Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Entity Registrant Name | WEINGARTEN REALTY INVESTORS /TX/ | ||
Entity Central Index Key | 828,916 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 128,074,551 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 4.8 | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rentals, net | $ 537,265 | $ 502,464 | $ 503,128 |
Other | 12,290 | 10,380 | 11,278 |
Total | 549,555 | 512,844 | 514,406 |
Expenses: | |||
Depreciation and amortization | 162,535 | 145,940 | 150,356 |
Operating | 98,855 | 94,244 | 95,318 |
Real estate taxes, net | 66,358 | 60,289 | 60,768 |
Impairment loss | 98 | 153 | 1,024 |
General and administrative | 27,266 | 27,524 | 24,902 |
Total | 355,112 | 328,150 | 332,368 |
Operating Income | 194,443 | 184,694 | 182,038 |
Interest Expense, net | (83,003) | (87,783) | (94,725) |
Interest and Other Income | 2,569 | 4,563 | 3,756 |
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | 48,322 | 879 | 1,718 |
(Provision) Benefit for Income Taxes | (6,856) | (52) | 1,261 |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 20,642 | 19,300 | 22,317 |
Income from Continuing Operations | 176,117 | 121,601 | 116,365 |
Operating Income from Discontinued Operations | 0 | 0 | 342 |
Gain on Sale of Property from Discontinued Operations | 0 | 0 | 44,582 |
Income from Discontinued Operations | 0 | 0 | 44,924 |
Gain on Sale of Property | 100,714 | 59,621 | 146,290 |
Net Income | 276,831 | 181,222 | 307,579 |
Less: Net Income Attributable to Noncontrolling Interests | (37,898) | (6,870) | (19,571) |
Net Income Adjusted for Noncontrolling Interests | 238,933 | 174,352 | 288,008 |
Dividends on Preferred Shares | 0 | (3,830) | (10,840) |
Redemption Costs of Preferred Shares | 0 | (9,687) | 0 |
Net Income Attributable to Common Shareholders | $ 238,933 | $ 160,835 | $ 277,168 |
Earnings Per Common Share - Basic: | |||
Income from continuing operations attributable to common shareholders (in dollars per share) | $ 1.90 | $ 1.31 | $ 1.91 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.37 |
Net income attributable to common shareholders (in dollars per share) | 1.90 | 1.31 | 2.28 |
Earnings Per Common Share - Diluted: | |||
Income from continuing operations attributable to common shareholders (in dollars per share) | 1.87 | 1.29 | 1.89 |
Income from discontinued operations (in dollars per share) | 0 | 0 | 0.36 |
Net income attributable to common shareholders (in dollars per share) | $ 1.87 | $ 1.29 | $ 2.25 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 276,831 | $ 181,222 | $ 307,579 |
Other Comprehensive Income (Loss): | |||
Net unrealized gain (loss) on investments, net of taxes | 407 | (99) | 354 |
Realized gain on investments | 0 | 0 | (38) |
Realized (loss) gain on derivatives | (2,084) | 5,007 | 0 |
Net unrealized (loss) gain on derivatives | (1,204) | (3,061) | 131 |
Reclassification adjustment of derivatives and designated hedges into net income | 1,531 | 2,798 | 2,052 |
Retirement liability adjustment | (167) | 147 | (10,733) |
Total | (1,517) | 4,792 | (8,234) |
Comprehensive Income | 275,314 | 186,014 | 299,345 |
Comprehensive Income Attributable to Noncontrolling Interests | (37,898) | (6,870) | (19,571) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 237,416 | $ 179,144 | $ 279,774 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Property | $ 4,789,145 | $ 4,262,959 | |
Accumulated Depreciation | (1,184,546) | (1,087,642) | |
Property Held for Sale, net | 479 | 34,363 | |
Property, net | [1] | 3,605,078 | 3,209,680 |
Investment in Real Estate Joint Ventures and Partnerships, net | [1] | 289,192 | 267,041 |
Total | 3,894,270 | 3,476,721 | |
Unamortized Lease Costs, net | 208,063 | 137,609 | |
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $6,700 in 2016 and $6,072 in 2015) | [1] | 94,466 | 84,782 |
Cash and Cash Equivalents | [1] | 16,257 | 22,168 |
Restricted Deposits and Mortgage Escrows | 25,022 | 3,074 | |
Other, net | 188,850 | 177,591 | |
Total Assets | 4,426,928 | 3,901,945 | |
LIABILITIES AND EQUITY | |||
Debt, net | [1] | 2,356,528 | 2,113,277 |
Accounts Payable and Accrued Expenses | 116,859 | 112,205 | |
Other, net | 191,887 | 131,453 | |
Total Liabilities | 2,665,274 | 2,356,935 | |
Commitments and Contingencies (see Note 20) | 0 | 0 | |
Deferred Compensation Share Awards | 44,758 | 0 | |
Shareholders' Equity: | |||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,072 in 2016 and 123,951 in 2015 | 3,885 | 3,744 | |
Additional Paid-In Capital | 1,718,101 | 1,616,242 | |
Net Income Less Than Accumulated Dividends | (177,647) | (222,880) | |
Additional Paid-In Capital | (9,161) | (7,644) | |
Total Shareholders' Equity | 1,535,178 | 1,389,462 | |
Noncontrolling Interests | 181,718 | 155,548 | |
Total Equity | 1,716,896 | 1,545,010 | |
Total Liabilities and Equity | 4,426,928 | 3,901,945 | |
Consolidated variable interest entities' assets and debt included in the above balances (see Note 15): | |||
Property, net | 476,117 | 240,689 | |
Accrued Rent and Accounts Receivable, net | 11,066 | 9,245 | |
Cash and Cash Equivalents | 9,560 | 13,250 | |
Investment in Real Estate Joint Ventures and Partnerships, net | 0 | 18,278 | |
Debt, net | $ 47,112 | $ 47,919 | |
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2016 and December 31, 2015 are Property, net of $476,117 and $240,689; Investment in Real Estate Joint Ventures and Partnerships, net of $0, and $18,278; Accrued Rent and Accounts Receivable, net of $11,066 and $9,245; Cash and Cash Equivalents of $9,560 and $13,250; Debt, net of $47,112 and $47,919. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,700 | $ 6,072 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 123,951 in 2015 and 122,489 in 2014 | ||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Common shares of beneficial interest, shares authorized (in shares) | 275,000,000 | 275,000,000 |
Common shares of beneficial interest, shares issued (in shares) | 128,072,000 | 123,951,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 128,072,000 | 123,951,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Cash Flows from Operating Activities: | |||||
Net Income | $ 276,831 | $ 181,222 | $ 307,579 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 162,535 | 145,940 | 150,616 | ||
Amortization of debt deferred costs and intangibles, net | 2,562 | 2,650 | 3,641 | ||
Impairment loss | 98 | 153 | 1,024 | ||
Equity in earnings of real estate joint ventures and partnerships, net | (20,642) | (19,300) | (22,317) | ||
Gain on sale and acquisition of real estate joint venture and partnership interests | (48,322) | (879) | (1,718) | ||
Gain on sale of property | (100,714) | (59,621) | (190,872) | ||
Distributions of income from real estate joint ventures and partnerships | 1,149 | 1,216 | 4,058 | ||
Changes in accrued rent and accounts receivable, net | (13,989) | (8,116) | (3,494) | ||
Changes in unamortized lease costs and other assets, net | (16,900) | (14,617) | (16,299) | ||
Changes in accounts payable, accrued expenses and other liabilities, net | 3,010 | 4,184 | 2,890 | ||
Other, net | 1,339 | 11,584 | 5,661 | ||
Net cash provided by operating activities | 246,957 | 244,416 | 240,769 | ||
Cash Flows from Investing Activities: | |||||
Acquisition of real estate and land | (500,591) | (221,779) | (43,587) | ||
Development and capital improvements | (101,179) | (83,702) | (100,926) | ||
Proceeds from sale of property and real estate equity investments | 234,858 | 101,866 | 351,224 | ||
Change in restricted deposits and mortgage escrows | (20,049) | 76,574 | (75,299) | ||
Notes receivable from real estate joint ventures and partnerships and other receivables - Collections | 0 | 0 | 10,336 | ||
Real estate joint ventures and partnerships - Investments | (52,834) | (30,053) | (5,223) | ||
Real estate joint ventures and partnerships - Distributions of capital | 51,714 | 35,341 | 31,260 | ||
Purchase of investments | (4,740) | 0 | (3,000) | ||
Proceeds from investments | 1,250 | 1,250 | 51,788 | ||
Other, net | 2,952 | (473) | 1,504 | ||
Net cash (used in) provided by investing activities | (388,619) | (120,976) | 218,077 | ||
Cash Flows from Financing Activities: | |||||
Proceeds from issuance of debt | 249,999 | 448,083 | 4,500 | ||
Principal payments of debt | (144,788) | (240,505) | (508,997) | ||
Changes in unsecured credit facilities | 95,500 | (39,500) | 189,000 | ||
Proceeds from issuance of common shares of beneficial interest, net | 137,460 | 42,572 | 7,987 | ||
Redemption of preferred shares of beneficial interest | 0 | (150,000) | 0 | ||
Common and preferred dividends paid | (185,100) | (174,628) | (199,343) | ||
Debt issuance and extinguishment costs paid | (5,396) | (9,878) | (463) | ||
Distributions to noncontrolling interests | (9,563) | (5,478) | (21,055) | ||
Contributions from noncontrolling interests | 0 | 1,318 | 980 | ||
Other, net | (2,361) | 3,555 | 158 | ||
Net cash provided by (used in) financing activities | 135,751 | (124,461) | (527,233) | ||
Net decrease in cash and cash equivalents | (5,911) | (1,021) | (68,387) | ||
Cash and cash equivalents at January 1 | 22,168 | [1] | 23,189 | 91,576 | |
Cash and cash equivalents at September 30 | 16,257 | [1] | 22,168 | [1] | 23,189 |
Interest paid during the period (net of amount capitalized of $2,656, $3,252 and $3,302, respectively) | 79,515 | 79,580 | 91,277 | ||
Income taxes paid during the period | $ 958 | $ 1,474 | $ 1,705 | ||
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2016 and December 31, 2015 are Property, net of $476,117 and $240,689; Investment in Real Estate Joint Ventures and Partnerships, net of $0, and $18,278; Accrued Rent and Accounts Receivable, net of $11,066 and $9,245; Cash and Cash Equivalents of $9,560 and $13,250; Debt, net of $47,112 and $47,919. |
Consolidated Statements Of Cas7
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest paid | $ 2,656 | $ 3,252 | $ 3,302 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | Preferred Shares of Beneficial Interest | Common Shares of Beneficial Interest | Additional Paid-In Capital | Net Income Less Than Accumulated Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning balance at Dec. 31, 2013 | $ 1,687,978 | $ 2 | $ 3,683 | $ 1,679,229 | $ (300,537) | $ (4,202) | $ 309,803 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 307,579 | 288,008 | 19,571 | ||||
Shares issued under benefit plans, net | 15,898 | 17 | 15,881 | ||||
Dividends paid – common shares | (189,591) | (189,591) | |||||
Dividends paid – preferred shares | (9,752) | (9,752) | |||||
Distributions to noncontrolling interests | (21,055) | (21,055) | |||||
Contributions from noncontrolling interests | 980 | 980 | |||||
Acquisition of noncontrolling interests | 0 | 11,015 | (11,015) | ||||
Disposition of noncontrolling interests | (144,263) | (144,263) | |||||
Other comprehensive loss | (8,234) | (8,234) | |||||
Other, net | (597) | 755 | (1,088) | (264) | |||
Ending balance at Dec. 31, 2014 | 1,638,943 | 2 | 3,700 | 1,706,880 | (212,960) | (12,436) | 153,757 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 181,222 | 174,352 | 6,870 | ||||
Shares issued under benefit plans, net | 8,999 | 10 | 8,989 | ||||
Dividends paid – common shares | (170,755) | (170,755) | |||||
Dividends paid – preferred shares | (3,873) | (3,873) | |||||
Distributions to noncontrolling interests | (5,478) | (5,478) | |||||
Contributions from noncontrolling interests | 1,318 | 1,318 | |||||
Other comprehensive loss | 4,792 | 4,792 | |||||
Other, net | (486) | 279 | 43 | (808) | |||
Redemption of preferred shares | (150,000) | (2) | (140,311) | (9,687) | |||
Issuance of common shares, net | 40,328 | 34 | 40,294 | ||||
Shares issued in exchange for noncontrolling interests | 0 | 111 | (111) | ||||
Ending balance at Dec. 31, 2015 | 1,545,010 | 0 | 3,744 | 1,616,242 | (222,880) | (7,644) | 155,548 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net income | 276,831 | 238,933 | 37,898 | ||||
Shares issued under benefit plans, net | 7,466 | 36 | 7,430 | ||||
Dividends paid – common shares | (185,100) | (185,100) | |||||
Distributions to noncontrolling interests | (9,563) | (9,563) | |||||
Acquisition of noncontrolling interests | (2,869) | (730) | (2,139) | ||||
Other comprehensive loss | (1,517) | (1,517) | |||||
Other, net | (26) | (26) | |||||
Issuance of common shares, net | 131,422 | 105 | 131,317 | ||||
Change in redemption value of deferred compensation plan | (39,977) | (39,977) | |||||
Diversification of share awards within deferred compensation plan | (8,600) | (8,600) | |||||
Diversification of share awards within deferred compensation plan | 3,819 | 3,819 | |||||
Ending balance at Dec. 31, 2016 | $ 1,716,896 | $ 0 | $ 3,885 | $ 1,718,101 | $ (177,647) | $ (9,161) | $ 181,718 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Business Weingarten Realty Investors is a REIT organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT. We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948 . Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners. We operate a portfolio of neighborhood and community shopping centers, totaling approximately 44.7 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.1% of base minimum rental revenues during 2016 . Total revenues generated by our centers located in Houston and its surrounding areas was 20.5% of total revenue for the year ended December 31, 2016 , and an additional 9.5% of total revenue was generated in 2016 from centers that are located in other parts of Texas. Basis of Presentation Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and VIEs which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. Our financial statements are prepared in accordance with GAAP. Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. Revenue Recognition Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other revenue is income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which is recognized as the related services are performed under the respective agreements. Property Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method, generally over estimated useful lives of 18 - 40 years for buildings and 10 - 20 years for parking lot surfacing and equipment. Major replacements where the betterment extends the useful life of the asset are capitalized, and the replaced asset and corresponding accumulated depreciation are removed from the accounts. All other maintenance and repair items are charged to expense as incurred. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon estimated future cash flows and other valuation techniques in accordance with our fair value measurements accounting policy. Fair values are used to allocate and record the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, other identifiable intangibles and any goodwill or gain on purchase. Other identifiable intangible assets and liabilities include the effect of out-of-market leases, the value of having leases in place (“as is” versus “as if vacant” and absorption costs), out-of-market assumed mortgages and tenant relationships. Depreciation and amortization is computed using the straight-line method, generally over estimated useful lives of 40 years for buildings and over the lease term which includes bargain renewal options for other identifiable intangible assets. Acquisition costs are expensed as incurred. Property also includes costs incurred in the development and redevelopment of operating properties. These properties are carried at cost, and no depreciation is recorded on these assets until rent commences or no later than one year from the completion of major construction . These costs include preacquisition costs directly identifiable with the specific project, development and construction costs, interest and real estate taxes. Indirect development costs, including salaries and benefits, travel and other related costs that are directly attributable to the development of the property, are also capitalized. The capitalization of such costs ceases at the earlier of one year from the completion of major construction or when the property, or any completed portion, becomes available for occupancy. Property also includes costs for tenant improvements paid by us, including reimbursements to tenants for improvements that are owned by us and will remain our property after the lease expires. Property identified for sale is reviewed to determine if it qualifies as held for sale based on the following criteria: management has approved and is committed to the disposal plan, the assets are available for immediate sale, an active plan is in place to locate a buyer, the sale is probable and expected to qualify as a completed sale within a year, the sales price is reasonable in relation to the current fair value, and it is unlikely that significant changes will be made to the sales plan or that the sales plan will be withdrawn. Upon qualification, these properties are segregated and classified as held for sale at the lower of cost or fair value less costs to sell. Prior to April 1, 2014, the disposed property's related operating results were reclassified into discontinued operations. Upon the adoption of new guidance, as of April 1, 2014, our individual property disposals no longer qualify for discontinued operations presentation; thus, the results of these disposals remain in income from continuing operations and any associated gains are included in gain on sale of property. Some of our properties are held in single purpose entities. A single purpose entity is a legal entity typically established at the request of a lender solely for the purpose of owning a property or group of properties subject to a mortgage. There may be restrictions limiting the entity’s ability to engage in an activity other than owning or operating the property, assuming or guaranteeing the debt of any other entity, or dissolving itself or declaring bankruptcy before the debt has been repaid. Most of our single purpose entities are 100% owned by us and are consolidated in our consolidated financial statements. Real Estate Joint Ventures and Partnerships To determine the method of accounting for partially owned real estate joint ventures and partnerships, management determines whether an entity is a VIE and, if so, determines which party is the primary beneficiary by analyzing whether we have both the power to direct the entity’s significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the design of the entity structure, the nature of the entity’s operations, future cash flow projections, the entity’s financing and capital structure, and contractual relationships and terms. We consolidate a VIE when we have determined that we are the primary beneficiary. Primary risks associated with our involvement with our VIEs include the potential funding of the entities’ debt obligations or making additional contributions to fund the entities’ operations. Partially owned, non-variable interest real estate joint ventures and partnerships over which we have a controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned real estate joint ventures and partnerships where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method. Management continually analyzes and assesses reconsideration events, including changes in the factors mentioned above, to determine if the consolidation or equity method treatment remains appropriate. Unamortized Lease Costs, net Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as salaries and benefits, travel and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are charged to expense as incurred. Accrued Rent and Accounts Receivable, net Receivables include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less are considered cash equivalents. Cash and cash equivalents are primarily held at major financial institutions in the U.S. We had cash and cash equivalents in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents amongst several banking institutions in an attempt to minimize exposure to any one of these entities. We believe we are not exposed to any significant credit risk and regularly monitor the financial stability of these financial institutions. Restricted Deposits and Mortgage Escrows Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. Our restricted deposits and mortgage escrows consists of the following (in thousands): December 31, 2016 2015 Restricted cash (1) $ 23,489 $ 1,952 Mortgage escrows 1,533 1,122 Total $ 25,022 $ 3,074 ___________________ (1) The increase between the periods presented is primarily attributable to $21.0 million placed in a qualified escrow account for the purpose of completing like-kind exchange transactions. Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 6 for further information), tax increment revenue bonds, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, interest rate derivatives, the value of above-market leases and the related accumulated amortization, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Consolidated Statements of Operations. The value of our investments in mutual funds approximates the cost basis. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 22 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We would establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral. Derivatives and Hedging We manage interest cost using a combination of fixed-rate and variable-rate debt. To manage our interest rate risk, we occasionally hedge the future cash flows of our existing floating-rate debt or anticipated fixed-rate debt issuances, as well as changes in the fair value of our existing fixed-rate debt instruments, principally through interest rate contracts with major financial institutions. Interest rate contracts that meet specific criteria are accounted for as either a cash flow or fair value hedge. Cash Flow Hedges of Interest Rate Risk: Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swap contracts as part of our interest rate risk management strategy. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For hedges of fixed-rate debt issuances, the interest rate contracts are cash settled upon the pricing of the debt, with amounts deferred in accumulated other comprehensive loss and amortized as an increase/decrease to interest expense over the originally hedged period. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Fair Value Hedges of Interest Rate Risk: We are exposed to changes in the fair value of certain of our fixed-rate obligations due to changes in benchmark interest rates, such as LIBOR. We use interest rate derivatives to manage our exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. Interest rate swap contracts designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for us making variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Changes in the fair value of interest rate contracts designated as fair value hedges, as well as changes in the fair value of the related debt being hedged, are recorded in earnings each reporting period. Sales of Real Estate Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate. Profits on sales of real estate are not recognized until (a) a sale is consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay; (c) the seller’s receivable is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership in the transaction, and we do not have a substantial continuing involvement with the property. We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP, and we do not have a commitment to support the operations of the real estate joint venture or partnership to an extent greater than our proportionate interest in the real estate joint venture or partnership. Impairment Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable. If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy. We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future. Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change. Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. Interest Capitalization Interest is capitalized on land under development and buildings under construction based on rates applicable to borrowings outstanding during the period and the weighted average balance of qualified assets under development/construction during the period. Interest Expense in Discontinued Operations Interest expense that is specifically identifiable to property, both held for sale and sold and qualifies as discontinued operations, is included in operating income from discontinued operations in our consolidated financial statements. We do not allocate other consolidated interest to operating income from discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material. Income Taxes We have elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, we generally will not be subject to corporate level federal income tax on taxable income we distribute to our shareholders. To be taxed as a REIT, we must meet a number of requirements including defined percentage tests concerning the amount of our assets and revenues that come from, or are attributable to, real estate operations. As long as we distribute at least 90% of the taxable income of the REIT (without regard to capital gains or the dividends paid deduction) to our shareholders as dividends, we will not be taxed on the portion of our income we distribute as dividends unless we have ineligible transactions. The Tax Relief Extension Act of 1999 gave REITs the ability to conduct activities which a REIT was previously precluded from doing as long as such activities are performed in entities which have elected to be treated as taxable REIT subsidiaries under the IRS code. These activities include buying or developing properties with the express purpose of selling them. We conduct certain of these activities in a taxable REIT subsidiary that we have created. We calculate and record income taxes in our consolidated financial statements based on the activities in this entity. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between our carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. These are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance for deferred tax assets is established for those assets when we do not consider the realization of such assets to be more likely than not. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations. In addition, we are subject to the State of Texas business tax (“Texas Franchise Tax”), which is determined by applying a tax rate to a base that considers both revenues and expenses. Therefore, the Texas Franchise Tax is considered an income tax and is accounted for accordingly. Share-Based Compensation We have share option and share award plans. In November 2011, we announced changes to the long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan ("2011 Program Changes"). Currently, grants of awards will incorporate both service-based and market-based measures for share awards to promote share ownership among the participants and to emphasize the importance of total shareholder return. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. All awards are recorded at fair value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us. The share awards are subject to a three -year cliff vesting basis. Service-based and market-based share awards are subject to the achievement of select performance goals as follows: • Service-based awards and accumulated dividends typically vest three years from the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. • Market-based awards vest based upon the performance metrics at the end of a three -year period. These awards are based 50% on our three -year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three -year absolute TSR, which is currently compared to an 8% hurdle. At the end of a three-year period, the performance measures are analyzed; the actual number of shares earned is determined; and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest. Restricted shares granted to trust managers and share awards granted to retirement eligible employees are expensed immediately. Restricted shares and share awards have the same rights of a common shareholder, including the right to vote and receive dividends, except as otherwise provided by our Management Development and Executive Compensation Committee. Options generally expire upon the earlier of termination of employment or 10 years from the date of grant, and restricted shares for officers and trust managers are granted at no purchase price . Our policy is to recognize compensation expense for equity awards ratably over the vesting period, except for retirement eligible amounts. Retirement Benefit Plans Defined Benefit Plan: We sponsor a noncontributory cash balance retirement plan (“Retirement Plan”) under which an account is maintained for each participant. Annual additions to each participant’s account include a service credit ranging from 3% - 5% of compensation, depending on years of service, and an interest credit of 4.5% . Vesting generally occurs after three years of service. Investments of Plan Assets Our investment policy for our plan assets has been to determine the objectives for structuring a retirement savings program suitable to the long-term needs and risk tolerances of participants, to select appropriate investments to be offered by the plan and to establish procedures for monitoring and evaluating the performance of the investments of the plan. Our overall plan objectives for selecting and monitoring investment options are to promote and optimize retirement wealth accumulation; to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk; to control costs of administering the plan; and to manage the investments held by the plan. The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the plan, including attained age and future service. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of plan assets occurs semi-annually. Defined Contribution Plans: Effective January 1, 2012, we amended our two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees to be defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants as of January 1, 2012, annual additions to each participant’s account include an actuarially-determined service credit ranging from 3% to 5% and an interest credit of 4.5% . Vesting generally occurs between five and 10 years of service. We have elected to use the actuarial present value of the vested benefits to which the participant was entitled if the participant separated immediately from the SRP, as permitted by GAAP. The SRP participants' account balances, prior to January 1, 2012, were converted to a cash balance retirement plan which no longer receives service credits but continues to receive a 7.5% interest credit for active participants and a December 31, 90-day LIBOR rate plus .50% for inactive participants. We have a Savings and Investment Plan pursuant to which eligible employees may elect to contribute from 1% of their salaries to the maximum amount established annually by the IRS . Employee contributions are matched by us at the rate of 50% for the first 6% of the employee's salary. The employees vest in the employer contributions ratably over a five -year period. Deferred Compensation Plan We have a deferred compensation plan for eligible employees allowing them to defer portions of their current cash salary or share-based compensation. Deferred amounts are deposited in a grantor trust, which are included in net other assets, and are reported as compensation expense in the year service is rendered. Cash deferrals are invested based on the employee’s investment selections from a mix of assets selected using a broad market diversification model. Prior to April 1, 2016, deferred share-based compensation could not be diversified, and distributions from this plan were made in the same form as the original deferral. Our deferred compensation plan was amended, effective April 1, 2016 , to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016 , the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification was reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. The outstanding share awards are adjusted to their redemption value each reporting period based upon the market value of our common shares at the end of such reporting period, and such change in value from the prior reporting period will be reported in net income less than accumulated dividends in our Consolidated Statement of Equity. The following table summarizes the eligible share award activity since the effective date through December 31, 2016 (in thousands): Value of share awards resulting from: Change in classification $ 39,977 Change in redemption value 8,600 Diversification of share awards (3,819 ) Balance at December 31, 2016 $ 44,758 Subsequent to December 31, 2016, the deferred compensation plan was amended (see Note 25 for addtional information). Fair Value Measurements Certain financial instruments, estimates and transactions are required to be calculated, reported and/or recorded at fair value. The estimated fair values of such financial items, including debt instruments, impaired assets, acquisitions, investment securities and derivatives, have been determined using a market-based measurement. This measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability; including, mar |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the criteria for reporting discontinued operations while enhancing disclosures in this area. The provisions of ASU No. 2014-08 was effective for us prospectively on January 1, 2015; however, early adoption was permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual center disposals no longer qualifying for discontinued operations presentation; thus, the results of these disposals will remain in income from continuing operations, and any associated gains are included in gain on sale of property. Centers sold or classified as held for sale prior to April 1, 2014, are not subject to ASU No. 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This ASU's core objective is that management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The provisions of ASU No. 2014-15 are effective for us as of December 31, 2016, and early adoption is permitted. We early adopted this update effective January 1, 2016, and the adoption did not have any impact to our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis." This ASU amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. ASU No. 2015-02 considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The ASU amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity's related parties affect the consolidation conclusion. The ASU also clarifies how to determine whether equity holders as a group have power over an entity. The provisions of ASU No. 2015-02 were effective for us as of January 1, 2016. Upon adoption of this update, we have reported 10 additional entities as VIEs, since the limited partners in these entities do not have either substantive kick-out or participating rights. The adoption expanded our VIE disclosures for these 10 entities, but had no impact to our consolidated balance sheets or consolidated statements of operations or cash flows as the consolidation status of these entities did not change. Retrospective disclosures associated with our VIEs were made to conform to the current year presentation. In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." This ASU allows measurement-period adjustments associated with business combinations recorded in the reporting period in which the adjustment amounts are determined, rather than retrospectively, as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU No. 2015-16 were effective for us as of January 1, 2016. We have adopted this update, and the adoption did not have have any impact to our consolidated financial statements. Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. In anticipation of adopting this ASU, we have formed a team to determine the elements of the ASU that impact our contracts. As each sale contract is unique in our industry, many of the contracts will have to be re-reviewed. We are assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements, which may include the timing related to sales recognition on real estate. Also, we are evaluating whether we will adopt on a retrospective basis or modified retrospective basis. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We are currently assessing the impact to our 5,800 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Additionally, this ASU will limit the capitalization associated with leasing commissions, primarily internally-generated lease commissions, of which we capitalized internal costs of $7.2 million during the year ended December 31, 2016 . In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis, and early adoption was permitted. We believe the adoption of this ASU will not have a material impact to our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalent that results from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flow. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flow when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements, including early adoption. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets be concentrated in a single asset or identifiable group of similar assets that the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU as of January 1, 2017. Upon adoption, we expect a reduction in the number of our future acquisitions to be considered a business combination, which would reduce the amount of disclosures in our consolidated financial statements. Upon adoption, certain acquisition costs that were previously expensed may be capitalized. During the year ended December 31, 2016 , we incurred acquisition costs of $1.4 million . |
Property
Property | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Property | Property Our property consisted of the following (in thousands): December 31, 2016 2015 Land $ 1,107,072 $ 929,958 Land held for development 82,953 95,524 Land under development 51,761 17,367 Buildings and improvements 3,489,685 3,152,215 Construction in-progress 57,674 67,895 Total $ 4,789,145 $ 4,262,959 During the year ended December 31, 2016 , we sold 12 centers and other property. Aggregate gross sales proceeds from these transactions approximated $241.9 million and generated gains of approximately $100.7 million . Also, during the year ended December 31, 2016 , we acquired three centers and other property with an aggregate gross purchase price of approximately $464.6 million , which included the consolidation of a property from the acquisition of a partner's 50% interest in an unconsolidated tenancy-in-common arrangement, and we invested $63.3 million in new development projects. Also during 2016, property increased by $58.7 million as a result of a business combination. See Note 23 for additional information. At December 31, 2016 , one center, totaling $1.6 million before accumulated depreciation, was classified as held for sale. At December 31, 2015 , one center, totaling $53.2 million before accumulated depreciation, was classified as held for sale. Neither of these centers qualified to be reported as discontinued operations, and each was sold subsequent to the applicable reporting period. |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Real Estate Joint Ventures And Partnerships | Investment in Real Estate Joint Ventures and Partnerships We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the periods presented in 2016 and 2015. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): December 31, 2016 2015 Combined Condensed Balance Sheets ASSETS Property $ 1,196,770 $ 1,290,784 Accumulated depreciation (261,392 ) (293,474 ) Property, net 935,378 997,310 Other assets, net 114,554 130,251 Total Assets $ 1,049,932 $ 1,127,561 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 301,480 $ 345,186 Amounts payable to Weingarten Realty Investors and Affiliates 12,585 12,285 Other liabilities, net 24,902 29,509 Total Liabilities 338,967 386,980 Equity 710,965 740,581 Total Liabilities and Equity $ 1,049,932 $ 1,127,561 Year Ended December 31, 2016 2015 2014 Combined Condensed Statements of Operations Revenues, net $ 138,316 $ 148,875 $ 153,301 Expenses: Depreciation and amortization 38,242 37,771 40,235 Interest, net 16,076 17,053 22,657 Operating 26,126 26,797 27,365 Real estate taxes, net 17,408 18,525 18,159 General and administrative 816 839 916 Provision for income taxes 113 197 417 Impairment loss 1,303 7,487 1,526 Total 100,084 108,669 111,275 Gain on sale of non-operating property 373 — — Gain on dispositions 14,816 5,171 12,949 Net Income $ 53,421 $ 45,377 $ 54,975 Our investment in real estate joint ventures and partnerships, as reported in our Consolidated Balance Sheets, differs from our proportionate share of the entities’ underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $2.6 million and $4.9 million at December 31, 2016 and 2015 , respectively, are generally amortized over the useful lives of the related assets. Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain centers was not recoverable and that the centers should be written down to fair value. For the year ended December 31, 2016 , 2015 and 2014 , our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million , $7.5 million and $1.5 million , respectively, associated primarily with various centers that have been marketed and sold during the period. Fees earned by us for the management of these real estate joint ventures and partnerships totaled $5.1 million in 2016 , $4.5 million in 2015 and $4.6 million in 2014 . During 2016, we paid an unconsolidated joint venture $4.8 million for a receivable that was included in their Other assets, net at December 31, 2015 . During 2016, five centers and a land parcel were sold with aggregate gross sales proceeds of approximately $78.7 million , of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $3.9 million . Additionally, one center with a gross purchase price of $73 million was acquired, of which our interest aggregated 69% . In September 2016, we acquired our partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements. In October 2016, an unconsolidated joint venture distributed land to both us and our partner, totaling $4.4 million . In December 2016, we entered into a new joint venture agreement for the development of a mixed-use project, of which we anticipate having an aggregated 90% interest upon the future purchase of land in 2017 (See Note 21 for additional information). As of December 31, 2015 , we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million , respectively. In February 2016 , in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value (See Note 23 for additional information). During 2015, we sold one center held in a 50% owned unconsolidated real estate joint venture for approximately $1.1 million , of which our share of the gain totaled $.6 million . Associated with this transaction, a gain of $.9 million on our investment of this real estate joint venture was realized. Additionally, we sold three centers and other property held in unconsolidated joint ventures for approximately $17.6 million , of which our share of the gain totaled $1.0 million . Also, a 51% owned unconsolidated real estate joint venture acquired real estate assets of approximately $54.1 million . |
Identified Intangible Assets An
