2023 956,000 2024 956,000 Thereafter 29,511,000 Total undiscounted future minimum lease payments 34,429,000 Future minimum lease payments, discount (20,651,000 ) Right-of-use liabilities $ 13,778,000 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 11. Shareholders’ Equity Preferred Stock The Company’s 7.25% Series B Cumulative Redeemable Preferred Stock The Company’s 6.50% Series C Cumulative Redeemable Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 December 31, 2019 December 31, 2018 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 124,774,000 On August 16, 2017, the Company redeemed 1,500,000 shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate of $37.5 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date. On August 24, 2017, the Company concluded a public offering of 3,000,000 shares of Series C Preferred Stock at $25.00 per share, and realized net proceeds, after offering expenses, of approximately $72.3 million. On September 15, 2017, the Company redeemed 3,000,000 shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate of $75.0 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date. On December 15, 2017, the Company concluded a public offering of 2,000,000 shares of Series C Preferred Stock at $25.00 per share, and realized net proceeds, after offering expenses, of approximately $48.1 million. 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. Common Stock On December 18, 2018, the Company’s Board of Directors approved a stock repurchase program, which authorized the Company to purchase up to $30.0 million of the Company’s common stock in the open market or through private transactions, subject to market conditions. The stock repurchase program expired on December 18, 2019. During 2018, the Company repurchased approximately 772,000 shares at a weighted average price per share of $3.02. During 2019, the Company repurchased an additional 2,050,000 shares at a weighted average price per share of $3.34. Since approval of the plan on December 18, 2018, the Company has repurchased a total of 2,823,000 shares at a weighted average price per share of $3.25. On August 1, 2016, the Company entered into a forward sales agreement to issue 5,750,000 common shares, which the Company settled on August 1, 2017, for net proceeds of $43.2 million. The Company has a Dividend Reinvestment and Direct Stock Purchase Plan (“DRIP”) which offers a convenient method for shareholders to invest cash dividends and/or make optional cash payments to purchase shares of the Company’s common stock. Such purchases are at 100% of market value. There were no significant transactions under the DRIP during 2019 and 2018. At December 31, 2019, there remained 2,828,000 shares authorized under the DRIP. Dividends The following table provides a summary of dividends declared and paid per share: Years ended December 31, 2019 2018 2017 Common stock $ 0.200 $ 0.200 $ 0.200 7.25% Series B Preferred Stock $ 1.812 $ 1.812 $ 1.812 6.50% Series C Preferred Stock $ 1.625 $ 1.625 $ 0.388 At December 31, 2019 and 2018, there were $1.2 million and $1.2 million, respectively, of accrued preferred stock dividends. On January 16, 2020, 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 a dividend of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on February 20, 2020 to shareholders of record on February 10, 2020. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenues [Abstract] | |
Revenues | Note 12. Revenues Rents for 2019, 2018 and 2017, respectively, are comprised of the following: Years ended December 31, 2019 2018 2017 Base rents $ 105,041,000 $ 107,630,000 $ 108,998,000 Expense recoveries 33,475,000 33,378,000 31,220,000 Percentage rent 971,000 725,000 896,000 Straight-line rents 405,000 1,142,000 864,000 Amortization of intangible lease liabilities, net 2,827,000 4,361,000 2,518,000 Total rents $ 142,719,000 $ 147,236,000 $ 144,496,000 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 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. On January 31, 2020, the Company agreed to a cash payment in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration. As a result of this termination, revenues for the three months ended March 31, 2020, will include approximately $7.1 million of other income. Further, the Company will classify this property as real estate held for sale during the first quarter of 2020 and, as a result, will record an impairment charge of approximately $7.5 million. Accordingly, future base rents associated with this tenant have not been included in the annual future rents table below. Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2019 are approximately as follows (excluding those base rents applicable to properties classified as real estate held for sale): 2020 $ 98,931,000 2021 88,888,000 2022 77,176,000 2023 70,248,000 2024 59,957,000 Thereafter 208,157,000 $ 603,357,000 Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants’ sales volume. Such additional revenue amounts aggregated approximately $34.4 million, $34.1 million and $32.1 million for 2019, 2018 and 2017, respectively. Such amounts do not include amortization of intangible lease liabilities. |
401(k) Retirement Plan
401(k) Retirement Plan | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
401(k) Retirement Plan | Note 13. 401(k) Retirement Plan The Company has a 401(k) retirement plan (the “Plan”), which permits all eligible employees to defer a portion of their compensation under the Code. Pursuant to the provisions of the Plan, the Company may make discretionary contributions on behalf of eligible employees. The Company made contributions to the Plan of $387,000, $371,000, and $330,000 for 2019, 2018, and 2017, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | Note 14. Share-Based Compensation The following tables set forth certain share-based compensation information for 2019, 2018, and 2017, respectively: Years ended December 31, 2019 2018 2017 Expense relating to share/unit grants $ 4,496,000 $ 4,217,000 $ 3,820,000 Amounts capitalized (379,000 ) (454,000 ) (268,000 ) Total charged to operations $ 4,117,000 $ 3,763,000 $ 3,552,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2018 3,910,000 $ 4.46 Restricted share grants 522,000 $ 3.22 Vested during period (144,000 ) $ 6.86 Forfeitures/cancellations (30,000 ) $ 4.32 Unvested shares/units, December 31, 2019 4,258,000 $ 4.23 At December 31, 2019, approximately 2.4 million shares remained available for grants pursuant to the 2017 Plan and, at that date, there remained an aggregate of $9.0 million applicable to all grants and awards to be expensed over a weighted average period of 2.8 years. During 2019, there were 522,000 time-based restricted shares issued, with a weighted average grant date fair value of $3.22 per share. Excluding the grants relating to the Company’s President and CEO (see below), during 2018, there were 610,000 time-based restricted shares issued, with a weighted average grant date fair value of $4.93 per share. During 2017, there were 305,000 time-based restricted shares issued, with a weighted average grant date fair value of $6.20 per share. The total fair values of shares vested during 2019, 2018, and 2017 were $485,000, $7,556,000, and $890,000, respectively. President and CEO Employment Contract Upon employment on June 15, 2011, the Company’s President and 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 2017 Plan, only 750,000 shares were granted on June 15, 2018, with the remaining 250,000 shares 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are 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 2019, 2018 and 2017, the Company had 2.8 million, 3.0 million and 3.8 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the 2019, 2018 and 2017, respectively: Years ended December 31, 2019 2018 2017 Numerator Net income $ 1,566,000 $ 4,358,000 $ 19,653,000 Preferred stock dividends (10,752,000 ) (10,863,000 ) (13,652,000 ) Preferred stock redemptions costs - (3,507,000 ) (7,890,000 ) Net (income) attributable to noncontrolling interests (490,000 ) (469,000 ) (510,000 ) Net earnings allocated to unvested shares (558,000 ) (628,000 ) (754,000 ) Net (loss) attributable to vested common shares $ (10,234,000 ) $ (11,109,000 ) $ (3,153,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 86,341,000 88,420,000 84,168,000 Net (loss) per common share attributable to common shareholders, basic and diluted $ (0.12 ) $ (0.13 ) $ (0.04 ) 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 2019 and 2018, no restricted stock units would have been issuable under the Company’s President and CEO market performance-based equity award (see Note 14 – “Share-Based Compensation”) had the measurement periods ended on December 31, 2019 and 2018, respectively. Therefore this market performance-based equity award had no impact in calculating diluted EPS for 2019 and 2018. For 2017, the 5,750,000 common shares that were subject to forward sale agreements have been excluded from the denominator prior to their issuance on August 1, 2017, as they were anti-dilutive using the treasury stock method. Net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding was 547,000, 429,000 and 350,000 for 2019, 2018 and 2017, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Note 16. Selected Quarterly Financial Data (unaudited) Quarter ended March 31 June 30 September 30 December 31 2019 Revenues $ 36,883,000 $ 35,660,000 $ 35,912,000 $ 35,628,000 Net income (loss) $ 2,989,000 $ 5,544,000 $ 2,947,000 $ (9,914,000 ) Net income (loss) attributable to common shareholders $ 194,000 $ 2,695,000 $ 92,000 $ (12,657,000 ) Per common share (basic and diluted) (a) $ 0.00 $ 0.03 $ 0.00 $ (0.15 ) 2018 Revenues $ 37,568,000 $ 41,350,000 $ 36,170,000 $ 36,932,000 Net (loss) income $ (16,620,000 ) $ 9,937,000 $ 6,305,000 $ 4,736,000 Net (loss) income attributable to common shareholders $ (22,974,000 ) $ 7,089,000 $ 3,472,000 $ 1,932,000 Per common share (basic and diluted) (a) $ (0.26 ) $ 0.08 $ 0.04 $ 0.02 (a) Differences between the sum of the four quarterly per share amounts and the annual per share amounts, if any, are attributable to the effect of the weighted average outstanding share calculation for the respective periods. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events In determining subsequent events, management reviewed all activity from January 1, 2020 through the date of filing this Annual Report on Form 10-K. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Cedar Realty Trust, Inc. Real Estate and Accumulated Depreciation Year built/ Gross Initial cost to the Company Year Percent Year last leasable Building and Property State acquired owned renovated area Land Improvements Academy Plaza PA 2001 100% 1965/2013 137,415 $ 2,406,000 $ 9,623,000 Big Y Shopping Center CT 2013 100% 2007 101,105 11,272,000 23,395,000 Camp Hill PA 2002 100% 1958/2005 430,198 4,460,000 17,857,000 Carmans Plaza NY 2007 100% 1954/2007 195,485 8,539,000 35,804,000 Christina Crossing DE 2017 100% 2008 119,446 4,341,000 23,227,000 Coliseum Marketplace VA 2005 100% 1987/2012 106,648 2,924,000 14,416,000 Colonial Commons PA 2011 100% 2011/2013 410,432 9,367,000 37,496,000 Crossroads II PA 2008 60% 2009 133,717 15,383,000 - East River Park DC 2015 100% 1946-1996 150,038 9,143,000 30,893,000 Elmhurst Square VA 2006 100% 1961-1983 66,254 1,371,000 5,994,000 Fairview Commons PA 2007 100% 1976/2003 52,964 858,000 3,568,000 Fieldstone Marketplace MA 2005/2012 100% 1988/2003 150,123 5,229,000 21,440,000 Fishtown Crossing (f/k/a Port Richmond Village) PA 2001 100% 1988 120,375 2,942,000 11,769,000 Franklin Village Plaza (a) MA 2004/2012 100% 1987/2005 303,524 14,270,000 61,915,000 General Booth Plaza VA 2005 100% 1985 71,639 1,935,000 9,493,000 Girard Plaza PA 2019 100% 35,688 4,685,000 4,648,000 Glen Allen Shopping Center VA 2005 100% 2000 63,328 6,769,000 683,000 Gold Star Plaza PA 2006 100% 1988 71,720 1,644,000 6,519,000 Golden Triangle PA 2003 100% 1960/2005 202,790 2,320,000 9,713,000 Groton Shopping Center CT 2007 100% 1969 130,264 3,070,000 12,320,000 Halifax Plaza PA 2003 100% 1994 51,510 1,412,000 5,799,000 Hamburg Square PA 2004 100% 1993/2010 102,058 1,153,000 4,678,000 Jordan Lane CT 2005 100% 1969/1991 177,504 4,291,000 21,176,000 Kempsville Crossing VA 2005 100% 1985/2013 78,162 2,207,000 11,000,000 Kings Plaza MA 2007 100% 1970/1994 168,243 2,413,000 12,604,000 Lawndale Plaza PA 2015 100% 1998 92,773 3,635,000 21,854,000 Meadows Marketplace PA 2004/2012 100% 2005 91,518 1,914,000 - Metro Square MD 2008 100% 1999 71,896 3,121,000 12,341,000 Newport Plaza PA 2003 100% 1996 64,489 1,721,000 7,758,000 New London Mall CT 2009 100% 1967/1997 259,566 14,891,000 24,967,000 Northside Commons PA 2008 100% 2009 69,136 3,332,000 - Norwood Shopping Center MA 2006 100% 1965/2013 97,756 1,874,000 8,453,000 Oak Ridge Shopping Center VA 2006 100% 2000 38,700 960,000 4,254,000 Oakland Commons CT 2007 100% 1962/2013 90,100 2,504,000 15,662,000 Oakland Mills MD 2005 100% 1960's/2004 59,308 1,611,000 6,292,000 Palmyra Shopping Center PA 2005 100% 1960/2012 111,051 1,488,000 6,566,000 Pine Grove Plaza NJ 2003 100% 2001/2002 86,089 2,010,000 6,489,000 Quartermaster Plaza PA 2014 100% 2004 456,602 37,031,000 54,210,000 River View Plaza PA 2003 100% 1991/1998 189,032 9,718,000 40,356,000 San Souci Plaza MD 2009 40% 1985 - 1997 264,134 14,849,000 18,445,000 Senator Square DC 2018 100% 1946 - 2005 61,691 - 5,327,000 Shoppes at Arts District DC 2016 100% 2011 35,676 2,247,000 18,616,000 South Philadelphia PA 2003 100% 1950/2003 194,435 8,222,000 36,314,000 Southington Center CT 2003 100% 1972/2000 155,842 - 11,834,000 Swede Square PA 2003 100% 1980/2012 100,816 2,268,000 6,232,000 The Brickyard CT 2004 100% 1990/2012 227,598 7,632,000 29,308,000 The Point PA 2000 100% 1972/2012 262,620 2,700,000 10,800,000 The Shops at Bloomfield Station NJ 2016 100% 2015 63,844 625,000 17,674,000 The Shops at Suffolk Downs MA 2005 100% 2005/2011 121,187 7,580,000 11,089,000 Timpany Plaza MA 2007 100% 1970's-1989 182,799 3,412,000 19,240,000 Trexler Mall PA 2005 100% 1973/2013 337,297 6,932,000 32,815,000 Trexlertown Plaza PA 2006 100% 1990/2011 325,171 13,349,000 23,867,000 Valley Plaza MD 2003 100% 1975/1994 190,939 1,950,000 7,766,000 Washington Center Shoppes NJ 2001 100% 1979/1995 157,394 2,061,000 7,314,000 Webster Plaza MA 2007 100% 1960's-2004 98,984 3,551,000 18,412,000 Yorktowne Plaza MD 2007 100% 1970/2000 138,843 5,940,000 25,505,000 Other n/a n/a 100% n/a - 1,965,000 - Total Portfolio 8,327,916 $ 295,497,000 $ 905,790,000 Cedar Realty Trust, Inc. Schedule III Real Estate and Accumulated Depreciation Gross amount at which carried at (continued) Subsequent December 31, 2019 cost Building and Accumulated Property capitalized (b) Land improvements Total depreciation Academy Plaza $ 5,508,000 $ 2,406,000 $ 15,131,000 $ 17,537,000 $ 6,161,000 Big Y Shopping Center 356,000 10,268,000 24,755,000 35,023,000 4,846,000 Camp Hill 40,297,000 4,093,000 58,521,000 62,614,000 22,665,000 Carmans Plaza 17,679,000 8,421,000 53,601,000 62,022,000 13,224,000 Christina Crossing 1,502,000 4,341,000 24,729,000 29,070,000 2,618,000 Coliseum Marketplace 5,616,000 3,586,000 19,370,000 22,956,000 7,930,000 Colonial Commons 7,812,000 9,367,000 45,308,000 54,675,000 14,817,000 Crossroads II 29,714,000 17,671,000 27,426,000 45,097,000 7,380,000 East River Park 5,173,000 9,398,000 35,811,000 45,209,000 5,523,000 Elmhurst Square 1,223,000 1,371,000 7,217,000 8,588,000 2,410,000 Fairview Commons 381,000 858,000 3,949,000 4,807,000 1,312,000 Fieldstone Marketplace 3,269,000 5,167,000 24,771,000 29,938,000 9,926,000 Fishtown Crossing (f/k/a Port Richmond Village) 2,679,000 2,843,000 14,547,000 17,390,000 5,087,000 Franklin Village Plaza (a) 5,929,000 14,681,000 67,433,000 82,114,000 