Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
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 | 128,626,309 | ||
Entity Emerging Growth Company | false | ||
Entity Smaller Reporting Entity | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3.7 | ||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Rentals, net | $ 516,502 | $ 560,643 | $ 537,265 |
Other | 14,645 | 12,520 | 12,290 |
Total Revenues | 531,147 | 573,163 | 549,555 |
Operating Expenses: | |||
Depreciation and amortization | 161,838 | 167,101 | 162,535 |
Operating | 90,554 | 109,310 | 98,855 |
Real estate taxes, net | 69,268 | 75,636 | 66,358 |
Impairment loss | 10,120 | 15,257 | 98 |
General and administrative | 25,040 | 28,052 | 26,607 |
Total Operating Expenses | 356,820 | 395,356 | 354,453 |
Interest expense, net | (63,348) | (80,326) | (83,003) |
Interest and other income (expense) | 2,807 | 7,532 | 1,910 |
Gain on sale of property | 207,865 | 218,611 | 100,714 |
Gain on sale and acquisition of real estate joint venture and partnership interests | 0 | 0 | 48,322 |
Total Other Income | 147,324 | 145,817 | 67,943 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 321,651 | 323,624 | 263,045 |
(Provision) Benefit for Income Taxes | (1,378) | 17 | (6,856) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 25,070 | 27,074 | 20,642 |
Net Income | 345,343 | 350,715 | 276,831 |
Less: Net Income Attributable to Noncontrolling Interests | (17,742) | (15,441) | (37,898) |
Net Income Attributable to Common Shareholders | $ 327,601 | $ 335,274 | $ 238,933 |
Earnings Per Common Share - Basic: | |||
Net income attributable to common shareholders - basic (in dollars per share) | $ 2.57 | $ 2.62 | $ 1.90 |
Earnings Per Common Share - Diluted: | |||
Net income attributable to common shareholders - diluted (in dollars per share) | $ 2.55 | $ 2.60 | $ 1.87 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 345,343 | $ 350,715 | $ 276,831 |
Cumulative effect adjustment of accounting standards (see Note 2) | (1,541) | 0 | 0 |
Other Comprehensive (Loss) Income: | |||
Net unrealized gain on investments, net of taxes | 0 | 1,228 | 407 |
Realized gain on investments | 0 | (651) | 0 |
Realized loss on derivatives | 0 | 0 | (2,084) |
Net unrealized gain (loss) on derivatives | 1,379 | ||
Net unrealized gain (loss) on derivatives | 1,063 | (1,204) | |
Reclassification adjustment of derivatives and designated hedges into net income | (4,302) | (42) | 1,531 |
Retirement liability adjustment | 85 | 1,393 | (167) |
Total | (2,838) | 2,991 | (1,517) |
Comprehensive Income | 340,964 | 353,706 | 275,314 |
Comprehensive Income Attributable to Noncontrolling Interests | (17,742) | (15,441) | (37,898) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 323,222 | $ 338,265 | $ 237,416 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
ASSETS | |||
Property | $ 4,105,068 | $ 4,498,859 | |
Accumulated Depreciation | (1,108,188) | (1,166,126) | |
Property Held for Sale, net | 0 | 54,792 | |
Property, net | [1] | 2,996,880 | 3,387,525 |
Investment in Real Estate Joint Ventures and Partnerships, net | 353,828 | 317,763 | |
Total | 3,350,708 | 3,705,288 | |
Unamortized Lease Costs, net | 142,014 | 181,047 | |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $6,855 in 2018 and $7,516 in 2017) | 97,924 | 104,357 | |
Cash and Cash Equivalents | 65,865 | 13,219 | |
Restricted Deposits and Mortgage Escrows | 10,272 | 8,115 | |
Other, net | 160,178 | 184,613 | |
Total Assets | 3,826,961 | 4,196,639 | |
LIABILITIES AND EQUITY | |||
Debt, net | 1,794,684 | 2,081,152 | |
Accounts Payable and Accrued Expenses | 113,175 | 116,463 | |
Other, net | 168,403 | 189,182 | |
Total Liabilities | 2,076,262 | 2,386,797 | |
Commitments and Contingencies (see Note 18) | 0 | 0 | |
Deferred Compensation Share Awards | 0 | 0 | |
Shareholders' Equity: | |||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,333 in 2018 and 128,447 in 2017 | 3,893 | 3,897 | |
Additional Paid-In Capital | 1,766,993 | 1,772,066 | |
Net Income Less Than Accumulated Dividends | (186,431) | (137,065) | |
Accumulated Other Comprehensive Loss | (10,549) | (6,170) | |
Total Shareholders' Equity | 1,573,906 | 1,632,728 | |
Noncontrolling Interests | 176,793 | 177,114 | |
Total Equity | 1,750,699 | 1,809,842 | |
Total Liabilities and Equity | 3,826,961 | 4,196,639 | |
Consolidated variable interest entities' assets and debt included in the above balances (see Note 19): | |||
Property, net | 198,466 | 207,969 | |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 12,220 | 12,011 | |
Cash and Cash Equivalents | 8,243 | 9,025 | |
Debt, net | $ 45,774 | $ 46,253 | |
[1] | * Consolidated variable interest entities' assets and debt included in the above balances at December 31, 2018 and 2017 are Property, net of $198,466 and $207,969; Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net of $12,220 and $12,011; Cash and Cash Equivalents of $8,243 and $9,025; Debt, net of $45,774 and $46,253. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,855 | $ 7,516 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,333 in 2018 and 128,447 in 2017 | ||
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) | 128,333,000 | 128,447,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 128,333,000 | 128,447,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 345,343 | $ 350,715 | $ 276,831 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 161,838 | 167,101 | 162,535 |
Amortization of debt deferred costs and intangibles, net | 3,146 | 2,790 | 2,562 |
Impairment loss | 10,120 | 15,257 | 98 |
Equity in earnings of real estate joint ventures and partnerships, net | (25,070) | (27,074) | (20,642) |
Gain on sale and acquisition of real estate joint venture and partnership interests | 0 | 0 | (48,322) |
Gain on sale of property | (207,865) | (218,611) | (100,714) |
Distributions of income from real estate joint ventures and partnerships | 19,605 | 1,321 | 1,149 |
Changes in accrued rent, accrued contract receivables and accounts receivable, net | (2,807) | (18,964) | (14,488) |
Changes in unamortized lease costs and other assets, net | (8,632) | (13,299) | (16,900) |
Changes in accounts payable, accrued expenses and other liabilities, net | (2,315) | 4,970 | 8,963 |
Other, net | (7,403) | 5,552 | 1,339 |
Net cash provided by operating activities | 285,960 | 269,758 | 252,411 |
Cash Flows from Investing Activities: | |||
Acquisition of real estate and land | (1,265) | (1,902) | (500,421) |
Development and capital improvements | (155,528) | (133,336) | (101,179) |
Proceeds from sale of property and real estate equity investments, net | 607,486 | 433,661 | 234,952 |
Real estate joint ventures and partnerships - Investments | (38,096) | (37,173) | (52,834) |
Real estate joint ventures and partnerships - Distributions of capital | 6,936 | 28,791 | 51,714 |
Purchase of investments | 0 | (5,730) | (4,740) |
Proceeds from investments | 1,500 | 8,502 | 1,250 |
Other, net | 11,921 | 6,179 | 5,086 |
Net cash provided by (used in) investing activities | 432,954 | 298,992 | (366,172) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 638 | 0 | 249,999 |
Principal payments of debt | (257,028) | (28,723) | (144,788) |
Changes in unsecured credit facilities | 5,000 | (245,000) | 95,500 |
Repurchase of common shares of beneficial interest, net | (18,564) | 0 | 0 |
Proceeds from issuance of common shares of beneficial interest, net | 6,760 | 1,588 | 137,460 |
Common share dividends paid | (382,464) | (294,073) | (185,100) |
Debt issuance and extinguishment costs paid | (1,271) | (488) | (5,396) |
Distributions to noncontrolling interests | (19,155) | (19,342) | (9,563) |
Contributions from noncontrolling interests | 1,465 | 0 | 0 |
Other, net | 508 | (2,657) | (8,314) |
Net cash (used in) provided by financing activities | (664,111) | (588,695) | 129,798 |
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents | 54,803 | (19,945) | 16,037 |
Cash, cash equivalents and restricted cash equivalents at January 1 | 21,334 | 41,279 | 25,242 |
Cash, cash equivalents and restricted cash equivalents at December 31 | 76,137 | 21,334 | 41,279 |
Interest paid during the period (net of amount capitalized of $7,938, $4,868 and $2,656, respectively) | 65,507 | 79,161 | 79,515 |
Income taxes paid during the period | $ 1,545 | $ 1,009 | $ 958 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest paid | $ 7,938 | $ 4,868 | $ 2,656 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Thousands | Total | 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, 2015 | $ 1,545,010 | $ 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 | |||
Change in classification of deferred compensation plan (see Note 1) | (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 | ||||
Dividends paid – common shares | (185,100) | (185,100) | ||||
Distributions to noncontrolling interests | (9,563) | (9,563) | ||||
Acquisition of noncontrolling interests | (2,869) | 730 | (2,139) | |||
Other comprehensive income (loss) | (1,517) | (1,517) | ||||
Other, net | (26) | (26) | ||||
Ending balance at Dec. 31, 2016 | 1,716,896 | 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 | |||
Change in classification of deferred compensation plan (see Note 1) | 45,377 | 45,377 | ||||
Change in redemption value of deferred compensation plan | (619) | (619) | ||||
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) | |||
Ending balance at Dec. 31, 2017 | 1,809,842 | 3,897 | 1,772,066 | (137,065) | (6,170) | 177,114 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net Income | 345,343 | 327,601 | 17,742 | |||
Shares issued under benefit plans, net | 13,487 | 16 | 13,471 | |||
Dividends paid – common shares | (382,464) | (382,464) | ||||
Distributions to noncontrolling interests | (19,155) | (19,155) | ||||
Other comprehensive income (loss) | (2,838) | (2,838) | ||||
Other, net | (373) | (373) | ||||
Shares repurchased and cancelled | (18,564) | (20) | (18,544) | |||
Contributions from noncontrolling interests | 1,465 | 1,465 | ||||
Ending balance at Dec. 31, 2018 | $ 1,750,699 | $ 3,893 | $ 1,766,993 | $ (186,431) | $ (10,549) | $ 176,793 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 35.1 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 2.6% of base minimum rental revenues during 2018 . Total revenues generated by our centers located in Houston and its surrounding areas was 18.8% of total revenue for the year ended December 31, 2018 , and an additional 8.7% of total revenue was generated in 2018 from centers that are located in other parts of Texas. Also, in Florida and California, an additional 20.4% and 17.2% , respectively, of total revenue was generated in 2018 . 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 Rentals, net 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. Both of these revenues have been recognized under Accounting Standards Codification No. 840, “Leases.” 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 Other revenue consists of both customer contract revenue and income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which do not meet the definition of a lease or a customer contract. Revenues which do not meet the definition of a lease or customer contract are recognized as the related services are performed under the respective agreements. We have identified primarily three types of customer contract revenue; (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. At contract inception, we assess the services provided in these contracts and identify any performance obligations that are distinct. To identify the performance obligation, we consider all services whether explicitly stated or implied by customary business practices. We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations: Contract Type Performance Obligation Description Elements of Performance Obligations Payment Timing Management Agreements • Management and asset management services • Over time Typically monthly or quarterly • Leasing and legal preparation services • Point in time Licensing and Occupancy Agreements • Rent of non-specific space • Over time Typically monthly • Set-up services • Point in time Non-tenant Contracts • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. • Point in time Typically monthly • Set-up services • Point in time We also assess collectability of the customer contract revenue prior to recognition. None of these customer contracts include a significant financing component. Customer contract revenue for the year ended December 31, 2018 does not include any amounts that were from obligations satisfied (or partially satisfied) in prior periods, or was a contract liability at January 1, 2018. 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 operations through the disposal date and any associated gains are included in income from continuing operations. 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, Accrued Contract Receivables and Accounts Receivable, net Receivables include base rents, tenant reimbursements, amounts billed and currently due from customer contracts and receivables attributable to straight-line rental commitments. Accrued contract receivables includes amounts due from customers for contracts that do not qualify as a lease in which we earned the right to the consideration through the satisfaction of the performance obligation, but before the customer pays consideration or before payment is due. 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 collectability of the related receivables. Management’s estimate of the collectability 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, 2018 2017 Restricted deposits $ 8,150 $ 6,291 Mortgage escrows 2,122 1,824 Total $ 10,272 $ 8,115 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. 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 20 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 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. 