Identified Intangible Assets And Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identified Intangible Assets And Liabilities | Identified Intangible Assets and Liabilities Identified intangible assets and liabilities associated with our property acquisitions are as follows (in thousands): December 31, 2016 2015 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 44,595 $ 37,595 Above-market leases - Accumulated Amortization (13,579 ) (14,421 ) Below-market assumed mortgages (included in Debt, net) 1,671 1,671 Below-market assumed mortgages - Accumulated Amortization (1,564 ) (1,307 ) In place leases (included in Unamortized Lease Costs, net) 232,528 148,904 In place leases - Accumulated Amortization (82,571 ) (67,762 ) $ 181,080 $ 104,680 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 110,878 $ 50,370 Below-market leases - Accumulated Amortization (23,109 ) (22,080 ) Above-market assumed mortgages (included in Debt, net) 10,375 32,777 Above-market assumed mortgages - Accumulated Amortization (5,186 ) (27,272 ) $ 92,958 $ 33,795 These identified intangible assets and liabilities are amortized over the applicable lease terms or the remaining lives of the assumed mortgages, as applicable. The net amortization of above-market and below-market leases increased (decreased) rental revenues by $2.1 million , $(.5) million and $(1.7) million in 2016 , 2015 and 2014 , respectively. The significant year over year change in rental revenues in 2016 to 2015 is primarily due to acquisitions during 2016. The estimated net amortization of these intangible assets and liabilities will increase rental revenues for each of the next five years as follows (in thousands): 2017 $ 3,044 2018 2,963 2019 3,346 2020 3,403 2021 3,315 The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $18.0 million , $12.3 million and $12.0 million in 2016 , 2015 and 2014 , respectively. The significant year over year change in depreciation and amortization from 2016 to 2015 is primarily due to acquisitions during 2016. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands): 2017 $ 19,789 2018 17,539 2019 15,291 2020 14,081 2021 11,930 The net amortization of above-market and below-market assumed mortgages decreased net interest expense by $1.0 million , $.7 million and $1.0 million in 2016 , 2015 and 2014 , respectively. The estimated net amortization of these intangible assets and liabilities will decrease net interest expense for each of the next five years as follows (in thousands): 2017 $ 1,100 2018 1,207 2019 1,207 2020 436 2021 287 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following (in thousands): December 31, 2016 2015 Debt payable, net to 2038 (1) $ 2,023,403 $ 1,872,942 Unsecured notes payable under credit facilities 245,000 149,500 Debt service guaranty liability 67,125 69,835 Obligations under capital leases 21,000 21,000 Total $ 2,356,528 $ 2,113,277 ___________________ (1) At December 31, 2016 , interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0% . At December 31, 2015 , interest rates ranged from 1.0% to 8.6% at a weighted average rate of 4.3% . The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): December 31, 2016 2015 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 2,089,769 $ 1,869,683 Variable-rate debt 266,759 243,594 Total $ 2,356,528 $ 2,113,277 As to collateralization: Unsecured debt $ 1,913,399 $ 1,650,521 Secured debt 443,129 462,756 Total $ 2,356,528 $ 2,113,277 We maintain a $500 million unsecured revolving credit facility, which was last amended and extended on March 30, 2016 . This facility expires in March 2020 , provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At December 31, 2016 , the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million . Additionally, an accordion feature allows us to increase the facility amount up to $850 million . As of December 31, 2015 , we had a $500 million unsecured revolving credit facility that had borrowing rates that floated at a margin over LIBOR plus a facility fee. At December 31, 2015 , the borrowing margin and facility fee, which were priced off a grid that was tied to our senior unsecured credit ratings, were 105 and 15 basis points, respectively. The facility also contained a competitive bid feature that allowed us to request bids for up to $250 million . Additionally, an accordion feature allowed us to increase the facility amount up to $700 million . Effective March 2015 , we entered into an agreement with a bank for a short-term, unsecured facility totaling $20 million that we maintain for cash management purposes. We extended and amended this agreement to reduce the facility to $10 million on March 27, 2016 . The facility, which matures in March 2017 , provides for fixed interest rate loans at a 30 -day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125 , 10 , and 10 basis points, respectively. The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): December 31, 2016 2015 Unsecured revolving credit facility: Balance outstanding $ 245,000 $ 140,000 Available balance 250,140 355,190 Letter of credit outstanding under facility 4,860 4,810 Variable interest rate (excluding facility fee) 1.5 % 1.3 % Unsecured short-term facility: Balance outstanding $ — $ 9,500 Variable interest rate — % 1.7 % Both facilities: Maximum balance outstanding during the year $ 372,000 $ 244,500 Weighted average balance 141,017 100,506 Year-to-date weighted average interest rate (excluding facility fee) 1.3 % 0.9 % Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4 x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040 . Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of December 31, 2016 and 2015 , we had $67.1 million and $69.8 million outstanding for the debt service guaranty liability, respectively. During 2016 , we repaid $75 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.5% . In August 2016, we issued $250 million of 3.25% senior unsecured notes maturing in 2026 . The notes were issued at 99.16% of the principal amount with a yield to maturity of 3.35% . The net proceeds received of $246.3 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility. In June 2016, we amended an existing $90 million secured note to extend the maturity to 2028 and reduce the interest rate from 7.5% to 4.5% per annum. In connection with this transaction, we have recorded a $2.0 million gain on extinguishment of debt that has been classified as net interest expense in our Consolidated Statements of Operations. In May 2015, we issued $250 million of 3.85% senior unsecured notes maturing in 2025 . The notes were issued at 99.23% of the principal amount with a yield to maturity of 3.94% . The net proceeds received of $246.5 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility. In March 2015, we entered into a $200 million unsecured term loan. We used the proceeds to pay down amounts outstanding under our $500 million unsecured revolving credit facility. The loan matures in March 2020, and we have the option to repay the loan without penalty at any time. Borrowing rates under the agreement float at a margin over LIBOR and are priced off a grid that is tied to our senior unsecured credit ratings, which is currently 97.5 basis points, which have been swapped to a fixed rate of 2.5% . Additionally, the loan contains an accordion feature which allows us to increase the loan amount up to an additional $100 million . During 2015, we repaid $90 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.4% . Additionally, we amended an existing $66 million secured note to extend the maturity to 2025 and reduced the interest rate from 7.4% to 3.5% per annum. In connection with this transaction, we have recorded $6.1 million of debt extinguishment costs that have been classified as net interest expense in our Consolidated Statements of Operations. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At December 31, 2016 and 2015 , the carrying value of such property aggregated $.7 billion and $.8 billion , respectively. Scheduled principal payments on our debt (excluding $245.0 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $(6.1) million net premium/(discount) on debt, $(10.6) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $67.1 million debt service guaranty liability) are due during the following years (in thousands): 2017 $ 86,710 2018 80,427 2019 56,245 2020 237,779 2021 17,667 2022 307,857 2023 305,705 2024 255,965 2025 303,314 2026 277,304 Thereafter 106,025 Total $ 2,034,998 Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of December 31, 2016 . |
Derivatives And Hedging
Derivatives And Hedging | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives And Hedging | Derivatives and Hedging The fair value of all our interest rate swap contracts was reported as follows (in thousands): Assets Liabilities Balance Sheet Location Amount Balance Sheet Location Amount Designated Hedges: December 31, 2016 Other Assets, net $ 126 Other Liabilities, net $ — December 31, 2015 Other Assets, net 2,664 Other Liabilities, net 725 The gross presentation, the effects of offsetting for derivatives with a right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands): Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2016 Assets $ 126 $ — $ 126 $ — $ — $ 126 December 31, 2015 Assets 2,664 — 2,664 (346 ) — 2,318 Liabilities 725 — 725 (346 ) — 379 Cash Flow Hedges: As of December 31, 2016 and 2015 , we had three interest rate swap contracts, maturing March 2020 , with an aggregate notional amount of $200 million that were designated as cash flow hedges and fix the LIBOR component of the interest rates at 1.5% . We have determined that these contracts are highly effective in offsetting future variable interest cash flows. During 2016, we entered into and settled a forward-starting interest rate swap contract with an aggregate notional amount of $200 million hedging future fixed-rate debt issuances, which fixed the 10 -year swap rates at 1.5% per annum. Upon settlement of this contract in August 2016, we paid $2.1 million resulting in a loss of $2.0 million in accumulated other comprehensive loss. During 2015, we entered into and settled two forward-starting interest rate swap contracts with an aggregate notional amount of $215 million hedging future fixed-rate debt issuances, which fixed the 10 -year swap rates at 2.0% per annum. Upon settlement of these contracts during 2015, we received $5.0 million resulting in a gain in accumulated other comprehensive loss. As of December 31, 2016 and 2015 , the net gain balance in accumulated other comprehensive loss relating to cash flow interest rate swap contracts was $6.4 million and $8.2 million , respectively, and will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, a loss of approximately $.2 million in accumulated other comprehensive loss is expected to be reclassified to net interest expense related to our interest rate contracts. Summary of cash flow interest rate swap contract hedging activity is as follows (in thousands): Derivatives Hedging Relationships Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended December 31, 2016 $ 3,192 Interest expense, net $ (1,435 ) Interest expense, net $ (96 ) Year Ended December 31, 2015 (1,946 ) Interest expense, (2,798 ) Interest expense, — Year Ended December 31, 2014 (131 ) Interest expense, (1,682 ) Interest expense, (370 ) Fair Value Hedges: Associated with the refinancing of a secured note, on June 24, 2016, we terminated two interest rate swap contracts that were designated as fair value hedges and had an aggregate notional amount of $62.9 million . Upon settlement, we received $2.2 million , which was recognized as part of the gain on extinguishment of debt related to the hedged debt. As of December 31, 2015 , we had two interest rate swap contracts, maturing through October 2017 , with an aggregate notional amount of $63.7 million that were designated as fair value hedges and convert fixed interest payments at rates of 7.5% to variable interest payments ranging from 4.41% to 4.44% . We have determined that our fair value hedges were highly effective in limiting our risk of changes in the fair value of fixed-rate notes attributable to changes in interest rates. A summary of fair value interest rate swap contract hedging activity is as follows (in thousands): Gain (Loss) on Contracts Gain (Loss) on Borrowings Net Settlements and Accruals on Contracts (1) (3) Amount of Gain (Loss) Recognized in Income (2) (3) Year Ended December 31, 2016 Interest expense, net $ (418 ) $ 418 $ 3,140 $ 3,140 Year Ended December 31, 2015 Interest expense, net (1,228 ) 1,228 2,030 2,030 Year Ended December 31, 2014 Interest expense, net (1,386 ) 1,386 2,179 2,179 ___________________ (1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements. (2) No ineffectiveness was recognized during the respective periods. (3) Included in the caption for the year ended December 31, 2016 is $2.2 million received upon the termination of two interest rate swap contracts. |
Preferred Shares Of Beneficial
Preferred Shares Of Beneficial Interest | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Preferred Shares Of Beneficial Interest | Preferred Shares of Beneficial Interest On May 8, 2015 , we redeemed the remaining outstanding Series F depositary shares totaling $150.0 million . Upon redemption of these shares, $9.7 million was reported as a deduction in arriving at net income attributable to common shareholders. The Series F Preferred Shares paid a 6.5% annual dividend and had a liquidation value of $2,500 per share. The following table discloses the cumulative redeemable preferred dividends declared per share: Year Ended December 31, 2015 2014 Series of Preferred Shares: Series F $ 64.55 $ 162.50 |
Common Shares Of Beneficial Int
Common Shares Of Beneficial Interest | 12 Months Ended |
Dec. 31, 2016 | |
Class of Stock Disclosures [Abstract] | |
Common Shares Of Beneficial Interest | Common Shares of Beneficial Interest In August 2016, we established a new ATM equity offering program under which we may, but are not obligated to, sell up to $250 million of common shares, in amounts and at times as we determine, at prices determined by the market at the time of sale. The common shares under this new program include common shares having an aggregate gross sales price of up to $34.1 million previously registered but unsold under the February 2015 ATM equity offering agreement. Actual sales may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds from future sales for general trust purposes, which may include acquisitions and reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt. In February 2015, we entered into an ATM equity offering agreement under which we may, but were not obligated to, sell up to $200 million of common shares. No shares remain available for sale under this agreement. The following shares were sold under the ATM equity offering programs (in thousands, except per share amounts): Year Ended December 31, 2016 2015 Shares sold 3,465 1,129 Weighted average price per share $ 38.35 $ 36.18 Gross proceeds $ 132,884 $ 40,836 As of the date of this filing, $242.2 million of common shares remained available for sale under the ATM equity program. In October 2015, our Board of Trust Managers approved a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan. Common dividends declared per share were $1.46 , $1.38 and $1.55 for the year ended December 31, 2016 , 2015 and 2014 , respectively. The regular dividend rate per share for our common shares for each quarter of 2016 and 2015 was $.365 and $.345 , respectively. Also in December 2014, we paid a special dividend on our common shares in the amount of $0.25 per share, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2016 , our Board of Trust Managers approved a first quarter dividend of $.385 per common share, an increase from $.365 per common share in 2016 . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands): Year Ended December 31, 2016 2015 2014 Net income adjusted for noncontrolling interests $ 238,933 $ 174,352 $ 288,008 Transfers from the noncontrolling interests: Increase in equity for operating partnership units — 111 — Net increase in equity for the acquisition of noncontrolling interests 2,139 — 11,015 Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests $ 241,072 $ 174,463 $ 299,023 |
Leasing Operations
Leasing Operations | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Leasing Operations | Leasing Operations The terms of our leases range from less than one year for smaller tenant spaces to over 25 years for larger tenant spaces. In addition to minimum lease payments, most of the leases provide for contingent rentals (payments for real estate taxes, maintenance and insurance by lessees and an amount based on a percentage of the tenants’ sales). Future minimum rental income from non-cancelable tenant leases, excluding leases associated with property held for sale and estimated contingent rentals, at December 31, 2016 is as follows (in thousands): 2017 $ 410,810 2018 356,719 2019 301,351 2020 246,181 2021 184,156 Thereafter 603,330 Total $ 2,102,547 Contingent rentals for the year ended December 31, are as follows (in thousands): 2016 $ 114,505 2015 107,931 2014 109,714 |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |
Impairment | Impairment The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (in thousands): Year Ended December 31, 2016 2015 2014 Continuing operations: Property marketed for sale or sold (1) $ 98 $ 153 $ 808 Other — — 216 Total impairment charges 98 153 1,024 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net 326 1,497 305 Net impact of impairment charges $ 424 $ 1,650 $ 1,329 ___________________ (1) Amounts reported were based on third party offers. |
Income Tax Considerations
Income Tax Considerations | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Considerations | Income Tax Considerations We qualify as a REIT under the provisions of the Internal Revenue Code, and therefore, no tax is imposed on our taxable income distributed to shareholders. To maintain our REIT status, we must distribute at least 90% of our ordinary taxable income to our shareholders and meet certain income source and investment restriction requirements. Our shareholders must report their share of income distributed in the form of dividends. Taxable income differs from net income for financial reporting purposes primarily because of differences in the timing of recognition of depreciation, rental revenue, repair expense, compensation expense, impairment losses and gain from sales of property. As a result of these differences, the book value of our net fixed assets is in excess of tax basis by $268.7 million and $228.0 million at December 31, 2016 and 2015 , respectively. The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands): Year Ended December 31, 2016 2015 2014 Net income adjusted for noncontrolling interests $ 238,933 $ 174,352 $ 288,008 Net (income) loss of taxable REIT subsidiary included above (14,497 ) 340 (4,092 ) Net income from REIT operations 224,436 174,692 283,916 Book depreciation and amortization including discontinued operations 162,534 145,940 150,616 Tax depreciation and amortization (104,734 ) (87,416 ) (90,328 ) Book/tax difference on gains/losses from capital transactions (64,917 ) (53,902 ) (87,387 ) Deferred/prepaid/above and below-market rents, net (13,114 ) (5,375 ) (3,617 ) Impairment loss from REIT operations including discontinued operations 369 1,536 942 Other book/tax differences, net (2,694 ) (1,679 ) (6,399 ) REIT taxable income 201,880 173,796 247,743 Dividends paid deduction (1) (201,880 ) (174,628 ) (247,743 ) Dividends paid in excess of taxable income $ — $ (832 ) $ — ___________________ (1) For 2016 and 2014 , the dividends paid deduction includes designated dividends of $16.8 million and $114.0 million from 2017 and 2015 , respectively. For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows: Year Ended December 31, 2016 2015 2014 Ordinary income 80.7 % 92.7 % 54.0 % Capital gain distributions 19.3 % 4.3 % 46.0 % Return of capital (nontaxable distribution) — % 3.0 % — % Total 100.0 % 100.0 % 100.0 % Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands): December 31, 2016 2015 Deferred tax assets: Impairment loss (1) $ 13,476 $ 13,538 Allowance on other assets 117 100 Interest expense 9,246 11,707 Net operating loss carryforwards (2) 8,413 10,071 Straight-line rentals 813 337 Book-tax basis differential 4,380 3,777 Other 348 421 Total deferred tax assets 36,793 39,951 Valuation allowance (3) (25,979 ) (27,230 ) Total deferred tax assets, net of allowance $ 10,814 $ 12,721 Deferred tax liabilities: Book-tax basis differential (1) $ 10,998 $ 7,205 Other 553 333 Total deferred tax liabilities $ 11,551 $ 7,538 ___________________ (1) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold. (2) We have net operating loss carryforwards of $23.7 million that expire between the years of 2029 and 2034 . (3) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced. We are subject to federal, state and local income taxes and have recorded an income tax provision (benefit) as follows (in thousands): Year Ended December 31, 2016 2015 2014 Net income (loss) before taxes of taxable REIT subsidiary $ 20,295 $ (989 ) $ 1,446 Federal provision (benefit) at statutory rate of 35% $ 7,103 $ (346 ) $ 506 Valuation allowance decrease (1,251 ) (309 ) (3,003 ) Other (54 ) 6 (149 ) Federal income tax provision (benefit) of taxable REIT subsidiary (1) 5,798 (649 ) (2,646 ) Texas franchise tax (2) 1,058 701 1,403 Total $ 6,856 $ 52 $ (1,243 ) ___________________ (1) All periods presented are open for examination by the IRS. (2) For all periods presented, amounts include the effects that are reported in discontinued operations. See Note 14 for additional information. Also, a current tax obligation of $1.0 million and $.8 million has been recorded at December 31, 2016 and 2015 , respectively, in association with these taxes. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Since the adoption of the new qualification criteria for discontinued operations on April 1, 2014, no dispositions have qualified as discontinued operations. During 2014 , we sold 12 centers, three in each of Georgia and Texas and two in each of Florida, Louisiana and North Carolina. These dispositions represent the centers that were classified as discontinued operations or held for sale prior to April 1, 2014, our adoption date for the new qualification criteria for discontinued operations (see Note 2 for additional information). The operating results have been reclassified and reported as discontinued operations in the Consolidated Statements of Operations as follows (in thousands): Year Ended December 31, 2014 Revenues, net $ 1,062 Depreciation and amortization (260 ) Operating expenses (285 ) Real estate taxes, net (136 ) General and administrative (2 ) Interest, net (19 ) Provision for income taxes (18 ) Operating income from discontinued operations 342 Gain on sale of property from discontinued operations 44,582 Income from discontinued operations $ 44,924 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Non-cash investing and financing activities are summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Accrued property construction costs $ 5,738 $ 9,566 $ 6,265 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures 2,139 — 11,015 Exchange of operating partnership units for common shares — 111 — Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture — — (6,431 ) Reduction of debt service guaranty liability (2,710 ) (2,270 ) (1,635 ) Property acquisitions and investments in unconsolidated real estate joint ventures: Increase in property, net 10,573 — — Decrease in real estate joint ventures and partnerships - investments (2,315 ) — — Increase in debt, net — 20,966 — Sale of property and property interest: Decrease in property, net — — (127,837 ) Decrease in real estate joint ventures and partnerships - investments — — (17 ) Decrease in other, net — — (34 ) Decrease in debt, net due to debt assumption — — (11,069 ) Decrease in security deposits — — (459 ) Decrease in noncontrolling interests — — (155,278 ) Consolidation of joint ventures (see Note 23): Increase in property, net 58,665 — — Increase in restricted deposits and mortgage escrows 30 — — Increase in security deposits 169 — — Increase in debt, net 48,727 — — Decrease in equity associated with deferred compensation plan (see Note 1) (44,758 ) — — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with SEC guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Numerator: Continuing Operations: Income from continuing operations $ 176,117 $ 121,601 $ 116,365 Gain on sale of property 100,714 59,621 146,290 Net income attributable to noncontrolling interests (37,898 ) (6,870 ) (19,623 ) Dividends on preferred shares — (3,830 ) (10,840 ) Redemption costs of preferred shares — (9,687 ) — Income from continuing operations attributable to 238,933 160,835 232,192 Income attributable to operating partnership units 1,996 — 2,171 Income from continuing operations attributable to $ 240,929 $ 160,835 $ 234,363 Discontinued Operations: Income from discontinued operations $ — $ — $ 44,924 Net loss attributable to noncontrolling interests — — 52 Income from discontinued operations attributable to common shareholders – basic and diluted $ — $ — $ 44,976 Net Income: Net income attributable to common shareholders – basic $ 238,933 $ 160,835 $ 277,168 Net income attributable to common shareholders – diluted $ 240,929 $ 160,835 $ 279,339 Denominator: Weighted average shares outstanding – basic 126,048 123,037 121,542 Effect of dilutive securities: Share options and awards 1,059 1,292 1,331 Operating partnership units 1,462 — 1,497 Weighted average shares outstanding – diluted 128,569 124,329 124,370 Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Share options (1) 2 463 908 Operating partnership units — 1,472 — Total anti-dilutive securities 2 1,935 908 ___________________ (1) Exclusion results as exercise prices were greater than the average market price for each respective period. |
Share Options And Awards
Share Options And Awards | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Options And Awards | Share Options and Awards In April 2011, our Long-Term Incentive Plan for the issuance of options and share awards expired, and issued options of .5 million remain outstanding as of December 31, 2016 . In May 2010, our shareholders approved the adoption of the Amended and Restated 2010 Long-Term Incentive Plan, under which 3.0 million of our common shares were reserved for issuance, and options and share awards of .9 million are available for future grant at December 31, 2016 . This plan expires in May 2020 . Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.5 million in 2016 , $7.4 million in 2015 and $7.9 million in 2014 , of which $1.9 million in 2016 , $1.5 million in 2015 and $2.3 million in 2014 was capitalized. Options The fair value of share options issued prior to 2012 was estimated on the date of grant using the Black-Scholes option pricing method based on the expected weighted average assumptions. Following is a summary of the option activity for the three years ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2014 3,543,746 $ 29.16 Forfeited or expired (307,413 ) 39.73 Exercised (339,210 ) 22.98 Outstanding, December 31, 2014 2,897,123 28.76 Forfeited or expired (435,840 ) 37.37 Exercised (94,633 ) 26.55 Outstanding, December 31, 2015 2,366,650 27.26 Forfeited or expired (460,722 ) 47.42 Exercised (971,727 ) 21.95 Outstanding, December 31, 2016 934,201 $ 22.85 The total intrinsic value of options exercised was $14.9 million in 2016 , $.9 million in 2015 and $4.2 million in 2014 . As of December 31, 2016 , all share options were vested, and there was no unrecognized compensation cost related to share options. As of December 31, 2015 , there was approximately $.05 million of total unrecognized compensation cost related to unvested share options, which was amortized over a weighted average of 0.2 years. The following table summarizes information about share options outstanding and exercisable at December 31, 2016 : Range of Exercise Prices Outstanding Exercisable Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value (000’s) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (000’s) $11.85 - $17.78 241,979 2.2 years $ 11.85 241,979 $ 11.85 2.2 years $17.79 - $26.69 479,127 3.9 years $ 24.15 479,127 $ 24.15 3.9 years $26.70 - $40.05 211,603 1.2 years $ 32.31 211,603 $ 32.31 1.2 years $40.06 - $49.62 1,492 0.2 years $ 49.62 1,492 $ 49.62 0.2 years Total 934,201 2.8 years $ 22.85 $ 12,089 934,201 $ 22.85 2.8 years $ 12,089 Share Awards The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions: Year Ended December 31, 2016 Minimum Maximum Dividend yield 0.0 % 4.0 % Expected volatility (1) 16.0 % 20.4 % Expected life (in years) N/A 3 Risk-free interest rate 0.5 % 0.9 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. A summary of the status of unvested share awards for the year ended December 31, 2016 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2016 589,906 $ 32.05 Granted: Service-based awards 119,958 34.56 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 50,170 37.11 Market-based awards relative to three-year absolute TSR 50,170 24.20 Trust manager awards 24,983 37.63 Vested (233,524 ) 32.05 Forfeited (10,809 ) 33.97 Outstanding, December 31, 2016 590,854 $ 32.52 As of December 31, 2016 and 2015 , there was approximately $2.0 million and $2.2 million , respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.8 years and 0.8 years, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan: The following tables summarize changes in the benefit obligation, the plan assets and the funded status of our pension plan as well as the components of net periodic benefit costs, including key assumptions (in thousands). The measurement dates for plan assets and obligations were December 31, 2016 and 2015 . December 31, 2016 2015 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 49,715 $ 50,218 Service cost 1,277 1,252 Interest cost 2,078 1,899 Actuarial loss (gain) (1) 1,976 (1,830 ) Benefit payments (2,071 ) (1,824 ) Benefit obligation at end of year $ 52,975 $ 49,715 Change in Plan Assets: Fair value of plan assets at beginning of year $ 42,341 $ 42,606 Actual return on plan assets 3,228 59 Employer contributions 2,000 1,500 Benefit payments (2,071 ) (1,824 ) Fair value of plan assets at end of year $ 45,498 $ 42,341 Unfunded status at end of year (included in accounts payable and accrued expenses in 2016 and 2015) $ (7,477 ) $ (7,374 ) Accumulated benefit obligation $ 52,824 $ 49,632 Net loss recognized in accumulated other comprehensive loss $ 16,528 $ 16,361 ___________________ (1) The year over year change in actuarial loss (gain) is associated primarily to census updates and a decrease in the discount rate in 2016. The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive loss (income) (in thousands): Year Ended December 31, 2016 2015 2014 Net loss $ 1,719 $ 1,276 $ 11,118 Amortization of net loss (1) (1,552 ) (1,423 ) (385 ) Total recognized in other comprehensive loss (income) $ 167 $ (147 ) $ 10,733 Total recognized in net periodic benefit costs and other comprehensive loss $ 2,103 $ 1,262 $ 10,967 ___________________ (1) The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.5 million . The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands): December 31, 2016 2015 Projected benefit obligation $ 52,975 $ 49,715 Accumulated benefit obligation 52,824 49,632 Fair value of plan assets 45,498 42,341 The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Service cost $ 1,277 $ 1,252 $ 1,008 Interest cost 2,078 1,899 1,800 Expected return on plan assets (2,971 ) (3,165 ) (2,959 ) Recognized loss 1,552 1,423 385 Total $ 1,936 $ 1,409 $ 234 The assumptions used to develop periodic expense are shown below: Year Ended December 31, 2016 2015 2014 Discount rate 4.11 % 3.83 % 4.70 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.50 % 7.50 % The selection of the discount rate is made annually after comparison to yields based on high quality fixed-income investments. The salary scale is the composite rate which reflects anticipated inflation, merit increases, and promotions for the group of covered participants. The long-term rate of return is a composite rate for the trust. It is derived as the sum of the percentages invested in each principal asset class included in the portfolio multiplied by their respective expected rates of return. We considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This analysis resulted in the selection of 7.00% as the long-term rate of return assumption for 2016 . The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2016 2015 2014 Discount rate 4.01 % 4.11 % 3.83 % Salary scale increases 3.50 % 3.50 % 3.50 % The expected contribution to be paid for the Retirement Plan by us during 2017 is approximately $2.0 million . The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2017 $ 2,139 2018 2,154 2019 2,268 2020 2,290 2021 2,480 2022-2026 14,477 The participant data used in determining the liabilities and costs for the Retirement Plan was collected as of January 1, 2016 , and no significant changes have occurred through December 31, 2016 . At December 31, 2016 , our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows: Portfolio Benchmark Cash and Short-Term Investments 2 % 1 % U.S. Stocks 51 % 56 % International Stocks 12 % 10 % U.S. Bonds 29 % 29 % International Bonds 5 % 4 % Other 1 % — % Total 100 % 100 % The fair value of plan assets was determined based on publicly quoted market prices for identical assets, which are classified as Level 1 observable inputs. The allocation of the fair value of plan assets was as follows: December 31, 2016 2015 Cash and Short-Term Investments 18 % 19 % Large Company Funds 36 % 35 % Mid Company Funds 6 % 7 % Small Company Funds 6 % 6 % International Funds 10 % 10 % Fixed Income Funds 16 % 14 % Growth Funds 8 % 9 % Total 100 % 100 % Concentrations of risk within our equity portfolio are investments classified within the following sectors: technology, financial services, consumer cyclical goods, healthcare and industrial, which represents approximately 21% , 17% , 15% , 15% and 9% of total equity investments, respectively. Defined Contribution Plans: Compensation expense related to our defined contribution plans was $3.5 million in 2016 , $3.7 million in 2015 and $3.2 million in 2014 . |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.2 million and $1.2 million outstanding as of December 31, 2016 and 2015 , respectively. We also had accounts payable and accrued expenses of $.3 million and $5.2 million outstanding as of December 31, 2016 and 2015 , respectively. For the year ended December 31, 2016 , 2015 and 2014 , we recorded joint venture fee income of $5.1 million , $4.5 million and $4.6 million , respectively. In September 2016, we acquired a partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements, and we recognized a gain of $9.0 million on the fair value remeasurement of our equity method investment. (See Note 23 for additional information). In October 2016, an unconsolidated joint venture distributed land to both us and our partner, and we recognized a gain of $1.9 million associated with the remeasurement of a land parcel. Also, we paid a payable totaling $4.8 million due to the unconsolidated joint venture (See Note 4 for additional information). In November 2016, we acquired our partner’s interest in two consolidated joint ventures for an aggregate amount of $3.3 million (See Note 10 for additional information). As of December 31, 2015 , we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million , respectively. In February 2016 , in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value, and recognized a gain of $37.4 million (See Note 23 for additional information). |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Leases We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under long-term ground leases. These ground leases expire at various dates through 2069 , with renewal options. Space in our shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one year to 25 years and, in some cases, for annual rentals subject to upward adjustments based on operating expense levels, sales volume, or contractual increases as defined in the lease agreements. Scheduled minimum rental payments under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, are as follows (in thousands): 2017 $ 3,058 2018 3,037 2019 2,989 2020 2,759 2021 2,615 Thereafter 114,373 Total $ 128,831 Rental expense for operating leases was, in millions: $3.0 in 2016 ; $3.2 in 2015 and $5.3 in 2014 . The decrease in rental expense from 2015 to 2014 is primarily due to dispositions of centers made in 2014. The scheduled future minimum revenues under subleases, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for the subsequent five years and thereafter ending December 31, are as follows (in thousands): 2017 $ 30,687 2018 27,484 2019 22,579 2020 18,739 2021 15,695 Thereafter 69,022 Total $ 184,206 Property under capital leases that is included in buildings and improvements consisted of two centers totaling $16.8 million at December 31, 2016 and 2015 . Amortization of property under capital leases is included in depreciation and amortization expense, and the balance of accumulated depreciation associated with these capital leases at December 31, 2016 and 2015 was $14.2 million and $13.8 million , respectively. Future minimum lease payments under these capital leases total $32.9 million , of which $11.9 million represents interest. Accordingly, the present value of the net minimum lease payments was $21.0 million at December 31, 2016 . The annual future minimum lease payments under capital leases as of December 31, 2016 are as follows (in thousands): 2017 $ 1,675 2018 1,683 2019 1,691 2020 1,700 2021 1,708 Thereafter 24,443 Total $ 32,900 Commitments and Contingencies As of December 31, 2016 and 2015 , we participated in two real estate ventures structured as DownREIT partnerships that have centers in Arkansas, North Carolina and Texas. As a general partner, we have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. No common shares were issued in exchange for any of these interests during the twelve months ended December 31, 2016 . For the twelve months ended December 31, 2015 , common shares valued at $.1 million were issued in exchange for certain of these interests. The aggregate redemption value of these interests was approximately $52 million and $51 million as of December 31, 2016 and December 31, 2015 , respectively. As of December 31, 2016 , we have entered into commitments aggregating $41.1 million comprised principally of construction contracts which are generally due in 12 to 36 months. We have executed an agreement to purchase the retail portion of a mixed-use project for approximately $24.0 million at delivery by the developer, which is estimated to occur in the first quarter of 2017 . Including this payment, our expected total investment in the retail portion of the project is approximately $30.7 million . We issue letters of intent signifying a willingness to negotiate for acquisitions, dispositions or joint ventures, as well as other types of potential transactions, during the ordinary course of our business. Such letters of intent and other arrangements are non-binding to all parties unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the acquisition or disposition of property are entered into, these contracts generally provide the purchaser a time period to evaluate the property and conduct due diligence. The purchaser, during this time, will have the ability to terminate a contract without penalty or forfeiture of any deposit or earnest money. No assurance can be provided that any definitive contracts will be entered into with respect to any matter covered by letters of intent, or that we will consummate any transaction contemplated by a definitive contract. Additionally, due diligence periods for property transactions are frequently extended as needed. An acquisition or disposition of property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. Our risk is then generally extended only to any earnest money deposits associated with property acquisition contracts, and our obligation to sell under a property sales contract. We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. Litigation We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At December 31, 2016 and 2015, nine and 11 of our real estate joint ventures, whose activities primarily consisted of owning and operating 25 and 30 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities' activities without any substantive kick-out or participating rights. In July 2016, in conjunction with the acquisition of a property with a net book net value of $249.5 million at December 31, 2016 , we entered into a like-kind exchange agreement with a third party intermediary for tax purposes. The third party purchased the property via our financing, and then leased the property to us. Based on the associated agreements, we have determined that the entity is a VIE, and we are the primary beneficiary based on our significant power to direct the entity's activities without any substantive kick-out or participating rights. Accordingly, we consolidated the property and its operations as of the respective acquisition date. Subsequent to December 31, 2016 , the ownership of this property was conveyed to us in accordance with the terms of the like-kind exchange agreement. A summary of our consolidated VIEs is as follows (in thousands): December 31, 2016 2015 Assets Held by VIEs (1) $ 504,293 $ 289,558 Assets Held as Collateral for Debt (2) 46,136 57,735 Maximum Risk of Loss (2) 29,784 37,178 ___________________ (1) Upon adoption of ASU No. 2015-02, "Amendments to the Consolidation Analysis," prior year's amount was made to conform to the current year presentation. See Note 2 for additional information. (2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. In May 2015, a joint venture agreement was amended to reflect an additional contribution of $43 million made by us to the joint venture in the form of a preferred equity arrangement. The amended agreement specified that these funds were to be used by the joint venture to pay down debt that became due. This arrangement provided the most favorable economics, including financing and taxation considerations, to the joint venture, as well as to us. During 2016, the venture paid off the preferred equity with us. Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures on our consolidated financial statements have primarily been positive as demonstrated by the generation of net income and operating cash flows, as well as the receipt of cash distributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls, development expenditures and unplanned capital expenditures. For the year ended December 31, 2016 , $2.5 million in additional contributions were made primarily for capital activities. Currently, $.2 million of additional contributions are anticipated for 2017. Unconsolidated VIEs: At December 31, 2016 and 2015 , one unconsolidated real estate joint ventures was determined to be a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. In December 2016, we entered into one joint venture arrangement for the future development of a mixed-use project. Based on the associated agreements, we have determined that the entity is a VIE; however, we are not the primary beneficiary due to the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. A summary of our unconsolidated VIEs is as follows (in thousands): December 31, 2016 2015 Investment in Real Estate Joint Ventures and Partnerships, net (1) (2) $ 886 $ 10,497 Maximum Risk of Loss (3) 34,000 10,992 ___________________ (1) The carrying amount of the investment represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. (2) As of December 31, 2016 , the carrying amount of the investment for one VIE is $(9) million , which is included in Other Liabilities and results from the distribution of proceeds from the issuance of debt. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. We and our partner are subject to the provisions of the joint venture agreement that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. We anticipate funding approximately $127 million in equity and debt associated with the mixed-use project through 2020 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements: Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 , aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at December 31, 2016 Assets: Investments, mutual funds held in a grantor trust $ 26,328 $ 26,328 Investments, mutual funds 7,670 7,670 Derivative instruments: Interest rate contracts $ 126 126 Total $ 33,998 $ 126 $ — $ 34,124 Liabilities: Deferred compensation plan obligations $ 26,328 $ 26,328 Total $ 26,328 $ — $ — $ 26,328 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at December 31, 2015 Assets: Investments, mutual funds held in a grantor trust $ 20,579 $ 20,579 Investments, mutual funds 7,043 7,043 Derivative instruments: Interest rate contracts $ 2,664 2,664 Total $ 27,622 $ 2,664 $ — $ 30,286 Liabilities: Derivative instruments: Interest rate contracts $ 725 $ 725 Deferred compensation plan obligations $ 20,579 20,579 Total $ 20,579 $ 725 $ — $ 21,304 Fair Value Disclosures: Unless otherwise listed below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments. Schedule of our fair value disclosures is as follows (in thousands): December 31, 2016 2015 Carrying Value Fair Value Using Significant Other Observable Inputs (Level 2) Fair Value Using Significant Unobservable Inputs (Level 3) Carrying Value Fair Value Fair Value Tax increment revenue bonds (1) $ 23,910 $ 23,910 $ 25,162 $ 25,162 Investments, held to maturity (2) 5,240 $ 5,248 1,750 $ 1,750 Debt: Fixed-rate debt 2,089,769 2,132,082 1,869,683 1,907,579 Variable-rate debt 266,759 265,230 243,594 248,460 ___________________ (1) At December 31, 2016 and 2015 , the credit loss balance on our tax increment revenue bonds was $31.0 million . (2) Investments held to maturity are recorded at cost. As of December 31, 2016 , an $8 thousand unrealized gain was recognized on these investments, and at December 31, 2015 , no unrealized gain or loss was recognized. The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2016 and 2015 reported in the above tables, is as follows: Description Fair Value at December 31, Unobservable Inputs Range 2016 2015 Minimum Maximum (in thousands) Valuation Technique 2016 2015 2016 2015 Tax increment revenue bonds $ 23,910 $ 25,162 Discounted cash flows Discount rate 6.5 % 6.5 % 7.5 % 7.5 % Expected future growth rate 1.0 % 1.0 % 2.0 % 2.0 % Expected future inflation rate 1.0 % 1.0 % 3.0 % 3.0 % Fixed-rate debt 2,132,082 1,907,579 Discounted cash flows Discount rate 3.0 % 2.4 % 5.2 % 5.5 % Variable-rate debt 265,230 248,460 Discounted cash flows Discount rate 1.6 % 1.3 % 2.4 % 3.2 % |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combination Effective February 12, 2016 , we acquired a partner’s 49% interest in an unconsolidated joint venture associated with two centers in Colorado, which resulted in the consolidation of these centers (see Note 19 for additional information). Management has determined that this transaction qualified as a business combination to be accounted for under the acquisition method. Accordingly, the assets and liabilities of this transaction were recorded in our Consolidated Balance Sheet at their estimated fair values as of the effective date. Fair value of assets acquired, liabilities assumed and equity interests were estimated using market-based measurements, including cash flow and other valuation techniques. The fair value measurements are based on both significant inputs for similar assets and liabilities in comparable markets and significant inputs that are not observable in the markets in accordance with our fair value measurements accounting policy. Key assumptions include third-party appraisals; a minority interest discount rate of 20% ; cash flow discount rates ranging from 6.5% to 8% ; a terminal capitalization rate for similar properties ranging from 6% to 7.5% ; and factors that we believe market participants would consider in estimating fair value. The result of this transaction is included in our Consolidated Statements of Operations beginning February 12, 2016 . The following table summarizes the business combination, including the assets acquired and liabilities assumed as indicated (in thousands): February 12, 2016 Fair value of our equity interest before business combination $ 22,514 (1) Gain recognized on equity interest remeasured to fair value $ 37,383 (2) Amounts recognized for assets and liabilities assumed: Assets: Property $ 58,665 Unamortized lease costs 8,936 Accrued rent and accounts receivable 102 Cash and cash equivalents 3,555 Other, net 4,992 Liabilities: Debt, net (48,727 ) Accounts payable and accrued expenses (1,339 ) Other, net (3,670 ) Total net assets $ 22,514 ___________________ (1) Includes $2.5 million of cash received from the partner. (2) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations. During 2016 , we acquired three shopping centers located in Arizona and Florida, and we consolidated a partner's 50% interest in an unconsolidated tenancy-in-common arrangement related to a property in Colorado. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands): December 31, 2016 Fair value of our equity interest before acquisition $ 13,579 Fair value of consideration transferred $ 443,745 Acquisition costs (included in operating expenses) $ 936 Gain on acquisition $ 9,015 (1) Amounts recognized for assets and liabilities assumed: Assets: Property $ 433,055 Unamortized lease costs 80,951 Accrued rent and accounts receivable 122 Cash and cash equivalents 556 Other, net 6,812 Liabilities: Accounts payable and accrued expenses (6,383 ) Other, net (62,254 ) Total net assets $ 452,859 _______________ (1) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations. The following table summarizes the impact to revenues and net income attributable to common shareholders from our business combination and acquisitions (in thousands): Year Ended December 31, 2016 Increase in revenues $ 23,337 Increase in net income attributable to common shareholders 230 The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from our business combination and acquisitions (in years): December 31, 2016 Assets: In place leases 18.4 Above-market leases 29.7 Liabilities: Below-market leases 20.3 Above-market assumed mortgages 4.8 The following unaudited supplemental pro forma data is presented for the periods ended December 31, 2016 and 2015 , as if these transactions occurring in 2016 were completed on January 1, 2015 . The gains and acquisition costs related to these transactions were adjusted to the assumed acquisition date. The unaudited supplemental pro forma data is not necessarily indicative of what the actual results of our operations would have been assuming the transactions had been completed as set forth above, nor does it purport to represent our results of operations for future periods (in thousands, except per share amounts): Pro Forma (1) Pro Forma (1) Revenues $ 567,985 $ 547,381 Net income 236,461 234,307 Net income attributable to common shareholders - basic 198,563 213,920 Net income attributable to common shareholders - diluted 200,559 215,823 Earnings per share – basic 1.58 1.74 Earnings per share – diluted 1.56 1.72 ___________________ (1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Summarized quarterly financial data is as follows (in thousands): First Second Third Fourth 2016 Revenues $ 132,417 $ 135,676 $ 138,599 $ 142,863 Net income 108,667 (1)(2) 37,651 (1)(3) 61,337 (1)(2) 69,176 (1) Net income attributable to common shareholders 107,074 (1)(2) 35,816 (1)(3) 51,901 (1)(2)(4) 44,142 (1)(4) Earnings per common share – basic .87 (1)(2) .28 (1)(3) .41 (1)(2)(4) .35 (1)(4) Earnings per common share – diluted .85 (1)(2) .28 (1)(3) .40 (1)(2)(4) .34 (1)(4) 2015 Revenues $ 125,599 $ 126,804 $ 130,787 $ 129,654 Net income 49,222 (1)(3) 37,786 (1) 45,188 (1) 49,026 (1) Net income attributable to common shareholders 44,937 (1)(3) 25,222 (1)(5) 43,401 (1) 47,275 (1) Earnings per common share – basic .37 (1)(3) .20 (1)(5) .35 (1) .38 (1) Earnings per common share – diluted .36 (1)(3) .20 (1)(5) .35 (1) .38 (1) ___________________ (1) The quarter results include significant gains on the sale of properties and real estate joint venture and partnership interests and on acquisitions, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $82.8 million , $4.2 million , $31.1 million and $34.9 million for the three months ended March 31, 2016 , June 30, 2016 , September 30, 2016 and December 31, 2016 , respectively, and $23.4 million , $8.2 million , $13.2 million and $15.7 million for the three months ended March 31, 2015 , June 30, 2015 , September 30, 2015 , and December 31, 2015 , respectively. (2) The quarter results include $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016 , respectively, for deferred taxes at our taxable REIT subsidiary associated with gains from an exchange of properties and a property sale. (3) The quarter results include a (gain) loss on extinguishment of debt totaling $(2.0) million and $6.1 million for the three months ended June 30, 2016 and March 31, 2015 , respectively. (4) The quarter results include $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016 , respectively, for gains discussed in (1) above in net income attributable to noncontrolling interests. (5) The quarter results include a $9.7 million deduction associated with the redemption of Series F preferred shares (see Note 8 for additional information). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In February 2017, our deferred compensation plan was amended. Participants in the plan will no longer be able to diversify their common shares of beneficial interest of Weingarten Realty Investors six months after vesting. In February 2017, approximately $46.4 million in deferred compensation share awards will be reclassified to shareholders' equity in our Consolidated Balance Sheet. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | WEINGARTEN REALTY INVESTORS VALUATION AND QUALIFYING ACCOUNTS December 31, 2016 , 2015 , and 2014 (Amounts in thousands) Description Balance at beginning of period Charged to costs and expenses Deductions (1) Balance at end of period 2016 Allowance for Doubtful Accounts $ 6,072 $ 2,427 $ 1,799 $ 6,700 Tax Valuation Allowance 27,230 — 1,251 25,979 2015 Allowance for Doubtful Accounts $ 7,680 $ 1,179 $ 2,787 $ 6,072 Tax Valuation Allowance 27,539 — 309 27,230 2014 Allowance for Doubtful Accounts $ 9,386 $ 1,914 $ 3,620 $ 7,680 Tax Valuation Allowance 30,541 2,239 5,241 27,539 ___________________ (1) Write-offs of amounts previously reserved. |
Real Estate And Accumulated Dep
Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction Centers: 10-Federal Shopping Center $ 1,791 $ 7,470 $ 936 $ 1,791 $ 8,406 $ 10,197 $ (7,198 ) $ 2,999 $ (5,734 ) 03/20/2008 1919 North Loop West 1,334 8,451 12,844 1,337 21,292 22,629 (10,615 ) 12,014 — 12/05/2006 1935 West Gray 5,965 955 8,810 12,564 3,166 15,730 (52 ) 15,678 — 12/01/2015 580 Market Place 3,892 15,570 3,554 3,889 19,127 23,016 (7,784 ) 15,232 (15,532 ) 04/02/2001 8000 Sunset Strip Shopping Center 18,320 73,431 5,237 18,320 78,668 96,988 (10,680 ) 86,308 — 06/27/2012 Alabama Shepherd Shopping Center 637 2,026 7,883 1,062 9,484 10,546 (5,104 ) 5,442 — 04/30/2004 Argyle Village Shopping Center 4,524 18,103 5,086 4,526 23,187 27,713 (9,351 ) 18,362 — 11/30/2001 Avent Ferry Shopping Center 1,952 7,814 1,304 1,952 9,118 11,070 (3,991 ) 7,079 — 04/04/2002 Bartlett Towne Center 3,479 14,210 1,527 3,443 15,773 19,216 (6,900 ) 12,316 — 05/15/2001 Baybrook Gateway 10,623 30,307 2,279 10,623 32,586 43,209 (2,122 ) 41,087 — 02/04/2015 Bellaire Blvd. Shopping Center 124 37 919 1,011 69 1,080 (40 ) 1,040 — 11/13/2008 Best in the West 13,191 77,159 7,573 13,194 84,729 97,923 (26,827 ) 71,096 — 04/28/2005 Blalock Market at I-10 — 4,730 1,969 — 6,699 6,699 (4,956 ) 1,743 — 12/31/1990 Boca Lyons Plaza 3,676 14,706 5,339 3,651 20,070 23,721 (7,004 ) 16,717 — 08/17/2001 Braeswood Square Shopping Center — 1,421 1,301 — 2,722 2,722 (2,397 ) 325 — 05/28/1969 Broadway Marketplace 898 3,637 1,971 906 5,600 6,506 (3,126 ) 3,380 — 12/16/1993 Broadway Shopping Center 234 3,166 794 235 3,959 4,194 (2,786 ) 1,408 — 03/20/2008 Brookwood Marketplace 7,050 15,134 7,417 7,511 22,090 29,601 (5,920 ) 23,681 — 08/22/2006 Brookwood Square Shopping Center 4,008 19,753 925 4,008 20,678 24,686 (5,045 ) 19,641 — 12/16/2003 Brownsville Commons 1,333 5,536 315 1,333 5,851 7,184 (1,672 ) 5,512 — 05/22/2006 Buena Vista Marketplace 1,958 7,832 1,747 1,956 9,581 11,537 (3,912 ) 7,625 — 04/02/2001 Bull City Market 930 6,651 813 930 7,464 8,394 (2,164 ) 6,230 (3,458 ) 06/10/2005 Cambrian Park Plaza 48,803 1,089 89 48,851 1,130 49,981 (845 ) 49,136 — 02/27/2015 Camelback Village Square — 8,720 1,245 — 9,965 9,965 (5,629 ) 4,336 — 09/30/1994 Camp Creek Marketplace II 6,169 32,036 1,551 4,697 35,059 39,756 (9,479 ) 30,277 — 08/22/2006 Capital Square 1,852 7,406 1,480 1,852 8,886 10,738 (4,072 ) 6,666 — 04/04/2002 Centerwood Plaza 915 3,659 3,363 914 7,023 7,937 (2,549 ) 5,388 — 04/02/2001 Charleston Commons Shopping Center 23,230 36,877 2,955 23,210 39,852 63,062 (10,762 ) 52,300 — 12/20/2006 Cherry Creek Retail Center 5,416 14,624 — 5,416 14,624 20,040 (3,671 ) 16,369 — 06/16/2011 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction Chino Hills Marketplace $ 7,218 $ 28,872 $ 12,549 $ 7,234 $ 41,405 $ 48,639 $ (19,582 ) $ 29,057 $ — 08/20/2002 Citadel Building 3,236 6,168 8,659 534 17,529 18,063 (14,801 ) 3,262 — 12/30/1975 CityCenter Englewood — 28,441 14 — 28,455 28,455 (816 ) 27,639 (33,000 ) 02/12/2016 College Park Shopping Center 2,201 8,845 7,575 2,641 15,980 18,621 (11,363 ) 7,258 (11,004 ) 11/16/1998 Colonial Plaza 10,806 43,234 14,554 10,813 57,781 68,594 (26,959 ) 41,635 — 02/21/2001 Countryside Centre 15,523 29,818 9,321 15,559 39,103 54,662 (11,485 ) 43,177 — 07/06/2007 Crabtree Commons 1,272 — 2,565 1,272 2,565 3,837 (7 ) 3,830 — 12/12/2016 Creekside Center 1,732 6,929 2,143 1,730 9,074 10,804 (4,267 ) 6,537 (7,576 ) 04/02/2001 Crossing At Stonegate 6,400 23,384 183 6,400 23,567 29,967 (643 ) 29,324 (14,587 ) 02/12/2016 Cullen Plaza Shopping Center 106 2,841 406 106 3,247 3,353 (2,712 ) 641 — 03/20/2008 Cypress Pointe 3,468 8,700 1,272 3,793 9,647 13,440 (6,166 ) 7,274 — 04/04/2002 Dallas Commons Shopping Center 1,582 4,969 94 1,582 5,063 6,645 (1,363 ) 5,282 — 09/14/2006 Danville Plaza Shopping Center — 3,360 6,642 4,292 5,710 10,002 (5,077 ) 4,925 — 09/30/1960 Deerfield Mall 10,522 94,321 459 37,128 68,174 105,302 (1,759 ) 103,543 — 05/05/2016 Desert Village Shopping Center 3,362 14,969 1,700 3,362 16,669 20,031 (2,946 ) 17,085 — 10/28/2010 Discovery Plaza 2,193 8,772 1,303 2,191 10,077 12,268 (4,129 ) 8,139 — 04/02/2001 Eastern Commons 10,282 16 (86 ) 1,569 8,643 10,212 (5,107 ) 5,105 — 12/31/2002 Edgewater Marketplace 4,821 11,225 685 4,821 11,910 16,731 (2,232 ) 14,499 (17,600 ) 11/19/2010 El Camino Promenade 4,431 20,557 4,771 4,429 25,330 29,759 (9,328 ) 20,431 — 05/21/2004 Embassy Lakes Shopping Center 2,803 11,268 1,823 2,803 13,091 15,894 (4,592 ) 11,302 — 12/18/2002 Entrada de Oro Plaza Shopping Center 6,041 10,511 2,119 6,115 12,556 18,671 (3,991 ) 14,680 — 01/22/2007 Epic Village St. Augustine 283 1,171 4,065 320 5,199 5,519 (3,045 ) 2,474 — 09/30/2009 Falls Pointe Shopping Center 3,535 14,289 589 3,542 14,871 18,413 (5,525 ) 12,888 — 12/17/2002 Festival on Jefferson Court 5,041 13,983 3,735 5,022 17,737 22,759 (6,379 ) 16,380 — 12/22/2004 Fiesta Trails 8,825 32,790 8,528 11,267 38,876 50,143 (13,656 ) 36,487 — 09/30/2003 Flamingo Pines Plaza 10,403 35,014 (13,326 ) 5,335 26,756 32,091 (8,123 ) 23,968 — 01/28/2005 Fountain Plaza 1,319 5,276 1,743 1,095 7,243 8,338 (4,230 ) 4,108 — 03/10/1994 Francisco Center 1,999 7,997 4,668 2,403 12,261 14,664 (8,871 ) 5,793 (9,996 ) 11/16/1998 Freedom Centre 2,929 15,302 5,697 6,944 16,984 23,928 (5,967 ) 17,961 — 06/23/2006 Galleria Shopping Center 10,795 10,339 8,468 10,504 19,098 29,602 (5,026 ) 24,576 — 12/11/2006 Galveston Place 2,713 5,522 5,948 3,279 10,904 14,183 (8,688 ) 5,495 — 11/30/1983 Gateway Plaza 4,812 19,249 4,957 4,808 24,210 29,018 (9,792 ) 19,226 (23,000 ) 04/02/2001 Gateway Station 1,622 3 11,410 1,921 11,114 13,035 (4,352 ) 8,683 — 09/30/2009 Grayson Commons 3,180 9,023 236 3,163 9,276 12,439 (2,939 ) 9,500 (4,952 ) 11/09/2004 Green Valley Ranch - Auto Zone 440 — — 440 — 440 — 440 — 02/12/2016 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction Greenhouse Marketplace $ 4,607 $ 22,771 $ 4,184 $ 4,750 $ 26,812 $ 31,562 $ (9,411 ) $ 22,151 $ — 01/28/2004 Griggs Road Shopping Center 257 2,303 399 257 2,702 2,959 (1,841 ) 1,118 — 03/20/2008 Harrisburg Plaza 1,278 3,924 1,082 1,278 5,006 6,284 (4,167 ) 2,117 (8,291 ) 03/20/2008 HEB - Dairy Ashford & Memorial 1,717 4,234 — 1,717 4,234 5,951 (910 ) 5,041 — 03/06/2012 Heights Plaza Shopping Center 58 699 2,611 1,055 2,313 3,368 (1,534 ) 1,834 — 06/30/1995 High House Crossing 2,576 10,305 482 2,576 10,787 13,363 (4,227 ) 9,136 — 04/04/2002 Highland Square — — 1,887 — 1,887 1,887 (564 ) 1,323 — 10/06/1959 Hilltop Village Center 3,196 7,234 53,819 3,960 60,289 64,249 (8,467 ) 55,782 — 01/01/2016 Hope Valley Commons 2,439 8,487 403 2,439 8,890 11,329 (1,623 ) 9,706 — 08/31/2010 Horne Street Market 603 — 2,047 603 2,047 2,650 (51 ) 2,599 — 10/30/2016 Humblewood Shopping Center 2,215 4,724 6,982 1,166 12,755 13,921 (8,479 ) 5,442 — 03/09/1977 I45/Telephone Rd. 678 11,182 666 678 11,848 12,526 (6,285 ) 6,241 (9,380 ) 03/20/2008 Independence Plaza I & II 19,351 31,627 1,894 19,351 33,521 52,872 (5,446 ) 47,426 (16,224 ) 06/11/2013 Jess Ranch Marketplace 8,750 25,560 596 8,750 26,156 34,906 (3,576 ) 31,330 — 12/23/2013 Jess Ranch Marketplace Phase III 8,431 21,470 191 8,431 21,661 30,092 (3,015 ) 27,077 — 12/23/2013 Lakeside Marketplace 6,064 22,989 3,242 6,150 26,145 32,295 (8,255 ) 24,040 — 08/22/2006 Largo Mall 10,817 40,906 6,048 10,810 46,961 57,771 (16,071 ) 41,700 — 03/01/2004 Laveen Village Marketplace 1,190 — 5,128 1,006 5,312 6,318 (3,312 ) 3,006 — 08/15/2003 League City Plaza 1,918 7,592 1,429 2,317 8,622 10,939 (5,158 ) 5,781 (8,470 ) 03/20/2008 Leesville Towne Centre 7,183 17,162 1,632 7,223 18,754 25,977 (6,329 ) 19,648 — 01/30/2004 Lowry Town Center 1,889 23,165 132 3,777 21,409 25,186 (203 ) 24,983 — 09/14/2016 Madera Village Shopping Center 3,788 13,507 1,335 3,816 14,814 18,630 (4,287 ) 14,343 — 03/13/2007 Market at Town Center - Sugarland 8,600 26,627 24,355 8,600 50,982 59,582 (26,242 ) 33,340 — 12/23/1996 Market at Westchase Shopping Center 1,199 5,821 2,796 1,415 8,401 9,816 (6,076 ) 3,740 — 02/15/1991 Marketplace at Seminole Towne 16,067 53,743 8,101 22,711 55,200 77,911 (15,352 ) 62,559 — 08/21/2006 Markham West Shopping Center 2,694 10,777 5,127 2,696 15,902 18,598 (8,506 ) 10,092 — 09/18/1998 Marshall's Plaza 1,802 12,315 711 1,804 13,024 14,828 (4,151 ) 10,677 — 06/01/2005 Mendenhall Commons 2,655 9,165 1,087 2,677 10,230 12,907 (2,996 ) 9,911 — 11/13/2008 Menifee Town Center 1,827 7,307 5,248 1,824 12,558 14,382 (5,020 ) 9,362 — 04/02/2001 Millpond Center 3,155 9,706 1,816 3,161 11,516 14,677 (4,192 ) 10,485 — 07/28/2005 Mohave Crossroads 3,953 63 35,590 3,128 36,478 39,606 (20,847 ) 18,759 — 12/31/2009 Monte Vista Village Center 1,485 58 5,633 755 6,421 7,176 (4,201 ) 2,975 — 12/31/2004 Moore Plaza 6,445 26,140 11,423 6,487 37,521 44,008 (20,222 ) 23,786 — 03/20/1998 Mueller Regional Retail Center 10,382 56,303 440 10,382 56,743 67,125 (8,286 ) 58,839 (33,512 ) 10/03/2013 North Creek Plaza 6,915 25,625 4,736 6,954 30,322 37,276 (11,254 ) 26,022 — 08/19/2004 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction North Towne Plaza $ 960 $ 3,928 $ 7,602 $ 879 $ 11,611 $ 12,490 $ (8,526 ) $ 3,964 $ — 02/15/1990 North Towne Plaza 6,646 99 1,719 1,005 7,459 8,464 (2,675 ) 5,789 — 04/01/2010 Northbrook Shopping Center 1,629 4,489 3,727 1,713 8,132 9,845 (6,745 ) 3,100 (9,265 ) 11/06/1967 Northwoods Shopping Center 1,768 7,071 637 1,772 7,704 9,476 (2,949 ) 6,527 — 04/04/2002 Oak Forest Shopping Center 760 2,726 5,276 748 8,014 8,762 (6,015 ) 2,747 (7,650 ) 12/30/1976 Oak Grove Market Center 5,758 10,508 1,059 5,861 11,464 17,325 (3,138 ) 14,187 — 06/15/2007 Oracle Crossings 4,614 18,274 29,600 10,582 41,906 52,488 (11,136 ) 41,352 — 01/22/2007 Oracle Wetmore Shopping Center 24,686 26,878 7,486 13,813 45,237 59,050 (12,168 ) 46,882 — 01/22/2007 Overton Park Plaza 9,266 37,789 12,671 9,264 50,462 59,726 (18,403 ) 41,323 — 10/24/2003 Palmilla Center 1,258 — 13,164 2,882 11,540 14,422 (6,956 ) 7,466 — 12/31/2002 Palms of Carrollwood 3,995 16,390 1,942 3,995 18,332 22,327 (2,878 ) 19,449 — 12/23/2010 Paradise Marketplace 2,153 8,612 (1,831 ) 1,197 7,737 8,934 (4,359 ) 4,575 — 07/20/1995 Parliament Square II 2 10 1,183 3 1,192 1,195 (885 ) 310 — 06/24/2005 Perimeter Village 29,701 42,337 4,466 34,404 42,100 76,504 (12,237 ) 64,267 (32,122 ) 07/03/2007 Phillips Crossing — 1 28,384 872 27,513 28,385 (12,436 ) 15,949 — 09/30/2009 Phoenix Office Building 1,696 3,255 1,334 1,773 4,512 6,285 (1,689 ) 4,596 — 01/31/2007 Pike Center — 40,537 2,628 — 43,165 43,165 (8,256 ) 34,909 — 08/14/2012 Plantation Centre 3,463 14,821 1,961 3,471 16,774 20,245 (5,709 ) 14,536 — 08/19/2004 Prospector's Plaza 3,746 14,985 5,738 3,716 20,753 24,469 (7,687 ) 16,782 — 04/02/2001 Pueblo Anozira Shopping Center 2,750 11,000 4,970 2,768 15,952 18,720 (9,669 ) 9,051 (14,730 ) 06/16/1994 Raintree Ranch Center 11,442 595 17,861 10,983 18,915 29,898 (10,906 ) 18,992 — 03/31/2008 Rancho San Marcos Village 3,533 14,138 5,306 3,887 19,090 22,977 (7,279 ) 15,698 — 02/26/2003 Rancho Towne & Country 1,161 4,647 711 1,166 5,353 6,519 (3,002 ) 3,517 — 10/16/1995 Randalls Center/Kings Crossing 3,570 8,147 459 3,585 8,591 12,176 (5,443 ) 6,733 — 11/13/2008 Red Mountain Gateway 2,166 89 9,558 2,737 9,076 11,813 (4,936 ) 6,877 — 12/31/2003 Regency Centre 5,616 18,516 2,781 3,581 23,332 26,913 (6,670 ) 20,243 — 07/28/2006 Reynolds Crossing 4,276 9,186 273 4,276 9,459 13,735 (2,508 ) 11,227 — 09/14/2006 Richmond Square 1,993 953 13,594 14,512 2,028 16,540 (1,370 ) 15,170 — 12/31/1996 Ridgeway Trace 26,629 544 22,992 16,100 34,065 50,165 (11,908 ) 38,257 — 11/09/2006 River Oaks Shopping Center - East 1,354 1,946 332 1,363 2,269 3,632 (1,984 ) 1,648 — 12/04/1992 River Oaks Shopping Center - West 3,534 17,741 35,828 4,207 52,896 57,103 (26,309 ) 30,794 — 12/04/1992 River Point at Sheridan 28,898 4,042 15,775 10,659 38,056 48,715 (8,634 ) 40,081 — 04/01/2010 Roswell Corners 6,136 21,447 3,379 5,835 25,127 30,962 (7,763 ) 23,199 (4,783 ) 06/24/2004 Roswell Crossing Shopping Center 7,625 18,573 1,129 7,625 19,702 27,327 (3,924 ) 23,403 — 07/18/2012 San Marcos Plaza 1,360 5,439 747 1,358 6,188 7,546 (2,499 ) 5,047 — 04/02/2001 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction Scottsdale Horizon $ — $ 3,241 $ 38,965 $ 12,914 $ 29,292 $ 42,206 $ (3,266 ) $ 38,940 $ — 01/22/2007 Scottsdale Waterfront 10,281 40,374 35 32,891 17,799 50,690 (294 ) 50,396 — 08/17/2016 Sea Ranch Centre 11,977 4,219 1,090 11,977 5,309 17,286 (1,068 ) 16,218 — 03/06/2013 Shoppes at Bears Path 3,252 5,503 1,377 3,290 6,842 10,132 (2,304 ) 7,828 — 03/13/2007 Shoppes at Memorial Villages 1,417 4,786 9,412 3,332 12,283 15,615 (8,305 ) 7,310 — 01/11/2012 Shoppes of South Semoran 5,339 9,785 (1,499 ) 5,672 7,953 13,625 (2,231 ) 11,394 — 08/31/2007 Shops at Kirby Drive 1,201 945 276 1,202 1,220 2,422 (483 ) 1,939 — 05/27/2008 Shops at Three Corners 6,215 9,303 10,394 10,587 15,325 25,912 (10,398 ) 15,514 — 12/31/1989 Silver Creek Plaza 3,231 12,924 3,414 3,228 16,341 19,569 (7,032 ) 12,537 (14,581 ) 04/02/2001 Six Forks Shopping Center 6,678 26,759 6,420 6,728 33,129 39,857 (13,262 ) 26,595 — 04/04/2002 Southampton Center 4,337 17,349 3,090 4,333 20,443 24,776 (8,784 ) 15,992 (19,750 ) 04/02/2001 Southgate Shopping Center 232 8,389 709 231 9,099 9,330 (5,696 ) 3,634 (5,544 ) 03/20/2008 Squaw Peak Plaza 816 3,266 3,250 818 6,514 7,332 (3,504 ) 3,828 — 12/20/1994 Stella Link Shopping Center 2,830 1,841 119 2,897 1,893 4,790 (1,624 ) 3,166 — 07/10/1970 Stonehenge Market 4,740 19,001 2,358 4,740 21,359 26,099 (8,752 ) 17,347 — 04/04/2002 Stony Point Plaza 3,489 13,957 11,384 3,453 25,377 28,830 (10,026 ) 18,804 (11,036 ) 04/02/2001 Summerhill Plaza 1,945 7,781 2,790 1,943 10,573 12,516 (5,165 ) 7,351 — 04/02/2001 Sunset 19 Shopping Center 5,519 22,076 3,515 5,547 25,563 31,110 (9,445 ) 21,665 — 10/29/2001 Surf City Crossing 3,220 52 5,025 2,655 5,642 8,297 (2,350 ) 5,947 — 12/06/2006 Tates Creek Centre 4,802 25,366 1,608 5,766 26,010 31,776 (8,821 ) 22,955 — 03/01/2004 The Centre at Post Oak 13,731 115 23,956 17,822 19,980 37,802 (12,682 ) 25,120 — 12/31/1996 The Commons at Dexter Lake 2,923 12,007 2,674 2,949 14,655 17,604 (5,770 ) 11,834 — 11/13/2008 The Commons at Dexter Lake II 2,023 6,940 330 2,039 7,254 9,293 (2,095 ) 7,198 — 11/13/2008 The Palms at Town & Country 56,833 195,203 65 45,679 206,422 252,101 (2,602 ) 249,499 — 07/27/2016 The Shoppes at Parkwood Ranch 4,369 52 10,339 2,420 12,340 14,760 (6,517 ) 8,243 — 12/31/2009 The Westside Center 14,952 10,350 105 14,952 10,455 25,407 (358 ) 25,049 — 12/22/2015 Thompson Bridge Commons 604 — 625 513 716 1,229 (112 ) 1,117 — 04/26/2005 Thousand Oaks Shopping Center 2,973 13,142 1,037 2,973 14,179 17,152 (5,090 ) 12,062 (9,746 ) 03/20/2008 TJ Maxx Plaza 3,400 19,283 3,550 3,430 22,803 26,233 (7,468 ) 18,765 — 03/01/2004 Tomball Marketplace 9,616 262 23,802 6,727 26,953 33,680 (9,844 ) 23,836 — 04/12/2006 Trenton Crossing/North McAllen 9,855 29,133 483 9,855 29,616 39,471 (1,178 ) 38,293 — 08/31/2015 Tropicana Beltway Center 13,947 42,186 1,498 13,949 43,682 57,631 (14,631 ) 43,000 — 11/20/2007 Tropicana Marketplace 2,118 8,477 (1,208 ) 1,206 8,181 9,387 (4,137 ) 5,250 — 07/24/1995 Valley Shopping Center 4,293 13,736 1,602 8,910 10,721 19,631 (3,182 ) 16,449 — 04/07/2006 Valley View Shopping Center 1,006 3,980 2,342 1,006 6,322 7,328 (3,617 ) 3,711 — 11/20/1996 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction Vizcaya Square Shopping Center $ 3,044 $ 12,226 $ 2,187 $ 3,044 $ 14,413 $ 17,457 $ (5,019 ) $ 12,438 $ — 12/18/2002 Wake Forest Crossing II 395 940 1,095 395 2,035 2,430 — 2,430 — 06/04/2014 Waterford Village 5,830 — 9,747 3,775 11,802 15,577 (5,906 ) 9,671 — 06/11/2004 Wellington Green Commons & Pad 16,500 32,489 614 16,500 33,103 49,603 (1,621 ) 47,982 (19,178 ) 04/20/2015 West Jordan Town Center 4,306 17,776 2,141 4,308 19,915 24,223 (6,816 ) 17,407 — 12/19/2003 Westchase Shopping Center 3,085 7,920 13,120 3,189 20,936 24,125 (12,646 ) 11,479 — 08/29/1978 Westhill Village Shopping Center 408 3,002 6,125 437 9,098 9,535 (5,423 ) 4,112 — 05/01/1958 Westland Fair 27,562 10,506 (7,851 ) 12,220 17,997 30,217 (9,415 ) 20,802 — 12/29/2000 Westminster Center 11,215 44,871 8,582 11,204 53,464 64,668 (22,675 ) 41,993 (47,250 ) 04/02/2001 Whitehall Commons 2,529 6,901 688 2,522 7,596 10,118 (2,405 ) 7,713 — 10/06/2005 Whole Foods Carrollwood 2,772 126 4,634 2,854 4,678 7,532 (846 ) 6,686 — 09/30/2011 Winter Park Corners 2,159 8,636 1,617 2,159 10,253 12,412 (4,192 ) 8,220 — 09/06/2001 1,002,496 2,630,048 902,019 1,036,136 3,498,427 4,534,563 (1,151,835 ) 3,382,728 (417,951 ) New Development: Gateway Alexandria 42,163 2,669 789 42,468 3,153 45,621 — 45,621 — 11/01/2016 Nottingham Commons 19,523 2,398 19,161 21,229 19,853 41,082 (278 ) 40,804 — 09/24/2014 61,686 5,067 19,950 63,697 23,006 86,703 (278 ) 86,425 — Miscellaneous (not to exceed 5% of total) 130,469 9,355 28,055 141,953 25,926 167,879 (32,433 ) 135,446 — Total of Portfolio $ 1,194,651 $ 2,644,470 $ 950,024 $ 1,241,786 $ 3,547,359 $ 4,789,145 $ (1,184,546 ) $ 3,604,599 $ (417,951 ) ___________________ (1) The book value of our net fixed asset exceeds the tax basis by approximately $268.7 million at December 31, 2016 . (2) Encumbrances do not include $21.8 million outstanding under fixed-rate mortgage debt associated with two properties each held in a tenancy-in-common arrangement, $1.7 million of deferred debt costs and $5.1 million of non-cash debt related items. Depreciation is computed using the straight-line method, generally over estimated useful lives of 18 - 40 years for buildings and 10 - 20 years for parking lot surfacing and equipment. Tenant and leasehold improvements are depreciated over the remaining life of the lease or the useful life whichever is shorter. The changes in total cost of the properties were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 4,262,959 $ 4,076,094 $ 4,289,276 Additions at cost 654,513 319,789 144,474 Retirements or sales (126,666 ) (79,608 ) (348,221 ) Property held for sale (1,563 ) (53,163 ) (9,435 ) Impairment loss (98 ) (153 ) — Balance at end of year $ 4,789,145 $ 4,262,959 $ 4,076,094 The changes in accumulated depreciation were as follows (in thousands): Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 1,087,642 $ 1,028,619 $ 1,058,040 Additions at cost 131,120 120,426 125,226 Retirements or sales (33,132 ) (42,603 ) (148,882 ) Property held for sale (1,084 ) (18,800 ) (5,765 ) Balance at end of year $ 1,184,546 $ 1,087,642 $ 1,028,619 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans On Real Estate | WEINGARTEN REALTY INVESTORS MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2016 (Amounts in thousands) State Interest Rate Final Maturity Date Periodic Payment Terms Face Amount of Mortgages Carrying Amount of Mortgages (1) Shopping Centers: First Mortgages: College Park Realty Company NV 7.00% 10/31/2053 At Maturity $ 3,410 $ 3,410 Total Mortgage Loans on Real Estate $ 3,410 $ 3,410 ___________________ (1) The aggregate cost at December 31, 2016 for federal income tax purposes is $3.4 million , and there are no prior liens to be disclosed. Changes in mortgage loans are summarized below (in thousands): Year Ended December 31, 2016 2015 2014 Balance, Beginning of Year $ 3,410 $ 3,410 $ 15,438 Collections/Reductions of Principal — — (12,028 ) Balance, End of Year $ 3,410 $ 3,410 $ 3,410 |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and VIEs which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. Our financial statements are prepared in accordance with GAAP. Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. |
Revenue Recognition | Revenue Recognition Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other revenue is income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which is recognized as the related services are performed under the respective agreements. |
Property | Property Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method, generally over estimated useful lives of 18 - 40 years for buildings and 10 - 20 years for parking lot surfacing and equipment. Major replacements where the betterment extends the useful life of the asset are capitalized, and the replaced asset and corresponding accumulated depreciation are removed from the accounts. All other maintenance and repair items are charged to expense as incurred. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon estimated future cash flows and other valuation techniques in accordance with our fair value measurements accounting policy. Fair values are used to allocate and record the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, other identifiable intangibles and any goodwill or gain on purchase. Other identifiable intangible assets and liabilities include the effect of out-of-market leases, the value of having leases in place (“as is” versus “as if vacant” and absorption costs), out-of-market assumed mortgages and tenant relationships. Depreciation and amortization is computed using the straight-line method, generally over estimated useful lives of 40 years for buildings and over the lease term which includes bargain renewal options for other identifiable intangible assets. Acquisition costs are expensed as incurred. Property also includes costs incurred in the development and redevelopment of operating properties. These properties are carried at cost, and no depreciation is recorded on these assets until rent commences or no later than one year from the completion of major construction . These costs include preacquisition costs directly identifiable with the specific project, development and construction costs, interest and real estate taxes. Indirect development costs, including salaries and benefits, travel and other related costs that are directly attributable to the development of the property, are also capitalized. The capitalization of such costs ceases at the earlier of one year from the completion of major construction or when the property, or any completed portion, becomes available for occupancy. Property also includes costs for tenant improvements paid by us, including reimbursements to tenants for improvements that are owned by us and will remain our property after the lease expires. Property identified for sale is reviewed to determine if it qualifies as held for sale based on the following criteria: management has approved and is committed to the disposal plan, the assets are available for immediate sale, an active plan is in place to locate a buyer, the sale is probable and expected to qualify as a completed sale within a year, the sales price is reasonable in relation to the current fair value, and it is unlikely that significant changes will be made to the sales plan or that the sales plan will be withdrawn. Upon qualification, these properties are segregated and classified as held for sale at the lower of cost or fair value less costs to sell. Prior to April 1, 2014, the disposed property's related operating results were reclassified into discontinued operations. Upon the adoption of new guidance, as of April 1, 2014, our individual property disposals no longer qualify for discontinued operations presentation; thus, the results of these disposals remain in income from continuing operations and any associated gains are included in gain on sale of property. Some of our properties are held in single purpose entities. A single purpose entity is a legal entity typically established at the request of a lender solely for the purpose of owning a property or group of properties subject to a mortgage. There may be restrictions limiting the entity’s ability to engage in an activity other than owning or operating the property, assuming or guaranteeing the debt of any other entity, or dissolving itself or declaring bankruptcy before the debt has been repaid. Most of our single purpose entities are 100% owned by us and are consolidated in our consolidated financial statements. |
Real Estate Joint Ventures And Partnerships | Real Estate Joint Ventures and Partnerships To determine the method of accounting for partially owned real estate joint ventures and partnerships, management determines whether an entity is a VIE and, if so, determines which party is the primary beneficiary by analyzing whether we have both the power to direct the entity’s significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the design of the entity structure, the nature of the entity’s operations, future cash flow projections, the entity’s financing and capital structure, and contractual relationships and terms. We consolidate a VIE when we have determined that we are the primary beneficiary. Primary risks associated with our involvement with our VIEs include the potential funding of the entities’ debt obligations or making additional contributions to fund the entities’ operations. Partially owned, non-variable interest real estate joint ventures and partnerships over which we have a controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned real estate joint ventures and partnerships where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method. Management continually analyzes and assesses reconsideration events, including changes in the factors mentioned above, to determine if the consolidation or equity method treatment remains appropriate. |
Unamortized Lease Costs, net | Unamortized Lease Costs, net Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as salaries and benefits, travel and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are charged to expense as incurred. |
Accrued Rent And Accounts Receivable, Net | Accrued Rent and Accounts Receivable, net Receivables include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. |
Cash And Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with original maturities of three months or less are considered cash equivalents. Cash and cash equivalents are primarily held at major financial institutions in the U.S. We had cash and cash equivalents in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents amongst several banking institutions in an attempt to minimize exposure to any one of these entities. We believe we are not exposed to any significant credit risk and regularly monitor the financial stability of these financial institutions. |
Restricted Deposits And Mortgage Escrows | Restricted Deposits and Mortgage Escrows Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. |
Other Assets, Net | Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 6 for further information), tax increment revenue bonds, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, interest rate derivatives, the value of above-market leases and the related accumulated amortization, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Consolidated Statements of Operations. The value of our investments in mutual funds approximates the cost basis. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 22 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We would establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral. |
Derivatives And Hedging | Derivatives and Hedging We manage interest cost using a combination of fixed-rate and variable-rate debt. To manage our interest rate risk, we occasionally hedge the future cash flows of our existing floating-rate debt or anticipated fixed-rate debt issuances, as well as changes in the fair value of our existing fixed-rate debt instruments, principally through interest rate contracts with major financial institutions. Interest rate contracts that meet specific criteria are accounted for as either a cash flow or fair value hedge. Cash Flow Hedges of Interest Rate Risk: Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swap contracts as part of our interest rate risk management strategy. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For hedges of fixed-rate debt issuances, the interest rate contracts are cash settled upon the pricing of the debt, with amounts deferred in accumulated other comprehensive loss and amortized as an increase/decrease to interest expense over the originally hedged period. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Fair Value Hedges of Interest Rate Risk: We are exposed to changes in the fair value of certain of our fixed-rate obligations due to changes in benchmark interest rates, such as LIBOR. We use interest rate derivatives to manage our exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. Interest rate swap contracts designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for us making variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Changes in the fair value of interest rate contracts designated as fair value hedges, as well as changes in the fair value of the related debt being hedged, are recorded in earnings each reporting period. |
Sales Of Real Estate | Sales of Real Estate Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate. Profits on sales of real estate are not recognized until (a) a sale is consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay; (c) the seller’s receivable is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership in the transaction, and we do not have a substantial continuing involvement with the property. We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP, and we do not have a commitment to support the operations of the real estate joint venture or partnership to an extent greater than our proportionate interest in the real estate joint venture or partnership. |
Impairment | Impairment Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable. If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy. We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future. Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change. Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. |
Interest Capitalization | Interest Capitalization Interest is capitalized on land under development and buildings under construction based on rates applicable to borrowings outstanding during the period and the weighted average balance of qualified assets under development/construction during the period. |
Interest Expense In Discontinued Operations | Interest Expense in Discontinued Operations Interest expense that is specifically identifiable to property, both held for sale and sold and qualifies as discontinued operations, is included in operating income from discontinued operations in our consolidated financial statements. We do not allocate other consolidated interest to operating income from discontinued operations because the interest savings to be realized from the proceeds of the sale of these operations is not material. |
Income Taxes | Income Taxes We have elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, we generally will not be subject to corporate level federal income tax on taxable income we distribute to our shareholders. To be taxed as a REIT, we must meet a number of requirements including defined percentage tests concerning the amount of our assets and revenues that come from, or are attributable to, real estate operations. As long as we distribute at least 90% of the taxable income of the REIT (without regard to capital gains or the dividends paid deduction) to our shareholders as dividends, we will not be taxed on the portion of our income we distribute as dividends unless we have ineligible transactions. The Tax Relief Extension Act of 1999 gave REITs the ability to conduct activities which a REIT was previously precluded from doing as long as such activities are performed in entities which have elected to be treated as taxable REIT subsidiaries under the IRS code. These activities include buying or developing properties with the express purpose of selling them. We conduct certain of these activities in a taxable REIT subsidiary that we have created. We calculate and record income taxes in our consolidated financial statements based on the activities in this entity. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between our carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. These are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance for deferred tax assets is established for those assets when we do not consider the realization of such assets to be more likely than not. Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations. In addition, we are subject to the State of Texas business tax (“Texas Franchise Tax”), which is determined by applying a tax rate to a base that considers both revenues and expenses. Therefore, the Texas Franchise Tax is considered an income tax and is accounted for accordingly. |
Share-Based Compensation | Share-Based Compensation We have share option and share award plans. In November 2011, we announced changes to the long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan ("2011 Program Changes"). Currently, grants of awards will incorporate both service-based and market-based measures for share awards to promote share ownership among the participants and to emphasize the importance of total shareholder return. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. All awards are recorded at fair value on the date of grant and earn dividends throughout the vesting period. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us. The share awards are subject to a three -year cliff vesting basis. Service-based and market-based share awards are subject to the achievement of select performance goals as follows: • Service-based awards and accumulated dividends typically vest three years from the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. • Market-based awards vest based upon the performance metrics at the end of a three -year period. These awards are based 50% on our three -year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three -year absolute TSR, which is currently compared to an 8% hurdle. At the end of a three-year period, the performance measures are analyzed; the actual number of shares earned is determined; and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest. Restricted shares granted to trust managers and share awards granted to retirement eligible employees are expensed immediately. Restricted shares and share awards have the same rights of a common shareholder, including the right to vote and receive dividends, except as otherwise provided by our Management Development and Executive Compensation Committee. Options generally expire upon the earlier of termination of employment or 10 years from the date of grant, and restricted shares for officers and trust managers are granted at no purchase price . Our policy is to recognize compensation expense for equity awards ratably over the vesting period, except for retirement eligible amounts. |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Plan: We sponsor a noncontributory cash balance retirement plan (“Retirement Plan”) under which an account is maintained for each participant. Annual additions to each participant’s account include a service credit ranging from 3% - 5% of compensation, depending on years of service, and an interest credit of 4.5% . Vesting generally occurs after three years of service. Investments of Plan Assets Our investment policy for our plan assets has been to determine the objectives for structuring a retirement savings program suitable to the long-term needs and risk tolerances of participants, to select appropriate investments to be offered by the plan and to establish procedures for monitoring and evaluating the performance of the investments of the plan. Our overall plan objectives for selecting and monitoring investment options are to promote and optimize retirement wealth accumulation; to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk; to control costs of administering the plan; and to manage the investments held by the plan. The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the plan, including attained age and future service. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of plan assets occurs semi-annually. Defined Contribution Plans: Effective January 1, 2012, we amended our two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees to be defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants as of January 1, 2012, annual additions to each participant’s account include an actuarially-determined service credit ranging from 3% to 5% and an interest credit of 4.5% . Vesting generally occurs between five and 10 years of service. We have elected to use the actuarial present value of the vested benefits to which the participant was entitled if the participant separated immediately from the SRP, as permitted by GAAP. The SRP participants' account balances, prior to January 1, 2012, were converted to a cash balance retirement plan which no longer receives service credits but continues to receive a 7.5% interest credit for active participants and a December 31, 90-day LIBOR rate plus .50% for inactive participants. We have a Savings and Investment Plan pursuant to which eligible employees may elect to contribute from 1% of their salaries to the maximum amount established annually by the IRS . Employee contributions are matched by us at the rate of 50% for the first 6% of the employee's salary. The employees vest in the employer contributions ratably over a five -year period. Deferred Compensation Plan We have a deferred compensation plan for eligible employees allowing them to defer portions of their current cash salary or share-based compensation. Deferred amounts are deposited in a grantor trust, which are included in net other assets, and are reported as compensation expense in the year service is rendered. Cash deferrals are invested based on the employee’s investment selections from a mix of assets selected using a broad market diversification model. Prior to April 1, 2016, deferred share-based compensation could not be diversified, and distributions from this plan were made in the same form as the original deferral. Our deferred compensation plan was amended, effective April 1, 2016 , to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016 , the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification was reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. The outstanding share awards are adjusted to their redemption value each reporting period based upon the market value of our common shares at the end of such reporting period, and such change in value from the prior reporting period will be reported in net income less than accumulated dividends in our Consolidated Statement of Equity. |
