Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 128,456,753 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3.6 | ||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rentals, net | $ 560,643 | $ 537,265 | $ 502,464 |
Other | 12,520 | 12,290 | 10,380 |
Total | 573,163 | 549,555 | 512,844 |
Expenses: | |||
Depreciation and amortization | 167,101 | 162,535 | 145,940 |
Operating | 109,310 | 98,855 | 94,244 |
Real estate taxes, net | 75,636 | 66,358 | 60,289 |
Impairment loss | 15,257 | 98 | 153 |
General and administrative | 28,435 | 27,266 | 27,524 |
Total | 395,739 | 355,112 | 328,150 |
Operating Income | 177,424 | 194,443 | 184,694 |
Interest Expense, net | (80,326) | (83,003) | (87,783) |
Interest and Other Income | 7,915 | 2,569 | 4,563 |
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | 0 | 48,322 | 879 |
Benefit (Provision) for Income Taxes | 17 | (6,856) | (52) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 27,074 | 20,642 | 19,300 |
Income from Continuing Operations | 132,104 | 176,117 | 121,601 |
Gain on Sale of Property | 218,611 | 100,714 | 59,621 |
Net Income | 350,715 | 276,831 | 181,222 |
Less: Net Income Attributable to Noncontrolling Interests | (15,441) | (37,898) | (6,870) |
Net Income Adjusted for Noncontrolling Interests | 335,274 | 238,933 | 174,352 |
Dividends on Preferred Shares | 0 | 0 | (3,830) |
Redemption Costs of Preferred Shares | 0 | 0 | (9,687) |
Net Income Attributable to Common Shareholders | $ 335,274 | $ 238,933 | $ 160,835 |
Earnings Per Common Share - Basic: | |||
Net income attributable to common shareholders - basic (in dollars per share) | $ 2.62 | $ 1.90 | $ 1.31 |
Earnings Per Common Share - Diluted: | |||
Net income attributable to common shareholders - diluted (in dollars per share) | $ 2.60 | $ 1.87 | $ 1.29 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 350,715 | $ 276,831 | $ 181,222 |
Other Comprehensive Income (Loss): | |||
Net unrealized gain (loss) on investments, net of taxes | 1,228 | 407 | (99) |
Realized gain on investments | (651) | 0 | 0 |
Realized (loss) gain on derivatives | 0 | (2,084) | 5,007 |
Net unrealized gain (loss) on derivatives | 1,063 | (1,204) | (3,061) |
Reclassification adjustment of derivatives and designated hedges into net income | (42) | 1,531 | 2,798 |
Retirement liability adjustment | 1,393 | (167) | 147 |
Total | 2,991 | (1,517) | 4,792 |
Comprehensive Income | 353,706 | 275,314 | 186,014 |
Comprehensive Income Attributable to Noncontrolling Interests | (15,441) | (37,898) | (6,870) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 338,265 | $ 237,416 | $ 179,144 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Property | $ 4,498,859 | $ 4,789,145 | |
Accumulated Depreciation | (1,166,126) | (1,184,546) | |
Property Held for Sale, net | 54,792 | 479 | |
Property, net | [1] | 3,387,525 | 3,605,078 |
Investment in Real Estate Joint Ventures and Partnerships, net | [1] | 317,763 | 289,192 |
Total | 3,705,288 | 3,894,270 | |
Unamortized Lease Costs, net | 181,047 | 208,063 | |
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $7,516 in 2017 and $6,700 in 2016) | [1] | 104,357 | 94,466 |
Cash and Cash Equivalents | [1] | 13,219 | 16,257 |
Restricted Deposits and Mortgage Escrows | 8,115 | 25,022 | |
Other, net | 184,613 | 188,850 | |
Total Assets | 4,196,639 | 4,426,928 | |
LIABILITIES AND EQUITY | |||
Debt, net | [1] | 2,081,152 | 2,356,528 |
Accounts Payable and Accrued Expenses | 116,463 | 116,859 | |
Other, net | 189,182 | 191,887 | |
Total Liabilities | 2,386,797 | 2,665,274 | |
Commitments and Contingencies (see Note 19) | 0 | 0 | |
Deferred Compensation Share Awards | 0 | 44,758 | |
Shareholders' Equity: | |||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,447 in 2017 and 128,072 in 2016 | 3,897 | 3,885 | |
Additional Paid-In Capital | 1,772,066 | 1,718,101 | |
Net Income Less Than Accumulated Dividends | (137,065) | (177,647) | |
Accumulated Other Comprehensive Loss | (6,170) | (9,161) | |
Total Shareholders' Equity | 1,632,728 | 1,535,178 | |
Noncontrolling Interests | 177,114 | 181,718 | |
Total Equity | 1,809,842 | 1,716,896 | |
Total Liabilities and Equity | 4,196,639 | 4,426,928 | |
Consolidated variable interest entities' assets and debt included in the above balances (see Note 20): | |||
Property, net | 207,969 | 476,117 | |
Accrued Rent and Accounts Receivable, net | 12,011 | 11,066 | |
Cash and Cash Equivalents | 9,025 | 9,560 | |
Debt, net | $ 46,253 | $ 47,112 | |
[1] | * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 7,516 | $ 6,700 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,447 in 2017 and 128,072 in 2016 | ||
Common shares of beneficial interest; par value | $ 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) | 128,447,000 | 128,072,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 128,447,000 | 128,072,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 350,715 | $ 276,831 | $ 181,222 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 167,101 | 162,535 | 145,940 |
Amortization of debt deferred costs and intangibles, net | 2,790 | 2,562 | 2,650 |
Impairment loss | 15,257 | 98 | 153 |
Equity in earnings of real estate joint ventures and partnerships, net | (27,074) | (20,642) | (19,300) |
Gain on sale and acquisition of real estate joint venture and partnership interests | 0 | (48,322) | (879) |
Gain on sale of property | (218,611) | (100,714) | (59,621) |
Distributions of income from real estate joint ventures and partnerships | 1,321 | 1,149 | 1,216 |
Changes in accrued rent and accounts receivable, net | (18,964) | (14,488) | (8,884) |
Changes in unamortized lease costs and other assets, net | (13,299) | (16,900) | (14,617) |
Changes in accounts payable, accrued expenses and other liabilities, net | 4,970 | 8,963 | 5,971 |
Other, net | 5,552 | 1,339 | 11,584 |
Net cash provided by operating activities | 269,758 | 252,411 | 245,435 |
Cash Flows from Investing Activities: | |||
Acquisition of real estate and land | (1,902) | (500,421) | (221,779) |
Development and capital improvements | (133,336) | (101,179) | (83,702) |
Proceeds from sale of property and real estate equity investments | 433,661 | 234,952 | 101,516 |
Real estate joint ventures and partnerships - Investments | (37,173) | (52,834) | (30,053) |
Real estate joint ventures and partnerships - Distributions of capital | 28,791 | 51,714 | 35,341 |
Purchase of investments | (5,730) | (4,740) | 0 |
Proceeds from investments | 8,502 | 1,250 | 1,250 |
Other, net | 6,179 | 5,086 | 295 |
Net cash provided by (used in) investing activities | 298,992 | (366,172) | (197,132) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | 249,999 | 448,083 |
Principal payments of debt | (28,723) | (144,788) | (240,505) |
Changes in unsecured credit facilities | (245,000) | 95,500 | (39,500) |
Proceeds from issuance of common shares of beneficial interest, net | 1,588 | 137,460 | 42,572 |
Redemption of preferred shares of beneficial interest | 0 | 0 | (150,000) |
Common and preferred dividends paid | (294,073) | (185,100) | (174,628) |
Debt issuance and extinguishment costs paid | (488) | (5,396) | (9,878) |
Distributions to noncontrolling interests | (19,342) | (9,563) | (5,478) |
Contributions from noncontrolling interests | 0 | 0 | 1,318 |
Other, net | (2,657) | (8,314) | 1,768 |
Net cash (used in) provided by financing activities | (588,695) | 129,798 | (126,248) |
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents | (19,945) | 16,037 | (77,945) |
Cash, cash equivalents and restricted cash equivalents at January 1 | 41,279 | 25,242 | 103,187 |
Cash, cash equivalents and restricted cash equivalents at December 31 | 21,334 | 41,279 | 25,242 |
Interest paid during the period (net of amount capitalized of $4,868, $2,656 and $3,252, respectively) | 79,161 | 79,515 | 79,580 |
Income taxes paid during the period | $ 1,009 | $ 958 | $ 1,474 |
Consolidated Statements Of Cas7
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest paid | $ 4,868 | $ 2,656 | $ 3,252 |
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, 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 | ||||
Redemption of preferred shares | (150,000) | (2) | (140,311) | (9,687) | |||
Issuance of common shares, net | 40,328 | 34 | 40,294 | ||||
Shares issued under benefit plans, net | 8,999 | 10 | 8,989 | ||||
Shares issued in exchange for noncontrolling interests | 0 | 111 | (111) | ||||
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 income (loss) | 4,792 | 4,792 | |||||
Other, net | (486) | 279 | 43 | (808) | |||
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 | ||||
Issuance of common shares, net | 131,422 | 105 | 131,317 | ||||
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) | |||||
Other comprehensive income (loss) | (1,517) | (1,517) | |||||
Other, net | (26) | (26) | |||||
Change in classification of deferred compensation plan | (39,977) | (39,977) | |||||
Change in redemption value of deferred compensation plan | (8,600) | (8,600) | |||||
Diversification of share awards within deferred compensation plan | 3,819 | 3,819 | |||||
Acquisition of noncontrolling interests | (2,869) | (730) | (2,139) | ||||
Ending balance at Dec. 31, 2016 | 1,716,896 | 0 | 3,885 | 1,718,101 | (177,647) | (9,161) | 181,718 |
Increase (Decrease) in Equity [Roll Forward] | |||||||
Net Income | 350,715 | 335,274 | 15,441 | ||||
Shares issued under benefit plans, net | 8,828 | 12 | 8,816 | ||||
Dividends paid – common shares | (294,073) | (294,073) | |||||
Distributions to noncontrolling interests | (19,342) | (19,342) | |||||
Other comprehensive income (loss) | 2,991 | 2,991 | |||||
Other, net | (931) | (228) | (703) | ||||
Change in classification of deferred compensation plan | 45,377 | 45,377 | |||||
Change in redemption value of deferred compensation plan | (619) | (619) | |||||
Ending balance at Dec. 31, 2017 | $ 1,809,842 | $ 0 | $ 3,897 | $ 1,772,066 | $ (137,065) | $ (6,170) | $ 177,114 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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 41.3 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 2.8% of base minimum rental revenues during 2017 . Total revenues generated by our centers located in Houston and its surrounding areas was 19.6% of total revenue for the year ended December 31, 2017 , and an additional 9.2% of total revenue was generated in 2017 from centers that are located in other parts of Texas. Also, in Florida and California, an additional 17.5% and 16.7% , respectively, of total revenue was generated in 2017 . 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 of an asset 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. Costs associated with the successful acquisition of an asset are capitalized 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, insurance 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. Our individual property disposals do not 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 or capital activities. 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. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis. 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 deposits that are 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, 2017 2016 Restricted deposits (1) 6,291 23,489 Mortgage escrows 1,824 1,533 Total $ 8,115 $ 25,022 ___________________ (1) The decrease between the periods presented is primarily attributable to $21.0 million of funds being released from 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 and Consolidated Statement of Comprehensive Income, respectively. 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 21 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. 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. 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. On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35% to 21% , (2) establishing a 20% deduction for REIT dividends (other than any portion that is a capital gain dividend), (3) limiting the deductibility of business interest, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. Management’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Act and was based on the best information available to management at the time (see Note 13 for additional information). 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 both share options and share awards outstanding. Since 2012, our employee long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan grants only awards that 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; however, the dividends are subject to the same vesting terms as the award. 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 all restricted shares 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. 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 were reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. In February 2017, the deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification at the amendment date were reclassified from temporary equity into additional paid-in capital in our Consolidated Balance Sheet. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral. The following table summarizes the eligible share award activity since inception through the February 2017 plan amendment date (in thousands): December 31, 2017 2016 Balance at beginning of the period/inception $ 44,758 $ 36,261 Change in redemption value 619 8,600 Change in classification 988 3,716 Diversification of share awards — (3,819 ) Amendment reclassification (46,365 ) — Balance at end of period $ — $ 44,758 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; includ |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $6.0 million and $1.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015 , respectively, from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings. 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 have adopted this update as of December 31, 2017 on a retrospective basis. The adoption of this ASU resulted in a retrospective reclassification of $.5 million and $.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015 , respectively, from cash flows from operating activities in accrued rent and accounts receivable, net to cash flows from investing activities in other, net for the settlement of insurance claims associated with capital assets. Also, our distributions received from equity method investees are accounted for using the cumulative earnings approach. 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. We have adopted this update, and the adoption did not have any 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 equivalents that result from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. 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 flows 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 have adopted this ASU as of December 31, 2017 on a retrospective basis, as reflected in our cash flow statement presentation and related notes (see Notes 1 and 14 for additional information). For the year ended December 31, 2016 and 2015, cash flows from investing activities in the Consolidated Statements of Cash Flows no longer reflects the change in restricted deposits and mortgage escrows totaling $20.0 million and $76.6 million , respectively. 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 can be concentrated in a single asset or identifiable group of similar assets, then 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 prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For for the year ended December 31, 2016 , we expensed acquisition costs of $1.4 million . In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation: Scope of Modification Accounting." This ASU provides guidance about the types of changes to the terms or conditions of a share-based payment award which would require an entity to apply modification accounting. This ASU requires an entity to account for the effects of a modification in the terms or conditions of a share-based payment award, unless three criteria are met relating to the fair value, vesting conditions and classification of the modified awards. The provisions of ASU No. 2017-09 are effective for us as of January 1, 2018 on a prospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017, and the adoption did not 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. We have elected to apply this guidance on a modified retrospective approach upon adoption. Our evaluation has resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. Based on our evaluation, we will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption at January 1, 2018, we recognized the cumulative effect for these fees which has increased retained earnings and contract assets by $.3 million , respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. We are still evaluating the impact to the notes in our consolidated financial statements. 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 and is required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." 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 anticipate adopting this ASU on January 1, 2019. In January 2018, the FASB issued an exposure draft ("2018 Exposure Draft") which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients. We are in the process of evaluating the impact to our 5,400 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). Currently upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). We have currently identified some areas we believe may be impacted by this ASU. These include: • The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items. • We have ground lease agreements in which we are the lessee for land underneath all or a portion of 13 centers and three administrative office leases that we account for as operating leases. Rental expense associated with these operating leases was, in millions: $2.9 in 2017 ; $3.0 in 2016 and $3.2 in 2015 . We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We will record any rights and obligations under these leases as an asset and liability at fair value in our consolidated balance sheets. • Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated leasing and legal costs, of which we capitalized internal costs of $10.8 million and $10.3 million for the year ended December 31, 2017 and 2016 , respectively. We believe we will be able to continue to capitalize internal leasing commissions that are a direct result of obtaining a lease. 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 February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types. We recognized the cumulative effect for contracts in which gains would have been realized and have increased retained earnings and other assets by $4.0 million , respectively, at January 1, 2018. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. Upon adoption of this ASU, our income statement presentation and notes will be impacted, but it does not have a material impact to our consolidated financial statements. For the year ended December 31, 2017, 2016 and 2015, net periodic benefit cost, excluding the service cost component, of $.4 million , $.7 million and $.2 million , respectively, will be restated as non-operating expenses in our Consolidated Statements of Operations. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which requires a modified retrospective transition method upon adoption. The adoption of this ASU will not have a material impact to our consolidated financial statements. In January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842." The ASU provides an optional transition practical expedient to not evaluate existing or expired land easements under ASU No. 2016-02, if they were not previously accounted for as leases under prior guidance. The provisions of ASU No. 2018-01 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 anticipate adopting this ASU upon adoption of ASU No. 2016-02. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-01. |
Property
Property | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Property | Property Our property consists of the following (in thousands): December 31, 2017 2016 Land $ 1,068,022 $ 1,107,072 Land held for development 69,205 82,953 Land under development 48,985 51,761 Buildings and improvements 3,232,074 3,489,685 Construction in-progress 80,573 57,674 Total $ 4,498,859 $ 4,789,145 During the year ended December 31, 2017 , we sold 18 centers and other property. Aggregate gross sales proceeds from these transactions approximated $446.6 million and generated gains of approximately $218.6 million . Also, for the year ended December 31, 2017 , we invested $57.2 million in new development projects, which includes the purchase of the retail portion of a mixed-use project in Seattle, Washington that was subject to a contractual obligation at December 31, 2016 . At December 31, 2017 , three centers, totaling $78.7 million before accumulated depreciation, were classified as held for sale. At December 31, 2016 , one center, totaling $1.6 million before accumulated depreciation, was classified as held for sale. None of these centers qualified to be reported in discontinued operations, and all but one have been sold subsequent to the end of the applicable reporting period. |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 12 Months Ended |
Dec. 31, 2017 | |
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 ranged for the periods presented from 20% to 90% in 2017 and from 20% to 75% in 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): December 31, 2017 2016 Combined Condensed Balance Sheets ASSETS Property $ 1,241,004 $ 1,196,770 Accumulated depreciation (285,033 ) (261,392 ) Property, net 955,971 935,378 Other assets, net 115,743 114,554 Total Assets $ 1,071,714 $ 1,049,932 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 298,124 $ 301,480 Amounts payable to Weingarten Realty Investors and Affiliates 12,017 12,585 Other liabilities, net 24,759 24,902 Total Liabilities 334,900 338,967 Equity 736,814 710,965 Total Liabilities and Equity $ 1,071,714 $ 1,049,932 Year Ended December 31, 2017 2016 2015 Combined Condensed Statements of Operations Revenues, net $ 137,419 $ 138,316 $ 148,875 Expenses: Depreciation and amortization 34,818 38,242 37,771 Interest, net 11,836 16,076 17,053 Operating 23,876 26,126 26,797 Real estate taxes, net 18,865 17,408 18,525 General and administrative 623 816 839 Provision for income taxes 112 113 197 Impairment loss — 1,303 7,487 Total 90,130 100,084 108,669 Gain on sale of non-operating property — 373 — Gain on dispositions 12,492 14,816 5,171 Net Income $ 59,781 $ 53,421 $ 45,377 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 $2.2 million and $2.6 million at December 31, 2017 and 2016 , 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. There was no impairment charge for the year ended December 31, 2017 . For the year ended December 31, 2016 and 2015 , our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million and $7.5 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 $6.2 million in 2017 , $5.1 million in 2016 and $4.5 million in 2015 . During 2017, two centers were sold with aggregate gross sales proceeds of approximately $19.6 million , of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships totaled $6.2 million . In June 2017, a venture acquired land with a gross purchase price of $23.5 million for a mixed-use development project, and we simultaneously increased our ownership interest to 90% (See Note 20 for additional information). 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, a venture acquired one center with a gross purchase price of $73 million , of which our aggregated interest was 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 . 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 22 for additional information). |
Identified Intangible Assets An
Identified Intangible Assets And Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 44,231 $ 44,595 Above-market leases - Accumulated Amortization (17,397 ) (13,579 ) Below-market assumed mortgages (included in Debt, net) — 1,671 Below-market assumed mortgages - Accumulated Amortization — (1,564 ) In place leases (included in Unamortized Lease Costs, net) 224,201 232,528 In place leases - Accumulated Amortization (96,202 ) (82,571 ) $ 154,833 $ 181,080 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 105,794 $ 110,878 Below-market leases - Accumulated Amortization (28,072 ) (23,109 ) Above-market assumed mortgages (included in Debt, net) 10,063 10,375 Above-market assumed mortgages - Accumulated Amortization (6,081 ) (5,186 ) $ 81,704 $ 92,958 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 $3.7 million , $2.1 million and $(.5) million in 2017 , 2016 and 2015 , 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): 2018 $ 2,789 2019 3,161 2020 3,234 2021 3,186 2022 3,007 The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $21.0 million , $18.0 million and $12.3 million in 2017 , 2016 and 2015 , 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): 2018 $ 16,617 2019 14,638 2020 13,663 2021 11,573 2022 9,516 The net amortization of above-market and below-market assumed mortgages decreased net interest expense by $1.1 million , $1.0 million and $.7 million in 2017 , 2016 and 2015 , 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): 2018 $ 1,207 2019 1,207 2020 436 2021 287 2022 141 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following (in thousands): December 31, 2017 2016 Debt payable, net to 2038 (1) $ 1,996,007 $ 2,023,403 Unsecured notes payable under credit facilities — 245,000 Debt service guaranty liability 64,145 67,125 Obligations under capital leases 21,000 21,000 Total $ 2,081,152 $ 2,356,528 ___________________ (1) At December 31, 2017 , interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0% . At December 31, 2016 , interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0% . The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): December 31, 2017 2016 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 2,063,263 $ 2,089,769 Variable-rate debt 17,889 266,759 Total $ 2,081,152 $ 2,356,528 As to collateralization: Unsecured debt $ 1,667,462 $ 1,913,399 Secured debt 413,690 443,129 Total $ 2,081,152 $ 2,356,528 We maintain a $500 million unsecured revolving credit facility, which was 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 both December 31, 2017 and 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 . Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2017 , that we maintain for cash management purposes, which matures in March 2018 . At December 31, 2017 , the facility provided 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 5 basis points, respectively. At December 31, 2016 , the borrowing margin, facility fee and an unused facility fee was 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, 2017 2016 Unsecured revolving credit facility: Balance outstanding $ — $ 245,000 Available balance 493,610 250,140 Letter of credit outstanding under facility 6,390 4,860 Variable interest rate (excluding facility fee) at end date — % 1.5 % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate at end date — % — % Both facilities: Maximum balance outstanding during the year $ 245,000 $ 372,000 Weighted average balance 133,386 141,017 Year-to-date weighted average interest rate (excluding facility fee) 1.8 % 1.3 % 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, 2017 and 2016 , we had $64.1 million and $67.1 million outstanding for the debt service guaranty liability, respectively. In December 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. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both December 31, 2017 and 2016 , the carrying value of such assets aggregated $.7 billion . Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(5.4) million net premium/(discount) on debt, $(8.9) million of deferred debt costs, $4.0 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands): 2018 $ 113,427 2019 56,245 2020 237,779 2021 17,667 2022 307,614 2023 305,694 2024 255,954 2025 303,302 2026 277,291 2027 38,288 Thereafter 93,024 Total $ 2,006,285 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, 2017 . |