16,974,000 General Booth Plaza (164,000 ) 1,935,000 9,329,000 11,264,000 3,223,000 Girard Plaza - 4,685,000 4,648,000 9,333,000 160,000 Glen Allen Shopping Center (180,000 ) 5,367,000 1,905,000 7,272,000 664,000 Gold Star Plaza 712,000 1,644,000 7,231,000 8,875,000 3,224,000 Golden Triangle 10,661,000 2,320,000 20,374,000 22,694,000 9,818,000 Groton Shopping Center 8,513,000 3,113,000 20,790,000 23,903,000 5,763,000 Halifax Plaza 551,000 1,347,000 6,415,000 7,762,000 2,900,000 Hamburg Square 6,302,000 1,153,000 10,980,000 12,133,000 3,871,000 Jordan Lane 883,000 4,291,000 22,059,000 26,350,000 8,143,000 Kempsville Crossing (2,757,000 ) 2,207,000 8,243,000 10,450,000 3,145,000 Kings Plaza 1,688,000 2,408,000 14,297,000 16,705,000 4,007,000 Lawndale Plaza 968,000 3,635,000 22,822,000 26,457,000 4,123,000 Meadows Marketplace 11,648,000 1,914,000 11,648,000 13,562,000 4,019,000 Metro Square (221,000 ) 5,250,000 9,991,000 15,241,000 3,282,000 Newport Plaza 555,000 1,682,000 8,352,000 10,034,000 3,682,000 New London Mall 4,688,000 8,807,000 35,739,000 44,546,000 14,163,000 Northside Commons 10,035,000 3,379,000 9,988,000 13,367,000 2,599,000 Norwood Shopping Center 799,000 1,874,000 9,252,000 11,126,000 3,179,000 Oak Ridge Shopping Center 440,000 960,000 4,694,000 5,654,000 1,743,000 Oakland Commons (344,000 ) 2,504,000 15,318,000 17,822,000 5,516,000 Oakland Mills 1,197,000 1,611,000 7,489,000 9,100,000 2,950,000 Palmyra Shopping Center 2,008,000 1,488,000 8,574,000 10,062,000 3,506,000 Pine Grove Plaza 1,028,000 2,010,000 7,517,000 9,527,000 3,178,000 Quartermaster Plaza 2,870,000 37,031,000 57,080,000 94,111,000 10,890,000 Riverview Plaza 8,587,000 10,872,000 47,789,000 58,661,000 19,081,000 San Souci Plaza 5,114,000 13,406,000 25,002,000 38,408,000 12,243,000 Senator Square 356,000 - 5,683,000 5,683,000 668,000 Shoppes at Arts District 68,000 2,247,000 18,684,000 20,931,000 2,665,000 South Philadelphia 12,432,000 10,363,000 46,605,000 56,968,000 20,638,000 Southington Center 1,007,000 - 12,841,000 12,841,000 5,033,000 Swede Square 6,475,000 2,272,000 12,703,000 14,975,000 5,947,000 The Brickyard 4,846,000 7,648,000 34,138,000 41,786,000 11,879,000 The Point 18,537,000 2,996,000 29,041,000 32,037,000 11,669,000 The Shops at Bloomfield Station 354,000 625,000 18,028,000 18,653,000 2,147,000 The Shops at Suffolk Downs 10,449,000 7,580,000 21,538,000 29,118,000 7,303,000 Timpany Plaza 1,861,000 3,368,000 21,145,000 24,513,000 6,348,000 Trexler Mall 9,466,000 6,932,000 42,281,000 49,213,000 15,669,000 Trexlertown Plaza 30,644,000 13,351,000 54,509,000 67,860,000 13,220,000 Valley Plaza 1,874,000 1,950,000 9,640,000 11,590,000 4,145,000 Washington Center Shoppes 5,522,000 2,000,000 12,897,000 14,897,000 5,921,000 Webster Plaza 4,035,000 4,082,000 21,916,000 25,998,000 6,668,000 Yorktowne Plaza 1,676,000 5,801,000 27,320,000 33,121,000 9,824,000 Other 1,598,000 877,000 2,686,000 3,563,000 172,000 Total Portfolio $ 313,919,000 $ 293,456,000 $ 1,221,750,000 $ 1,515,206,000 $ 389,861,000 Cedar Realty Trust, Inc. Schedule III Real Estate and Accumulated Depreciation The changes in real estate and accumulated depreciation for the years ended December 31, 2019, 2018 and 2017, respectively, are as follows: Cost 2019 2018 2017 Balance, beginning of the year $ 1,508,682,000 $ 1,534,599,000 $ 1,496,429,000 Properties transferred to held for sale (36,265,000 ) (61,505,000 ) (15,971,000 ) Property acquisitions 9,333,000 6,481,000 30,997,000 Property dispositions — — (4,332,000 ) Improvements and betterments 37,089,000 29,107,000 29,752,000 Asset write-offs (3,633,000 ) — (2,276,000 ) Balance, end of the year $ 1,515,206,000 (c) $ 1,508,682,000 $ 1,534,599,000 Accumulated depreciation Balance, beginning of the year $ 361,969,000 $ 341,943,000 $ 313,070,000 Properties transferred to held for sale (10,143,000 ) (14,886,000 ) (4,131,000 ) Property dispositions — — (1,048,000 ) Depreciation expense (d) 41,142,000 34,912,000 36,328,000 Asset write-offs (3,107,000 ) — (2,276,000 ) Balance, end of the year $ 389,861,000 $ 361,969,000 $ 341,943,000 Net book value $ 1,125,345,000 $ 1,146,713,000 $ 1,192,656,000 (a) Amount of encumbrance totals $46.7 million at December 31, 2019. (b) Negative amounts represent write-offs of fully depreciated assets. (c) At December 31, 2019, the aggregate cost for federal income tax purposes was approximately $5.7 million greater than the Company's recorded values. (d) Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation/Basis of Preparation | Principles of Consolidation/Basis of Preparation The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities (“VIEs”) for which it is the primary beneficiary. Generally, a VIE is an entity with one or more of the following characteristics: (1) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) as a group, the holders of the equity investment at risk (a) lack the power through voting or similar rights to make decisions about the entity’s activities that significantly impact the entity’s performance, (b) have no obligation to absorb the expected losses of the entity, or (c) have no right to receive the expected residual returns of the entity, or (3) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately fewer voting rights. Significant judgments related to these determinations include estimates about the current and future fair values, performance of real estate held by these VIEs, and general market conditions. The Financial Accounting Standards Board (“FASB”) issued guidance which amended the consolidation requirements, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Under the analysis, limited partnerships and other similar entities will be considered variable interest entities unless the limited partners hold substantive kick-out rights or participating rights. The guidance was adopted on January 1, 2016. The Company evaluated its existing joint venture property at San Souci Plaza based on the new guidance, determined the entity to be a variable interest entity, and continued to consolidate the entity. At December 31, 2019, this VIE owned real estate with a carrying value of $26.2 million and no mortgage loan payable. The Company has a 60%-owned joint venture originally formed to develop the project known as Crossroads II. This joint venture is consolidated as it is deemed to be a VIE and the Company is the primary beneficiary. The Company (1) guaranteed all related debt, (2) does not require its partners to fund additional capital requirements, (3) has an economic interest greater than its voting proportion and (4) directs the management activities that significantly impact the performance of the joint venture. At December 31, 2019, this VIE owned real estate with a carrying value of $37.6 million and no mortgage loan payable. The accompanying financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States (“GAAP”), which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. |
Real Estate Investments | Real Estate Investments Real estate investments are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years, with buildings being depreciated at the upper end of the range. Depreciation expense amounted to $41.8 million, $36.1 million and $36.5 million for 2019, 2018 and 2017, respectively. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred. Real estate investments include costs of development and redevelopment activities, and construction in progress. Capitalized costs, including interest and other carrying costs during the construction and/or renovation periods, are included in the cost of the related asset and charged to operations through depreciation over the asset’s estimated useful life. A variety of costs are incurred in the development and leasing of a property, such as pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs, and other costs incurred during the period of development. After a determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. The Company ceases capitalization on the portions substantially completed and occupied, or held available for occupancy, and capitalizes only those costs associated with the portions under development. The Company considers a construction project to be substantially completed and held available for occupancy upon the completion of tenant improvements, but not later than one year from cessation of major construction activity. The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. The values of acquired above-market and below-market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above-market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below-market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below-market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in operations at that time. Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. Effective January 1, 2018, the Company has adopted the guidance on gains and losses from the derecognition of nonfinancial assets. This guidance applies to all nonfinancial assets (including real estate) for which the counterparty is not a customer and also clarifies that all businesses are derecognized using the deconsolidation guidance. Additionally, it defines an in substance nonfinancial asset as a financial asset that is promised to a counterparty in a contract in which substantially all of the fair value of the asset promised in the contract is concentrated in nonfinancial assets, which excludes cash or cash equivalents and liabilities. |
Properties Held For Sale | Properties Held For Sale The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in “discontinued operations” only if the disposal represents a strategic shift that has, or will have, a major effect on the Company’s operations and financial results. The results of operations for those properties not meeting such criteria are reported in “continuing operations” in the consolidated statements of operations. The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as “held for sale” on the Company’s consolidated balance sheets at the time such determinations are made, on a prospective basis only. In addition, the Company anticipates that sales of all such properties remaining classified as “held for sale” at the balance sheet date will be concluded within one year from such date. 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 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. |
Cash and Cash Equivalents / Restricted Cash | Cash and Cash Equivalents / Restricted Cash Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days, and include cash at consolidated joint ventures of $0.3 million and $0.2 million at December 31, 2019 and 2018, respectively. The terms of mortgage loans payable may require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established. |
Fair Value Measurements | Fair Value Measurements The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels: • Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value. |
Revenue Recognition and Receivables | Revenue Recognition and Receivables Management has determined that all of the Company’s leases with its various tenants are operating leases. Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination 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. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company, as of January 1, 2019, to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. Prior to January 1, 2019, the Company made estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, percentage rent, expense reimbursements and other revenues. When management analyzed accounts receivable and evaluated the adequacy of the allowance for doubtful accounts, it considered such things as historical bad debts, tenant creditworthiness, current economic trends, current developments relevant to a tenant’s business specifically and to its business category generally, and changes in tenants’ payment patterns. The allowance for doubtful accounts was $5.6 million and $5.9 million at December 31, 2019 and 2018, respectively. The provision for doubtful accounts (included in operating, maintenance and management expenses) was $0.4 million, $2.2 million and $1.7 million in 2019, 2018 and 2017, respectively. |
Segment Information | Segment Information The Company’s primary business is the ownership and operation of grocery-anchored shopping centers |
Income Taxes | Income Taxes The Company, organized in 1984, has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its shareholders and complies with certain other requirements. As of December 31, 2019, the Company was in compliance with all REIT requirements. The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual. |
Derivative Financial Instruments | Derivative Financial Instruments The Company occasionally utilizes derivative financial instruments, principally interest rate swaps, to manage its exposure to fluctuations in interest rates. The Company has established policies and procedures for risk assessment, and the approval, reporting and monitoring of derivative financial instruments. Derivative financial instruments must be effective in reducing the Company’s interest rate risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative financial instrument matures or is settled. Any derivative financial instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in net income. The Company has not entered into, and does not plan to enter into, derivative financial instruments for trading or speculative purposes. |
Share-Based Compensation | Share-Based Compensation During 2017, the Company’s shareholders approved the 2017 Stock Incentive Plan (the “2017 Plan”), which replaced the Company’s 2012 Stock Incentive Plan (the “2012 Plan”). As of the effective date of the 2017 Plan, the Company may not grant any further awards under the 2012 Plan. The 2017 Plan establishes the procedures for the granting of, among other things, restricted stock awards. On May 1, 2019, the Company’s shareholders approved an amendment to the 2017 Plan, which increased the maximum number of shares of the Company’s common stock that may be issued pursuant to the 2017 Plan by 2.0 million shares, to a new total of 6.0 million shares (see Note 14 – “Share-Based Compensation”), and the maximum number of shares that may be granted to a participant in any calendar year may not exceed 500,000. All grants issued pursuant to the 2017 Plan generally vest (1) at the end of designated time periods for time-based grants, or (2) upon the completion of a designated period of performance for performance-based grants and satisfaction of performance criteria. Time–based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. The value of all grants are being expensed on a straight-line basis over their respective vesting periods (irrespective of achievement of the performance-based grants) adjusted, as applicable, for forfeitures. For restricted share grants subject to graded vesting, the amounts expensed are at least equal to the measured expense of each vested tranche. Based on the terms of the 2017 Plan, those grants of restricted shares that are contributed to the Rabbi Trusts are classified as treasury stock on the Company’s consolidated balance sheet. |
Supplemental Consolidated Statement of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2019 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 23,859,000 $ 22,191,000 $ 21,359,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,649,000 1,528,000 684,000 Recognition of right-of-use assets and related lease liabilities 13,778,000 — — Issuance of OP Units in connection with a land parcel acquisition — 975,000 — |