Fair Value Measurements | Fair Value Measurements Certain financial instruments, estimates and transactions are required to be calculated, reported and/or recorded at fair value. The estimated fair values of such financial items, including debt instruments, impaired assets, acquisitions, investment securities and derivatives, have been determined using a market-based measurement. This measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability; including, market capitalization rates, discount rates, current operating income, local economics and other factors. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The fair value of such financial instruments, estimates and transactions was determined using available market information and appropriate valuation methodologies as prescribed by GAAP. Internally developed and third party fair value measurements, including the unobservable inputs, are evaluated by management with sufficient experience for reasonableness based on current market knowledge, trends and transactional experience in the real estate and capital markets. Our valuation policies and procedures are determined by our Accounting Group, which reports to the Chief Financial Officer and the results of significant impairment transactions are discussed with the Audit Committee on a quarterly basis. Fair value estimates are based on limited available market information for similar transactions, including our tax increment revenue bonds, investments held to maturity and debt, and there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The following provides information about the methods used to estimate the fair value of the our financial instruments, including their estimated fair values: Investments and Deferred Compensation Plan Obligations Investments in mutual funds held in a grantor trust and mutual funds are valued based on publicly-quoted market prices for identical assets. The deferred compensation plan obligations corresponds to the value of our investments held in a grantor trust. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Derivative Instruments We use interest rate contracts with major financial institutions to manage our interest rate risk. The valuation of these instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of our interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral, thresholds and guarantees. An accounting policy election was made to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counter-parties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Tax Increment Revenue Bonds The fair value estimates of our held to maturity tax increment revenue bonds, which were issued by the Agency in connection with our investment in a development project in Sheridan, Colorado, are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis based on the expected future sales tax revenues of the development project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates. Debt The fair value of our debt may be based on quoted market prices for publicly-traded debt, on a third-party established benchmark for inactively traded debt and on the discounted estimated future cash payments to be made for non-traded debt. For inactively traded debt, our third-party provider establishes a benchmark for all REIT securities based on the largest, most liquid and most frequent investment grade securities in the REIT bond market. This benchmark is then adjusted to consider how a market participant would be compensated for risk premiums such as, longevity of maturity dates, lack of liquidity and credit quality of the issuer. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed. |
Reportable Segments | Reportable Segments Our primary focus is to lease space to tenants in shopping centers that we own, lease or manage. We evaluate the performance of the reportable segments based on net operating income, defined as total revenues less operating expenses and real estate taxes. Management does not consider the effect of gains or losses from the sale of property or interests in real estate joint ventures and partnerships in evaluating segment operating performance. No individual property constitutes more than 10% of our revenues or assets, and we have no operations outside of the United States of America. Therefore, our properties have been aggregated into one reportable segment since such properties and the tenants thereof each share similar economic and operating characteristics. |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU amends the criteria for reporting discontinued operations while enhancing disclosures in this area. The provisions of ASU No. 2014-08 was effective for us prospectively on January 1, 2015; however, early adoption was permitted. We adopted this update effective April 1, 2014. The adoption resulted in individual center disposals no longer qualifying for discontinued operations presentation; thus, the results of these disposals will remain in income from continuing operations, and any associated gains are included in gain on sale of property. Centers sold or classified as held for sale prior to April 1, 2014, are not subject to ASU No. 2014-08 and therefore, continue to be classified as discontinued operations using the previous definition. In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This ASU's core objective is that management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued. The provisions of ASU No. 2014-15 are effective for us as of December 31, 2016, and early adoption is permitted. We early adopted this update effective January 1, 2016, and the adoption did not have any impact to our consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, "Amendments to the Consolidation Analysis." This ASU amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. ASU No. 2015-02 considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The ASU amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity's related parties affect the consolidation conclusion. The ASU also clarifies how to determine whether equity holders as a group have power over an entity. The provisions of ASU No. 2015-02 were effective for us as of January 1, 2016. Upon adoption of this update, we have reported 10 additional entities as VIEs, since the limited partners in these entities do not have either substantive kick-out or participating rights. The adoption expanded our VIE disclosures for these 10 entities, but had no impact to our consolidated balance sheets or consolidated statements of operations or cash flows as the consolidation status of these entities did not change. Retrospective disclosures associated with our VIEs were made to conform to the current year presentation. In September 2015, the FASB issued ASU No. 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments." This ASU allows measurement-period adjustments associated with business combinations recorded in the reporting period in which the adjustment amounts are determined, rather than retrospectively, as if the accounting for the business combination had been completed as of the acquisition date. The provisions of ASU No. 2015-16 were effective for us as of January 1, 2016. We have adopted this update, and the adoption did not have have any impact to our consolidated financial statements. Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. In anticipation of adopting this ASU, we have formed a team to determine the elements of the ASU that impact our contracts. As each sale contract is unique in our industry, many of the contracts will have to be re-reviewed. We are assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements, which may include the timing related to sales recognition on real estate. Also, we are evaluating whether we will adopt on a retrospective basis or modified retrospective basis. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We are currently assessing the impact to our 5,800 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Additionally, this ASU will limit the capitalization associated with leasing commissions, primarily internally-generated lease commissions, of which we capitalized internal costs of $7.2 million during the year ended December 31, 2016 . In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis, and early adoption was permitted. We believe the adoption of this ASU will not have a material impact to our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalent that results from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flow. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flow when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements, including early adoption. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets be concentrated in a single asset or identifiable group of similar assets that the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU as of January 1, 2017. Upon adoption, we expect a reduction in the number of our future acquisitions to be considered a business combination, which would reduce the amount of disclosures in our consolidated financial statements. Upon adoption, certain acquisition costs that were previously expensed may be capitalized. During the year ended December 31, 2016 , we incurred acquisition costs of $1.4 million . |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule Of Restricted Deposits And Mortgage Escrows | Our restricted deposits and mortgage escrows consists of the following (in thousands): December 31, 2016 2015 Restricted cash (1) $ 23,489 $ 1,952 Mortgage escrows 1,533 1,122 Total $ 25,022 $ 3,074 ___________________ (1) The increase between the periods presented is primarily attributable to $21.0 million placed in a qualified escrow account for the purpose of completing like-kind exchange transactions. |
Summary Of Eligible Share Award Activity That Would Have Been Recorded in Temporary Equity | The following table summarizes the eligible share award activity since the effective date through December 31, 2016 (in thousands): Value of share awards resulting from: Change in classification $ 39,977 Change in redemption value 8,600 Diversification of share awards (3,819 ) Balance at December 31, 2016 $ 44,758 |
Schedule Of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component consists of the following (in thousands): Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan Total Balance, December 31, 2015 $ (557 ) $ (8,160 ) $ 16,361 $ 7,644 Change excluding amounts reclassified from accumulated other comprehensive loss (407 ) 3,288 1,719 4,600 Amounts reclassified from accumulated other comprehensive loss (1,531 ) (1) (1,552 ) (2) (3,083 ) Net other comprehensive (income) loss (407 ) 1,757 167 1,517 Balance, December 31, 2016 $ (964 ) $ (6,403 ) $ 16,528 $ 9,161 Gain on Investments Gain on Cash Flow Hedges Defined Benefit Pension Plan Total Balance, December 31, 2014 $ (656 ) $ (3,416 ) $ 16,508 $ 12,436 Change excluding amounts reclassified from accumulated other comprehensive loss 99 (1,946 ) 1,276 (571 ) Amounts reclassified from accumulated other comprehensive loss (2,798 ) (1) (1,423 ) (2) (4,221 ) Net other comprehensive loss (income) 99 (4,744 ) (147 ) (4,792 ) Balance, December 31, 2015 $ (557 ) $ (8,160 ) $ 16,361 $ 7,644 ___________________ (1) This reclassification component is included in interest expense (see Note 7 for additional information). (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 18 for additional information). |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule Of Property | Our property consisted of the following (in thousands): December 31, 2016 2015 Land $ 1,107,072 $ 929,958 Land held for development 82,953 95,524 Land under development 51,761 17,367 Buildings and improvements 3,489,685 3,152,215 Construction in-progress 57,674 67,895 Total $ 4,789,145 $ 4,262,959 |
Investment In Real Estate Joi40
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Combined Condensed Balance Sheets | Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): December 31, 2016 2015 Combined Condensed Balance Sheets ASSETS Property $ 1,196,770 $ 1,290,784 Accumulated depreciation (261,392 ) (293,474 ) Property, net 935,378 997,310 Other assets, net 114,554 130,251 Total Assets $ 1,049,932 $ 1,127,561 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 301,480 $ 345,186 Amounts payable to Weingarten Realty Investors and Affiliates 12,585 12,285 Other liabilities, net 24,902 29,509 Total Liabilities 338,967 386,980 Equity 710,965 740,581 Total Liabilities and Equity $ 1,049,932 $ 1,127,561 Year Ended December 31, 2016 2015 2014 Combined Condensed Statements of Operations Revenues, net $ 138,316 $ 148,875 $ 153,301 Expenses: Depreciation and amortization 38,242 37,771 40,235 Interest, net 16,076 17,053 22,657 Operating 26,126 26,797 27,365 Real estate taxes, net 17,408 18,525 18,159 General and administrative 816 839 916 Provision for income taxes 113 197 417 Impairment loss 1,303 7,487 1,526 Total 100,084 108,669 111,275 Gain on sale of non-operating property 373 — — Gain on dispositions 14,816 5,171 12,949 Net Income $ 53,421 $ 45,377 $ 54,975 |
Schedule Of Combined Condensed Statements Of Operations | Year Ended December 31, 2016 2015 2014 Combined Condensed Statements of Operations Revenues, net $ 138,316 $ 148,875 $ 153,301 Expenses: Depreciation and amortization 38,242 37,771 40,235 Interest, net 16,076 17,053 22,657 Operating 26,126 26,797 27,365 Real estate taxes, net 17,408 18,525 18,159 General and administrative 816 839 916 Provision for income taxes 113 197 417 Impairment loss 1,303 7,487 1,526 Total 100,084 108,669 111,275 Gain on sale of non-operating property 373 — — Gain on dispositions 14,816 5,171 12,949 Net Income $ 53,421 $ 45,377 $ 54,975 |
Identified Intangible Assets 41
Identified Intangible Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property | Identified intangible assets and liabilities associated with our property acquisitions are as follows (in thousands): December 31, 2016 2015 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 44,595 $ 37,595 Above-market leases - Accumulated Amortization (13,579 ) (14,421 ) Below-market assumed mortgages (included in Debt, net) 1,671 1,671 Below-market assumed mortgages - Accumulated Amortization (1,564 ) (1,307 ) In place leases (included in Unamortized Lease Costs, net) 232,528 148,904 In place leases - Accumulated Amortization (82,571 ) (67,762 ) $ 181,080 $ 104,680 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 110,878 $ 50,370 Below-market leases - Accumulated Amortization (23,109 ) (22,080 ) Above-market assumed mortgages (included in Debt, net) 10,375 32,777 Above-market assumed mortgages - Accumulated Amortization (5,186 ) (27,272 ) $ 92,958 $ 33,795 |
Above-Market Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Future Amortization | The estimated net amortization of these intangible assets and liabilities will increase rental revenues for each of the next five years as follows (in thousands): 2017 $ 3,044 2018 2,963 2019 3,346 2020 3,403 2021 3,315 |
In place leases | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Future Amortization | The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands): 2017 $ 19,789 2018 17,539 2019 15,291 2020 14,081 2021 11,930 |
Below-Market Assumed Mortgages [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Future Amortization | The estimated net amortization of these intangible assets and liabilities will decrease net interest expense for each of the next five years as follows (in thousands): 2017 $ 1,100 2018 1,207 2019 1,207 2020 436 2021 287 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Our debt consists of the following (in thousands): December 31, 2016 2015 Debt payable, net to 2038 (1) $ 2,023,403 $ 1,872,942 Unsecured notes payable under credit facilities 245,000 149,500 Debt service guaranty liability 67,125 69,835 Obligations under capital leases 21,000 21,000 Total $ 2,356,528 $ 2,113,277 ___________________ (1) At December 31, 2016 , interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0% . At December 31, 2015 , interest rates ranged from 1.0% to 8.6% at a weighted average rate of 4.3% . |
Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured | The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): December 31, 2016 2015 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 2,089,769 $ 1,869,683 Variable-rate debt 266,759 243,594 Total $ 2,356,528 $ 2,113,277 As to collateralization: Unsecured debt $ 1,913,399 $ 1,650,521 Secured debt 443,129 462,756 Total $ 2,356,528 $ 2,113,277 |
Schedule Of Credit Facilities | The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): December 31, 2016 2015 Unsecured revolving credit facility: Balance outstanding $ 245,000 $ 140,000 Available balance 250,140 355,190 Letter of credit outstanding under facility 4,860 4,810 Variable interest rate (excluding facility fee) 1.5 % 1.3 % Unsecured short-term facility: Balance outstanding $ — $ 9,500 Variable interest rate — % 1.7 % Both facilities: Maximum balance outstanding during the year $ 372,000 $ 244,500 Weighted average balance 141,017 100,506 Year-to-date weighted average interest rate (excluding facility fee) 1.3 % 0.9 % |
Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $245.0 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $(6.1) million net premium/(discount) on debt, $(10.6) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $67.1 million debt service guaranty liability) are due during the following years (in thousands): 2017 $ 86,710 2018 80,427 2019 56,245 2020 237,779 2021 17,667 2022 307,857 2023 305,705 2024 255,965 2025 303,314 2026 277,304 Thereafter 106,025 Total $ 2,034,998 |
Derivatives And Hedging (Tables
Derivatives And Hedging (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Interest Rate Contracts Reported At Fair Values | The fair value of all our interest rate swap contracts was reported as follows (in thousands): Assets Liabilities Balance Sheet Location Amount Balance Sheet Location Amount Designated Hedges: December 31, 2016 Other Assets, net $ 126 Other Liabilities, net $ — December 31, 2015 Other Assets, net 2,664 Other Liabilities, net 725 |
Offsetting Of Derivative Assets | The gross presentation, the effects of offsetting for derivatives with a right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands): Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2016 Assets $ 126 $ — $ 126 $ — $ — $ 126 December 31, 2015 Assets 2,664 — 2,664 (346 ) — 2,318 Liabilities 725 — 725 (346 ) — 379 |
Offsetting Of Derivative Liabilities | The gross presentation, the effects of offsetting for derivatives with a right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands): Gross Amounts Not Offset in Balance Sheet Gross Amounts Recognized Gross Amounts Offset in Balance Sheet Net Amounts Presented in Balance Sheet Financial Instruments Cash Collateral Received Net Amount December 31, 2016 Assets $ 126 $ — $ 126 $ — $ — $ 126 December 31, 2015 Assets 2,664 — 2,664 (346 ) — 2,318 Liabilities 725 — 725 (346 ) — 379 |
Summary Of Cash Flow Interest Rate Contract Hedging Activity | Summary of cash flow interest rate swap contract hedging activity is as follows (in thousands): Derivatives Hedging Relationships Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year Ended December 31, 2016 $ 3,192 Interest expense, net $ (1,435 ) Interest expense, net $ (96 ) Year Ended December 31, 2015 (1,946 ) Interest expense, (2,798 ) Interest expense, — Year Ended December 31, 2014 (131 ) Interest expense, (1,682 ) Interest expense, (370 ) |
Summary Of Fair Value Interest Rate Contracts Activity | A summary of fair value interest rate swap contract hedging activity is as follows (in thousands): Gain (Loss) on Contracts Gain (Loss) on Borrowings Net Settlements and Accruals on Contracts (1) (3) Amount of Gain (Loss) Recognized in Income (2) (3) Year Ended December 31, 2016 Interest expense, net $ (418 ) $ 418 $ 3,140 $ 3,140 Year Ended December 31, 2015 Interest expense, net (1,228 ) 1,228 2,030 2,030 Year Ended December 31, 2014 Interest expense, net (1,386 ) 1,386 2,179 2,179 ___________________ (1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements. (2) No ineffectiveness was recognized during the respective periods. (3) Included in the caption for the year ended December 31, 2016 is $2.2 million received upon the termination of two interest rate swap contracts. |
Preferred Shares Of Beneficia44
Preferred Shares Of Beneficial Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Preferred Dividends Declared Per Share | The following table discloses the cumulative redeemable preferred dividends declared per share: Year Ended December 31, 2015 2014 Series of Preferred Shares: Series F $ 64.55 $ 162.50 |
Common Shares Of Beneficial I45
Common Shares Of Beneficial Interest Common Shares Of Beneficial Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Class of Stock Disclosures [Abstract] | |
Schedule of Market Equity Distributions | The following shares were sold under the ATM equity offering programs (in thousands, except per share amounts): Year Ended December 31, 2016 2015 Shares sold 3,465 1,129 Weighted average price per share $ 38.35 $ 36.18 Gross proceeds $ 132,884 $ 40,836 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity | The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands): Year Ended December 31, 2016 2015 2014 Net income adjusted for noncontrolling interests $ 238,933 $ 174,352 $ 288,008 Transfers from the noncontrolling interests: Increase in equity for operating partnership units — 111 — Net increase in equity for the acquisition of noncontrolling interests 2,139 — 11,015 Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests $ 241,072 $ 174,463 $ 299,023 |
Leasing Operations (Table)
Leasing Operations (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Schedule Of Future Minimum Rental Income | Future minimum rental income from non-cancelable tenant leases, excluding leases associated with property held for sale and estimated contingent rentals, at December 31, 2016 is as follows (in thousands): 2017 $ 410,810 2018 356,719 2019 301,351 2020 246,181 2021 184,156 Thereafter 603,330 Total $ 2,102,547 |
Schedule Of Contingent Rental Income | Contingent rentals for the year ended December 31, are as follows (in thousands): 2016 $ 114,505 2015 107,931 2014 109,714 |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Asset Impairment Charges [Abstract] | |
Schedule of Impairment Charges | The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (in thousands): Year Ended December 31, 2016 2015 2014 Continuing operations: Property marketed for sale or sold (1) $ 98 $ 153 $ 808 Other — — 216 Total impairment charges 98 153 1,024 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net 326 1,497 305 Net impact of impairment charges $ 424 $ 1,650 $ 1,329 ___________________ (1) Amounts reported were based on third party offers. |
Income Tax Considerations (Tabl
Income Tax Considerations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Reconciling Net Income Adjusted For Noncontrolling Interests To REIT Taxable Income | The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands): Year Ended December 31, 2016 2015 2014 Net income adjusted for noncontrolling interests $ 238,933 $ 174,352 $ 288,008 Net (income) loss of taxable REIT subsidiary included above (14,497 ) 340 (4,092 ) Net income from REIT operations 224,436 174,692 283,916 Book depreciation and amortization including discontinued operations 162,534 145,940 150,616 Tax depreciation and amortization (104,734 ) (87,416 ) (90,328 ) Book/tax difference on gains/losses from capital transactions (64,917 ) (53,902 ) (87,387 ) Deferred/prepaid/above and below-market rents, net (13,114 ) (5,375 ) (3,617 ) Impairment loss from REIT operations including discontinued operations 369 1,536 942 Other book/tax differences, net (2,694 ) (1,679 ) (6,399 ) REIT taxable income 201,880 173,796 247,743 Dividends paid deduction (1) (201,880 ) (174,628 ) (247,743 ) Dividends paid in excess of taxable income $ — $ (832 ) $ — ___________________ (1) For 2016 and 2014 , the dividends paid deduction includes designated dividends of $16.8 million and $114.0 million from 2017 and 2015 , respectively. |
Schedule Of Cash Dividends Distributed To Common Shareholders | For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows: Year Ended December 31, 2016 2015 2014 Ordinary income 80.7 % 92.7 % 54.0 % Capital gain distributions 19.3 % 4.3 % 46.0 % Return of capital (nontaxable distribution) — % 3.0 % — % Total 100.0 % 100.0 % 100.0 % |
Schedule Of Deferred Tax Assets And Liabilities | Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands): December 31, 2016 2015 Deferred tax assets: Impairment loss (1) $ 13,476 $ 13,538 Allowance on other assets 117 100 Interest expense 9,246 11,707 Net operating loss carryforwards (2) 8,413 10,071 Straight-line rentals 813 337 Book-tax basis differential 4,380 3,777 Other 348 421 Total deferred tax assets 36,793 39,951 Valuation allowance (3) (25,979 ) (27,230 ) Total deferred tax assets, net of allowance $ 10,814 $ 12,721 Deferred tax liabilities: Book-tax basis differential (1) $ 10,998 $ 7,205 Other 553 333 Total deferred tax liabilities $ 11,551 $ 7,538 ___________________ (1) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold. (2) We have net operating loss carryforwards of $23.7 million that expire between the years of 2029 and 2034 . (3) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced. |
Schedule Of Income Tax Provision | We are subject to federal, state and local income taxes and have recorded an income tax provision (benefit) as follows (in thousands): Year Ended December 31, 2016 2015 2014 Net income (loss) before taxes of taxable REIT subsidiary $ 20,295 $ (989 ) $ 1,446 Federal provision (benefit) at statutory rate of 35% $ 7,103 $ (346 ) $ 506 Valuation allowance decrease (1,251 ) (309 ) (3,003 ) Other (54 ) 6 (149 ) Federal income tax provision (benefit) of taxable REIT subsidiary (1) 5,798 (649 ) (2,646 ) Texas franchise tax (2) 1,058 701 1,403 Total $ 6,856 $ 52 $ (1,243 ) ___________________ (1) All periods presented are open for examination by the IRS. (2) For all periods presented, amounts include the effects that are reported in discontinued operations. See Note 14 for additional information. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Discontinued Operating Results | The operating results have been reclassified and reported as discontinued operations in the Consolidated Statements of Operations as follows (in thousands): Year Ended December 31, 2014 Revenues, net $ 1,062 Depreciation and amortization (260 ) Operating expenses (285 ) Real estate taxes, net (136 ) General and administrative (2 ) Interest, net (19 ) Provision for income taxes (18 ) Operating income from discontinued operations 342 Gain on sale of property from discontinued operations 44,582 Income from discontinued operations $ 44,924 |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are summarized as follows (in thousands): Year Ended December 31, 2016 2015 2014 Accrued property construction costs $ 5,738 $ 9,566 $ 6,265 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures 2,139 — 11,015 Exchange of operating partnership units for common shares — 111 — Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture — — (6,431 ) Reduction of debt service guaranty liability (2,710 ) (2,270 ) (1,635 ) Property acquisitions and investments in unconsolidated real estate joint ventures: Increase in property, net 10,573 — — Decrease in real estate joint ventures and partnerships - investments (2,315 ) — — Increase in debt, net — 20,966 — Sale of property and property interest: Decrease in property, net — — (127,837 ) Decrease in real estate joint ventures and partnerships - investments — — (17 ) Decrease in other, net — — (34 ) Decrease in debt, net due to debt assumption — — (11,069 ) Decrease in security deposits — — (459 ) Decrease in noncontrolling interests — — (155,278 ) Consolidation of joint ventures (see Note 23): Increase in property, net 58,665 — — Increase in restricted deposits and mortgage escrows 30 — — Increase in security deposits 169 — — Increase in debt, net 48,727 — — Decrease in equity associated with deferred compensation plan (see Note 1) (44,758 ) — — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Components Of Earnings Per Common Share - Basic And Diluted | Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with SEC guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Numerator: Continuing Operations: Income from continuing operations $ 176,117 $ 121,601 $ 116,365 Gain on sale of property 100,714 59,621 146,290 Net income attributable to noncontrolling interests (37,898 ) (6,870 ) (19,623 ) Dividends on preferred shares — (3,830 ) (10,840 ) Redemption costs of preferred shares — (9,687 ) — Income from continuing operations attributable to 238,933 160,835 232,192 Income attributable to operating partnership units 1,996 — 2,171 Income from continuing operations attributable to $ 240,929 $ 160,835 $ 234,363 Discontinued Operations: Income from discontinued operations $ — $ — $ 44,924 Net loss attributable to noncontrolling interests — — 52 Income from discontinued operations attributable to common shareholders – basic and diluted $ — $ — $ 44,976 Net Income: Net income attributable to common shareholders – basic $ 238,933 $ 160,835 $ 277,168 Net income attributable to common shareholders – diluted $ 240,929 $ 160,835 $ 279,339 Denominator: Weighted average shares outstanding – basic 126,048 123,037 121,542 Effect of dilutive securities: Share options and awards 1,059 1,292 1,331 Operating partnership units 1,462 — 1,497 Weighted average shares outstanding – diluted 128,569 124,329 124,370 |
Anti-Dilutive Securities Of Common Shares | Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Share options (1) 2 463 908 Operating partnership units — 1,472 — Total anti-dilutive securities 2 1,935 908 ___________________ (1) Exclusion results as exercise prices were greater than the average market price for each respective period. |
Share Options And Awards (Table
Share Options And Awards (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Option Activity | Following is a summary of the option activity for the three years ended December 31, 2016 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2014 3,543,746 $ 29.16 Forfeited or expired (307,413 ) 39.73 Exercised (339,210 ) 22.98 Outstanding, December 31, 2014 2,897,123 28.76 Forfeited or expired (435,840 ) 37.37 Exercised (94,633 ) 26.55 Outstanding, December 31, 2015 2,366,650 27.26 Forfeited or expired (460,722 ) 47.42 Exercised (971,727 ) 21.95 Outstanding, December 31, 2016 934,201 $ 22.85 |
Share Options Outstanding And Exercisable | The following table summarizes information about share options outstanding and exercisable at December 31, 2016 : Range of Exercise Prices Outstanding Exercisable Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value (000’s) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value (000’s) $11.85 - $17.78 241,979 2.2 years $ 11.85 241,979 $ 11.85 2.2 years $17.79 - $26.69 479,127 3.9 years $ 24.15 479,127 $ 24.15 3.9 years $26.70 - $40.05 211,603 1.2 years $ 32.31 211,603 $ 32.31 1.2 years $40.06 - $49.62 1,492 0.2 years $ 49.62 1,492 $ 49.62 0.2 years Total 934,201 2.8 years $ 22.85 $ 12,089 934,201 $ 22.85 2.8 years $ 12,089 |
Fair Value Of Market-Based Share Awards Assumptions | The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions: Year Ended December 31, 2016 Minimum Maximum Dividend yield 0.0 % 4.0 % Expected volatility (1) 16.0 % 20.4 % Expected life (in years) N/A 3 Risk-free interest rate 0.5 % 0.9 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. |
Summary Of The Status Of Unvested Restricted Shares | A summary of the status of unvested share awards for the year ended December 31, 2016 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2016 589,906 $ 32.05 Granted: Service-based awards 119,958 34.56 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 50,170 37.11 Market-based awards relative to three-year absolute TSR 50,170 24.20 Trust manager awards 24,983 37.63 Vested (233,524 ) 32.05 Forfeited (10,809 ) 33.97 Outstanding, December 31, 2016 590,854 $ 32.52 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plans And Components Of Net Periodic Benefit Costs | The measurement dates for plan assets and obligations were December 31, 2016 and 2015 . December 31, 2016 2015 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 49,715 $ 50,218 Service cost 1,277 1,252 Interest cost 2,078 1,899 Actuarial loss (gain) (1) 1,976 (1,830 ) Benefit payments (2,071 ) (1,824 ) Benefit obligation at end of year $ 52,975 $ 49,715 Change in Plan Assets: Fair value of plan assets at beginning of year $ 42,341 $ 42,606 Actual return on plan assets 3,228 59 Employer contributions 2,000 1,500 Benefit payments (2,071 ) (1,824 ) Fair value of plan assets at end of year $ 45,498 $ 42,341 Unfunded status at end of year (included in accounts payable and accrued expenses in 2016 and 2015) $ (7,477 ) $ (7,374 ) Accumulated benefit obligation $ 52,824 $ 49,632 Net loss recognized in accumulated other comprehensive loss $ 16,528 $ 16,361 ___________________ (1) The year over year change in actuarial loss (gain) is associated primarily to census updates and a decrease in the discount rate in 2016. |
Schedule Of Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss) | The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive loss (income) (in thousands): Year Ended December 31, 2016 2015 2014 Net loss $ 1,719 $ 1,276 $ 11,118 Amortization of net loss (1) (1,552 ) (1,423 ) (385 ) Total recognized in other comprehensive loss (income) $ 167 $ (147 ) $ 10,733 Total recognized in net periodic benefit costs and other comprehensive loss $ 2,103 $ 1,262 $ 10,967 ___________________ (1) The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.5 million . |
Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets | The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands): December 31, 2016 2015 Projected benefit obligation $ 52,975 $ 49,715 Accumulated benefit obligation 52,824 49,632 Fair value of plan assets 45,498 42,341 |
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Service cost $ 1,277 $ 1,252 $ 1,008 Interest cost 2,078 1,899 1,800 Expected return on plan assets (2,971 ) (3,165 ) (2,959 ) Recognized loss 1,552 1,423 385 Total $ 1,936 $ 1,409 $ 234 |
Schedule Of Assumptions Used To Develop Periodic Expense | The assumptions used to develop periodic expense are shown below: Year Ended December 31, 2016 2015 2014 Discount rate 4.11 % 3.83 % 4.70 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.50 % 7.50 % The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2016 2015 2014 Discount rate 4.01 % 4.11 % 3.83 % Salary scale increases 3.50 % 3.50 % 3.50 % |
Schedule Of Expected Benefit Payments For The Next Ten Years | The expected contribution to be paid for the Retirement Plan by us during 2017 is approximately $2.0 million . The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2017 $ 2,139 2018 2,154 2019 2,268 2020 2,290 2021 2,480 2022-2026 14,477 |
Schedule Of Allocation Of The Fair Value Of Plan Assets | At December 31, 2016 , our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows: Portfolio Benchmark Cash and Short-Term Investments 2 % 1 % U.S. Stocks 51 % 56 % International Stocks 12 % 10 % U.S. Bonds 29 % 29 % International Bonds 5 % 4 % Other 1 % — % Total 100 % 100 % The fair value of plan assets was determined based on publicly quoted market prices for identical assets, which are classified as Level 1 observable inputs. The allocation of the fair value of plan assets was as follows: December 31, 2016 2015 Cash and Short-Term Investments 18 % 19 % Large Company Funds 36 % 35 % Mid Company Funds 6 % 7 % Small Company Funds 6 % 6 % International Funds 10 % 10 % Fixed Income Funds 16 % 14 % Growth Funds 8 % 9 % Total 100 % 100 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Minimum Rental Payments For Operating Leases | Scheduled minimum rental payments under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, are as follows (in thousands): 2017 $ 3,058 2018 3,037 2019 2,989 2020 2,759 2021 2,615 Thereafter 114,373 Total $ 128,831 |
Schedule Of Future Minimum Revenues Under Subleases | The scheduled future minimum revenues under subleases, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for the subsequent five years and thereafter ending December 31, are as follows (in thousands): 2017 $ 30,687 2018 27,484 2019 22,579 2020 18,739 2021 15,695 Thereafter 69,022 Total $ 184,206 |
Schedule Of Annual Future Minimum Lease Payments For Capital Leases | The annual future minimum lease payments under capital leases as of December 31, 2016 are as follows (in thousands): 2017 $ 1,675 2018 1,683 2019 1,691 2020 1,700 2021 1,708 Thereafter 24,443 Total $ 32,900 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Consolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Summary Of Variable Interest Entities | A summary of our consolidated VIEs is as follows (in thousands): December 31, 2016 2015 Assets Held by VIEs (1) $ 504,293 $ 289,558 Assets Held as Collateral for Debt (2) 46,136 57,735 Maximum Risk of Loss (2) 29,784 37,178 ___________________ (1) Upon adoption of ASU No. 2015-02, "Amendments to the Consolidation Analysis," prior year's amount was made to conform to the current year presentation. See Note 2 for additional information. (2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. |
Unconsolidated Variable Interest Entities [Member] | |
Variable Interest Entity [Line Items] | |
Summary Of Variable Interest Entities | A summary of our unconsolidated VIEs is as follows (in thousands): December 31, 2016 2015 Investment in Real Estate Joint Ventures and Partnerships, net (1) (2) $ 886 $ 10,497 Maximum Risk of Loss (3) 34,000 10,992 ___________________ (1) The carrying amount of the investment represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. (2) As of December 31, 2016 , the carrying amount of the investment for one VIE is $(9) million , which is included in Other Liabilities and results from the distribution of proceeds from the issuance of debt. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured On Recurring Basis | Recurring Fair Value Measurements: Assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015 , aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at December 31, 2016 Assets: Investments, mutual funds held in a grantor trust $ 26,328 $ 26,328 Investments, mutual funds 7,670 7,670 Derivative instruments: Interest rate contracts $ 126 126 Total $ 33,998 $ 126 $ — $ 34,124 Liabilities: Deferred compensation plan obligations $ 26,328 $ 26,328 Total $ 26,328 $ — $ — $ 26,328 Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value at December 31, 2015 Assets: Investments, mutual funds held in a grantor trust $ 20,579 $ 20,579 Investments, mutual funds 7,043 7,043 Derivative instruments: Interest rate contracts $ 2,664 2,664 Total $ 27,622 $ 2,664 $ — $ 30,286 Liabilities: Derivative instruments: Interest rate contracts $ 725 $ 725 Deferred compensation plan obligations $ 20,579 20,579 Total $ 20,579 $ 725 $ — $ 21,304 |
Schedule Of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands): December 31, 2016 2015 Carrying Value Fair Value Using Significant Other Observable Inputs (Level 2) Fair Value Using Significant Unobservable Inputs (Level 3) Carrying Value Fair Value Fair Value Tax increment revenue bonds (1) $ 23,910 $ 23,910 $ 25,162 $ 25,162 Investments, held to maturity (2) 5,240 $ 5,248 1,750 $ 1,750 Debt: Fixed-rate debt 2,089,769 2,132,082 1,869,683 1,907,579 Variable-rate debt 266,759 265,230 243,594 248,460 ___________________ (1) At December 31, 2016 and 2015 , the credit loss balance on our tax increment revenue bonds was $31.0 million . (2) Investments held to maturity are recorded at cost. As of December 31, 2016 , an $8 thousand unrealized gain was recognized on these investments, and at December 31, 2015 , no unrealized gain or loss was recognized. |
Quantitative Information About Significant Unobservable Inputs (Level 3) Used | The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2016 and 2015 reported in the above tables, is as follows: Description Fair Value at December 31, Unobservable Inputs Range 2016 2015 Minimum Maximum (in thousands) Valuation Technique 2016 2015 2016 2015 Tax increment revenue bonds $ 23,910 $ 25,162 Discounted cash flows Discount rate 6.5 % 6.5 % 7.5 % 7.5 % Expected future growth rate 1.0 % 1.0 % 2.0 % 2.0 % Expected future inflation rate 1.0 % 1.0 % 3.0 % 3.0 % Fixed-rate debt 2,132,082 1,907,579 Discounted cash flows Discount rate 3.0 % 2.4 % 5.2 % 5.5 % Variable-rate debt 265,230 248,460 Discounted cash flows Discount rate 1.6 % 1.3 % 2.4 % 3.2 % |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Transactions Related to Acquisitions | The following table summarizes the business combination, including the assets acquired and liabilities assumed as indicated (in thousands): February 12, 2016 Fair value of our equity interest before business combination $ 22,514 (1) Gain recognized on equity interest remeasured to fair value $ 37,383 (2) Amounts recognized for assets and liabilities assumed: Assets: Property $ 58,665 Unamortized lease costs 8,936 Accrued rent and accounts receivable 102 Cash and cash equivalents 3,555 Other, net 4,992 Liabilities: Debt, net (48,727 ) Accounts payable and accrued expenses (1,339 ) Other, net (3,670 ) Total net assets $ 22,514 ___________________ (1) Includes $2.5 million of cash received from the partner. (2) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands): December 31, 2016 Fair value of our equity interest before acquisition $ 13,579 Fair value of consideration transferred $ 443,745 Acquisition costs (included in operating expenses) $ 936 Gain on acquisition $ 9,015 (1) Amounts recognized for assets and liabilities assumed: Assets: Property $ 433,055 Unamortized lease costs 80,951 Accrued rent and accounts receivable 122 Cash and cash equivalents 556 Other, net 6,812 Liabilities: Accounts payable and accrued expenses (6,383 ) Other, net (62,254 ) Total net assets $ 452,859 _______________ (1) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations. |
Pro Forma Impact of Acquisitions | The following unaudited supplemental pro forma data is presented for the periods ended December 31, 2016 and 2015 , as if these transactions occurring in 2016 were completed on January 1, 2015 . The gains and acquisition costs related to these transactions were adjusted to the assumed acquisition date. The unaudited supplemental pro forma data is not necessarily indicative of what the actual results of our operations would have been assuming the transactions had been completed as set forth above, nor does it purport to represent our results of operations for future periods (in thousands, except per share amounts): Pro Forma (1) Pro Forma (1) Revenues $ 567,985 $ 547,381 Net income 236,461 234,307 Net income attributable to common shareholders - basic 198,563 213,920 Net income attributable to common shareholders - diluted 200,559 215,823 Earnings per share – basic 1.58 1.74 Earnings per share – diluted 1.56 1.72 ___________________ (1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table. The following table summarizes the impact to revenues and net income attributable to common shareholders from our business combination and acquisitions (in thousands): Year Ended December 31, 2016 Increase in revenues $ 23,337 Increase in net income attributable to common shareholders 230 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from our business combination and acquisitions (in years): December 31, 2016 Assets: In place leases 18.4 Above-market leases 29.7 Liabilities: Below-market leases 20.3 Above-market assumed mortgages 4.8 |