Derivatives And Hedging
Derivatives And Hedging | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Other Assets, net $ 2,035 Other Liabilities, net $ — December 31, 2016 Other Assets, net 126 Other Liabilities, net — 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, 2017 Assets $ 2,035 $ — $ 2,035 $ — $ — $ 2,035 December 31, 2016 Assets 126 — 126 — — 126 Cash Flow Hedges As of December 31, 2017 and 2016 , we had three interest rate swap contracts, maturing through 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. As of December 31, 2017 and 2016 , the net gain balance in accumulated other comprehensive loss relating to active and previously terminated cash flow interest rate swap contracts was $7.4 million and $6.4 million , respectively. Within the next 12 months, approximately $1.4 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts. A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands): Derivatives in Cash Flow 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, 2017 $ (1,063 ) Interest expense, net $ 42 Interest expense, net $ — Year Ended December 31, 2016 3,192 Interest expense, (1,435 ) Interest expense, (96 ) Year Ended December 31, 2015 (1,946 ) Interest expense, (2,798 ) Interest expense, — 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. 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 _______________ (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 each 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, 2017 | |
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 Series of Preferred Shares: Series F $ 64.55 |
Common Shares Of Beneficial Int
Common Shares Of Beneficial Interest | 12 Months Ended |
Dec. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Common Shares Of Beneficial Interest | Common Shares of Beneficial Interest We had an at-the-market ("ATM") equity offering program, which terminated on September 29, 2017, under which we could sell up to $250 million of common shares, in amounts and at times as we determined, at prices determined by the market at the time of sale. No common shares remain available for sale under this program. No shares were sold under the ATM equity offering program during the year ended December 31, 2017 . The following shares were sold under the ATM equity offering programs during the year ended December 31, 2016 (in thousands, except per share amounts): Year Ended December 31, 2016 Shares sold 3,465 Weighted average price per share $ 38.35 Gross proceeds $ 132,884 We have 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 $2.29 , $1.46 and $1.38 for the year ended December 31, 2017 , 2016 and 2015 , respectively. The regular dividend rate per share for our common shares for each quarter of 2017 and 2016 was $.385 and $.365 , respectively. Also in December 2017, we paid a special dividend for our common shares in the amount of $.75 per share, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2017 , our Board of Trust Managers approved a first quarter dividend of $.395 per common share, an increase from $.385 per common share for the respective quarter of 2017 . |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Net income adjusted for noncontrolling interests $ 335,274 $ 238,933 $ 174,352 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 — Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests $ 335,274 $ 241,072 $ 174,463 |
Leasing Operations
Leasing Operations | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 is as follows (in thousands): 2018 $ 392,337 2019 342,151 2020 289,691 2021 231,199 2022 166,880 Thereafter 533,824 Total $ 1,956,082 Contingent rentals for the year ended December 31, are as follows (in thousands): 2017 $ 129,635 2016 114,505 2015 107,931 |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2017 | |
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 (see Note 21 for additional fair value information) (in thousands): Year Ended December 31, 2017 2016 2015 Continuing operations: Properties held for sale, marketed for sale or sold (1) $ 12,203 $ 98 $ 153 Land held for development and undeveloped land (1) 2,719 — — Other 335 — — Total impairment charges 15,257 98 153 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net — 326 1,497 Net income attributable to noncontrolling interests 21 — — Net impact of impairment charges $ 15,278 $ 424 $ 1,650 ___________________ (1) Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions. |
Income Tax Considerations
Income Tax Considerations | 12 Months Ended |
Dec. 31, 2017 | |
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 $193.4 million and $268.7 million at December 31, 2017 and 2016 , respectively. The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands): Year Ended December 31, 2017 2016 2015 Net income adjusted for noncontrolling interests $ 335,274 $ 238,933 $ 174,352 Net loss (income) of taxable REIT subsidiary included above 4,220 (14,497 ) 340 Net income from REIT operations 339,494 224,436 174,692 Book depreciation and amortization 162,964 162,534 145,940 Tax depreciation and amortization (95,512 ) (104,734 ) (87,416 ) Book/tax difference on gains/losses from capital transactions 6,261 (64,917 ) (53,902 ) Deferred/prepaid/above and below-market rents, net (11,146 ) (13,114 ) (5,375 ) Impairment loss from REIT operations 5,071 369 1,536 Other book/tax differences, net (244 ) (2,694 ) (1,679 ) REIT taxable income 406,888 201,880 173,796 Dividends paid deduction (1) (406,888 ) (201,880 ) (174,628 ) Dividends paid in excess of taxable income $ — $ — $ (832 ) ___________________ (1) For 2017 and 2016 , the dividends paid deduction includes designated dividends of $112.8 million and $16.8 million from 2018 and 2017 , respectively. For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows: Year Ended December 31, 2017 2016 2015 Ordinary income 23.0 % 80.7 % 92.7 % Capital gain distributions 77.0 % 19.3 % 4.3 % 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, 2017 2016 Deferred tax assets (1) : Impairment loss (2) $ 7,220 $ 13,476 Allowance on other assets 15 117 Interest expense 5,703 9,246 Net operating loss carryforwards (3) 7,428 8,413 Straight-line rentals 916 813 Book-tax basis differential 1,676 4,380 Other 188 348 Total deferred tax assets 23,146 36,793 Valuation allowance (4) (15,587 ) (25,979 ) Total deferred tax assets, net of allowance $ 7,559 $ 10,814 Deferred tax liabilities (1) : Book-tax basis differential (2) $ 6,618 $ 10,998 Other 517 553 Total deferred tax liabilities $ 7,135 $ 11,551 ___________________ (1) As of December 31, 2017 and 2016 , deferred tax assets and liabilities were measured at the statutory rate of 21% and 35% , respectively, as a result of the enactment of the Tax Act on December 22, 2017. (2) 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. (3) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037 . (4) 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 (benefit) provision as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net (loss) income before taxes of taxable REIT subsidiary $ (5,788 ) $ 20,295 $ (989 ) Federal (benefit) provision at statutory rate of 35% $ (2,026 ) $ 7,103 $ (346 ) Valuation allowance decrease — (1,251 ) (309 ) Effect of change in statutory rate on net deferrals 282 — — Other 176 (54 ) 6 Federal income tax (benefit) provision of taxable REIT subsidiary (1) (1,568 ) 5,798 (649 ) Texas franchise tax 1,551 1,058 701 Total $ (17 ) $ 6,856 $ 52 ___________________ (1) All periods presented are open for examination by the IRS. Also, a current tax obligation of $1.6 million and $1.0 million has been recorded at December 31, 2017 and 2016 , respectively, in association with these taxes. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): December 31, 2017 2016 2015 Cash and cash equivalents $ 13,219 $ 16,257 $ 22,168 Restricted deposits and mortgage escrows (see Note 1) 8,115 25,022 3,074 Total $ 21,334 $ 41,279 $ 25,242 Non-cash investing and financing activities are summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Accrued property construction costs $ 7,728 $ 5,738 $ 9,566 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures — 2,139 — Exchange of operating partnership units for common shares — — 111 Reduction of debt service guaranty liability (2,980 ) (2,710 ) (2,270 ) 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 Consolidation of joint ventures (see Note 22): Increase in property, net — 58,665 — Increase in security deposits — 169 — Increase in debt, net — 48,727 — Increase (decrease) in equity associated with deferred compensation plan (see Note 1) 44,758 (44,758 ) — |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Numerator: Continuing Operations: Income from continuing operations $ 132,104 $ 176,117 $ 121,601 Gain on sale of property 218,611 100,714 59,621 Net income attributable to noncontrolling interests (15,441 ) (37,898 ) (6,870 ) Dividends on preferred shares — — (3,830 ) Redemption costs of preferred shares — — (9,687 ) Income from continuing operations attributable to 335,274 238,933 160,835 Income attributable to operating partnership units 3,084 1,996 — Income from continuing operations attributable to $ 338,358 $ 240,929 $ 160,835 Denominator: Weighted average shares outstanding – basic 127,755 126,048 123,037 Effect of dilutive securities: Share options and awards 870 1,059 1,292 Operating partnership units 1,446 1,462 — Weighted average shares outstanding – diluted 130,071 128,569 124,329 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, 2017 2016 2015 Share options (1) — 2 463 Operating partnership units — — 1,472 Total anti-dilutive securities — 2 1,935 ___________________ (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, 2017 | |
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 .4 million remain outstanding as of December 31, 2017 . 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 .5 million are available for future grant at December 31, 2017 . This plan expires in May 2020 . Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.6 million in 2017 , $8.5 million in 2016 and $7.4 million in 2015 , of which $1.7 million in 2017 , $1.9 million in 2016 and $1.5 million in 2015 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, 2017 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2015 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 Forfeited or expired (4,042 ) 43.37 Exercised (101,805 ) 16.11 Outstanding, December 31, 2017 828,354 $ 23.58 The total intrinsic value of options exercised was $1.7 million in 2017 , $14.9 million in 2016 and $.9 million in 2015 . All share options were vested, and there was no unrecognized compensation cost related to share options. The following table summarizes information about share options outstanding and exercisable at December 31, 2017 : Range of Exercise Prices Outstanding Exercisable Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value (000’s) Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value (000’s) $11.85 - $17.78 166,981 1.2 years $ 11.85 166,981 1.2 years $ 11.85 $17.79 - $26.69 465,214 2.9 years $ 24.14 465,214 2.9 years $ 24.14 $26.70 - $40.05 196,159 0.2 years $ 32.22 196,159 0.2 years $ 32.22 Total 828,354 1.9 years $ 23.58 $ 7,695 828,354 1.9 years $ 23.58 $ 7,695 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, 2017 Minimum Maximum Dividend yield 0.0 % 4.1 % Expected volatility (1) 16.1 % 19.1 % Expected life (in years) N/A 3 Risk-free interest rate 0.7 % 1.5 % _______________ (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, 2017 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2017 590,854 $ 32.52 Granted: Service-based awards 124,549 35.77 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 54,454 39.00 Market-based awards relative to three-year absolute TSR 54,454 25.65 Trust manager awards 28,280 32.77 Vested (231,056 ) 30.77 Forfeited (1,929 ) 34.00 Outstanding, December 31, 2017 619,606 $ 33.81 As of December 31, 2017 and 2016 , there was approximately $2.2 million and $2.0 million , respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.7 years and 1.8 years, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [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, 2017 and 2016 . December 31, 2017 2016 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 52,975 $ 49,715 Service cost 1,223 1,277 Interest cost 2,123 2,078 Actuarial loss (1) 4,502 1,976 Benefit payments (1,825 ) (2,071 ) Benefit obligation at end of year $ 58,998 $ 52,975 Change in Plan Assets: Fair value of plan assets at beginning of year $ 45,498 $ 42,341 Actual return on plan assets 7,635 3,228 Employer contributions 2,500 2,000 Benefit payments (1,825 ) (2,071 ) Fair value of plan assets at end of year $ 53,808 $ 45,498 Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016) $ (5,190 ) $ (7,477 ) Accumulated benefit obligation $ 58,860 $ 52,824 Net loss recognized in accumulated other comprehensive loss $ 15,135 $ 16,528 ___________________ (1) The change in actuarial loss is associated primarily to census and mortality table updates and a decrease in the discount rate in 2017. The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive (income) loss (in thousands): Year Ended December 31, 2017 2016 2015 Net loss $ 82 $ 1,719 $ 1,276 Amortization of net loss (1) (1,475 ) (1,552 ) (1,423 ) Total recognized in other comprehensive (income) loss $ (1,393 ) $ 167 $ (147 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 213 $ 2,103 $ 1,262 ___________________ (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 $1.1 million . The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands): December 31, 2017 2016 Projected benefit obligation $ 58,998 $ 52,975 Accumulated benefit obligation 58,860 52,824 Fair value of plan assets 53,808 45,498 The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Service cost $ 1,223 $ 1,277 $ 1,252 Interest cost 2,123 2,078 1,899 Expected return on plan assets (3,215 ) (2,971 ) (3,165 ) Amortization of net loss 1,475 1,552 1,423 Total $ 1,606 $ 1,936 $ 1,409 The assumptions used to develop net periodic benefit cost are shown below: Year Ended December 31, 2017 2016 2015 Discount rate 4.01 % 4.11 % 3.83 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.00 % 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 2017 . The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2017 2016 2015 Discount rate 3.50 % 4.01 % 4.11 % Salary scale increases 3.50 % 3.50 % 3.50 % The expected contribution to be paid for the Retirement Plan by us during 2018 is approximately $2.0 million . The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2018 $ 2,185 2019 2,339 2020 2,383 2021 2,545 2022 2,690 2023-2027 15,226 The participant data used in determining the liabilities and costs for the Retirement Plan was collected as of January 1, 2017 , and no significant changes have occurred through December 31, 2017 . At December 31, 2017 , our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows: Portfolio Benchmark Cash and Short-Term Investments 4 % 3 % U.S. Stocks 52 % 57 % International Stocks 13 % 10 % U.S. Bonds 25 % 27 % International Bonds 4 % 3 % Other 2 % — % 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, 2017 2016 Cash and Short-Term Investments 17 % 18 % Large Company Funds 36 % 36 % Mid Company Funds 6 % 6 % Small Company Funds 6 % 6 % International Funds 10 % 10 % Fixed Income Funds 16 % 16 % Growth Funds 9 % 8 % Total 100 % 100 % Concentrations of risk within our equity portfolio are investments classified within the following sectors: technology, financial services, healthcare, consumer cyclical goods and industrial, which represents approximately 23% , 18% , 15% , 13% and 11% of total equity investments, respectively. Defined Contribution Plans: Compensation expense related to our defined contribution plans was $3.9 million in 2017 , $3.5 million in 2016 and $3.7 million in 2015 . |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
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 $2.0 million and $2.2 million outstanding as of December 31, 2017 and 2016 , respectively. We also had accounts payable and accrued expenses of $.4 million and $.3 million outstanding as of December 31, 2017 and 2016 , respectively. We recorded joint venture fee income included in Other Revenue for the year ended December 31, 2017 , 2016 and 2015 of $6.2 million , $5.1 million and $4.5 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 22 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. In November 2016, we acquired our partner’s interest in two consolidated joint ventures for an aggregate amount of $3.3 million . 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 22 for additional information). |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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): 2018 $ 2,889 2019 2,810 2020 2,527 2021 2,378 2022 2,304 Thereafter 102,063 Total $ 114,971 Rental expense for operating leases was, in millions: $2.9 in 2017 ; $3.0 in 2016 and $3.2 in 2015 . 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): 2018 $ 28,392 2019 24,184 2020 20,712 2021 17,352 2022 14,031 Thereafter 57,869 Total $ 162,540 Property under capital leases that is included in buildings and improvements consisted of two centers totaling $16.8 million at December 31, 2017 and 2016 . 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, 2017 and 2016 was $15.5 million and $14.2 million , respectively. Future minimum lease payments under these capital leases total $31.2 million , of which $10.2 million represents interest. Accordingly, the present value of the net minimum lease payments was $21.0 million at December 31, 2017 . The annual future minimum lease payments under capital leases as of December 31, 2017 are as follows (in thousands): 2018 $ 1,683 2019 1,692 2020 1,700 2021 1,708 2022 1,717 Thereafter 22,726 Total $ 31,226 Commitments and Contingencies As of December 31, 2017 and 2016 , we participated in two real estate ventures structured as DownREIT partnerships that have centers in Arkansas, North Carolina and Texas. 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. The aggregate redemption value of these interests was approximately $47 million and $52 million as of December 31, 2017 and 2016 , respectively. As of December 31, 2017 , we have entered into commitments aggregating $114.7 million comprised principally of construction contracts which are generally due in 12 to 36 months. 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, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At both December 31, 2017 and 2016 , nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 22 and 25 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. At December 31, 2016 , in conjunction with the acquisition of a property with a net book value of $249.5 million , we had 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 had determined that the entity was a VIE, and we were 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. During the year ended December 31, 2017 , the ownership of this property was conveyed to us in accordance with the terms of the like-kind exchange agreement, and we no longer have a VIE. A summary of our consolidated VIEs is as follows (in thousands): December 31, 2017 2016 Assets Held by VIEs (1) $ 235,713 $ 504,293 Assets Held as Collateral for Debt (2) 42,979 46,136 Maximum Risk of Loss (2) 29,784 29,784 ___________________ (1) $249.5 million of assets at December 31, 2016 ceased to be considered a VIE (see above). (2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. 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. During 2017, $.1 million in additional contributions were made primarily to fund an operating shortfall. During 2016, $2.5 million in additional contributions were made primarily for capital activities. We currently anticipate that $.1 million of additional contributions will be made for 2018. Unconsolidated VIEs: At both December 31, 2017 and 2016 , two unconsolidated real estate joint ventures were determined to be VIEs. We have determined that one entity was 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. Based on the associated agreements for the future development of a mixed-use project, we concluded that the other entity was a VIE, but we are not the primary beneficiary as 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. Our analysis considered that all major decisions require unanimous member consent and those decisions include significant activities such as development, financing, leasing and operations of the entity. A summary of our unconsolidated VIEs is as follows (in thousands): December 31, 2017 2016 Investment in Real Estate Joint Ventures and Partnerships, net (1) (2) $ 36,784 $ 886 Maximum Risk of Loss (3) 34,000 34,000 ___________________ (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. The increase between the periods represents new development funding of a mixed-use project. See Note 4 for additional information. (2) As of December 31, 2017 and 2016 , the carrying amount of the investment for one VIE is $(6) million and $(9) million , respectively, 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 partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate funding approximately $93 million in equity and debt through 2020 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , 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, 2017 Assets: Investments, mutual funds held in a grantor trust $ 31,497 $ 31,497 Investments, mutual funds 7,206 7,206 Derivative instruments: Interest rate contracts $ 2,035 2,035 Total $ 38,703 $ 2,035 $ — $ 40,738 Liabilities: Deferred compensation plan obligations $ 31,497 $ 31,497 Total $ 31,497 $ — $ — $ 31,497 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 Nonrecurring Fair Value Measurements: Property and Property Held for Sale Impairments Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. No assets were measured at fair value on a nonrecurring basis at December 31, 2016 . Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices Significant Significant Fair Value Total Gains (1) Property (2) $ 12,901 $ 4,184 $ 17,085 $ (7,828 ) Total $ — $ 12,901 $ 4,184 $ 17,085 $ (7,828 ) ____________ (1) Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. (2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $24.9 million was written down to a fair value of $17.1 million , resulting in a loss of $7.8 million , which was included in earnings for the first quarter of 2017. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. 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, 2017 2016 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 Other Assets: Tax increment revenue bonds (1) $ 22,097 $ 25,000 $ 23,910 $ 23,910 Investments, held to maturity (2) 4,489 $ 4,479 5,240 $ 5,248 Debt: Fixed-rate debt 2,063,263 2,109,658 2,089,769 2,132,082 Variable-rate debt 17,889 16,393 266,759 265,230 ___________________ (1) At December 31, 2017 and 2016 , 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, 2017 and 2016 , a $10 thousand unrealized loss and an $8 thousand unrealized gain was recognized, respectively. The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2017 and 2016 reported in the above tables, is as follows: Fair Value at December 31, Range 2017 2016 Minimum Maximum Description (in thousands) Valuation Technique Unobservable Inputs 2017 2016 2017 2016 Property $ 4,184 $ — Discounted cash flows Discount rate 10.5 % 12.0 % Capitalization rate 8.8 % 10.0 % Holding period (years) 5 10 Expected future inflation rate (1) 2.0 % Market rent growth rate (1) 3.0 % Expense growth rate (1) 2.0 % Vacancy rate (1) 20.0 % Renewal rate (1) 70.0 % Average market rent rate (1) $ 11.00 $ 16.00 Average leasing cost per square foot (1) $ 10.00 $ 35.00 Tax increment revenue bonds 25,000 23,910 Discounted cash flows Discount rate 6.5 % 6.5 % 7.5 % 7.5 % Expected future growth rate 1.0 % 1.0 % 2.3 % 2.0 % Expected future inflation rate 1.0 % 1.0 % 3.0 % 3.0 % Fixed-rate debt 2,109,658 2,132,082 Discounted cash flows Discount rate 3.0 % 3.0 % 5.3 % 5.2 % Variable-rate debt 16,393 265,230 Discounted cash flows Discount rate 2.4 % 1.6 % 3.2 % 2.4 % _______________ (1) Only applies to one property valuation. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
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 18 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, 2017 | |
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 2017 Revenues $ 143,663 $ 146,023 $ 144,110 $ 139,367 Net income 36,396 (1)(2)(4) 69,193 (1) 74,473 (1) 170,653 (1)(4) Net income attributable to common shareholders 30,826 (1)(2)(3)(4) 63,852 (1)(3) 72,629 (1) 167,967 (1)(4) Earnings per common share – basic .24 (1)(2)(3)(4) .50 (1)(3) .57 (1) 1.31 (1)(4) Earnings per common share – diluted .24 (1)(2)(3)(4) .49 (1)(3) .56 (1) 1.30 (1)(4) 2016 Revenues $ 132,417 $ 135,676 $ 138,599 $ 142,863 Net income 108,667 (1)(4) 37,651 (1)(5) 61,337 (1)(4) 69,176 (1) Net income attributable to common shareholders 107,074 (1)(4) 35,816 (1)(5) 51,901 (1)(3)(4) 44,142 (1)(3) Earnings per common share – basic .87 (1)(4) .28 (1)(5) .41 (1)(3)(4) .35 (1)(3) Earnings per common share – diluted .85 (1)(4) .28 (1)(5) .40 (1)(3)(4) .34 (1)(3) ___________________ (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: $15.8 million , $34.2 million , $38.6 million and $136.3 million for the three months ended March 31, 2017 , June 30, 2017 , September 30, 2017 and December 31, 2017 , respectively, and $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. (2) The quarter results include a $3.1 million lease termination fee and $15.0 million of impairment losses for the quarter ended March 31, 2017 . (3) The quarter results include gains discussed in (1) above in net income attributable to noncontrolling interests. Gain amounts in net income attributable to noncontrolling interests are: $3.9 million and $3.6 million for the three months ended March 31, 2017 and June 30, 2017 , respectively, and $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016 , respectively. (4) Deferred tax (benefit) amounts at our taxable REIT subsidiary include $(3.3) million and $1.5 million for the three months ended March 31, 2017 and December 31, 2017 , respectively and $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016 , respectively. These tax amounts result from gains associated with the disposition of centers, land and an exchange of properties. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017. (5) The quarter results include a gain on extinguishment of debt totaling $(2.0) million for the three months ended June 30, 2016 . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to December 31, 2017 , we sold five centers and other property with approximate aggregate gross sales proceeds totaling $220.6 million , which were owned by us either directly or through our interest in real estate joint ventures or partnerships. No impairment losses will be realized associated with these dispositions. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | WEINGARTEN REALTY INVESTORS VALUATION AND QUALIFYING ACCOUNTS December 31, 2017 , 2016 , and 2015 (Amounts in thousands) Description Balance at beginning of period Charged to costs and expenses Deductions (1) Balance at end of period 2017 Allowance for Doubtful Accounts $ 6,700 $ 4,255 $ 3,439 $ 7,516 Tax Valuation Allowance 25,979 — 10,392 15,587 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 ___________________ (1) The tax valuation allowance deductions for the year ended December 31, 2017 represents the effect of the change in the statutory tax rate as a result of the enactment of the Tax Act on December 22, 2017. For other periods presented, deductions included write-offs of amounts previously reserved. |