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. These sales primarily fall under two types of contracts (1) sales of nonfinancial assets and (2) sales of investments in real estate joint ventures and partnerships. We review the sale contract to determine appropriate accounting guidance. Profits on sales of real estate are primarily not recognized until (a) a contract exists including: each party’s rights are identifiable along with the payment terms, the contract has commercial substance and the collection of consideration is probable; and (b) the performance obligation to transfer control of the asset has occurred; including transfer to the buyer of the usual risks and rewards of ownership. We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive consideration from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP. 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. Accrued contract receivables are reviewed for impairment based on changes in events or circumstances effecting our customers that may indicate that the carrying value of the asset may not be recoverable. An impairment charge will be recorded if we determine that the decline in the asset value is other than temporary or recovery of the cost basis is uncertain. Factors to be considered include current economic trends such as bankruptcy and market conditions affecting our investments in partially owned real estate joint ventures and partnerships. 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 made 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 the impact of the Tax Act (see Note 12 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: We have two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees that are classified as defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants, 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 2012 no longer receive service credits but continue to receive a 7.5% interest credit for active participants. All inactive participants receive a December 31, 90-day LIBOR rate plus .50% interest credit. 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 Other, net 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. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral. Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification 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. The following table summarizes the eligible share award activity since inception through the February 2017 plan amendment date (in thousands): December 31, 2018 2017 Balance at beginning of the period/inception $ — $ 44,758 Change in redemption value — 619 Change in classification — 988 Diversification of share awards — — Amendment reclassification — (46,365 ) Balance at end of period $ — $ — 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 a |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements 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, were effective for us on January 1, 2018. We adopted this guidance as of January 1, 2018 and applied it on a modified retrospective approach upon adoption. The adoption 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. 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, we recognized the cumulative effect for these fees which has increased retained earnings and accrued rent, accrued contract receivables and accounts receivable, net each by $.3 million . In addition, we evaluated controls around the implementation of this ASU and have concluded there was no significant impact on our control structure. We have included our customer contract revenues under the caption Other revenues in the Consolidated Statements of Operations and have expanded our disclosures related to this ASU in Note 1. 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 were effective for us as of January 1, 2018 and are 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 stranded tax effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." 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 were 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 and for contracts considered not completed. We recognized the cumulative effect for in substance nonfinancial assets in which gains would have been realized and have increased each of retained earnings and other assets by $3.6 million 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 were 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. The adoption of this ASU did not have a material impact to our consolidated financial statements. We have elected to use the practical expedient in determining estimates for applying the retrospective presentation requirements. For the year ended December 31, 2017 and 2016 , net periodic benefit cost originally included in General and administrative expenses, excluding the service cost component, of $.4 million and $.7 million , respectively, was included in Interest and Other Income (Expense) 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 required the modified retrospective transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. 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 Cuts and Jobs Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, were to be applied either at the beginning of the period of adoption or retrospectively, and early adoption was permitted. We adopted this ASU along with the adoption of ASU No. 2016-01 on January 1, 2018 and reclassified the related stranded tax effects of $.8 million in accumulated other comprehensive loss into retained earnings. Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU was further updated by ASU 2018-01, "Land Easement Practical Expedient for Transition for Topic 842", ASU 2018-10, "Codification Improvements to Topic 842", ASU 2018-11, "Targeted Improvements for Topic 842" and ASU 2018-20, "Narrow-Scope Improvements for Lessors." These ASUs set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASUs require 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 these ASUs is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. A practical expedient was added for lessors to elect, by class of underlying assets, to account for lease and non-lease components as a single lease component if certain criteria are met. The provisions of these ASUs were effective for us as of January 1, 2019 and applied on a modified retrospective approach. Upon adoption, we applied the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that we first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for expired or existing leases; and (3) initial direct costs for any existing leases. • The practical expedient which allows an entity not to reassess whether any existing or expired land easements that were not previously accounted for as a lease or if the contract contains a lease. • As an accounting policy election, a lessor may choose not to separate the nonlease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose by class of the underlying asset, not to apply the recognition requirements to short-term leases. We evaluated the impact to our lessor leases and other lessee leases that the adoption of this ASU will have on our consolidated financial statements. Based on our analysis, we have identified the following changes resulting from the adoption of the new pronouncement on January 1, 2019: • From the Lessor Perspective: ◦ Our existing leases will continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. We believe the majority of our leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. ◦ Capitalization of leasing costs has been limited under the new ASU which no longer allows indirect costs to be capitalized. Therefore indirect, internally-generated leasing and legal costs will no longer be capitalized upon adoption and will result in an increase in General and administrative expenses in our Consolidated Statement of Operations in the period of adoption prospectively. Also, we will continue to capitalize direct costs as defined within the ASU. We capitalized internal costs of $9.2 million , $9.5 million and $9.0 million for the year ended December 31, 2018 , 2017 and 2016, respectively. ◦ We are entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a non-lease component, which would need to be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). However, we have elected to apply the practical expedient for all our real estate related leases, to account for the lease and nonlease components as a single, combined operating lease component as long as the non-lease component is not predominate to the combined components within a contract. ◦ We previously accounted for real estate taxes that are paid directly by the tenant in our consolidated financial statements. These ASUs have indicated that a lessor should exclude from variable payments, lessor costs paid by a lessee directly to a third party. Therefore, beginning January 1, 2019, we are excluding any costs paid directly by the tenant from our revenues and expenses and will only include as variable payments those which are reimbursed to us by our tenants. Real estate taxes paid directly by our tenants was $4.3 million , $4.6 million and $4.2 million for the year ended December 31, 2018 , 2017 and 2016, respectively. • From the Lessee Perspective: ◦ We have ground lease agreements in which we are the lessee for land underneath all or a portion of 12 centers and four administrative office leases that we account for as operating leases. Also, we have one finance lease in which we are the lessee of two centers with a $21.9 million lease obligation. Based on current estimates for operating leases, we will recognize right of use assets in Other Assets, along with corresponding lease liabilities in Other Liabilities that are estimated to range between $40 million and $45 million in the Consolidated Balance Sheets. For these existing operating leases, we will continue to recognize a single lease expense for its existing ground and office operating leases, currently included in Operating expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. ◦ We will continue to recognize our finance lease asset balance in Property and our financing lease liability in Debt in our Consolidated Balance Sheets. Finance leases will charge a portion of the payment to both asset amortization and interest expense. In addition, we evaluated controls around the implementation of these ASUs and have concluded there was no significant impact on our control structure. In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU was further updated by ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." These ASUs amend 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 the ASUs 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 the ASUs will have on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." This ASU amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU No. 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for us as of January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU clarifies current disclosures and removes several disclosures requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. The ASU also requires additional disclosures for the weighted-average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. The provisions of ASU No. 2018-14 are effective for us as of December 31, 2020 using a retrospective basis for all periods presented, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. |
Property
Property | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Property | Property Our property consists of the following (in thousands): December 31, 2018 2017 Land $ 919,237 $ 1,068,022 Land held for development 45,673 69,205 Land under development 55,793 48,985 Buildings and improvements 2,927,954 3,232,074 Construction in-progress 156,411 80,573 Total $ 4,105,068 $ 4,498,859 During the year ended December 31, 2018 , we sold 22 centers and other property. Aggregate gross sales proceeds from these transactions approximated $557.3 million and generated gains of approximately $162.4 million . Also, for the year ended December 31, 2018 , we invested $74.1 million in new development projects. At December 31, 2018 , no property was classified as held for sale. At December 31, 2017 , three centers, totaling $78.7 million before accumulated depreciation, were classified as held for sale. None of these centers qualified to be reported in discontinued operations, and gains of $45.5 million were generated from these centers during the year ended December 31, 2018 . |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 12 Months Ended |
Dec. 31, 2018 | |
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 both 2018 and 2017. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): December 31, 2018 2017 Combined Condensed Balance Sheets ASSETS Property $ 1,268,557 $ 1,241,004 Accumulated depreciation (305,327 ) (285,033 ) Property, net 963,230 955,971 Other assets, net 104,267 115,743 Total Assets $ 1,067,497 $ 1,071,714 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 269,113 $ 298,124 Amounts payable to Weingarten Realty Investors and Affiliates 11,732 12,017 Other liabilities, net 24,717 24,759 Total Liabilities 305,562 334,900 Equity 761,935 736,814 Total Liabilities and Equity $ 1,067,497 $ 1,071,714 Year Ended December 31, 2018 2017 2016 Combined Condensed Statements of Operations Revenues, net $ 133,975 $ 137,419 $ 138,316 Expenses: Depreciation and amortization 32,005 34,818 38,242 Interest, net 11,905 11,836 16,076 Operating 24,112 23,876 26,126 Real estate taxes, net 18,839 18,865 17,408 General and administrative 696 623 816 Provision for income taxes 138 112 113 Impairment loss — — 1,303 Total 87,695 90,130 100,084 Gain on sale of non-operating property — — 373 Gain on dispositions 9,495 12,492 14,816 Net Income $ 55,775 $ 59,781 $ 53,421 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 $5.2 million and $2.2 million at December 31, 2018 and 2017 , 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 charges for both the year ended December 31, 2018 and 2017 . For the year ended December 31, 2016 , our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of 1.3 million , associated primarily with various centers that have been marketed and sold during the period. During 2018, a center was sold through a series of partial sales with gross sales proceeds of approximately $33.9 million , of which our share of the gain, included in equity in earnings in real estate joint ventures and partnerships, totaled $6.3 million . 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% . |