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 March 2016, the FASB issued guidance which amends the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows, and the policy election with respect to accounting for forfeitures either as they occur or by estimating forfeitures. The guidance was adopted on January 1, 2017. The Company has elected to account for forfeitures as they occur, and the guidance did not have a material impact 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 January 2017, the FASB issued guidance which changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset and/or a group of similar identifiable assets; if these criteria are met, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in the guidance on revenue from contracts with customers. The guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption being permitted. The Company has elected to early adopt this guidance effective January 1, 2017. The Company believes that most of its typical acquisitions of real estate will not meet the new definition of a business, and accordingly, will result in the capitalization of associated acquisition pursuit costs, as is the case regarding all acquisitions in 2017. 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. In February 2016, the FASB issued guidance amending 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, effective for annual and interim reporting periods beginning on or after December 15, 2018, 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. The Company is not required to reassess the classification of existing ground leases where it is the lessee and therefore these leases will continue to be accounted for as operating leases. 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 The 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 are required to provide additional disclosures. The 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 applied both these practical expedients upon adoption. In November 2018, the FASB clarified the existing accounting treatment relating to receivables arising from operating leases, stating that such receivables are not within the scope of the expected credit loss standard and that impairment of receivables arising from operating leases should be accounted for in accordance with the recently-adopted lease accounting standard. This required the Company to review its existing lease portfolio to determine if all future lease payments are probable of collection and, if the Company determined that all future lease payments are not probable of collection, the Company will account for these leases on a cash basis. This required that all amounts that were historically recorded as bad debt expense, and previously included in operating expenses in the Company’s consolidated statement of operations, now be recorded as a direct reduction of rental revenues. As permitted by the standard upon adoption, the Company recorded a $0.5 million prior-period adjustment to opening equity which the Company has reflected in the consolidated statement of equity for 2019. |
Recently-Issued Accounting Pronouncements | Recently-Issued Accounting Pronouncements In June 2016, the FASB issued guidance which enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, including accounts receivable, 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 guidance, but does not believe it will have a material effect on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Supplemental Consolidated Statements of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Years ended December 31, 2019 2018 2017 Supplemental disclosure of cash activities: Cash paid for interest $ 23,859,000 $ 22,191,000 $ 21,359,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 1,649,000 1,528,000 684,000 Recognition of right-of-use assets and related lease liabilities 13,778,000 — — Issuance of OP Units in connection with a land parcel acquisition — 975,000 — |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate and Accumulated Depreciation | Real estate activity for 2019 and 2018 is composed of the following: Years ended December 31, 2019 2018 Cost Balance, beginning of year $ 1,508,682,000 $ 1,534,599,000 Properties transferred to held for sale (36,265,000 ) (61,505,000 ) Property acquisitions 9,333,000 6,481,000 Asset write-offs (3,633,000 ) — Improvements and betterments 37,089,000 29,107,000 Balance, end of the year $ 1,515,206,000 $ 1,508,682,000 Accumulated depreciation Balance, beginning of the year $ 361,969,000 $ 341,943,000 Properties transferred held for sale (10,143,000 ) (14,886,000 ) Asset write-offs (3,107,000 ) — Depreciation expense 41,142,000 34,912,000 Balance, end of the year $ 389,861,000 $ 361,969,000 Net book value $ 1,125,345,000 $ 1,146,713,000 |
Schedule of Transactions Related to Properties Held for Sale/Conveyance | Dispositions During 2019, 2018 and 2017, the Company sold the properties listed below: Date Sales Gain on Property Location Sold Price Sale 2019 Maxatawny Marketplace Maxatawny, PA 2/15/2019 $ 10,330,000 $ 101,000 Fort Washington Center Fort Washington, PA 6/26/2019 9,048,000 2,841,000 $ 19,378,000 $ 2,942,000 2018 Mechanicsburg Center Mechanicsburg, PA 8/28/2018 $ 16,100,000 $ 4,864,000 West Bridgewater Plaza West Bridgewater, MA 9/28/2018 3,500,000 - $ 19,600,000 $ 4,864,000 2017 Outparcel Building adjacent to Camp Hill Camp Hill, PA 2/1/2017 $ 10,650,000 $ 7,099,000 Fredericksburg Way Fredericksburg, VA 12/29/2017 2,200,000 - $ 12,850,000 $ 7,099,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and December 31, 2018, respectively: December 31, 2019 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 823,000 $ — $ — $ 823,000 Deferred compensation liabilities (b) $ 824,000 $ — $ — $ 824,000 Interest rate swaps asset (a) $ — $ 136,000 $ — $ 136,000 Interest rate swaps liability (b) $ — $ 7,180,000 $ — $ 7,180,000 December 31, 2018 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 616,000 $ — $ — $ 616,000 Deferred compensation liabilities (b) $ 610,000 $ — $ — $ 610,000 Interest rate swaps asset (a) $ — $ 8,871,000 $ — $ 8,871,000 Interest rate swaps liability (b) $ — $ 1,576,000 $ — $ 1,576,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Components of Receivables | Receivables at December 31, 2019 and 2018 are composed of the following: December 31, 2019 2018 Rents and other receivables, net $ 5,061,000 $ 4,443,000 Mortgage note receivable (a) 3,500,000 3,500,000 Straight-line rents, net 13,603,000 14,034,000 $ 22,164,000 $ 21,977,000 (a) See “Note 3 – Real Estate - 2018 Shopping Center Acquisition ” |
Other Assets and Deferred Cha_2
Other Assets and Deferred Charges, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Components of Other Assets and Deferred Charges, Net | Other assets and deferred charges, net, at December 31, 2019 and 2018 are composed of the following: December 31, 2019 2018 Lease origination costs (a) $ 19,947,000 $ 21,623,000 Right-of-use assets (b) 13,638,000 — Interest rate swaps 136,000 8,871,000 Prepaid expenses 6,048,000 5,790,000 Unsecured revolving credit facility financing costs 1,021,000 1,627,000 Leasehold improvements, furniture and fixtures 200,000 359,000 Investments related to share-based compensation 823,000 616,000 Other 326,000 1,756,000 Total other assets and deferred charges, net $ 42,139,000 $ 40,642,000 (a) Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations of $6.6 million (cost of $19.9 million and accumulated amortization of $13.3 million) and $7.5 million (cost of $19.9 million and accumulated amortization of $12.4 million) as of December 31, 2019 and 2018, respectively. (b) In connection with of the new lease accounting standard (see Note 2 – “Recently-Adopted Accounting Pronouncements”), the Company recorded right-of-use assets and liabilities based on its future obligation under its ground lease and executive office lease agreements for which the Company is the lessee. |
Schedule of Future Charges of Unamortized Balances of Deferred Lease Origination Costs and Deferred Financing Costs | Lease Unsecured revolving origination credit facility costs financing costs 2020 $ 2,858,000 $ 614,000 2021 2,280,000 407,000 2022 1,995,000 — 2023 1,700,000 — 2024 1,453,000 — Thereafter 9,661,000 — $ 19,947,000 $ 1,021,000 |
Mortgage Loans Payable and Un_2
Mortgage Loans Payable and Unsecured Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations | Debt and finance lease obligations are composed of the following at December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Contractual Contractual Maturity Balance interest rates Balance interest rates Description dates outstanding weighted-average outstanding weighted-average Fixed-rate mortgage Jun 2026 $ 46,679,000 3.9% $ 47,674,000 3.9% Finance lease obligation Sep 2050 5,665,000 5.3% 5,696,000 5.3% Unsecured credit facilities (a): Variable-rate: Revolving credit facility Sep 2021 (b) 106,000,000 3.2% 100,000,000 3.8% Term loan Sep 2022 50,000,000 3.3% 50,000,000 3.8% Fixed-rate (c): Term loan Feb 2021 75,000,000 3.6% 75,000,000 3.6% Term loan Feb 2022 50,000,000 3.0% 50,000,000 3.0% Term loan Sep 2022 (d) 50,000,000 2.8% 50,000,000 2.8% Term loan Apr 2023 100,000,000 3.2% 100,000,000 3.2% Term loan Sep 2024 75,000,000 3.7% 75,000,000 3.3% Term loan Jul 2025 75,000,000 4.6% 75,000,000 4.6% 633,344,000 3.5% 628,370,000 3.6% Unamortized issuance costs (2,769,000 ) (3,536,000 ) $ 630,575,000 $ 624,834,000 (a) During the first quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 bps (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio. (b) The revolving credit facility is subject to a one-year extension at the Company’s option. (c) 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. (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 rate of 3.2%, based on the Company’s leverage ratio at December 31, 2019. |
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 the Remaining Unsecured Term Loans | The details of the remaining unsecured term loans are as follows: Amount Maturity date Interest range $ 75,000,000 February 2021 LIBOR + 130 bps to 190 bps $ 50,000,000 February 2022 LIBOR + 130 bps to 190 bps $ 50,000,000 September 2022 LIBOR + 130 bps to 190 bps $ 100,000,000 April 2023 LIBOR + 165 bps to 225 bps $ 75,000,000 September 2024 LIBOR + 170 bps to 225 bps |
Schedule of Principal Payments on Mortgage Loan Payable, Finance Lease Obligation, Unsecured Term Loans, and Unsecured Credit Facility | Scheduled principal payments on a mortgage loan payable, finance lease obligation, unsecured term loans, and the unsecured credit facility at December 31, 2019, due on various dates from 2021 to 2050, are as follows: Mortgage Loan Finance Lease Revolving Term Unamortized Year Payable Obligation Credit Facility Loans Total Issuance Costs Total 2020 $ 1,034,000 $ 33,000 $ - $ - $ 1,067,000 $ (767,000 ) $ 300,000 2021 1,074,000 35,000 106,000,000 (a) 75,000,000 182,109,000 (648,000 ) 181,461,000 2022 1,116,000 37,000 - 150,000,000 151,153,000 (499,000 ) 150,654,000 2023 1,160,000 39,000 - 100,000,000 101,199,000 (274,000 ) 100,925,000 2024 1,206,000 41,000 - 75,000,000 76,247,000 (207,000 ) 76,040,000 Thereafter 41,089,000 5,480,000 - 75,000,000 121,569,000 (374,000 ) 121,195,000 $ 46,679,000 $ 5,665,000 $ 106,000,000 $ 475,000,000 $ 633,344,000 $ (2,769,000 ) $ 630,575,000 (a) The revolving credit facility is subject to a one-year extension at the Company's option. |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at December 31, 2019 and December 31, 2018: December 31, 2019 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 2 $ 136,000 2020-2023 Other assets and deferred charges, net Qualifying Interest rate swaps 6 $ 7,180,000 2021-2025 Accounts payable and accrued liabilities December 31, 2018 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 8,871,000 2019-2024 Other assets and deferred charges, net Qualifying Interest rate swaps 2 $ 1,576,000 2025 Accounts payable and accrued liabilities |
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity 2019, 2018 and 2017, respectively: (Loss) gain recognized in other comprehensive (loss) income (effective portion) Designation/ Years ended December 31, Cash flow Derivative 2019 2018 2017 Qualifying Interest rate swaps $ (13,090,000 ) $ 2,185,000 $ 2,492,000 Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Years ended December 31, Classification 2019 2018 2017 Continuing Operations $ 1,196,000 $ 667,000 $ (2,345,000 ) |
Intangible Lease Asset_Liabil_2
Intangible Lease Asset/Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Lease Asset Liability [Abstract] | |
Schedule of Unamortized Balance of Intangible Lease Liabilities Net | The unamortized balance of intangible lease liabilities at December 31, 2019 is net of accumulated amortization of $39.6 million, and will be credited to future operations as follows: 2020 $ 1,300,000 2021 936,000 2022 874,000 2023 846,000 2024 783,000 Thereafter 5,734,000 $ 10,473,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Reconciliation of Undiscounted Future Minimum Lease Payments for its Ground Lease and Executive Office Lease Agreements to Right-of-Use Liabilities | The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments for its ground lease and executive office lease agreements applicable to right-of-use liabilities as of December 31, 2019: 2020 $ 1,095,000 2021 956,000 2022 955,000 2023 956,000 2024 956,000 Thereafter 29,511,000 Total undiscounted future minimum lease payments 34,429,000 Future minimum lease payments, discount (20,651,000 ) Right-of-use liabilities $ 13,778,000 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Dividends | The following table provides a summary of dividends declared and paid per share: Years ended December 31, 2019 2018 2017 Common stock $ 0.200 $ 0.200 $ 0.200 7.25% Series B Preferred Stock $ 1.812 $ 1.812 $ 1.812 6.50% Series C Preferred Stock $ 1.625 $ 1.625 $ 0.388 |
Preferred Stock [Member] | |
Summary of Preferred Stock | The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 December 31, 2019 December 31, 2018 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 124,774,000 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues [Abstract] | |
Schedule of Rent Revenues | Rents for 2019, 2018 and 2017, respectively, are comprised of the following: Years ended December 31, 2019 2018 2017 Base rents $ 105,041,000 $ 107,630,000 $ 108,998,000 Expense recoveries 33,475,000 33,378,000 31,220,000 Percentage rent 971,000 725,000 896,000 Straight-line rents 405,000 1,142,000 864,000 Amortization of intangible lease liabilities, net 2,827,000 4,361,000 2,518,000 Total rents $ 142,719,000 $ 147,236,000 $ 144,496,000 |
Schedule of Annual Future Base Rents Due to be Received | Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2019 are approximately as follows (excluding those base rents applicable to properties classified as real estate held for sale): 2020 $ 98,931,000 2021 88,888,000 2022 77,176,000 2023 70,248,000 2024 59,957,000 Thereafter 208,157,000 $ 603,357,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation [Abstract] | |