Quarterly Financial Data (Una59
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | Summarized quarterly financial data is as follows (in thousands): First Second Third Fourth 2016 Revenues $ 132,417 $ 135,676 $ 138,599 $ 142,863 Net income 108,667 (1)(2) 37,651 (1)(3) 61,337 (1)(2) 69,176 (1) Net income attributable to common shareholders 107,074 (1)(2) 35,816 (1)(3) 51,901 (1)(2)(4) 44,142 (1)(4) Earnings per common share – basic .87 (1)(2) .28 (1)(3) .41 (1)(2)(4) .35 (1)(4) Earnings per common share – diluted .85 (1)(2) .28 (1)(3) .40 (1)(2)(4) .34 (1)(4) 2015 Revenues $ 125,599 $ 126,804 $ 130,787 $ 129,654 Net income 49,222 (1)(3) 37,786 (1) 45,188 (1) 49,026 (1) Net income attributable to common shareholders 44,937 (1)(3) 25,222 (1)(5) 43,401 (1) 47,275 (1) Earnings per common share – basic .37 (1)(3) .20 (1)(5) .35 (1) .38 (1) Earnings per common share – diluted .36 (1)(3) .20 (1)(5) .35 (1) .38 (1) ___________________ (1) The quarter results include significant gains on the sale of properties and real estate joint venture and partnership interests and on acquisitions, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $82.8 million , $4.2 million , $31.1 million and $34.9 million for the three months ended March 31, 2016 , June 30, 2016 , September 30, 2016 and December 31, 2016 , respectively, and $23.4 million , $8.2 million , $13.2 million and $15.7 million for the three months ended March 31, 2015 , June 30, 2015 , September 30, 2015 , and December 31, 2015 , respectively. (2) The quarter results include $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016 , respectively, for deferred taxes at our taxable REIT subsidiary associated with gains from an exchange of properties and a property sale. (3) The quarter results include a (gain) loss on extinguishment of debt totaling $(2.0) million and $6.1 million for the three months ended June 30, 2016 and March 31, 2015 , respectively. (4) The quarter results include $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016 , respectively, for gains discussed in (1) above in net income attributable to noncontrolling interests. (5) The quarter results include a $9.7 million deduction associated with the redemption of Series F preferred shares (see Note 8 for additional information). |
Summary Of Significant Accoun60
Summary Of Significant Accounting Policies (Narrative) (Details) ft² in Millions | Jan. 01, 2012plans | Dec. 31, 2016ft²segmentforeign | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | |||
Square footage of operating properties (in square feet) | ft² | 44.7 | ||
Real estate asset, estimated useful life | 40 years | ||
Single purpose entity, ownership percentage | 100.00% | ||
Vesting period (years) for share options and awards | 3 years | ||
Number of foreign operations | foreign | 0 | ||
Number of reportable segments | segment | 1 | ||
Supplemental Retirement Plan, Defined Contribution Plan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of retirement plans | plans | 2 | ||
Supplemental Retirement Plan, Defined Contribution Plan [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, vesting period | 5 years | ||
Supplemental Retirement Plan, Defined Contribution Plan [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, vesting period | 10 years | ||
Supplemental Retirement Plan, Defined Contribution Plan, New Balance Annual Additions [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, interest credit percentage | 4.50% | ||
Supplemental Retirement Plan, Defined Contribution Plan, New Balance Annual Additions [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, service credit percentage | 3.00% | ||
Supplemental Retirement Plan, Defined Contribution Plan, New Balance Annual Additions [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, service credit percentage | 5.00% | ||
Supplemental Retirement Plan, Defined Contribution Plan, Old Balance Annual Addtions [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, interest credit percentage | 7.50% | ||
Savings and Investment Plan, Defined Contribution Plan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, vesting period | 5 years | ||
Defined contribution plan, minimum annual contribution per employee, percent | 1.00% | ||
Defined contribution plan, employer matched rate of employee contributions, percentage | 50.00% | ||
Defined contribution plan, employer matching contribution, percent | 6.00% | ||
Retirement Plan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined benefit plan, interest credit rate | 4.50% | ||
Defined benefit plan, vesting period (years) | 3 years | ||
Retirement Plan [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined benefit plan, service credit percentage | 3.00% | ||
Retirement Plan [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined benefit plan, service credit percentage | 5.00% | ||
Service Based Awards [Member] | |||
Significant Accounting Policies [Line Items] | |||
Vesting period (years) for share options and awards | 3 years | ||
Share Awards [Member] | Officer [Member] | |||
Significant Accounting Policies [Line Items] | |||
Vesting period (years) for share options and awards | 5 years | ||
Market Based Awards [Member] | |||
Significant Accounting Policies [Line Items] | |||
Vesting period (years) for share options and awards | 3 years | ||
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | |||
Significant Accounting Policies [Line Items] | |||
Vesting period (years) for share options and awards | 3 years | ||
Percentage allocation of market based awards | 50.00% | ||
Market-Based Awards Relative To Three-Year Absolute TSR [Member] | |||
Significant Accounting Policies [Line Items] | |||
Vesting period (years) for share options and awards | 3 years | ||
Percentage allocation of market based awards | 50.00% | ||
Market based awards, hurdle comparison | 8.00% | ||
Share Options [Member] | |||
Significant Accounting Policies [Line Items] | |||
Maximum term of option award (years) | 10 years | ||
Building [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Real estate asset, estimated useful life | 18 years | ||
Building [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Real estate asset, estimated useful life | 40 years | ||
Parking Lot Surfacing And Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Real estate asset, estimated useful life | 10 years | ||
Parking Lot Surfacing And Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Real estate asset, estimated useful life | 20 years | ||
90-Day London Interbank Offered Rate (LIBOR) [Member] | Supplemental Retirement Plan, Defined Contribution Plan, Old Balance Annual Addtions [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, basis spread on variable rate | 0.005 | ||
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 3.10% | ||
Houston Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 20.50% | ||
Other Parts of Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 9.50% |
Summary Of Significant Accoun61
Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 23,489 | $ 1,952 |
Mortgage escrows | 1,533 | 1,122 |
Total | 25,022 | 3,074 |
Qualified escrow for like-kind exchange, payments | $ 21,000 | $ 21,000 |
Summary of Significant Accoun62
Summary of Significant Accounting Policies (Summary of Eligible Share Award Activity That Would Have Been Recorded in Temporary Equity) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |
Change in classification | $ 39,977 |
Change in redemption value | 8,600 |
Diversification of share awards | (3,819) |
Balance at December 31, 2016 | $ 44,758 |
Summary Of Significant Accoun63
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (1,545,010) | $ (1,638,943) | $ (1,687,978) |
Net other comprehensive loss (income) | 1,517 | (4,792) | 8,234 |
Ending balance | (1,716,896) | (1,545,010) | (1,638,943) |
Gain On Investments [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (557) | (656) | |
Change excluding amounts reclassified from accumulated other comprehensive loss | (407) | 99 | |
Amounts reclassified from accumulated other comprehensive loss | |||
Net other comprehensive loss (income) | (407) | 99 | |
Ending balance | (964) | (557) | (656) |
Gain On Cash Flow Hedges [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (8,160) | (3,416) | |
Change excluding amounts reclassified from accumulated other comprehensive loss | 3,288 | (1,946) | |
Amounts reclassified from accumulated other comprehensive loss | (1,531) | (2,798) | |
Net other comprehensive loss (income) | 1,757 | (4,744) | |
Ending balance | (6,403) | (8,160) | (3,416) |
Defined Benefit Pension Plan [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 16,361 | 16,508 | |
Change excluding amounts reclassified from accumulated other comprehensive loss | 1,719 | 1,276 | |
Amounts reclassified from accumulated other comprehensive loss | (1,552) | (1,423) | |
Net other comprehensive loss (income) | 167 | (147) | |
Ending balance | 16,528 | 16,361 | 16,508 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 7,644 | 12,436 | 4,202 |
Change excluding amounts reclassified from accumulated other comprehensive loss | 4,600 | (571) | |
Amounts reclassified from accumulated other comprehensive loss | (3,083) | (4,221) | |
Net other comprehensive loss (income) | 1,517 | (4,792) | 8,234 |
Ending balance | $ 9,161 | $ 7,644 | $ 12,436 |
Newly Issued Accounting Prono64
Newly Issued Accounting Pronouncements (Details) $ in Millions | Jan. 01, 2016variable_interest_entity | Dec. 31, 2016USD ($)lease |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Number of additional VIEs to be reported | variable_interest_entity | 10 | |
Number of lessor leases | lease | 5,800 | |
Capitalized lease costs | $ 7.2 | |
Business acquisition costs incurred | $ 1.4 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Thousands | Feb. 12, 2016USD ($)center | Feb. 29, 2016center | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)propertycenter | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | |||||||
Number of centers sold | 1 | 12 | |||||
Proceeds from sale and disposition of property | $ 241,900 | ||||||
Gain on sale of property | $ 1,100 | $ 5,900 | $ 100,714 | $ 59,621 | $ 190,872 | ||
Number of acquired centers | property | 3 | ||||||
Gross payments to acquire real estate | $ 464,600 | ||||||
Investment in new development projects | $ 63,300 | ||||||
Number of real estate properties classified as held for sale | property | 1 | 1 | |||||
Property held for sale | $ 1,600 | $ 53,200 | |||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of acquired centers | center | 3 | ||||||
Percentage of voting interest acquired | 50.00% | 50.00% | |||||
Property acquired | $ 433,055 | ||||||
Business Combination Achieved in Stages [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of acquired centers | center | 2 | ||||||
Percentage of voting interest acquired | 49.00% | 49.00% | |||||
Property acquired | $ 58,665 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate [Abstract] | ||
Land | $ 1,107,072 | $ 929,958 |
Land held for development | 82,953 | 95,524 |
Land under development | 51,761 | 17,367 |
Buildings and improvements | 3,489,685 | 3,152,215 |
Construction in-progress | 57,674 | 67,895 |
Total | $ 4,789,145 | $ 4,262,959 |
Investment In Real Estate Joi67
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands | Feb. 12, 2016USD ($) | Sep. 30, 2016USD ($) | Feb. 29, 2016USD ($)center | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)propertycenter | Dec. 31, 2015USD ($)propertycenter | Dec. 31, 2014USD ($) | Oct. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||||
Net basis differentials for equity method investments | $ 2,600 | $ 4,900 | |||||||
Impairment loss | 1,303 | 7,487 | $ 1,526 | ||||||
Fees earned from real estate joint ventures and partnerships | 5,100 | 4,500 | 4,600 | ||||||
Repayments of long-term debt | $ 144,788 | 240,505 | 508,997 | ||||||
Number of centers sold | 1 | 12 | |||||||
Proceeds from sale and disposition of property | $ 241,900 | ||||||||
Gain on sale of property | $ 1,100 | $ 5,900 | 100,714 | 59,621 | 190,872 | ||||
Gross payments to acquire real estate | 464,600 | ||||||||
Recognized identifiable assets acquired and liabilities assumed, land | $ 1,196,770 | $ 1,290,784 | |||||||
Number of real estate properties | center | 2 | 2 | |||||||
Assets held by joint venture | $ 4,426,928 | $ 3,901,945 | |||||||
Debt held by joint venture | 2,034,998 | ||||||||
Proceeds from business acquisition | $ 2,500 | ||||||||
Gain from sale of real estate joint venture and partnership interests | $ 48,322 | $ 879 | $ 1,718 | ||||||
50% Owned Unconsolidated Real Estate Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage in joint ventures | 50.00% | ||||||||
Number of centers sold | property | 5 | 1 | |||||||
Proceeds from sale and disposition of property | $ 78,700 | $ 1,100 | |||||||
Gain on sale of property | $ 3,900 | 600 | |||||||
Gain from sale of real estate joint venture and partnership interests | $ 900 | ||||||||
51% Owned Real Estate joint venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage in joint ventures | 69.00% | 51.00% | |||||||
Number of real estate properties acquired | property | 1 | ||||||||
Gross payments to acquire real estate | $ 73,000 | $ 54,100 | |||||||
Equity interest in joint venture (percent) | 51.00% | ||||||||
Number of real estate properties | center | 3 | ||||||||
Assets held by joint venture | $ 43,700 | ||||||||
Debt held by joint venture | $ 72,400 | ||||||||
Unconsolidated Real Estate Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Recognized identifiable assets acquired and liabilities assumed, land | $ 4,400 | ||||||||
90% Owned Real Estate Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage in joint ventures | 90.00% | ||||||||
20% Owned Unconsolidated Real Estate Joint Venture [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of centers sold | property | 3 | ||||||||
Proceeds from sale and disposition of property | $ 17,600 | ||||||||
Equity Method Investee [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Gain on sale of property | $ 1,000 | ||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of voting interest acquired | 50.00% | 50.00% | 50.00% | ||||||
Equity interest in joint venture | $ 13,500 | $ 13,579 | |||||||
Business Combination Achieved in Stages [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Percentage of voting interest acquired | 49.00% | 49.00% | |||||||
Equity interest in joint venture | $ 22,514 | ||||||||
Proceeds from business acquisition | $ 2,500 | ||||||||
Minimum [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage in joint ventures | 20.00% | 20.00% | |||||||
Maximum [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage in joint ventures | 75.00% | 75.00% | |||||||
Joint Venture [Member] | Collection of Outstanding Receivable [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Increase (decrease) in accounts receivable, related party | $ 4,800 |
Investment In Real Estate Joi68
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Property | $ 1,196,770 | $ 1,290,784 |
Accumulated depreciation | (261,392) | (293,474) |
Property, net | 935,378 | 997,310 |
Other assets, net | 114,554 | 130,251 |
Total Assets | 1,049,932 | 1,127,561 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 301,480 | 345,186 |
Amounts payable to Weingarten Realty Investors and Affiliates | 12,585 | 12,285 |
Other liabilities, net | 24,902 | 29,509 |
Total Liabilities | 338,967 | 386,980 |
Equity | 710,965 | 740,581 |
Total Liabilities and Equity | $ 1,049,932 | $ 1,127,561 |
Investment In Real Estate Joi69
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues, net | $ 138,316 | $ 148,875 | $ 153,301 |
Expenses: | |||
Depreciation and amortization | 38,242 | 37,771 | 40,235 |
Interest, net | 16,076 | 17,053 | 22,657 |
Operating | 26,126 | 26,797 | 27,365 |
Real estate taxes, net | 17,408 | 18,525 | 18,159 |
General and administrative | 816 | 839 | 916 |
Provision for income taxes | 113 | 197 | 417 |
Impairment loss | 1,303 | 7,487 | 1,526 |
Total | 100,084 | 108,669 | 111,275 |
Gain on dispositions | 100,714 | 59,621 | 146,290 |
Net Income | 53,421 | 45,377 | 54,975 |
Equity Method Investments [Member] | |||
Expenses: | |||
Gain on sale of non-operating property | 373 | 0 | 0 |
Gain on dispositions | $ 14,816 | $ 5,171 | $ 12,949 |
Identified Intangible Assets 70
Identified Intangible Assets And Liabilities (Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 181,080 | $ 104,680 |
Identified intangible liabilities, net | 92,958 | 33,795 |
Above-Market Leases [Member] | Other Liabilities, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market leases (included in Other Liabilities, net) | 110,878 | 50,370 |
Below-market leases - Accumulated Amortization | (23,109) | (22,080) |
Above-Market Leases [Member] | Above-market leases [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Above-market leases (included in Other Assets, net) | 44,595 | 37,595 |
Identified intangible assets/liabilities, accumulated (amortization) accretion | (13,579) | (14,421) |
Below-Market Assumed Mortgages [Member] | Below-Market Assumed Mortgages [Member] | Debt, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (1,564) | (1,307) |
Below-market assumed mortgages (included in Debt, net) | 1,671 | 1,671 |
Below-Market Assumed Mortgages [Member] | Above-Market Assumed Mortgages [Member] | Debt, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (5,186) | (27,272) |
Above-market assumed mortgages (included in Debt, net) | 10,375 | 32,777 |
In Place Leases [Member] | Unamortized Debt And Lease Costs, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (82,571) | (67,762) |
In place leases (included in Unamortized Lease Costs, net) | $ 232,528 | $ 148,904 |
Identified Intangible Assets 71
Identified Intangible Assets And Liabilities (Schedule Of Future Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Rental Revenues [Member] | Above-Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2017 amortization/(accretion) | $ (3,044) | ||
2018 amortization/(accretion) | (2,963) | ||
2019 amortization/(accretion) | (3,346) | ||
2020 amortization/(accretion) | (3,403) | ||
2021 amortization/(accretion) | (3,315) | ||
Amortization (accretion) | 2,100 | $ (500) | $ (1,700) |
Depreciation and Amortization [Member] | In Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2017 amortization/(accretion) | 19,789 | ||
2018 amortization/(accretion) | 17,539 | ||
2019 amortization/(accretion) | 15,291 | ||
2020 amortization/(accretion) | 14,081 | ||
2021 amortization/(accretion) | 11,930 | ||
Amortization (accretion) | 18,000 | 12,300 | 12,000 |
Interest Expense [Member] | Below-Market Assumed Mortgages [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2017 amortization/(accretion) | (1,100) | ||
2018 amortization/(accretion) | (1,207) | ||
2019 amortization/(accretion) | (1,207) | ||
2020 amortization/(accretion) | (436) | ||
2021 amortization/(accretion) | (287) | ||
Amortization (accretion) | $ (1,000) | $ (700) | $ (1,000) |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt payable, net to 2038 | $ 2,023,403 | $ 1,872,942 | |
Unsecured notes payable under credit facilities | 245,000 | 149,500 | |
Debt service guaranty liability | 67,125 | 69,835 | |
Obligations under capital leases | 21,000 | 21,000 | |
Total | [1] | $ 2,356,528 | $ 2,113,277 |
Debt Payable To 2038 [Member] | Minimum [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 1.73% | 1.00% | |
Debt Payable To 2038 [Member] | Maximum [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 7.89% | 8.60% | |
Debt Payable To 2038 [Member] | Weighted Average [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 4.00% | 4.30% | |
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2016 and December 31, 2015 are Property, net of $476,117 and $240,689; Investment in Real Estate Joint Ventures and Partnerships, net of $0, and $18,278; Accrued Rent and Accounts Receivable, net of $11,066 and $9,245; Cash and Cash Equivalents of $9,560 and $13,250; Debt, net of $47,112 and $47,919. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Mar. 30, 2016USD ($)extensions | Mar. 27, 2016USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | May 31, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 01, 2016 | May 31, 2016USD ($) | Mar. 30, 2015USD ($) | Feb. 28, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Debt service guaranty liability | $ 67,125,000 | $ 69,835,000 | |||||||||||||
Proceeds from issuance of debt | 249,999,000 | 448,083,000 | $ 4,500,000 | ||||||||||||
Debt, net | 2,034,998,000 | ||||||||||||||
Gain (loss) on debt extinguishment | $ 2,000,000 | $ (6,100,000) | |||||||||||||
Repayments of medium term notes | $ 75,000,000 | $ 90,000,000 | |||||||||||||
Debt instrument, interest rate during period | 5.50% | 5.40% | |||||||||||||
Debt instruments collateral value | $ 700,000,000 | $ 800,000,000 | |||||||||||||
Unsecured notes payable under credit facilities | 245,000,000 | 149,500,000 | |||||||||||||
Capital leases | 21,000,000 | 21,000,000 | |||||||||||||
Net premium (discount) on debt | (6,100,000) | ||||||||||||||
Deferred debt costs | (10,600,000) | ||||||||||||||
Non-cash debt | $ 5,100,000 | ||||||||||||||
Debt Service Guaranty [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt coverage ratio | 1.4 | ||||||||||||||
Unsecured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 | |||||||||||||
Debt instrument, interest rate, effective percentage | 2.50% | 2.50% | |||||||||||||
Debt instrument, accordion feature | $ 100,000,000 | $ 100,000,000 | |||||||||||||
Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Deferred debt costs | $ (1,700,000) | ||||||||||||||
Non-cash debt | $ 5,100,000 | ||||||||||||||
Three Point Eight Five Senior Unsecured Notes [Member] | Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 250,000,000 | ||||||||||||||
Debt stated interest rate | 3.85% | ||||||||||||||
Debt instrument, issued at discount | 99.23% | ||||||||||||||
Debt instrument, interest rate, effective percentage | 3.94% | ||||||||||||||
Proceeds from issuance of debt | $ 246,500,000 | ||||||||||||||
Three Point Two Five Senior Unsecured Notes [Member] | Senior Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 250,000,000 | ||||||||||||||
Debt stated interest rate | 3.25% | ||||||||||||||
Debt instrument, issued at discount | 99.16% | ||||||||||||||
Debt instrument, interest rate, effective percentage | 3.35% | ||||||||||||||
Proceeds from issuance of debt | $ 246,300,000 | ||||||||||||||
Seven Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 90,000,000 | ||||||||||||||
Debt stated interest rate | 7.49% | ||||||||||||||
Four Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt stated interest rate | 4.45% | ||||||||||||||
Seven Point Four Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 66,000,000 | ||||||||||||||
Debt stated interest rate | 7.40% | ||||||||||||||
Three Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt stated interest rate | 3.50% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing margin over LIBOR, basis points | 0.975% | ||||||||||||||
Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||||
Number of credit facility 6-month extensions | extensions | 2 | ||||||||||||||
Line of credit facility, extension period | 6 months | ||||||||||||||
Line of credit facility, commitment fee percentage | 0.15% | 0.15% | |||||||||||||
Bids amount (up to) | $ 250,000,000 | $ 250,000,000 | |||||||||||||
Increase in credit facility amount (up to) | 850,000,000 | 700,000,000 | |||||||||||||
Unsecured notes payable under credit facilities | $ 245,000,000 | $ 140,000,000 | |||||||||||||
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing margin over LIBOR, basis points | 0.90% | 1.05% | |||||||||||||
Line of Credit [Member] | Short-Term Unsecured Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity under credit facility | $ 10,000,000 | $ 20,000,000 | |||||||||||||
Line of credit facility, commitment fee percentage | 0.10% | ||||||||||||||
Facility fees, basis points | 0.10% | ||||||||||||||
Fixed interest rate loan period (in days) | 30 days | ||||||||||||||
Line of Credit [Member] | Thirty-Day LIBOR [Member] | Short-Term Unsecured Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Borrowing margin over LIBOR, basis points | 1.25% | ||||||||||||||
Unsecured And Uncommitted Overnight Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unsecured notes payable under credit facilities | $ 0 | $ 9,500,000 | |||||||||||||
Interest Expense [Member] | Four Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on debt extinguishment | $ 2,000,000 | ||||||||||||||
Interest Expense [Member] | Three Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on debt extinguishment | $ (6,100,000) |
Debt (Grouping Of Debt Between
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Long-term Debt, By Type [Line Items] | |||
Total | [1] | $ 2,356,528 | $ 2,113,277 |
As To Interest Rate [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Fixed-rate debt (1) | 2,089,769 | 1,869,683 | |
Variable-rate debt | 266,759 | 243,594 | |
Total | 2,356,528 | 2,113,277 | |
As To Collateralization [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Unsecured debt (1) | 1,913,399 | 1,650,521 | |
Secured debt (1) | 443,129 | 462,756 | |
Total | $ 2,356,528 | $ 2,113,277 | |
[1] | Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2016 and December 31, 2015 are Property, net of $476,117 and $240,689; Investment in Real Estate Joint Ventures and Partnerships, net of $0, and $18,278; Accrued Rent and Accounts Receivable, net of $11,066 and $9,245; Cash and Cash Equivalents of $9,560 and $13,250; Debt, net of $47,112 and $47,919. |
Debt (Schedule Of Credit Facili
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 245,000 | $ 149,500 |
Maximum balance outstanding during the year | 372,000 | 244,500 |
Weighted average balance | $ 141,017 | $ 100,506 |
Year-to-date weighted average interest rate (excluding facility fee) | 1.30% | 0.90% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 245,000 | $ 140,000 |
Available balance | $ 250,140 | $ 355,190 |
Variable interest rate | 1.50% | 1.30% |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding under facility | $ 4,860 | $ 4,810 |
Unsecured Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 9,500 |
Variable interest rate | 0.00% | 1.70% |
Debt (Principal Payments Of Deb
Debt (Principal Payments Of Debt) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 86,710 |
2,018 | 80,427 |
2,019 | 56,245 |
2,020 | 237,779 |
2,021 | 17,667 |
2,022 | 307,857 |
2,023 | 305,705 |
2,024 | 255,965 |
2,025 | 303,314 |
2,026 | 277,304 |
Thereafter | 106,025 |
Total | $ 2,034,998 |
Derivatives And Hedging (Schedu
Derivatives And Hedging (Schedule Of Interest Rate Contracts Reported At Fair Values) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 126 | $ 2,664 |
Derivative liabilities | 725 | |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 126 | 2,664 |
Designated as Hedging Instrument [Member] | Other Liabilities, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0 | $ 725 |
Derivatives And Hedging (Offset
Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized, Assets | $ 126 | $ 2,664 |
Gross Amounts Offset In Balance Sheet, Assets | 0 | 0 |
Net Amounts Presented in Balance Sheet, Assets | 126 | 2,664 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments, Assets | 0 | (346) |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received, Assets | 0 | 0 |
Net Amount, Assets | $ 126 | 2,318 |
Gross Amounts Recognized, Liabilities | 725 | |
Gross Amounts Offset In Balance Sheet, Liabilities | 0 | |
Net Amounts Presented in Balance Sheet, Liabilities | 725 | |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments, Liabilities | (346) | |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received, Liabilities | 0 | |
Net Amount, Liabilities | $ 379 |
Derivatives And Hedging (Narrat
Derivatives And Hedging (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2016USD ($) | May 31, 2015USD ($)derivative_contract | Dec. 31, 2016USD ($)derivative_contract | Dec. 31, 2015USD ($)derivative_contract | Dec. 31, 2014USD ($) | Jun. 24, 2016USD ($)derivative_contract | |
Derivatives, Fair Value [Line Items] | ||||||
Gain on cash flow hedge | $ 5,000,000 | $ (2,084,000) | $ 5,007,000 | $ 0 | ||
Accumulated other comprehensive loss | (9,161,000) | (7,644,000) | ||||
Gain (Loss) On Cash Flow Hedges [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Accumulated other comprehensive loss | $ 6,400,000 | $ 8,200,000 | ||||
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of interest rate contracts | derivative_contract | 3 | 3 | ||||
Notional amount of interest rate fair value hedge derivatives | $ 200,000,000 | $ 200,000,000 | ||||
Derivative, fixed interest rate | 1.50% | 1.50% | ||||
Cash flow hedge gain (loss) to be amortized within 12 months | $ (200,000) | |||||
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of interest rate contracts | derivative_contract | 2 | |||||
Notional amount of interest rate fair value hedge derivatives | $ 63,700,000 | $ 62,900,000 | ||||
Derivative, fixed interest rate | 7.50% | |||||
Number of interest rate derivatives terminated | derivative_contract | 2 | |||||
Proceeds from extinguishment of derivative instrument | 2,200,000 | |||||
Forward Starting Interest Contract [Member] | Cash Flow Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Number of interest rate contracts | derivative_contract | 2 | |||||
Notional amount of interest rate fair value hedge derivatives | $ 215,000,000 | $ 200,000,000 | ||||
Payments for derivative instrument | $ 2,100,000 | |||||
Derivative instruments, loss recognized in other comprehensive income (loss), effective portion | $ 2,000,000 | |||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, swap rate period (In years) | 10 years | 10 years | ||||
Derivative, forward interest rate | 2.00% | 1.50% | ||||
Minimum [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, variable rate | 4.41% | |||||
Maximum [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, variable rate | 4.44% |
Derivatives and Hedging (Summar
Derivatives and Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) - Cash Flow Hedging [Member] - Interest Rate Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ 3,192 | $ (1,946) | $ (131) |
Interest Expense, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | (1,435) | (2,798) | (1,682) |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ (96) | $ 0 | $ (370) |
Derivatives And Hedging (Summ81
Derivatives And Hedging (Summary Of Fair Value Interest Rate Contracts Activity (Details) - Fair Value Hedging [Member] - Interest Rate Contracts [Member] $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 24, 2016derivative_contract | |
Derivatives, Fair Value [Line Items] | ||||
Proceeds from extinguishment of derivative instrument | $ 2,200 | |||
Number of interest rate derivatives terminated | derivative_contract | 2 | |||
Interest Expense, Net [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) on Contracts | (418) | $ (1,228) | $ (1,386) | |
Gain (Loss) on Borrowings | 418 | 1,228 | 1,386 | |
Net Settlements and Accruals on Contracts | 3,140 | 2,030 | 2,179 | |
Amount of Gain (Loss) Recognized in Income | $ 3,140 | $ 2,030 | $ 2,179 |
Preferred Shares Of Beneficia82
Preferred Shares Of Beneficial Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | May 08, 2015 | Dec. 31, 2015 |
Class of Stock [Line Items] | ||
Stock redeemed or called during period, value | $ 150,000 | |
Series F Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock redeemed or called during period, value | $ 150,000 | |
Preferred stock dividends and other adjustments | $ 9,700 | |
Preferred shares of beneficial interest, dividend percentage | 6.50% | |
Preferred shares of beneficial interest, liquidation value per share (in dollars per share) | $ 2,500 |
Preferred Shares of Beneficia83
Preferred Shares of Beneficial Interest (Preferred Dividends Declared Per Share) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
6.5% Series F Preferred Shares [Member] | ||
Dividends Payable [Line Items] | ||
Preferred shares of beneficial interest, dividend per share (in dollars per share) | $ 64.55 | $ 162.50 |
Common Shares Of Beneficial I84
Common Shares Of Beneficial Interest (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Feb. 28, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2016 | Mar. 30, 2016 | Oct. 31, 2015 | May 31, 2015 | Feb. 28, 2015 | |
Class of Stock [Line Items] | ||||||||||||||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 200,000,000 | |||||||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 0.25 | $ 1.46 | $ 1.38 | $ 1.55 | ||||||||||||||
ATM Equity Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Equity issuances amount available for issuance | $ 34,100,000 | |||||||||||||||||
Shares sold (in shares) | 3,465,000 | 1,129,000 | ||||||||||||||||
Weighted average price per share (in dollars per share) | $ 38.35 | $ 36.18 | ||||||||||||||||
Gross proceeds | $ 132,884,000 | $ 40,836,000 | ||||||||||||||||
Quarterly Rate Per Share [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 0.365 | $ 0.365 | $ 0.365 | $ 0.365 | $ 0.345 | $ 0.345 | $ 0.345 | $ 0.345 | ||||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||||||
Maximum [Member] | ATM Equity Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Equity issuances amount available for issuance | $ 0 | $ 0 | $ 250,000,000 | $ 200,000,000 | ||||||||||||||
Subsequent Event [Member] | ATM Equity Program [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Equity issuances amount available for issuance | $ 242,200,000 | |||||||||||||||||
Subsequent Event [Member] | Quarterly Rate Per Share [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 0.385 |
Noncontrolling Interests (Effec
Noncontrolling Interests (Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net Income Adjusted for Noncontrolling Interests | $ 238,933 | $ 174,352 | $ 288,008 |
Transfers from the noncontrolling interests: | |||
Increase in equity for operating partnership units | 0 | 111 | 0 |
Net increase in equity for the acquisition of noncontrolling interests | 2,139 | 0 | 11,015 |
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests | $ 241,072 | $ 174,463 | $ 299,023 |
Leasing Operations (Narrative)
Leasing Operations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Small Tenant [Member] | |
Operating Leased Assets [Line Items] | |
Lease Term | 1 year |
Large Tenant [Member] | |
Operating Leased Assets [Line Items] | |
Lease Term | 25 years |
Leasing Operations (Schedule Of
Leasing Operations (Schedule Of Future Minimum Rental Income) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Leases, Operating [Abstract] | |
2,017 | $ 410,810 |
2,018 | 356,719 |
2,019 | 301,351 |
2,020 | 246,181 |
2,021 | 184,156 |
Thereafter | 603,330 |
Total | $ 2,102,547 |
Leasing Operations (Schedule 88
Leasing Operations (Schedule Of Contingent Rental Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leases, Operating [Abstract] | |||
Contingent rental income | $ 114,505 | $ 107,931 | $ 109,714 |
Impairment (Schedule Of Impairm
Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Impairment [Line Items] | |||
Other | $ 0 | $ 0 | $ 216 |
Total impairment charges | 98 | 153 | 1,024 |
Equity in earnings of real estate joint ventures and partnerships, net | 20,642 | 19,300 | 22,317 |
Net impact of impairment charges | 424 | 1,650 | 1,329 |
Property Marketed For Sale Or Sold [Member] | |||
Asset Impairment [Line Items] | |||
Impairment losses related to property | 98 | 153 | 808 |
Impairment in Equity in Earnings (Losses) of Real Estate Joint Venture And Partnership Net [Member] | |||
Asset Impairment [Line Items] | |||
Equity in earnings of real estate joint ventures and partnerships, net | $ 326 | $ 1,497 | $ 305 |
Income Tax Considerations (Narr
Income Tax Considerations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Required distribution percentage to maintain REIT status (at least) | 90.00% | |
Fixed assets book value in excess of (less than) tax basis | $ 268.7 | $ 228 |
Current tax obligation | $ 1 | $ 0.8 |
Income Tax Considerations (Sche
Income Tax Considerations (Schedule Of Reconciling Net Income Adjusted For Noncontrolling Interests To REIT Taxable Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Net income adjusted for noncontrolling interests | $ 238,933 | $ 174,352 | $ 288,008 |
Net (income) loss of taxable REIT subsidiary included above | (14,497) | 340 | (4,092) |
Net income from REIT operations | 224,436 | 174,692 | 283,916 |
Book depreciation and amortization including discontinued operations | 162,534 | 145,940 | 150,616 |
Tax depreciation and amortization | (104,734) | (87,416) | (90,328) |
Book/tax difference on gains/losses from capital transactions | (64,917) | (53,902) | (87,387) |
Deferred/prepaid/above and below-market rents, net | (13,114) | (5,375) | (3,617) |
Impairment loss from REIT operations including discontinued operations | 369 | 1,536 | 942 |
Other book/tax differences, net | (2,694) | (1,679) | (6,399) |
REIT taxable income | 201,880 | 173,796 | 247,743 |
Dividends paid deduction | (201,880) | (174,628) | (247,743) |
Dividends paid in excess of taxable income | 0 | $ (832) | 0 |
Designated dividends | $ 16,800 | $ 114,000 | |
Federal statutory income tax rate, percent | 35.00% | 35.00% | 35.00% |
Income Tax Considerations (Sc92
Income Tax Considerations (Schedule Of Cash Dividends Distributed To Common Shareholders) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 80.70% | 92.70% | 54.00% |
Capital gain distributions | 19.30% | 4.30% | 46.00% |
Return of capital (nontaxable distribution) | 0.00% | 3.00% | 0.00% |
Total | 100.00% | 100.00% | 100.00% |
Income Tax Considerations (Sc93
Income Tax Considerations (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Impairment loss | $ 13,476 | $ 13,538 |
Allowance on other assets | 117 | 100 |
Interest expense | 9,246 | 11,707 |
Net operating loss carryforwards | 8,413 | 10,071 |
Straight-line rentals | 813 | 337 |
Book-tax basis differential | 4,380 | 3,777 |
Other | 348 | 421 |
Total deferred tax assets | 36,793 | 39,951 |
Valuation allowance | (25,979) | (27,230) |
Total deferred tax assets, net of allowance | 10,814 | 12,721 |
Deferred tax liabilities: | ||
Book-tax basis differential (1) | 10,998 | 7,205 |
Other | 553 | 333 |
Total deferred tax liabilities | 11,551 | $ 7,538 |
Net operating loss carryforwards | $ 23,700 |
Income Tax Considerations (Sc94
Income Tax Considerations (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Net income (loss) before taxes of taxable REIT subsidiary | $ 20,295 | $ (989) | $ 1,446 |
Federal provision (benefit) at statutory rate of 35% | 7,103 | (346) | 506 |
Valuation allowance decrease | (1,251) | (309) | (3,003) |
Other | (54) | 6 | (149) |
Federal income tax provision (benefit) of taxable REIT subsidiary (1) | 5,798 | (649) | (2,646) |
Texas franchise tax | 1,058 | 701 | 1,403 |
Total | $ 6,856 | $ 52 | $ (1,243) |
Discontinued Operations (Detail
Discontinued Operations (Details) | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2016center | Dec. 31, 2016property | Dec. 31, 2014center | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of centers sold | 1 | 12 | |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of centers sold | 12 | ||
Discontinued Operations [Member] | Georgia [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of centers sold | 3 | ||
Discontinued Operations [Member] | Florida [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of centers sold | 2 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Discontinued Operating Results) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Revenues, net | $ 1,062 | ||
Depreciation and amortization | (260) | ||
Operating expenses | (285) | ||
Real estate taxes, net | (136) | ||
General and administrative | (2) | ||
Interest, net | (19) | ||
Provision for income taxes | (18) | ||
Operating income from discontinued operations | $ 0 | $ 0 | 342 |
Gain on sale of property from discontinued operations | 0 | 0 | 44,582 |
Income from Discontinued Operations | $ 0 | $ 0 | $ 44,924 |
Supplemental Cash Flow Inform97
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||
Accrued property construction costs | $ 5,738 | $ 9,566 | $ 6,265 |
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures | 2,139 | 0 | 11,015 |
Exchange of operating partnership units for common shares | 0 | 111 | 0 |
Decrease in notes receivable from real estate joint ventures and partnerships in association with our contribution in an unconsolidated real estate joint venture | 0 | 0 | (6,431) |
Reduction of debt service guaranty liability | (2,710) | (2,270) | (1,635) |
Decrease in equity associated with deferred compensation plan (see Note 1) | (44,758) | 0 | 0 |
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Increase in property, net | 10,573 | 0 | 0 |
Decrease in real estate joint ventures and partnerships - investments | (2,315) | 0 | 0 |
Increase in debt, net | 0 | 20,966 | 0 |
Sale Of Property And Property Interest [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Decrease in property, net | 0 | 0 | (127,837) |
Decrease in real estate joint ventures and partnerships - investments | 0 | 0 | (17) |
Decrease in other, net | 0 | 0 | (34) |
Decrease in debt, net due to debt assumption | 0 | 0 | (11,069) |
Increase in security deposits | 0 | 0 | (459) |
Increase in noncontrolling interests | 0 | 0 | (155,278) |
Consolidation of Joint Venture [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Increase in property, net | 58,665 | 0 | 0 |
Increase in debt, net | 48,727 | 0 | 0 |
Increase in restricted deposits and mortgage escrows | 30 | 0 | 0 |
Increase in security deposits | $ 169 | $ 0 | $ 0 |
Earnings Per Share (Components
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Continuing Operations: | |||||||||||
Income from continuing operations | $ 176,117 | $ 121,601 | $ 116,365 | ||||||||
Gain on dispositions | 100,714 | 59,621 | 146,290 | ||||||||
Net income attributable to noncontrolling interests | (37,898) | (6,870) | (19,623) | ||||||||
Dividends on preferred shares | 0 | (3,830) | (10,840) | ||||||||
Redemption costs of preferred shares | 0 | (9,687) | 0 | ||||||||
Income from continuing operations attributable to common shareholders – basic | 238,933 | 160,835 | 232,192 | ||||||||
Income attributable to operating partnership units | 1,996 | 0 | 2,171 | ||||||||
Income from continuing operations attributable to common shareholders – diluted | 240,929 | 160,835 | 234,363 | ||||||||
Discontinued Operations: | |||||||||||
Income from discontinued operations | 0 | 0 | 44,924 | ||||||||
Net loss attributable to noncontrolling interests | 0 | 0 | 52 | ||||||||
Income from discontinued operations attributable to common shareholders – basic and diluted | 0 | 0 | 44,976 | ||||||||
Net Income: | |||||||||||
Net Income Attributable to Common Shareholders | $ 44,142 | $ 51,901 | $ 35,816 | $ 107,074 | $ 47,275 | $ 43,401 | $ 25,222 | $ 44,937 | 238,933 | 160,835 | 277,168 |
Net income attributable to common shareholders – diluted | $ 240,929 | $ 160,835 | $ 279,339 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding – basic (in shares) | 126,048 | 123,037 | 121,542 | ||||||||
Effect of dilutive securities: | |||||||||||
Share options and awards (in shares) | 1,059 | 1,292 | 1,331 | ||||||||
Operating partnership units (in shares) | 1,462 | 0 | 1,497 | ||||||||
Weighted average shares outstanding - diluted (in shares) | 128,569 | 124,329 | 124,370 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 2 | 1,935 | 908 |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 2 | 463 | 908 |
Operating Partnership Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 1,472 | 0 |
Share Options And Awards (Narra
Share Options And Awards (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 934,201 | 2,366,650 | 2,897,123 | 3,543,746 |
Net compensation expense for share options and restricted shares | $ 8,500,000 | $ 7,400,000 | $ 7,900,000 | |
Net capitalized compensation expense | $ 1,900,000 | 1,500,000 | 2,300,000 | |
Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 500,000 | |||
2010 Restated LT Incentive Plan Stock Options and Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Plan common shares authorized (in shares) | 3,000,000 | |||