Real Estate And Accumulated Dep
Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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 $ 1,214 $ 1,791 $ 8,684 $ 10,475 $ (7,396 ) $ 3,079 $ (5,624 ) 03/20/2008 1919 North Loop West 1,334 8,451 12,906 1,337 21,354 22,691 (11,448 ) 11,243 — 12/05/2006 580 Market Place 3,892 15,570 3,918 3,889 19,491 23,380 (8,467 ) 14,913 (15,246 ) 04/02/2001 8000 Sunset Strip Shopping Center 18,320 73,431 6,642 18,320 80,073 98,393 (13,475 ) 84,918 — 06/27/2012 Alabama Shepherd Shopping Center 637 2,026 7,870 1,062 9,471 10,533 (5,458 ) 5,075 — 04/30/2004 Argyle Village Shopping Center 4,524 18,103 5,416 4,526 23,517 28,043 (10,116 ) 17,927 — 11/30/2001 Avent Ferry Shopping Center 1,952 7,814 1,466 1,952 9,280 11,232 (4,225 ) 7,007 — 04/04/2002 Baybrook Gateway 10,623 30,307 3,655 10,623 33,962 44,585 (3,342 ) 41,243 — 02/04/2015 Bellaire Blvd. Shopping Center 124 37 936 1,011 86 1,097 (38 ) 1,059 — 11/13/2008 Best in the West 13,191 77,159 7,817 13,194 84,973 98,167 (29,385 ) 68,782 — 04/28/2005 Blalock Market at I-10 — 4,730 1,970 — 6,700 6,700 (5,202 ) 1,498 — 12/31/1990 Boca Lyons Plaza 3,676 14,706 5,667 3,651 20,398 24,049 (7,741 ) 16,308 — 08/17/2001 Braeswood Square Shopping Center — 1,421 1,350 — 2,771 2,771 (2,397 ) 374 — 05/28/1969 Broadway Marketplace 898 3,637 2,044 906 5,673 6,579 (3,400 ) 3,179 — 12/16/1993 Brookwood Marketplace 7,050 15,134 7,428 7,511 22,101 29,612 (6,520 ) 23,092 — 08/22/2006 Brownsville Commons 1,333 5,536 328 1,333 5,864 7,197 (1,852 ) 5,345 — 05/22/2006 Bull City Market 930 6,651 817 930 7,468 8,398 (2,408 ) 5,990 (3,394 ) 06/10/2005 Cambrian Park Plaza 48,803 1,089 104 48,851 1,145 49,996 (938 ) 49,058 — 02/27/2015 Camelback Village Square — 8,720 1,244 — 9,964 9,964 (5,925 ) 4,039 — 09/30/1994 Camp Creek Marketplace II 6,169 32,036 1,758 4,697 35,266 39,963 (10,404 ) 29,559 — 08/22/2006 Capital Square 1,852 7,406 1,482 1,852 8,888 10,740 (4,280 ) 6,460 — 04/04/2002 Centerwood Plaza 915 3,659 3,504 914 7,164 8,078 (2,924 ) 5,154 — 04/02/2001 Charleston Commons Shopping Center 23,230 36,877 3,180 23,210 40,077 63,287 (12,025 ) 51,262 — 12/20/2006 Cherry Creek Retail Center 5,416 14,624 463 5,416 15,087 20,503 (4,321 ) 16,182 — 06/16/2011 Chino Hills Marketplace 7,218 28,872 12,786 7,234 41,642 48,876 (21,094 ) 27,782 — 08/20/2002 Citadel Building 3,236 6,168 8,893 534 17,763 18,297 (14,553 ) 3,744 — 12/30/1975 College Park Shopping Center 2,201 8,845 7,808 2,641 16,213 18,854 (12,536 ) 6,318 (11,004 ) 11/16/1998 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 Colonial Plaza $ 10,806 $ 43,234 $ 15,021 $ 10,813 $ 58,248 $ 69,061 $ (29,114 ) $ 39,947 $ — 02/21/2001 Countryside Centre 15,523 29,818 10,466 15,559 40,248 55,807 (13,286 ) 42,521 — 07/06/2007 Creekside Center 1,732 6,929 2,160 1,730 9,091 10,821 (4,586 ) 6,235 (7,386 ) 04/02/2001 Crossing At Stonegate 6,400 23,384 223 6,400 23,607 30,007 (1,359 ) 28,648 (14,277 ) 02/12/2016 Cullen Plaza Shopping Center 106 2,841 497 106 3,338 3,444 (2,755 ) 689 — 03/20/2008 Cypress Pointe 3,468 8,700 1,188 3,793 9,563 13,356 (6,373 ) 6,983 — 04/04/2002 Dallas Commons Shopping Center 1,582 4,969 160 1,582 5,129 6,711 (1,496 ) 5,215 — 09/14/2006 Deerfield Mall 10,522 94,321 2,243 37,128 69,958 107,086 (4,474 ) 102,612 — 05/05/2016 Desert Village Shopping Center 3,362 14,969 2,094 3,362 17,063 20,425 (3,518 ) 16,907 — 10/28/2010 Eastern Commons 10,282 16 327 1,569 9,056 10,625 (5,370 ) 5,255 — 12/31/2002 Edgewater Marketplace 4,821 11,225 685 4,821 11,910 16,731 (2,651 ) 14,080 — 11/19/2010 El Camino Promenade 4,431 20,557 4,896 4,429 25,455 29,884 (10,144 ) 19,740 — 05/21/2004 Embassy Lakes Shopping Center 2,803 11,268 2,353 2,803 13,621 16,424 (5,075 ) 11,349 — 12/18/2002 Entrada de Oro Plaza Shopping Center 6,041 10,511 2,187 6,115 12,624 18,739 (4,392 ) 14,347 — 01/22/2007 Epic Village St. Augustine 283 1,171 4,092 320 5,226 5,546 (3,436 ) 2,110 — 09/30/2009 Falls Pointe Shopping Center 3,535 14,289 1,094 3,542 15,376 18,918 (5,964 ) 12,954 — 12/17/2002 Festival on Jefferson Court 5,041 13,983 4,248 5,022 18,250 23,272 (7,090 ) 16,182 — 12/22/2004 Fiesta Trails 8,825 32,790 8,963 12,769 37,809 50,578 (14,756 ) 35,822 — 09/30/2003 Fountain Plaza 1,319 5,276 1,742 1,095 7,242 8,337 (4,458 ) 3,879 — 03/10/1994 Francisco Center 1,999 7,997 4,960 2,403 12,553 14,956 (9,643 ) 5,313 (9,996 ) 11/16/1998 Freedom Centre 2,929 15,302 5,970 6,944 17,257 24,201 (6,646 ) 17,555 — 06/23/2006 Galleria Shopping Center 10,795 10,339 8,589 10,504 19,219 29,723 (5,559 ) 24,164 — 12/11/2006 Galveston Place 2,713 5,522 5,931 3,279 10,887 14,166 (8,733 ) 5,433 — 11/30/1983 Gateway Plaza 4,812 19,249 5,361 4,808 24,614 29,422 (10,684 ) 18,738 (23,000 ) 04/02/2001 Grayson Commons 3,180 9,023 496 3,163 9,536 12,699 (3,195 ) 9,504 (4,612 ) 11/09/2004 Green Valley Ranch - Auto Zone 440 — — 440 — 440 — 440 — 02/12/2016 Greenhouse Marketplace 4,607 22,771 4,166 4,750 26,794 31,544 (10,259 ) 21,285 — 01/28/2004 Griggs Road Shopping Center 257 2,303 478 257 2,781 3,038 (1,862 ) 1,176 — 03/20/2008 Harrisburg Plaza 1,278 3,924 1,083 1,278 5,007 6,285 (4,271 ) 2,014 (8,132 ) 03/20/2008 HEB - Dairy Ashford & Memorial 1,717 4,234 — 1,717 4,234 5,951 (1,098 ) 4,853 — 03/06/2012 Heights Plaza Shopping Center 58 699 2,596 1,055 2,298 3,353 (1,622 ) 1,731 — 06/30/1995 High House Crossing 2,576 10,305 553 2,576 10,858 13,434 (4,496 ) 8,938 — 04/04/2002 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 Highland Square $ — $ — $ 1,887 $ — $ 1,887 $ 1,887 $ (610 ) $ 1,277 $ — 10/06/1959 Hilltop Village Center 3,196 7,234 53,872 3,960 60,342 64,302 (13,553 ) 50,749 — 01/01/2016 Hope Valley Commons 2,439 8,487 485 2,439 8,972 11,411 (1,891 ) 9,520 — 08/31/2010 I45/Telephone Rd. 678 11,182 647 678 11,829 12,507 (6,584 ) 5,923 (9,201 ) 03/20/2008 Independence Plaza I & II 19,351 31,627 2,251 19,351 33,878 53,229 (7,056 ) 46,173 (15,190 ) 06/11/2013 Jess Ranch Marketplace 8,750 25,560 631 8,750 26,191 34,941 (4,803 ) 30,138 — 12/23/2013 Jess Ranch Marketplace Phase III 8,431 21,470 372 8,431 21,842 30,273 (4,035 ) 26,238 — 12/23/2013 Lakeside Marketplace 6,064 22,989 3,159 6,150 26,062 32,212 (8,861 ) 23,351 — 08/22/2006 Largo Mall 10,817 40,906 7,231 10,810 48,144 58,954 (17,665 ) 41,289 — 03/01/2004 Laveen Village Marketplace 1,190 — 5,124 1,006 5,308 6,314 (3,445 ) 2,869 — 08/15/2003 League City Plaza 1,918 7,592 1,508 2,317 8,701 11,018 (5,407 ) 5,611 (8,308 ) 03/20/2008 Leesville Towne Centre 7,183 17,162 1,690 7,223 18,812 26,035 (6,879 ) 19,156 — 01/30/2004 Lowry Town Center 1,889 23,165 163 3,777 21,440 25,217 (891 ) 24,326 — 09/14/2016 Madera Village Shopping Center 3,788 13,507 1,391 3,816 14,870 18,686 (4,709 ) 13,977 — 03/13/2007 Market at Westchase Shopping Center 1,199 5,821 3,652 1,415 9,257 10,672 (6,295 ) 4,377 — 02/15/1991 Marketplace at Seminole Towne 16,067 53,743 10,687 22,711 57,786 80,497 (17,080 ) 63,417 — 08/21/2006 Markham West Shopping Center 2,694 10,777 5,330 2,696 16,105 18,801 (9,006 ) 9,795 — 09/18/1998 Mendenhall Commons 2,655 9,165 1,106 2,677 10,249 12,926 (3,343 ) 9,583 — 11/13/2008 Menifee Town Center 1,827 7,307 5,664 1,824 12,974 14,798 (5,395 ) 9,403 — 04/02/2001 Millpond Center 3,155 9,706 2,960 3,161 12,660 15,821 (4,599 ) 11,222 — 07/28/2005 Monte Vista Village Center 1,485 58 5,904 755 6,692 7,447 (4,291 ) 3,156 — 12/31/2004 Mueller Regional Retail Center 10,382 56,303 1,373 10,382 57,676 68,058 (10,874 ) 57,184 (33,045 ) 10/03/2013 North Creek Plaza 6,915 25,625 4,930 6,954 30,516 37,470 (12,364 ) 25,106 — 08/19/2004 North Towne Plaza 960 3,928 8,820 879 12,829 13,708 (8,764 ) 4,944 — 02/15/1990 North Towne Plaza 6,646 99 (5,580 ) 259 906 1,165 (576 ) 589 — 04/01/2010 Northbrook Shopping Center 1,629 4,489 3,764 1,713 8,169 9,882 (6,811 ) 3,071 (9,032 ) 11/06/1967 Northwoods Shopping Center 1,768 7,071 703 1,772 7,770 9,542 (3,193 ) 6,349 — 04/04/2002 Nottingham Commons 19,523 2,398 20,133 19,664 22,390 42,054 (1,759 ) 40,295 — 01/01/2017 Oak Forest Shopping Center 760 2,726 6,798 1,705 8,579 10,284 (6,302 ) 3,982 (7,509 ) 12/30/1976 Oak Grove Market Center 5,758 10,508 1,122 5,861 11,527 17,388 (3,532 ) 13,856 — 06/15/2007 Oracle Crossings 4,614 18,274 29,817 10,582 42,123 52,705 (12,479 ) 40,226 — 01/22/2007 Oracle Wetmore Shopping Center 24,686 26,878 7,651 13,813 45,402 59,215 (13,613 ) 45,602 — 01/22/2007 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 Overton Park Plaza $ 9,266 $ 37,789 $ 14,080 $ 9,264 $ 51,871 $ 61,135 $ (20,488 ) $ 40,647 $ — 10/24/2003 Palmilla Center 1,258 — 13,235 2,882 11,611 14,493 (7,166 ) 7,327 — 12/31/2002 Paradise Marketplace 2,153 8,612 (1,805 ) 1,197 7,763 8,960 (4,561 ) 4,399 — 07/20/1995 Parliament Square II 2 10 1,183 3 1,192 1,195 (960 ) 235 — 06/24/2005 Perimeter Village 29,701 42,337 4,483 34,404 42,117 76,521 (13,941 ) 62,580 (31,316 ) 07/03/2007 Phillips Crossing — 1 28,454 872 27,583 28,455 (13,948 ) 14,507 — 09/30/2009 Phoenix Office Building 1,696 3,255 1,415 1,773 4,593 6,366 (1,920 ) 4,446 — 01/31/2007 Pike Center — 40,537 3,174 — 43,711 43,711 (10,299 ) 33,412 — 08/14/2012 Plantation Centre 3,463 14,821 1,965 3,471 16,778 20,249 (6,208 ) 14,041 — 08/19/2004 Prospector's Plaza 3,746 14,985 5,742 3,716 20,757 24,473 (8,537 ) 15,936 — 04/02/2001 Pueblo Anozira Shopping Center 2,750 11,000 5,308 2,768 16,290 19,058 (10,150 ) 8,908 (14,360 ) 06/16/1994 Raintree Ranch Center 11,442 595 17,888 10,983 18,942 29,925 (12,030 ) 17,895 — 03/31/2008 Rancho San Marcos Village 3,533 14,138 5,454 3,887 19,238 23,125 (7,871 ) 15,254 — 02/26/2003 Rancho Towne & Country 1,161 4,647 785 1,166 5,427 6,593 (3,151 ) 3,442 — 10/16/1995 Randalls Center/Kings Crossing 3,570 8,147 423 3,585 8,555 12,140 (5,565 ) 6,575 — 11/13/2008 Red Mountain Gateway 2,166 89 11,782 3,317 10,720 14,037 (5,152 ) 8,885 — 12/31/2003 Regency Centre 5,616 18,516 3,512 3,581 24,063 27,644 (7,529 ) 20,115 — 07/28/2006 Reynolds Crossing 4,276 9,186 292 4,276 9,478 13,754 (2,772 ) 10,982 — 09/14/2006 Richmond Square 1,993 953 13,472 14,512 1,906 16,418 (1,294 ) 15,124 — 12/31/1996 Ridgeway Trace 26,629 544 23,645 16,100 34,718 50,818 (13,891 ) 36,927 — 11/09/2006 River Oaks Shopping Center - East 1,354 1,946 338 1,363 2,275 3,638 (1,992 ) 1,646 — 12/04/1992 River Oaks Shopping Center - West 3,534 17,741 35,470 4,207 52,538 56,745 (27,137 ) 29,608 — 12/04/1992 River Point at Sheridan 28,898 4,042 16,381 10,659 38,662 49,321 (10,918 ) 38,403 — 04/01/2010 Roswell Corners 6,136 21,447 3,439 5,835 25,187 31,022 (8,583 ) 22,439 (3,749 ) 06/24/2004 Roswell Crossing Shopping Center 7,625 18,573 1,229 7,625 19,802 27,427 (4,904 ) 22,523 — 07/18/2012 San Marcos Plaza 1,360 5,439 910 1,358 6,351 7,709 (2,671 ) 5,038 — 04/02/2001 Scottsdale Horizon — 3,241 39,224 12,914 29,551 42,465 (4,587 ) 37,878 — 01/22/2007 Scottsdale Waterfront 10,281 40,374 320 32,891 18,084 50,975 (1,142 ) 49,833 — 08/17/2016 Sea Ranch Centre 11,977 4,219 1,702 11,977 5,921 17,898 (1,394 ) 16,504 — 03/06/2013 Shoppes at Bears Path 3,252 5,503 1,615 3,290 7,080 10,370 (2,524 ) 7,846 — 03/13/2007 Shoppes at Memorial Villages 1,417 4,786 9,501 3,332 12,372 15,704 (8,756 ) 6,948 — 01/11/2012 Shoppes of South Semoran 5,339 9,785 (1,406 ) 5,672 8,046 13,718 (2,470 ) 11,248 — 08/31/2007 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 Shops at Kirby Drive $ 1,201 $ 945 $ 276 $ 1,202 $ 1,220 $ 2,422 $ (507 ) $ 1,915 $ — 05/27/2008 Shops at Three Corners 6,215 9,303 11,286 10,587 16,217 26,804 (10,806 ) 15,998 — 12/31/1989 Silver Creek Plaza 3,231 12,924 4,532 3,228 17,459 20,687 (7,485 ) 13,202 (14,312 ) 04/02/2001 Six Forks Shopping Center 6,678 26,759 6,471 6,728 33,180 39,908 (14,383 ) 25,525 — 04/04/2002 Southampton Center 4,337 17,349 3,162 4,333 20,515 24,848 (9,436 ) 15,412 (19,750 ) 04/02/2001 Southgate Shopping Center 232 8,389 726 231 9,116 9,347 (5,801 ) 3,546 (5,438 ) 03/20/2008 Squaw Peak Plaza 816 3,266 3,472 818 6,736 7,554 (3,841 ) 3,713 — 12/20/1994 Stella Link Shopping Center 2,830 1,841 122 2,897 1,896 4,793 (1,641 ) 3,152 — 07/10/1970 Stonehenge Market 4,740 19,001 2,415 4,740 21,416 26,156 (9,402 ) 16,754 — 04/04/2002 Stony Point Plaza 3,489 13,957 11,400 3,453 25,393 28,846 (11,232 ) 17,614 (10,832 ) 04/02/2001 Sunset 19 Shopping Center 5,519 22,076 13,959 5,926 35,628 41,554 (10,219 ) 31,335 — 10/29/2001 Surf City Crossing 3,220 52 5,100 2,655 5,717 8,372 (2,764 ) 5,608 — 12/06/2006 Tates Creek Centre 4,802 25,366 1,869 5,766 26,271 32,037 (9,607 ) 22,430 — 03/01/2004 The Centre at Post Oak 13,731 115 24,782 17,822 20,806 38,628 (13,460 ) 25,168 — 12/31/1996 The Commons at Dexter Lake 4,946 18,948 3,500 4,988 22,406 27,394 (8,674 ) 18,720 — 11/13/2008 The Palms at Town & Country 56,833 195,203 429 102,512 149,953 252,465 (8,324 ) 244,141 — 07/27/2016 The Shoppes at Parkwood Ranch 4,369 52 10,339 2,420 12,340 14,760 (7,303 ) 7,457 — 12/31/2009 The Westside Center 14,952 10,350 105 14,952 10,455 25,407 (665 ) 24,742 — 12/22/2015 Thompson Bridge Commons 604 — 625 513 716 1,229 (130 ) 1,099 — 04/26/2005 Thousand Oaks Shopping Center 2,973 13,142 1,030 2,973 14,172 17,145 (5,457 ) 11,688 (9,560 ) 03/20/2008 TJ Maxx Plaza 3,400 19,283 3,900 3,430 23,153 26,583 (8,240 ) 18,343 — 03/01/2004 Tomball Marketplace 9,616 262 24,702 6,726 27,854 34,580 (11,666 ) 22,914 — 04/12/2006 Trenton Crossing/North McAllen 9,855 29,133 827 9,855 29,960 39,815 (2,134 ) 37,681 — 08/31/2015 Tropicana Beltway Center 13,947 42,186 2,094 13,949 44,278 58,227 (15,750 ) 42,477 — 11/20/2007 Tropicana Marketplace 2,118 8,477 (1,263 ) 1,206 8,126 9,332 (4,252 ) 5,080 — 07/24/1995 Valley Shopping Center 4,293 13,736 1,635 8,910 10,754 19,664 (3,467 ) 16,197 — 04/07/2006 Valley View Shopping Center 1,006 3,980 2,248 1,006 6,228 7,234 (3,697 ) 3,537 — 11/20/1996 Vizcaya Square Shopping Center 3,044 12,226 2,358 3,044 14,584 17,628 (5,555 ) 12,073 — 12/18/2002 Wake Forest Crossing II 395 940 2,503 415 3,423 3,838 (48 ) 3,790 — 06/04/2014 Waterford Village 5,830 — 12,264 3,775 14,319 18,094 (6,656 ) 11,438 — 06/11/2004 Wellington Green Commons & Pad 16,500 32,489 2,460 16,500 34,949 51,449 (2,609 ) 48,840 (18,587 ) 04/20/2015 West Jordan Town Center 4,306 17,776 (1,989 ) 3,269 16,824 20,093 (7,284 ) 12,809 — 12/19/2003 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 Westchase Shopping Center $ 3,085 $ 7,920 $ 13,586 $ 3,189 $ 21,402 $ 24,591 $ (13,221 ) $ 11,370 $ — 08/29/1978 Westhill Village Shopping Center 408 3,002 6,720 437 9,693 10,130 (5,621 ) 4,509 — 05/01/1958 Westland Fair 27,562 10,506 (7,267 ) 12,220 18,581 30,801 (10,027 ) 20,774 — 12/29/2000 Westminster Center 11,215 44,871 8,832 11,204 53,714 64,918 (24,301 ) 40,617 (47,250 ) 04/02/2001 Winter Park Corners 2,159 8,636 2,057 2,189 10,663 12,852 (4,552 ) 8,300 — 09/06/2001 956,026 2,409,874 857,210 1,043,996 3,179,114 4,223,110 (1,131,628 ) 3,091,482 (360,110 ) New Development: West Alex 42,163 2,669 31,181 44,420 31,593 76,013 — 76,013 — 11/01/2016 The Whittaker 5,237 19,395 1,518 5,366 20,784 26,150 (116 ) 26,034 — 03/24/2017 47,400 22,064 32,699 49,786 52,377 102,163 (116 ) 102,047 — Miscellaneous (not to exceed 5% of total) 136,434 10,310 26,842 92,430 81,156 173,586 (34,382 ) 139,204 — Total of Portfolio $ 1,139,860 $ 2,442,248 $ 916,751 $ 1,186,212 $ 3,312,647 $ 4,498,859 $ (1,166,126 ) $ 3,332,733 $ (360,110 ) ___________________ (1) The book value of our net fixed asset exceeds the tax basis by approximately $193.4 million at December 31, 2017 . (2) Encumbrances do not include $50.9 million outstanding under fixed-rate mortgage debt associated with tenancy-in-common arrangements and properties held for sale, $4.0 million of non-cash debt related items and $(1.3) million of deferred debt costs. 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, 2017 2016 2015 Balance at beginning of year $ 4,789,145 $ 4,262,959 $ 4,076,094 Additions at cost 137,462 654,513 319,789 Retirements or sales (334,105 ) (126,666 ) (79,608 ) Property held for sale (78,721 ) (1,563 ) (53,163 ) Impairment loss (14,922 ) (98 ) (153 ) Balance at end of year $ 4,498,859 $ 4,789,145 $ 4,262,959 The changes in accumulated depreciation were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Balance at beginning of year $ 1,184,546 $ 1,087,642 $ 1,028,619 Additions at cost 132,900 131,120 120,426 Retirements or sales (127,391 ) (33,132 ) (42,603 ) Property held for sale (23,929 ) (1,084 ) (18,800 ) Balance at end of year $ 1,166,126 $ 1,184,546 $ 1,087,642 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans On Real Estate | WEINGARTEN REALTY INVESTORS MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2017 (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, 2017 for federal income tax purposes is $3.4 million , and there are no prior liens to be disclosed. As this is an interest only mortgage loan, there have been no changes in its carrying amount for each year ended December 31, 2017 , 2016 and 2015 . |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
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 of an asset 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. Costs associated with the successful acquisition of an asset are capitalized 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, insurance 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. Our individual property disposals do not 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 or capital activities. 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. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis. |
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 deposits that are 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 and Consolidated Statement of Comprehensive Income, respectively. 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 21 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. |
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. |
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. On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35% to 21% , (2) establishing a 20% deduction for REIT dividends (other than any portion that is a capital gain dividend), (3) limiting the deductibility of business interest, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. Management’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Act and was based on the best information available to management at the time (see Note 13 for additional information). 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 both share options and share awards outstanding. Since 2012, our employee long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan grants only awards that 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; however, the dividends are subject to the same vesting terms as the award. 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 all restricted shares 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. 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 were reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. In February 2017, the deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification at the amendment date were reclassified from temporary equity into additional paid-in capital in our Consolidated Balance Sheet. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral. |
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 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 March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $6.0 million and $1.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015 , respectively, from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings. 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 have adopted this update as of December 31, 2017 on a retrospective basis. The adoption of this ASU resulted in a retrospective reclassification of $.5 million and $.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015 , respectively, from cash flows from operating activities in accrued rent and accounts receivable, net to cash flows from investing activities in other, net for the settlement of insurance claims associated with capital assets. Also, our distributions received from equity method investees are accounted for using the cumulative earnings approach. 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. We have adopted this update, and the adoption did not have any 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 equivalents that result from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. 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 flows 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 have adopted this ASU as of December 31, 2017 on a retrospective basis, as reflected in our cash flow statement presentation and related notes (see Notes 1 and 14 for additional information). For the year ended December 31, 2016 and 2015, cash flows from investing activities in the Consolidated Statements of Cash Flows no longer reflects the change in restricted deposits and mortgage escrows totaling $20.0 million and $76.6 million , respectively. 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 can be concentrated in a single asset or identifiable group of similar assets, then 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 prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For for the year ended December 31, 2016 , we expensed acquisition costs of $1.4 million . In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation: Scope of Modification Accounting." This ASU provides guidance about the types of changes to the terms or conditions of a share-based payment award which would require an entity to apply modification accounting. This ASU requires an entity to account for the effects of a modification in the terms or conditions of a share-based payment award, unless three criteria are met relating to the fair value, vesting conditions and classification of the modified awards. The provisions of ASU No. 2017-09 are effective for us as of January 1, 2018 on a prospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017, and the adoption did not 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. We have elected to apply this guidance on a modified retrospective approach upon adoption. Our evaluation has resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. Based on our evaluation, we will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption at January 1, 2018, we recognized the cumulative effect for these fees which has increased retained earnings and contract assets by $.3 million , respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. We are still evaluating the impact to the notes in our consolidated financial statements. 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 and is required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." 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 anticipate adopting this ASU on January 1, 2019. In January 2018, the FASB issued an exposure draft ("2018 Exposure Draft") which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients. We are in the process of evaluating the impact to our 5,400 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). Currently upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). We have currently identified some areas we believe may be impacted by this ASU. These include: • The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items. • We have ground lease agreements in which we are the lessee for land underneath all or a portion of 13 centers and three administrative office leases that we account for as operating leases. Rental expense associated with these operating leases was, in millions: $2.9 in 2017 ; $3.0 in 2016 and $3.2 in 2015 . We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We will record any rights and obligations under these leases as an asset and liability at fair value in our consolidated balance sheets. • Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated leasing and legal costs, of which we capitalized internal costs of $10.8 million and $10.3 million for the year ended December 31, 2017 and 2016 , respectively. We believe we will be able to continue to capitalize internal leasing commissions that are a direct result of obtaining a lease. 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 February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types. We recognized the cumulative effect for contracts in which gains would have been realized and have increased retained earnings and other assets by $4.0 million , respectively, at January 1, 2018. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. Upon adoption of this ASU, our income statement presentation and notes will be impacted, but it does not have a material impact to our consolidated financial statements. For the year ended December 31, 2017, 2016 and 2015, net periodic benefit cost, excluding the service cost component, of $.4 million , $.7 million and $.2 million , respectively, will be restated as non-operating expenses in our Consolidated Statements of Operations. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which requires a modified retrospective transition method upon adoption. The adoption of this ASU will not have a material impact to our consolidated financial statements. In January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842." The ASU provides an optional transition practical expedient to not evaluate existing or expired land easements under ASU No. 2016-02, if they were not previously accounted for as leases under prior guidance. The provisions of ASU No. 2018-01 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 anticipate adopting this ASU upon adoption of ASU No. 2016-02. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-01. |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule Of Restricted Deposits And Mortgage Escrows | Our restricted deposits and mortgage escrows consists of the following (in thousands): December 31, 2017 2016 Restricted deposits (1) 6,291 23,489 Mortgage escrows 1,824 1,533 Total $ 8,115 $ 25,022 ___________________ (1) The decrease between the periods presented is primarily attributable to $21.0 million of funds being released from a qualified escrow account for the purpose of completing like-kind exchange transactions. |
Summary of Eligible Share Award Activity | The following table summarizes the eligible share award activity since inception through the February 2017 plan amendment date (in thousands): December 31, 2017 2016 Balance at beginning of the period/inception $ 44,758 $ 36,261 Change in redemption value 619 8,600 Change in classification 988 3,716 Diversification of share awards — (3,819 ) Amendment reclassification (46,365 ) — Balance at end of period $ — $ 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, 2016 $ (964 ) $ (6,403 ) $ 16,528 $ 9,161 Change excluding amounts reclassified from accumulated other comprehensive loss (1,228 ) (1,063 ) 82 (2,209 ) Amounts reclassified from accumulated other comprehensive loss 651 (1) 42 (2) (1,475 ) (3) (782 ) Net other comprehensive (income) loss (577 ) (1,021 ) (1,393 ) (2,991 ) Balance, December 31, 2017 $ (1,541 ) $ (7,424 ) $ 15,135 $ 6,170 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 ) (2) (1,552 ) (3) (3,083 ) Net other comprehensive (income) loss (407 ) 1,757 167 1,517 Balance, December 31, 2016 $ (964 ) $ (6,403 ) $ 16,528 $ 9,161 ___________________ (1) This reclassification component is included in interest and other income. (2) This reclassification component is included in interest expense (see Note 7 for additional information). (3) This reclassification component is included in the computation of net periodic benefit cost (see Note 17 for additional information). |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule Of Property | Our property consists of the following (in thousands): December 31, 2017 2016 Land $ 1,068,022 $ 1,107,072 Land held for development 69,205 82,953 Land under development 48,985 51,761 Buildings and improvements 3,232,074 3,489,685 Construction in-progress 80,573 57,674 Total $ 4,498,859 $ 4,789,145 |