Identified Intangible Assets An
Identified Intangible Assets And Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 38,181 $ 44,231 Above-market leases - Accumulated Amortization (19,617 ) (17,397 ) In place leases (included in Unamortized Lease Costs, net) 193,658 224,201 In place leases - Accumulated Amortization (99,352 ) (96,202 ) $ 112,870 $ 154,833 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 85,742 $ 105,794 Below-market leases - Accumulated Amortization (27,745 ) (28,072 ) Above-market assumed mortgages (included in Debt, net) 3,446 10,063 Above-market assumed mortgages - Accumulated Amortization (1,660 ) (6,081 ) $ 59,783 $ 81,704 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 rental revenues by $12.8 million , $3.7 million and $2.1 million in 2018 , 2017 and 2016 , respectively. The significant year over year change in rental revenues in 2018 to 2017 is primarily due to a write-off of a below-market lease intangible from the termination of a tenant's lease. 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): 2019 $ 2,668 2020 2,741 2021 2,712 2022 2,560 2023 2,529 The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $29.8 million , $21.0 million and $18.0 million in 2018 , 2017 and 2016 , respectively. The significant year over year change in depreciation and amortization from 2018 to 2017 is primarily due to the write-off of in-place lease intangibles from the termination of tenant leases. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands): 2019 $ 13,539 2020 12,564 2021 10,501 2022 8,472 2023 7,285 The net amortization of above-market assumed mortgages decreased net interest expense by $.7 million , $1.1 million and $1.0 million in 2018 , 2017 and 2016 , respectively. The estimated net amortization of these intangible liabilities will decrease net interest expense for each of the next five years as follows (in thousands): 2019 $ 327 2020 327 2021 287 2022 141 2023 136 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following (in thousands): December 31, 2018 2017 Debt payable, net to 2038 (1) $ 1,706,886 $ 1,996,007 Unsecured notes payable under credit facilities 5,000 — Debt service guaranty liability 60,900 64,145 Obligations under capital leases 21,898 21,000 Total $ 1,794,684 $ 2,081,152 ___________________ (1) At December 31, 2018 , interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0% . At December 31, 2017 , interest rates ranged from 2.6% 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, 2018 2017 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,771,999 $ 2,063,263 Variable-rate debt 22,685 17,889 Total $ 1,794,684 $ 2,081,152 As to collateralization: Unsecured debt $ 1,457,432 $ 1,667,462 Secured debt 337,252 413,690 Total $ 1,794,684 $ 2,081,152 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, 2018 and 2017 , 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, 2018 , that we maintain for cash management purposes, which matures in March 2019 . At both December 31, 2018 and 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. The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): December 31, 2018 2017 Unsecured revolving credit facility: Balance outstanding $ 5,000 $ — Available balance 492,946 493,610 Letter of credit outstanding under facility 2,054 6,390 Variable interest rate (excluding facility fee) at end date 3.3 % — % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate at end date — % — % Both facilities: Maximum balance outstanding during the year $ 26,500 $ 245,000 Weighted average balance 1,096 133,386 Year-to-date weighted average interest rate (excluding facility fee) 2.9 % 1.8 % 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, 2018 and 2017 , we had $60.9 million and $64.1 million outstanding for the debt service guaranty liability, respectively. During the year ended December 31, 2018 , we prepaid, without penalty, our $200 million unsecured variable-rate term loan, swapped to a fixed rate of 2.5% , and terminated the associated interest rate swap contracts (see Note 7 for additional information). Additionally during the year ended December 31, 2018 , we paid at par $51.0 million of outstanding debt. These transactions resulted in a net gain upon their extinguishment of $.4 million , excluding the effect of the swap termination (see Note 7 for additional information). Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At December 31, 2018 and 2017 , the carrying value of such assets aggregated $.6 billion and $.7 billion , respectively. Additionally at December 31, 2018 , investments of $5.2 million in Restricted Deposits and Mortgage Escrows are held as collateral for letters of credit totaling $5.0 million . Scheduled principal payments on our debt (excluding $5.0 million unsecured notes payable under our credit facilities, $21.9 million of certain capital leases, $(4.6) million net premium/(discount) on debt, $(6.9) million of deferred debt costs, $1.8 million of non-cash debt-related items, and $60.9 million debt service guaranty liability) are due during the following years (in thousands): 2019 $ 73,004 2020 5,296 2021 18,434 2022 307,922 2023 347,815 2024 252,153 2025 293,807 2026 277,291 2027 38,288 2028 92,159 Thereafter 10,435 Total $ 1,716,604 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, 2018 . |
Derivatives And Hedging
Derivatives And Hedging | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Other Assets, net $ — Other Liabilities, net $ — December 31, 2017 Other Assets, net 2,035 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, 2018 Assets $ — $ — $ — $ — $ — $ — December 31, 2017 Assets 2,035 — 2,035 — — 2,035 Cash Flow Hedges As of December 31, 2018 , we had no active interest rate swap contracts. During the year ended December 31, 2018 , associated with the prepayment of an unsecured note, we terminated three interest rate swap contracts that had an aggregate notional amount of $200 million , and we recognized a $3.4 million gain due to the probability that the related hedged forecasted transactions would no longer occur. As of December 31, 2017 , we had three interest rate swap contracts, maturing through March 1, 2020 , with an aggregate notional amount of $200 million that were designated as cash flow hedges and fixed the LIBOR component of the interest rates at 1.5% . As of December 31, 2018 and 2017 , the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $4.5 million and $7.4 million , respectively, which will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, approximately $.9 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 (Loss) on Derivative Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring Total Amount of Interest Expense, net Presented in the Consolidated Statement of Operations Year Ended December 31, 2018 $ (1,379 ) Interest expense, net $ 912 Interest expense, net $ 3,390 $ (63,348 ) Year Ended December 31, 2017 (1,063 ) Interest expense, 42 Interest expense, — (80,326 ) Year Ended December 31, 2016 3,192 Interest expense, (1,435 ) Interest expense, (96 ) (83,003 ) 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 _______________ (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. |
Common Shares Of Beneficial Int
Common Shares Of Beneficial Interest | 12 Months Ended |
Dec. 31, 2018 | |
Class of Stock Disclosures [Abstract] | |
Common Shares of Beneficial Interest | Common Shares of Beneficial Interest We have a $200 million share repurchase plan where 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. During the year ended December 31, 2018 , we repurchased .7 million common shares at an average price of $27.10 per share. At December 31, 2018 and as of the date of this filing, $181.5 million of common shares remained available to be repurchased under this plan. Common dividends declared per share were $2.98 , $2.29 and $1.46 for the year ended December 31, 2018 , 2017 and 2016 , respectively. The regular dividend rate per share for our common shares for each quarter of 2018 and 2017 was $.395 and $.385 , respectively. Also in each December 2018 and 2017, we paid a special dividend for our common shares in an amount per share of $1.40 and $.75 , respectively, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2018 , a first quarter dividend of $.395 per common share was approved by our Board of Trust Managers. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net income adjusted for noncontrolling interests $ 327,601 $ 335,274 $ 238,933 Transfers from the noncontrolling interests: 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 $ 327,601 $ 335,274 $ 241,072 |
Leasing Operations
Leasing Operations | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Leasing Operations | Leasing Operations Many of our leases are for terms of less than 10 years and may include multiple options to extend the lease term in increments up to five years. 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 estimated contingent rentals, at December 31, 2018 is as follows (in thousands): 2019 $ 347,476 2020 305,404 2021 253,269 2022 198,414 2023 151,538 Thereafter 473,416 Total $ 1,729,517 Contingent rentals recognized in Rentals, net for the year ended December 31, are as follows (in thousands): 2018 $ 118,703 2017 129,635 2016 114,505 |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2018 | |
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 20 for additional fair value information) (in thousands): Year Ended December 31, 2018 2017 2016 Continuing operations: Properties held for sale, under contract for sale or sold (1) $ 9,969 $ 12,203 $ 98 Land held for development and undeveloped land (1) 151 2,719 — Other — 335 — Total impairment charges 10,120 15,257 98 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net — — 326 Net income attributable to noncontrolling interests (17 ) 21 — Net impact of impairment charges $ 10,103 $ 15,278 $ 424 ___________________ (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, 2018 | |
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 $211.0 million and $193.4 million at December 31, 2018 and 2017 , respectively. The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands): Year Ended December 31, 2018 2017 2016 Net income adjusted for noncontrolling interests $ 327,601 $ 335,274 $ 238,933 Net (income) loss of taxable REIT subsidiary included above (13,496 ) 4,220 (14,497 ) Net income from REIT operations 314,105 339,494 224,436 Book depreciation and amortization 158,607 162,964 162,534 Tax depreciation and amortization (89,700 ) (95,512 ) (104,734 ) Book/tax difference on gains/losses from capital transactions 19,807 6,261 (64,917 ) Deferred/prepaid/above and below-market rents, net (15,589 ) (11,146 ) (13,114 ) Impairment loss from REIT operations 10,008 5,071 369 Other book/tax differences, net (13,718 ) (244 ) (2,694 ) REIT taxable income 383,520 406,888 201,880 Dividends paid deduction (1) (383,520 ) (406,888 ) (201,880 ) Dividends paid in excess of taxable income $ — $ — $ — ___________________ (1) For 2018 , 2017 and 2016 , the dividends paid deduction includes designated dividends of $105.7 million , $112.8 million and $16.8 million from 2019 , 2018 and 2017 , respectively. For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows: Year Ended December 31, 2018 2017 2016 Ordinary income 42.2 % 23.0 % 80.7 % Capital gain distributions 57.8 % 77.0 % 19.3 % 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, 2018 2017 Deferred tax assets: Impairment loss (1) $ 4,732 $ 7,220 Allowance on other assets 3 15 Interest expense — 5,703 Net operating loss carryforwards (2) 11,132 7,428 Straight-line rentals 1,391 916 Book-tax basis differential 1,800 1,676 Other 198 188 Total deferred tax assets 19,256 23,146 Valuation allowance (3) (12,787 ) (15,587 ) Total deferred tax assets, net of allowance $ 6,469 $ 7,559 Deferred tax liabilities: Book-tax basis differential (1) $ 6,005 $ 6,618 Other 398 517 Total deferred tax liabilities $ 6,403 $ 7,135 ___________________ (1) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold. (2) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037 and $17.6 million that is an indefinite carryforward. (3) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced. We are subject to federal, state and local income taxes and have recorded an income tax provision (benefit) as follows (in thousands): Year Ended December 31, 2018 2017 2016 Net income (loss) before taxes of taxable REIT subsidiary $ 13,480 $ (5,788 ) $ 20,295 Federal provision (benefit) (1) $ 2,831 $ (2,026 ) $ 7,103 Valuation allowance decrease (2,800 ) — (1,251 ) Effect of change in statutory rate on net deferrals — 282 — Other (46 ) 176 (54 ) Federal income tax (benefit) provision of taxable REIT subsidiary (2) (15 ) (1,568 ) 5,798 State and local taxes, primarily Texas franchise taxes 1,393 1,551 1,058 Total $ 1,378 $ (17 ) $ 6,856 ___________________ (1) At statutory rate of 21% for the year ended December 31, 2018 and 35% for both the year ended December 31, 2017 and 2016. (2) All periods from December 31, 2015 through December 31, 2018 are open for examination by the IRS. Also, a current tax obligation of $1.5 million and $1.6 million has been recorded at December 31, 2018 and 2017 , respectively, in association with these taxes. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Cash and cash equivalents $ 65,865 $ 13,219 $ 16,257 Restricted deposits and mortgage escrows (see Note 1) 10,272 8,115 25,022 Total $ 76,137 $ 21,334 $ 41,279 Non-cash investing and financing activities are summarized as follows (in thousands): Year Ended December 31, 2018 2017 2016 Accrued property construction costs $ 11,135 $ 7,728 $ 5,738 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures — — 2,139 Reduction of debt service guaranty liability (3,245 ) (2,980 ) (2,710 ) 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 ) Consolidation of joint ventures: 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, 2018 | |