Plan common shares available for future grants (in shares) | 900,000 | |||
Share Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised | $ 14,900,000 | 900,000 | $ 4,200,000 | |
Unrecognized compensation cost, share options | 0 | $ 50,000 | ||
Weighted average expected amortization period for unrecognized compensation cost (in years) | 2 months | |||
Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, restricted shares | $ 2,000,000 | $ 2,200,000 | ||
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 10 months | 9 months |
Share Options And Awards (Summa
Share Options And Awards (Summary Of Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares under option, outstanding beginning of period (in shares) | 2,366,650 | 2,897,123 | 3,543,746 |
Shares under option, forfeited or expired (in shares) | (460,722) | (435,840) | (307,413) |
Shares under option, exercised (in shares) | (971,727) | (94,633) | (339,210) |
Shares under option, outstanding end of period (in shares) | 934,201 | 2,366,650 | 2,897,123 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted average exercise price, outstanding beginning of period (in dollars per share) | $ 27.26 | $ 28.76 | $ 29.16 |
Weighted average exercise price, forfeited or expired (in dollars per share) | 47.42 | 37.37 | 39.73 |
Weighted average exercise price, exercised (in dollars per share) | 21.95 | 26.55 | 22.98 |
Weighted average exercise price, outstanding end of period (in dollars per share) | $ 22.85 | $ 27.26 | $ 28.76 |
Share Options And Awards (Share
Share Options And Awards (Share Options Outstanding And Exercisable) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share option outstanding, number (in shares) | shares | 934,201 |
Share option outstanding, weighted average remaining contractual life (years) | 2 years 9 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 22.85 |
Share option outstanding, aggregate intrinsic value | $ | $ 12,089 |
Share option exercisable, number (in shares) | shares | 934,201 |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 22.85 |
Share option exercisable, weighted average exercisable average life (years) | 2 years 9 months |
Share option exercisable, intrinsic value | $ | $ 12,089 |
$11.85 - $17.78 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | $ 11.85 |
Range of exercise prices, upper (in dollars per share) | $ 17.78 |
Share option outstanding, number (in shares) | shares | 241,979 |
Share option outstanding, weighted average remaining contractual life (years) | 2 years 2 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 11.85 |
Share option exercisable, number (in shares) | shares | 241,979 |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 11.85 |
Share option exercisable, weighted average exercisable average life (years) | 2 years 2 months |
$17.79 - $26.69 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | $ 17.79 |
Range of exercise prices, upper (in dollars per share) | $ 26.69 |
Share option outstanding, number (in shares) | shares | 479,127 |
Share option outstanding, weighted average remaining contractual life (years) | 3 years 11 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 24.15 |
Share option exercisable, number (in shares) | shares | 479,127 |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 24.15 |
Share option exercisable, weighted average exercisable average life (years) | 3 years 11 months |
$26.70 - $40.05 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | $ 26.7 |
Range of exercise prices, upper (in dollars per share) | $ 40.05 |
Share option outstanding, number (in shares) | shares | 211,603 |
Share option outstanding, weighted average remaining contractual life (years) | 1 year 2 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 32.31 |
Share option exercisable, number (in shares) | shares | 211,603 |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 32.31 |
Share option exercisable, weighted average exercisable average life (years) | 1 year 2 months |
$40.06 - $49.62 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | $ 40.06 |
Range of exercise prices, upper (in dollars per share) | $ 49.62 |
Share option outstanding, number (in shares) | shares | 1,492 |
Share option outstanding, weighted average remaining contractual life (years) | 2 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 49.62 |
Share option exercisable, number (in shares) | shares | 1,492 |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 49.62 |
Share option exercisable, weighted average exercisable average life (years) | 2 months |
Share Options And Awards (Fair
Share Options And Awards (Fair Value Of Market-Based Share Awards Assumptions (Details) - Share Awards [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 16.00% |
Expected volatility, maximum | 20.40% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 0.50% |
Risk-free interest rate, maximum | 0.90% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 4.00% |
Share Options And Awards (Su104
Share Options And Awards (Summary Of The Status Of Unvested Share Awards) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, outstanding beginning of period (in shares) | shares | 589,906 |
Unvested restricted share awards, vested (in shares) | shares | (233,524) |
Unvested restricted share awards, forfeited (in shares) | shares | (10,809) |
Unvested restricted share awards, outstanding end of period (in shares) | shares | 590,854 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, outstanding beginning of period (in dollars per share) | $ / shares | $ 32.05 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 32.05 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 33.97 |
Weighted average grant date fair value, outstanding end of period (in dollars per share) | $ / shares | $ 32.52 |
Service-Based Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (in shares) | shares | 119,958 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 34.56 |
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (in shares) | shares | 50,170 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 37.11 |
Market-Based Awards Relative To Three-Year Absolute TSR | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (in shares) | shares | 50,170 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 24.20 |
Trust Manager Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (in shares) | shares | 24,983 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 37.63 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, long-term rate of return on assets | 7.00% | 7.50% | 7.50% |
Defined benefit plan, estimated future employer contribution in next fiscal year | $ 2 | ||
Defined contribution plan, compensation expense | $ 3.5 | $ 3.7 | $ 3.2 |
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Technology Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 21.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Financial Services Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 17.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Consumer Cyclical Goods Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 15.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Healthcare Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 15.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Industrial Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 9.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plans And Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | $ 49,715 | $ 50,218 | |
Service cost | 1,277 | 1,252 | $ 1,008 |
Interest cost | 2,078 | 1,899 | 1,800 |
Actuarial loss (gain) | 1,976 | (1,830) | |
Benefit payments | (2,071) | (1,824) | |
Benefit obligation at end of year | 52,975 | 49,715 | 50,218 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 42,341 | 42,606 | |
Actual return on plan assets | 3,228 | 59 | |
Employer contributions | 2,000 | 1,500 | |
Benefit payments | (2,071) | (1,824) | |
Fair value of plan assets at end of year | 45,498 | 42,341 | $ 42,606 |
Unfunded status at end of year (included in accounts payable and accrued expenses in 2016 and 2015) | (7,477) | (7,374) | |
Accumulated benefit obligation | 52,824 | 49,632 | |
Net loss recognized in accumulated other comprehensive loss | $ 16,528 | $ 16,361 |
Employee Benefit Plans (Sche107
Employee Benefit Plans (Schedule Of Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Net loss | $ 1,719 | $ 1,276 | $ 11,118 |
Amortization of net loss (1) | (1,552) | (1,423) | (385) |
Total recognized in other comprehensive loss (income) | 167 | (147) | 10,733 |
Total recognized in net periodic benefit costs and other comprehensive loss | 2,103 | $ 1,262 | $ 10,967 |
Defined benefit plan, estimated amortization of net loss in next fiscal year | $ 1,500 |
Employee Benefit Plans (Sche108
Employee Benefit Plans (Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ 52,975 | $ 49,715 |
Accumulated benefit obligation | 52,824 | 49,632 |
Fair value of plan assets | $ 45,498 | $ 42,341 |
Employee Benefit Plans (Sche109
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Service cost | $ 1,277 | $ 1,252 | $ 1,008 |
Interest cost | 2,078 | 1,899 | 1,800 |
Expected return on plan assets | (2,971) | (3,165) | (2,959) |
Recognized loss | 1,552 | 1,423 | 385 |
Total | $ 1,936 | $ 1,409 | $ 234 |
Employee Benefit Plans (Sche110
Employee Benefit Plans (Schedule Of Assumptions Used To Develop Periodic Expense) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 4.11% | 3.83% | 4.70% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Long-term rate of return on assets | 7.00% | 7.50% | 7.50% |
Employee Benefit Plans (Sche111
Employee Benefit Plans (Schedule Of Assumptions Used To Develop The Actuarial Present Value Of The Benefit Obligations) (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |||
Discount rate | 4.01% | 4.11% | 3.83% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Employee Benefit Plans (Sche112
Employee Benefit Plans (Schedule Of Expected Benefit Payments For The Next Ten Years) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Compensation and Retirement Disclosure [Abstract] | |
2,017 | $ 2,139 |
2,018 | 2,154 |
2,019 | 2,268 |
2,020 | 2,290 |
2,021 | 2,480 |
2022-2026 | $ 14,477 |
Employee Benefit Plans (Sche113
Employee Benefit Plans (Schedule Of Investment Asset Allocation To Benchmarking) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 100.00% |
Benchmark, Target asset allocation | 100.00% |
Cash and Short-Term Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 2.00% |
Benchmark, Target asset allocation | 1.00% |
U.S. Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 51.00% |
Benchmark, Target asset allocation | 56.00% |
International Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 12.00% |
Benchmark, Target asset allocation | 10.00% |
U.S. Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 29.00% |
Benchmark, Target asset allocation | 29.00% |
International Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 5.00% |
Benchmark, Target asset allocation | 4.00% |
Other Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 1.00% |
Benchmark, Target asset allocation | 0.00% |
Employee Benefit Plans (Sche114
Employee Benefit Plans (Schedule Of Allocation Of The Fair Value Of Plan Assets) (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 100.00% | |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 100.00% | 100.00% |
Other Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 1.00% | |
Cash and Short-Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 2.00% | |
Cash and Short-Term Investments [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 18.00% | 19.00% |
Large Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 36.00% | 35.00% |
Mid Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 6.00% | 7.00% |
Small Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 6.00% | 6.00% |
International Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 10.00% | 10.00% |
Fixed Income Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 16.00% | 14.00% |
Growth Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 8.00% | 9.00% |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) $ in Thousands | Feb. 12, 2016USD ($) | Nov. 30, 2016USD ($)joint_venture | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Feb. 29, 2016USD ($)center | Dec. 31, 2016USD ($)propertycenter | Dec. 31, 2015USD ($)center | Dec. 31, 2014USD ($) |
Related Party Transaction [Line Items] | ||||||||
Net accounts receivable, related parties | $ 2,200 | $ 1,200 | ||||||
Accounts payable and accrued expenses, related parties | 300 | 5,200 | ||||||
Management fees revenues, related parties | 5,100 | 4,500 | $ 4,600 | |||||
Payments to acquired interest in joint ventures | $ 52,834 | $ 30,053 | $ 5,223 | |||||
Number of real estate properties | center | 2 | 2 | ||||||
Assets held by joint venture | $ 4,426,928 | $ 3,901,945 | ||||||
Debt held by joint venture | $ 2,034,998 | |||||||
Proceeds from business acquisition | $ 2,500 | |||||||
Number of centers sold | 1 | 12 | ||||||
51% Owned Real Estate joint venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity interest in joint venture (percent) | 51.00% | |||||||
Number of real estate properties | center | 3 | |||||||
Assets held by joint venture | $ 43,700 | |||||||
Debt held by joint venture | $ 72,400 | |||||||
Consolidated Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of real estate join ventures acquired | joint_venture | 2 | |||||||
Payments to acquired interest in joint ventures | $ 3,300 | |||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of voting interest acquired | 50.00% | 50.00% | ||||||
Equity interest in joint venture | $ 13,500 | $ 13,579 | ||||||
Gain recognized on equity interest remeasured to fair value | $ 9,000 | |||||||
Business Combination Achieved in Stages [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of voting interest acquired | 49.00% | 49.00% | ||||||
Equity interest in joint venture | $ 22,514 | |||||||
Proceeds from business acquisition | 2,500 | |||||||
Gain recognized on equity interest remeasured to fair value | $ 37,383 | |||||||
Joint Venture [Member] | Repayments of Notes Payable [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Increase (Decrease) in Accounts Payable, Related Parties | $ 4,800 | |||||||
Distribution of Nonmonetary Assets to Groups of Stockholders’ in Lieu of Capital Return Cash Distributions [Member] | Unconsolidated Real Estate Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Nonmonetary Transaction, Gain (Loss) Recognized on Transfer | $ 1,900 |
Commitments And Contingencie116
Commitments And Contingencies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)partnershipcenter | Dec. 31, 2015USD ($)partnershipcenter | Dec. 31, 2014USD ($) | |
Long-term Purchase Commitment [Line Items] | |||
Operating leases, rental expense | $ 3,000,000 | $ 3,200,000 | $ 5,300,000 |
Number of real estate properties | center | 2 | 2 | |
Capital leases, total assets | $ 16,800,000 | $ 16,800,000 | |
Capital leases, accumulated depreciation | 14,200,000 | $ 13,800,000 | |
Capital leases, future minimum payments | 32,900,000 | ||
Capital leases, future minimum payments, interest | 11,900,000 | ||
Capital leases, future minimum payments, present value of net minimum payments | 21,000,000 | ||
Shares issued in exchange of interests | $ 2,869,000 | $ 0 | |
Minimum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Operating leases, term range, in years | 1 year | ||
Maximum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Operating leases, term range, in years | 25 years | ||
Capital Additions [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, commitment | $ 41,100,000 | ||
Capital Additions [Member] | Minimum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, period (in months) | 12 months | ||
Capital Additions [Member] | Maximum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, period (in months) | 36 months | ||
Development Addition [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, commitment | $ 24,000,000 | ||
Future investment amount | $ 30,700,000 | ||
DownREIT [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of real estate joint ventures | partnership | 2 | 2 | |
Shares issued in exchange of interests | $ 0 | $ 100,000 | |
Aggregate redemption value | $ 52,000,000 | $ 51,000,000 |
Commitments And Contingencie117
Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 3,058 |
2,018 | 3,037 |
2,019 | 2,989 |
2,020 | 2,759 |
2,021 | 2,615 |
Thereafter | 114,373 |
Total | $ 128,831 |
Commitments And Contingencie118
Commitments And Contingencies (Schedule Of Future Minimum Revenues Under Subleases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 30,687 |
2,018 | 27,484 |
2,019 | 22,579 |
2,020 | 18,739 |
2,021 | 15,695 |
Thereafter | 69,022 |
Total | $ 184,206 |
Commitments And Contingencie119
Commitments And Contingencies (Schedule Of Annual Future Minimum Lease Payments For Capital Leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 1,675 |
2,018 | 1,683 |
2,019 | 1,691 |
2,020 | 1,700 |
2,021 | 1,708 |
Thereafter | 24,443 |
Total | $ 32,900 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Thousands | Jan. 01, 2016variable_interest_entity | May 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)joint_ventureproperty | Dec. 31, 2015USD ($)propertyjoint_venture |
Variable Interest Entity [Line Items] | |||||
Number of additional VIEs to be reported | variable_interest_entity | 10 | ||||
Number of VIE's guaranteed by company | joint_venture | 1 | ||||
Carrying amount, property, net | $ 476,117 | $ 240,689 | |||
Consolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of additional VIEs to be reported | joint_venture | 9 | 11 | |||
Number of neighborhood/community shopping centers | property | 25 | 30 | |||
Carrying amount, property, net | $ 249,500 | ||||
Joint venture amendment, additional contribution | $ 43,000 | ||||
Additional contribution for capital expenditures | $ 2,500 | ||||
Unconsolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of additional VIEs to be reported | joint_venture | 1 | 1 | |||
Number of joint venture arrangements | joint_venture | 1 | ||||
Future additional equity and debt contributions | $ 127,000 | ||||
Scenario, Forecast [Member] | Consolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Additional contribution for capital expenditures | $ 200 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)joint_venture | Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | ||
Number of VIE's guaranteed by company | joint_venture | 1 | |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets Held by VIEs | $ 504,293 | $ 289,558 |
Assets Held as Collateral for Debt | 46,136 | 57,735 |
Maximum Risk of Loss (2) | $ 29,784 | $ 37,178 |
Variable Interest Entities (122
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) $ in Thousands | Jan. 01, 2016variable_interest_entity | Dec. 31, 2016USD ($)joint_venture | Dec. 31, 2015USD ($)joint_venture |
Variable Interest Entity [Line Items] | |||
Number of additional VIEs to be reported | variable_interest_entity | 10 | ||
Unconsolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment in Real Estate Joint Ventures and Partnerships, net | $ 886 | $ 10,497 | |
Maximum Risk of Loss (2) | $ 34,000 | $ 10,992 | |
Number of additional VIEs to be reported | joint_venture | 1 | 1 | |
Other Liabilities, Net [Member] | Unconsolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Investment in Real Estate Joint Ventures and Partnerships, net | $ (9,000) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 34,124 | $ 30,286 |
Deferred compensation plan obligations | 26,328 | 20,579 |
Total | 26,328 | 21,304 |
Grantor Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 26,328 | 20,579 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 7,670 | 7,043 |
Interest Rate Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 126 | 2,664 |
Derivative liabilities | 725 | |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 33,998 | 27,622 |
Deferred compensation plan obligations | 26,328 | 20,579 |
Total | 26,328 | 20,579 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 26,328 | 20,579 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 7,670 | 7,043 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 126 | 2,664 |
Total | 0 | 725 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 126 | 2,664 |
Derivative liabilities | 725 | |
Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit loss recognized | $ 31,000,000 | $ 31,000,000 |
Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities, accumulated unrecognized holding gain | 8,000 | 0 |
Held-to-maturity securities, accumulated unrecognized holding loss | 0 | |
Fair Value [Member] | Fixed-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,132,082,000 | 1,907,579,000 |
Fair Value [Member] | Variable Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 265,230,000 | 248,460,000 |
Fair Value [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 23,910,000 | 25,162,000 |
Fair Value [Member] | Investments, Held To Maturity [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 5,248,000 | 1,750,000 |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,089,769,000 | 1,869,683,000 |
Carrying Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 266,759,000 | 243,594,000 |
Carrying Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 23,910,000 | 25,162,000 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 5,240,000 | $ 1,750,000 |
Fair Value Measurements (Quanti
Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.50% | 6.50% |
Expected future growth rate | 1.00% | 1.00% |
Expected future inflation rate | 1.00% | 1.00% |
US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 7.50% | 7.50% |
Expected future growth rate | 2.00% | 2.00% |
Expected future inflation rate | 3.00% | 3.00% |
Fair Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments | $ 23,910 | $ 25,162 |
Fixed-Rate Debt [Member] | Minimum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.00% | 2.40% |
Fixed-Rate Debt [Member] | Maximum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.20% | 5.50% |
Fixed-Rate Debt [Member] | Fair Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt | $ 2,132,082 | $ 1,907,579 |
Variable Rate Debt [Member] | Minimum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 1.60% | 1.30% |
Variable Rate Debt [Member] | Maximum [Member] | Discounted Cash Flows [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 2.40% | 3.20% |
Variable Rate Debt [Member] | Fair Value [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt | $ 265,230 | $ 248,460 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) | Feb. 12, 2016center | Dec. 31, 2016propertycenter | Sep. 30, 2016 | Feb. 29, 2016 |
Business Acquisition [Line Items] | ||||
Number of businesses acquired | property | 3 | |||
Business Combination Achieved in Stages [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interest acquired | 49.00% | 49.00% | ||
Number of businesses acquired | 2 | |||
Discount rate | 20.00% | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of voting interest acquired | 50.00% | 50.00% | ||
Number of businesses acquired | 3 | |||
Minimum [Member] | Business Combination Achieved in Stages [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair Value Inputs, Discount Rate | 6.50% | |||
Fair Value Inputs, Cap Rate | 6.00% | |||
Maximum [Member] | Business Combination Achieved in Stages [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair Value Inputs, Discount Rate | 8.00% | |||
Fair Value Inputs, Cap Rate | 7.50% |
Business Combinations (Transact
Business Combinations (Transactions Related to Acquisitions) (Details) - USD ($) $ in Thousands | Feb. 12, 2016 | Sep. 30, 2016 | Feb. 29, 2016 | Dec. 31, 2016 |
Liabilities: | ||||
Proceeds from business acquisition | $ 2,500 | |||
Business Combination Achieved in Stages [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of our equity interest before business combination | $ 22,514 | |||
Gain recognized on equity interest remeasured to fair value | 37,383 | |||
Assets: | ||||
Property | 58,665 | |||
Unamortized lease costs | 8,936 | |||
Accrued rent and accounts receivable | 102 | |||
Cash and cash equivalents | 3,555 | |||
Other, net | 4,992 | |||
Liabilities: | ||||
Debt, net | (48,727) | |||
Accounts payable and accrued expenses | (1,339) | |||
Other, net | (3,670) | |||
Total net assets | 22,514 | |||
Proceeds from business acquisition | $ 2,500 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of our equity interest before business combination | $ 13,500 | $ 13,579 | ||
Gain recognized on equity interest remeasured to fair value | $ 9,000 | |||
Fair value of consideration transferred | 443,745 | |||
Acquisition costs (included in operating expenses) | 936 | |||
Gain on acquisition | 9,015 | |||
Assets: | ||||
Property | 433,055 | |||
Unamortized lease costs | 80,951 | |||
Accrued rent and accounts receivable | 122 | |||
Cash and cash equivalents | 556 | |||
Other, net | 6,812 | |||
Liabilities: | ||||
Accounts payable and accrued expenses | (6,383) | |||
Other, net | (62,254) | |||
Total net assets | $ 452,859 |
Business Combinations (Schedule
Business Combinations (Schedule of Impact to Revenues and Net Income) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Increase in revenues | $ 23,337 |
Increase in net income attributable to common shareholders | $ 230 |
Business Combinations - Amortiz
Business Combinations - Amortization and Accretion of Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2016 | |
In place leases | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 18 years 4 months 24 days |
Above-market leases | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 29 years 8 months 12 days |
Below-market leases | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 20 years 3 months 18 days |
Above-market assumed mortgages | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 4 years 9 months 18 days |
Business Combinations (Pro Form
Business Combinations (Pro Forma Impact of Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Revenues | $ 567,985 | $ 547,381 |
Net income | 236,461 | 234,307 |
Net income attributable to common shareholders - basic | 198,563 | 213,920 |
Net income attributable to common shareholders - diluted | $ 200,559 | $ 215,823 |
Earnings per share – basic (usd per share) | $ 1.58 | $ 1.74 |
Earnings per share – diluted (usd per share) | $ 1.56 | $ 1.72 |
Quarterly Financial Data (Un131
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Selected Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 142,863 | $ 138,599 | $ 135,676 | $ 132,417 | $ 129,654 | $ 130,787 | $ 126,804 | $ 125,599 | $ 549,555 | $ 512,844 | $ 514,406 |
Net income | 69,176 | 61,337 | 37,651 | 108,667 | 49,026 | 45,188 | 37,786 | 49,222 | 276,831 | 181,222 | 307,579 |
Net income attributable to common shareholders | $ 44,142 | $ 51,901 | $ 35,816 | $ 107,074 | $ 47,275 | $ 43,401 | $ 25,222 | $ 44,937 | $ 238,933 | $ 160,835 | $ 277,168 |
Earnings per common share - basic (in dollars per share) | $ 0.35 | $ 0.41 | $ 0.28 | $ 0.87 | $ 0.38 | $ 0.35 | $ 0.20 | $ 0.37 | $ 1.90 | $ 1.31 | $ 2.28 |
Earnings per common share - diluted (in dollars per share) | $ 0.34 | $ 0.40 | $ 0.28 | $ 0.85 | $ 0.38 | $ 0.35 | $ 0.20 | $ 0.36 | $ 1.87 | $ 1.29 | $ 2.25 |
Gain on sale of properties and real estate joint venture and partnership interests and on acquisitions | $ 34,900 | $ 31,100 | $ 4,200 | $ 82,800 | $ 15,700 | $ 13,200 | $ 8,200 | $ 23,400 | |||
Gain on sale of property | 1,100 | $ 5,900 | $ 100,714 | $ 59,621 | $ 190,872 | ||||||
Debt extinguishment costs | $ (2,000) | $ 6,100 | |||||||||
Redemption costs of preferred shares | 0 | 9,687 | 0 | ||||||||
Net income attributable to noncontrolling interests | $ 23,100 | $ 5,800 | 37,898 | $ 6,870 | $ 19,571 | ||||||
6.5% Series F Preferred Shares [Member] | |||||||||||
Schedule of Selected Quarterly Financial Information [Line Items] | |||||||||||
Redemption costs of preferred shares | $ 9,700 | ||||||||||
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | |||||||||||
Schedule of Selected Quarterly Financial Information [Line Items] | |||||||||||
Proceeds from extinguishment of derivative instrument | $ 2,200 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 28, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | ||
Change in classification of deferred compensation awards | $ (39,977) | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Change in classification of deferred compensation awards | $ 46,400 |
Valuation And Qualifying Acc133
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance For Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 6,072 | $ 7,680 | $ 9,386 |
Charged to costs and expenses | 2,427 | 1,179 | 1,914 |
Deductions | 1,799 | 2,787 | 3,620 |
Balance at end of period | 6,700 | 6,072 | 7,680 |
Tax Valuation Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 27,230 | 27,539 | 30,541 |
Charged to costs and expenses | 0 | 0 | 2,239 |
Deductions | 1,251 | 309 | 5,241 |
Balance at end of period | $ 25,979 | $ 27,230 | $ 27,539 |
Real Estate And Accumulated 134
Real Estate And Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)propertycenter | Dec. 31, 2015USD ($)center | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,194,651 | |||
Initial Cost to Company, Building and Improvements | 2,644,470 | |||
Cost Capitalized Subsequent to Acquisition | 950,024 | |||
Gross Amounts Carried at Close of Period, Land | 1,241,786 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,547,359 | |||
Gross Amounts Carried at Close of Period, Total | 4,789,145 | $ 4,262,959 | $ 4,076,094 | $ 4,289,276 |
Accumulated Depreciation | (1,184,546) | (1,087,642) | $ (1,028,619) | $ (1,058,040) |
Total Costs, Net of Accumulated Depreciation | 3,604,599 | |||
Encumbrances | (417,951) | |||
Fixed assets book value in excess of (less than) tax basis | $ 268,700 | $ 228,000 | ||
Number of real estate properties | center | 2 | 2 | ||
Deferred finance costs | $ 10,600 | |||
Non-cash debt | $ (5,100) | |||
Real estate asset, estimated useful life | 40 years | |||
Tenancy In Common [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Fixed rate mortgage debt excluded from amount encumbrances | $ (21,800) | |||
Number of real estate properties | property | 2 | |||
Building [Member] | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate asset, estimated useful life | 18 years | |||
Building [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate asset, estimated useful life | 40 years | |||
Parking Lot Surfacing And Equipment [Member] | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate asset, estimated useful life | 10 years | |||
Parking Lot Surfacing And Equipment [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real estate asset, estimated useful life | 20 years | |||
Miscellaneous (Not To Exceed 5% Of Total) [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 130,469 | |||
Initial Cost to Company, Building and Improvements | 9,355 | |||
Cost Capitalized Subsequent to Acquisition | 28,055 | |||
Gross Amounts Carried at Close of Period, Land | 141,953 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,926 | |||
Gross Amounts Carried at Close of Period, Total | 167,879 | |||
Accumulated Depreciation | (32,433) | |||
Total Costs, Net of Accumulated Depreciation | 135,446 | |||
Encumbrances | 0 | |||
Centers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,002,496 | |||
Initial Cost to Company, Building and Improvements | 2,630,048 | |||
Cost Capitalized Subsequent to Acquisition | 902,019 | |||
Gross Amounts Carried at Close of Period, Land | 1,036,136 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,498,427 | |||
Gross Amounts Carried at Close of Period, Total | 4,534,563 | |||
Accumulated Depreciation | (1,151,835) | |||
Total Costs, Net of Accumulated Depreciation | 3,382,728 | |||
Encumbrances | (417,951) | |||
Centers [Member] | 10-Federal Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 1,791 | |||
Initial Cost to Company, Building and Improvements | 7,470 | |||
Cost Capitalized Subsequent to Acquisition | 936 | |||
Gross Amounts Carried at Close of Period, Land | 1,791 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,406 | |||
Gross Amounts Carried at Close of Period, Total | 10,197 | |||
Accumulated Depreciation | (7,198) | |||
Total Costs, Net of Accumulated Depreciation | 2,999 | |||
Encumbrances | $ (5,734) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | 1919 North Loop West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,334 | |||
Initial Cost to Company, Building and Improvements | 8,451 | |||
Cost Capitalized Subsequent to Acquisition | 12,844 | |||
Gross Amounts Carried at Close of Period, Land | 1,337 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,292 | |||
Gross Amounts Carried at Close of Period, Total | 22,629 | |||
Accumulated Depreciation | (10,615) | |||
Total Costs, Net of Accumulated Depreciation | 12,014 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 5, 2006 | |||
Centers [Member] | 1935 West Gray [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,965 | |||
Initial Cost to Company, Building and Improvements | 955 | |||
Cost Capitalized Subsequent to Acquisition | 8,810 | |||
Gross Amounts Carried at Close of Period, Land | 12,564 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,166 | |||
Gross Amounts Carried at Close of Period, Total | 15,730 | |||
Accumulated Depreciation | (52) | |||
Total Costs, Net of Accumulated Depreciation | 15,678 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 1, 2015 | |||
Centers [Member] | 580 Market Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,892 | |||
Initial Cost to Company, Building and Improvements | 15,570 | |||
Cost Capitalized Subsequent to Acquisition | 3,554 | |||
Gross Amounts Carried at Close of Period, Land | 3,889 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,127 | |||
Gross Amounts Carried at Close of Period, Total | 23,016 | |||
Accumulated Depreciation | (7,784) | |||
Total Costs, Net of Accumulated Depreciation | 15,232 | |||
Encumbrances | $ (15,532) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | 8000 Sunset Strip Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 18,320 | |||
Initial Cost to Company, Building and Improvements | 73,431 | |||
Cost Capitalized Subsequent to Acquisition | 5,237 | |||
Gross Amounts Carried at Close of Period, Land | 18,320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 78,668 | |||
Gross Amounts Carried at Close of Period, Total | 96,988 | |||
Accumulated Depreciation | (10,680) | |||
Total Costs, Net of Accumulated Depreciation | 86,308 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 27, 2012 | |||
Centers [Member] | Alabama Shepherd Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 637 | |||
Initial Cost to Company, Building and Improvements | 2,026 | |||
Cost Capitalized Subsequent to Acquisition | 7,883 | |||
Gross Amounts Carried at Close of Period, Land | 1,062 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,484 | |||
Gross Amounts Carried at Close of Period, Total | 10,546 | |||
Accumulated Depreciation | (5,104) | |||
Total Costs, Net of Accumulated Depreciation | 5,442 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 30, 2004 | |||
Centers [Member] | Argyle Village Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,524 | |||
Initial Cost to Company, Building and Improvements | 18,103 | |||
Cost Capitalized Subsequent to Acquisition | 5,086 | |||
Gross Amounts Carried at Close of Period, Land | 4,526 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,187 | |||
Gross Amounts Carried at Close of Period, Total | 27,713 | |||
Accumulated Depreciation | (9,351) | |||
Total Costs, Net of Accumulated Depreciation | 18,362 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 30, 2001 | |||
Centers [Member] | Avent Ferry Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,952 | |||
Initial Cost to Company, Building and Improvements | 7,814 | |||
Cost Capitalized Subsequent to Acquisition | 1,304 | |||
Gross Amounts Carried at Close of Period, Land | 1,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,118 | |||
Gross Amounts Carried at Close of Period, Total | 11,070 | |||
Accumulated Depreciation | (3,991) | |||
Total Costs, Net of Accumulated Depreciation | 7,079 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Bartlett Towne Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,479 | |||
Initial Cost to Company, Building and Improvements | 14,210 | |||
Cost Capitalized Subsequent to Acquisition | 1,527 | |||
Gross Amounts Carried at Close of Period, Land | 3,443 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,773 | |||
Gross Amounts Carried at Close of Period, Total | 19,216 | |||
Accumulated Depreciation | (6,900) | |||
Total Costs, Net of Accumulated Depreciation | 12,316 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 15, 2001 | |||
Centers [Member] | Baybrook Gateway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,623 | |||
Initial Cost to Company, Building and Improvements | 30,307 | |||
Cost Capitalized Subsequent to Acquisition | 2,279 | |||
Gross Amounts Carried at Close of Period, Land | 10,623 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 32,586 | |||
Gross Amounts Carried at Close of Period, Total | 43,209 | |||
Accumulated Depreciation | (2,122) | |||
Total Costs, Net of Accumulated Depreciation | 41,087 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 4, 2015 | |||
Centers [Member] | Bellaire Blvd. Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 124 | |||
Initial Cost to Company, Building and Improvements | 37 | |||
Cost Capitalized Subsequent to Acquisition | 919 | |||
Gross Amounts Carried at Close of Period, Land | 1,011 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 69 | |||
Gross Amounts Carried at Close of Period, Total | 1,080 | |||
Accumulated Depreciation | (40) | |||
Total Costs, Net of Accumulated Depreciation | 1,040 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
Centers [Member] | Best In The West [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 13,191 | |||
Initial Cost to Company, Building and Improvements | 77,159 | |||
Cost Capitalized Subsequent to Acquisition | 7,573 | |||
Gross Amounts Carried at Close of Period, Land | 13,194 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 84,729 | |||
Gross Amounts Carried at Close of Period, Total | 97,923 | |||
Accumulated Depreciation | (26,827) | |||
Total Costs, Net of Accumulated Depreciation | 71,096 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 28, 2005 | |||
Centers [Member] | Blalock Market At I-10 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 4,730 | |||
Cost Capitalized Subsequent to Acquisition | 1,969 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,699 | |||
Gross Amounts Carried at Close of Period, Total | 6,699 | |||
Accumulated Depreciation | (4,956) | |||
Total Costs, Net of Accumulated Depreciation | 1,743 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 1990 | |||
Centers [Member] | Boca Lyons Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,676 | |||
Initial Cost to Company, Building and Improvements | 14,706 | |||
Cost Capitalized Subsequent to Acquisition | 5,339 | |||
Gross Amounts Carried at Close of Period, Land | 3,651 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,070 | |||
Gross Amounts Carried at Close of Period, Total | 23,721 | |||
Accumulated Depreciation | (7,004) | |||
Total Costs, Net of Accumulated Depreciation | 16,717 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 17, 2001 | |||
Centers [Member] | Braeswood Square Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 1,421 | |||
Cost Capitalized Subsequent to Acquisition | 1,301 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,722 | |||
Gross Amounts Carried at Close of Period, Total | 2,722 | |||
Accumulated Depreciation | (2,397) | |||
Total Costs, Net of Accumulated Depreciation | 325 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 28, 1969 | |||
Centers [Member] | Broadway Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 898 | |||
Initial Cost to Company, Building and Improvements | 3,637 | |||
Cost Capitalized Subsequent to Acquisition | 1,971 | |||
Gross Amounts Carried at Close of Period, Land | 906 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,600 | |||
Gross Amounts Carried at Close of Period, Total | 6,506 | |||
Accumulated Depreciation | (3,126) | |||
Total Costs, Net of Accumulated Depreciation | 3,380 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 16, 1993 | |||
Centers [Member] | Broadway Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 234 | |||
Initial Cost to Company, Building and Improvements | 3,166 | |||
Cost Capitalized Subsequent to Acquisition | 794 | |||
Gross Amounts Carried at Close of Period, Land | 235 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,959 | |||
Gross Amounts Carried at Close of Period, Total | 4,194 | |||
Accumulated Depreciation | (2,786) | |||
Total Costs, Net of Accumulated Depreciation | 1,408 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | Brookwood Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 7,050 | |||
Initial Cost to Company, Building and Improvements | 15,134 | |||
Cost Capitalized Subsequent to Acquisition | 7,417 | |||
Gross Amounts Carried at Close of Period, Land | 7,511 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,090 | |||
Gross Amounts Carried at Close of Period, Total | 29,601 | |||
Accumulated Depreciation | (5,920) | |||
Total Costs, Net of Accumulated Depreciation | 23,681 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 22, 2006 | |||
Centers [Member] | Brookwood Square Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,008 | |||
Initial Cost to Company, Building and Improvements | 19,753 | |||
Cost Capitalized Subsequent to Acquisition | 925 | |||
Gross Amounts Carried at Close of Period, Land | 4,008 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,678 | |||
Gross Amounts Carried at Close of Period, Total | 24,686 | |||
Accumulated Depreciation | (5,045) | |||
Total Costs, Net of Accumulated Depreciation | 19,641 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 16, 2003 | |||
Centers [Member] | Brownsville Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,333 | |||
Initial Cost to Company, Building and Improvements | 5,536 | |||
Cost Capitalized Subsequent to Acquisition | 315 | |||
Gross Amounts Carried at Close of Period, Land | 1,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,851 | |||
Gross Amounts Carried at Close of Period, Total | 7,184 | |||
Accumulated Depreciation | (1,672) | |||
Total Costs, Net of Accumulated Depreciation | 5,512 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 22, 2006 | |||
Centers [Member] | Buena Vista Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,958 | |||
Initial Cost to Company, Building and Improvements | 7,832 | |||
Cost Capitalized Subsequent to Acquisition | 1,747 | |||
Gross Amounts Carried at Close of Period, Land | 1,956 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,581 | |||
Gross Amounts Carried at Close of Period, Total | 11,537 | |||
Accumulated Depreciation | (3,912) | |||
Total Costs, Net of Accumulated Depreciation | 7,625 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Bull City Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 930 | |||
Initial Cost to Company, Building and Improvements | 6,651 | |||
Cost Capitalized Subsequent to Acquisition | 813 | |||
Gross Amounts Carried at Close of Period, Land | 930 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,464 | |||
Gross Amounts Carried at Close of Period, Total | 8,394 | |||
Accumulated Depreciation | (2,164) | |||
Total Costs, Net of Accumulated Depreciation | 6,230 | |||
Encumbrances | $ (3,458) | |||
Date of Acquisition/Construction | Jun. 10, 2005 | |||
Centers [Member] | Cambrian Village Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 48,803 | |||
Initial Cost to Company, Building and Improvements | 1,089 | |||
Cost Capitalized Subsequent to Acquisition | 89 | |||
Gross Amounts Carried at Close of Period, Land | 48,851 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,130 | |||
Gross Amounts Carried at Close of Period, Total | 49,981 | |||
Accumulated Depreciation | (845) | |||
Total Costs, Net of Accumulated Depreciation | 49,136 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 27, 2015 | |||
Centers [Member] | Camelback Village Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 8,720 | |||
Cost Capitalized Subsequent to Acquisition | 1,245 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,965 | |||
Gross Amounts Carried at Close of Period, Total | 9,965 | |||
Accumulated Depreciation | (5,629) | |||
Total Costs, Net of Accumulated Depreciation | 4,336 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 1994 | |||
Centers [Member] | Camp Creek Marketplace II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,169 | |||
Initial Cost to Company, Building and Improvements | 32,036 | |||