Investment In Real Estate Joi39
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Combined Condensed Balance Sheets ASSETS Property $ 1,241,004 $ 1,196,770 Accumulated depreciation (285,033 ) (261,392 ) Property, net 955,971 935,378 Other assets, net 115,743 114,554 Total Assets $ 1,071,714 $ 1,049,932 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 298,124 $ 301,480 Amounts payable to Weingarten Realty Investors and Affiliates 12,017 12,585 Other liabilities, net 24,759 24,902 Total Liabilities 334,900 338,967 Equity 736,814 710,965 Total Liabilities and Equity $ 1,071,714 $ 1,049,932 |
Schedule Of Combined Condensed Statements Of Operations | Year Ended December 31, 2017 2016 2015 Combined Condensed Statements of Operations Revenues, net $ 137,419 $ 138,316 $ 148,875 Expenses: Depreciation and amortization 34,818 38,242 37,771 Interest, net 11,836 16,076 17,053 Operating 23,876 26,126 26,797 Real estate taxes, net 18,865 17,408 18,525 General and administrative 623 816 839 Provision for income taxes 112 113 197 Impairment loss — 1,303 7,487 Total 90,130 100,084 108,669 Gain on sale of non-operating property — 373 — Gain on dispositions 12,492 14,816 5,171 Net Income $ 59,781 $ 53,421 $ 45,377 |
Identified Intangible Assets 40
Identified Intangible Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 44,231 $ 44,595 Above-market leases - Accumulated Amortization (17,397 ) (13,579 ) Below-market assumed mortgages (included in Debt, net) — 1,671 Below-market assumed mortgages - Accumulated Amortization — (1,564 ) In place leases (included in Unamortized Lease Costs, net) 224,201 232,528 In place leases - Accumulated Amortization (96,202 ) (82,571 ) $ 154,833 $ 181,080 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 105,794 $ 110,878 Below-market leases - Accumulated Amortization (28,072 ) (23,109 ) Above-market assumed mortgages (included in Debt, net) 10,063 10,375 Above-market assumed mortgages - Accumulated Amortization (6,081 ) (5,186 ) $ 81,704 $ 92,958 |
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): 2018 $ 2,789 2019 3,161 2020 3,234 2021 3,186 2022 3,007 |
In Place Leases [Member] | |
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): 2018 $ 16,617 2019 14,638 2020 13,663 2021 11,573 2022 9,516 |
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): 2018 $ 1,207 2019 1,207 2020 436 2021 287 2022 141 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Our debt consists of the following (in thousands): December 31, 2017 2016 Debt payable, net to 2038 (1) $ 1,996,007 $ 2,023,403 Unsecured notes payable under credit facilities — 245,000 Debt service guaranty liability 64,145 67,125 Obligations under capital leases 21,000 21,000 Total $ 2,081,152 $ 2,356,528 ___________________ (1) At December 31, 2017 , interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0% . At December 31, 2016 , interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0% . |
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, 2017 2016 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 2,063,263 $ 2,089,769 Variable-rate debt 17,889 266,759 Total $ 2,081,152 $ 2,356,528 As to collateralization: Unsecured debt $ 1,667,462 $ 1,913,399 Secured debt 413,690 443,129 Total $ 2,081,152 $ 2,356,528 |
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, 2017 2016 Unsecured revolving credit facility: Balance outstanding $ — $ 245,000 Available balance 493,610 250,140 Letter of credit outstanding under facility 6,390 4,860 Variable interest rate (excluding facility fee) at end date — % 1.5 % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate at end date — % — % Both facilities: Maximum balance outstanding during the year $ 245,000 $ 372,000 Weighted average balance 133,386 141,017 Year-to-date weighted average interest rate (excluding facility fee) 1.8 % 1.3 % |
Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(5.4) million net premium/(discount) on debt, $(8.9) million of deferred debt costs, $4.0 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands): 2018 $ 113,427 2019 56,245 2020 237,779 2021 17,667 2022 307,614 2023 305,694 2024 255,954 2025 303,302 2026 277,291 2027 38,288 Thereafter 93,024 Total $ 2,006,285 |
Derivatives And Hedging (Tables
Derivatives And Hedging (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 Other Assets, net $ 2,035 Other Liabilities, net $ — December 31, 2016 Other Assets, net 126 Other Liabilities, net — |
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, 2017 Assets $ 2,035 $ — $ 2,035 $ — $ — $ 2,035 December 31, 2016 Assets 126 — 126 — — 126 |
Summary Of Cash Flow Interest Rate Contract Hedging Activity | A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands): Derivatives in Cash Flow 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, 2017 $ (1,063 ) Interest expense, net $ 42 Interest expense, net $ — Year Ended December 31, 2016 3,192 Interest expense, (1,435 ) Interest expense, (96 ) Year Ended December 31, 2015 (1,946 ) Interest expense, (2,798 ) Interest expense, — |
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 _______________ (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 each 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 Beneficia43
Preferred Shares Of Beneficial Interest (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Preferred Dividends Declared Per Share | The following table discloses the cumulative redeemable preferred dividends declared per share: Year Ended December 31, 2015 Series of Preferred Shares: Series F $ 64.55 |
Common Shares Of Beneficial I44
Common Shares Of Beneficial Interest (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Class of Stock Disclosures [Abstract] | |
Schedule of Market Equity Issuances | The following shares were sold under the ATM equity offering programs during the year ended December 31, 2016 (in thousands, except per share amounts): Year Ended December 31, 2016 Shares sold 3,465 Weighted average price per share $ 38.35 Gross proceeds $ 132,884 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Net income adjusted for noncontrolling interests $ 335,274 $ 238,933 $ 174,352 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 — Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests $ 335,274 $ 241,072 $ 174,463 |
Leasing Operations (Table)
Leasing Operations (Table) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 is as follows (in thousands): 2018 $ 392,337 2019 342,151 2020 289,691 2021 231,199 2022 166,880 Thereafter 533,824 Total $ 1,956,082 |
Schedule Of Contingent Rental Income | Contingent rentals for the year ended December 31, are as follows (in thousands): 2017 $ 129,635 2016 114,505 2015 107,931 |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 (see Note 21 for additional fair value information) (in thousands): Year Ended December 31, 2017 2016 2015 Continuing operations: Properties held for sale, marketed for sale or sold (1) $ 12,203 $ 98 $ 153 Land held for development and undeveloped land (1) 2,719 — — Other 335 — — Total impairment charges 15,257 98 153 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net — 326 1,497 Net income attributable to noncontrolling interests 21 — — Net impact of impairment charges $ 15,278 $ 424 $ 1,650 ___________________ (1) Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions. |
Income Tax Considerations (Tabl
Income Tax Considerations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Net income adjusted for noncontrolling interests $ 335,274 $ 238,933 $ 174,352 Net loss (income) of taxable REIT subsidiary included above 4,220 (14,497 ) 340 Net income from REIT operations 339,494 224,436 174,692 Book depreciation and amortization 162,964 162,534 145,940 Tax depreciation and amortization (95,512 ) (104,734 ) (87,416 ) Book/tax difference on gains/losses from capital transactions 6,261 (64,917 ) (53,902 ) Deferred/prepaid/above and below-market rents, net (11,146 ) (13,114 ) (5,375 ) Impairment loss from REIT operations 5,071 369 1,536 Other book/tax differences, net (244 ) (2,694 ) (1,679 ) REIT taxable income 406,888 201,880 173,796 Dividends paid deduction (1) (406,888 ) (201,880 ) (174,628 ) Dividends paid in excess of taxable income $ — $ — $ (832 ) ___________________ (1) For 2017 and 2016 , the dividends paid deduction includes designated dividends of $112.8 million and $16.8 million from 2018 and 2017 , 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, 2017 2016 2015 Ordinary income 23.0 % 80.7 % 92.7 % Capital gain distributions 77.0 % 19.3 % 4.3 % 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, 2017 2016 Deferred tax assets (1) : Impairment loss (2) $ 7,220 $ 13,476 Allowance on other assets 15 117 Interest expense 5,703 9,246 Net operating loss carryforwards (3) 7,428 8,413 Straight-line rentals 916 813 Book-tax basis differential 1,676 4,380 Other 188 348 Total deferred tax assets 23,146 36,793 Valuation allowance (4) (15,587 ) (25,979 ) Total deferred tax assets, net of allowance $ 7,559 $ 10,814 Deferred tax liabilities (1) : Book-tax basis differential (2) $ 6,618 $ 10,998 Other 517 553 Total deferred tax liabilities $ 7,135 $ 11,551 ___________________ (1) As of December 31, 2017 and 2016 , deferred tax assets and liabilities were measured at the statutory rate of 21% and 35% , respectively, as a result of the enactment of the Tax Act on December 22, 2017. (2) 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. (3) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037 . (4) 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 (benefit) provision as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net (loss) income before taxes of taxable REIT subsidiary $ (5,788 ) $ 20,295 $ (989 ) Federal (benefit) provision at statutory rate of 35% $ (2,026 ) $ 7,103 $ (346 ) Valuation allowance decrease — (1,251 ) (309 ) Effect of change in statutory rate on net deferrals 282 — — Other 176 (54 ) 6 Federal income tax (benefit) provision of taxable REIT subsidiary (1) (1,568 ) 5,798 (649 ) Texas franchise tax 1,551 1,058 701 Total $ (17 ) $ 6,856 $ 52 ___________________ (1) All periods presented are open for examination by the IRS. |
Supplemental Cash Flow Inform49
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): December 31, 2017 2016 2015 Cash and cash equivalents $ 13,219 $ 16,257 $ 22,168 Restricted deposits and mortgage escrows (see Note 1) 8,115 25,022 3,074 Total $ 21,334 $ 41,279 $ 25,242 |
Summary of Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are summarized as follows (in thousands): Year Ended December 31, 2017 2016 2015 Accrued property construction costs $ 7,728 $ 5,738 $ 9,566 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures — 2,139 — Exchange of operating partnership units for common shares — — 111 Reduction of debt service guaranty liability (2,980 ) (2,710 ) (2,270 ) 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 Consolidation of joint ventures (see Note 22): Increase in property, net — 58,665 — Increase in security deposits — 169 — Increase in debt, net — 48,727 — Increase (decrease) in equity associated with deferred compensation plan (see Note 1) 44,758 (44,758 ) — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Components Of Earnings Per Common Share - Basic And Diluted | Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Numerator: Continuing Operations: Income from continuing operations $ 132,104 $ 176,117 $ 121,601 Gain on sale of property 218,611 100,714 59,621 Net income attributable to noncontrolling interests (15,441 ) (37,898 ) (6,870 ) Dividends on preferred shares — — (3,830 ) Redemption costs of preferred shares — — (9,687 ) Income from continuing operations attributable to 335,274 238,933 160,835 Income attributable to operating partnership units 3,084 1,996 — Income from continuing operations attributable to $ 338,358 $ 240,929 $ 160,835 Denominator: Weighted average shares outstanding – basic 127,755 126,048 123,037 Effect of dilutive securities: Share options and awards 870 1,059 1,292 Operating partnership units 1,446 1,462 — Weighted average shares outstanding – diluted 130,071 128,569 124,329 |
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, 2017 2016 2015 Share options (1) — 2 463 Operating partnership units — — 1,472 Total anti-dilutive securities — 2 1,935 ___________________ (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, 2017 | |
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, 2017 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2015 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 Forfeited or expired (4,042 ) 43.37 Exercised (101,805 ) 16.11 Outstanding, December 31, 2017 828,354 $ 23.58 |
Share Options Outstanding And Exercisable | The following table summarizes information about share options outstanding and exercisable at December 31, 2017 : Range of Exercise Prices Outstanding Exercisable Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value (000’s) Number Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value (000’s) $11.85 - $17.78 166,981 1.2 years $ 11.85 166,981 1.2 years $ 11.85 $17.79 - $26.69 465,214 2.9 years $ 24.14 465,214 2.9 years $ 24.14 $26.70 - $40.05 196,159 0.2 years $ 32.22 196,159 0.2 years $ 32.22 Total 828,354 1.9 years $ 23.58 $ 7,695 828,354 1.9 years $ 23.58 $ 7,695 |
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, 2017 Minimum Maximum Dividend yield 0.0 % 4.1 % Expected volatility (1) 16.1 % 19.1 % Expected life (in years) N/A 3 Risk-free interest rate 0.7 % 1.5 % _______________ (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, 2017 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2017 590,854 $ 32.52 Granted: Service-based awards 124,549 35.77 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 54,454 39.00 Market-based awards relative to three-year absolute TSR 54,454 25.65 Trust manager awards 28,280 32.77 Vested (231,056 ) 30.77 Forfeited (1,929 ) 34.00 Outstanding, December 31, 2017 619,606 $ 33.81 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plan And Components Of Net Periodic Benefit Costs | The measurement dates for plan assets and obligations were December 31, 2017 and 2016 . December 31, 2017 2016 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 52,975 $ 49,715 Service cost 1,223 1,277 Interest cost 2,123 2,078 Actuarial loss (1) 4,502 1,976 Benefit payments (1,825 ) (2,071 ) Benefit obligation at end of year $ 58,998 $ 52,975 Change in Plan Assets: Fair value of plan assets at beginning of year $ 45,498 $ 42,341 Actual return on plan assets 7,635 3,228 Employer contributions 2,500 2,000 Benefit payments (1,825 ) (2,071 ) Fair value of plan assets at end of year $ 53,808 $ 45,498 Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016) $ (5,190 ) $ (7,477 ) Accumulated benefit obligation $ 58,860 $ 52,824 Net loss recognized in accumulated other comprehensive loss $ 15,135 $ 16,528 ___________________ (1) The change in actuarial loss is associated primarily to census and mortality table updates and a decrease in the discount rate in 2017. |
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 (income) loss (in thousands): Year Ended December 31, 2017 2016 2015 Net loss $ 82 $ 1,719 $ 1,276 Amortization of net loss (1) (1,475 ) (1,552 ) (1,423 ) Total recognized in other comprehensive (income) loss $ (1,393 ) $ 167 $ (147 ) Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 213 $ 2,103 $ 1,262 ___________________ (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 $1.1 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, 2017 2016 Projected benefit obligation $ 58,998 $ 52,975 Accumulated benefit obligation 58,860 52,824 Fair value of plan assets 53,808 45,498 |
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Service cost $ 1,223 $ 1,277 $ 1,252 Interest cost 2,123 2,078 1,899 Expected return on plan assets (3,215 ) (2,971 ) (3,165 ) Amortization of net loss 1,475 1,552 1,423 Total $ 1,606 $ 1,936 $ 1,409 |
Schedule Of Assumptions Used To Develop Periodic Expense | The assumptions used to develop net periodic benefit cost are shown below: Year Ended December 31, 2017 2016 2015 Discount rate 4.01 % 4.11 % 3.83 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.00 % 7.50 % The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2017 2016 2015 Discount rate 3.50 % 4.01 % 4.11 % Salary scale increases 3.50 % 3.50 % 3.50 % |
Schedule Of Expected Benefit Payments For The Next Ten Years | The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2018 $ 2,185 2019 2,339 2020 2,383 2021 2,545 2022 2,690 2023-2027 15,226 |
Schedule Of Allocation Of The Fair Value Of Plan Assets | The allocation of the fair value of plan assets was as follows: December 31, 2017 2016 Cash and Short-Term Investments 17 % 18 % Large Company Funds 36 % 36 % Mid Company Funds 6 % 6 % Small Company Funds 6 % 6 % International Funds 10 % 10 % Fixed Income Funds 16 % 16 % Growth Funds 9 % 8 % Total 100 % 100 % At December 31, 2017 , our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows: Portfolio Benchmark Cash and Short-Term Investments 4 % 3 % U.S. Stocks 52 % 57 % International Stocks 13 % 10 % U.S. Bonds 25 % 27 % International Bonds 4 % 3 % Other 2 % — % Total 100 % 100 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): 2018 $ 2,889 2019 2,810 2020 2,527 2021 2,378 2022 2,304 Thereafter 102,063 Total $ 114,971 |
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): 2018 $ 28,392 2019 24,184 2020 20,712 2021 17,352 2022 14,031 Thereafter 57,869 Total $ 162,540 |
Schedule Of Annual Future Minimum Lease Payments For Capital Leases | The annual future minimum lease payments under capital leases as of December 31, 2017 are as follows (in thousands): 2018 $ 1,683 2019 1,692 2020 1,700 2021 1,708 2022 1,717 Thereafter 22,726 Total $ 31,226 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Assets Held by VIEs (1) $ 235,713 $ 504,293 Assets Held as Collateral for Debt (2) 42,979 46,136 Maximum Risk of Loss (2) 29,784 29,784 ___________________ (1) $249.5 million of assets at December 31, 2016 ceased to be considered a VIE (see above). (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, 2017 2016 Investment in Real Estate Joint Ventures and Partnerships, net (1) (2) $ 36,784 $ 886 Maximum Risk of Loss (3) 34,000 34,000 ___________________ (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. The increase between the periods represents new development funding of a mixed-use project. See Note 4 for additional information. (2) As of December 31, 2017 and 2016 , the carrying amount of the investment for one VIE is $(6) million and $(9) million , respectively, 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, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 , 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, 2017 Assets: Investments, mutual funds held in a grantor trust $ 31,497 $ 31,497 Investments, mutual funds 7,206 7,206 Derivative instruments: Interest rate contracts $ 2,035 2,035 Total $ 38,703 $ 2,035 $ — $ 40,738 Liabilities: Deferred compensation plan obligations $ 31,497 $ 31,497 Total $ 31,497 $ — $ — $ 31,497 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 |
Fair Value Measurements, Nonrecurring | Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices Significant Significant Fair Value Total Gains (1) Property (2) $ 12,901 $ 4,184 $ 17,085 $ (7,828 ) Total $ — $ 12,901 $ 4,184 $ 17,085 $ (7,828 ) ____________ (1) Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. (2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $24.9 million was written down to a fair value of $17.1 million , resulting in a loss of $7.8 million , which was included in earnings for the first quarter of 2017. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. |
Schedule Of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands): December 31, 2017 2016 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 Other Assets: Tax increment revenue bonds (1) $ 22,097 $ 25,000 $ 23,910 $ 23,910 Investments, held to maturity (2) 4,489 $ 4,479 5,240 $ 5,248 Debt: Fixed-rate debt 2,063,263 2,109,658 2,089,769 2,132,082 Variable-rate debt 17,889 16,393 266,759 265,230 ___________________ (1) At December 31, 2017 and 2016 , 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, 2017 and 2016 , a $10 thousand unrealized loss and an $8 thousand unrealized gain was recognized, respectively. |
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, 2017 and 2016 reported in the above tables, is as follows: Fair Value at December 31, Range 2017 2016 Minimum Maximum Description (in thousands) Valuation Technique Unobservable Inputs 2017 2016 2017 2016 Property $ 4,184 $ — Discounted cash flows Discount rate 10.5 % 12.0 % Capitalization rate 8.8 % 10.0 % Holding period (years) 5 10 Expected future inflation rate (1) 2.0 % Market rent growth rate (1) 3.0 % Expense growth rate (1) 2.0 % Vacancy rate (1) 20.0 % Renewal rate (1) 70.0 % Average market rent rate (1) $ 11.00 $ 16.00 Average leasing cost per square foot (1) $ 10.00 $ 35.00 Tax increment revenue bonds 25,000 23,910 Discounted cash flows Discount rate 6.5 % 6.5 % 7.5 % 7.5 % Expected future growth rate 1.0 % 1.0 % 2.3 % 2.0 % Expected future inflation rate 1.0 % 1.0 % 3.0 % 3.0 % Fixed-rate debt 2,109,658 2,132,082 Discounted cash flows Discount rate 3.0 % 3.0 % 5.3 % 5.2 % Variable-rate debt 16,393 265,230 Discounted cash flows Discount rate 2.4 % 1.6 % 3.2 % 2.4 % _______________ (1) Only applies to one property valuation. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 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 (Una57
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | Summarized quarterly financial data is as follows (in thousands): First Second Third Fourth 2017 Revenues $ 143,663 $ 146,023 $ 144,110 $ 139,367 Net income 36,396 (1)(2)(4) 69,193 (1) 74,473 (1) 170,653 (1)(4) Net income attributable to common shareholders 30,826 (1)(2)(3)(4) 63,852 (1)(3) 72,629 (1) 167,967 (1)(4) Earnings per common share – basic .24 (1)(2)(3)(4) .50 (1)(3) .57 (1) 1.31 (1)(4) Earnings per common share – diluted .24 (1)(2)(3)(4) .49 (1)(3) .56 (1) 1.30 (1)(4) 2016 Revenues $ 132,417 $ 135,676 $ 138,599 $ 142,863 Net income 108,667 (1)(4) 37,651 (1)(5) 61,337 (1)(4) 69,176 (1) Net income attributable to common shareholders 107,074 (1)(4) 35,816 (1)(5) 51,901 (1)(3)(4) 44,142 (1)(3) Earnings per common share – basic .87 (1)(4) .28 (1)(5) .41 (1)(3)(4) .35 (1)(3) Earnings per common share – diluted .85 (1)(4) .28 (1)(5) .40 (1)(3)(4) .34 (1)(3) ___________________ (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: $15.8 million , $34.2 million , $38.6 million and $136.3 million for the three months ended March 31, 2017 , June 30, 2017 , September 30, 2017 and December 31, 2017 , respectively, and $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. (2) The quarter results include a $3.1 million lease termination fee and $15.0 million of impairment losses for the quarter ended March 31, 2017 . (3) The quarter results include gains discussed in (1) above in net income attributable to noncontrolling interests. Gain amounts in net income attributable to noncontrolling interests are: $3.9 million and $3.6 million for the three months ended March 31, 2017 and June 30, 2017 , respectively, and $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016 , respectively. (4) Deferred tax (benefit) amounts at our taxable REIT subsidiary include $(3.3) million and $1.5 million for the three months ended March 31, 2017 and December 31, 2017 , respectively and $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016 , respectively. These tax amounts result from gains associated with the disposition of centers, land and an exchange of properties. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017. (5) The quarter results include a gain on extinguishment of debt totaling $(2.0) million for the three months ended June 30, 2016 . |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies (Narrative) (Details) ft² in Millions | Jan. 01, 2012number_of_retirement_plan | Feb. 28, 2017 | Dec. 31, 2017ft²segmentforeign |
Significant Accounting Policies [Line Items] | |||
Square footage of operating properties (in square feet) | ft² | 41.3 | ||
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 | ||
Deferred compensation plan, period to diversify common shares after vesting | 6 months | ||
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 | number_of_retirement_plan | 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 | ||
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 | ||
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 2.80% | ||
Houston Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 19.60% | ||
Other Parts of Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 9.20% | ||
Ninety-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 | ||
FLORIDA | Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 17.50% | ||
CALIFORNIA | Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 16.70% |
Summary Of Significant Accoun59
Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |||
Restricted deposits | $ 6,291 | $ 23,489 | |
Mortgage escrows | 1,824 | 1,533 | |
Total | 8,115 | $ 25,022 | $ 3,074 |
Qualified escrow for like-kind exchange, payments | $ 21,000 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies (Summary of Eligible Share Award Activity That Would Have Been Recorded in Temporary Equity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at beginning of the period/inception | $ 44,758 | $ 36,261 |
Change in redemption value | 619 | 8,600 |
Change in classification | 988 | 3,716 |
Diversification of share awards | 0 | (3,819) |
Amendment reclassification | (46,365) | 0 |
Balance at end of period | $ 0 | $ 44,758 |
Summary Of Significant Accoun61
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (1,716,896) | $ (1,545,010) | $ (1,638,943) |
Net other comprehensive (income) loss | (2,991) | 1,517 | (4,792) |
Ending balance | (1,809,842) | (1,716,896) | (1,545,010) |
Gain on Investments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (964) | (557) | |
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,228) | (407) | |
Amounts reclassified from accumulated other comprehensive loss | 651 | ||
Net other comprehensive (income) loss | (577) | (407) | |
Ending balance | (1,541) | (964) | (557) |
Gain on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (6,403) | (8,160) | |
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,063) | 3,288 | |
Amounts reclassified from accumulated other comprehensive loss | 42 | (1,531) | |
Net other comprehensive (income) loss | (1,021) | 1,757 | |
Ending balance | (7,424) | (6,403) | (8,160) |
Defined Benefit Pension Plan | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 16,528 | 16,361 | |
Change excluding amounts reclassified from accumulated other comprehensive loss | 82 | 1,719 | |
Amounts reclassified from accumulated other comprehensive loss | (1,475) | (1,552) | |
Net other comprehensive (income) loss | (1,393) | 167 | |
Ending balance | 15,135 | 16,528 | 16,361 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 9,161 | 7,644 | 12,436 |
Change excluding amounts reclassified from accumulated other comprehensive loss | (2,209) | 4,600 | |
Amounts reclassified from accumulated other comprehensive loss | (782) | (3,083) | |