Schedule of Share-Based Compensation Information | The following tables set forth certain share-based compensation information for 2019, 2018, and 2017, respectively: Years ended December 31, 2019 2018 2017 Expense relating to share/unit grants $ 4,496,000 $ 4,217,000 $ 3,820,000 Amounts capitalized (379,000 ) (454,000 ) (268,000 ) Total charged to operations $ 4,117,000 $ 3,763,000 $ 3,552,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2018 3,910,000 $ 4.46 Restricted share grants 522,000 $ 3.22 Vested during period (144,000 ) $ 6.86 Forfeitures/cancellations (30,000 ) $ 4.32 Unvested shares/units, December 31, 2019 4,258,000 $ 4.23 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019, 2018 and 2017, respectively: Years ended December 31, 2019 2018 2017 Numerator Net income $ 1,566,000 $ 4,358,000 $ 19,653,000 Preferred stock dividends (10,752,000 ) (10,863,000 ) (13,652,000 ) Preferred stock redemptions costs - (3,507,000 ) (7,890,000 ) Net (income) attributable to noncontrolling interests (490,000 ) (469,000 ) (510,000 ) Net earnings allocated to unvested shares (558,000 ) (628,000 ) (754,000 ) Net (loss) attributable to vested common shares $ (10,234,000 ) $ (11,109,000 ) $ (3,153,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 86,341,000 88,420,000 84,168,000 Net (loss) per common share attributable to common shareholders, basic and diluted $ (0.12 ) $ (0.13 ) $ (0.04 ) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | Quarter ended March 31 June 30 September 30 December 31 2019 Revenues $ 36,883,000 $ 35,660,000 $ 35,912,000 $ 35,628,000 Net income (loss) $ 2,989,000 $ 5,544,000 $ 2,947,000 $ (9,914,000 ) Net income (loss) attributable to common shareholders $ 194,000 $ 2,695,000 $ 92,000 $ (12,657,000 ) Per common share (basic and diluted) (a) $ 0.00 $ 0.03 $ 0.00 $ (0.15 ) 2018 Revenues $ 37,568,000 $ 41,350,000 $ 36,170,000 $ 36,932,000 Net (loss) income $ (16,620,000 ) $ 9,937,000 $ 6,305,000 $ 4,736,000 Net (loss) income attributable to common shareholders $ (22,974,000 ) $ 7,089,000 $ 3,472,000 $ 1,932,000 Per common share (basic and diluted) (a) $ (0.26 ) $ 0.08 $ 0.04 $ 0.02 (a) Differences between the sum of the four quarterly per share amounts and the annual per share amounts, if any, are attributable to the effect of the weighted average outstanding share calculation for the respective periods. |
Business and Organization (Deta
Business and Organization (Details) | 12 Months Ended |
Dec. 31, 2019propertyshares | |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | |
Number of properties | property | 56 |
OP units outstanding | shares | 537,000 |
Cedar Realty Trust Partnership L.P [Member] | |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | |
Company's interest in Operating Partnership | 99.40% |
Limited partners' interest in Operating Partnership | 0.60% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2015 | May 01, 2019shares | Apr. 30, 2019shares | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
VIE real estate owned carrying value | $ 1,515,206,000 | $ 1,508,682,000 | $ 1,515,206,000 | $ 1,508,682,000 | $ 1,534,599,000 | ||||||||||
Mortgage loan payable | 46,370,000 | 47,315,000 | 46,370,000 | 47,315,000 | |||||||||||
Depreciation expense | 41,800,000 | 36,100,000 | 36,500,000 | ||||||||||||
Cash at consolidated joint ventures | 300,000 | 200,000 | 300,000 | 200,000 | |||||||||||
Allowance for doubtful accounts receivable | 5,600,000 | 5,900,000 | 5,600,000 | 5,900,000 | |||||||||||
Provision for doubtful accounts included in operating, maintenance and management expenses | $ 400,000 | 2,200,000 | 1,700,000 | ||||||||||||
Number of reportable segment | Segment | 1 | ||||||||||||||
Operating lease, right-of-use asset | 13,638,000 | $ 13,638,000 | $ 14,600,000 | ||||||||||||
Operating lease, right-of-use liability | 13,778,000 | 13,778,000 | |||||||||||||
Operating lease cost | 2,800,000 | ||||||||||||||
Total revenues | 35,628,000 | $ 35,912,000 | $ 35,660,000 | $ 36,883,000 | $ 36,932,000 | $ 36,170,000 | $ 41,350,000 | $ 37,568,000 | 144,083,000 | 152,020,000 | 146,008,000 | ||||
Adjustment to opening equity prior period | $ 500,000 | ||||||||||||||
Rents [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Total revenues | 113,900,000 | 113,300,000 | |||||||||||||
Expense Recoveries [Member] | Accounting Standards Update 2016-02 [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Total revenues | $ 33,400,000 | $ 31,200,000 | |||||||||||||
Accounts Payable and Accrued Liabilities [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Operating lease, right-of-use liability | $ 14,600,000 | ||||||||||||||
2017 Stock Incentive Plan [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Maximum number of shares may be issued under the plan | shares | 6,000,000 | 2,000,000 | |||||||||||||
Maximum number of shares to be granted per year to a participant | shares | 500,000 | ||||||||||||||
Minimum [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Real estate investments useful life | 3 years | ||||||||||||||
Maximum [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Real estate investments useful life | 40 years | ||||||||||||||
New London Mall [Member] | New London Joint Venture [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Acquired ownership percentage in joint venture | 60.00% | ||||||||||||||
Percentage of joint venture ownership | 100.00% | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Other Ownership Interest [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
VIE real estate owned carrying value | 37,600,000 | $ 37,600,000 | |||||||||||||
Mortgage loan payable | 0 | $ 0 | |||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Crossroads II [Member] | Other Ownership Interest [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
Ownership percentage | 60.00% | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | San Souci Plaza [Member] | |||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||
VIE real estate owned carrying value | 26,200,000 | $ 26,200,000 | |||||||||||||
Mortgage loan payable | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Supplemental Consolidated Statements of Cash Flows Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental disclosure of cash activities: | |||
Cash paid for interest | $ 23,859,000 | $ 22,191,000 | $ 21,359,000 |
Supplemental disclosure of non-cash activities: | |||
Capitalization of interest and financing costs | 1,649,000 | 1,528,000 | $ 684,000 |
Recognition of right-of-use assets and related lease liabilities | $ 13,778,000 | ||
Issuance of OP Units in connection with a land parcel acquisition | $ 975,000 |
Real Estate (Real Estate and Ac
Real Estate (Real Estate and Accumulated Depreciation) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cost | ||||
Balance, beginning of year | $ 1,508,682,000 | $ 1,534,599,000 | ||
Properties transferred to held for sale | (36,265,000) | (61,505,000) | $ (15,971,000) | |
Property acquisitions | 9,333,000 | 6,481,000 | 30,997,000 | |
Asset write-offs | (3,633,000) | |||
Improvements and betterments | 37,089,000 | 29,107,000 | 29,752,000 | |
Balance, end of the year | 1,515,206,000 | 1,508,682,000 | 1,534,599,000 | |
Accumulated depreciation | ||||
Balance, beginning of the year | 361,969,000 | 341,943,000 | ||
Properties transferred held for sale | (10,143,000) | (14,886,000) | (4,131,000) | |
Asset write-offs | (3,107,000) | |||
Depreciation expense | [1] | 41,142,000 | 34,912,000 | 36,328,000 |
Balance, end of the year | 389,861,000 | 361,969,000 | 341,943,000 | |
Net book value | $ 1,125,345,000 | $ 1,146,713,000 | $ 1,192,656,000 | |
[1] | Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years. |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) - USD ($) | Jun. 19, 2019 | Aug. 21, 2018 | Aug. 08, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||||||
Purchase price | $ 9,083,000 | $ 179,000 | $ 32,442,000 | |||
Interest only mortgage note receivable issued | 3,500,000 | 3,500,000 | ||||
Impairment charges | 8,938,000 | 20,689,000 | 9,538,000 | |||
Girard Plaza [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Purchase price | $ 8,500,000 | |||||
Land Parcel Adjacent To Riverview Plaza [Member] | ||||||
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 minimum 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 | |||||
West Bridgewater Plaza [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment charges | 9,400,000 | |||||
Fredericksburg Way [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment charges | $ 9,500,000 | |||||
Real Estate Held for Sale [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment charges | $ 8,900,000 | $ 11,300,000 |
Real Estate (Schedule of Transa
Real Estate (Schedule of Transactions Related to Properties Held for Sale/Conveyance) (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties [Line Items] | |||
Sales Price | $ 19,378,000 | $ 19,600,000 | $ 12,850,000 |
Gain on Sale | $ 2,942,000 | $ 4,864,000 | $ 7,099,000 |
Maxatawny Marketplace [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Maxatawny, PA | ||
Date Sold | Feb. 15, 2019 | ||
Sales Price | $ 10,330,000 | ||
Gain on Sale | $ 101,000 | ||
Mechanicsburg Center [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Mechanicsburg, PA | ||
Date Sold | Aug. 28, 2018 | ||
Sales Price | $ 16,100,000 | ||
Gain on Sale | $ 4,864,000 | ||
West Bridgewater Plaza [Member] | |||
Real Estate Properties [Line Items] | |||
Location | West Bridgewater, MA | ||
Date Sold | Sep. 28, 2018 | ||
Sales Price | $ 3,500,000 | ||
Outparcel Building Adjacent to Camp Hill [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Camp Hill, PA | ||
Date Sold | Feb. 1, 2017 | ||
Sales Price | $ 10,650,000 | ||
Gain on Sale | $ 7,099,000 | ||
Fort Washington Center [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Fort Washington, PA | ||
Date Sold | Jun. 26, 2019 | ||
Sales Price | $ 9,048,000 | ||
Gain on Sale | $ 2,841,000 | ||
Fredericksburg Way [Member] | |||
Real Estate Properties [Line Items] | |||
Location | Fredericksburg, VA | ||
Date Sold | Dec. 29, 2017 | ||
Sales Price | $ 2,200,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of fixed rate mortgage loans payable | $ 47,000,000 | $ 44,400,000 |
Carrying value of fixed rate mortgage payable | $ 46,400,000 | 47,300,000 |
Number of properties | property | 56 | |
Real estate held for sale | $ 13,230,000 | $ 11,592,000 |
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 | $ 1,900,000 | |
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 rate | 8.50% | |
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Discounted Cash Flow 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 | $ 6,000,000 | |
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Discounted Cash Flow Approach [Member] | Measurement Input Cap Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Capitalization rate | 11.50% | |
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Discounted Cash Flow Approach [Member] | Measurement Input Discount Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 8.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 823,000 | $ 616,000 |
Interest rate swaps asset | 136,000 | 8,871,000 |
Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 823,000 | 616,000 |
Deferred compensation liabilities | 824,000 | 610,000 |
Interest rate swaps asset | 136,000 | 8,871,000 |
Interest rate swaps liability | 7,180,000 | 1,576,000 |
Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 823,000 | 616,000 |
Deferred compensation liabilities | 824,000 | 610,000 |
Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps asset | 136,000 | 8,871,000 |
Interest rate swaps liability | $ 7,180,000 | $ 1,576,000 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) - property | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||
Number of properties | 56 | ||
Pennsylvania [Member] | |||
Concentration Risk [Line Items] | |||
Number of properties | 23 | ||
Revenues [Member] | Ahold N.V. [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of concentration risk | 12.00% | 11.00% | 12.00% |
Receivables (Details)
Receivables (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Rents and other receivables, net | $ 5,061,000 | $ 4,443,000 |
Mortgage note receivable | 3,500,000 | 3,500,000 |
Straight-line rents, net | 13,603,000 | 14,034,000 |
Receivables | $ 22,164,000 | $ 21,977,000 |
Other Assets and Deferred Cha_3
Other Assets and Deferred Charges, Net (Components of Other Assets and Deferred Charges, Net) (Details) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Deferred Costs And Other Assets [Line Items] | |||
Lease origination costs | $ 19,947,000 | $ 21,623,000 | |
Right-of-use assets | 13,638,000 | $ 14,600,000 | |
Interest rate swaps | 136,000 | 8,871,000 | |
Prepaid expenses | 6,048,000 | 5,790,000 | |
Unsecured revolving credit facility financing costs | 2,769,000 | 3,536,000 | |
Leasehold improvements, furniture and fixtures | 200,000 | 359,000 | |
Investments related to deferred compensation liabilities | 823,000 | 616,000 | |
Other | 326,000 | 1,756,000 | |
Total other assets and deferred charges, net | 42,139,000 | 40,642,000 | |
Intangible Lease Assets [Member] | |||
Deferred Costs And Other Assets [Line Items] | |||
Deferred charges, net | 6,600,000 | 7,500,000 | |
Cost of intangible lease assets | 19,900,000 | 19,900,000 | |
Accumulated amortization of intangible lease assets | 13,300,000 | 12,400,000 | |
Unsecured Revolving Credit Facility [Member] | |||
Deferred Costs And Other Assets [Line Items] | |||
Unsecured revolving credit facility financing costs | 1,021,000 | $ 1,627,000 | |
Accumulated amortization of intangible lease assets | $ 32,800,000 |
Other Assets and Deferred Cha_4
Other Assets and Deferred Charges, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs And Other Assets [Line Items] | |||
Amortization expense of deferred charges | $ 5.3 | $ 5.2 | $ 5.1 |
Unsecured Revolving Credit Facility [Member] | |||
Deferred Costs And Other Assets [Line Items] | |||
Accumulated amortization of deferred lease origination costs | 32.8 | ||
Accumulated amortization of deferred financing costs | $ 1.4 |
Other Assets and Deferred Cha_5
Other Assets and Deferred Charges, Net (Schedule of Future Charges of Unamortized Balances of Deferred Lease Origination Costs and Deferred Financing Costs) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs And Other Assets [Line Items] | ||
Lease origination costs, 2020 | $ 2,858,000 | |
Lease origination costs, 2021 | 2,280,000 | |
Lease origination costs, 2022 | 1,995,000 | |
Lease origination costs, 2023 | 1,700,000 | |
Lease origination costs, 2024 | 1,453,000 | |
Lease origination costs, thereafter | 9,661,000 | |
Lease origination costs | 19,947,000 | $ 21,623,000 |
Financing costs | 2,769,000 | 3,536,000 |
Unsecured Revolving Credit Facility [Member] | ||
Deferred Costs And Other Assets [Line Items] | ||
Financing costs, 2020 | 614,000 | |
Financing costs, 2021 | 407,000 | |
Financing costs | $ 1,021,000 | $ 1,627,000 |
Mortgage Loans Payable and Un_3
Mortgage Loans Payable and Unsecured Credit Facilities (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Details) - USD ($) | Jul. 24, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Mortgage loans payable | $ 46,370,000 | $ 47,315,000 | |
Total debt gross | 633,344,000 | ||
Credit facilities | 106,000,000 | 100,000,000 | |
Unamortized issuance costs | (2,769,000) | (3,536,000) | |
Total debt | 630,575,000 | ||
Finance Lease Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Total debt gross | 5,665,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt gross | 106,000,000 | ||
Term Loan Two [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 28, 2021 | ||
Credit facilities | $ 75,000,000 | ||
Term Loan Three [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Feb. 28, 2022 | ||
Credit facilities | $ 50,000,000 | ||
Term Loan Four [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 30, 2022 | ||
Credit facilities | $ 50,000,000 | ||
Term Loan Five [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Apr. 30, 2023 | ||
Credit facilities | $ 100,000,000 | ||
Term Loan Six [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 30, 2024 | ||
Credit facilities | $ 75,000,000 | ||
Continuing Operations [Member] | |||
Debt Instrument [Line Items] | |||
Total debt gross | 633,344,000 | 628,370,000 | |
Total debt | $ 630,575,000 | $ 624,834,000 | |
Weighted average contractual interest rate | 3.50% | 3.60% | |
Continuing Operations [Member] | Finance Lease Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 30, 2050 | Sep. 30, 2050 | |
Total debt gross | $ 5,665,000 | $ 5,696,000 | |