Cost Capitalized Subsequent to Acquisition | 1,551 | |||
Gross Amounts Carried at Close of Period, Land | 4,697 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,059 | |||
Gross Amounts Carried at Close of Period, Total | 39,756 | |||
Accumulated Depreciation | (9,479) | |||
Total Costs, Net of Accumulated Depreciation | 30,277 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 22, 2006 | |||
Centers [Member] | Capital Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,852 | |||
Initial Cost to Company, Building and Improvements | 7,406 | |||
Cost Capitalized Subsequent to Acquisition | 1,480 | |||
Gross Amounts Carried at Close of Period, Land | 1,852 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,886 | |||
Gross Amounts Carried at Close of Period, Total | 10,738 | |||
Accumulated Depreciation | (4,072) | |||
Total Costs, Net of Accumulated Depreciation | 6,666 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Centerwood Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 915 | |||
Initial Cost to Company, Building and Improvements | 3,659 | |||
Cost Capitalized Subsequent to Acquisition | 3,363 | |||
Gross Amounts Carried at Close of Period, Land | 914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,023 | |||
Gross Amounts Carried at Close of Period, Total | 7,937 | |||
Accumulated Depreciation | (2,549) | |||
Total Costs, Net of Accumulated Depreciation | 5,388 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Charleston Commons Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 23,230 | |||
Initial Cost to Company, Building and Improvements | 36,877 | |||
Cost Capitalized Subsequent to Acquisition | 2,955 | |||
Gross Amounts Carried at Close of Period, Land | 23,210 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 39,852 | |||
Gross Amounts Carried at Close of Period, Total | 63,062 | |||
Accumulated Depreciation | (10,762) | |||
Total Costs, Net of Accumulated Depreciation | 52,300 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 20, 2006 | |||
Centers [Member] | Cherry Creek Retail Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,416 | |||
Initial Cost to Company, Building and Improvements | 14,624 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried at Close of Period, Land | 5,416 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,624 | |||
Gross Amounts Carried at Close of Period, Total | 20,040 | |||
Accumulated Depreciation | (3,671) | |||
Total Costs, Net of Accumulated Depreciation | 16,369 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 16, 2011 | |||
Centers [Member] | Chino Hills Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 7,218 | |||
Initial Cost to Company, Building and Improvements | 28,872 | |||
Cost Capitalized Subsequent to Acquisition | 12,549 | |||
Gross Amounts Carried at Close of Period, Land | 7,234 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 41,405 | |||
Gross Amounts Carried at Close of Period, Total | 48,639 | |||
Accumulated Depreciation | (19,582) | |||
Total Costs, Net of Accumulated Depreciation | 29,057 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 20, 2002 | |||
Centers [Member] | Citadel Building [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,236 | |||
Initial Cost to Company, Building and Improvements | 6,168 | |||
Cost Capitalized Subsequent to Acquisition | 8,659 | |||
Gross Amounts Carried at Close of Period, Land | 534 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,529 | |||
Gross Amounts Carried at Close of Period, Total | 18,063 | |||
Accumulated Depreciation | (14,801) | |||
Total Costs, Net of Accumulated Depreciation | 3,262 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 30, 1975 | |||
Centers [Member] | CityCenter Englewood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 28,441 | |||
Cost Capitalized Subsequent to Acquisition | 14 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 28,455 | |||
Gross Amounts Carried at Close of Period, Total | 28,455 | |||
Accumulated Depreciation | (816) | |||
Total Costs, Net of Accumulated Depreciation | 27,639 | |||
Encumbrances | $ (33,000) | |||
Date of Acquisition/Construction | Feb. 12, 2016 | |||
Centers [Member] | College Park Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,201 | |||
Initial Cost to Company, Building and Improvements | 8,845 | |||
Cost Capitalized Subsequent to Acquisition | 7,575 | |||
Gross Amounts Carried at Close of Period, Land | 2,641 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,980 | |||
Gross Amounts Carried at Close of Period, Total | 18,621 | |||
Accumulated Depreciation | (11,363) | |||
Total Costs, Net of Accumulated Depreciation | 7,258 | |||
Encumbrances | $ (11,004) | |||
Date of Acquisition/Construction | Nov. 16, 1998 | |||
Centers [Member] | Colonial Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,806 | |||
Initial Cost to Company, Building and Improvements | 43,234 | |||
Cost Capitalized Subsequent to Acquisition | 14,554 | |||
Gross Amounts Carried at Close of Period, Land | 10,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 57,781 | |||
Gross Amounts Carried at Close of Period, Total | 68,594 | |||
Accumulated Depreciation | (26,959) | |||
Total Costs, Net of Accumulated Depreciation | 41,635 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 21, 2001 | |||
Centers [Member] | Countryside Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 15,523 | |||
Initial Cost to Company, Building and Improvements | 29,818 | |||
Cost Capitalized Subsequent to Acquisition | 9,321 | |||
Gross Amounts Carried at Close of Period, Land | 15,559 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 39,103 | |||
Gross Amounts Carried at Close of Period, Total | 54,662 | |||
Accumulated Depreciation | (11,485) | |||
Total Costs, Net of Accumulated Depreciation | 43,177 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 6, 2007 | |||
Centers [Member] | Crabtree Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,272 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,565 | |||
Gross Amounts Carried at Close of Period, Land | 1,272 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,565 | |||
Gross Amounts Carried at Close of Period, Total | 3,837 | |||
Accumulated Depreciation | (7) | |||
Total Costs, Net of Accumulated Depreciation | 3,830 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 12, 2016 | |||
Centers [Member] | Creekside Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,732 | |||
Initial Cost to Company, Building and Improvements | 6,929 | |||
Cost Capitalized Subsequent to Acquisition | 2,143 | |||
Gross Amounts Carried at Close of Period, Land | 1,730 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,074 | |||
Gross Amounts Carried at Close of Period, Total | 10,804 | |||
Accumulated Depreciation | (4,267) | |||
Total Costs, Net of Accumulated Depreciation | 6,537 | |||
Encumbrances | $ (7,576) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Crossing at Stonegate [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,400 | |||
Initial Cost to Company, Building and Improvements | 23,384 | |||
Cost Capitalized Subsequent to Acquisition | 183 | |||
Gross Amounts Carried at Close of Period, Land | 6,400 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,567 | |||
Gross Amounts Carried at Close of Period, Total | 29,967 | |||
Accumulated Depreciation | (643) | |||
Total Costs, Net of Accumulated Depreciation | 29,324 | |||
Encumbrances | $ (14,587) | |||
Date of Acquisition/Construction | Feb. 12, 2016 | |||
Centers [Member] | Cullen Plaza Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 106 | |||
Initial Cost to Company, Building and Improvements | 2,841 | |||
Cost Capitalized Subsequent to Acquisition | 406 | |||
Gross Amounts Carried at Close of Period, Land | 106 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,247 | |||
Gross Amounts Carried at Close of Period, Total | 3,353 | |||
Accumulated Depreciation | (2,712) | |||
Total Costs, Net of Accumulated Depreciation | 641 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | Cypress Pointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,468 | |||
Initial Cost to Company, Building and Improvements | 8,700 | |||
Cost Capitalized Subsequent to Acquisition | 1,272 | |||
Gross Amounts Carried at Close of Period, Land | 3,793 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,647 | |||
Gross Amounts Carried at Close of Period, Total | 13,440 | |||
Accumulated Depreciation | (6,166) | |||
Total Costs, Net of Accumulated Depreciation | 7,274 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Dallas Commons Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,582 | |||
Initial Cost to Company, Building and Improvements | 4,969 | |||
Cost Capitalized Subsequent to Acquisition | 94 | |||
Gross Amounts Carried at Close of Period, Land | 1,582 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,063 | |||
Gross Amounts Carried at Close of Period, Total | 6,645 | |||
Accumulated Depreciation | (1,363) | |||
Total Costs, Net of Accumulated Depreciation | 5,282 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 14, 2006 | |||
Centers [Member] | Danville Plaza Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 3,360 | |||
Cost Capitalized Subsequent to Acquisition | 6,642 | |||
Gross Amounts Carried at Close of Period, Land | 4,292 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,710 | |||
Gross Amounts Carried at Close of Period, Total | 10,002 | |||
Accumulated Depreciation | (5,077) | |||
Total Costs, Net of Accumulated Depreciation | 4,925 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 1960 | |||
Centers [Member] | Deerfield Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,522 | |||
Initial Cost to Company, Building and Improvements | 94,321 | |||
Cost Capitalized Subsequent to Acquisition | 459 | |||
Gross Amounts Carried at Close of Period, Land | 37,128 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 68,174 | |||
Gross Amounts Carried at Close of Period, Total | 105,302 | |||
Accumulated Depreciation | (1,759) | |||
Total Costs, Net of Accumulated Depreciation | 103,543 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 5, 2016 | |||
Centers [Member] | Desert Village Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,362 | |||
Initial Cost to Company, Building and Improvements | 14,969 | |||
Cost Capitalized Subsequent to Acquisition | 1,700 | |||
Gross Amounts Carried at Close of Period, Land | 3,362 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,669 | |||
Gross Amounts Carried at Close of Period, Total | 20,031 | |||
Accumulated Depreciation | (2,946) | |||
Total Costs, Net of Accumulated Depreciation | 17,085 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 28, 2010 | |||
Centers [Member] | Discovery Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,193 | |||
Initial Cost to Company, Building and Improvements | 8,772 | |||
Cost Capitalized Subsequent to Acquisition | 1,303 | |||
Gross Amounts Carried at Close of Period, Land | 2,191 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,077 | |||
Gross Amounts Carried at Close of Period, Total | 12,268 | |||
Accumulated Depreciation | (4,129) | |||
Total Costs, Net of Accumulated Depreciation | 8,139 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Eastern Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,282 | |||
Initial Cost to Company, Building and Improvements | 16 | |||
Cost Capitalized Subsequent to Acquisition | (86) | |||
Gross Amounts Carried at Close of Period, Land | 1,569 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,643 | |||
Gross Amounts Carried at Close of Period, Total | 10,212 | |||
Accumulated Depreciation | (5,107) | |||
Total Costs, Net of Accumulated Depreciation | 5,105 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2002 | |||
Centers [Member] | Edgewater Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,821 | |||
Initial Cost to Company, Building and Improvements | 11,225 | |||
Cost Capitalized Subsequent to Acquisition | 685 | |||
Gross Amounts Carried at Close of Period, Land | 4,821 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,910 | |||
Gross Amounts Carried at Close of Period, Total | 16,731 | |||
Accumulated Depreciation | (2,232) | |||
Total Costs, Net of Accumulated Depreciation | 14,499 | |||
Encumbrances | $ (17,600) | |||
Date of Acquisition/Construction | Nov. 19, 2010 | |||
Centers [Member] | El Camino Promenade [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,431 | |||
Initial Cost to Company, Building and Improvements | 20,557 | |||
Cost Capitalized Subsequent to Acquisition | 4,771 | |||
Gross Amounts Carried at Close of Period, Land | 4,429 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,330 | |||
Gross Amounts Carried at Close of Period, Total | 29,759 | |||
Accumulated Depreciation | (9,328) | |||
Total Costs, Net of Accumulated Depreciation | 20,431 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 21, 2004 | |||
Centers [Member] | Embassy Lakes Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,803 | |||
Initial Cost to Company, Building and Improvements | 11,268 | |||
Cost Capitalized Subsequent to Acquisition | 1,823 | |||
Gross Amounts Carried at Close of Period, Land | 2,803 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,091 | |||
Gross Amounts Carried at Close of Period, Total | 15,894 | |||
Accumulated Depreciation | (4,592) | |||
Total Costs, Net of Accumulated Depreciation | 11,302 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 18, 2002 | |||
Centers [Member] | Entrada De Oro Plaza Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,041 | |||
Initial Cost to Company, Building and Improvements | 10,511 | |||
Cost Capitalized Subsequent to Acquisition | 2,119 | |||
Gross Amounts Carried at Close of Period, Land | 6,115 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,556 | |||
Gross Amounts Carried at Close of Period, Total | 18,671 | |||
Accumulated Depreciation | (3,991) | |||
Total Costs, Net of Accumulated Depreciation | 14,680 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 22, 2007 | |||
Centers [Member] | Epic Village St. Augustine [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 283 | |||
Initial Cost to Company, Building and Improvements | 1,171 | |||
Cost Capitalized Subsequent to Acquisition | 4,065 | |||
Gross Amounts Carried at Close of Period, Land | 320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,199 | |||
Gross Amounts Carried at Close of Period, Total | 5,519 | |||
Accumulated Depreciation | (3,045) | |||
Total Costs, Net of Accumulated Depreciation | 2,474 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 2009 | |||
Centers [Member] | Falls Pointe Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,535 | |||
Initial Cost to Company, Building and Improvements | 14,289 | |||
Cost Capitalized Subsequent to Acquisition | 589 | |||
Gross Amounts Carried at Close of Period, Land | 3,542 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,871 | |||
Gross Amounts Carried at Close of Period, Total | 18,413 | |||
Accumulated Depreciation | (5,525) | |||
Total Costs, Net of Accumulated Depreciation | 12,888 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 17, 2002 | |||
Centers [Member] | Festival On Jefferson Court [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,041 | |||
Initial Cost to Company, Building and Improvements | 13,983 | |||
Cost Capitalized Subsequent to Acquisition | 3,735 | |||
Gross Amounts Carried at Close of Period, Land | 5,022 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,737 | |||
Gross Amounts Carried at Close of Period, Total | 22,759 | |||
Accumulated Depreciation | (6,379) | |||
Total Costs, Net of Accumulated Depreciation | 16,380 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 22, 2004 | |||
Centers [Member] | Fiesta Trails [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 8,825 | |||
Initial Cost to Company, Building and Improvements | 32,790 | |||
Cost Capitalized Subsequent to Acquisition | 8,528 | |||
Gross Amounts Carried at Close of Period, Land | 11,267 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 38,876 | |||
Gross Amounts Carried at Close of Period, Total | 50,143 | |||
Accumulated Depreciation | (13,656) | |||
Total Costs, Net of Accumulated Depreciation | 36,487 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 2003 | |||
Centers [Member] | Flamingo Pines Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,403 | |||
Initial Cost to Company, Building and Improvements | 35,014 | |||
Cost Capitalized Subsequent to Acquisition | (13,326) | |||
Gross Amounts Carried at Close of Period, Land | 5,335 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,756 | |||
Gross Amounts Carried at Close of Period, Total | 32,091 | |||
Accumulated Depreciation | (8,123) | |||
Total Costs, Net of Accumulated Depreciation | 23,968 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 28, 2005 | |||
Centers [Member] | Fountain Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,319 | |||
Initial Cost to Company, Building and Improvements | 5,276 | |||
Cost Capitalized Subsequent to Acquisition | 1,743 | |||
Gross Amounts Carried at Close of Period, Land | 1,095 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,243 | |||
Gross Amounts Carried at Close of Period, Total | 8,338 | |||
Accumulated Depreciation | (4,230) | |||
Total Costs, Net of Accumulated Depreciation | 4,108 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 10, 1994 | |||
Centers [Member] | Francisco Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,999 | |||
Initial Cost to Company, Building and Improvements | 7,997 | |||
Cost Capitalized Subsequent to Acquisition | 4,668 | |||
Gross Amounts Carried at Close of Period, Land | 2,403 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,261 | |||
Gross Amounts Carried at Close of Period, Total | 14,664 | |||
Accumulated Depreciation | (8,871) | |||
Total Costs, Net of Accumulated Depreciation | 5,793 | |||
Encumbrances | $ (9,996) | |||
Date of Acquisition/Construction | Nov. 16, 1998 | |||
Centers [Member] | Freedom Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,929 | |||
Initial Cost to Company, Building and Improvements | 15,302 | |||
Cost Capitalized Subsequent to Acquisition | 5,697 | |||
Gross Amounts Carried at Close of Period, Land | 6,944 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,984 | |||
Gross Amounts Carried at Close of Period, Total | 23,928 | |||
Accumulated Depreciation | (5,967) | |||
Total Costs, Net of Accumulated Depreciation | 17,961 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 23, 2006 | |||
Centers [Member] | Galleria Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,795 | |||
Initial Cost to Company, Building and Improvements | 10,339 | |||
Cost Capitalized Subsequent to Acquisition | 8,468 | |||
Gross Amounts Carried at Close of Period, Land | 10,504 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,098 | |||
Gross Amounts Carried at Close of Period, Total | 29,602 | |||
Accumulated Depreciation | (5,026) | |||
Total Costs, Net of Accumulated Depreciation | 24,576 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 11, 2006 | |||
Centers [Member] | Galveston Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,713 | |||
Initial Cost to Company, Building and Improvements | 5,522 | |||
Cost Capitalized Subsequent to Acquisition | 5,948 | |||
Gross Amounts Carried at Close of Period, Land | 3,279 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,904 | |||
Gross Amounts Carried at Close of Period, Total | 14,183 | |||
Accumulated Depreciation | (8,688) | |||
Total Costs, Net of Accumulated Depreciation | 5,495 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 30, 1983 | |||
Centers [Member] | Gateway Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,812 | |||
Initial Cost to Company, Building and Improvements | 19,249 | |||
Cost Capitalized Subsequent to Acquisition | 4,957 | |||
Gross Amounts Carried at Close of Period, Land | 4,808 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 24,210 | |||
Gross Amounts Carried at Close of Period, Total | 29,018 | |||
Accumulated Depreciation | (9,792) | |||
Total Costs, Net of Accumulated Depreciation | 19,226 | |||
Encumbrances | $ (23,000) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Gateway Station [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,622 | |||
Initial Cost to Company, Building and Improvements | 3 | |||
Cost Capitalized Subsequent to Acquisition | 11,410 | |||
Gross Amounts Carried at Close of Period, Land | 1,921 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,114 | |||
Gross Amounts Carried at Close of Period, Total | 13,035 | |||
Accumulated Depreciation | (4,352) | |||
Total Costs, Net of Accumulated Depreciation | 8,683 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 2009 | |||
Centers [Member] | Grayson Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,180 | |||
Initial Cost to Company, Building and Improvements | 9,023 | |||
Cost Capitalized Subsequent to Acquisition | 236 | |||
Gross Amounts Carried at Close of Period, Land | 3,163 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,276 | |||
Gross Amounts Carried at Close of Period, Total | 12,439 | |||
Accumulated Depreciation | (2,939) | |||
Total Costs, Net of Accumulated Depreciation | 9,500 | |||
Encumbrances | $ (4,952) | |||
Date of Acquisition/Construction | Nov. 9, 2004 | |||
Centers [Member] | Green Valley Ranch - Auto Zone [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 440 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried at Close of Period, Land | 440 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 0 | |||
Gross Amounts Carried at Close of Period, Total | 440 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 440 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 12, 2016 | |||
Centers [Member] | Greenhouse Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,607 | |||
Initial Cost to Company, Building and Improvements | 22,771 | |||
Cost Capitalized Subsequent to Acquisition | 4,184 | |||
Gross Amounts Carried at Close of Period, Land | 4,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,812 | |||
Gross Amounts Carried at Close of Period, Total | 31,562 | |||
Accumulated Depreciation | (9,411) | |||
Total Costs, Net of Accumulated Depreciation | 22,151 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 28, 2004 | |||
Centers [Member] | Griggs Road Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 257 | |||
Initial Cost to Company, Building and Improvements | 2,303 | |||
Cost Capitalized Subsequent to Acquisition | 399 | |||
Gross Amounts Carried at Close of Period, Land | 257 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,702 | |||
Gross Amounts Carried at Close of Period, Total | 2,959 | |||
Accumulated Depreciation | (1,841) | |||
Total Costs, Net of Accumulated Depreciation | 1,118 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | Harrisburg Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,278 | |||
Initial Cost to Company, Building and Improvements | 3,924 | |||
Cost Capitalized Subsequent to Acquisition | 1,082 | |||
Gross Amounts Carried at Close of Period, Land | 1,278 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,006 | |||
Gross Amounts Carried at Close of Period, Total | 6,284 | |||
Accumulated Depreciation | (4,167) | |||
Total Costs, Net of Accumulated Depreciation | 2,117 | |||
Encumbrances | $ (8,291) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | HEB - Dairy Ashford & Memorial [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,717 | |||
Initial Cost to Company, Building and Improvements | 4,234 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried at Close of Period, Land | 1,717 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,234 | |||
Gross Amounts Carried at Close of Period, Total | 5,951 | |||
Accumulated Depreciation | (910) | |||
Total Costs, Net of Accumulated Depreciation | 5,041 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 6, 2012 | |||
Centers [Member] | Heights Plaza Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 58 | |||
Initial Cost to Company, Building and Improvements | 699 | |||
Cost Capitalized Subsequent to Acquisition | 2,611 | |||
Gross Amounts Carried at Close of Period, Land | 1,055 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,313 | |||
Gross Amounts Carried at Close of Period, Total | 3,368 | |||
Accumulated Depreciation | (1,534) | |||
Total Costs, Net of Accumulated Depreciation | 1,834 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 30, 1995 | |||
Centers [Member] | High House Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,576 | |||
Initial Cost to Company, Building and Improvements | 10,305 | |||
Cost Capitalized Subsequent to Acquisition | 482 | |||
Gross Amounts Carried at Close of Period, Land | 2,576 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,787 | |||
Gross Amounts Carried at Close of Period, Total | 13,363 | |||
Accumulated Depreciation | (4,227) | |||
Total Costs, Net of Accumulated Depreciation | 9,136 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Highland Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 1,887 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,887 | |||
Gross Amounts Carried at Close of Period, Total | 1,887 | |||
Accumulated Depreciation | (564) | |||
Total Costs, Net of Accumulated Depreciation | 1,323 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 6, 1959 | |||
Centers [Member] | Hope Valley Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,439 | |||
Initial Cost to Company, Building and Improvements | 8,487 | |||
Cost Capitalized Subsequent to Acquisition | 403 | |||
Gross Amounts Carried at Close of Period, Land | 2,439 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,890 | |||
Gross Amounts Carried at Close of Period, Total | 11,329 | |||
Accumulated Depreciation | (1,623) | |||
Total Costs, Net of Accumulated Depreciation | 9,706 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 31, 2010 | |||
Centers [Member] | Horne Street Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 603 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,047 | |||
Gross Amounts Carried at Close of Period, Land | 603 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,047 | |||
Gross Amounts Carried at Close of Period, Total | 2,650 | |||
Accumulated Depreciation | (51) | |||
Total Costs, Net of Accumulated Depreciation | 2,599 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 30, 2016 | |||
Centers [Member] | Humblewood Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,215 | |||
Initial Cost to Company, Building and Improvements | 4,724 | |||
Cost Capitalized Subsequent to Acquisition | 6,982 | |||
Gross Amounts Carried at Close of Period, Land | 1,166 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,755 | |||
Gross Amounts Carried at Close of Period, Total | 13,921 | |||
Accumulated Depreciation | (8,479) | |||
Total Costs, Net of Accumulated Depreciation | 5,442 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 9, 1977 | |||
Centers [Member] | I45/Telephone Rd. [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 678 | |||
Initial Cost to Company, Building and Improvements | 11,182 | |||
Cost Capitalized Subsequent to Acquisition | 666 | |||
Gross Amounts Carried at Close of Period, Land | 678 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,848 | |||
Gross Amounts Carried at Close of Period, Total | 12,526 | |||
Accumulated Depreciation | (6,285) | |||
Total Costs, Net of Accumulated Depreciation | 6,241 | |||
Encumbrances | $ (9,380) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | Independence Plaza I & II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 19,351 | |||
Initial Cost to Company, Building and Improvements | 31,627 | |||
Cost Capitalized Subsequent to Acquisition | 1,894 | |||
Gross Amounts Carried at Close of Period, Land | 19,351 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,521 | |||
Gross Amounts Carried at Close of Period, Total | 52,872 | |||
Accumulated Depreciation | (5,446) | |||
Total Costs, Net of Accumulated Depreciation | 47,426 | |||
Encumbrances | $ (16,224) | |||
Date of Acquisition/Construction | Jun. 11, 2013 | |||
Centers [Member] | Jess Ranch Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 8,750 | |||
Initial Cost to Company, Building and Improvements | 25,560 | |||
Cost Capitalized Subsequent to Acquisition | 596 | |||
Gross Amounts Carried at Close of Period, Land | 8,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,156 | |||
Gross Amounts Carried at Close of Period, Total | 34,906 | |||
Accumulated Depreciation | (3,576) | |||
Total Costs, Net of Accumulated Depreciation | 31,330 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 23, 2013 | |||
Centers [Member] | Jess Ranch Marketplace Phase III [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 8,431 | |||
Initial Cost to Company, Building and Improvements | 21,470 | |||
Cost Capitalized Subsequent to Acquisition | 191 | |||
Gross Amounts Carried at Close of Period, Land | 8,431 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,661 | |||
Gross Amounts Carried at Close of Period, Total | 30,092 | |||
Accumulated Depreciation | (3,015) | |||
Total Costs, Net of Accumulated Depreciation | 27,077 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 23, 2013 | |||
Centers [Member] | Lakeside Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,064 | |||
Initial Cost to Company, Building and Improvements | 22,989 | |||
Cost Capitalized Subsequent to Acquisition | 3,242 | |||
Gross Amounts Carried at Close of Period, Land | 6,150 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,145 | |||
Gross Amounts Carried at Close of Period, Total | 32,295 | |||
Accumulated Depreciation | (8,255) | |||
Total Costs, Net of Accumulated Depreciation | 24,040 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 22, 2006 | |||
Centers [Member] | Largo Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,817 | |||
Initial Cost to Company, Building and Improvements | 40,906 | |||
Cost Capitalized Subsequent to Acquisition | 6,048 | |||
Gross Amounts Carried at Close of Period, Land | 10,810 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 46,961 | |||
Gross Amounts Carried at Close of Period, Total | 57,771 | |||
Accumulated Depreciation | (16,071) | |||
Total Costs, Net of Accumulated Depreciation | 41,700 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 1, 2004 | |||
Centers [Member] | Laveen Village Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,190 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 5,128 | |||
Gross Amounts Carried at Close of Period, Land | 1,006 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,312 | |||
Gross Amounts Carried at Close of Period, Total | 6,318 | |||
Accumulated Depreciation | (3,312) | |||
Total Costs, Net of Accumulated Depreciation | 3,006 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 15, 2003 | |||
Centers [Member] | League City Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,918 | |||
Initial Cost to Company, Building and Improvements | 7,592 | |||
Cost Capitalized Subsequent to Acquisition | 1,429 | |||
Gross Amounts Carried at Close of Period, Land | 2,317 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,622 | |||
Gross Amounts Carried at Close of Period, Total | 10,939 | |||
Accumulated Depreciation | (5,158) | |||
Total Costs, Net of Accumulated Depreciation | 5,781 | |||
Encumbrances | $ (8,470) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | Leesville Towne Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 7,183 | |||
Initial Cost to Company, Building and Improvements | 17,162 | |||
Cost Capitalized Subsequent to Acquisition | 1,632 | |||
Gross Amounts Carried at Close of Period, Land | 7,223 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,754 | |||
Gross Amounts Carried at Close of Period, Total | 25,977 | |||
Accumulated Depreciation | (6,329) | |||
Total Costs, Net of Accumulated Depreciation | 19,648 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 30, 2004 | |||
Centers [Member] | Lowry Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,889 | |||
Initial Cost to Company, Building and Improvements | 23,165 | |||
Cost Capitalized Subsequent to Acquisition | 132 | |||
Gross Amounts Carried at Close of Period, Land | 3,777 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,409 | |||
Gross Amounts Carried at Close of Period, Total | 25,186 | |||
Accumulated Depreciation | (203) | |||
Total Costs, Net of Accumulated Depreciation | 24,983 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 14, 2016 | |||
Centers [Member] | Madera Village Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,788 | |||
Initial Cost to Company, Building and Improvements | 13,507 | |||
Cost Capitalized Subsequent to Acquisition | 1,335 | |||
Gross Amounts Carried at Close of Period, Land | 3,816 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,814 | |||
Gross Amounts Carried at Close of Period, Total | 18,630 | |||
Accumulated Depreciation | (4,287) | |||
Total Costs, Net of Accumulated Depreciation | 14,343 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 13, 2007 | |||
Centers [Member] | Market At Town Center - Sugarland [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 8,600 | |||
Initial Cost to Company, Building and Improvements | 26,627 | |||
Cost Capitalized Subsequent to Acquisition | 24,355 | |||
Gross Amounts Carried at Close of Period, Land | 8,600 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 50,982 | |||
Gross Amounts Carried at Close of Period, Total | 59,582 | |||
Accumulated Depreciation | (26,242) | |||
Total Costs, Net of Accumulated Depreciation | 33,340 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 23, 1996 | |||
Centers [Member] | Market At Westchase Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,199 | |||
Initial Cost to Company, Building and Improvements | 5,821 | |||
Cost Capitalized Subsequent to Acquisition | 2,796 | |||
Gross Amounts Carried at Close of Period, Land | 1,415 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,401 | |||
Gross Amounts Carried at Close of Period, Total | 9,816 | |||
Accumulated Depreciation | (6,076) | |||
Total Costs, Net of Accumulated Depreciation | 3,740 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 15, 1991 | |||
Centers [Member] | Marketplace At Seminole Towne [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 16,067 | |||
Initial Cost to Company, Building and Improvements | 53,743 | |||
Cost Capitalized Subsequent to Acquisition | 8,101 | |||
Gross Amounts Carried at Close of Period, Land | 22,711 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 55,200 | |||
Gross Amounts Carried at Close of Period, Total | 77,911 | |||
Accumulated Depreciation | (15,352) | |||
Total Costs, Net of Accumulated Depreciation | 62,559 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 21, 2006 | |||
Centers [Member] | Markham West Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,694 | |||
Initial Cost to Company, Building and Improvements | 10,777 | |||
Cost Capitalized Subsequent to Acquisition | 5,127 | |||
Gross Amounts Carried at Close of Period, Land | 2,696 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,902 | |||
Gross Amounts Carried at Close of Period, Total | 18,598 | |||
Accumulated Depreciation | (8,506) | |||
Total Costs, Net of Accumulated Depreciation | 10,092 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 18, 1998 | |||
Centers [Member] | Marshall's Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,802 | |||
Initial Cost to Company, Building and Improvements | 12,315 | |||
Cost Capitalized Subsequent to Acquisition | 711 | |||
Gross Amounts Carried at Close of Period, Land | 1,804 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,024 | |||
Gross Amounts Carried at Close of Period, Total | 14,828 | |||
Accumulated Depreciation | (4,151) | |||
Total Costs, Net of Accumulated Depreciation | 10,677 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 1, 2005 | |||
Centers [Member] | Mendenhall Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,655 | |||
Initial Cost to Company, Building and Improvements | 9,165 | |||
Cost Capitalized Subsequent to Acquisition | 1,087 | |||
Gross Amounts Carried at Close of Period, Land | 2,677 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,230 | |||
Gross Amounts Carried at Close of Period, Total | 12,907 | |||
Accumulated Depreciation | (2,996) | |||
Total Costs, Net of Accumulated Depreciation | 9,911 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
Centers [Member] | Menifee Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,827 | |||
Initial Cost to Company, Building and Improvements | 7,307 | |||
Cost Capitalized Subsequent to Acquisition | 5,248 | |||
Gross Amounts Carried at Close of Period, Land | 1,824 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,558 | |||
Gross Amounts Carried at Close of Period, Total | 14,382 | |||
Accumulated Depreciation | (5,020) | |||
Total Costs, Net of Accumulated Depreciation | 9,362 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Millpond Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,155 | |||
Initial Cost to Company, Building and Improvements | 9,706 | |||
Cost Capitalized Subsequent to Acquisition | 1,816 | |||
Gross Amounts Carried at Close of Period, Land | 3,161 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,516 | |||
Gross Amounts Carried at Close of Period, Total | 14,677 | |||
Accumulated Depreciation | (4,192) | |||
Total Costs, Net of Accumulated Depreciation | 10,485 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 28, 2005 | |||
Centers [Member] | Mohave Crossroads [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,953 | |||
Initial Cost to Company, Building and Improvements | 63 | |||
Cost Capitalized Subsequent to Acquisition | 35,590 | |||
Gross Amounts Carried at Close of Period, Land | 3,128 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 36,478 | |||
Gross Amounts Carried at Close of Period, Total | 39,606 | |||
Accumulated Depreciation | (20,847) | |||
Total Costs, Net of Accumulated Depreciation | 18,759 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2009 | |||
Centers [Member] | Monte Vista Village Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,485 | |||
Initial Cost to Company, Building and Improvements | 58 | |||
Cost Capitalized Subsequent to Acquisition | 5,633 | |||
Gross Amounts Carried at Close of Period, Land | 755 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,421 | |||
Gross Amounts Carried at Close of Period, Total | 7,176 | |||
Accumulated Depreciation | (4,201) | |||
Total Costs, Net of Accumulated Depreciation | 2,975 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2004 | |||
Centers [Member] | Moore Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,445 | |||
Initial Cost to Company, Building and Improvements | 26,140 | |||
Cost Capitalized Subsequent to Acquisition | 11,423 | |||
Gross Amounts Carried at Close of Period, Land | 6,487 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 37,521 | |||
Gross Amounts Carried at Close of Period, Total | 44,008 | |||
Accumulated Depreciation | (20,222) | |||
Total Costs, Net of Accumulated Depreciation | 23,786 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 20, 1998 | |||
Centers [Member] | Mueller Regional Retail Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,382 | |||
Initial Cost to Company, Building and Improvements | 56,303 | |||
Cost Capitalized Subsequent to Acquisition | 440 | |||
Gross Amounts Carried at Close of Period, Land | 10,382 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 56,743 | |||
Gross Amounts Carried at Close of Period, Total | 67,125 | |||
Accumulated Depreciation | (8,286) | |||
Total Costs, Net of Accumulated Depreciation | 58,839 | |||
Encumbrances | $ (33,512) | |||
Date of Acquisition/Construction | Oct. 3, 2013 | |||
Centers [Member] | North Creek Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,915 | |||
Initial Cost to Company, Building and Improvements | 25,625 | |||
Cost Capitalized Subsequent to Acquisition | 4,736 | |||
Gross Amounts Carried at Close of Period, Land | 6,954 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 30,322 | |||
Gross Amounts Carried at Close of Period, Total | 37,276 | |||
Accumulated Depreciation | (11,254) | |||
Total Costs, Net of Accumulated Depreciation | 26,022 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 19, 2004 | |||
Centers [Member] | North Towne Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 960 | |||
Initial Cost to Company, Building and Improvements | 3,928 | |||
Cost Capitalized Subsequent to Acquisition | 7,602 | |||
Gross Amounts Carried at Close of Period, Land | 879 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,611 | |||
Gross Amounts Carried at Close of Period, Total | 12,490 | |||
Accumulated Depreciation | (8,526) | |||
Total Costs, Net of Accumulated Depreciation | 3,964 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 15, 1990 | |||
Centers [Member] | North Towne Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,646 | |||
Initial Cost to Company, Building and Improvements | 99 | |||
Cost Capitalized Subsequent to Acquisition | 1,719 | |||
Gross Amounts Carried at Close of Period, Land | 1,005 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,459 | |||
Gross Amounts Carried at Close of Period, Total | 8,464 | |||
Accumulated Depreciation | (2,675) | |||
Total Costs, Net of Accumulated Depreciation | 5,789 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 1, 2010 | |||
Centers [Member] | Northbrook Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,629 | |||
Initial Cost to Company, Building and Improvements | 4,489 | |||
Cost Capitalized Subsequent to Acquisition | 3,727 | |||
Gross Amounts Carried at Close of Period, Land | 1,713 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,132 | |||
Gross Amounts Carried at Close of Period, Total | 9,845 | |||
Accumulated Depreciation | (6,745) | |||
Total Costs, Net of Accumulated Depreciation | 3,100 | |||
Encumbrances | $ (9,265) | |||
Date of Acquisition/Construction | Nov. 6, 1967 | |||
Centers [Member] | Northwoods Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,768 | |||
Initial Cost to Company, Building and Improvements | 7,071 | |||
Cost Capitalized Subsequent to Acquisition | 637 | |||
Gross Amounts Carried at Close of Period, Land | 1,772 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,704 | |||
Gross Amounts Carried at Close of Period, Total | 9,476 | |||
Accumulated Depreciation | (2,949) | |||
Total Costs, Net of Accumulated Depreciation | 6,527 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Oak Forest Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 760 | |||
Initial Cost to Company, Building and Improvements | 2,726 | |||
Cost Capitalized Subsequent to Acquisition | 5,276 | |||
Gross Amounts Carried at Close of Period, Land | 748 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,014 | |||
Gross Amounts Carried at Close of Period, Total | 8,762 | |||
Accumulated Depreciation | (6,015) | |||
Total Costs, Net of Accumulated Depreciation | 2,747 | |||
Encumbrances | $ (7,650) | |||
Date of Acquisition/Construction | Dec. 30, 1976 | |||
Centers [Member] | Oak Grove Market Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,758 | |||
Initial Cost to Company, Building and Improvements | 10,508 | |||
Cost Capitalized Subsequent to Acquisition | 1,059 | |||
Gross Amounts Carried at Close of Period, Land | 5,861 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,464 | |||
Gross Amounts Carried at Close of Period, Total | 17,325 | |||
Accumulated Depreciation | (3,138) | |||
Total Costs, Net of Accumulated Depreciation | 14,187 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 15, 2007 | |||
Centers [Member] | Oracle Crossings [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,614 | |||
Initial Cost to Company, Building and Improvements | 18,274 | |||
Cost Capitalized Subsequent to Acquisition | 29,600 | |||
Gross Amounts Carried at Close of Period, Land | 10,582 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 41,906 | |||
Gross Amounts Carried at Close of Period, Total | 52,488 | |||
Accumulated Depreciation | (11,136) | |||
Total Costs, Net of Accumulated Depreciation | 41,352 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 22, 2007 | |||
Centers [Member] | Oracle Wetmore Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 24,686 | |||
Initial Cost to Company, Building and Improvements | 26,878 | |||
Cost Capitalized Subsequent to Acquisition | 7,486 | |||
Gross Amounts Carried at Close of Period, Land | 13,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 45,237 | |||
Gross Amounts Carried at Close of Period, Total | 59,050 | |||
Accumulated Depreciation | (12,168) | |||
Total Costs, Net of Accumulated Depreciation | 46,882 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 22, 2007 | |||
Centers [Member] | Overton Park Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 9,266 | |||