Net other comprehensive (income) loss | (2,991) | 1,517 | (4,792) |
Ending balance | $ 6,170 | $ 9,161 | $ 7,644 |
Newly Issued Accounting Prono62
Newly Issued Accounting Pronouncements (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)centercapital_leaseadministrative_officelease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jan. 01, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retrospective reclassification from cash flows provided by (used in) operating activities | $ 269,758 | $ 252,411 | $ 245,435 | |
Reclassification to cash flows (used in) provided by financing activities | (588,695) | 129,798 | (126,248) | |
Reclassification to cash flows (used in) provided by investing activities | 298,992 | (366,172) | (197,132) | |
Acquisition related costs | 1,400 | |||
Accumulated other comprehensive loss | $ (6,170) | (9,161) | ||
Number of lessor leases | lease | 5,400 | |||
Number of properties subject to ground leases | center | 13 | |||
Operating leases, number of administrative offices | administrative_office | 3 | |||
Operating leases, rental expense | $ 2,900 | 3,000 | 3,200 | |
Capital leases, number | capital_lease | 1 | |||
Capital leased assets, number of units | center | 2 | |||
Obligations under capital leases | $ 21,000 | 21,000 | ||
Leasing deferred costs | 10,800 | 10,300 | ||
Accounting Standards Update 2016-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retrospective reclassification from cash flows provided by (used in) operating activities | 6,000 | 1,800 | ||
Reclassification to cash flows (used in) provided by financing activities | (6,000) | (1,800) | ||
Accounting Standards Update 2016-15 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retrospective reclassification from cash flows provided by (used in) operating activities | (500) | (800) | ||
Reclassification to cash flows (used in) provided by investing activities | 500 | 800 | ||
Accounting Standards Update 2016-18 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase (decrease) in restricted cash | 20,000 | (76,600) | ||
Accounting Standards Update 2017-07 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Defined benefit plan, net periodic benefit cost (credit), excluding the service cost component | $ 400 | $ 700 | $ 200 | |
Scenario, Forecast [Member] | Accounting Standards Update 2014-09 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in retained earnings | $ 300 | |||
Contract assets | 300 | |||
Scenario, Forecast [Member] | Accounting Standards Update 2016-01 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in retained earnings | 1,500 | |||
Accumulated other comprehensive loss | (1,500) | |||
Scenario, Forecast [Member] | Accounting Standards Update 2017-05 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in retained earnings | 4,000 | |||
Other assets | $ 4,000 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 29, 2016center | Dec. 31, 2017USD ($)property | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | |
Real Estate [Abstract] | ||||||||
Number of centers sold | 1 | 18 | ||||||
Proceeds from sale and disposition of property | $ 446,600 | |||||||
Gain on sale of property | $ 1,500 | $ (3,300) | $ 1,100 | $ 5,900 | 218,611 | $ 100,714 | $ 59,621 | |
Investment in new development projects | $ 57,200 | |||||||
Number of real estate properties classified as held for sale | property | 3 | 3 | 1 | |||||
Property held for sale | $ 78,700 | $ 78,700 | $ 1,600 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 1,068,022 | $ 1,107,072 |
Land held for development | 69,205 | 82,953 |
Land under development | 48,985 | 51,761 |
Buildings and improvements | 3,232,074 | 3,489,685 |
Construction in-progress | 80,573 | 57,674 |
Total | $ 4,498,859 | $ 4,789,145 |
Investment In Real Estate Joi65
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands | Feb. 12, 2016USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Feb. 29, 2016USD ($)center | Dec. 31, 2017USD ($)center | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)propertycenter | Dec. 31, 2016USD ($)propertycenter | Dec. 31, 2015USD ($)center | Oct. 31, 2016USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Net basis differentials for equity method investments | $ 2,200 | $ 2,200 | $ 2,600 | |||||||||
Impairment loss | 0 | 1,303 | $ 7,487 | |||||||||
Fees earned from real estate joint ventures and partnerships | $ 6,200 | 5,100 | 4,500 | |||||||||
Number of centers sold | 1 | 18 | ||||||||||
Proceeds from sale and disposition of property | $ 446,600 | |||||||||||
Gain on sale of property | 1,500 | $ (3,300) | $ 1,100 | $ 5,900 | 218,611 | 100,714 | $ 59,621 | |||||
Recognized identifiable assets acquired and liabilities assumed, land | $ 1,241,004 | $ 1,241,004 | $ 1,196,770 | |||||||||
Number of real estate properties | center | 2 | 2 | 2 | |||||||||
Assets held by joint venture | $ 4,196,639 | $ 4,196,639 | $ 4,426,928 | |||||||||
Debt held by joint venture | $ 2,006,285 | $ 2,006,285 | ||||||||||
Proceeds from business acquisition | $ 2,500 | |||||||||||
51% Owned Real Estate joint venture [Member] | ||||||||||||
Schedule of Equity Method Investments [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 | |||||||||||
Unconsolidated Real Estate Joint Venture [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage in joint ventures | 69.00% | |||||||||||
Number of centers sold | property | 2 | 5 | ||||||||||
Proceeds from sale and disposition of property | $ 19,600 | $ 78,700 | ||||||||||
Gain on sale of property | $ 6,200 | $ 3,900 | ||||||||||
Number of real estate properties acquired | property | 1 | |||||||||||
Gross payments to acquire real estate | $ 23,500 | $ 73,000 | ||||||||||
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% | 90.00% | ||||||||||
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% | 20.00% | |||||||||
Maximum [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Ownership percentage in joint ventures | 90.00% | 90.00% | 75.00% |
Investment In Real Estate Joi66
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Property | $ 1,241,004 | $ 1,196,770 |
Accumulated depreciation | (285,033) | (261,392) |
Property, net | 955,971 | 935,378 |
Other assets, net | 115,743 | 114,554 |
Total Assets | 1,071,714 | 1,049,932 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 298,124 | 301,480 |
Amounts payable to Weingarten Realty Investors and Affiliates | 12,017 | 12,585 |
Other liabilities, net | 24,759 | 24,902 |
Total Liabilities | 334,900 | 338,967 |
Equity | 736,814 | 710,965 |
Total Liabilities and Equity | $ 1,071,714 | $ 1,049,932 |
Investment In Real Estate Joi67
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues, net | $ 137,419 | $ 138,316 | $ 148,875 |
Expenses: | |||
Depreciation and amortization | 34,818 | 38,242 | 37,771 |
Interest, net | 11,836 | 16,076 | 17,053 |
Operating | 23,876 | 26,126 | 26,797 |
Real estate taxes, net | 18,865 | 17,408 | 18,525 |
General and administrative | 623 | 816 | 839 |
Provision for income taxes | 112 | 113 | 197 |
Impairment loss | 0 | 1,303 | 7,487 |
Total | 90,130 | 100,084 | 108,669 |
Gain on sale of property | 218,611 | 100,714 | 59,621 |
Net Income | 59,781 | 53,421 | 45,377 |
Equity Method Investments [Member] | |||
Expenses: | |||
Gain on sale of non-operating property | 0 | 373 | 0 |
Gain on sale of property | $ 12,492 | $ 14,816 | $ 5,171 |
Identified Intangible Assets 68
Identified Intangible Assets And Liabilities (Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 154,833 | $ 181,080 |
Identified intangible liabilities, net | 81,704 | 92,958 |
Other Liabilities, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market leases (included in Other Liabilities, net) | 105,794 | 110,878 |
Below-market leases - Accumulated Amortization | (28,072) | (23,109) |
Above Market Leases [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Above-market leases (included in Other Assets, net) | 44,231 | 44,595 |
Identified intangible assets/liabilities, accumulated (amortization) accretion | (17,397) | (13,579) |
Below-Market Assumed Mortgages [Member] | Debt, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | 0 | (1,564) |
Below-market assumed mortgages (included in Debt, net) | 0 | 1,671 |
Above-Market Assumed Mortgages [Member] | Debt, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (6,081) | (5,186) |
Above-market assumed mortgages (included in Debt, net) | 10,063 | 10,375 |
In Place Leases [Member] | Unamortized Debt And Lease Costs, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (96,202) | (82,571) |
In place leases (included in Unamortized Lease Costs, net) | $ 224,201 | $ 232,528 |
Identified Intangible Assets 69
Identified Intangible Assets And Liabilities (Schedule Of Future Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rental Revenues [Member] | Above-Market Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2018 amortization/(accretion) | $ (2,789) | ||
2019 amortization/(accretion) | (3,161) | ||
2020 amortization/(accretion) | (3,234) | ||
2021 amortization/(accretion) | (3,186) | ||
2022 amortization/(accretion) | (3,007) | ||
Amortization/(accretion) | (3,700) | $ (2,100) | $ 500 |
Depreciation and Amortization [Member] | In Place Leases [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2018 amortization/(accretion) | 16,617 | ||
2019 amortization/(accretion) | 14,638 | ||
2020 amortization/(accretion) | 13,663 | ||
2021 amortization/(accretion) | 11,573 | ||
2022 amortization/(accretion) | 9,516 | ||
Amortization/(accretion) | 21,000 | 18,000 | 12,300 |
Interest Expense [Member] | Below-Market Assumed Mortgages [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
2018 amortization/(accretion) | (1,207) | ||
2019 amortization/(accretion) | (1,207) | ||
2020 amortization/(accretion) | (436) | ||
2021 amortization/(accretion) | (287) | ||
2022 amortization/(accretion) | (141) | ||
Amortization/(accretion) | $ (1,100) | $ (1,000) | $ (700) |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt payable, net to 2038 | $ 1,996,007 | $ 2,023,403 | |
Unsecured notes payable under credit facilities | 0 | 245,000 | |
Debt service guaranty liability | 64,145 | 67,125 | |
Obligations under capital leases | 21,000 | 21,000 | |
Total | [1] | $ 2,081,152 | $ 2,356,528 |
Debt Payable To 2038 [Member] | Minimum [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 2.60% | 1.70% | |
Debt Payable To 2038 [Member] | Maximum [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 7.90% | 7.90% | |
Debt Payable To 2038 [Member] | Weighted Average [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 4.00% | 4.00% | |
[1] | * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | Mar. 30, 2016USD ($)debt_extension | Dec. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 27, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||
Debt service guaranty liability | $ 67,125 | $ 64,145 | $ 67,125 | ||||||
Repayments of medium term notes | $ 75,000 | ||||||||
Debt instrument, interest rate during period | 5.50% | ||||||||
Proceeds from issuance of debt | 0 | 249,999 | $ 448,083 | ||||||
Gain (loss) on debt extinguishment | $ 2,000 | ||||||||
Debt instruments collateral value | $ 700,000 | 700,000 | 700,000 | ||||||
Capital leases | 21,000 | 21,000 | 21,000 | ||||||
Net premium (discount) on debt | (5,400) | ||||||||
Deferred debt costs | (8,900) | ||||||||
Non-cash debt | $ 4,000 | ||||||||
Debt Service Guaranty [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt coverage ratio | 1.4 | ||||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred debt costs | $ (1,300) | ||||||||
Non-cash debt | 4,000 | ||||||||
Three Point Two Five Senior Unsecured Notes [Member] | Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 250,000 | ||||||||
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 | ||||||||
Seven Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 90,000 | $ 90,000 | |||||||
Debt stated interest rate | 7.50% | 7.50% | |||||||
Four Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt stated interest rate | 4.50% | 4.50% | |||||||
Unsecured Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facility | $ 500,000 | $ 500,000 | |||||||
Number of credit facility 6-month extensions | debt_extension | 2 | ||||||||
Line of credit facility, extension period | 6 months | ||||||||
Bids amount (up to) | 250,000 | ||||||||
Increase in credit facility amount (up to) | $ 850,000 | ||||||||
Line of credit facility, commitment fee percentage | 0.15% | 0.15% | |||||||
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowing margin over LIBOR, basis points | 0.90% | 0.90% | |||||||
Line of Credit [Member] | Short-Term Unsecured Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facility | $ 10,000 | ||||||||
Debt instrument, description of variable rate basis | P30D | ||||||||
Line of credit facility, commitment fee percentage | 0.10% | 0.10% | |||||||
Facility fees, basis points | 0.05% | 0.10% | |||||||
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% | 1.25% | |||||||
Interest Expense [Member] | Four Point Five Secured Notes [Member] | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain (loss) on debt extinguishment | $ 2,000 |
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, 2017 | Dec. 31, 2016 | |
Schedule of Long-term Debt, By Type [Line Items] | |||
Total | [1] | $ 2,081,152 | $ 2,356,528 |
As To Interest Rate [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Fixed-rate debt | 2,063,263 | 2,089,769 | |
Variable-rate debt | 17,889 | 266,759 | |
As To Collateralization [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Unsecured debt | 1,667,462 | 1,913,399 | |
Secured debt | $ 413,690 | $ 443,129 | |
[1] | * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112. |
Debt (Schedule Of Credit Facili
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 245,000 |
Maximum balance outstanding during the year | 245,000 | 372,000 |
Weighted average balance | $ 133,386 | $ 141,017 |
Year-to-date weighted average interest rate (excluding facility fee) | 1.80% | 1.30% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 245,000 |
Available balance | $ 493,610 | $ 250,140 |
Variable interest rate (excluding facility fee) at end date | 0.00% | 1.50% |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding under facility | $ 6,390 | $ 4,860 |
Unsecured Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 0 |
Variable interest rate (excluding facility fee) at end date | 0.00% | 0.00% |
Debt (Principal Payments Of Deb
Debt (Principal Payments Of Debt) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 113,427 |
2,019 | 56,245 |
2,020 | 237,779 |
2,021 | 17,667 |
2,022 | 307,614 |
2,023 | 305,694 |
2,024 | 255,954 |
2,025 | 303,302 |
2,026 | 277,291 |
2,027 | 38,288 |
Thereafter | 93,024 |
Total | $ 2,006,285 |
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, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 2,035 | $ 126 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 2,035 | 126 |
Designated as Hedging Instrument [Member] | Other Liabilities, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0 | $ 0 |
Derivatives And Hedging (Offset
Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | $ 2,035 | $ 126 |
Gross Amounts Offset in Balance Sheet | 0 | 0 |
Net Amounts Presented in Balance Sheet | 2,035 | 126 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 2,035 | $ 126 |
Derivatives And Hedging (Narrat
Derivatives And Hedging (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016USD ($) | Dec. 31, 2016USD ($)derivative_contract | Dec. 31, 2017USD ($)derivative_contract | Jun. 24, 2016USD ($)derivative_contract | |
Derivatives, Fair Value [Line Items] | ||||
Accumulated other comprehensive loss | $ (9,161,000) | $ (6,170,000) | ||
Gain (Loss) On Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Accumulated other comprehensive loss | $ 6,400,000 | $ 7,400,000 | ||
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 | $ 1,400,000 | |||
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount of interest rate fair value hedge derivatives | $ 62,900,000 | |||
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] | ||||
Notional amount of interest rate fair value hedge derivatives | $ 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 | |||
Derivative, forward interest rate | 1.50% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ (1,063) | $ 3,192 | $ (1,946) |
Interest Expense, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | 42 | (1,435) | (2,798) |
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ 0 | $ (96) | $ 0 |
Derivatives And Hedging (Summ79
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 ($) | Dec. 31, 2015USD ($) | 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) | |
Gain (Loss) on Borrowings | 418 | 1,228 | |
Net Settlements and Accruals on Contracts | 3,140 | 2,030 | |
Amount of Gain (Loss) Recognized in Income | $ 3,140 | $ 2,030 |
Preferred Shares Of Beneficia80
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 Beneficia81
Preferred Shares of Beneficial Interest (Preferred Dividends Declared Per Share) (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
6.5% Series F Preferred Shares [Member] | |
Dividends Payable [Line Items] | |
Series F | $ 64.55 |
Common Shares Of Beneficial I82
Common Shares Of Beneficial Interest (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ 200,000 | $ 200,000 | ||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 2.290 | $ 1.460 | $ 1.38 | |||||||||
Common stock, dividends, cash paid (in dollars per share) | $ 0.75 | |||||||||||
ATM Equity Program [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Equity issuances amount available for issuance | $ 0 | $ 0 | ||||||||||
Shares sold (in shares) | 0 | 3,465 | ||||||||||
Weighted average price per share (in dollars per share) | $ 38.35 | |||||||||||
Gross proceeds | $ 132,884 | |||||||||||
Quarterly Rate Per Share [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 0.385 | $ 0.385 | $ 0.385 | $ 0.385 | $ 0.365 | $ 0.365 | $ 0.365 | $ 0.365 | ||||
Maximum [Member] | ATM Equity Program [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Equity issuances amount available for issuance | $ 250,000 | $ 250,000 | ||||||||||
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) | $ 0.395 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net Income Adjusted for Noncontrolling Interests | $ 335,274 | $ 238,933 | $ 174,352 |
Transfers from the noncontrolling interests: | |||
Increase in equity for operating partnership units | 0 | 0 | 111 |
Net increase in equity for the acquisition of noncontrolling interests | 0 | 2,139 | 0 |
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests | $ 335,274 | $ 241,072 | $ 174,463 |
Leasing Operations (Narrative)
Leasing Operations (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017USD ($) |
Leases, Operating [Abstract] | |
2,018 | $ 392,337 |
2,019 | 342,151 |
2,020 | 289,691 |
2,021 | 231,199 |
2,022 | 166,880 |
Thereafter | 533,824 |
Total | $ 1,956,082 |
Leasing Operations (Schedule 86
Leasing Operations (Schedule Of Contingent Rental Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases, Operating [Abstract] | |||
Contingent rental income | $ 129,635 | $ 114,505 | $ 107,931 |
Impairment (Schedule Of Impairm
Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Impairment [Line Items] | ||||
Impairment losses related to property | $ 3,100 | |||
Other | $ 335 | $ 0 | $ 0 | |
Total impairment charges | $ 15,000 | 15,257 | 98 | 153 |
Equity in earnings of real estate joint ventures and partnerships, net | 27,074 | 20,642 | 19,300 | |
Net impact of impairment charges | 15,278 | 424 | 1,650 | |
Properties Held for Sale, Marketed for Sale or Sold [Member] | ||||
Asset Impairment [Line Items] | ||||
Impairment losses related to property | 12,203 | 98 | 153 | |
Land Held For Development And Undeveloped Land [Member] | ||||
Asset Impairment [Line Items] | ||||
Impairment losses related to property | 2,719 | 0 | 0 | |
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 | 0 | 326 | 1,497 | |
Impairment in Net Income Attributable to Noncontrolling Interest [Member] | ||||
Asset Impairment [Line Items] | ||||
Net income attributable to noncontrolling interests | $ 21 | $ 0 | $ 0 |
Income Tax Considerations (Narr
Income Tax Considerations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 193.4 | $ 268.7 |
Current tax obligation | $ 1.6 | $ 1 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Net income adjusted for noncontrolling interests | $ 335,274 | $ 238,933 | $ 174,352 |
Net loss (income) of taxable REIT subsidiary included above | 4,220 | (14,497) | 340 |
Net income from REIT operations | 339,494 | 224,436 | 174,692 |
Book depreciation and amortization | 162,964 | 162,534 | 145,940 |
Tax depreciation and amortization | (95,512) | (104,734) | (87,416) |
Book/tax difference on gains/losses from capital transactions | 6,261 | (64,917) | (53,902) |
Deferred/prepaid/above and below-market rents, net | (11,146) | (13,114) | (5,375) |
Impairment loss from REIT operations | 5,071 | 369 | 1,536 |
Other book/tax differences, net | (244) | (2,694) | (1,679) |
REIT taxable income | 406,888 | 201,880 | 173,796 |
Dividends paid deduction | (406,888) | (201,880) | (174,628) |
Dividends paid in excess of taxable income | 0 | 0 | $ (832) |
Designated dividends | $ 112,800 | $ 16,800 |
Income Tax Considerations (Sc90
Income Tax Considerations (Schedule Of Cash Dividends Distributed To Common Shareholders) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 23.00% | 80.70% | 92.70% |
Capital gain distributions | 77.00% | 19.30% | 4.30% |
Return of capital (nontaxable distribution) | 0.00% | 0.00% | 3.00% |
Total | 100.00% | 100.00% | 100.00% |
Income Tax Considerations (Sc91
Income Tax Considerations (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Impairment loss | $ 7,220 | $ 13,476 |
Allowance on other assets | 15 | 117 |
Interest expense | 5,703 | 9,246 |
Net operating loss carryforwards | 7,428 | 8,413 |
Straight-line rentals | 916 | 813 |
Book-tax basis differential | 1,676 | 4,380 |
Other | 188 | 348 |
Total deferred tax assets | 23,146 | 36,793 |
Valuation allowance | (15,587) | (25,979) |
Total deferred tax assets, net of allowance | 7,559 | 10,814 |
Deferred tax liabilities: | ||
Book-tax basis differential | 6,618 | 10,998 |
Other | 517 | 553 |
Total deferred tax liabilities | 7,135 | $ 11,551 |
Net operating loss carryforwards | $ 35,400 |
Income Tax Considerations (Sc92
Income Tax Considerations (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate, percent | 35.00% | 35.00% | 35.00% |
Net (loss) income before taxes of taxable REIT subsidiary | $ (5,788) | $ 20,295 | $ (989) |
Federal (benefit) provision at statutory rate of 35% | (2,026) | 7,103 | (346) |
Valuation allowance decrease | 0 | (1,251) | (309) |
Effect of change in statutory rate on net deferrals | 282 | 0 | 0 |
Other | 176 | (54) | 6 |
Federal income tax provision (benefit) of taxable REIT subsidiary (1) | (1,568) | 5,798 | (649) |
Texas franchise tax | 1,551 | 1,058 | 701 |
Total | $ (17) | $ 6,856 | $ 52 |
Supplemental Cash Flow Inform93
Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Supplemental Cash Flow Elements [Abstract] | ||||||
Cash and Cash Equivalents | $ 13,219 | [1] | $ 16,257 | [1] | $ 22,168 | |
Restricted Deposits and Mortgage Escrows | 8,115 | 25,022 | 3,074 | |||
Total | $ 21,334 | $ 41,279 | $ 25,242 | $ 103,187 | ||
[1] | * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112. |
Supplemental Cash Flow Inform94
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||
Accrued property construction costs | $ 7,728 | $ 5,738 | $ 9,566 |
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures | 0 | 2,139 | 0 |
Exchange of operating partnership units for common shares | 0 | 0 | 111 |
Reduction of debt service guaranty liability | (2,980) | (2,710) | (2,270) |
Increase (decrease) in equity associated with deferred compensation plan (see Note 1) | 44,758 | ||
Increase (decrease) in equity associated with deferred compensation plan (see Note 1) | (44,758) | 0 | |
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Increase in property, net | 0 | 10,573 | 0 |
Decrease in real estate joint ventures and partnerships - investments | 0 | (2,315) | 0 |
Increase in debt, net | 0 | 0 | 20,966 |
Consolidation of Joint Venture [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Increase in property, net | 0 | 58,665 | 0 |
Increase in debt, net | 0 | 48,727 | 0 |
Increase in security deposits | $ 0 | $ 169 | $ 0 |
Earnings Per Share (Components
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Continuing Operations: | |||
Income from continuing operations | $ 132,104 | $ 176,117 | $ 121,601 |
Gain on sale of property | 218,611 | 100,714 | 59,621 |
Net income attributable to noncontrolling interests | (15,441) | (37,898) | (6,870) |
Dividends on preferred shares | 0 | 0 | (3,830) |
Redemption costs of preferred shares | 0 | 0 | (9,687) |
Income from continuing operations attributable to common shareholders – basic | 335,274 | 238,933 | 160,835 |
Income attributable to operating partnership units | 3,084 | 1,996 | 0 |
Income from continuing operations attributable to common shareholders – diluted | $ 338,358 | $ 240,929 | $ 160,835 |
Denominator: | |||
Weighted average shares outstanding – basic (in shares) | 127,755 | 126,048 | 123,037 |
Effect of dilutive securities: | |||
Share options and awards (in shares) | 870 | 1,059 | 1,292 |
Operating partnership units (in shares) | 1,446 | 1,462 | 0 |
Weighted average shares outstanding - diluted (in shares) | 130,071 | 128,569 | 124,329 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 2 | 1,935 |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 2 | 463 |
Operating Partnership Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 0 | 1,472 |
Share Options And Awards (Narra
Share Options And Awards (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 828,354 | 934,201 | 2,366,650 | 2,897,123 |
Net compensation expense for share options and restricted shares | $ 8,600,000 | $ 8,500,000 | $ 7,400,000 | |
Net capitalized compensation expense | $ 1,700,000 | 1,900,000 | 1,500,000 | |
Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 400,000 | |||
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) | 500,000 | |||
Share Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised | $ 1,700,000 | 14,900,000 | $ 900,000 | |
Unrecognized compensation cost, share options | 0 | |||
Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, restricted shares | $ 2,200,000 | $ 2,000,000 | ||
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 8 months | 1 year 10 months |
Share Options And Awards (Summa
Share Options And Awards (Summary Of Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares under option, outstanding beginning of period (in shares) | 934,201 | 2,366,650 | 2,897,123 |
Shares under option, forfeited or expired (in shares) | (4,042) | (460,722) | (435,840) |
Shares under option, exercised (in shares) | (101,805) | (971,727) | (94,633) |
Shares under option, outstanding end of period (in shares) | 828,354 | 934,201 | 2,366,650 |
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) | $ 22.85 | $ 27.26 | $ 28.76 |
Weighted average exercise price, forfeited or expired (in dollars per share) | 43.37 | 47.42 | 37.37 |
Weighted average exercise price, exercised (in dollars per share) | 16.11 | 21.95 | 26.55 |
Weighted average exercise price, outstanding end of period (in dollars per share) | $ 23.58 | $ 22.85 | $ 27.26 |
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, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share option outstanding, number (in shares) | shares | 828,354 |
Share option outstanding, weighted average remaining contractual life (years) | 1 year 11 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 23.58 |
Share option outstanding, aggregate intrinsic value | $ | $ 7,695 |