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. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Numerator: Net income $ 345,343 $ 350,715 $ 276,831 Net income attributable to noncontrolling interests (17,742 ) (15,441 ) (37,898 ) Net income attributable to common shareholders – basic 327,601 335,274 238,933 Income attributable to operating partnership units — 3,084 1,996 Net income attributable to common shareholders – diluted $ 327,601 $ 338,358 $ 240,929 Denominator: Weighted average shares outstanding – basic 127,651 127,755 126,048 Effect of dilutive securities: Share options and awards 790 870 1,059 Operating partnership units — 1,446 1,462 Weighted average shares outstanding – diluted 128,441 130,071 128,569 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, 2018 2017 2016 Share options (1) — — 2 Operating partnership units 1,432 — — Total anti-dilutive securities 1,432 — 2 ___________________ (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, 2018 | |
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 .1 million remain outstanding as of December 31, 2018 . Under our Amended and Restated 2010 Long-Term Incentive Plan (as amended) 4.0 million common shares are reserved for issuance, and options and share awards of 1.3 million are available for future grant at December 31, 2018 . This plan expires in April 2028 . Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $7.3 million in 2018 , $8.6 million in 2017 and $8.5 million in 2016 , of which $1.1 million in 2018 , $1.7 million in 2017 and $1.9 million in 2016 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, 2018 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2016 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 Forfeited or expired (196,159 ) 32.22 Exercised (352,318 ) 19.78 Outstanding, December 31, 2018 279,877 $ 22.30 The total intrinsic value of options exercised was $3.6 million in 2018 , $1.7 million in 2017 and $14.9 million in 2016 . 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, 2018 : 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 35,372 0.2 years $ 11.85 35,372 0.2 years $ 11.85 $17.79 - $26.69 244,505 1.8 years $ 23.81 244,505 1.8 years $ 23.81 Total 279,877 1.6 years $ 22.30 $ 702 279,877 1.6 years $ 22.30 $ 702 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, 2018 Minimum Maximum Dividend yield 0.0 % 5.5 % Expected volatility (1) 18.5 % 20.4 % Expected life (in years) N/A 3 Risk-free interest rate 1.8 % 2.4 % _______________ (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, 2018 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2018 619,606 $ 33.81 Granted: Service-based awards 137,182 28.11 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 60,909 29.69 Market-based awards relative to three-year absolute TSR 60,908 13.68 Trust manager awards 34,328 27.95 Vested (228,698 ) 33.58 Forfeited (9,942 ) 32.40 Outstanding, December 31, 2018 674,293 $ 30.26 As of December 31, 2018 and 2017 , there was approximately $1.8 million and $2.2 million , respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.7 years at both December 31, 2018 and 2017 . |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 . December 31, 2018 2017 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 58,998 $ 52,975 Service cost 1,295 1,223 Interest cost 2,056 2,123 Actuarial (gain) loss (1) (4,478 ) 4,502 Benefit payments (2,112 ) (1,825 ) Benefit obligation at end of year $ 55,759 $ 58,998 Change in Plan Assets: Fair value of plan assets at beginning of year $ 53,808 $ 45,498 Actual return on plan assets (1,894 ) 7,635 Employer contributions 1,000 2,500 Benefit payments (2,112 ) (1,825 ) Fair value of plan assets at end of year $ 50,802 $ 53,808 Unfunded status at end of year (included in accounts payable and accrued expenses in 2018 and 2017) $ (4,957 ) $ (5,190 ) Accumulated benefit obligation $ 55,683 $ 58,860 Net loss recognized in accumulated other comprehensive loss $ 15,050 $ 15,135 ___________________ (1) The change in actuarial (gain) loss is associated primarily to census and mortality table updates and an increase in the discount rate in 2018. 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, 2018 2017 2016 Net loss $ 1,143 $ 82 $ 1,719 Amortization of net loss (1) (1,228 ) (1,475 ) (1,552 ) Total recognized in other comprehensive (income) loss $ (85 ) $ (1,393 ) $ 167 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 767 $ 213 $ 2,103 ___________________ (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 $1.2 million . The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands): December 31, 2018 2017 Projected benefit obligation $ 55,759 $ 58,998 Accumulated benefit obligation 55,683 58,860 Fair value of plan assets 50,802 53,808 The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Service cost $ 1,295 $ 1,223 $ 1,277 Interest cost 2,056 2,123 2,078 Expected return on plan assets (3,727 ) (3,215 ) (2,971 ) Amortization of net loss 1,228 1,475 1,552 Total $ 852 $ 1,606 $ 1,936 The components of net periodic benefit cost other than the service cost component are included in Interest and Other Income (Expense) in the Consolidated Statements of Operations. The assumptions used to develop net periodic benefit cost are shown below: Year Ended December 31, 2018 2017 2016 Discount rate 3.50 % 4.01 % 4.11 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.00 % 7.00 % 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 2018 . The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2018 2017 2016 Discount rate 4.12 % 3.50 % 4.01 % Salary scale increases 3.50 % 3.50 % 3.50 % The expected contribution to be paid for the Retirement Plan by us during 2019 is approximately $1.0 million . The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2019 $ 2,395 2020 2,462 2021 2,618 2022 2,761 2023 2,920 2024-2028 15,774 The participant data used in determining the liabilities and costs for the Retirement Plan was collected as of January 1, 2018 , and no significant changes have occurred through December 31, 2018 . At December 31, 2018 , our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows: Portfolio Benchmark Cash and Short-Term Investments 5 % 4 % U.S. Stocks 49 % 54 % International Stocks 11 % 10 % U.S. Bonds 29 % 29 % International Bonds 5 % 3 % Other 1 % — % Total 100 % 100 % The fair value of plan assets was determined based on publicly quoted market prices for identical assets, which are classified as Level 1 observable inputs. The allocation of the fair value of plan assets was as follows: December 31, 2018 2017 Cash and Short-Term Investments 20 % 17 % Large Company Funds 33 % 36 % Mid Company Funds 7 % 6 % Small Company Funds 6 % 6 % International Funds 8 % 10 % Fixed Income Funds 18 % 16 % Growth Funds 8 % 9 % 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% , 17% , 16% , 14% and 10% of total equity investments, respectively. Defined Contribution Plans: Compensation expense related to our defined contribution plans was $3.8 million in 2018 , $3.9 million in 2017 and $3.5 million in 2016 . |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
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 $.5 million and $2.0 million outstanding as of December 31, 2018 and 2017 , respectively. We also had accounts payable and accrued expenses of $.7 million and $.4 million outstanding as of December 31, 2018 and 2017 , respectively. We recorded joint venture fee income included in Other revenues for the year ended December 31, 2018 , 2017 and 2016 of $6.1 million , $6.2 million and $5.1 million , respectively. 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 the land parcel. 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, and we recognized a gain of $9.0 million on the fair value remeasurement of our equity method investment. In February 2016, in exchange for our partners' aggregate 49% interest in a venture and $2.5 million in cash, we distributed one center to our partners, and we re-measured our investment in this venture to its fair value, and recognized a gain of $37.4 million . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 and in some cases, options to purchase the underlying asset by either the lessor or lessee. Space in our shopping centers is leased to tenants pursuant to agreements that provide for terms of less than 10 years and may include multiple options to extend the lease term in increments up to five years, 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): 2019 $ 2,779 2020 2,536 2021 2,334 2022 2,318 2023 2,283 Thereafter 99,302 Total $ 111,552 Rental expense for operating leases was, in millions: $3.1 in 2018 ; $2.9 in 2017 and $3.0 in 2016 , which was recognized in Operating expense. Minimum revenues under subleases, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases was, in millions: $22.8 million in 2018; $27.1 million in 2017 and $27.0 million in 2016. 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): 2019 $ 22,528 2020 20,903 2021 18,886 2022 17,245 2023 15,128 Thereafter 43,439 Total $ 138,129 Property under capital leases that is included in buildings and improvements consisted of two centers totaling $15.7 million and $16.8 million at December 31, 2018 and 2017 , respectively. Amortization of property under capital leases is included in depreciation and amortization expense, and the balance of accumulated depreciation associated with these capital leases was $14.1 million and $15.5 million at December 31, 2018 and 2017 , respectively. Future minimum lease payments under these capital leases total $29.4 million , of which $7.5 million represents interest. Accordingly, the remaining balance of the related lease liability included in Debt, net in the Consolidated Balance Sheet was $21.9 million at December 31, 2018 . The annual future minimum lease payments under capital leases as of December 31, 2018 are as follows (in thousands): 2019 $ 1,642 2020 1,635 2021 1,627 2022 1,618 2023 22,878 Total $ 29,400 Total future minimum revenues under subleases, applicable to these capital leases, under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions as of December 31, 2018 , are $14.4 million . Commitments and Contingencies As of December 31, 2018 and 2017 , 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 $36 million and $47 million as of December 31, 2018 and 2017 , respectively. As of December 31, 2018 , we have entered into commitments aggregating $190.7 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, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At both December 31, 2018 and 2017 , nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 21 and 22 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. A summary of our consolidated VIEs is as follows (in thousands): December 31, 2018 2017 Assets Held by VIEs $ 225,388 $ 235,713 Assets Held as Collateral for Debt (1) 40,004 42,979 Maximum Risk of Loss (1) 29,784 29,784 ___________________ (1) 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. Unconsolidated VIEs: At both December 31, 2018 and 2017 , 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, 2018 2017 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 76,575 $ 36,784 Other Liabilities, net (2) 6,592 5,799 Maximum Risk of Loss (3) 34,000 34,000 ___________________ (1) The carrying amount of the investment represents our contributions to a real estate joint venture, net of any distributions made and our portion of the equity in earnings of the real estate joint venture. The increase between the periods represents new development funding of a mixed-use project. (2) Includes the carrying amount of an investment where distributions have exceeded our contributions and our portion of the equity in earnings for a real estate joint venture. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. Additionally, our investment, including contributions and distributions, associated with a mixed-use project is disclosed in (1) above. 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 $57 million through 2020 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , 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 Assets: Cash equivalents, primarily money market funds (1) $ 54,848 $ 54,848 Restricted cash, primarily money market funds (1) 5,254 5,254 Investments, mutual funds held in a grantor trust (1) 30,996 30,996 Investments, mutual funds (1) 6,635 6,635 Total $ 97,733 $ — $ — $ 97,733 Liabilities: Deferred compensation plan obligations $ 30,996 $ 30,996 Total $ 30,996 $ — $ — $ 30,996 ___________________ (1) For the year ended December 31, 2018 , a net gain of $1.4 million was included in Interest and Other Income (Expense), of which $(3.0) million represented an unrealized loss. Quoted Prices Significant Significant Fair Value at 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 Nonrecurring Fair Value Measurements: Property 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, 2018 . 