Weighted average contractual interest rate | 5.30% | 5.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jun. 30, 2026 | Jun. 30, 2026 | |
Mortgage loans payable | $ 46,679,000 | $ 47,674,000 | |
Weighted average contractual interest rate | 3.90% | 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 | Feb. 28, 2021 | |
Credit facilities | $ 75,000,000 | $ 75,000,000 | |
Weighted average contractual interest rate | 3.60% | 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 | Feb. 28, 2022 | |
Credit facilities | $ 50,000,000 | $ 50,000,000 | |
Weighted average contractual interest rate | 3.00% | 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 | Sep. 30, 2022 | |
Credit facilities | $ 50,000,000 | $ 50,000,000 | |
Weighted average contractual interest rate | 2.80% | 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 | Apr. 30, 2023 | |
Credit facilities | $ 100,000,000 | $ 100,000,000 | |
Weighted average contractual interest rate | 3.20% | 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 | Sep. 30, 2024 | |
Credit facilities | $ 75,000,000 | $ 75,000,000 | |
Weighted average contractual interest rate | 3.70% | 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 | Jul. 31, 2025 | |
Credit facilities | $ 75,000,000 | $ 75,000,000 | |
Weighted average contractual interest rate | 4.60% | 4.60% | |
Continuing Operations [Member] | Variable-Rate Mortgage [Member] | Revolving Credit Facility [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 30, 2021 | Sep. 30, 2021 | |
Credit facilities | $ 106,000,000 | $ 100,000,000 | |
Weighted average contractual interest rate | 3.20% | 3.80% | |
Continuing Operations [Member] | Variable-Rate Mortgage [Member] | Term Loan [Member] | Unsecured credit facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Sep. 30, 2022 | Sep. 30, 2022 | |
Credit facilities | $ 50,000,000 | $ 50,000,000 | |
Weighted average contractual interest rate | 3.30% | 3.80% |
Mortgage Loans Payable and Un_4
Mortgage Loans Payable and Unsecured Credit Facilities (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Parenthetical) (Details) | Sep. 08, 2017 | Mar. 31, 2020 | Dec. 31, 2019 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 1.35% | ||
Line of credit facility extension allowed period | 1 year | 1 year | |
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 1.35% | ||
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 1.95% | ||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Scenario Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 0.14% | ||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Minimum [Member] | Scenario Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 0.10% | ||
Revolving Credit Facility [Member] | Unsecured credit facility [Member] | Maximum [Member] | Scenario Forecast [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on borrowings variable rate | 0.15% | ||
Term Loan Four [Member] | Interest Rate Swap [Member] | |||
Debt Instrument [Line Items] | |||
Expiration period | 2020-02 | ||
Effective interest rate | 3.20% |
Mortgage Loans Payable and Un_5
Mortgage Loans Payable and Unsecured Credit Facilities (Schedule of Mortgage Loans Payable Repaid) (Details) - Mortgage Loans Payable [Member] | 12 Months Ended |
Dec. 31, 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 Un_6
Mortgage Loans Payable and Unsecured Credit Facilities (Narrative) (Details) - USD ($) | Jul. 24, 2018 | Sep. 08, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Line Of Credit Facility [Line Items] | |||||
Payments of early extinguishment of debt costs | $ 4,829,000 | $ 210,000 | |||
Other assets and deferred charges, net | $ 42,139,000 | 40,642,000 | |||
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings | 1,800,000 | ||||
Interest Rate Swap [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate swaps liability | 7,200,000 | ||||
Derivative, notional amount | 425,000,000 | 425,000,000 | |||
Cash Flow Hedging, Count 3 [Member] | Interest Rate Swap [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Other assets and deferred charges, net | $ 100,000 | ||||
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 | $ 95,600,000 | ||||
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 Twenty Four Two Thousand Twenty Five | Unsecured credit facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 1.70% | ||||
Maturity date | Jul. 24, 2018 | ||||
Term loan amount | $ 75,000,000 | ||||
Term Loan Maturing July Twenty Four Two Thousand Twenty Five | Unsecured credit facility [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 1.70% | ||||
Term Loan Maturing July Twenty Four Two Thousand Twenty Five | Unsecured credit facility [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Basis spread on borrowings variable rate | 2.25% | ||||
Continuing Operations [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Payments of early extinguishment of debt costs | $ 4,800,000 | $ 100,000 |
Mortgage Loans Payable and Un_7
Mortgage Loans Payable and Unsecured Credit Facilities (Summary of the Remaining Unsecured Term Loans) (Details) - USD ($) | Jul. 24, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Line Of Credit Facility [Line Items] | |||
Amount | $ 106,000,000 | $ 100,000,000 | |
Term Loan Two [Member] | Unsecured Term Loans [Member] | |||
Line Of Credit Facility [Line Items] | |||
Amount | $ 75,000,000 | ||
Maturity date | Feb. 28, 2021 | ||
Term Loan Two [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.30% | ||
Term Loan Two [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.90% | ||
Term Loan Three [Member] | Unsecured Term Loans [Member] | |||
Line Of Credit Facility [Line Items] | |||
Amount | $ 50,000,000 | ||
Maturity date | Feb. 28, 2022 | ||
Term Loan Three [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.30% | ||
Term Loan Three [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.90% | ||
Term Loan Four [Member] | Unsecured Term Loans [Member] | |||
Line Of Credit Facility [Line Items] | |||
Amount | $ 50,000,000 | ||
Maturity date | Sep. 30, 2022 | ||
Term Loan Four [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.30% | ||
Term Loan Four [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.90% | ||
Term Loan Five [Member] | Unsecured Term Loans [Member] | |||
Line Of Credit Facility [Line Items] | |||
Amount | $ 100,000,000 | ||
Maturity date | Apr. 30, 2023 | ||
Term Loan Five [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.65% | ||
Term Loan Five [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 2.25% | ||
Term Loan Six [Member] | Unsecured Term Loans [Member] | |||
Line Of Credit Facility [Line Items] | |||
Amount | $ 75,000,000 | ||
Maturity date | Sep. 30, 2024 | ||
Term Loan Six [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 1.70% | ||
Term Loan Six [Member] | Unsecured Term Loans [Member] | LIBOR [Member] | Maximum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest range | 2.25% |
Mortgage Loans Payable and Un_8
Mortgage Loans Payable and Unsecured Credit Facilities (Schedule of Principal Payments on Mortgage Loan Payable, Finance Lease Obligation, Unsecured Term Loans, and Unsecured Credit Facility) (Details) - USD ($) | Sep. 08, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument, Gross | ||||
2020 | $ 1,067,000 | |||
2021 | 182,109,000 | |||
2022 | 151,153,000 | |||
2023 | 101,199,000 | |||
2024 | 76,247,000 | |||
Thereafter | 121,569,000 | |||
Total | 633,344,000 | |||
Unamortized Debt Issuance Costs | ||||
2020 | (767,000) | |||
2021 | (648,000) | |||
2022 | (499,000) | |||
2023 | (274,000) | |||
2024 | (207,000) | |||
Thereafter | (374,000) | |||
Unamortized Debt Issuance Costs | (2,769,000) | $ (3,536,000) | ||
Debt Instrument, Net | ||||
2020 | 300,000 | |||
2021 | 181,461,000 | |||
2022 | 150,654,000 | |||
2023 | 100,925,000 | |||
2024 | 76,040,000 | |||
Thereafter | 121,195,000 | |||
Total debt | 630,575,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument, Gross | ||||
2021 | [1] | 106,000,000 | ||
Total | $ 106,000,000 | |||
Debt Instrument, Net | ||||
Line of credit facility extension allowed period | 1 year | 1 year | ||
Term Loan [Member] | ||||
Debt Instrument, Gross | ||||
2021 | $ 75,000,000 | |||
2022 | 150,000,000 | |||
2023 | 100,000,000 | |||
2024 | 75,000,000 | |||
Thereafter | 75,000,000 | |||
Total | 475,000,000 | |||
Mortgage Loans Payable [Member] | ||||
Debt Instrument, Gross | ||||
2020 | 1,034,000 | |||
2021 | 1,074,000 | |||
2022 | 1,116,000 | |||
2023 | 1,160,000 | |||
2024 | 1,206,000 | |||
Thereafter | 41,089,000 | |||
Total | 46,679,000 | |||
Finance Lease Obligation [Member] | ||||
Debt Instrument, Gross | ||||
2020 | 33,000 | |||
2021 | 35,000 | |||
2022 | 37,000 | |||
2023 | 39,000 | |||
2024 | 41,000 | |||
Thereafter | 5,480,000 | |||
Total | $ 5,665,000 | |||
[1] | The revolving credit facility is subject to a one-year extension at the Company's option. |
Mortgage Loans Payable and Un_9
Mortgage Loans Payable and Unsecured Credit Facilities (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Cash Flow Hedging, Count 2 [Member] | |||
Derivatives Fair Value [Line Items] | |||
Count | contract | 2 | 2 | |
Fair value | $ | $ 136,000 | $ 1,576,000 | |
Maturity dates | 2025 | ||
Cash Flow Hedging, Count 2 [Member] | Minimum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Maturity dates | 2020 | ||
Cash Flow Hedging, Count 2 [Member] | Maximum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Maturity dates | 2023 | ||
Cash Flow Hedging, Count 6 [Member] | |||
Derivatives Fair Value [Line Items] | |||
Count | contract | 6 | ||
Fair value | $ | $ 7,180,000 | ||
Cash Flow Hedging, Count 6 [Member] | Minimum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Maturity dates | 2021 | ||
Cash Flow Hedging, Count 6 [Member] | Maximum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Maturity dates | 2025 | ||
Cash Flow Hedging, Count 7 [Member] | |||
Derivatives Fair Value [Line Items] | |||
Count | contract | 7 | ||
Fair value | $ | $ 8,871,000 | ||
Cash Flow Hedging, Count 7 [Member] | Minimum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Maturity dates | 2019 | ||
Cash Flow Hedging, Count 7 [Member] | Maximum [Member] | |||
Derivatives Fair Value [Line Items] | |||
Maturity dates | 2024 |
Mortgage Loans Payable and U_10
Mortgage Loans Payable and Unsecured Credit Facilities (Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Designation/Cash Flow [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
(Loss) gain recognized in other comprehensive (loss) income (effective portion) | $ (13,090,000) | $ 2,185,000 | $ 2,492,000 |
Continuing Operations [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gain (loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) | $ 1,196,000 | $ 667,000 | $ (2,345,000) |
Intangible Lease Asset_Liabil_3
Intangible Lease Asset/Liability (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible Lease Asset Liability [Abstract] | ||
Unamortized intangible lease liabilities | $ 10,473,000 | $ 13,209,000 |
Unamortized intangible lease assets | 400,000 | $ 600,000 |
Accumulated amortization | $ 39,600,000 |
Intangible Lease Asset_Liabil_4
Intangible Lease Asset/Liability (Schedule of Unamortized Balance of Intangible Lease Liabilities Net) (Details) | Dec. 31, 2019USD ($) |
Intangible Lease Asset Liability [Abstract] | |
2020 | $ 1,300,000 |
2021 | 936,000 |
2022 | 874,000 |
2023 | 846,000 |
2024 | 783,000 |
Thereafter | 5,734,000 |
Unamortized intangible lease liabilities | $ 10,473,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Lease expiration month and year | 2021-02 | ||
Lease extension option period | one year | ||
2020 | $ 530,000 | ||
2021 | $ 89,000 | ||
Weighted average remaining lease term | 32 years 4 months 24 days | ||
Weighted average discount rate | 5.70% | ||
Rent expense | $ 1,700,000 | $ 1,100,000 | $ 1,100,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Summary of Reconciliation of Undiscounted Future Minimum Lease Payments for its Ground Lease and Executive Office Lease Agreements to Right-of-Use Liabilities) (Details) | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 | $ 1,095,000 |
2021 | 956,000 |
2022 | 955,000 |
2023 | 956,000 |
2024 | 956,000 |
Thereafter | 29,511,000 |
Total undiscounted future minimum lease payments | 34,429,000 |
Future minimum lease payments, discount | (20,651,000) |
Right-of-use liabilities | $ 13,778,000 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | Jan. 16, 2020 | Jan. 12, 2018 | Dec. 15, 2017 | Sep. 15, 2017 | Aug. 24, 2017 | Aug. 16, 2017 | Aug. 01, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 18, 2018 |
Class Of Stock [Line Items] | |||||||||||
Preferred stock, shares authorized | 12,500,000 | ||||||||||
Net proceeds from sale of preferred stock | $ 120,432,000 | ||||||||||
Common stock repurchase, authorized | $ 30,000,000 | ||||||||||
Common stock repurchase, shares | 772,000 | ||||||||||
Common stock repurchase, weighted average price per share | $ 3.02 | ||||||||||
Additional number of common stock shares repurchased | 2,050,000 | 2,823,000 | |||||||||
Additional common stock repurchased, weighted average price per share | $ 3.34 | $ 3.25 | |||||||||
Common stock, shares issued | 89,020,000 | 90,436,000 | |||||||||
Stock price as percentage of market value | 100.00% | ||||||||||
Remaining shares authorized under DRIP | 2,828,000 | ||||||||||
Accrued preferred stock dividends | $ 1,200,000 | $ 1,200,000 | |||||||||
Subsequent Event [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividends payable, date declared | Jan. 16, 2020 | ||||||||||
Common stock, dividends declared | $ 0.05 | ||||||||||
Dividends payable, date to be paid | Feb. 20, 2020 | ||||||||||
Dividends payable, date of record | Feb. 10, 2020 | ||||||||||
Forward Sales Agreement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 5,750,000 | ||||||||||
Settlement date of agreements | Aug. 1, 2017 | ||||||||||
Public offering, estimated net proceeds | $ 43,200,000 | ||||||||||
Series B [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate percentage | 7.25% | 7.25% | 7.25% | ||||||||
Redemption date | May 22, 2017 | ||||||||||
Redemption price per share | $ 25 | $ 25 | $ 25 | $ 25 | |||||||
Preferred stock, shares authorized | 1,450,000 | 1,450,000 | |||||||||
Preferred stock redeemed, shares | 2,000,000 | 3,000,000 | 1,500,000 | ||||||||
Redemption price plus accrued and unpaid dividends amount | $ 50,000,000 | $ 75,000,000 | $ 37,500,000 | ||||||||
Series B [Member] | Subsequent Event [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock dividends declared | $ 0.453125 | ||||||||||
Series C [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate percentage | 6.50% | 6.50% | 6.50% | ||||||||
Redemption price per share | $ 25 | ||||||||||
Preferred stock, shares authorized | 6,450,000 | 6,450,000 | |||||||||
Common stock sales, net of issuance expenses, shares | 2,000,000 | 3,000,000 | |||||||||
Shares Issued, price per share | $ 25 | $ 25 | |||||||||
Net proceeds from sale of preferred stock | $ 48,100,000 | $ 72,300,000 | |||||||||
Series C [Member] | Subsequent Event [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock dividends declared | $ 0.406250 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Preferred Stock) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 12,500,000 | |
Preferred stock | $ 159,541,000 | $ 159,541,000 |
Series B Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 1,450,000 | 1,450,000 |
Shares issued | 1,450,000 | 1,450,000 |
Shares outstanding | 1,450,000 | 1,450,000 |
Preferred stock | $ 34,767,000 | $ 34,767,000 |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 6,450,000 | 6,450,000 |
Shares issued | 5,000,000 | 5,000,000 |
Shares outstanding | 5,000,000 | 5,000,000 |
Preferred stock | $ 124,774,000 | $ 124,774,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Dividends) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class Of Stock [Line Items] | |||