Share option exercisable, number (in shares) | shares | 828,354 |
Share option exercisable, weighted average exercisable average life (years) | 1 year 11 months |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 23.58 |
Share option exercisable, intrinsic value | $ | $ 7,695 |
$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 | 166,981 |
Share option outstanding, weighted average remaining contractual life (years) | 1 year 2 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 11.85 |
Share option exercisable, number (in shares) | shares | 166,981 |
Share option exercisable, weighted average exercisable average life (years) | 1 year 2 months |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 11.85 |
$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 | 465,214 |
Share option outstanding, weighted average remaining contractual life (years) | 2 years 11 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 24.14 |
Share option exercisable, number (in shares) | shares | 465,214 |
Share option exercisable, weighted average exercisable average life (years) | 2 years 11 months |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 24.14 |
$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 | 196,159 |
Share option outstanding, weighted average remaining contractual life (years) | 2 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 32.22 |
Share option exercisable, number (in shares) | shares | 196,159 |
Share option exercisable, weighted average exercisable average life (years) | 2 months |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 32.22 |
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, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 16.10% |
Expected volatility, maximum | 19.10% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 0.70% |
Risk-free interest rate, maximum | 1.50% |
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 | 4.10% |
Share Options And Awards (Su101
Share Options And Awards (Summary Of The Status Of Unvested Share Awards) (Details) | 12 Months Ended |
Dec. 31, 2017$ / 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 | 590,854 |
Unvested restricted share awards, vested (in shares) | shares | (231,056) |
Unvested restricted share awards, forfeited (in shares) | shares | (1,929) |
Unvested restricted share awards, outstanding end of period (in shares) | shares | 619,606 |
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 | $ 32.52 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 30.77 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 34 |
Weighted average grant date fair value, outstanding end of period (in dollars per share) | $ / shares | $ 33.81 |
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 | 124,549 |
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 | $ 35.77 |
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 | 54,454 |
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 | $ 39 |
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 | 54,454 |
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 | $ 25.65 |
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 | 28,280 |
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 | $ 32.77 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, long-term rate of return on assets | 7.00% | 7.00% | 7.50% |
Defined benefit plan, estimated future employer contribution in next fiscal year | $ 2 | ||
Defined contribution plan, compensation expense | $ 3.9 | $ 3.5 | $ 3.7 |
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 | 23.00% | ||
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 | 18.00% | ||
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 | 13.00% | ||
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 | 11.00% |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | $ 52,975 | $ 49,715 | |
Service cost | 1,223 | 1,277 | $ 1,252 |
Interest cost | 2,123 | 2,078 | 1,899 |
Actuarial loss (gain) | 4,502 | 1,976 | |
Benefit payments | (1,825) | (2,071) | |
Benefit obligation at end of year | 58,998 | 52,975 | 49,715 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 45,498 | 42,341 | |
Actual return on plan assets | 7,635 | 3,228 | |
Employer contributions | 2,500 | 2,000 | |
Benefit payments | (1,825) | (2,071) | |
Fair value of plan assets at end of year | 53,808 | 45,498 | $ 42,341 |
Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016) | (5,190) | (7,477) | |
Accumulated benefit obligation | 58,860 | 52,824 | |
Net loss recognized in accumulated other comprehensive loss | $ 15,135 | $ 16,528 |
Employee Benefit Plans (Sche104
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Net loss | $ 82 | $ 1,719 | $ 1,276 |
Amortization of net loss | (1,475) | (1,552) | (1,423) |
Total recognized in other comprehensive (income) loss | (1,393) | 167 | (147) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 213 | $ 2,103 | $ 1,262 |
Defined benefit plan, estimated amortization of net loss in next fiscal year | $ 1,100 |
Employee Benefit Plans (Sche105
Employee Benefit Plans (Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 58,998 | $ 52,975 |
Accumulated benefit obligation | 58,860 | 52,824 |
Fair value of plan assets | $ 53,808 | $ 45,498 |
Employee Benefit Plans (Sche106
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 1,223 | $ 1,277 | $ 1,252 |
Interest cost | 2,123 | 2,078 | 1,899 |
Expected return on plan assets | (3,215) | (2,971) | (3,165) |
Amortization of net loss | 1,475 | 1,552 | 1,423 |
Total | $ 1,606 | $ 1,936 | $ 1,409 |
Employee Benefit Plans (Sche107
Employee Benefit Plans (Schedule Of Assumptions Used To Develop Periodic Expense) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Discount rate | 4.01% | 4.11% | 3.83% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Long-term rate of return on assets | 7.00% | 7.00% | 7.50% |
Employee Benefit Plans (Sche108
Employee Benefit Plans (Schedule Of Assumptions Used To Develop The Actuarial Present Value Of The Benefit Obligations) (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Retirement Benefits [Abstract] | |||
Discount rate | 3.50% | 4.01% | 4.11% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Employee Benefit Plans (Sche109
Employee Benefit Plans (Schedule Of Expected Benefit Payments For The Next Ten Years) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Retirement Benefits [Abstract] | |
2,018 | $ 2,185 |
2,019 | 2,339 |
2,020 | 2,383 |
2,021 | 2,545 |
2,022 | 2,690 |
2023-2027 | $ 15,226 |
Employee Benefit Plans (Sche110
Employee Benefit Plans (Schedule Of Investment Asset Allocation To Benchmarking) (Details) | Dec. 31, 2017 |
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 | 4.00% |
Benchmark, Target asset allocation | 3.00% |
U.S. Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 52.00% |
Benchmark, Target asset allocation | 57.00% |
International Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 13.00% |
Benchmark, Target asset allocation | 10.00% |
U.S. Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 25.00% |
Benchmark, Target asset allocation | 27.00% |
International Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 4.00% |
Benchmark, Target asset allocation | 3.00% |
Other Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, Actual asset allocation | 2.00% |
Benchmark, Target asset allocation | 0.00% |
Employee Benefit Plans (Sche111
Employee Benefit Plans (Schedule Of Allocation Of The Fair Value Of Plan Assets) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
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% |
Cash and Short-Term Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 4.00% | |
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 | 17.00% | 18.00% |
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% | 36.00% |
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% | 6.00% |
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% | 16.00% |
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 | 9.00% | 8.00% |
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 ($)center | Dec. 31, 2017USD ($)propertycenter | Dec. 31, 2016USD ($)propertycenter | Dec. 31, 2015USD ($)center |
Related Party Transaction [Line Items] | ||||||||
Net accounts receivable, related parties | $ 2,000 | $ 2,200 | ||||||
Accounts payable and accrued expenses, related parties | 400 | 300 | ||||||
Management fees revenues, related parties | 6,200 | 5,100 | $ 4,500 | |||||
Payments to acquired interest in joint ventures | $ 37,173 | $ 52,834 | $ 30,053 | |||||
Number of real estate properties | center | 2 | 2 | ||||||
Assets held by joint venture | $ 4,196,639 | $ 4,426,928 | ||||||
Debt held by joint venture | $ 2,006,285 | |||||||
Proceeds from business acquisition | $ 2,500 | |||||||
Number of centers sold | 1 | 18 | ||||||
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 | |||||||
Unconsolidated Real Estate Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of centers sold | property | 2 | 5 | ||||||
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 | |||||||
Gain recognized on equity interest remeasured to fair value | 37,383 | $ 37,400 | ||||||
Proceeds from business acquisition | $ 2,500 | |||||||
Joint Venture [Member] | Repayments of Notes Payable [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payable paid due to the unconsolidated joint venture | $ 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] | ||||||||
Gain recognized with the remeasurment of a land parcel | $ 1,900 |
Commitments And Contingencie113
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)partnershipcenter | Dec. 31, 2016USD ($)partnershipcenter | Dec. 31, 2015USD ($) | |
Long-term Purchase Commitment [Line Items] | |||
Operating leases, rental expense | $ 2,900 | $ 3,000 | $ 3,200 |
Number of real estate properties | center | 2 | 2 | |
Capital leases, total assets | $ 16,800 | $ 16,800 | |
Capital leases, accumulated depreciation | 15,500 | $ 14,200 | |
Capital leases, future minimum payments | 31,226 | ||
Capital leases, future minimum payments, interest | 10,200 | ||
Capital leases, future minimum payments, present value of net minimum payments | $ 21,000 | ||
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 | $ 114,700 | ||
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 | ||
DownREIT [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Number of real estate joint ventures | partnership | 2 | 2 | |
Aggregate redemption value | $ 47,000 | $ 52,000 |
Commitments And Contingencie114
Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 2,889 |
2,019 | 2,810 |
2,020 | 2,527 |
2,021 | 2,378 |
2,022 | 2,304 |
Thereafter | 102,063 |
Total | $ 114,971 |
Commitments And Contingencie115
Commitments And Contingencies (Schedule Of Future Minimum Revenues Under Subleases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 28,392 |
2,019 | 24,184 |
2,020 | 20,712 |
2,021 | 17,352 |
2,022 | 14,031 |
Thereafter | 57,869 |
Total | $ 162,540 |
Commitments And Contingencie116
Commitments And Contingencies (Schedule Of Annual Future Minimum Lease Payments For Capital Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 1,683 |
2,019 | 1,692 |
2,020 | 1,700 |
2,021 | 1,708 |
2,022 | 1,717 |
Thereafter | 22,726 |
Total | $ 31,226 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)propertycenterjoint_venture | Dec. 31, 2016USD ($)propertycenterjoint_venture | |
Variable Interest Entity [Line Items] | |||
Number of real estate properties | center | 2 | 2 | |
Number of VIE's guaranteed by company | joint_venture | 1 | ||
Carrying amount, property, net | $ 207,969 | $ 476,117 | |
Consolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of VIE real estate joint ventures | joint_venture | 9 | 9 | |
Number of real estate properties | property | 22 | 25 | |
Carrying amount, property, net | $ 249,500 | ||
Additional contributions | $ 100 | $ 2,500 | |
Unconsolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Number of VIE real estate joint ventures | joint_venture | 2 | 2 | |
Number of joint venture arrangements | joint_venture | 1 | ||
Future additional equity and debt contributions | $ 93,000 | ||
Scenario, Forecast [Member] | Consolidated Variable Interest Entities [Member] | |||
Variable Interest Entity [Line Items] | |||
Additional contributions | $ 100 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)joint_venture | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | ||
Variable interest entity, consolidated, assets no longer considered a variable interest entity | $ 249,500 | |
Number of VIE's guaranteed by company | joint_venture | 1 | |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets Held by VIEs | $ 235,713 | 504,293 |
Assets Held as Collateral for Debt | 42,979 | 46,136 |
Maximum Risk of Loss | $ 29,784 | $ 29,784 |
Variable Interest Entities (119
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $ 36,784 | $ 886 |
Maximum Risk of Loss | 34,000 | 34,000 |
Other Liabilities, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $ (6,000) | $ (9,000) |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 40,738 | $ 34,124 |
Deferred compensation plan obligations | 31,497 | 26,328 |
Total | 31,497 | 26,328 |
Grantor Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 31,497 | 26,328 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 7,206 | 7,670 |
Interest Rate Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,035 | 126 |
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 | 38,703 | 33,998 |
Deferred compensation plan obligations | 31,497 | 26,328 |
Total | 31,497 | 26,328 |
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 | 31,497 | 26,328 |
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 | 7,206 | 7,670 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,035 | 126 |
Total | 0 | 0 |
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 | 2,035 | 126 |
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 (Measur
Fair Value Measurements (Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses related to property | $ 3,100,000 | |||
Impairment loss | $ 15,000,000 | $ 15,257,000 | $ 98,000 | $ 153,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | 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] | ||||
Property | 0 | |||
Real Estate Investment Property [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment losses related to property | 7,828,000 | |||
Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 17,085,000 | |||
Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 12,901,000 | |||
Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 4,184,000 | |||
Real Estate Investment Property, Real Estate Held for Sale, and Real Estate Joint Ventures and Partnerships [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment loss | 7,828,000 | |||
Carrying Value [Member] | Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 24,900,000 | |||
Fair Value [Member] | Real Estate Investment Property [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 4,184,000 | $ 0 | ||
Fair Value [Member] | Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Property | 17,100,000 | |||
Impairment losses related to property | $ 7,800,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit loss recognized | $ 31,000 | $ 31,000 |
Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities, accumulated unrecognized holding loss | 10 | |
Held-to-maturity securities, accumulated unrecognized holding gain | 8 | |
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 | 2,109,658 | 2,132,082 |
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 | 16,393 | 265,230 |
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 | 25,000 | 23,910 |
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 | 4,479 | 5,248 |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,063,263 | 2,089,769 |
Carrying Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 17,889 | 266,759 |
Carrying Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 22,097 | 23,910 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 4,489 | $ 5,240 |
Fair Value Measurement (Quantit
Fair Value Measurement (Quantitative Information) (Details) - Fair Value Using Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)$ / ft² | Dec. 31, 2016USD ($) | |
Fair Value [Member] | Real Estate Investment Property [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property | $ | $ 4,184 | $ 0 |
Fair Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Tax increment revenue bonds | $ | $ 25,000 | $ 23,910 |
Discounted Cash Flows [Member] | Minimum [Member] | Real Estate Investment Property [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 10.50% | |
Capitalization rate | 8.80% | |
Holding period (years) | 5 years | |
Average market rent rate | $ / ft² | 11 | |
Average leasing costs per square foot | $ / ft² | 10 | |
Discounted Cash Flows [Member] | Minimum [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 6.50% | 6.50% |
Expected future inflation rate | 1.00% | 1.00% |
Discounted Cash Flows [Member] | Maximum [Member] | Real Estate Investment Property [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 12.00% | |
Capitalization rate | 10.00% | |
Holding period (years) | 10 years | |
Expected future inflation rate | 2.00% | |
Expense growth rate | 2.00% | |
Vacancy rate | 20.00% | |
Renewal rate | 70.00% | |
Average market rent rate | $ / ft² | 16 | |
Average leasing costs per square foot | $ / ft² | 35 | |
Discounted Cash Flows [Member] | Maximum [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 7.50% | 7.50% |
Expected future inflation rate | 3.00% | 3.00% |
Market Rent Growth Rate [Member] [Member] | Discounted Cash Flows [Member] | Maximum [Member] | Real Estate Investment Property [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Growth rate | 3.00% | |
Expected Future Growth Rate [Member] | Discounted Cash Flows [Member] | Minimum [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Growth rate | 1.00% | 1.00% |
Expected Future Growth Rate [Member] | Discounted Cash Flows [Member] | Maximum [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Growth rate | 2.30% | 2.00% |
Fixed-Rate Debt [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rate of debt | $ | $ 2,109,658 | $ 2,132,082 |
Fixed-Rate Debt [Member] | Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 3.00% | 3.00% |
Fixed-Rate Debt [Member] | Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 5.30% | 5.20% |
Variable Rate Debt [Member] | Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Rate of debt | $ | $ 16,393 | $ 265,230 |
Variable Rate Debt [Member] | Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 2.40% | 1.60% |
Variable Rate Debt [Member] | Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 3.20% | 2.40% |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - center | Feb. 12, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Feb. 29, 2016 |
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] | ||||
Discount rate | 6.50% | |||
Capitalization rate | 6.00% | |||
Maximum [Member] | Business Combination Achieved in Stages [Member] | ||||
Business Acquisition [Line Items] | ||||
Discount rate | 8.00% | |||
Capitalization 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 | $ 37,400 | ||
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 Combinations [Abstract] | |
Increase in revenues | $ 23,337 |
Increase in net income attributable to common shareholders | $ 230 |
Business Combinations Business
Business Combinations Business Combinations (Amortization and Accretion of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
In Place Leases [Member] | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 18 years 4 months 24 days |
Above Market Leases [Member] | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 29 years 8 months 12 days |
Below Market Leases [Member] | |
Business Acquisition [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 20 years 3 months 18 days |
Above Market Assumed Mortgages [Member] | |
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, 2017 | Dec. 31, 2016 | |
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 (Un129
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 139,367 | $ 144,110 | $ 146,023 | $ 143,663 | $ 142,863 | $ 138,599 | $ 135,676 | $ 132,417 | $ 573,163 | $ 549,555 | $ 512,844 |
Net Income | 170,653 | 74,473 | 69,193 | 36,396 | 69,176 | 61,337 | 37,651 | 108,667 | 350,715 | 276,831 | 181,222 |
Net income attributable to common shareholders | $ 167,967 | $ 72,629 | $ 63,852 | $ 30,826 | $ 44,142 | $ 51,901 | $ 35,816 | $ 107,074 | $ 335,274 | $ 238,933 | $ 160,835 |
Net income attributable to common shareholders - basic (in dollars per share) | $ 1.31 | $ 0.57 | $ 0.50 | $ 0.24 | $ 0.35 | $ 0.41 | $ 0.28 | $ 0.87 | $ 2.62 | $ 1.90 | $ 1.31 |
Net income attributable to common shareholders - diluted (in dollars per share) | $ 1.30 | $ 0.56 | $ 0.49 | $ 0.24 | $ 0.34 | $ 0.40 | $ 0.28 | $ 0.85 | $ 2.60 | $ 1.87 | $ 1.29 |
Gain on sale of properties and real estate joint venture and partnership interests and on acquisitions | $ 136,300 | $ 38,600 | $ 34,200 | $ 15,800 | $ 34,900 | $ 31,100 | $ 4,200 | $ 82,800 | |||
Impairment losses related to property | 3,100 | ||||||||||
Impairment loss | 15,000 | $ 15,257 | $ 98 | $ 153 | |||||||
Net income attributable to noncontrolling interests | $ 3,600 | 3,900 | $ 23,100 | 5,800 | 15,441 | 37,898 | 6,870 | ||||
Gain on sale of property | $ 1,500 | $ (3,300) | $ 1,100 | $ 5,900 | $ 218,611 | $ 100,714 | $ 59,621 | ||||
Gain (loss) on debt extinguishment | $ 2,000 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2016center | Feb. 28, 2018USD ($)center | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | ||||||
Number of centers sold | 1 | 18 | ||||
Impairment loss | $ 15,000,000 | $ 15,257,000 | $ 98,000 | $ 153,000 | ||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of centers sold | center | 5 | |||||
Sales of real estate | $ 220,600,000 | |||||
Impairment loss | $ 0 |
Valuation And Qualifying Acc131
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance For Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 6,700 | $ 6,072 | $ 7,680 |
Charged to costs and expenses | 4,255 | 2,427 | 1,179 |
Deductions | 3,439 | 1,799 | 2,787 |
Balance at end of period | 7,516 | 6,700 | 6,072 |
Tax Valuation Allowance [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 25,979 | 27,230 | 27,539 |
Charged to costs and expenses | 0 | 0 | 0 |
Deductions | 10,392 | 1,251 | 309 |
Balance at end of period | $ 15,587 | $ 25,979 | $ 27,230 |
Real Estate And Accumulated 132
Real Estate And Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)center | Dec. 31, 2016USD ($)center | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,139,860 | |||
Initial Cost to Company, Building and Improvements | 2,442,248 | |||
Cost Capitalized Subsequent to Acquisition | 916,751 | |||
Gross Amounts Carried at Close of Period, Land | 1,186,212 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,312,647 | |||
Gross Amounts Carried at Close of Period, Total | 4,498,859 | $ 4,789,145 | $ 4,262,959 | $ 4,076,094 |
Accumulated Depreciation | (1,166,126) | (1,184,546) | $ (1,087,642) | $ (1,028,619) |
Total Costs, Net of Accumulated Depreciation | 3,332,733 | |||
Encumbrances | (360,110) | |||
Fixed assets book value in excess of (less than) tax basis | $ 193,400 | $ 268,700 | ||
Number of real estate properties | center | 2 | 2 | ||
Non-cash debt | $ 4,000 | |||
Deferred finance costs | $ (8,900) | |||
Real estate asset, estimated useful life | 40 years | |||
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 | $ 136,434 | |||
Initial Cost to Company, Building and Improvements | 10,310 | |||
Cost Capitalized Subsequent to Acquisition | 26,842 | |||
Gross Amounts Carried at Close of Period, Land | 92,430 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 81,156 | |||
Gross Amounts Carried at Close of Period, Total | 173,586 | |||
Accumulated Depreciation | (34,382) | |||
Total Costs, Net of Accumulated Depreciation | 139,204 | |||
Encumbrances | 0 | |||
Centers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 956,026 | |||
Initial Cost to Company, Building and Improvements | 2,409,874 | |||
Cost Capitalized Subsequent to Acquisition | 857,210 | |||
Gross Amounts Carried at Close of Period, Land | 1,043,996 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,179,114 | |||
Gross Amounts Carried at Close of Period, Total | 4,223,110 | |||
Accumulated Depreciation | (1,131,628) | |||
Total Costs, Net of Accumulated Depreciation | 3,091,482 | |||
Encumbrances | (360,110) | |||
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 | 1,214 | |||
Gross Amounts Carried at Close of Period, Land | 1,791 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,684 | |||
Gross Amounts Carried at Close of Period, Total | 10,475 | |||
Accumulated Depreciation | (7,396) | |||
Total Costs, Net of Accumulated Depreciation | 3,079 | |||
Encumbrances | $ (5,624) | |||
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 | 12,906 | |||
Gross Amounts Carried at Close of Period, Land | 1,337 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,354 | |||
Gross Amounts Carried at Close of Period, Total | 22,691 | |||
Accumulated Depreciation | (11,448) | |||
Total Costs, Net of Accumulated Depreciation | 11,243 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 5, 2006 | |||
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 | 3,918 | |||
Gross Amounts Carried at Close of Period, Land | 3,889 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,491 | |||
Gross Amounts Carried at Close of Period, Total | 23,380 | |||
Accumulated Depreciation | (8,467) | |||
Total Costs, Net of Accumulated Depreciation | 14,913 | |||
Encumbrances | $ (15,246) | |||
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 | 6,642 | |||
Gross Amounts Carried at Close of Period, Land | 18,320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 80,073 | |||
Gross Amounts Carried at Close of Period, Total | 98,393 | |||
Accumulated Depreciation | (13,475) | |||
Total Costs, Net of Accumulated Depreciation | 84,918 | |||
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 | 7,870 | |||
Gross Amounts Carried at Close of Period, Land | 1,062 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,471 | |||
Gross Amounts Carried at Close of Period, Total | 10,533 | |||
Accumulated Depreciation | (5,458) | |||
Total Costs, Net of Accumulated Depreciation | 5,075 | |||
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 | 5,416 | |||
Gross Amounts Carried at Close of Period, Land | 4,526 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,517 | |||
Gross Amounts Carried at Close of Period, Total | 28,043 | |||
Accumulated Depreciation | (10,116) | |||
Total Costs, Net of Accumulated Depreciation | 17,927 | |||
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 | 1,466 | |||
Gross Amounts Carried at Close of Period, Land | 1,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,280 | |||
Gross Amounts Carried at Close of Period, Total | 11,232 | |||
Accumulated Depreciation | (4,225) | |||
Total Costs, Net of Accumulated Depreciation | 7,007 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
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 | 3,655 | |||
Gross Amounts Carried at Close of Period, Land | 10,623 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,962 | |||
Gross Amounts Carried at Close of Period, Total | 44,585 | |||
Accumulated Depreciation | (3,342) | |||
Total Costs, Net of Accumulated Depreciation | 41,243 | |||
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 | 936 | |||
Gross Amounts Carried at Close of Period, Land | 1,011 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 86 | |||
Gross Amounts Carried at Close of Period, Total | 1,097 | |||
Accumulated Depreciation | (38) | |||
Total Costs, Net of Accumulated Depreciation | 1,059 | |||