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, 2018 2017 Carrying Value Fair Value Fair Value Carrying Value Fair Value Fair Value Other Assets: Tax increment revenue bonds (1) $ 20,009 $ 25,000 $ 22,097 $ 25,000 Investments, held to maturity (2) 3,000 $ 2,988 4,489 $ 4,479 Debt: Fixed-rate debt 1,771,999 1,761,215 2,063,263 2,109,658 Variable-rate debt 22,685 23,131 17,889 16,393 ___________________ (1) At December 31, 2018 and 2017 , 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, 2018 and 2017 , these investments had unrealized losses of $12 thousand and $10 thousand , respectively. The quantitative information about the significant unobservable inputs used for our Level 3 nonrecurring fair value measurements as of December 31, 2017 reported in the above table, is as follows: Fair Value at December 31, Range 2017 Minimum Maximum Description (in thousands) Valuation Technique Unobservable Inputs 2017 2017 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 _______________ (1) Only applies to one property valuation. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 Revenues $ 132,452 (1) $ 142,086 (1) $ 128,790 (1) $ 127,819 (1) Net income 148,969 (2)(3) 79,871 (1)(2)(4) 53,274 (2)(4) 63,229 (2)(4) Net income attributable to common shareholders 146,824 (2)(3) 78,289 (1)(2)(4) 42,981 (2)(4)(5) 59,507 (2)(4) Earnings per common share – basic 1.15 (2)(3) .61 (1)(2)(4) .34 (2)(4)(5) .47 (2)(4) Earnings per common share – diluted 1.13 (2)(3) .61 (1)(2)(4) .34 (2)(4)(5) .46 (2)(4) 2017 Revenues $ 143,663 $ 146,023 $ 144,110 $ 139,367 Net income 36,396 (2)(4)(6) 69,193 (2) 74,473 (2) 170,653 (2)(6) Net income attributable to common shareholders 30,826 (2)(4)(5)(6) 63,852 (2)(5) 72,629 (2) 167,967 (2)(6) Earnings per common share – basic .24 (2)(4)(5)(6) .50 (2)(5) .57 (2) 1.31 (2)(6) Earnings per common share – diluted .24 (2)(4)(5)(6) .49 (2)(5) .56 (2) 1.30 (2)(6) ___________________ (1) The quarter results include revenues associated with dispositions, which totaled $11.9 million , $8.3 million , $7.0 million and $4.1 million for the three months ended March 31, 2018 , June 30, 2018 , September 30, 2018 and December 31, 2018 , respectively. Additionally, a $ 10.0 million write-off of a below-market lease intangible from the termination of a tenant's lease increased revenues for the three months ended June 30, 2018. (2) The quarter results include significant gains on the sale of property, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $111.4 million , $48.2 million , $19.8 million and $34.8 million for the three months ended March 31, 2018 , June 30, 2018 , September 30, 2018 and December 31, 2018 , respectively, and $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. (3) The quarter results include a gain on extinguishment of debt including related swap activity totaling $ 3.8 million for the three months ended March 31, 2018 . (4) The quarter results include a $ 13.1 million write-off of an in-place lease intangible for the three months ended June 30, 2018 and a $ 3.1 million lease termination fee for the three months ended March 31, 2017. Additionally, the quarter results include $ 2.4 million and $ 7.7 million of impairment losses for the three months ended September 30, 2018 and December 31, 2018, respectively, and $ 15.0 million of impairment losses for the three months ended March 31, 2017. (5) Associated primarily with the gains discussed in (2) above, amounts in net income attributable to noncontrolling interests are: $.5 million , $ 8.6 million and $1.9 million for the three months ended March 31, 2018 , September 30, 2018 and December 31, 2018 , respectively, and $ 3.9 million and $ 3.6 million for the three months ended March 31, 2017 and June 30, 2017, respectively. (6) 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. These tax amounts result from gains associated with the disposition of centers and land. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017. * * * * * |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | WEINGARTEN REALTY INVESTORS VALUATION AND QUALIFYING ACCOUNTS December 31, 2018 , 2017 , and 2016 (Amounts in thousands) Description Balance at beginning of period Charged to costs and expenses Deductions (1) Balance at end of period 2018 Allowance for Doubtful Accounts $ 7,516 $ 2,361 $ 3,022 $ 6,855 Tax Valuation Allowance 15,587 — 2,800 12,787 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 ___________________ (1) The tax valuation allowance deductions for the year ended 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, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 $ 1,285 $ 1,791 $ 8,755 $ 10,546 $ (7,572 ) $ 2,974 $ (6,302 ) 03/20/2008 580 Market Place 3,892 15,570 3,949 3,889 19,522 23,411 (9,164 ) 14,247 (14,939 ) 04/02/2001 8000 Sunset Strip Shopping Center 18,320 73,431 7,853 18,320 81,284 99,604 (16,428 ) 83,176 — 06/27/2012 Alabama Shepherd Shopping Center 637 2,026 8,127 1,062 9,728 10,790 (5,802 ) 4,988 — 04/30/2004 Argyle Village Shopping Center 4,524 18,103 5,674 4,526 23,775 28,301 (10,914 ) 17,387 — 11/30/2001 Avent Ferry Shopping Center 1,952 7,814 1,355 1,952 9,169 11,121 (4,079 ) 7,042 — 04/04/2002 Baybrook Gateway 10,623 30,307 4,712 10,623 35,019 45,642 (4,795 ) 40,847 — 02/04/2015 Bellaire Blvd. Shopping Center 124 37 936 1,011 86 1,097 (43 ) 1,054 — 11/13/2008 Blalock Market at I-10 — 4,730 2,075 — 6,805 6,805 (5,466 ) 1,339 — 12/31/1990 Boca Lyons Plaza 3,676 14,706 5,724 3,651 20,455 24,106 (8,567 ) 15,539 — 08/17/2001 Broadway Marketplace 898 3,637 2,170 906 5,799 6,705 (3,677 ) 3,028 — 12/16/1993 Brookwood Marketplace 7,050 15,134 7,354 7,511 22,027 29,538 (6,899 ) 22,639 — 08/22/2006 Brownsville Commons 1,333 5,536 583 1,333 6,119 7,452 (2,006 ) 5,446 — 05/22/2006 Bull City Market 930 6,651 898 930 7,549 8,479 (2,657 ) 5,822 (3,325 ) 06/10/2005 Cambrian Park Plaza 48,803 1,089 115 48,851 1,156 50,007 (966 ) 49,041 — 02/27/2015 Camelback Village Square — 8,720 1,360 — 10,080 10,080 (6,183 ) 3,897 — 09/30/1994 Camp Creek Marketplace II 6,169 32,036 3,402 4,697 36,910 41,607 (11,276 ) 30,331 — 08/22/2006 Capital Square 1,852 7,406 1,543 1,852 8,949 10,801 (4,433 ) 6,368 — 04/04/2002 Centerwood Plaza 915 3,659 3,552 914 7,212 8,126 (3,310 ) 4,816 — 04/02/2001 Charleston Commons Shopping Center 23,230 36,877 3,604 23,210 40,501 63,711 (13,221 ) 50,490 — 12/20/2006 Chino Hills Marketplace 7,218 28,872 12,949 7,234 41,805 49,039 (22,076 ) 26,963 — 08/20/2002 Citadel Building 3,236 6,168 9,000 534 17,870 18,404 (14,929 ) 3,475 — 12/30/1975 College Park Shopping Center 2,201 8,845 7,267 2,641 15,672 18,313 (12,047 ) 6,266 (11,475 ) 11/16/1998 Colonial Plaza 10,806 43,234 16,010 10,813 59,237 70,050 (31,238 ) 38,812 — 02/21/2001 Countryside Centre 15,523 29,818 10,502 15,559 40,284 55,843 (15,032 ) 40,811 — 07/06/2007 Creekside Center 1,732 6,929 2,790 1,730 9,721 11,451 (4,853 ) 6,598 (7,189 ) 04/02/2001 Crossing At Stonegate 6,400 23,384 325 6,400 23,709 30,109 (2,073 ) 28,036 (13,953 ) 02/12/2016 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction Cypress Pointe $ 3,468 $ 8,700 $ 1,239 $ 3,793 $ 9,614 $ 13,407 $ (6,684 ) $ 6,723 $ — 04/04/2002 Deerfield Mall 10,522 94,321 4,929 27,806 81,966 109,772 (7,313 ) 102,459 — 05/05/2016 Desert Village Shopping Center 3,362 14,969 2,253 3,362 17,222 20,584 (4,118 ) 16,466 — 10/28/2010 Edgewater Marketplace 4,821 11,225 691 4,821 11,916 16,737 (3,039 ) 13,698 — 11/19/2010 El Camino Promenade 4,431 20,557 4,919 4,429 25,478 29,907 (10,927 ) 18,980 — 05/21/2004 Embassy Lakes Shopping Center 2,803 11,268 2,433 2,803 13,701 16,504 (5,560 ) 10,944 — 12/18/2002 Entrada de Oro Plaza Shopping Center 6,041 10,511 2,144 6,115 12,581 18,696 (4,724 ) 13,972 — 01/22/2007 Epic Village St. Augustine 283 1,171 4,092 320 5,226 5,546 (3,826 ) 1,720 — 09/30/2009 Falls Pointe Shopping Center 3,535 14,289 1,482 3,542 15,764 19,306 (6,319 ) 12,987 — 12/17/2002 Festival on Jefferson Court 5,041 13,983 4,069 5,022 18,071 23,093 (7,599 ) 15,494 — 12/22/2004 Fiesta Trails 8,825 32,790 11,811 11,267 42,159 53,426 (15,862 ) 37,564 — 09/30/2003 Fountain Plaza 1,319 5,276 1,918 1,095 7,418 8,513 (4,761 ) 3,752 — 03/10/1994 Francisco Center 1,999 7,997 4,373 2,403 11,966 14,369 (8,662 ) 5,707 (10,423 ) 11/16/1998 Freedom Centre 2,929 15,302 6,037 6,944 17,324 24,268 (7,328 ) 16,940 — 06/23/2006 Galleria Shopping Center 10,795 10,339 8,778 10,504 19,408 29,912 (6,074 ) 23,838 — 12/11/2006 Galveston Place 2,713 5,522 5,957 3,279 10,913 14,192 (8,888 ) 5,304 — 11/30/1983 Gateway Plaza 4,812 19,249 5,481 4,808 24,734 29,542 (11,531 ) 18,011 (23,000 ) 04/02/2001 Grayson Commons 3,180 9,023 617 3,163 9,657 12,820 (3,456 ) 9,364 (4,248 ) 11/09/2004 Greenhouse Marketplace 4,607 22,771 4,214 4,750 26,842 31,592 (11,047 ) 20,545 — 01/28/2004 Griggs Road Shopping Center 257 2,303 378 257 2,681 2,938 (1,841 ) 1,097 — 03/20/2008 Harrisburg Plaza 1,278 3,924 1,165 1,278 5,089 6,367 (4,350 ) 2,017 (9,667 ) 03/20/2008 HEB - Dairy Ashford & Memorial 1,717 4,234 — 1,717 4,234 5,951 (1,286 ) 4,665 — 03/06/2012 Heights Plaza Shopping Center 58 699 2,604 1,055 2,306 3,361 (1,724 ) 1,637 — 06/30/1995 High House Crossing 2,576 10,305 582 2,576 10,887 13,463 (4,768 ) 8,695 — 04/04/2002 Highland Square — — 1,960 — 1,960 1,960 (655 ) 1,305 — 10/06/1959 Hilltop Village Center 3,196 7,234 53,854 3,960 60,324 64,284 (18,649 ) 45,635 — 01/01/2016 Hope Valley Commons 2,439 8,487 483 2,439 8,970 11,409 (2,149 ) 9,260 — 08/31/2010 I45/Telephone Rd. 678 11,182 533 678 11,715 12,393 (6,853 ) 5,540 (11,667 ) 03/20/2008 Independence Plaza I & II 19,351 31,627 2,497 19,351 34,124 53,475 (8,697 ) 44,778 (14,090 ) 06/11/2013 Jess Ranch Marketplace 8,750 25,560 667 8,750 26,227 34,977 (6,024 ) 28,953 — 12/23/2013 Jess Ranch Marketplace Phase III 8,431 21,470 446 8,431 21,916 30,347 (5,078 ) 25,269 — 12/23/2013 Lakeside Marketplace 6,064 22,989 3,159 6,150 26,062 32,212 (9,546 ) 22,666 — 08/22/2006 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 Largo Mall $ 10,817 $ 40,906 $ 8,187 $ 10,810 $ 49,100 $ 59,910 $ (19,291 ) $ 40,619 $ — 03/01/2004 Laveen Village Marketplace 1,190 — 4,935 1,006 5,119 6,125 (3,387 ) 2,738 — 08/15/2003 League City Plaza 1,918 7,592 1,515 2,261 8,764 11,025 (5,643 ) 5,382 — 03/20/2008 Leesville Towne Centre 7,183 17,162 1,811 7,223 18,933 26,156 (7,411 ) 18,745 — 01/30/2004 Lowry Town Center 1,889 23,165 281 1,889 23,446 25,335 (1,579 ) 23,756 — 09/14/2016 Madera Village Shopping Center 3,788 13,507 1,491 3,816 14,970 18,786 (5,134 ) 13,652 — 03/13/2007 Market at Westchase Shopping Center 1,199 5,821 3,681 1,415 9,286 10,701 (6,510 ) 4,191 — 02/15/1991 Markham West Shopping Center 2,694 10,777 6,254 2,696 17,029 19,725 (9,525 ) 10,200 — 09/18/1998 Mendenhall Commons 2,655 9,165 1,055 2,677 10,198 12,875 (3,610 ) 9,265 — 11/13/2008 Menifee Town Center 1,827 7,307 5,731 1,824 13,041 14,865 (5,802 ) 9,063 — 04/02/2001 Monte Vista Village Center 1,485 58 5,962 755 6,750 7,505 (4,418 ) 3,087 — 12/31/2004 Mueller Regional Retail Center 10,382 56,303 1,559 10,382 57,862 68,244 (13,502 ) 54,742 — 10/03/2013 North Creek Plaza 6,915 25,625 5,695 6,954 31,281 38,235 (13,186 ) 25,049 — 08/19/2004 North Towne Plaza 960 3,928 9,470 879 13,479 14,358 (9,173 ) 5,185 — 02/15/1990 North Towne Plaza 6,646 99 (5,553 ) 259 933 1,192 (627 ) 565 — 04/01/2010 Northbrook Shopping Center 1,629 4,489 3,992 1,713 8,397 10,110 (6,869 ) 3,241 (8,792 ) 11/06/1967 Northwoods Shopping Center 1,768 7,071 758 1,772 7,825 9,597 (3,444 ) 6,153 — 04/04/2002 Nottingham Commons 19,523 2,398 20,213 19,664 22,470 42,134 (3,330 ) 38,804 — 01/01/2017 Oak Forest Shopping Center 760 2,726 6,712 1,358 8,840 10,198 (6,419 ) 3,779 (7,358 ) 12/30/1976 Oak Grove Market Center 5,758 10,508 1,178 5,861 11,583 17,444 (3,923 ) 13,521 — 06/15/2007 Oracle Wetmore Shopping Center 24,686 26,878 7,868 13,813 45,619 59,432 (15,057 ) 44,375 — 01/22/2007 Overton Park Plaza 9,266 37,789 16,416 9,264 54,207 63,471 (22,619 ) 40,852 — 10/24/2003 Parliament Square II 2 10 1,183 3 1,192 1,195 (1,032 ) 163 — 06/24/2005 Perimeter Village 29,701 42,337 4,724 34,404 42,358 76,762 (15,349 ) 61,413 (30,481 ) 07/03/2007 Phillips Crossing — 1 28,491 872 27,620 28,492 (15,219 ) 13,273 — 09/30/2009 Phoenix Office Building 1,696 3,255 1,630 1,773 4,808 6,581 (2,107 ) 4,474 — 01/31/2007 Pike Center — 40,537 3,314 — 43,851 43,851 (12,425 ) 31,426 — 08/14/2012 Plantation Centre 3,463 14,821 2,127 3,471 16,940 20,411 (6,665 ) 13,746 — 08/19/2004 Prospector's Plaza 3,746 14,985 5,742 3,716 20,757 24,473 (9,379 ) 15,094 — 04/02/2001 Pueblo Anozira Shopping Center 2,750 11,000 5,330 2,768 16,312 19,080 (10,500 ) 8,580 (13,977 ) 06/16/1994 Raintree Ranch Center 11,442 595 18,182 10,983 19,236 30,219 (12,257 ) 17,962 — 03/31/2008 Rancho San Marcos Village 3,533 14,138 5,490 3,887 19,274 23,161 (8,348 ) 14,813 — 02/26/2003 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 Rancho Towne & Country $ 1,161 $ 4,647 $ 790 $ 1,166 $ 5,432 $ 6,598 $ (3,325 ) $ 3,273 $ — 10/16/1995 Randalls Center/Kings Crossing 3,570 8,147 658 3,585 8,790 12,375 (5,756 ) 6,619 — 11/13/2008 Red Mountain Gateway 2,166 89 12,719 3,317 11,657 14,974 (5,377 ) 9,597 — 12/31/2003 Reynolds Crossing 4,276 9,186 359 4,276 9,545 13,821 (3,002 ) 10,819 — 09/14/2006 Richmond Square 1,993 953 13,598 14,512 2,032 16,544 (1,340 ) 15,204 — 12/31/1996 Ridgeway Trace 26,629 544 25,736 16,100 36,809 52,909 (15,831 ) 37,078 — 11/09/2006 River Oaks Shopping Center - East 1,354 1,946 357 1,363 2,294 3,657 (2,019 ) 1,638 — 12/04/1992 River Oaks Shopping Center - West 3,534 17,741 60,185 4,210 77,250 81,460 (27,702 ) 53,758 — 12/04/1992 River Point at Sheridan 28,898 4,042 17,601 10,659 39,882 50,541 (13,164 ) 37,377 — 04/01/2010 Roswell Corners 6,136 21,447 6,375 7,134 26,824 33,958 (9,373 ) 24,585 — 06/24/2004 Roswell Crossing Shopping Center 7,625 18,573 1,332 7,625 19,905 27,530 (5,882 ) 21,648 — 07/18/2012 San Marcos Plaza 1,360 5,439 1,014 1,358 6,455 7,813 (2,885 ) 4,928 — 04/02/2001 Scottsdale Horizon — 3,241 39,512 12,914 29,839 42,753 (5,981 ) 36,772 — 01/22/2007 Scottsdale Waterfront 10,281 40,374 560 21,586 29,629 51,215 (2,016 ) 49,199 — 08/17/2016 Sea Ranch Centre 11,977 4,219 2,055 11,977 6,274 18,251 (1,763 ) 16,488 — 03/06/2013 Shoppes at Bears Path 3,252 5,503 1,645 3,290 7,110 10,400 (2,709 ) 7,691 — 03/13/2007 Shoppes at Memorial Villages 1,417 4,786 9,593 3,332 12,464 15,796 (8,903 ) 6,893 — 01/11/2012 Shoppes of South Semoran 5,339 9,785 (1,315 ) 5,672 8,137 13,809 (2,708 ) 11,101 — 08/31/2007 Shops at Kirby Drive 1,201 945 288 1,202 1,232 2,434 (531 ) 1,903 — 05/27/2008 Shops at Three Corners 6,215 9,303 11,319 10,587 16,250 26,837 (11,345 ) 15,492 — 12/31/1989 Silver Creek Plaza 3,231 12,924 6,608 3,228 19,535 22,763 (8,018 ) 14,745 (14,024 ) 04/02/2001 Six Forks Shopping Center 6,678 26,759 6,668 6,728 33,377 40,105 (15,403 ) 24,702 — 04/04/2002 Southampton Center 4,337 17,349 3,271 4,333 20,624 24,957 (10,006 ) 14,951 (19,750 ) 04/02/2001 Southgate Shopping Center 232 8,389 783 231 9,173 9,404 (6,022 ) 3,382 (6,467 ) 03/20/2008 Squaw Peak Plaza 816 3,266 3,514 818 6,778 7,596 (4,086 ) 3,510 — 12/20/1994 Stella Link Shopping Center 2,830 1,841 88 2,897 1,862 4,759 (1,637 ) 3,122 — 07/10/1970 Stonehenge Market 4,740 19,001 2,494 4,740 21,495 26,235 (9,999 ) 16,236 — 04/04/2002 Stony Point Plaza 3,489 13,957 11,302 3,453 25,295 28,748 (12,307 ) 16,441 (10,614 ) 04/02/2001 Sunset 19 Shopping Center 5,519 22,076 22,589 6,010 44,174 50,184 (11,610 ) 38,574 — 10/29/2001 The Centre at Post Oak 13,731 115 24,998 17,822 21,022 38,844 (13,954 ) 24,890 — 12/31/1996 The Commons at Dexter Lake 4,946 18,948 3,557 4,988 22,463 27,451 (9,404 ) 18,047 — 11/13/2008 The Palms at Town & Country 56,833 195,203 6,518 79,673 178,881 258,554 (14,307 ) 244,247 — 07/27/2016 Initial Cost to Company Gross Amounts Carried at Close of Period Description Land Building and Improvements Cost Land Building and Improvements Total (1) Accumulated Depreciation Total Costs, Net of Accumulated Depreciation Encumbrances (2) Date of Acquisition / Construction The Westside Center $ 14,952 $ 10,350 $ 494 $ 14,952 $ 10,844 $ 25,796 $ (962 ) $ 24,834 $ — 12/22/2015 Thompson Bridge Commons 604 — 625 513 716 1,229 (147 ) 1,082 — 04/26/2005 Thousand Oaks Shopping Center 2,973 13,142 1,215 2,973 14,357 17,330 (5,914 ) 11,416 (11,803 ) 03/20/2008 TJ Maxx Plaza 3,400 19,283 4,042 3,430 23,295 26,725 (8,993 ) 17,732 — 03/01/2004 Tomball Marketplace 9,616 262 26,467 6,726 29,619 36,345 (13,534 ) 22,811 — 04/12/2006 Trenton Crossing/North McAllen 9,855 29,133 1,866 9,855 30,999 40,854 (3,136 ) 37,718 — 08/31/2015 Valley Shopping Center 4,293 13,736 4,909 8,910 14,028 22,938 (3,772 ) 19,166 — 04/07/2006 Vizcaya Square Shopping Center 3,044 12,226 2,536 3,044 14,762 17,806 (6,109 ) 11,697 — 12/18/2002 Waterford Village 5,830 — 13,217 3,775 15,272 19,047 (7,486 ) 11,561 — 06/11/2004 Wellington Green Commons & Pad 16,500 32,489 2,755 16,500 35,244 51,744 (3,643 ) 48,101 (17,974 ) 04/20/2015 West Jordan Town Center 4,306 17,776 (1,797 ) 3,269 17,016 20,285 (7,677 ) 12,608 — 12/19/2003 Westchase Shopping Center 3,085 7,920 13,629 3,189 21,445 24,634 (13,952 ) 10,682 — 08/29/1978 Westhill Village Shopping Center 408 3,002 6,787 437 9,760 10,197 (5,974 ) 4,223 — 05/01/1958 Westland Fair 27,562 10,506 (6,695 ) 12,220 19,153 31,373 (10,718 ) 20,655 — 12/29/2000 Westminster Center 11,215 44,871 9,752 11,204 54,634 65,838 (26,013 ) 39,825 (47,250 ) 04/02/2001 Winter Park Corners 2,159 8,636 10,203 2,280 18,718 20,998 (4,872 ) 16,126 — 09/06/2001 860,955 2,110,489 843,079 903,039 2,911,484 3,814,523 (1,074,051 ) 2,740,472 (318,768 ) New Development: West Alex 42,163 2,669 77,956 46,494 76,294 122,788 — 122,788 — 11/01/2016 The Whittaker 5,237 19,395 3,222 5,334 22,520 27,854 (569 ) 27,285 — 03/24/2017 47,400 22,064 81,178 51,828 98,814 150,642 (569 ) 150,073 — Miscellaneous (not to exceed 5% of total) 107,524 3,102 29,277 65,837 74,066 139,903 (33,568 ) 106,335 — Total of Portfolio $ 1,015,879 $ 2,135,655 $ 953,534 $ 1,020,704 $ 3,084,364 $ 4,105,068 $ (1,108,188 ) $ 2,996,880 $ (318,768 ) ___________________ (1) The book value of our net fixed asset exceeds the tax basis by approximately $211.0 million at December 31, 2018 . (2) Encumbrances do not include $17.7 million outstanding under fixed-rate mortgage debt associated with tenancy-in-common arrangements, $1.8 million of non-cash debt related items and $(1.0) 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, 2018 2017 2016 Balance at beginning of year $ 4,498,859 $ 4,789,145 $ 4,262,959 Additions at cost 164,150 137,462 654,513 Retirements or sales (547,821 ) (334,105 ) (126,666 ) Property held for sale — (78,721 ) (1,563 ) Impairment loss (10,120 ) (14,922 ) (98 ) Balance at end of year $ 4,105,068 $ 4,498,859 $ 4,789,145 The changes in accumulated depreciation were as follows (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of year $ 1,166,126 $ 1,184,546 $ 1,087,642 Additions at cost 118,664 132,900 131,120 Retirements or sales (176,602 ) (127,391 ) (33,132 ) Property held for sale — (23,929 ) (1,084 ) Balance at end of year $ 1,108,188 $ 1,166,126 $ 1,184,546 |
Mortgage Loans On Real Estate
Mortgage Loans On Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans On Real Estate | WEINGARTEN REALTY INVESTORS MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2018 (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, 2018 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, 2018 , 2017 and 2016 . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
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 Rentals, net 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. Both of these revenues have been recognized under Accounting Standards Codification No. 840, “Leases.” 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 Other revenue consists of both customer contract revenue and income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which do not meet the definition of a lease or a customer contract. Revenues which do not meet the definition of a lease or customer contract are recognized as the related services are performed under the respective agreements. We have identified primarily three types of customer contract revenue; (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. At contract inception, we assess the services provided in these contracts and identify any performance obligations that are distinct. To identify the performance obligation, we consider all services whether explicitly stated or implied by customary business practices. We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations: Contract Type Performance Obligation Description Elements of Performance Obligations Payment Timing Management Agreements • Management and asset management services • Over time Typically monthly or quarterly • Leasing and legal preparation services • Point in time Licensing and Occupancy Agreements • Rent of non-specific space • Over time Typically monthly • Set-up services • Point in time Non-tenant Contracts • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. • Point in time Typically monthly • Set-up services • Point in time We also assess collectability of the customer contract revenue prior to recognition. None of these customer contracts include a significant financing component. Customer contract revenue for the year ended December 31, 2018 does not include any amounts that were from obligations satisfied (or partially satisfied) in prior periods, or was a contract liability at January 1, 2018. |
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 operations through the disposal date and any associated gains are included in income from continuing operations. 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, Accrued Contract Receivables and Accounts Receivable, net | Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables include base rents, tenant reimbursements, amounts billed and currently due from customer contracts and receivables attributable to straight-line rental commitments. Accrued contract receivables includes amounts due from customers for contracts that do not qualify as a lease in which we earned the right to the consideration through the satisfaction of the performance obligation, but before the customer pays consideration or before payment is due. 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 collectability of the related receivables. Management’s estimate of the collectability 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. 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 20 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 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. |
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. These sales primarily fall under two types of contracts (1) sales of nonfinancial assets and (2) sales of investments in real estate joint ventures and partnerships. We review the sale contract to determine appropriate accounting guidance. Profits on sales of real estate are primarily not recognized until (a) a contract exists including: each party’s rights are identifiable along with the payment terms, the contract has commercial substance and the collection of consideration is probable; and (b) the performance obligation to transfer control of the asset has occurred; including transfer to the buyer of the usual risks and rewards of ownership. We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive consideration from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP. |
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. Accrued contract receivables are reviewed for impairment based on changes in events or circumstances effecting our customers that may indicate that the carrying value of the asset may not be recoverable. An impairment charge will be recorded if we determine that the decline in the asset value is other than temporary or recovery of the cost basis is uncertain. Factors to be considered include current economic trends such as bankruptcy and market conditions affecting our investments in partially owned real estate joint ventures and partnerships. |
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 made 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 the impact of the Tax Act (see Note 12 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: We have two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees that are classified as defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants, 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 2012 no longer receive service credits but continue to receive a 7.5% interest credit for active participants. All inactive participants receive a December 31, 90-day LIBOR rate plus .50% interest credit. 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 Other, net 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. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral. Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification 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. |
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 results, 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: Cash Equivalents and Restricted Cash Cash equivalents and restricted cash are valued based on publicly-quoted market prices for identical assets. 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 used interest rate contracts with major financial institutions to manage our interest rate risk. The valuation of these instruments was determined based on assumptions that management believed market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. The analysis reflected the contractual terms of the derivatives, including the period to maturity, and used 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) were based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. 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 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, were effective for us on January 1, 2018. We adopted this guidance as of January 1, 2018 and applied it on a modified retrospective approach upon adoption. The adoption 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. 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, we recognized the cumulative effect for these fees which has increased retained earnings and accrued rent, accrued contract receivables and accounts receivable, net each by $.3 million . In addition, we evaluated controls around the implementation of this ASU and have concluded there was no significant impact on our control structure. We have included our customer contract revenues under the caption Other revenues in the Consolidated Statements of Operations and have expanded our disclosures related to this ASU in Note 1. 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 were effective for us as of January 1, 2018 and are 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 stranded tax effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." 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 were 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 and for contracts considered not completed. We recognized the cumulative effect for in substance nonfinancial assets in which gains would have been realized and have increased each of retained earnings and other assets by $3.6 million 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 were 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. The adoption of this ASU did not have a material impact to our consolidated financial statements. We have elected to use the practical expedient in determining estimates for applying the retrospective presentation requirements. For the year ended December 31, 2017 and 2016 , net periodic benefit cost originally included in General and administrative expenses, excluding the service cost component, of $.4 million and $.7 million , respectively, was included in Interest and Other Income (Expense) 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 required the modified retrospective transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. 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 Cuts and Jobs Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, were to be applied either at the beginning of the period of adoption or retrospectively, and early adoption was permitted. We adopted this ASU along with the adoption of ASU No. 2016-01 on January 1, 2018 and reclassified the related stranded tax effects of $.8 million in accumulated other comprehensive loss into retained earnings. Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU was further updated by ASU 2018-01, "Land Easement Practical Expedient for Transition for Topic 842", ASU 2018-10, "Codification Improvements to Topic 842", ASU 2018-11, "Targeted Improvements for Topic 842" and ASU 2018-20, "Narrow-Scope Improvements for Lessors." These ASUs set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASUs require 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 these ASUs is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. A practical expedient was added for lessors to elect, by class of underlying assets, to account for lease and non-lease components as a single lease component if certain criteria are met. The provisions of these ASUs were effective for us as of January 1, 2019 and applied on a modified retrospective approach. Upon adoption, we applied the following practical expedients: • The transition method in which the application date of January 1, 2019 is the beginning of the reporting period that we first applied the new guidance. • The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for expired or existing leases; and (3) initial direct costs for any existing leases. • The practical expedient which allows an entity not to reassess whether any existing or expired land easements that were not previously accounted for as a lease or if the contract contains a lease. • As an accounting policy election, a lessor may choose not to separate the nonlease components, by class of underlying assets, from the lease components and instead account for both types of components as a single component under certain conditions. • As an accounting policy election, a lessee may choose by class of the underlying asset, not to apply the recognition requirements to short-term leases. We evaluated the impact to our lessor leases and other lessee leases that the adoption of this ASU will have on our consolidated financial statements. Based on our analysis, we have identified the following changes resulting from the adoption of the new pronouncement on January 1, 2019: • From the Lessor Perspective: ◦ Our existing leases will continue to be classified as operating leases, however, leases entered into or modified after January 1, 2019 may be classified as either operating or sales-type leases, based on specific classification criteria. We believe the majority of our leases will continue to be classified as operating leases, and all operating leases will continue to have a similar pattern of recognition as under current GAAP. ◦ Capitalization of leasing costs has been limited under the new ASU which no longer allows indirect costs to be capitalized. Therefore indirect, internally-generated leasing and legal costs will no longer be capitalized upon adoption and will result in an increase in General and administrative expenses in our Consolidated Statement of Operations in the period of adoption prospectively. Also, we will continue to capitalize direct costs as defined within the ASU. We capitalized internal costs of $9.2 million , $9.5 million and $9.0 million for the year ended December 31, 2018 , 2017 and 2016, respectively. ◦ We are entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a non-lease component, which would need to be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). However, we have elected to apply the practical expedient for all our real estate related leases, to account for the lease and nonlease components as a single, combined operating lease component as long as the non-lease component is not predominate to the combined components within a contract. ◦ We previously accounted for real estate taxes that are paid directly by the tenant in our consolidated financial statements. These ASUs have indicated that a lessor should exclude from variable payments, lessor costs paid by a lessee directly to a third party. Therefore, beginning January 1, 2019, we are excluding any costs paid directly by the tenant from our revenues and expenses and will only include as variable payments those which are reimbursed to us by our tenants. Real estate taxes paid directly by our tenants was $4.3 million , $4.6 million and $4.2 million for the year ended December 31, 2018 , 2017 and 2016, respectively. • From the Lessee Perspective: ◦ We have ground lease agreements in which we are the lessee for land underneath all or a portion of 12 centers and four administrative office leases that we account for as operating leases. Also, we have one finance lease in which we are the lessee of two centers with a $21.9 million lease obligation. Based on current estimates for operating leases, we will recognize right of use assets in Other Assets, along with corresponding lease liabilities in Other Liabilities that are estimated to range between $40 million and $45 million in the Consolidated Balance Sheets. For these existing operating leases, we will continue to recognize a single lease expense for its existing ground and office operating leases, currently included in Operating expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. ◦ We will continue to recognize our finance lease asset balance in Property and our financing lease liability in Debt in our Consolidated Balance Sheets. Finance leases will charge a portion of the payment to both asset amortization and interest expense. In addition, we evaluated controls around the implementation of these ASUs and have concluded there was no significant impact on our control structure. In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU was further updated by ASU 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." These ASUs amend 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 the ASUs 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 the ASUs will have on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." This ASU amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU No. 2018-07 were effective for us as of January 1, 2019 using a modified transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for us as of January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU clarifies current disclosures and removes several disclosures requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. The ASU also requires additional disclosures for the weighted-average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. The provisions of ASU No. 2018-14 are effective for us as of December 31, 2020 using a retrospective basis for all periods presented, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Each Contract Type, that Represent Performance Obligations | We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations: Contract Type Performance Obligation Description Elements of Performance Obligations Payment Timing Management Agreements • Management and asset management services • Over time Typically monthly or quarterly • Leasing and legal preparation services • Point in time Licensing and Occupancy Agreements • Rent of non-specific space • Over time Typically monthly • Set-up services • Point in time Non-tenant Contracts • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. • Point in time Typically monthly • Set-up services • Point in time |
Schedule Of Restricted Deposits And Mortgage Escrows | Our restricted deposits and mortgage escrows consists of the following (in thousands): December 31, 2018 2017 Restricted deposits $ 8,150 $ 6,291 Mortgage escrows 2,122 1,824 Total $ 10,272 $ 8,115 |
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, 2018 2017 Balance at beginning of the period/inception $ — $ 44,758 Change in redemption value — 619 Change in classification — 988 Diversification of share awards — — Amendment reclassification — (46,365 ) Balance at end of period $ — $ — |
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, 2017 $ (1,541 ) $ (7,424 ) $ 15,135 $ 6,170 Cumulative effect adjustment of accounting standards (see Note 2) 1,541 — — 1,541 Change excluding amounts reclassified from accumulated other comprehensive loss — (1,379 ) 1,143 (236 ) Amounts reclassified from accumulated other comprehensive loss — 4,302 (1) (1,228 ) (2) 3,074 Net other comprehensive loss (income) — 2,923 (85 ) 2,838 Balance, December 31, 2018 $ — $ (4,501 ) $ 15,050 $ 10,549 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 (3) 42 (1) (1,475 ) (2) (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 ___________________ (1) This reclassification component is included in interest expense (see Note 7 for additional information). (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 16 for additional information). (3) This reclassification component is included in interest and other income (expense). |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule Of Property | Our property consists of the following (in thousands): December 31, 2018 2017 Land $ 919,237 $ 1,068,022 Land held for development 45,673 69,205 Land under development 55,793 48,985 Buildings and improvements 2,927,954 3,232,074 Construction in-progress 156,411 80,573 Total $ 4,105,068 $ 4,498,859 |
Investment In Real Estate Joi_2
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Combined Condensed Balance Sheets ASSETS Property $ 1,268,557 $ 1,241,004 Accumulated depreciation (305,327 ) (285,033 ) Property, net 963,230 955,971 Other assets, net 104,267 115,743 Total Assets $ 1,067,497 $ 1,071,714 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 269,113 $ 298,124 Amounts payable to Weingarten Realty Investors and Affiliates 11,732 12,017 Other liabilities, net 24,717 24,759 Total Liabilities 305,562 334,900 Equity 761,935 736,814 Total Liabilities and Equity $ 1,067,497 $ 1,071,714 |
Schedule Of Combined Condensed Statements Of Operations | Year Ended December 31, 2018 2017 2016 Combined Condensed Statements of Operations Revenues, net $ 133,975 $ 137,419 $ 138,316 Expenses: Depreciation and amortization 32,005 34,818 38,242 Interest, net 11,905 11,836 16,076 Operating 24,112 23,876 26,126 Real estate taxes, net 18,839 18,865 17,408 General and administrative 696 623 816 Provision for income taxes 138 112 113 Impairment loss — — 1,303 Total 87,695 90,130 100,084 Gain on sale of non-operating property — — 373 Gain on dispositions 9,495 12,492 14,816 Net Income $ 55,775 $ 59,781 $ 53,421 |
Identified Intangible Assets _2
Identified Intangible Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 38,181 $ 44,231 Above-market leases - Accumulated Amortization (19,617 ) (17,397 ) In place leases (included in Unamortized Lease Costs, net) 193,658 224,201 In place leases - Accumulated Amortization (99,352 ) (96,202 ) $ 112,870 $ 154,833 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 85,742 $ 105,794 Below-market leases - Accumulated Amortization (27,745 ) (28,072 ) Above-market assumed mortgages (included in Debt, net) 3,446 10,063 Above-market assumed mortgages - Accumulated Amortization (1,660 ) (6,081 ) $ 59,783 $ 81,704 |
Above-Market and Below-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): 2019 $ 2,668 2020 2,741 2021 2,712 2022 2,560 2023 2,529 |
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): 2019 $ 13,539 2020 12,564 2021 10,501 2022 8,472 2023 7,285 |
Above-Market Assumed Mortgages [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule Of Future Amortization | The estimated net amortization of these intangible liabilities will decrease net interest expense for each of the next five years as follows (in thousands): 2019 $ 327 2020 327 2021 287 2022 141 2023 136 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Our debt consists of the following (in thousands): December 31, 2018 2017 Debt payable, net to 2038 (1) $ 1,706,886 $ 1,996,007 Unsecured notes payable under credit facilities 5,000 — Debt service guaranty liability 60,900 64,145 Obligations under capital leases 21,898 21,000 Total $ 1,794,684 $ 2,081,152 ___________________ (1) At December 31, 2018 , interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0% . At December 31, 2017 , interest rates ranged from 2.6% 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, 2018 2017 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,771,999 $ 2,063,263 Variable-rate debt 22,685 17,889 Total $ 1,794,684 $ 2,081,152 As to collateralization: Unsecured debt $ 1,457,432 $ 1,667,462 Secured debt 337,252 413,690 Total $ 1,794,684 $ 2,081,152 |
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, 2018 2017 Unsecured revolving credit facility: Balance outstanding $ 5,000 $ — Available balance 492,946 493,610 Letter of credit outstanding under facility 2,054 6,390 Variable interest rate (excluding facility fee) at end date 3.3 % — % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate at end date — % — % Both facilities: Maximum balance outstanding during the year $ 26,500 $ 245,000 Weighted average balance 1,096 133,386 Year-to-date weighted average interest rate (excluding facility fee) 2.9 % 1.8 % |
Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $5.0 million unsecured notes payable under our credit facilities, $21.9 million of certain capital leases, $(4.6) million net premium/(discount) on debt, $(6.9) million of deferred debt costs, $1.8 million of non-cash debt-related items, and $60.9 million debt service guaranty liability) are due during the following years (in thousands): 2019 $ 73,004 2020 5,296 2021 18,434 2022 307,922 2023 347,815 2024 252,153 2025 293,807 2026 277,291 2027 38,288 2028 92,159 Thereafter 10,435 Total $ 1,716,604 |
Derivatives And Hedging (Tables
Derivatives And Hedging (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Other Assets, net $ — Other Liabilities, net $ — December 31, 2017 Other Assets, net 2,035 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, 2018 Assets $ — $ — $ — $ — $ — $ — December 31, 2017 Assets 2,035 — 2,035 — — 2,035 |