Common stock | $ 0.200 | $ 0.200 | $ 0.200 |
Series B Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Cumulative Redeemable Preferred Stock | $ 1.812 | $ 1.812 | $ 1.812 |
Dividend rate percentage | 7.25% | 7.25% | 7.25% |
Series C Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Cumulative Redeemable Preferred Stock | $ 1.625 | $ 1.625 | $ 0.388 |
Dividend rate percentage | 6.50% | 6.50% | 6.50% |
Revenues (Schedule of Rent Reve
Revenues (Schedule of Rent Revenues) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | |||
Base rents | $ 105,041,000 | $ 107,630,000 | $ 108,998,000 |
Expense recoveries | 33,475,000 | 33,378,000 | 31,220,000 |
Percentage rent | 971,000 | 725,000 | 896,000 |
Straight-line rents | 405,000 | 1,142,000 | 864,000 |
Amortization of intangible lease liabilities, net | 2,827,000 | 4,361,000 | 2,518,000 |
Total rents | $ 142,719,000 | $ 147,236,000 | $ 144,496,000 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessor Lease Description [Line Items] | |||||||||||||
Payment accepted on termination of lease prior to contractual expiration | $ 4,300,000 | $ 4,300,000 | |||||||||||
Total revenues | $ 35,628,000 | $ 35,912,000 | $ 35,660,000 | $ 36,883,000 | $ 36,932,000 | $ 36,170,000 | $ 41,350,000 | $ 37,568,000 | $ 144,083,000 | 152,020,000 | $ 146,008,000 | ||
Impairment charges | 8,938,000 | 20,689,000 | 9,538,000 | ||||||||||
Expense recoveries | $ 34,400,000 | 34,100,000 | $ 32,100,000 | ||||||||||
Contract Termination [Member] | |||||||||||||
Lessor Lease Description [Line Items] | |||||||||||||
Total revenues | 5,400,000 | ||||||||||||
Cash payment reduced by straight line rent receivable | 500,000 | ||||||||||||
Contract Termination [Member] | Scenario Forecast [Member] | |||||||||||||
Lessor Lease Description [Line Items] | |||||||||||||
Impairment charges | $ 7,500,000 | ||||||||||||
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 | ||||||||||||
Other Income [Member] | Contract Termination [Member] | Scenario Forecast [Member] | |||||||||||||
Lessor Lease Description [Line Items] | |||||||||||||
Total revenues | $ 7,100,000 |
Revenues (Schedule of Annual Fu
Revenues (Schedule of Annual Future Base Rents Due to be Received Under Non-Cancelable Operating Leases) (Details) | Dec. 31, 2019USD ($) |
Revenues [Abstract] | |
2020 | $ 98,931,000 |
2021 | 88,888,000 |
2022 | 77,176,000 |
2023 | 70,248,000 |
2024 | 59,957,000 |
Thereafter | 208,157,000 |
Future rents due to be received | $ 603,357,000 |
401(k) Retirement Plan (Details
401(k) Retirement Plan (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |||
Retirement plan, employer contribution amount | $ 387,000 | $ 371,000 | $ 330,000 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation [Abstract] | |||
Expense relating to share/unit grants | $ 4,496,000 | $ 4,217,000 | $ 3,820,000 |
Amounts capitalized | (379,000) | (454,000) | (268,000) |
Total charged to operations | $ 4,117,000 | $ 3,763,000 | $ 3,552,000 |
Unvested shares/units, December 31, 2018 | 3,910,000 | ||
Restricted share grants | 522,000 | ||
Vested during period | (144,000) | ||
Forfeitures/cancellations | (30,000) | ||
Unvested shares/units, December 31, 2019 | 4,258,000 | 3,910,000 | |
Unvested shares/unit, December 31, 2018, weighted average grant date fair value | $ 4.46 | ||
Restricted share grants, weighted average grant date fair value | 3.22 | ||
Vested during period, weighted average grant date fair value | 6.86 | ||
Forfeitures/cancellations, weighted average grant date fair value | 4.32 | ||
Unvested shares/unit, December 31, 2019, weighted average grant date fair value | $ 4.23 | $ 4.46 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) | Jun. 15, 2018 | Jun. 15, 2011 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average grant date fair value per share | $ 3.22 | ||||
Fair value of vested shares | $ 485,000 | $ 7,556,000 | $ 890,000 | ||
Shares vested | 144,000 | ||||
Shares forfeited | 30,000 | ||||
Grant date market price | $ 4.38 | ||||
Shares granted under Stock incentive plan | 522,000 | ||||
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%. | ||||
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 | ||||
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 | ||||
2017 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant under Stock Incentive Plan | 250,000 | 2,400,000 | |||
Aggregate cost of awards not yet recognized | $ 9,000,000 | ||||
Unrecognized cost recognition period | 2 years 9 months 18 days | ||||
Shares granted under Stock incentive plan | 750,000 | ||||
2017 Plan [Member] | Time-Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued | 522,000 | 610,000 | 305,000 | ||
Weighted-average grant date fair value per share | $ 3.22 | $ 4.93 | $ 6.20 | ||
New Amended and Restated Employment Agreement [Member] | Time-Based Restricted Shares [Member] | Chief Executive Officer [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 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | Aug. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Weighted average nonvested restricted shares outstanding | 2,800,000 | 3,000,000 | 3,800,000 | |
Anti-dilutive common stock shares excluded from earnings per share amount | 5,750,000 | |||
Weighted average number of OP units outstanding | 547,000 | 429,000 | 350,000 | |
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Shares issuable under Stock incentive plan | 0 | 0 | ||
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 | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income | $ (9,914,000) | $ 2,947,000 | $ 5,544,000 | $ 2,989,000 | $ 4,736,000 | $ 6,305,000 | $ 9,937,000 | $ (16,620,000) | $ 1,566,000 | $ 4,358,000 | $ 19,653,000 | ||||||||
Preferred stock dividends | (10,752,000) | (10,863,000) | (13,652,000) | ||||||||||||||||
Preferred stock redemptions costs | (3,507,000) | (7,890,000) | |||||||||||||||||
Net (income) attributable to noncontrolling interests | (490,000) | (469,000) | (510,000) | ||||||||||||||||
Net earnings allocated to unvested shares | (558,000) | (628,000) | (754,000) | ||||||||||||||||
Net (loss) attributable to vested common shares | $ (10,234,000) | $ (11,109,000) | $ (3,153,000) | ||||||||||||||||
Weighted average number of vested common shares outstanding, basic and diluted | 86,341,000 | 88,420,000 | 84,168,000 | ||||||||||||||||
Net (loss) per common share attributable to common shareholders, basic and diluted | $ (0.15) | [1] | $ 0 | [1] | $ 0.03 | [1] | $ 0 | [1] | $ 0.02 | [1] | $ 0.04 | [1] | $ 0.08 | [1] | $ (0.26) | [1] | $ (0.12) | $ (0.13) | $ (0.04) |
[1] | Differences between the sum of the four quarterly per share amounts and the annual per share amounts, if any, are attributable to the effect of the weighted average outstanding share calculation for the respective periods. |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenues | $ 35,628,000 | $ 35,912,000 | $ 35,660,000 | $ 36,883,000 | $ 36,932,000 | $ 36,170,000 | $ 41,350,000 | $ 37,568,000 | $ 144,083,000 | $ 152,020,000 | $ 146,008,000 | ||||||||
Net income (loss) | (9,914,000) | 2,947,000 | 5,544,000 | 2,989,000 | 4,736,000 | 6,305,000 | 9,937,000 | (16,620,000) | 1,566,000 | 4,358,000 | 19,653,000 | ||||||||
Net income (loss) attributable to common shareholders | $ (12,657,000) | $ 92,000 | $ 2,695,000 | $ 194,000 | $ 1,932,000 | $ 3,472,000 | $ 7,089,000 | $ (22,974,000) | $ (9,676,000) | $ (10,481,000) | $ (2,399,000) | ||||||||
Per common share (basic and diluted) | $ (0.15) | [1] | $ 0 | [1] | $ 0.03 | [1] | $ 0 | [1] | $ 0.02 | [1] | $ 0.04 | [1] | $ 0.08 | [1] | $ (0.26) | [1] | $ (0.12) | $ (0.13) | $ (0.04) |
[1] | Differences between the sum of the four quarterly per share amounts and the annual per share amounts, if any, are attributable to the effect of the weighted average outstanding share calculation for the respective periods. |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) | 12 Months Ended | |||||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Gross Leasable Area | property | 8,327,916 | |||||
Initial cost to the Company, Land | $ 295,497,000 | |||||
Initial cost to the Company, Building and Improvements | 905,790,000 | |||||
Subsequent cost capitalized | [1] | 313,919,000 | ||||
Gross carrying amount of Land | 293,456,000 | |||||
Gross carrying amount of building and improvements | 1,221,750,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 1,515,206,000 | [2] | $ 1,508,682,000 | $ 1,534,599,000 | $ 1,496,429,000 | |
Accumulated Depreciation | $ 389,861,000 | $ 361,969,000 | $ 341,943,000 | $ 313,070,000 | ||
Academy Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2001 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 137,415 | |||||
Initial cost to the Company, Land | $ 2,406,000 | |||||
Initial cost to the Company, Building and Improvements | 9,623,000 | |||||
Subsequent cost capitalized | [1] | 5,508,000 | ||||
Gross carrying amount of Land | 2,406,000 | |||||
Gross carrying amount of building and improvements | 15,131,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 17,537,000 | |||||
Accumulated Depreciation | $ 6,161,000 | |||||
Academy Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1965 | |||||
Academy Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Big Y Shopping Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2013 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2007 | |||||
Gross Leasable Area | property | 101,105 | |||||
Initial cost to the Company, Land | $ 11,272,000 | |||||
Initial cost to the Company, Building and Improvements | 23,395,000 | |||||
Subsequent cost capitalized | [1] | 356,000 | ||||
Gross carrying amount of Land | 10,268,000 | |||||
Gross carrying amount of building and improvements | 24,755,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 35,023,000 | |||||
Accumulated Depreciation | $ 4,846,000 | |||||
Camp Hill [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2002 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 430,198 | |||||
Initial cost to the Company, Land | $ 4,460,000 | |||||
Initial cost to the Company, Building and Improvements | 17,857,000 | |||||
Subsequent cost capitalized | [1] | 40,297,000 | ||||
Gross carrying amount of Land | 4,093,000 | |||||
Gross carrying amount of building and improvements | 58,521,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 62,614,000 | |||||
Accumulated Depreciation | $ 22,665,000 | |||||
Camp Hill [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1958 | |||||
Camp Hill [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2005 | |||||
Carmans Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 195,485 | |||||
Initial cost to the Company, Land | $ 8,539,000 | |||||
Initial cost to the Company, Building and Improvements | 35,804,000 | |||||
Subsequent cost capitalized | [1] | 17,679,000 | ||||
Gross carrying amount of Land | 8,421,000 | |||||
Gross carrying amount of building and improvements | 53,601,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 62,022,000 | |||||
Accumulated Depreciation | $ 13,224,000 | |||||
Carmans Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1954 | |||||
Carmans Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2007 | |||||
Christina Crossing [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2017 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2008 | |||||
Gross Leasable Area | property | 119,446 | |||||
Initial cost to the Company, Land | $ 4,341,000 | |||||
Initial cost to the Company, Building and Improvements | 23,227,000 | |||||
Subsequent cost capitalized | [1] | 1,502,000 | ||||
Gross carrying amount of Land | 4,341,000 | |||||
Gross carrying amount of building and improvements | 24,729,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 29,070,000 | |||||
Accumulated Depreciation | $ 2,618,000 | |||||
Coliseum Marketplace [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 106,648 | |||||
Initial cost to the Company, Land | $ 2,924,000 | |||||
Initial cost to the Company, Building and Improvements | 14,416,000 | |||||
Subsequent cost capitalized | [1] | 5,616,000 | ||||
Gross carrying amount of Land | 3,586,000 | |||||
Gross carrying amount of building and improvements | 19,370,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 22,956,000 | |||||
Accumulated Depreciation | $ 7,930,000 | |||||
Coliseum Marketplace [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1987 | |||||
Coliseum Marketplace [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
Colonial Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2011 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 410,432 | |||||
Initial cost to the Company, Land | $ 9,367,000 | |||||
Initial cost to the Company, Building and Improvements | 37,496,000 | |||||
Subsequent cost capitalized | [1] | 7,812,000 | ||||
Gross carrying amount of Land | 9,367,000 | |||||
Gross carrying amount of building and improvements | 45,308,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 54,675,000 | |||||
Accumulated Depreciation | $ 14,817,000 | |||||
Colonial Commons [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2011 | |||||
Colonial Commons [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Crossroads II [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2008 | |||||
Percent Owned | 60.00% | |||||
Year built/Year last renovated | 2009 | |||||
Gross Leasable Area | property | 133,717 | |||||
Initial cost to the Company, Land | $ 15,383,000 | |||||
Subsequent cost capitalized | [1] | 29,714,000 | ||||
Gross carrying amount of Land | 17,671,000 | |||||
Gross carrying amount of building and improvements | 27,426,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 45,097,000 | |||||
Accumulated Depreciation | $ 7,380,000 | |||||
East River Park [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2015 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 150,038 | |||||
Initial cost to the Company, Land | $ 9,143,000 | |||||
Initial cost to the Company, Building and Improvements | 30,893,000 | |||||
Subsequent cost capitalized | [1] | 5,173,000 | ||||
Gross carrying amount of Land | 9,398,000 | |||||
Gross carrying amount of building and improvements | 35,811,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 45,209,000 | |||||
Accumulated Depreciation | $ 5,523,000 | |||||
East River Park [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1946 | |||||
East River Park [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1996 | |||||
Elmhurst Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2006 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 66,254 | |||||
Initial cost to the Company, Land | $ 1,371,000 | |||||
Initial cost to the Company, Building and Improvements | 5,994,000 | |||||
Subsequent cost capitalized | [1] | 1,223,000 | ||||
Gross carrying amount of Land | 1,371,000 | |||||
Gross carrying amount of building and improvements | 7,217,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 8,588,000 | |||||
Accumulated Depreciation | $ 2,410,000 | |||||
Elmhurst Square [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1961 | |||||
Elmhurst Square [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1983 | |||||
Fairview Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 52,964 | |||||
Initial cost to the Company, Land | $ 858,000 | |||||
Initial cost to the Company, Building and Improvements | 3,568,000 | |||||
Subsequent cost capitalized | [1] | 381,000 | ||||
Gross carrying amount of Land | 858,000 | |||||
Gross carrying amount of building and improvements | 3,949,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 4,807,000 | |||||
Accumulated Depreciation | $ 1,312,000 | |||||
Fairview Commons [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1976 | |||||