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 | 7,817 | |||
Gross Amounts Carried at Close of Period, Land | 13,194 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 84,973 | |||
Gross Amounts Carried at Close of Period, Total | 98,167 | |||
Accumulated Depreciation | (29,385) | |||
Total Costs, Net of Accumulated Depreciation | 68,782 | |||
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 | 1,970 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,700 | |||
Gross Amounts Carried at Close of Period, Total | 6,700 | |||
Accumulated Depreciation | (5,202) | |||
Total Costs, Net of Accumulated Depreciation | 1,498 | |||
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 | 5,667 | |||
Gross Amounts Carried at Close of Period, Land | 3,651 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,398 | |||
Gross Amounts Carried at Close of Period, Total | 24,049 | |||
Accumulated Depreciation | (7,741) | |||
Total Costs, Net of Accumulated Depreciation | 16,308 | |||
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 | 1,350 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,771 | |||
Gross Amounts Carried at Close of Period, Total | 2,771 | |||
Accumulated Depreciation | (2,397) | |||
Total Costs, Net of Accumulated Depreciation | 374 | |||
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 | 2,044 | |||
Gross Amounts Carried at Close of Period, Land | 906 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,673 | |||
Gross Amounts Carried at Close of Period, Total | 6,579 | |||
Accumulated Depreciation | (3,400) | |||
Total Costs, Net of Accumulated Depreciation | 3,179 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 16, 1993 | |||
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 | 7,428 | |||
Gross Amounts Carried at Close of Period, Land | 7,511 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,101 | |||
Gross Amounts Carried at Close of Period, Total | 29,612 | |||
Accumulated Depreciation | (6,520) | |||
Total Costs, Net of Accumulated Depreciation | 23,092 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 22, 2006 | |||
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 | 328 | |||
Gross Amounts Carried at Close of Period, Land | 1,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,864 | |||
Gross Amounts Carried at Close of Period, Total | 7,197 | |||
Accumulated Depreciation | (1,852) | |||
Total Costs, Net of Accumulated Depreciation | 5,345 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 22, 2006 | |||
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 | 817 | |||
Gross Amounts Carried at Close of Period, Land | 930 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,468 | |||
Gross Amounts Carried at Close of Period, Total | 8,398 | |||
Accumulated Depreciation | (2,408) | |||
Total Costs, Net of Accumulated Depreciation | 5,990 | |||
Encumbrances | $ (3,394) | |||
Date of Acquisition/Construction | Jun. 10, 2005 | |||
Centers [Member] | Cambrian Park Plaza [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 | 104 | |||
Gross Amounts Carried at Close of Period, Land | 48,851 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,145 | |||
Gross Amounts Carried at Close of Period, Total | 49,996 | |||
Accumulated Depreciation | (938) | |||
Total Costs, Net of Accumulated Depreciation | 49,058 | |||
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 | 1,244 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,964 | |||
Gross Amounts Carried at Close of Period, Total | 9,964 | |||
Accumulated Depreciation | (5,925) | |||
Total Costs, Net of Accumulated Depreciation | 4,039 | |||
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 | 1,758 | |||
Gross Amounts Carried at Close of Period, Land | 4,697 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,266 | |||
Gross Amounts Carried at Close of Period, Total | 39,963 | |||
Accumulated Depreciation | (10,404) | |||
Total Costs, Net of Accumulated Depreciation | 29,559 | |||
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 | 1,482 | |||
Gross Amounts Carried at Close of Period, Land | 1,852 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,888 | |||
Gross Amounts Carried at Close of Period, Total | 10,740 | |||
Accumulated Depreciation | (4,280) | |||
Total Costs, Net of Accumulated Depreciation | 6,460 | |||
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 | 3,504 | |||
Gross Amounts Carried at Close of Period, Land | 914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,164 | |||
Gross Amounts Carried at Close of Period, Total | 8,078 | |||
Accumulated Depreciation | (2,924) | |||
Total Costs, Net of Accumulated Depreciation | 5,154 | |||
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 | 3,180 | |||
Gross Amounts Carried at Close of Period, Land | 23,210 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 40,077 | |||
Gross Amounts Carried at Close of Period, Total | 63,287 | |||
Accumulated Depreciation | (12,025) | |||
Total Costs, Net of Accumulated Depreciation | 51,262 | |||
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 | 463 | |||
Gross Amounts Carried at Close of Period, Land | 5,416 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,087 | |||
Gross Amounts Carried at Close of Period, Total | 20,503 | |||
Accumulated Depreciation | (4,321) | |||
Total Costs, Net of Accumulated Depreciation | 16,182 | |||
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 | 12,786 | |||
Gross Amounts Carried at Close of Period, Land | 7,234 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 41,642 | |||
Gross Amounts Carried at Close of Period, Total | 48,876 | |||
Accumulated Depreciation | (21,094) | |||
Total Costs, Net of Accumulated Depreciation | 27,782 | |||
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 | 8,893 | |||
Gross Amounts Carried at Close of Period, Land | 534 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,763 | |||
Gross Amounts Carried at Close of Period, Total | 18,297 | |||
Accumulated Depreciation | (14,553) | |||
Total Costs, Net of Accumulated Depreciation | 3,744 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 30, 1975 | |||
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 | 7,808 | |||
Gross Amounts Carried at Close of Period, Land | 2,641 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,213 | |||
Gross Amounts Carried at Close of Period, Total | 18,854 | |||
Accumulated Depreciation | (12,536) | |||
Total Costs, Net of Accumulated Depreciation | 6,318 | |||
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 | 15,021 | |||
Gross Amounts Carried at Close of Period, Land | 10,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 58,248 | |||
Gross Amounts Carried at Close of Period, Total | 69,061 | |||
Accumulated Depreciation | (29,114) | |||
Total Costs, Net of Accumulated Depreciation | 39,947 | |||
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 | 10,466 | |||
Gross Amounts Carried at Close of Period, Land | 15,559 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 40,248 | |||
Gross Amounts Carried at Close of Period, Total | 55,807 | |||
Accumulated Depreciation | (13,286) | |||
Total Costs, Net of Accumulated Depreciation | 42,521 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 6, 2007 | |||
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 | 2,160 | |||
Gross Amounts Carried at Close of Period, Land | 1,730 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,091 | |||
Gross Amounts Carried at Close of Period, Total | 10,821 | |||
Accumulated Depreciation | (4,586) | |||
Total Costs, Net of Accumulated Depreciation | 6,235 | |||
Encumbrances | $ (7,386) | |||
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 | 223 | |||
Gross Amounts Carried at Close of Period, Land | 6,400 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,607 | |||
Gross Amounts Carried at Close of Period, Total | 30,007 | |||
Accumulated Depreciation | (1,359) | |||
Total Costs, Net of Accumulated Depreciation | 28,648 | |||
Encumbrances | $ (14,277) | |||
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 | 497 | |||
Gross Amounts Carried at Close of Period, Land | 106 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,338 | |||
Gross Amounts Carried at Close of Period, Total | 3,444 | |||
Accumulated Depreciation | (2,755) | |||
Total Costs, Net of Accumulated Depreciation | 689 | |||
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 | 1,188 | |||
Gross Amounts Carried at Close of Period, Land | 3,793 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,563 | |||
Gross Amounts Carried at Close of Period, Total | 13,356 | |||
Accumulated Depreciation | (6,373) | |||
Total Costs, Net of Accumulated Depreciation | 6,983 | |||
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 | 160 | |||
Gross Amounts Carried at Close of Period, Land | 1,582 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,129 | |||
Gross Amounts Carried at Close of Period, Total | 6,711 | |||
Accumulated Depreciation | (1,496) | |||
Total Costs, Net of Accumulated Depreciation | 5,215 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 14, 2006 | |||
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 | 2,243 | |||
Gross Amounts Carried at Close of Period, Land | 37,128 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 69,958 | |||
Gross Amounts Carried at Close of Period, Total | 107,086 | |||
Accumulated Depreciation | (4,474) | |||
Total Costs, Net of Accumulated Depreciation | 102,612 | |||
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 | 2,094 | |||
Gross Amounts Carried at Close of Period, Land | 3,362 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,063 | |||
Gross Amounts Carried at Close of Period, Total | 20,425 | |||
Accumulated Depreciation | (3,518) | |||
Total Costs, Net of Accumulated Depreciation | 16,907 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 28, 2010 | |||
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 | 327 | |||
Gross Amounts Carried at Close of Period, Land | 1,569 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,056 | |||
Gross Amounts Carried at Close of Period, Total | 10,625 | |||
Accumulated Depreciation | (5,370) | |||
Total Costs, Net of Accumulated Depreciation | 5,255 | |||
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 | (2,651) | |||
Total Costs, Net of Accumulated Depreciation | 14,080 | |||
Encumbrances | $ 0 | |||
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 | 4,896 | |||
Gross Amounts Carried at Close of Period, Land | 4,429 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,455 | |||
Gross Amounts Carried at Close of Period, Total | 29,884 | |||
Accumulated Depreciation | (10,144) | |||
Total Costs, Net of Accumulated Depreciation | 19,740 | |||
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 | 2,353 | |||
Gross Amounts Carried at Close of Period, Land | 2,803 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,621 | |||
Gross Amounts Carried at Close of Period, Total | 16,424 | |||
Accumulated Depreciation | (5,075) | |||
Total Costs, Net of Accumulated Depreciation | 11,349 | |||
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 | 2,187 | |||
Gross Amounts Carried at Close of Period, Land | 6,115 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,624 | |||
Gross Amounts Carried at Close of Period, Total | 18,739 | |||
Accumulated Depreciation | (4,392) | |||
Total Costs, Net of Accumulated Depreciation | 14,347 | |||
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 | 4,092 | |||
Gross Amounts Carried at Close of Period, Land | 320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,226 | |||
Gross Amounts Carried at Close of Period, Total | 5,546 | |||
Accumulated Depreciation | (3,436) | |||
Total Costs, Net of Accumulated Depreciation | 2,110 | |||
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 | 1,094 | |||
Gross Amounts Carried at Close of Period, Land | 3,542 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,376 | |||
Gross Amounts Carried at Close of Period, Total | 18,918 | |||
Accumulated Depreciation | (5,964) | |||
Total Costs, Net of Accumulated Depreciation | 12,954 | |||
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 | 4,248 | |||
Gross Amounts Carried at Close of Period, Land | 5,022 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,250 | |||
Gross Amounts Carried at Close of Period, Total | 23,272 | |||
Accumulated Depreciation | (7,090) | |||
Total Costs, Net of Accumulated Depreciation | 16,182 | |||
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 | 8,963 | |||
Gross Amounts Carried at Close of Period, Land | 12,769 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 37,809 | |||
Gross Amounts Carried at Close of Period, Total | 50,578 | |||
Accumulated Depreciation | (14,756) | |||
Total Costs, Net of Accumulated Depreciation | 35,822 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 30, 2003 | |||
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 | 1,742 | |||
Gross Amounts Carried at Close of Period, Land | 1,095 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,242 | |||
Gross Amounts Carried at Close of Period, Total | 8,337 | |||
Accumulated Depreciation | (4,458) | |||
Total Costs, Net of Accumulated Depreciation | 3,879 | |||
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 | 4,960 | |||
Gross Amounts Carried at Close of Period, Land | 2,403 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,553 | |||
Gross Amounts Carried at Close of Period, Total | 14,956 | |||
Accumulated Depreciation | (9,643) | |||
Total Costs, Net of Accumulated Depreciation | 5,313 | |||
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 | 5,970 | |||
Gross Amounts Carried at Close of Period, Land | 6,944 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,257 | |||
Gross Amounts Carried at Close of Period, Total | 24,201 | |||
Accumulated Depreciation | (6,646) | |||
Total Costs, Net of Accumulated Depreciation | 17,555 | |||
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 | 8,589 | |||
Gross Amounts Carried at Close of Period, Land | 10,504 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,219 | |||
Gross Amounts Carried at Close of Period, Total | 29,723 | |||
Accumulated Depreciation | (5,559) | |||
Total Costs, Net of Accumulated Depreciation | 24,164 | |||
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 | 5,931 | |||
Gross Amounts Carried at Close of Period, Land | 3,279 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,887 | |||
Gross Amounts Carried at Close of Period, Total | 14,166 | |||
Accumulated Depreciation | (8,733) | |||
Total Costs, Net of Accumulated Depreciation | 5,433 | |||
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 | 5,361 | |||
Gross Amounts Carried at Close of Period, Land | 4,808 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 24,614 | |||
Gross Amounts Carried at Close of Period, Total | 29,422 | |||
Accumulated Depreciation | (10,684) | |||
Total Costs, Net of Accumulated Depreciation | 18,738 | |||
Encumbrances | $ (23,000) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
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 | 496 | |||
Gross Amounts Carried at Close of Period, Land | 3,163 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,536 | |||
Gross Amounts Carried at Close of Period, Total | 12,699 | |||
Accumulated Depreciation | (3,195) | |||
Total Costs, Net of Accumulated Depreciation | 9,504 | |||
Encumbrances | $ (4,612) | |||
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 | 4,166 | |||
Gross Amounts Carried at Close of Period, Land | 4,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,794 | |||
Gross Amounts Carried at Close of Period, Total | 31,544 | |||
Accumulated Depreciation | (10,259) | |||
Total Costs, Net of Accumulated Depreciation | 21,285 | |||
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 | 478 | |||
Gross Amounts Carried at Close of Period, Land | 257 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,781 | |||
Gross Amounts Carried at Close of Period, Total | 3,038 | |||
Accumulated Depreciation | (1,862) | |||
Total Costs, Net of Accumulated Depreciation | 1,176 | |||
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 | 1,083 | |||
Gross Amounts Carried at Close of Period, Land | 1,278 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,007 | |||
Gross Amounts Carried at Close of Period, Total | 6,285 | |||
Accumulated Depreciation | (4,271) | |||
Total Costs, Net of Accumulated Depreciation | 2,014 | |||
Encumbrances | $ (8,132) | |||
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 | (1,098) | |||
Total Costs, Net of Accumulated Depreciation | 4,853 | |||
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 | 2,596 | |||
Gross Amounts Carried at Close of Period, Land | 1,055 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,298 | |||
Gross Amounts Carried at Close of Period, Total | 3,353 | |||
Accumulated Depreciation | (1,622) | |||
Total Costs, Net of Accumulated Depreciation | 1,731 | |||
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 | 553 | |||
Gross Amounts Carried at Close of Period, Land | 2,576 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,858 | |||
Gross Amounts Carried at Close of Period, Total | 13,434 | |||
Accumulated Depreciation | (4,496) | |||
Total Costs, Net of Accumulated Depreciation | 8,938 | |||
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 | (610) | |||
Total Costs, Net of Accumulated Depreciation | 1,277 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 6, 1959 | |||
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 | 53,872 | |||
Gross Amounts Carried at Close of Period, Land | 3,960 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 60,342 | |||
Gross Amounts Carried at Close of Period, Total | 64,302 | |||
Accumulated Depreciation | (13,553) | |||
Total Costs, Net of Accumulated Depreciation | 50,749 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 1, 2016 | |||
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 | 485 | |||
Gross Amounts Carried at Close of Period, Land | 2,439 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,972 | |||
Gross Amounts Carried at Close of Period, Total | 11,411 | |||
Accumulated Depreciation | (1,891) | |||
Total Costs, Net of Accumulated Depreciation | 9,520 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 31, 2010 | |||
Centers [Member] | I45 And Telephone Road [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 | 647 | |||
Gross Amounts Carried at Close of Period, Land | 678 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,829 | |||
Gross Amounts Carried at Close of Period, Total | 12,507 | |||
Accumulated Depreciation | (6,584) | |||
Total Costs, Net of Accumulated Depreciation | 5,923 | |||
Encumbrances | $ (9,201) | |||
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 | 2,251 | |||
Gross Amounts Carried at Close of Period, Land | 19,351 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,878 | |||
Gross Amounts Carried at Close of Period, Total | 53,229 | |||
Accumulated Depreciation | (7,056) | |||
Total Costs, Net of Accumulated Depreciation | 46,173 | |||
Encumbrances | $ (15,190) | |||
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 | 631 | |||
Gross Amounts Carried at Close of Period, Land | 8,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,191 | |||
Gross Amounts Carried at Close of Period, Total | 34,941 | |||
Accumulated Depreciation | (4,803) | |||
Total Costs, Net of Accumulated Depreciation | 30,138 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 23, 2013 | |||
Centers [Member] | Jess Ranch Mktpl 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 | 372 | |||
Gross Amounts Carried at Close of Period, Land | 8,431 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,842 | |||
Gross Amounts Carried at Close of Period, Total | 30,273 | |||
Accumulated Depreciation | (4,035) | |||
Total Costs, Net of Accumulated Depreciation | 26,238 | |||
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 | 3,159 | |||
Gross Amounts Carried at Close of Period, Land | 6,150 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,062 | |||
Gross Amounts Carried at Close of Period, Total | 32,212 | |||
Accumulated Depreciation | (8,861) | |||
Total Costs, Net of Accumulated Depreciation | 23,351 | |||
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 | 7,231 | |||
Gross Amounts Carried at Close of Period, Land | 10,810 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 48,144 | |||
Gross Amounts Carried at Close of Period, Total | 58,954 | |||
Accumulated Depreciation | (17,665) | |||
Total Costs, Net of Accumulated Depreciation | 41,289 | |||
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 | 5,124 | |||
Gross Amounts Carried at Close of Period, Land | 1,006 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,308 | |||
Gross Amounts Carried at Close of Period, Total | 6,314 | |||
Accumulated Depreciation | (3,445) | |||
Total Costs, Net of Accumulated Depreciation | 2,869 | |||
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 | 1,508 | |||
Gross Amounts Carried at Close of Period, Land | 2,317 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,701 | |||
Gross Amounts Carried at Close of Period, Total | 11,018 | |||
Accumulated Depreciation | (5,407) | |||
Total Costs, Net of Accumulated Depreciation | 5,611 | |||
Encumbrances | $ (8,308) | |||
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 | 1,690 | |||
Gross Amounts Carried at Close of Period, Land | 7,223 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,812 | |||
Gross Amounts Carried at Close of Period, Total | 26,035 | |||
Accumulated Depreciation | (6,879) | |||
Total Costs, Net of Accumulated Depreciation | 19,156 | |||
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 | 163 | |||
Gross Amounts Carried at Close of Period, Land | 3,777 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,440 | |||
Gross Amounts Carried at Close of Period, Total | 25,217 | |||
Accumulated Depreciation | (891) | |||
Total Costs, Net of Accumulated Depreciation | 24,326 | |||
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 | 1,391 | |||
Gross Amounts Carried at Close of Period, Land | 3,816 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,870 | |||
Gross Amounts Carried at Close of Period, Total | 18,686 | |||
Accumulated Depreciation | (4,709) | |||
Total Costs, Net of Accumulated Depreciation | 13,977 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 13, 2007 | |||
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 | 3,652 | |||
Gross Amounts Carried at Close of Period, Land | 1,415 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,257 | |||
Gross Amounts Carried at Close of Period, Total | 10,672 | |||
Accumulated Depreciation | (6,295) | |||
Total Costs, Net of Accumulated Depreciation | 4,377 | |||
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 | 10,687 | |||
Gross Amounts Carried at Close of Period, Land | 22,711 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 57,786 | |||
Gross Amounts Carried at Close of Period, Total | 80,497 | |||
Accumulated Depreciation | (17,080) | |||
Total Costs, Net of Accumulated Depreciation | 63,417 | |||
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 | 5,330 | |||
Gross Amounts Carried at Close of Period, Land | 2,696 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,105 | |||
Gross Amounts Carried at Close of Period, Total | 18,801 | |||
Accumulated Depreciation | (9,006) | |||
Total Costs, Net of Accumulated Depreciation | 9,795 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 18, 1998 | |||
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 | 1,106 | |||
Gross Amounts Carried at Close of Period, Land | 2,677 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,249 | |||
Gross Amounts Carried at Close of Period, Total | 12,926 | |||
Accumulated Depreciation | (3,343) | |||
Total Costs, Net of Accumulated Depreciation | 9,583 | |||
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 | 5,664 | |||
Gross Amounts Carried at Close of Period, Land | 1,824 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,974 | |||
Gross Amounts Carried at Close of Period, Total | 14,798 | |||
Accumulated Depreciation | (5,395) | |||
Total Costs, Net of Accumulated Depreciation | 9,403 | |||
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 | 2,960 | |||
Gross Amounts Carried at Close of Period, Land | 3,161 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,660 | |||
Gross Amounts Carried at Close of Period, Total | 15,821 | |||
Accumulated Depreciation | (4,599) | |||
Total Costs, Net of Accumulated Depreciation | 11,222 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 28, 2005 | |||
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 | 5,904 | |||
Gross Amounts Carried at Close of Period, Land | 755 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,692 | |||
Gross Amounts Carried at Close of Period, Total | 7,447 | |||
Accumulated Depreciation | (4,291) | |||
Total Costs, Net of Accumulated Depreciation | 3,156 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2004 | |||
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 | 1,373 | |||
Gross Amounts Carried at Close of Period, Land | 10,382 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 57,676 | |||
Gross Amounts Carried at Close of Period, Total | 68,058 | |||
Accumulated Depreciation | (10,874) | |||
Total Costs, Net of Accumulated Depreciation | 57,184 | |||
Encumbrances | $ (33,045) | |||
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 | 4,930 | |||
Gross Amounts Carried at Close of Period, Land | 6,954 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 30,516 | |||
Gross Amounts Carried at Close of Period, Total | 37,470 | |||
Accumulated Depreciation | (12,364) | |||
Total Costs, Net of Accumulated Depreciation | 25,106 | |||
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 | 8,820 | |||
Gross Amounts Carried at Close of Period, Land | 879 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,829 | |||
Gross Amounts Carried at Close of Period, Total | 13,708 | |||
Accumulated Depreciation | (8,764) | |||
Total Costs, Net of Accumulated Depreciation | 4,944 | |||
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 | (5,580) | |||
Gross Amounts Carried at Close of Period, Land | 259 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 906 | |||
Gross Amounts Carried at Close of Period, Total | 1,165 | |||
Accumulated Depreciation | (576) | |||
Total Costs, Net of Accumulated Depreciation | 589 | |||
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 | 3,764 | |||
Gross Amounts Carried at Close of Period, Land | 1,713 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,169 | |||
Gross Amounts Carried at Close of Period, Total | 9,882 | |||
Accumulated Depreciation | (6,811) | |||
Total Costs, Net of Accumulated Depreciation | 3,071 | |||
Encumbrances | $ (9,032) | |||
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 | 703 | |||
Gross Amounts Carried at Close of Period, Land | 1,772 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,770 | |||
Gross Amounts Carried at Close of Period, Total | 9,542 | |||
Accumulated Depreciation | (3,193) | |||
Total Costs, Net of Accumulated Depreciation | 6,349 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [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 | 20,133 | |||
Gross Amounts Carried at Close of Period, Land | 19,664 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,390 | |||
Gross Amounts Carried at Close of Period, Total | 42,054 | |||
Accumulated Depreciation | (1,759) | |||
Total Costs, Net of Accumulated Depreciation | 40,295 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 1, 2017 | |||
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 | 6,798 | |||
Gross Amounts Carried at Close of Period, Land | 1,705 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,579 | |||