Initial Cost to Company, Building and Improvements | 37,789 | |||
Cost Capitalized Subsequent to Acquisition | 12,671 | |||
Gross Amounts Carried at Close of Period, Land | 9,264 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 50,462 | |||
Gross Amounts Carried at Close of Period, Total | 59,726 | |||
Accumulated Depreciation | (18,403) | |||
Total Costs, Net of Accumulated Depreciation | 41,323 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 24, 2003 | |||
Centers [Member] | Palmilla Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,258 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 13,164 | |||
Gross Amounts Carried at Close of Period, Land | 2,882 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,540 | |||
Gross Amounts Carried at Close of Period, Total | 14,422 | |||
Accumulated Depreciation | (6,956) | |||
Total Costs, Net of Accumulated Depreciation | 7,466 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2002 | |||
Centers [Member] | Palms Of Carrollwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,995 | |||
Initial Cost to Company, Building and Improvements | 16,390 | |||
Cost Capitalized Subsequent to Acquisition | 1,942 | |||
Gross Amounts Carried at Close of Period, Land | 3,995 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,332 | |||
Gross Amounts Carried at Close of Period, Total | 22,327 | |||
Accumulated Depreciation | (2,878) | |||
Total Costs, Net of Accumulated Depreciation | 19,449 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 23, 2010 | |||
Centers [Member] | Paradise Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,153 | |||
Initial Cost to Company, Building and Improvements | 8,612 | |||
Cost Capitalized Subsequent to Acquisition | (1,831) | |||
Gross Amounts Carried at Close of Period, Land | 1,197 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,737 | |||
Gross Amounts Carried at Close of Period, Total | 8,934 | |||
Accumulated Depreciation | (4,359) | |||
Total Costs, Net of Accumulated Depreciation | 4,575 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 20, 1995 | |||
Centers [Member] | Parliament Square II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2 | |||
Initial Cost to Company, Building and Improvements | 10 | |||
Cost Capitalized Subsequent to Acquisition | 1,183 | |||
Gross Amounts Carried at Close of Period, Land | 3 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,192 | |||
Gross Amounts Carried at Close of Period, Total | 1,195 | |||
Accumulated Depreciation | (885) | |||
Total Costs, Net of Accumulated Depreciation | 310 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 24, 2005 | |||
Centers [Member] | Perimeter Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 29,701 | |||
Initial Cost to Company, Building and Improvements | 42,337 | |||
Cost Capitalized Subsequent to Acquisition | 4,466 | |||
Gross Amounts Carried at Close of Period, Land | 34,404 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,100 | |||
Gross Amounts Carried at Close of Period, Total | 76,504 | |||
Accumulated Depreciation | (12,237) | |||
Total Costs, Net of Accumulated Depreciation | 64,267 | |||
Encumbrances | $ (32,122) | |||
Date of Acquisition/Construction | Jul. 3, 2007 | |||
Centers [Member] | Phillips Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 1 | |||
Cost Capitalized Subsequent to Acquisition | 28,384 | |||
Gross Amounts Carried at Close of Period, Land | 872 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,513 | |||
Gross Amounts Carried at Close of Period, Total | 28,385 | |||
Accumulated Depreciation | (12,436) | |||
Total Costs, Net of Accumulated Depreciation | 15,949 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 2009 | |||
Centers [Member] | Phoenix Office Building [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,696 | |||
Initial Cost to Company, Building and Improvements | 3,255 | |||
Cost Capitalized Subsequent to Acquisition | 1,334 | |||
Gross Amounts Carried at Close of Period, Land | 1,773 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,512 | |||
Gross Amounts Carried at Close of Period, Total | 6,285 | |||
Accumulated Depreciation | (1,689) | |||
Total Costs, Net of Accumulated Depreciation | 4,596 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 31, 2007 | |||
Centers [Member] | Pike Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 40,537 | |||
Cost Capitalized Subsequent to Acquisition | 2,628 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 43,165 | |||
Gross Amounts Carried at Close of Period, Total | 43,165 | |||
Accumulated Depreciation | (8,256) | |||
Total Costs, Net of Accumulated Depreciation | 34,909 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 14, 2012 | |||
Centers [Member] | Plantation Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,463 | |||
Initial Cost to Company, Building and Improvements | 14,821 | |||
Cost Capitalized Subsequent to Acquisition | 1,961 | |||
Gross Amounts Carried at Close of Period, Land | 3,471 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,774 | |||
Gross Amounts Carried at Close of Period, Total | 20,245 | |||
Accumulated Depreciation | (5,709) | |||
Total Costs, Net of Accumulated Depreciation | 14,536 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 19, 2004 | |||
Centers [Member] | Prospector's Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,746 | |||
Initial Cost to Company, Building and Improvements | 14,985 | |||
Cost Capitalized Subsequent to Acquisition | 5,738 | |||
Gross Amounts Carried at Close of Period, Land | 3,716 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,753 | |||
Gross Amounts Carried at Close of Period, Total | 24,469 | |||
Accumulated Depreciation | (7,687) | |||
Total Costs, Net of Accumulated Depreciation | 16,782 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Pueblo Anozira Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,750 | |||
Initial Cost to Company, Building and Improvements | 11,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,970 | |||
Gross Amounts Carried at Close of Period, Land | 2,768 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,952 | |||
Gross Amounts Carried at Close of Period, Total | 18,720 | |||
Accumulated Depreciation | (9,669) | |||
Total Costs, Net of Accumulated Depreciation | 9,051 | |||
Encumbrances | $ (14,730) | |||
Date of Acquisition/Construction | Jun. 16, 1994 | |||
Centers [Member] | Raintree Ranch Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 11,442 | |||
Initial Cost to Company, Building and Improvements | 595 | |||
Cost Capitalized Subsequent to Acquisition | 17,861 | |||
Gross Amounts Carried at Close of Period, Land | 10,983 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,915 | |||
Gross Amounts Carried at Close of Period, Total | 29,898 | |||
Accumulated Depreciation | (10,906) | |||
Total Costs, Net of Accumulated Depreciation | 18,992 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 31, 2008 | |||
Centers [Member] | Rancho San Marcos Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,533 | |||
Initial Cost to Company, Building and Improvements | 14,138 | |||
Cost Capitalized Subsequent to Acquisition | 5,306 | |||
Gross Amounts Carried at Close of Period, Land | 3,887 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,090 | |||
Gross Amounts Carried at Close of Period, Total | 22,977 | |||
Accumulated Depreciation | (7,279) | |||
Total Costs, Net of Accumulated Depreciation | 15,698 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 26, 2003 | |||
Centers [Member] | Rancho Towne & Country [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,161 | |||
Initial Cost to Company, Building and Improvements | 4,647 | |||
Cost Capitalized Subsequent to Acquisition | 711 | |||
Gross Amounts Carried at Close of Period, Land | 1,166 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,353 | |||
Gross Amounts Carried at Close of Period, Total | 6,519 | |||
Accumulated Depreciation | (3,002) | |||
Total Costs, Net of Accumulated Depreciation | 3,517 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 16, 1995 | |||
Centers [Member] | Randalls Center/Kings Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,570 | |||
Initial Cost to Company, Building and Improvements | 8,147 | |||
Cost Capitalized Subsequent to Acquisition | 459 | |||
Gross Amounts Carried at Close of Period, Land | 3,585 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,591 | |||
Gross Amounts Carried at Close of Period, Total | 12,176 | |||
Accumulated Depreciation | (5,443) | |||
Total Costs, Net of Accumulated Depreciation | 6,733 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
Centers [Member] | Red Mountain Gateway [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,166 | |||
Initial Cost to Company, Building and Improvements | 89 | |||
Cost Capitalized Subsequent to Acquisition | 9,558 | |||
Gross Amounts Carried at Close of Period, Land | 2,737 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,076 | |||
Gross Amounts Carried at Close of Period, Total | 11,813 | |||
Accumulated Depreciation | (4,936) | |||
Total Costs, Net of Accumulated Depreciation | 6,877 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2003 | |||
Centers [Member] | Regency Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,616 | |||
Initial Cost to Company, Building and Improvements | 18,516 | |||
Cost Capitalized Subsequent to Acquisition | 2,781 | |||
Gross Amounts Carried at Close of Period, Land | 3,581 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,332 | |||
Gross Amounts Carried at Close of Period, Total | 26,913 | |||
Accumulated Depreciation | (6,670) | |||
Total Costs, Net of Accumulated Depreciation | 20,243 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 28, 2006 | |||
Centers [Member] | Reynolds Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,276 | |||
Initial Cost to Company, Building and Improvements | 9,186 | |||
Cost Capitalized Subsequent to Acquisition | 273 | |||
Gross Amounts Carried at Close of Period, Land | 4,276 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,459 | |||
Gross Amounts Carried at Close of Period, Total | 13,735 | |||
Accumulated Depreciation | (2,508) | |||
Total Costs, Net of Accumulated Depreciation | 11,227 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 14, 2006 | |||
Centers [Member] | Richmond Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,993 | |||
Initial Cost to Company, Building and Improvements | 953 | |||
Cost Capitalized Subsequent to Acquisition | 13,594 | |||
Gross Amounts Carried at Close of Period, Land | 14,512 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,028 | |||
Gross Amounts Carried at Close of Period, Total | 16,540 | |||
Accumulated Depreciation | (1,370) | |||
Total Costs, Net of Accumulated Depreciation | 15,170 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 1996 | |||
Centers [Member] | Ridgeway Trace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 26,629 | |||
Initial Cost to Company, Building and Improvements | 544 | |||
Cost Capitalized Subsequent to Acquisition | 22,992 | |||
Gross Amounts Carried at Close of Period, Land | 16,100 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 34,065 | |||
Gross Amounts Carried at Close of Period, Total | 50,165 | |||
Accumulated Depreciation | (11,908) | |||
Total Costs, Net of Accumulated Depreciation | 38,257 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 9, 2006 | |||
Centers [Member] | River Oaks Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,354 | |||
Initial Cost to Company, Building and Improvements | 1,946 | |||
Cost Capitalized Subsequent to Acquisition | 332 | |||
Gross Amounts Carried at Close of Period, Land | 1,363 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,269 | |||
Gross Amounts Carried at Close of Period, Total | 3,632 | |||
Accumulated Depreciation | (1,984) | |||
Total Costs, Net of Accumulated Depreciation | 1,648 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 4, 1992 | |||
Centers [Member] | River Oaks Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,534 | |||
Initial Cost to Company, Building and Improvements | 17,741 | |||
Cost Capitalized Subsequent to Acquisition | 35,828 | |||
Gross Amounts Carried at Close of Period, Land | 4,207 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 52,896 | |||
Gross Amounts Carried at Close of Period, Total | 57,103 | |||
Accumulated Depreciation | (26,309) | |||
Total Costs, Net of Accumulated Depreciation | 30,794 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 4, 1992 | |||
Centers [Member] | River Point At Sheridan [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 28,898 | |||
Initial Cost to Company, Building and Improvements | 4,042 | |||
Cost Capitalized Subsequent to Acquisition | 15,775 | |||
Gross Amounts Carried at Close of Period, Land | 10,659 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 38,056 | |||
Gross Amounts Carried at Close of Period, Total | 48,715 | |||
Accumulated Depreciation | (8,634) | |||
Total Costs, Net of Accumulated Depreciation | 40,081 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 1, 2010 | |||
Centers [Member] | Roswell Corners [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,136 | |||
Initial Cost to Company, Building and Improvements | 21,447 | |||
Cost Capitalized Subsequent to Acquisition | 3,379 | |||
Gross Amounts Carried at Close of Period, Land | 5,835 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,127 | |||
Gross Amounts Carried at Close of Period, Total | 30,962 | |||
Accumulated Depreciation | (7,763) | |||
Total Costs, Net of Accumulated Depreciation | 23,199 | |||
Encumbrances | $ (4,783) | |||
Date of Acquisition/Construction | Jun. 24, 2004 | |||
Centers [Member] | Roswell Crossing Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 7,625 | |||
Initial Cost to Company, Building and Improvements | 18,573 | |||
Cost Capitalized Subsequent to Acquisition | 1,129 | |||
Gross Amounts Carried at Close of Period, Land | 7,625 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,702 | |||
Gross Amounts Carried at Close of Period, Total | 27,327 | |||
Accumulated Depreciation | (3,924) | |||
Total Costs, Net of Accumulated Depreciation | 23,403 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 18, 2012 | |||
Centers [Member] | San Marcos Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,360 | |||
Initial Cost to Company, Building and Improvements | 5,439 | |||
Cost Capitalized Subsequent to Acquisition | 747 | |||
Gross Amounts Carried at Close of Period, Land | 1,358 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,188 | |||
Gross Amounts Carried at Close of Period, Total | 7,546 | |||
Accumulated Depreciation | (2,499) | |||
Total Costs, Net of Accumulated Depreciation | 5,047 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Scottsdale Horizon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 0 | |||
Initial Cost to Company, Building and Improvements | 3,241 | |||
Cost Capitalized Subsequent to Acquisition | 38,965 | |||
Gross Amounts Carried at Close of Period, Land | 12,914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,292 | |||
Gross Amounts Carried at Close of Period, Total | 42,206 | |||
Accumulated Depreciation | (3,266) | |||
Total Costs, Net of Accumulated Depreciation | 38,940 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 22, 2007 | |||
Centers [Member] | Scottsdale Waterfront [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,281 | |||
Initial Cost to Company, Building and Improvements | 40,374 | |||
Cost Capitalized Subsequent to Acquisition | 35 | |||
Gross Amounts Carried at Close of Period, Land | 32,891 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,799 | |||
Gross Amounts Carried at Close of Period, Total | 50,690 | |||
Accumulated Depreciation | (294) | |||
Total Costs, Net of Accumulated Depreciation | 50,396 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 17, 2016 | |||
Centers [Member] | Sea Ranch Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 11,977 | |||
Initial Cost to Company, Building and Improvements | 4,219 | |||
Cost Capitalized Subsequent to Acquisition | 1,090 | |||
Gross Amounts Carried at Close of Period, Land | 11,977 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,309 | |||
Gross Amounts Carried at Close of Period, Total | 17,286 | |||
Accumulated Depreciation | (1,068) | |||
Total Costs, Net of Accumulated Depreciation | 16,218 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 6, 2013 | |||
Centers [Member] | Shoppes At Bears Path [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,252 | |||
Initial Cost to Company, Building and Improvements | 5,503 | |||
Cost Capitalized Subsequent to Acquisition | 1,377 | |||
Gross Amounts Carried at Close of Period, Land | 3,290 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,842 | |||
Gross Amounts Carried at Close of Period, Total | 10,132 | |||
Accumulated Depreciation | (2,304) | |||
Total Costs, Net of Accumulated Depreciation | 7,828 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 13, 2007 | |||
Centers [Member] | Shoppes At Memorial Villages [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,417 | |||
Initial Cost to Company, Building and Improvements | 4,786 | |||
Cost Capitalized Subsequent to Acquisition | 9,412 | |||
Gross Amounts Carried at Close of Period, Land | 3,332 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,283 | |||
Gross Amounts Carried at Close of Period, Total | 15,615 | |||
Accumulated Depreciation | (8,305) | |||
Total Costs, Net of Accumulated Depreciation | 7,310 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 11, 2012 | |||
Centers [Member] | Shoppes Of South Semoran [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,339 | |||
Initial Cost to Company, Building and Improvements | 9,785 | |||
Cost Capitalized Subsequent to Acquisition | (1,499) | |||
Gross Amounts Carried at Close of Period, Land | 5,672 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,953 | |||
Gross Amounts Carried at Close of Period, Total | 13,625 | |||
Accumulated Depreciation | (2,231) | |||
Total Costs, Net of Accumulated Depreciation | 11,394 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 31, 2007 | |||
Centers [Member] | Shops At Kirby Drive [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,201 | |||
Initial Cost to Company, Building and Improvements | 945 | |||
Cost Capitalized Subsequent to Acquisition | 276 | |||
Gross Amounts Carried at Close of Period, Land | 1,202 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,220 | |||
Gross Amounts Carried at Close of Period, Total | 2,422 | |||
Accumulated Depreciation | (483) | |||
Total Costs, Net of Accumulated Depreciation | 1,939 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 27, 2008 | |||
Centers [Member] | Shops At Three Corners [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,215 | |||
Initial Cost to Company, Building and Improvements | 9,303 | |||
Cost Capitalized Subsequent to Acquisition | 10,394 | |||
Gross Amounts Carried at Close of Period, Land | 10,587 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,325 | |||
Gross Amounts Carried at Close of Period, Total | 25,912 | |||
Accumulated Depreciation | (10,398) | |||
Total Costs, Net of Accumulated Depreciation | 15,514 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 1989 | |||
Centers [Member] | Silver Creek Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,231 | |||
Initial Cost to Company, Building and Improvements | 12,924 | |||
Cost Capitalized Subsequent to Acquisition | 3,414 | |||
Gross Amounts Carried at Close of Period, Land | 3,228 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,341 | |||
Gross Amounts Carried at Close of Period, Total | 19,569 | |||
Accumulated Depreciation | (7,032) | |||
Total Costs, Net of Accumulated Depreciation | 12,537 | |||
Encumbrances | $ (14,581) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Six Forks Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 6,678 | |||
Initial Cost to Company, Building and Improvements | 26,759 | |||
Cost Capitalized Subsequent to Acquisition | 6,420 | |||
Gross Amounts Carried at Close of Period, Land | 6,728 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,129 | |||
Gross Amounts Carried at Close of Period, Total | 39,857 | |||
Accumulated Depreciation | (13,262) | |||
Total Costs, Net of Accumulated Depreciation | 26,595 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Southampton Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,337 | |||
Initial Cost to Company, Building and Improvements | 17,349 | |||
Cost Capitalized Subsequent to Acquisition | 3,090 | |||
Gross Amounts Carried at Close of Period, Land | 4,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,443 | |||
Gross Amounts Carried at Close of Period, Total | 24,776 | |||
Accumulated Depreciation | (8,784) | |||
Total Costs, Net of Accumulated Depreciation | 15,992 | |||
Encumbrances | $ (19,750) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Southgate Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 232 | |||
Initial Cost to Company, Building and Improvements | 8,389 | |||
Cost Capitalized Subsequent to Acquisition | 709 | |||
Gross Amounts Carried at Close of Period, Land | 231 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,099 | |||
Gross Amounts Carried at Close of Period, Total | 9,330 | |||
Accumulated Depreciation | (5,696) | |||
Total Costs, Net of Accumulated Depreciation | 3,634 | |||
Encumbrances | $ (5,544) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | Squaw Peak Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 816 | |||
Initial Cost to Company, Building and Improvements | 3,266 | |||
Cost Capitalized Subsequent to Acquisition | 3,250 | |||
Gross Amounts Carried at Close of Period, Land | 818 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,514 | |||
Gross Amounts Carried at Close of Period, Total | 7,332 | |||
Accumulated Depreciation | (3,504) | |||
Total Costs, Net of Accumulated Depreciation | 3,828 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 20, 1994 | |||
Centers [Member] | Stella Link Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,830 | |||
Initial Cost to Company, Building and Improvements | 1,841 | |||
Cost Capitalized Subsequent to Acquisition | 119 | |||
Gross Amounts Carried at Close of Period, Land | 2,897 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,893 | |||
Gross Amounts Carried at Close of Period, Total | 4,790 | |||
Accumulated Depreciation | (1,624) | |||
Total Costs, Net of Accumulated Depreciation | 3,166 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 10, 1970 | |||
Centers [Member] | Stonehenge Market [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,740 | |||
Initial Cost to Company, Building and Improvements | 19,001 | |||
Cost Capitalized Subsequent to Acquisition | 2,358 | |||
Gross Amounts Carried at Close of Period, Land | 4,740 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,359 | |||
Gross Amounts Carried at Close of Period, Total | 26,099 | |||
Accumulated Depreciation | (8,752) | |||
Total Costs, Net of Accumulated Depreciation | 17,347 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Stony Point Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,489 | |||
Initial Cost to Company, Building and Improvements | 13,957 | |||
Cost Capitalized Subsequent to Acquisition | 11,384 | |||
Gross Amounts Carried at Close of Period, Land | 3,453 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,377 | |||
Gross Amounts Carried at Close of Period, Total | 28,830 | |||
Accumulated Depreciation | (10,026) | |||
Total Costs, Net of Accumulated Depreciation | 18,804 | |||
Encumbrances | $ (11,036) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Summerhill Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,945 | |||
Initial Cost to Company, Building and Improvements | 7,781 | |||
Cost Capitalized Subsequent to Acquisition | 2,790 | |||
Gross Amounts Carried at Close of Period, Land | 1,943 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,573 | |||
Gross Amounts Carried at Close of Period, Total | 12,516 | |||
Accumulated Depreciation | (5,165) | |||
Total Costs, Net of Accumulated Depreciation | 7,351 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Sunset 19 Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,519 | |||
Initial Cost to Company, Building and Improvements | 22,076 | |||
Cost Capitalized Subsequent to Acquisition | 3,515 | |||
Gross Amounts Carried at Close of Period, Land | 5,547 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,563 | |||
Gross Amounts Carried at Close of Period, Total | 31,110 | |||
Accumulated Depreciation | (9,445) | |||
Total Costs, Net of Accumulated Depreciation | 21,665 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 29, 2001 | |||
Centers [Member] | Surf City Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,220 | |||
Initial Cost to Company, Building and Improvements | 52 | |||
Cost Capitalized Subsequent to Acquisition | 5,025 | |||
Gross Amounts Carried at Close of Period, Land | 2,655 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,642 | |||
Gross Amounts Carried at Close of Period, Total | 8,297 | |||
Accumulated Depreciation | (2,350) | |||
Total Costs, Net of Accumulated Depreciation | 5,947 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 6, 2006 | |||
Centers [Member] | Tates Creek Centre [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,802 | |||
Initial Cost to Company, Building and Improvements | 25,366 | |||
Cost Capitalized Subsequent to Acquisition | 1,608 | |||
Gross Amounts Carried at Close of Period, Land | 5,766 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,010 | |||
Gross Amounts Carried at Close of Period, Total | 31,776 | |||
Accumulated Depreciation | (8,821) | |||
Total Costs, Net of Accumulated Depreciation | 22,955 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 1, 2004 | |||
Centers [Member] | The Centre At Post Oak [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 13,731 | |||
Initial Cost to Company, Building and Improvements | 115 | |||
Cost Capitalized Subsequent to Acquisition | 23,956 | |||
Gross Amounts Carried at Close of Period, Land | 17,822 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,980 | |||
Gross Amounts Carried at Close of Period, Total | 37,802 | |||
Accumulated Depreciation | (12,682) | |||
Total Costs, Net of Accumulated Depreciation | 25,120 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 1996 | |||
Centers [Member] | The Commons At Dexter Lake [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,923 | |||
Initial Cost to Company, Building and Improvements | 12,007 | |||
Cost Capitalized Subsequent to Acquisition | 2,674 | |||
Gross Amounts Carried at Close of Period, Land | 2,949 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,655 | |||
Gross Amounts Carried at Close of Period, Total | 17,604 | |||
Accumulated Depreciation | (5,770) | |||
Total Costs, Net of Accumulated Depreciation | 11,834 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
Centers [Member] | The Commons At Dexter Lake II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,023 | |||
Initial Cost to Company, Building and Improvements | 6,940 | |||
Cost Capitalized Subsequent to Acquisition | 330 | |||
Gross Amounts Carried at Close of Period, Land | 2,039 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,254 | |||
Gross Amounts Carried at Close of Period, Total | 9,293 | |||
Accumulated Depreciation | (2,095) | |||
Total Costs, Net of Accumulated Depreciation | 7,198 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
Centers [Member] | The Palms at Town & Country [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 56,833 | |||
Initial Cost to Company, Building and Improvements | 195,203 | |||
Cost Capitalized Subsequent to Acquisition | 65 | |||
Gross Amounts Carried at Close of Period, Land | 45,679 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 206,422 | |||
Gross Amounts Carried at Close of Period, Total | 252,101 | |||
Accumulated Depreciation | (2,602) | |||
Total Costs, Net of Accumulated Depreciation | 249,499 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 27, 2016 | |||
Centers [Member] | The Shoppes At Parkwood Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,369 | |||
Initial Cost to Company, Building and Improvements | 52 | |||
Cost Capitalized Subsequent to Acquisition | 10,339 | |||
Gross Amounts Carried at Close of Period, Land | 2,420 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,340 | |||
Gross Amounts Carried at Close of Period, Total | 14,760 | |||
Accumulated Depreciation | (6,517) | |||
Total Costs, Net of Accumulated Depreciation | 8,243 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2009 | |||
Centers [Member] | Westside Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 14,952 | |||
Initial Cost to Company, Building and Improvements | 10,350 | |||
Cost Capitalized Subsequent to Acquisition | 105 | |||
Gross Amounts Carried at Close of Period, Land | 14,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,455 | |||
Gross Amounts Carried at Close of Period, Total | 25,407 | |||
Accumulated Depreciation | (358) | |||
Total Costs, Net of Accumulated Depreciation | 25,049 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 22, 2015 | |||
Centers [Member] | Thompson Bridge Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 604 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 625 | |||
Gross Amounts Carried at Close of Period, Land | 513 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 716 | |||
Gross Amounts Carried at Close of Period, Total | 1,229 | |||
Accumulated Depreciation | (112) | |||
Total Costs, Net of Accumulated Depreciation | 1,117 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 26, 2005 | |||
Centers [Member] | Thousand Oaks Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,973 | |||
Initial Cost to Company, Building and Improvements | 13,142 | |||
Cost Capitalized Subsequent to Acquisition | 1,037 | |||
Gross Amounts Carried at Close of Period, Land | 2,973 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,179 | |||
Gross Amounts Carried at Close of Period, Total | 17,152 | |||
Accumulated Depreciation | (5,090) | |||
Total Costs, Net of Accumulated Depreciation | 12,062 | |||
Encumbrances | $ (9,746) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
Centers [Member] | TJ Maxx Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,400 | |||
Initial Cost to Company, Building and Improvements | 19,283 | |||
Cost Capitalized Subsequent to Acquisition | 3,550 | |||
Gross Amounts Carried at Close of Period, Land | 3,430 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,803 | |||
Gross Amounts Carried at Close of Period, Total | 26,233 | |||
Accumulated Depreciation | (7,468) | |||
Total Costs, Net of Accumulated Depreciation | 18,765 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 1, 2004 | |||
Centers [Member] | Tomball Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 9,616 | |||
Initial Cost to Company, Building and Improvements | 262 | |||
Cost Capitalized Subsequent to Acquisition | 23,802 | |||
Gross Amounts Carried at Close of Period, Land | 6,727 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,953 | |||
Gross Amounts Carried at Close of Period, Total | 33,680 | |||
Accumulated Depreciation | (9,844) | |||
Total Costs, Net of Accumulated Depreciation | 23,836 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 12, 2006 | |||
Centers [Member] | Trenton Crossing/North McAllen [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 9,855 | |||
Initial Cost to Company, Building and Improvements | 29,133 | |||
Cost Capitalized Subsequent to Acquisition | 483 | |||
Gross Amounts Carried at Close of Period, Land | 9,855 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,616 | |||
Gross Amounts Carried at Close of Period, Total | 39,471 | |||
Accumulated Depreciation | (1,178) | |||
Total Costs, Net of Accumulated Depreciation | 38,293 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 31, 2015 | |||
Centers [Member] | Tropicana Beltway Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 13,947 | |||
Initial Cost to Company, Building and Improvements | 42,186 | |||
Cost Capitalized Subsequent to Acquisition | 1,498 | |||
Gross Amounts Carried at Close of Period, Land | 13,949 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 43,682 | |||
Gross Amounts Carried at Close of Period, Total | 57,631 | |||
Accumulated Depreciation | (14,631) | |||
Total Costs, Net of Accumulated Depreciation | 43,000 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 20, 2007 | |||
Centers [Member] | Tropicana Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,118 | |||
Initial Cost to Company, Building and Improvements | 8,477 | |||
Cost Capitalized Subsequent to Acquisition | (1,208) | |||
Gross Amounts Carried at Close of Period, Land | 1,206 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,181 | |||
Gross Amounts Carried at Close of Period, Total | 9,387 | |||
Accumulated Depreciation | (4,137) | |||
Total Costs, Net of Accumulated Depreciation | 5,250 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 24, 1995 | |||
Centers [Member] | Valley Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,293 | |||
Initial Cost to Company, Building and Improvements | 13,736 | |||
Cost Capitalized Subsequent to Acquisition | 1,602 | |||
Gross Amounts Carried at Close of Period, Land | 8,910 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,721 | |||
Gross Amounts Carried at Close of Period, Total | 19,631 | |||
Accumulated Depreciation | (3,182) | |||
Total Costs, Net of Accumulated Depreciation | 16,449 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 7, 2006 | |||
Centers [Member] | Valley View Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,006 | |||
Initial Cost to Company, Building and Improvements | 3,980 | |||
Cost Capitalized Subsequent to Acquisition | 2,342 | |||
Gross Amounts Carried at Close of Period, Land | 1,006 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,322 | |||
Gross Amounts Carried at Close of Period, Total | 7,328 | |||
Accumulated Depreciation | (3,617) | |||
Total Costs, Net of Accumulated Depreciation | 3,711 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 20, 1996 | |||
Centers [Member] | Vizcaya Square Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,044 | |||
Initial Cost to Company, Building and Improvements | 12,226 | |||
Cost Capitalized Subsequent to Acquisition | 2,187 | |||
Gross Amounts Carried at Close of Period, Land | 3,044 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,413 | |||
Gross Amounts Carried at Close of Period, Total | 17,457 | |||
Accumulated Depreciation | (5,019) | |||
Total Costs, Net of Accumulated Depreciation | 12,438 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 18, 2002 | |||
Centers [Member] | Wake Forest Crossing II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 395 | |||
Initial Cost to Company, Building and Improvements | 940 | |||
Cost Capitalized Subsequent to Acquisition | 1,095 | |||
Gross Amounts Carried at Close of Period, Land | 395 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,035 | |||
Gross Amounts Carried at Close of Period, Total | 2,430 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 2,430 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 4, 2014 | |||
Centers [Member] | Waterford Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,830 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,747 | |||
Gross Amounts Carried at Close of Period, Land | 3,775 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,802 | |||
Gross Amounts Carried at Close of Period, Total | 15,577 | |||
Accumulated Depreciation | (5,906) | |||
Total Costs, Net of Accumulated Depreciation | 9,671 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 11, 2004 | |||
Centers [Member] | Wellington Green Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 16,500 | |||
Initial Cost to Company, Building and Improvements | 32,489 | |||
Cost Capitalized Subsequent to Acquisition | 614 | |||
Gross Amounts Carried at Close of Period, Land | 16,500 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,103 | |||
Gross Amounts Carried at Close of Period, Total | 49,603 | |||
Accumulated Depreciation | (1,621) | |||
Total Costs, Net of Accumulated Depreciation | 47,982 | |||
Encumbrances | $ (19,178) | |||
Date of Acquisition/Construction | Apr. 20, 2015 | |||
Centers [Member] | West Jordan Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 4,306 | |||
Initial Cost to Company, Building and Improvements | 17,776 | |||
Cost Capitalized Subsequent to Acquisition | 2,141 | |||
Gross Amounts Carried at Close of Period, Land | 4,308 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,915 | |||
Gross Amounts Carried at Close of Period, Total | 24,223 | |||
Accumulated Depreciation | (6,816) | |||
Total Costs, Net of Accumulated Depreciation | 17,407 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 19, 2003 | |||
Centers [Member] | Westchase Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,085 | |||
Initial Cost to Company, Building and Improvements | 7,920 | |||
Cost Capitalized Subsequent to Acquisition | 13,120 | |||
Gross Amounts Carried at Close of Period, Land | 3,189 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,936 | |||
Gross Amounts Carried at Close of Period, Total | 24,125 | |||
Accumulated Depreciation | (12,646) | |||
Total Costs, Net of Accumulated Depreciation | 11,479 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 29, 1978 | |||
Centers [Member] | Westhill Village Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 408 | |||
Initial Cost to Company, Building and Improvements | 3,002 | |||
Cost Capitalized Subsequent to Acquisition | 6,125 | |||
Gross Amounts Carried at Close of Period, Land | 437 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,098 | |||
Gross Amounts Carried at Close of Period, Total | 9,535 | |||
Accumulated Depreciation | (5,423) | |||
Total Costs, Net of Accumulated Depreciation | 4,112 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 1, 1958 | |||
Centers [Member] | Westland Fair [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 27,562 | |||
Initial Cost to Company, Building and Improvements | 10,506 | |||
Cost Capitalized Subsequent to Acquisition | (7,851) | |||
Gross Amounts Carried at Close of Period, Land | 12,220 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,997 | |||
Gross Amounts Carried at Close of Period, Total | 30,217 | |||
Accumulated Depreciation | (9,415) | |||
Total Costs, Net of Accumulated Depreciation | 20,802 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 29, 2000 | |||
Centers [Member] | Westminster Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 11,215 | |||
Initial Cost to Company, Building and Improvements | 44,871 | |||
Cost Capitalized Subsequent to Acquisition | 8,582 | |||
Gross Amounts Carried at Close of Period, Land | 11,204 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 53,464 | |||
Gross Amounts Carried at Close of Period, Total | 64,668 | |||
Accumulated Depreciation | (22,675) | |||
Total Costs, Net of Accumulated Depreciation | 41,993 | |||
Encumbrances | $ (47,250) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Whitehall Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,529 | |||
Initial Cost to Company, Building and Improvements | 6,901 | |||
Cost Capitalized Subsequent to Acquisition | 688 | |||
Gross Amounts Carried at Close of Period, Land | 2,522 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,596 | |||
Gross Amounts Carried at Close of Period, Total | 10,118 | |||
Accumulated Depreciation | (2,405) | |||
Total Costs, Net of Accumulated Depreciation | 7,713 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 6, 2005 | |||
Centers [Member] | Whole Foods @ Carrollwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,772 | |||
Initial Cost to Company, Building and Improvements | 126 | |||
Cost Capitalized Subsequent to Acquisition | 4,634 | |||
Gross Amounts Carried at Close of Period, Land | 2,854 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,678 | |||
Gross Amounts Carried at Close of Period, Total | 7,532 | |||
Accumulated Depreciation | (846) | |||
Total Costs, Net of Accumulated Depreciation | 6,686 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 2011 | |||
Centers [Member] | Winter Park Corners [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 2,159 | |||
Initial Cost to Company, Building and Improvements | 8,636 | |||
Cost Capitalized Subsequent to Acquisition | 1,617 | |||
Gross Amounts Carried at Close of Period, Land | 2,159 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,253 | |||
Gross Amounts Carried at Close of Period, Total | 12,412 | |||
Accumulated Depreciation | (4,192) | |||
Total Costs, Net of Accumulated Depreciation | 8,220 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 6, 2001 | |||
Centers [Member] | Hilltop Village Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,196 | |||
Initial Cost to Company, Building and Improvements | 7,234 | |||
Cost Capitalized Subsequent to Acquisition | 53,819 | |||
Gross Amounts Carried at Close of Period, Land | 3,960 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 60,289 | |||
Gross Amounts Carried at Close of Period, Total | 64,249 | |||
Accumulated Depreciation | (8,467) | |||
Total Costs, Net of Accumulated Depreciation | 55,782 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 1, 2016 | |||
New Development [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 61,686 | |||
Initial Cost to Company, Building and Improvements | 5,067 | |||
Cost Capitalized Subsequent to Acquisition | 19,950 | |||
Gross Amounts Carried at Close of Period, Land | 63,697 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,006 | |||
Gross Amounts Carried at Close of Period, Total | 86,703 | |||
Accumulated Depreciation | (278) | |||
Total Costs, Net of Accumulated Depreciation | 86,425 | |||
Encumbrances | 0 | |||
New Development [Member] | Gateway Alexandria [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 42,163 | |||
Initial Cost to Company, Building and Improvements | 2,669 | |||
Cost Capitalized Subsequent to Acquisition | 789 | |||
Gross Amounts Carried at Close of Period, Land | 42,468 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,153 | |||
Gross Amounts Carried at Close of Period, Total | 45,621 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 45,621 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 1, 2016 | |||
New Development [Member] | Nottingham Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 19,523 | |||
Initial Cost to Company, Building and Improvements | 2,398 | |||
Cost Capitalized Subsequent to Acquisition | 19,161 | |||
Gross Amounts Carried at Close of Period, Land | 21,229 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,853 | |||
Gross Amounts Carried at Close of Period, Total | 41,082 | |||
Accumulated Depreciation | (278) | |||
Total Costs, Net of Accumulated Depreciation | 40,804 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 24, 2014 | |||
Secured Debt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Deferred finance costs | $ 1,700 | |||
Non-cash debt | $ (5,100) |
Real Estate And Accumulated 135
Real Estate And Accumulated Depreciation (Total Cost Of The Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 4,262,959 | $ 4,076,094 | $ 4,289,276 |
Additions at cost | 654,513 | 319,789 | 144,474 |
Retirements or sales | (126,666) | (79,608) | (348,221) |
Property held for sale | (1,563) | (53,163) | (9,435) |
Impairment loss | (98) | (153) | 0 |
Impairment loss | $ 4,789,145 | $ 4,262,959 | $ 4,076,094 |
Real Estate And Accumulated 136
Real Estate And Accumulated Depreciation (Changes In Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 1,087,642 | $ 1,028,619 | $ 1,058,040 |
Additions at cost | 131,120 | 120,426 | 125,226 |
Retirements or sales | (33,132) | (42,603) | (148,882) |
Property held for sale | (1,084) | (18,800) | (5,765) |
Balance at end of year | $ 1,184,546 | $ 1,087,642 | $ 1,028,619 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Details) - Shopping Center [Member] - First Mortgages [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Face Amount of Mortgages | $ 3,410 |
Carrying Amount of Mortgages | 3,410 |
Aggregate cost for federal income tax purposes | $ 3,400 |
College Park Realty Company [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
State | NV |
Interest Rate | 7.00% |
Final Maturity Date | Oct. 31, 2053 |
Periodic Payment Terms | At Maturity |
Face Amount of Mortgages | $ 3,410 |
Carrying Amount of Mortgages | $ 3,410 |
Mortgage Loans On Real Estat138
Mortgage Loans On Real Estate (Summary Of Changes In Mortgage Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance, Beginning of Year | $ 3,410 | $ 3,410 | $ 15,438 |
Collections/Reductions of Principal | 0 | 0 | (12,028) |
Balance, End of Year | $ 3,410 | $ 3,410 | $ 3,410 |