Fairview Commons [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2003 | |||||
Fieldstone Marketplace [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 150,123 | |||||
Initial cost to the Company, Land | $ 5,229,000 | |||||
Initial cost to the Company, Building and Improvements | 21,440,000 | |||||
Subsequent cost capitalized | [1] | 3,269,000 | ||||
Gross carrying amount of Land | 5,167,000 | |||||
Gross carrying amount of building and improvements | 24,771,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 29,938,000 | |||||
Accumulated Depreciation | $ 9,926,000 | |||||
Fieldstone Marketplace [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Year built/Year last renovated | 1988 | |||||
Fieldstone Marketplace [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2012 | |||||
Year built/Year last renovated | 2003 | |||||
Fishtown Crossing (f/k/a Port Richmond Village) [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2001 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1988 | |||||
Gross Leasable Area | property | 120,375 | |||||
Initial cost to the Company, Land | $ 2,942,000 | |||||
Initial cost to the Company, Building and Improvements | 11,769,000 | |||||
Subsequent cost capitalized | [1] | 2,679,000 | ||||
Gross carrying amount of Land | 2,843,000 | |||||
Gross carrying amount of building and improvements | 14,547,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 17,390,000 | |||||
Accumulated Depreciation | $ 5,087,000 | |||||
Franklin Village Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percent Owned | [3] | 100.00% | ||||
Gross Leasable Area | property | [3] | 303,524 | ||||
Initial cost to the Company, Land | [3] | $ 14,270,000 | ||||
Initial cost to the Company, Building and Improvements | [3] | 61,915,000 | ||||
Subsequent cost capitalized | [1],[3] | 5,929,000 | ||||
Gross carrying amount of Land | [3] | 14,681,000 | ||||
Gross carrying amount of building and improvements | [3] | 67,433,000 | ||||
SEC Schedule III, Real Estate, Gross, Total | [3] | 82,114,000 | ||||
Accumulated Depreciation | [3] | $ 16,974,000 | ||||
Franklin Village Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | [3] | 2004 | ||||
Year built/Year last renovated | [3] | 1987 | ||||
Franklin Village Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | [3] | 2012 | ||||
Year built/Year last renovated | [3] | 2005 | ||||
General Booth Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1985 | |||||
Gross Leasable Area | property | 71,639 | |||||
Initial cost to the Company, Land | $ 1,935,000 | |||||
Initial cost to the Company, Building and Improvements | 9,493,000 | |||||
Subsequent cost capitalized | [1] | (164,000) | ||||
Gross carrying amount of Land | 1,935,000 | |||||
Gross carrying amount of building and improvements | 9,329,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 11,264,000 | |||||
Accumulated Depreciation | $ 3,223,000 | |||||
Girard Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2019 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 35,688 | |||||
Initial cost to the Company, Land | $ 4,685,000 | |||||
Initial cost to the Company, Building and Improvements | 4,648,000 | |||||
Gross carrying amount of Land | 4,685,000 | |||||
Gross carrying amount of building and improvements | 4,648,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 9,333,000 | |||||
Accumulated Depreciation | $ 160,000 | |||||
Glen Allen Shopping Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2000 | |||||
Gross Leasable Area | property | 63,328 | |||||
Initial cost to the Company, Land | $ 6,769,000 | |||||
Initial cost to the Company, Building and Improvements | 683,000 | |||||
Subsequent cost capitalized | [1] | (180,000) | ||||
Gross carrying amount of Land | 5,367,000 | |||||
Gross carrying amount of building and improvements | 1,905,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 7,272,000 | |||||
Accumulated Depreciation | $ 664,000 | |||||
Gold Star Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2006 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1988 | |||||
Gross Leasable Area | property | 71,720 | |||||
Initial cost to the Company, Land | $ 1,644,000 | |||||
Initial cost to the Company, Building and Improvements | 6,519,000 | |||||
Subsequent cost capitalized | [1] | 712,000 | ||||
Gross carrying amount of Land | 1,644,000 | |||||
Gross carrying amount of building and improvements | 7,231,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 8,875,000 | |||||
Accumulated Depreciation | $ 3,224,000 | |||||
Golden Triangle [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 202,790 | |||||
Initial cost to the Company, Land | $ 2,320,000 | |||||
Initial cost to the Company, Building and Improvements | 9,713,000 | |||||
Subsequent cost capitalized | [1] | 10,661,000 | ||||
Gross carrying amount of Land | 2,320,000 | |||||
Gross carrying amount of building and improvements | 20,374,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 22,694,000 | |||||
Accumulated Depreciation | $ 9,818,000 | |||||
Golden Triangle [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Golden Triangle [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2005 | |||||
Groton Shopping Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1969 | |||||
Gross Leasable Area | property | 130,264 | |||||
Initial cost to the Company, Land | $ 3,070,000 | |||||
Initial cost to the Company, Building and Improvements | 12,320,000 | |||||
Subsequent cost capitalized | [1] | 8,513,000 | ||||
Gross carrying amount of Land | 3,113,000 | |||||
Gross carrying amount of building and improvements | 20,790,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 23,903,000 | |||||
Accumulated Depreciation | $ 5,763,000 | |||||
Halifax Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1994 | |||||
Gross Leasable Area | property | 51,510 | |||||
Initial cost to the Company, Land | $ 1,412,000 | |||||
Initial cost to the Company, Building and Improvements | 5,799,000 | |||||
Subsequent cost capitalized | [1] | 551,000 | ||||
Gross carrying amount of Land | 1,347,000 | |||||
Gross carrying amount of building and improvements | 6,415,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 7,762,000 | |||||
Accumulated Depreciation | $ 2,900,000 | |||||
Hamburg Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2004 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 102,058 | |||||
Initial cost to the Company, Land | $ 1,153,000 | |||||
Initial cost to the Company, Building and Improvements | 4,678,000 | |||||
Subsequent cost capitalized | [1] | 6,302,000 | ||||
Gross carrying amount of Land | 1,153,000 | |||||
Gross carrying amount of building and improvements | 10,980,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 12,133,000 | |||||
Accumulated Depreciation | $ 3,871,000 | |||||
Hamburg Square [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1993 | |||||
Hamburg Square [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2010 | |||||
Jordan Lane [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 177,504 | |||||
Initial cost to the Company, Land | $ 4,291,000 | |||||
Initial cost to the Company, Building and Improvements | 21,176,000 | |||||
Subsequent cost capitalized | [1] | 883,000 | ||||
Gross carrying amount of Land | 4,291,000 | |||||
Gross carrying amount of building and improvements | 22,059,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 26,350,000 | |||||
Accumulated Depreciation | $ 8,143,000 | |||||
Jordan Lane [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1969 | |||||
Jordan Lane [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1991 | |||||
Kempsville Crossing [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 78,162 | |||||
Initial cost to the Company, Land | $ 2,207,000 | |||||
Initial cost to the Company, Building and Improvements | 11,000,000 | |||||
Subsequent cost capitalized | [1] | (2,757,000) | ||||
Gross carrying amount of Land | 2,207,000 | |||||
Gross carrying amount of building and improvements | 8,243,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 10,450,000 | |||||
Accumulated Depreciation | $ 3,145,000 | |||||
Kempsville Crossing [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1985 | |||||
Kempsville Crossing [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Kings Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 168,243 | |||||
Initial cost to the Company, Land | $ 2,413,000 | |||||
Initial cost to the Company, Building and Improvements | 12,604,000 | |||||
Subsequent cost capitalized | [1] | 1,688,000 | ||||
Gross carrying amount of Land | 2,408,000 | |||||
Gross carrying amount of building and improvements | 14,297,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 16,705,000 | |||||
Accumulated Depreciation | $ 4,007,000 | |||||
Kings Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1970 | |||||
Kings Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1994 | |||||
Lawndale Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2015 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1998 | |||||
Gross Leasable Area | property | 92,773 | |||||
Initial cost to the Company, Land | $ 3,635,000 | |||||
Initial cost to the Company, Building and Improvements | 21,854,000 | |||||
Subsequent cost capitalized | [1] | 968,000 | ||||
Gross carrying amount of Land | 3,635,000 | |||||
Gross carrying amount of building and improvements | 22,822,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 26,457,000 | |||||
Accumulated Depreciation | $ 4,123,000 | |||||
Meadows Marketplace [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2005 | |||||
Gross Leasable Area | property | 91,518 | |||||
Initial cost to the Company, Land | $ 1,914,000 | |||||
Subsequent cost capitalized | [1] | 11,648,000 | ||||
Gross carrying amount of Land | 1,914,000 | |||||
Gross carrying amount of building and improvements | 11,648,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 13,562,000 | |||||
Accumulated Depreciation | $ 4,019,000 | |||||
Meadows Marketplace [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2004 | |||||
Meadows Marketplace [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2012 | |||||
Metro Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2008 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1999 | |||||
Gross Leasable Area | property | 71,896 | |||||
Initial cost to the Company, Land | $ 3,121,000 | |||||
Initial cost to the Company, Building and Improvements | 12,341,000 | |||||
Subsequent cost capitalized | [1] | (221,000) | ||||
Gross carrying amount of Land | 5,250,000 | |||||
Gross carrying amount of building and improvements | 9,991,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 15,241,000 | |||||
Accumulated Depreciation | $ 3,282,000 | |||||
Newport Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 1996 | |||||
Gross Leasable Area | property | 64,489 | |||||
Initial cost to the Company, Land | $ 1,721,000 | |||||
Initial cost to the Company, Building and Improvements | 7,758,000 | |||||
Subsequent cost capitalized | [1] | 555,000 | ||||
Gross carrying amount of Land | 1,682,000 | |||||
Gross carrying amount of building and improvements | 8,352,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 10,034,000 | |||||
Accumulated Depreciation | $ 3,682,000 | |||||
New London Mall [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2009 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 259,566 | |||||
Initial cost to the Company, Land | $ 14,891,000 | |||||
Initial cost to the Company, Building and Improvements | 24,967,000 | |||||
Subsequent cost capitalized | [1] | 4,688,000 | ||||
Gross carrying amount of Land | 8,807,000 | |||||
Gross carrying amount of building and improvements | 35,739,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 44,546,000 | |||||
Accumulated Depreciation | $ 14,163,000 | |||||
New London Mall [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1967 | |||||
New London Mall [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1997 | |||||
Northside Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2008 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2009 | |||||
Gross Leasable Area | property | 69,136 | |||||
Initial cost to the Company, Land | $ 3,332,000 | |||||
Subsequent cost capitalized | [1] | 10,035,000 | ||||
Gross carrying amount of Land | 3,379,000 | |||||
Gross carrying amount of building and improvements | 9,988,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 13,367,000 | |||||
Accumulated Depreciation | $ 2,599,000 | |||||
Norwood Shopping Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2006 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 97,756 | |||||
Initial cost to the Company, Land | $ 1,874,000 | |||||
Initial cost to the Company, Building and Improvements | 8,453,000 | |||||
Subsequent cost capitalized | [1] | 799,000 | ||||
Gross carrying amount of Land | 1,874,000 | |||||
Gross carrying amount of building and improvements | 9,252,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 11,126,000 | |||||
Accumulated Depreciation | $ 3,179,000 | |||||
Norwood Shopping Center [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1965 | |||||
Norwood Shopping Center [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Oak Ridge Shopping Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2006 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2000 | |||||
Gross Leasable Area | property | 38,700 | |||||
Initial cost to the Company, Land | $ 960,000 | |||||
Initial cost to the Company, Building and Improvements | 4,254,000 | |||||
Subsequent cost capitalized | [1] | 440,000 | ||||
Gross carrying amount of Land | 960,000 | |||||
Gross carrying amount of building and improvements | 4,694,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 5,654,000 | |||||
Accumulated Depreciation | $ 1,743,000 | |||||
Oakland Commons [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 90,100 | |||||
Initial cost to the Company, Land | $ 2,504,000 | |||||
Initial cost to the Company, Building and Improvements | 15,662,000 | |||||
Subsequent cost capitalized | [1] | (344,000) | ||||
Gross carrying amount of Land | 2,504,000 | |||||
Gross carrying amount of building and improvements | 15,318,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 17,822,000 | |||||
Accumulated Depreciation | $ 5,516,000 | |||||
Oakland Commons [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1962 | |||||
Oakland Commons [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Oakland Mills [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 59,308 | |||||
Initial cost to the Company, Land | $ 1,611,000 | |||||
Initial cost to the Company, Building and Improvements | 6,292,000 | |||||
Subsequent cost capitalized | [1] | 1,197,000 | ||||
Gross carrying amount of Land | 1,611,000 | |||||
Gross carrying amount of building and improvements | 7,489,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 9,100,000 | |||||
Accumulated Depreciation | $ 2,950,000 | |||||
Oakland Mills [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Oakland Mills [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2004 | |||||
Palmyra Shopping Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 111,051 | |||||
Initial cost to the Company, Land | $ 1,488,000 | |||||
Initial cost to the Company, Building and Improvements | 6,566,000 | |||||
Subsequent cost capitalized | [1] | 2,008,000 | ||||
Gross carrying amount of Land | 1,488,000 | |||||
Gross carrying amount of building and improvements | 8,574,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 10,062,000 | |||||
Accumulated Depreciation | $ 3,506,000 | |||||
Palmyra Shopping Center [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Palmyra Shopping Center [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
Pine Grove Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 86,089 | |||||