Gross Amounts Carried at Close of Period, Total | 10,284 | |||
Accumulated Depreciation | (6,302) | |||
Total Costs, Net of Accumulated Depreciation | 3,982 | |||
Encumbrances | $ (7,509) | |||
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 | 1,122 | |||
Gross Amounts Carried at Close of Period, Land | 5,861 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,527 | |||
Gross Amounts Carried at Close of Period, Total | 17,388 | |||
Accumulated Depreciation | (3,532) | |||
Total Costs, Net of Accumulated Depreciation | 13,856 | |||
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 | 29,817 | |||
Gross Amounts Carried at Close of Period, Land | 10,582 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,123 | |||
Gross Amounts Carried at Close of Period, Total | 52,705 | |||
Accumulated Depreciation | (12,479) | |||
Total Costs, Net of Accumulated Depreciation | 40,226 | |||
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 | 7,651 | |||
Gross Amounts Carried at Close of Period, Land | 13,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 45,402 | |||
Gross Amounts Carried at Close of Period, Total | 59,215 | |||
Accumulated Depreciation | (13,613) | |||
Total Costs, Net of Accumulated Depreciation | 45,602 | |||
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 | 14,080 | |||
Gross Amounts Carried at Close of Period, Land | 9,264 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 51,871 | |||
Gross Amounts Carried at Close of Period, Total | 61,135 | |||
Accumulated Depreciation | (20,488) | |||
Total Costs, Net of Accumulated Depreciation | 40,647 | |||
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 | 13,235 | |||
Gross Amounts Carried at Close of Period, Land | 2,882 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,611 | |||
Gross Amounts Carried at Close of Period, Total | 14,493 | |||
Accumulated Depreciation | (7,166) | |||
Total Costs, Net of Accumulated Depreciation | 7,327 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2002 | |||
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 | (1,805) | |||
Gross Amounts Carried at Close of Period, Land | 1,197 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,763 | |||
Gross Amounts Carried at Close of Period, Total | 8,960 | |||
Accumulated Depreciation | (4,561) | |||
Total Costs, Net of Accumulated Depreciation | 4,399 | |||
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 | (960) | |||
Total Costs, Net of Accumulated Depreciation | 235 | |||
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 | 4,483 | |||
Gross Amounts Carried at Close of Period, Land | 34,404 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,117 | |||
Gross Amounts Carried at Close of Period, Total | 76,521 | |||
Accumulated Depreciation | (13,941) | |||
Total Costs, Net of Accumulated Depreciation | 62,580 | |||
Encumbrances | $ (31,316) | |||
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 | 28,454 | |||
Gross Amounts Carried at Close of Period, Land | 872 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,583 | |||
Gross Amounts Carried at Close of Period, Total | 28,455 | |||
Accumulated Depreciation | (13,948) | |||
Total Costs, Net of Accumulated Depreciation | 14,507 | |||
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 | 1,415 | |||
Gross Amounts Carried at Close of Period, Land | 1,773 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,593 | |||
Gross Amounts Carried at Close of Period, Total | 6,366 | |||
Accumulated Depreciation | (1,920) | |||
Total Costs, Net of Accumulated Depreciation | 4,446 | |||
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 | 3,174 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 43,711 | |||
Gross Amounts Carried at Close of Period, Total | 43,711 | |||
Accumulated Depreciation | (10,299) | |||
Total Costs, Net of Accumulated Depreciation | 33,412 | |||
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 | 1,965 | |||
Gross Amounts Carried at Close of Period, Land | 3,471 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,778 | |||
Gross Amounts Carried at Close of Period, Total | 20,249 | |||
Accumulated Depreciation | (6,208) | |||
Total Costs, Net of Accumulated Depreciation | 14,041 | |||
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 | 5,742 | |||
Gross Amounts Carried at Close of Period, Land | 3,716 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,757 | |||
Gross Amounts Carried at Close of Period, Total | 24,473 | |||
Accumulated Depreciation | (8,537) | |||
Total Costs, Net of Accumulated Depreciation | 15,936 | |||
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 | 5,308 | |||
Gross Amounts Carried at Close of Period, Land | 2,768 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,290 | |||
Gross Amounts Carried at Close of Period, Total | 19,058 | |||
Accumulated Depreciation | (10,150) | |||
Total Costs, Net of Accumulated Depreciation | 8,908 | |||
Encumbrances | $ (14,360) | |||
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 | 17,888 | |||
Gross Amounts Carried at Close of Period, Land | 10,983 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,942 | |||
Gross Amounts Carried at Close of Period, Total | 29,925 | |||
Accumulated Depreciation | (12,030) | |||
Total Costs, Net of Accumulated Depreciation | 17,895 | |||
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 | 5,454 | |||
Gross Amounts Carried at Close of Period, Land | 3,887 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,238 | |||
Gross Amounts Carried at Close of Period, Total | 23,125 | |||
Accumulated Depreciation | (7,871) | |||
Total Costs, Net of Accumulated Depreciation | 15,254 | |||
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 | 785 | |||
Gross Amounts Carried at Close of Period, Land | 1,166 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,427 | |||
Gross Amounts Carried at Close of Period, Total | 6,593 | |||
Accumulated Depreciation | (3,151) | |||
Total Costs, Net of Accumulated Depreciation | 3,442 | |||
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 | 423 | |||
Gross Amounts Carried at Close of Period, Land | 3,585 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,555 | |||
Gross Amounts Carried at Close of Period, Total | 12,140 | |||
Accumulated Depreciation | (5,565) | |||
Total Costs, Net of Accumulated Depreciation | 6,575 | |||
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 | 11,782 | |||
Gross Amounts Carried at Close of Period, Land | 3,317 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,720 | |||
Gross Amounts Carried at Close of Period, Total | 14,037 | |||
Accumulated Depreciation | (5,152) | |||
Total Costs, Net of Accumulated Depreciation | 8,885 | |||
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 | 3,512 | |||
Gross Amounts Carried at Close of Period, Land | 3,581 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 24,063 | |||
Gross Amounts Carried at Close of Period, Total | 27,644 | |||
Accumulated Depreciation | (7,529) | |||
Total Costs, Net of Accumulated Depreciation | 20,115 | |||
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 | 292 | |||
Gross Amounts Carried at Close of Period, Land | 4,276 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,478 | |||
Gross Amounts Carried at Close of Period, Total | 13,754 | |||
Accumulated Depreciation | (2,772) | |||
Total Costs, Net of Accumulated Depreciation | 10,982 | |||
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 | 13,472 | |||
Gross Amounts Carried at Close of Period, Land | 14,512 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,906 | |||
Gross Amounts Carried at Close of Period, Total | 16,418 | |||
Accumulated Depreciation | (1,294) | |||
Total Costs, Net of Accumulated Depreciation | 15,124 | |||
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 | 23,645 | |||
Gross Amounts Carried at Close of Period, Land | 16,100 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 34,718 | |||
Gross Amounts Carried at Close of Period, Total | 50,818 | |||
Accumulated Depreciation | (13,891) | |||
Total Costs, Net of Accumulated Depreciation | 36,927 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 9, 2006 | |||
Centers [Member] | River Oaks Shopping Center - East [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 | 338 | |||
Gross Amounts Carried at Close of Period, Land | 1,363 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,275 | |||
Gross Amounts Carried at Close of Period, Total | 3,638 | |||
Accumulated Depreciation | (1,992) | |||
Total Costs, Net of Accumulated Depreciation | 1,646 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 4, 1992 | |||
Centers [Member] | River Oaks Shopping Center - West [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 | 35,470 | |||
Gross Amounts Carried at Close of Period, Land | 4,207 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 52,538 | |||
Gross Amounts Carried at Close of Period, Total | 56,745 | |||
Accumulated Depreciation | (27,137) | |||
Total Costs, Net of Accumulated Depreciation | 29,608 | |||
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 | 16,381 | |||
Gross Amounts Carried at Close of Period, Land | 10,659 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 38,662 | |||
Gross Amounts Carried at Close of Period, Total | 49,321 | |||
Accumulated Depreciation | (10,918) | |||
Total Costs, Net of Accumulated Depreciation | 38,403 | |||
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 | 3,439 | |||
Gross Amounts Carried at Close of Period, Land | 5,835 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,187 | |||
Gross Amounts Carried at Close of Period, Total | 31,022 | |||
Accumulated Depreciation | (8,583) | |||
Total Costs, Net of Accumulated Depreciation | 22,439 | |||
Encumbrances | $ (3,749) | |||
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 | 1,229 | |||
Gross Amounts Carried at Close of Period, Land | 7,625 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,802 | |||
Gross Amounts Carried at Close of Period, Total | 27,427 | |||
Accumulated Depreciation | (4,904) | |||
Total Costs, Net of Accumulated Depreciation | 22,523 | |||
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 | 910 | |||
Gross Amounts Carried at Close of Period, Land | 1,358 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,351 | |||
Gross Amounts Carried at Close of Period, Total | 7,709 | |||
Accumulated Depreciation | (2,671) | |||
Total Costs, Net of Accumulated Depreciation | 5,038 | |||
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 | 39,224 | |||
Gross Amounts Carried at Close of Period, Land | 12,914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,551 | |||
Gross Amounts Carried at Close of Period, Total | 42,465 | |||
Accumulated Depreciation | (4,587) | |||
Total Costs, Net of Accumulated Depreciation | 37,878 | |||
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 | 320 | |||
Gross Amounts Carried at Close of Period, Land | 32,891 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,084 | |||
Gross Amounts Carried at Close of Period, Total | 50,975 | |||
Accumulated Depreciation | (1,142) | |||
Total Costs, Net of Accumulated Depreciation | 49,833 | |||
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 | 1,702 | |||
Gross Amounts Carried at Close of Period, Land | 11,977 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,921 | |||
Gross Amounts Carried at Close of Period, Total | 17,898 | |||
Accumulated Depreciation | (1,394) | |||
Total Costs, Net of Accumulated Depreciation | 16,504 | |||
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 | 1,615 | |||
Gross Amounts Carried at Close of Period, Land | 3,290 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,080 | |||
Gross Amounts Carried at Close of Period, Total | 10,370 | |||
Accumulated Depreciation | (2,524) | |||
Total Costs, Net of Accumulated Depreciation | 7,846 | |||
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 | 9,501 | |||
Gross Amounts Carried at Close of Period, Land | 3,332 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,372 | |||
Gross Amounts Carried at Close of Period, Total | 15,704 | |||
Accumulated Depreciation | (8,756) | |||
Total Costs, Net of Accumulated Depreciation | 6,948 | |||
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 | (1,406) | |||
Gross Amounts Carried at Close of Period, Land | 5,672 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,046 | |||
Gross Amounts Carried at Close of Period, Total | 13,718 | |||
Accumulated Depreciation | (2,470) | |||
Total Costs, Net of Accumulated Depreciation | 11,248 | |||
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 | (507) | |||
Total Costs, Net of Accumulated Depreciation | 1,915 | |||
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 | 11,286 | |||
Gross Amounts Carried at Close of Period, Land | 10,587 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,217 | |||
Gross Amounts Carried at Close of Period, Total | 26,804 | |||
Accumulated Depreciation | (10,806) | |||
Total Costs, Net of Accumulated Depreciation | 15,998 | |||
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 | 4,532 | |||
Gross Amounts Carried at Close of Period, Land | 3,228 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,459 | |||
Gross Amounts Carried at Close of Period, Total | 20,687 | |||
Accumulated Depreciation | (7,485) | |||
Total Costs, Net of Accumulated Depreciation | 13,202 | |||
Encumbrances | $ (14,312) | |||
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 | 6,471 | |||
Gross Amounts Carried at Close of Period, Land | 6,728 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,180 | |||
Gross Amounts Carried at Close of Period, Total | 39,908 | |||
Accumulated Depreciation | (14,383) | |||
Total Costs, Net of Accumulated Depreciation | 25,525 | |||
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 | 3,162 | |||
Gross Amounts Carried at Close of Period, Land | 4,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,515 | |||
Gross Amounts Carried at Close of Period, Total | 24,848 | |||
Accumulated Depreciation | (9,436) | |||
Total Costs, Net of Accumulated Depreciation | 15,412 | |||
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 | 726 | |||
Gross Amounts Carried at Close of Period, Land | 231 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,116 | |||
Gross Amounts Carried at Close of Period, Total | 9,347 | |||
Accumulated Depreciation | (5,801) | |||
Total Costs, Net of Accumulated Depreciation | 3,546 | |||
Encumbrances | $ (5,438) | |||
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 | 3,472 | |||
Gross Amounts Carried at Close of Period, Land | 818 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,736 | |||
Gross Amounts Carried at Close of Period, Total | 7,554 | |||
Accumulated Depreciation | (3,841) | |||
Total Costs, Net of Accumulated Depreciation | 3,713 | |||
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 | 122 | |||
Gross Amounts Carried at Close of Period, Land | 2,897 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,896 | |||
Gross Amounts Carried at Close of Period, Total | 4,793 | |||
Accumulated Depreciation | (1,641) | |||
Total Costs, Net of Accumulated Depreciation | 3,152 | |||
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 | 2,415 | |||
Gross Amounts Carried at Close of Period, Land | 4,740 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,416 | |||
Gross Amounts Carried at Close of Period, Total | 26,156 | |||
Accumulated Depreciation | (9,402) | |||
Total Costs, Net of Accumulated Depreciation | 16,754 | |||
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 | 11,400 | |||
Gross Amounts Carried at Close of Period, Land | 3,453 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,393 | |||
Gross Amounts Carried at Close of Period, Total | 28,846 | |||
Accumulated Depreciation | (11,232) | |||
Total Costs, Net of Accumulated Depreciation | 17,614 | |||
Encumbrances | $ (10,832) | |||
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 | 13,959 | |||
Gross Amounts Carried at Close of Period, Land | 5,926 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,628 | |||
Gross Amounts Carried at Close of Period, Total | 41,554 | |||
Accumulated Depreciation | (10,219) | |||
Total Costs, Net of Accumulated Depreciation | 31,335 | |||
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 | 5,100 | |||
Gross Amounts Carried at Close of Period, Land | 2,655 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,717 | |||
Gross Amounts Carried at Close of Period, Total | 8,372 | |||
Accumulated Depreciation | (2,764) | |||
Total Costs, Net of Accumulated Depreciation | 5,608 | |||
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 | 1,869 | |||
Gross Amounts Carried at Close of Period, Land | 5,766 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,271 | |||
Gross Amounts Carried at Close of Period, Total | 32,037 | |||
Accumulated Depreciation | (9,607) | |||
Total Costs, Net of Accumulated Depreciation | 22,430 | |||
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 | 24,782 | |||
Gross Amounts Carried at Close of Period, Land | 17,822 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,806 | |||
Gross Amounts Carried at Close of Period, Total | 38,628 | |||
Accumulated Depreciation | (13,460) | |||
Total Costs, Net of Accumulated Depreciation | 25,168 | |||
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 | $ 4,946 | |||
Initial Cost to Company, Building and Improvements | 18,948 | |||
Cost Capitalized Subsequent to Acquisition | 3,500 | |||
Gross Amounts Carried at Close of Period, Land | 4,988 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,406 | |||
Gross Amounts Carried at Close of Period, Total | 27,394 | |||
Accumulated Depreciation | (8,674) | |||
Total Costs, Net of Accumulated Depreciation | 18,720 | |||
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 | 429 | |||
Gross Amounts Carried at Close of Period, Land | 102,512 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 149,953 | |||
Gross Amounts Carried at Close of Period, Total | 252,465 | |||
Accumulated Depreciation | (8,324) | |||
Total Costs, Net of Accumulated Depreciation | 244,141 | |||
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 | (7,303) | |||
Total Costs, Net of Accumulated Depreciation | 7,457 | |||
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 | (665) | |||
Total Costs, Net of Accumulated Depreciation | 24,742 | |||
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 | (130) | |||
Total Costs, Net of Accumulated Depreciation | 1,099 | |||
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 | 1,030 | |||
Gross Amounts Carried at Close of Period, Land | 2,973 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,172 | |||
Gross Amounts Carried at Close of Period, Total | 17,145 | |||
Accumulated Depreciation | (5,457) | |||
Total Costs, Net of Accumulated Depreciation | 11,688 | |||
Encumbrances | $ (9,560) | |||
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 | 3,900 | |||
Gross Amounts Carried at Close of Period, Land | 3,430 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,153 | |||
Gross Amounts Carried at Close of Period, Total | 26,583 | |||
Accumulated Depreciation | (8,240) | |||
Total Costs, Net of Accumulated Depreciation | 18,343 | |||
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 | 24,702 | |||
Gross Amounts Carried at Close of Period, Land | 6,726 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,854 | |||
Gross Amounts Carried at Close of Period, Total | 34,580 | |||
Accumulated Depreciation | (11,666) | |||
Total Costs, Net of Accumulated Depreciation | 22,914 | |||
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 | 827 | |||
Gross Amounts Carried at Close of Period, Land | 9,855 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,960 | |||
Gross Amounts Carried at Close of Period, Total | 39,815 | |||
Accumulated Depreciation | (2,134) | |||
Total Costs, Net of Accumulated Depreciation | 37,681 | |||
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 | 2,094 | |||
Gross Amounts Carried at Close of Period, Land | 13,949 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 44,278 | |||
Gross Amounts Carried at Close of Period, Total | 58,227 | |||
Accumulated Depreciation | (15,750) | |||
Total Costs, Net of Accumulated Depreciation | 42,477 | |||
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 | (1,263) | |||
Gross Amounts Carried at Close of Period, Land | 1,206 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,126 | |||
Gross Amounts Carried at Close of Period, Total | 9,332 | |||
Accumulated Depreciation | (4,252) | |||
Total Costs, Net of Accumulated Depreciation | 5,080 | |||
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 | 1,635 | |||
Gross Amounts Carried at Close of Period, Land | 8,910 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,754 | |||
Gross Amounts Carried at Close of Period, Total | 19,664 | |||
Accumulated Depreciation | (3,467) | |||
Total Costs, Net of Accumulated Depreciation | 16,197 | |||
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 | 2,248 | |||
Gross Amounts Carried at Close of Period, Land | 1,006 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,228 | |||
Gross Amounts Carried at Close of Period, Total | 7,234 | |||
Accumulated Depreciation | (3,697) | |||
Total Costs, Net of Accumulated Depreciation | 3,537 | |||
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 | 2,358 | |||
Gross Amounts Carried at Close of Period, Land | 3,044 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,584 | |||
Gross Amounts Carried at Close of Period, Total | 17,628 | |||
Accumulated Depreciation | (5,555) | |||
Total Costs, Net of Accumulated Depreciation | 12,073 | |||
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 | 2,503 | |||
Gross Amounts Carried at Close of Period, Land | 415 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,423 | |||
Gross Amounts Carried at Close of Period, Total | 3,838 | |||
Accumulated Depreciation | (48) | |||
Total Costs, Net of Accumulated Depreciation | 3,790 | |||
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 | 12,264 | |||
Gross Amounts Carried at Close of Period, Land | 3,775 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,319 | |||
Gross Amounts Carried at Close of Period, Total | 18,094 | |||
Accumulated Depreciation | (6,656) | |||
Total Costs, Net of Accumulated Depreciation | 11,438 | |||
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 | 2,460 | |||
Gross Amounts Carried at Close of Period, Land | 16,500 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 34,949 | |||
Gross Amounts Carried at Close of Period, Total | 51,449 | |||
Accumulated Depreciation | (2,609) | |||
Total Costs, Net of Accumulated Depreciation | 48,840 | |||
Encumbrances | $ (18,587) | |||
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 | (1,989) | |||
Gross Amounts Carried at Close of Period, Land | 3,269 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,824 | |||
Gross Amounts Carried at Close of Period, Total | 20,093 | |||
Accumulated Depreciation | (7,284) | |||
Total Costs, Net of Accumulated Depreciation | 12,809 | |||
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 | 13,586 | |||
Gross Amounts Carried at Close of Period, Land | 3,189 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,402 | |||
Gross Amounts Carried at Close of Period, Total | 24,591 | |||
Accumulated Depreciation | (13,221) | |||
Total Costs, Net of Accumulated Depreciation | 11,370 | |||
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 | 6,720 | |||
Gross Amounts Carried at Close of Period, Land | 437 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,693 | |||
Gross Amounts Carried at Close of Period, Total | 10,130 | |||
Accumulated Depreciation | (5,621) | |||
Total Costs, Net of Accumulated Depreciation | 4,509 | |||
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 | (7,267) | |||
Gross Amounts Carried at Close of Period, Land | 12,220 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,581 | |||
Gross Amounts Carried at Close of Period, Total | 30,801 | |||
Accumulated Depreciation | (10,027) | |||
Total Costs, Net of Accumulated Depreciation | 20,774 | |||
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 | 8,832 | |||
Gross Amounts Carried at Close of Period, Land | 11,204 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 53,714 | |||
Gross Amounts Carried at Close of Period, Total | 64,918 | |||
Accumulated Depreciation | (24,301) | |||
Total Costs, Net of Accumulated Depreciation | 40,617 | |||
Encumbrances | $ (47,250) | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
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 | 2,057 | |||
Gross Amounts Carried at Close of Period, Land | 2,189 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,663 | |||
Gross Amounts Carried at Close of Period, Total | 12,852 | |||
Accumulated Depreciation | (4,552) | |||
Total Costs, Net of Accumulated Depreciation | 8,300 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 6, 2001 | |||
New Development [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 47,400 | |||
Initial Cost to Company, Building and Improvements | 22,064 | |||
Cost Capitalized Subsequent to Acquisition | 32,699 | |||
Gross Amounts Carried at Close of Period, Land | 49,786 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 52,377 | |||
Gross Amounts Carried at Close of Period, Total | 102,163 | |||
Accumulated Depreciation | (116) | |||
Total Costs, Net of Accumulated Depreciation | 102,047 | |||
Encumbrances | 0 | |||
New Development [Member] | West Alex [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 | 31,181 | |||
Gross Amounts Carried at Close of Period, Land | 44,420 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 31,593 | |||
Gross Amounts Carried at Close of Period, Total | 76,013 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 76,013 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 1, 2016 | |||
New Development [Member] | The Whittaker [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,237 | |||
Initial Cost to Company, Building and Improvements | 19,395 | |||
Cost Capitalized Subsequent to Acquisition | 1,518 | |||
Gross Amounts Carried at Close of Period, Land | 5,366 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,784 | |||
Gross Amounts Carried at Close of Period, Total | 26,150 | |||
Accumulated Depreciation | (116) | |||
Total Costs, Net of Accumulated Depreciation | 26,034 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 24, 2017 | |||
Secured Debt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Fixed rate mortgage debt excluded from amount encumbrances | $ 50,900 | |||
Non-cash debt | 4,000 | |||
Deferred finance costs | $ (1,300) |
Real Estate And Accumulated 133
Real Estate And Accumulated Depreciation (Total Cost Of The Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 4,789,145 | $ 4,262,959 | $ 4,076,094 |
Additions at cost | 137,462 | 654,513 | 319,789 |
Retirements or sales | (334,105) | (126,666) | (79,608) |
Property held for sale | (78,721) | (1,563) | (53,163) |
Impairment loss | (14,922) | (98) | (153) |
Balance at end of year | $ 4,498,859 | $ 4,789,145 | $ 4,262,959 |
Real Estate And Accumulated 134
Real Estate And Accumulated Depreciation (Changes In Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 1,184,546 | $ 1,087,642 | $ 1,028,619 |
Additions at cost | 132,900 | 131,120 | 120,426 |
Retirements or sales | (127,391) | (33,132) | (42,603) |
Property held for sale | (23,929) | (1,084) | (18,800) |
Balance at end of year | $ 1,166,126 | $ 1,184,546 | $ 1,087,642 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Details) - Shopping Center [Member] - First Mortgages [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
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 |