Initial cost to the Company, Land | $ 2,010,000 | |||||
Initial cost to the Company, Building and Improvements | 6,489,000 | |||||
Subsequent cost capitalized | [1] | 1,028,000 | ||||
Gross carrying amount of Land | 2,010,000 | |||||
Gross carrying amount of building and improvements | 7,517,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 9,527,000 | |||||
Accumulated Depreciation | $ 3,178,000 | |||||
Pine Grove Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2001 | |||||
Pine Grove Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2002 | |||||
Quartermaster Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2014 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2004 | |||||
Gross Leasable Area | property | 456,602 | |||||
Initial cost to the Company, Land | $ 37,031,000 | |||||
Initial cost to the Company, Building and Improvements | 54,210,000 | |||||
Subsequent cost capitalized | [1] | 2,870,000 | ||||
Gross carrying amount of Land | 37,031,000 | |||||
Gross carrying amount of building and improvements | 57,080,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 94,111,000 | |||||
Accumulated Depreciation | $ 10,890,000 | |||||
River View Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 189,032 | |||||
Initial cost to the Company, Land | $ 9,718,000 | |||||
Initial cost to the Company, Building and Improvements | 40,356,000 | |||||
Subsequent cost capitalized | [1] | 8,587,000 | ||||
Gross carrying amount of Land | 10,872,000 | |||||
Gross carrying amount of building and improvements | 47,789,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 58,661,000 | |||||
Accumulated Depreciation | $ 19,081,000 | |||||
River View Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1991 | |||||
River View Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1998 | |||||
San Souci Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2009 | |||||
Percent Owned | 40.00% | |||||
Gross Leasable Area | property | 264,134 | |||||
Initial cost to the Company, Land | $ 14,849,000 | |||||
Initial cost to the Company, Building and Improvements | 18,445,000 | |||||
Subsequent cost capitalized | [1] | 5,114,000 | ||||
Gross carrying amount of Land | 13,406,000 | |||||
Gross carrying amount of building and improvements | 25,002,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 38,408,000 | |||||
Accumulated Depreciation | $ 12,243,000 | |||||
San Souci Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1985 | |||||
San Souci Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1997 | |||||
Senator Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2018 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 61,691 | |||||
Initial cost to the Company, Building and Improvements | $ 5,327,000 | |||||
Subsequent cost capitalized | [1] | 356,000 | ||||
Gross carrying amount of building and improvements | 5,683,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 5,683,000 | |||||
Accumulated Depreciation | $ 668,000 | |||||
Senator Square [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1946 | |||||
Senator Square [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2005 | |||||
Shoppes at Arts District [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2016 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2011 | |||||
Gross Leasable Area | property | 35,676 | |||||
Initial cost to the Company, Land | $ 2,247,000 | |||||
Initial cost to the Company, Building and Improvements | 18,616,000 | |||||
Subsequent cost capitalized | [1] | 68,000 | ||||
Gross carrying amount of Land | 2,247,000 | |||||
Gross carrying amount of building and improvements | 18,684,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 20,931,000 | |||||
Accumulated Depreciation | $ 2,665,000 | |||||
South Philadelphia [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 194,435 | |||||
Initial cost to the Company, Land | $ 8,222,000 | |||||
Initial cost to the Company, Building and Improvements | 36,314,000 | |||||
Subsequent cost capitalized | [1] | 12,432,000 | ||||
Gross carrying amount of Land | 10,363,000 | |||||
Gross carrying amount of building and improvements | 46,605,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 56,968,000 | |||||
Accumulated Depreciation | $ 20,638,000 | |||||
South Philadelphia [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1950 | |||||
South Philadelphia [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2003 | |||||
Southington Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 155,842 | |||||
Initial cost to the Company, Building and Improvements | $ 11,834,000 | |||||
Subsequent cost capitalized | [1] | 1,007,000 | ||||
Gross carrying amount of building and improvements | 12,841,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 12,841,000 | |||||
Accumulated Depreciation | $ 5,033,000 | |||||
Southington Center [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1972 | |||||
Southington Center [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2000 | |||||
Swede Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 100,816 | |||||
Initial cost to the Company, Land | $ 2,268,000 | |||||
Initial cost to the Company, Building and Improvements | 6,232,000 | |||||
Subsequent cost capitalized | [1] | 6,475,000 | ||||
Gross carrying amount of Land | 2,272,000 | |||||
Gross carrying amount of building and improvements | 12,703,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 14,975,000 | |||||
Accumulated Depreciation | $ 5,947,000 | |||||
Swede Square [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1980 | |||||
Swede Square [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
The Brickyard [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2004 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 227,598 | |||||
Initial cost to the Company, Land | $ 7,632,000 | |||||
Initial cost to the Company, Building and Improvements | 29,308,000 | |||||
Subsequent cost capitalized | [1] | 4,846,000 | ||||
Gross carrying amount of Land | 7,648,000 | |||||
Gross carrying amount of building and improvements | 34,138,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 41,786,000 | |||||
Accumulated Depreciation | $ 11,879,000 | |||||
The Brickyard [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1990 | |||||
The Brickyard [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
The Point [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2000 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 262,620 | |||||
Initial cost to the Company, Land | $ 2,700,000 | |||||
Initial cost to the Company, Building and Improvements | 10,800,000 | |||||
Subsequent cost capitalized | [1] | 18,537,000 | ||||
Gross carrying amount of Land | 2,996,000 | |||||
Gross carrying amount of building and improvements | 29,041,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 32,037,000 | |||||
Accumulated Depreciation | $ 11,669,000 | |||||
The Point [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1972 | |||||
The Point [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2012 | |||||
The Shops at Bloomfield Station [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2016 | |||||
Percent Owned | 100.00% | |||||
Year built/Year last renovated | 2015 | |||||
Gross Leasable Area | property | 63,844 | |||||
Initial cost to the Company, Land | $ 625,000 | |||||
Initial cost to the Company, Building and Improvements | 17,674,000 | |||||
Subsequent cost capitalized | [1] | 354,000 | ||||
Gross carrying amount of Land | 625,000 | |||||
Gross carrying amount of building and improvements | 18,028,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 18,653,000 | |||||
Accumulated Depreciation | $ 2,147,000 | |||||
The Shops at Suffolk Downs [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 121,187 | |||||
Initial cost to the Company, Land | $ 7,580,000 | |||||
Initial cost to the Company, Building and Improvements | 11,089,000 | |||||
Subsequent cost capitalized | [1] | 10,449,000 | ||||
Gross carrying amount of Land | 7,580,000 | |||||
Gross carrying amount of building and improvements | 21,538,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 29,118,000 | |||||
Accumulated Depreciation | $ 7,303,000 | |||||
The Shops at Suffolk Downs [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2005 | |||||
The Shops at Suffolk Downs [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2011 | |||||
Timpany Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 182,799 | |||||
Initial cost to the Company, Land | $ 3,412,000 | |||||
Initial cost to the Company, Building and Improvements | 19,240,000 | |||||
Subsequent cost capitalized | [1] | 1,861,000 | ||||
Gross carrying amount of Land | 3,368,000 | |||||
Gross carrying amount of building and improvements | 21,145,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 24,513,000 | |||||
Accumulated Depreciation | $ 6,348,000 | |||||
Timpany Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1970 | |||||
Timpany Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1989 | |||||
Trexler Mall [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2005 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 337,297 | |||||
Initial cost to the Company, Land | $ 6,932,000 | |||||
Initial cost to the Company, Building and Improvements | 32,815,000 | |||||
Subsequent cost capitalized | [1] | 9,466,000 | ||||
Gross carrying amount of Land | 6,932,000 | |||||
Gross carrying amount of building and improvements | 42,281,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 49,213,000 | |||||
Accumulated Depreciation | $ 15,669,000 | |||||
Trexler Mall [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1973 | |||||
Trexler Mall [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2013 | |||||
Trexlertown Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2006 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 325,171 | |||||
Initial cost to the Company, Land | $ 13,349,000 | |||||
Initial cost to the Company, Building and Improvements | 23,867,000 | |||||
Subsequent cost capitalized | [1] | 30,644,000 | ||||
Gross carrying amount of Land | 13,351,000 | |||||
Gross carrying amount of building and improvements | 54,509,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 67,860,000 | |||||
Accumulated Depreciation | $ 13,220,000 | |||||
Trexlertown Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1990 | |||||
Trexlertown Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2011 | |||||
Valley Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2003 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 190,939 | |||||
Initial cost to the Company, Land | $ 1,950,000 | |||||
Initial cost to the Company, Building and Improvements | 7,766,000 | |||||
Subsequent cost capitalized | [1] | 1,874,000 | ||||
Gross carrying amount of Land | 1,950,000 | |||||
Gross carrying amount of building and improvements | 9,640,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 11,590,000 | |||||
Accumulated Depreciation | $ 4,145,000 | |||||
Valley Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1975 | |||||
Valley Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1994 | |||||
Washington Center Shoppes [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2001 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 157,394 | |||||
Initial cost to the Company, Land | $ 2,061,000 | |||||
Initial cost to the Company, Building and Improvements | 7,314,000 | |||||
Subsequent cost capitalized | [1] | 5,522,000 | ||||
Gross carrying amount of Land | 2,000,000 | |||||
Gross carrying amount of building and improvements | 12,897,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 14,897,000 | |||||
Accumulated Depreciation | $ 5,921,000 | |||||
Washington Center Shoppes [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1979 | |||||
Washington Center Shoppes [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1995 | |||||
Webster Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 98,984 | |||||
Initial cost to the Company, Land | $ 3,551,000 | |||||
Initial cost to the Company, Building and Improvements | 18,412,000 | |||||
Subsequent cost capitalized | [1] | 4,035,000 | ||||
Gross carrying amount of Land | 4,082,000 | |||||
Gross carrying amount of building and improvements | 21,916,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 25,998,000 | |||||
Accumulated Depreciation | $ 6,668,000 | |||||
Webster Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1960 | |||||
Webster Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2004 | |||||
Yorktowne Plaza [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year acquired | 2007 | |||||
Percent Owned | 100.00% | |||||
Gross Leasable Area | property | 138,843 | |||||
Initial cost to the Company, Land | $ 5,940,000 | |||||
Initial cost to the Company, Building and Improvements | 25,505,000 | |||||
Subsequent cost capitalized | [1] | 1,676,000 | ||||
Gross carrying amount of Land | 5,801,000 | |||||
Gross carrying amount of building and improvements | 27,320,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 33,121,000 | |||||
Accumulated Depreciation | $ 9,824,000 | |||||
Yorktowne Plaza [Member] | Minimum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 1970 | |||||
Yorktowne Plaza [Member] | Maximum [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Year built/Year last renovated | 2000 | |||||
Other [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Percent Owned | 100.00% | |||||
Initial cost to the Company, Land | $ 1,965,000 | |||||
Subsequent cost capitalized | [1] | 1,598,000 | ||||
Gross carrying amount of Land | 877,000 | |||||
Gross carrying amount of building and improvements | 2,686,000 | |||||
SEC Schedule III, Real Estate, Gross, Total | 3,563,000 | |||||
Accumulated Depreciation | $ 172,000 | |||||
[1] | Negative amounts represent write-offs of fully depreciated assets. | |||||
[2] | At December 31, 2019, the aggregate cost for federal income tax purposes was approximately $5.7 million greater than the Company's recorded values. | |||||
[3] | Amount of encumbrance totals $46.7 million at December 31, 2019. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Changes in Real Estate and Accumulated Depreciation) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Real estate balance, beginning of the year | $ 1,508,682,000 | $ 1,534,599,000 | $ 1,496,429,000 | ||
Properties transferred to held for sale | (36,265,000) | (61,505,000) | (15,971,000) | ||
Property acquisitions | 9,333,000 | 6,481,000 | 30,997,000 | ||
Property dispositions | (4,332,000) | ||||
Improvements and betterments | 37,089,000 | 29,107,000 | 29,752,000 | ||
Asset write-offs | (3,633,000) | (2,276,000) | |||
Real estate balance, end of the year | 1,515,206,000 | [1] | 1,508,682,000 | 1,534,599,000 | |
Accumulated depreciation balance, beginning of the year | 361,969,000 | 341,943,000 | 313,070,000 | ||
Properties transferred to held for sale | (10,143,000) | (14,886,000) | (4,131,000) | ||
Property dispositions | (1,048,000) | ||||
Depreciation expense | [2] | 41,142,000 | 34,912,000 | 36,328,000 | |
Asset write-offs | (3,107,000) | (2,276,000) | |||
Accumulated depreciation balance end of the year | 389,861,000 | 361,969,000 | 341,943,000 | ||
Net book value | 1,125,345,000 | $ 1,146,713,000 | $ 1,192,656,000 | ||
Amount of encumbrance | 46,700,000 | ||||
Difference between recorded cost of real estate and cost for federal tax purposes | $ 5,700,000 | ||||
Minimum [Member] | |||||
Estimated useful life of buildings and improvements | 3 years | ||||
Maximum [Member] | |||||
Estimated useful life of buildings and improvements | 40 years | ||||
[1] | At December 31, 2019, the aggregate cost for federal income tax purposes was approximately $5.7 million greater than the Company's recorded values. | ||||
[2] | Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years. |