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 (Loss) on Derivative Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring Total Amount of Interest Expense, net Presented in the Consolidated Statement of Operations Year Ended December 31, 2018 $ (1,379 ) Interest expense, net $ 912 Interest expense, net $ 3,390 $ (63,348 ) Year Ended December 31, 2017 (1,063 ) Interest expense, 42 Interest expense, — (80,326 ) Year Ended December 31, 2016 3,192 Interest expense, (1,435 ) Interest expense, (96 ) (83,003 ) |
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 _______________ (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. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Net income adjusted for noncontrolling interests $ 327,601 $ 335,274 $ 238,933 Transfers from the noncontrolling interests: 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 $ 327,601 $ 335,274 $ 241,072 |
Leasing Operations (Table)
Leasing Operations (Table) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Schedule Of Future Minimum Rental Income | Future minimum rental income from non-cancelable tenant leases, excluding estimated contingent rentals, at December 31, 2018 is as follows (in thousands): 2019 $ 347,476 2020 305,404 2021 253,269 2022 198,414 2023 151,538 Thereafter 473,416 Total $ 1,729,517 |
Schedule Of Contingent Rental Income | Contingent rentals recognized in Rentals, net for the year ended December 31, are as follows (in thousands): 2018 $ 118,703 2017 129,635 2016 114,505 |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 20 for additional fair value information) (in thousands): Year Ended December 31, 2018 2017 2016 Continuing operations: Properties held for sale, under contract for sale or sold (1) $ 9,969 $ 12,203 $ 98 Land held for development and undeveloped land (1) 151 2,719 — Other — 335 — Total impairment charges 10,120 15,257 98 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net — — 326 Net income attributable to noncontrolling interests (17 ) 21 — Net impact of impairment charges $ 10,103 $ 15,278 $ 424 ___________________ (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, 2018 | |
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, 2018 2017 2016 Net income adjusted for noncontrolling interests $ 327,601 $ 335,274 $ 238,933 Net (income) loss of taxable REIT subsidiary included above (13,496 ) 4,220 (14,497 ) Net income from REIT operations 314,105 339,494 224,436 Book depreciation and amortization 158,607 162,964 162,534 Tax depreciation and amortization (89,700 ) (95,512 ) (104,734 ) Book/tax difference on gains/losses from capital transactions 19,807 6,261 (64,917 ) Deferred/prepaid/above and below-market rents, net (15,589 ) (11,146 ) (13,114 ) Impairment loss from REIT operations 10,008 5,071 369 Other book/tax differences, net (13,718 ) (244 ) (2,694 ) REIT taxable income 383,520 406,888 201,880 Dividends paid deduction (1) (383,520 ) (406,888 ) (201,880 ) Dividends paid in excess of taxable income $ — $ — $ — ___________________ (1) For 2018 , 2017 and 2016 , the dividends paid deduction includes designated dividends of $105.7 million , $112.8 million and $16.8 million from 2019 , 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, 2018 2017 2016 Ordinary income 42.2 % 23.0 % 80.7 % Capital gain distributions 57.8 % 77.0 % 19.3 % 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, 2018 2017 Deferred tax assets: Impairment loss (1) $ 4,732 $ 7,220 Allowance on other assets 3 15 Interest expense — 5,703 Net operating loss carryforwards (2) 11,132 7,428 Straight-line rentals 1,391 916 Book-tax basis differential 1,800 1,676 Other 198 188 Total deferred tax assets 19,256 23,146 Valuation allowance (3) (12,787 ) (15,587 ) Total deferred tax assets, net of allowance $ 6,469 $ 7,559 Deferred tax liabilities: Book-tax basis differential (1) $ 6,005 $ 6,618 Other 398 517 Total deferred tax liabilities $ 6,403 $ 7,135 ___________________ (1) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold. (2) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037 and $17.6 million that is an indefinite carryforward. (3) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced. |
Schedule of Income Tax Provision (Benefit) | We are subject to federal, state and local income taxes and have recorded an income tax provision (benefit) as follows (in thousands): Year Ended December 31, 2018 2017 2016 Net income (loss) before taxes of taxable REIT subsidiary $ 13,480 $ (5,788 ) $ 20,295 Federal provision (benefit) (1) $ 2,831 $ (2,026 ) $ 7,103 Valuation allowance decrease (2,800 ) — (1,251 ) Effect of change in statutory rate on net deferrals — 282 — Other (46 ) 176 (54 ) Federal income tax (benefit) provision of taxable REIT subsidiary (2) (15 ) (1,568 ) 5,798 State and local taxes, primarily Texas franchise taxes 1,393 1,551 1,058 Total $ 1,378 $ (17 ) $ 6,856 ___________________ (1) At statutory rate of 21% for the year ended December 31, 2018 and 35% for both the year ended December 31, 2017 and 2016. (2) All periods from December 31, 2015 through December 31, 2018 are open for examination by the IRS. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Cash and cash equivalents $ 65,865 $ 13,219 $ 16,257 Restricted deposits and mortgage escrows (see Note 1) 10,272 8,115 25,022 Total $ 76,137 $ 21,334 $ 41,279 |
Summary of Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are summarized as follows (in thousands): Year Ended December 31, 2018 2017 2016 Accrued property construction costs $ 11,135 $ 7,728 $ 5,738 Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures — — 2,139 Reduction of debt service guaranty liability (3,245 ) (2,980 ) (2,710 ) 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 ) Consolidation of joint ventures: 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, 2018 | |
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, 2018 2017 2016 Numerator: Net income $ 345,343 $ 350,715 $ 276,831 Net income attributable to noncontrolling interests (17,742 ) (15,441 ) (37,898 ) Net income attributable to common shareholders – basic 327,601 335,274 238,933 Income attributable to operating partnership units — 3,084 1,996 Net income attributable to common shareholders – diluted $ 327,601 $ 338,358 $ 240,929 Denominator: Weighted average shares outstanding – basic 127,651 127,755 126,048 Effect of dilutive securities: Share options and awards 790 870 1,059 Operating partnership units — 1,446 1,462 Weighted average shares outstanding – diluted 128,441 130,071 128,569 |
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, 2018 2017 2016 Share options (1) — — 2 Operating partnership units 1,432 — — Total anti-dilutive securities 1,432 — 2 ___________________ (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, 2018 | |
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, 2018 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2016 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 Forfeited or expired (196,159 ) 32.22 Exercised (352,318 ) 19.78 Outstanding, December 31, 2018 279,877 $ 22.30 |
Share Options Outstanding And Exercisable | The following table summarizes information about share options outstanding and exercisable at December 31, 2018 : 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 35,372 0.2 years $ 11.85 35,372 0.2 years $ 11.85 $17.79 - $26.69 244,505 1.8 years $ 23.81 244,505 1.8 years $ 23.81 Total 279,877 1.6 years $ 22.30 $ 702 279,877 1.6 years $ 22.30 $ 702 |
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, 2018 Minimum Maximum Dividend yield 0.0 % 5.5 % Expected volatility (1) 18.5 % 20.4 % Expected life (in years) N/A 3 Risk-free interest rate 1.8 % 2.4 % _______________ (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, 2018 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2018 619,606 $ 33.81 Granted: Service-based awards 137,182 28.11 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 60,909 29.69 Market-based awards relative to three-year absolute TSR 60,908 13.68 Trust manager awards 34,328 27.95 Vested (228,698 ) 33.58 Forfeited (9,942 ) 32.40 Outstanding, December 31, 2018 674,293 $ 30.26 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 . December 31, 2018 2017 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 58,998 $ 52,975 Service cost 1,295 1,223 Interest cost 2,056 2,123 Actuarial (gain) loss (1) (4,478 ) 4,502 Benefit payments (2,112 ) (1,825 ) Benefit obligation at end of year $ 55,759 $ 58,998 Change in Plan Assets: Fair value of plan assets at beginning of year $ 53,808 $ 45,498 Actual return on plan assets (1,894 ) 7,635 Employer contributions 1,000 2,500 Benefit payments (2,112 ) (1,825 ) Fair value of plan assets at end of year $ 50,802 $ 53,808 Unfunded status at end of year (included in accounts payable and accrued expenses in 2018 and 2017) $ (4,957 ) $ (5,190 ) Accumulated benefit obligation $ 55,683 $ 58,860 Net loss recognized in accumulated other comprehensive loss $ 15,050 $ 15,135 ___________________ (1) The change in actuarial (gain) loss is associated primarily to census and mortality table updates and an increase in the discount rate in 2018. |
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, 2018 2017 2016 Net loss $ 1,143 $ 82 $ 1,719 Amortization of net loss (1) (1,228 ) (1,475 ) (1,552 ) Total recognized in other comprehensive (income) loss $ (85 ) $ (1,393 ) $ 167 Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 767 $ 213 $ 2,103 ___________________ (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 $1.2 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, 2018 2017 Projected benefit obligation $ 55,759 $ 58,998 Accumulated benefit obligation 55,683 58,860 Fair value of plan assets 50,802 53,808 |
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Service cost $ 1,295 $ 1,223 $ 1,277 Interest cost 2,056 2,123 2,078 Expected return on plan assets (3,727 ) (3,215 ) (2,971 ) Amortization of net loss 1,228 1,475 1,552 Total $ 852 $ 1,606 $ 1,936 |
Schedule Of Assumptions Used To Develop Periodic Expense | The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2018 2017 2016 Discount rate 4.12 % 3.50 % 4.01 % Salary scale increases 3.50 % 3.50 % 3.50 % The assumptions used to develop net periodic benefit cost are shown below: Year Ended December 31, 2018 2017 2016 Discount rate 3.50 % 4.01 % 4.11 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.00 % 7.00 % |
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): 2019 $ 2,395 2020 2,462 2021 2,618 2022 2,761 2023 2,920 2024-2028 15,774 |
Schedule Of Allocation Of The Fair Value Of Plan Assets | At December 31, 2018 , our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows: Portfolio Benchmark Cash and Short-Term Investments 5 % 4 % U.S. Stocks 49 % 54 % International Stocks 11 % 10 % U.S. Bonds 29 % 29 % International Bonds 5 % 3 % Other 1 % — % Total 100 % 100 % The allocation of the fair value of plan assets was as follows: December 31, 2018 2017 Cash and Short-Term Investments 20 % 17 % Large Company Funds 33 % 36 % Mid Company Funds 7 % 6 % Small Company Funds 6 % 6 % International Funds 8 % 10 % Fixed Income Funds 18 % 16 % Growth Funds 8 % 9 % Total 100 % 100 % |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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): 2019 $ 2,779 2020 2,536 2021 2,334 2022 2,318 2023 2,283 Thereafter 99,302 Total $ 111,552 |
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): 2019 $ 22,528 2020 20,903 2021 18,886 2022 17,245 2023 15,128 Thereafter 43,439 Total $ 138,129 |
Schedule Of Annual Future Minimum Lease Payments For Capital Leases | The annual future minimum lease payments under capital leases as of December 31, 2018 are as follows (in thousands): 2019 $ 1,642 2020 1,635 2021 1,627 2022 1,618 2023 22,878 Total $ 29,400 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Assets Held by VIEs $ 225,388 $ 235,713 Assets Held as Collateral for Debt (1) 40,004 42,979 Maximum Risk of Loss (1) 29,784 29,784 ___________________ (1) 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, 2018 2017 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 76,575 $ 36,784 Other Liabilities, net (2) 6,592 5,799 Maximum Risk of Loss (3) 34,000 34,000 ___________________ (1) The carrying amount of the investment represents our contributions to a real estate joint venture, net of any distributions made and our portion of the equity in earnings of the real estate joint venture. The increase between the periods represents new development funding of a mixed-use project. (2) Includes the carrying amount of an investment where distributions have exceeded our contributions and our portion of the equity in earnings for a real estate joint venture. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. Additionally, our investment, including contributions and distributions, associated with a mixed-use project is disclosed in (1) above. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , 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 Assets: Cash equivalents, primarily money market funds (1) $ 54,848 $ 54,848 Restricted cash, primarily money market funds (1) 5,254 5,254 Investments, mutual funds held in a grantor trust (1) 30,996 30,996 Investments, mutual funds (1) 6,635 6,635 Total $ 97,733 $ — $ — $ 97,733 Liabilities: Deferred compensation plan obligations $ 30,996 $ 30,996 Total $ 30,996 $ — $ — $ 30,996 ___________________ (1) For the year ended December 31, 2018 , a net gain of $1.4 million was included in Interest and Other Income (Expense), of which $(3.0) million represented an unrealized loss. Quoted Prices Significant Significant Fair Value at 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 |
Fair Value Measurements, Nonrecurring | ssets were measured at fair value on a nonrecurring basis at December 31, 2018 . 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, 2018 2017 Carrying Value Fair Value Fair Value Carrying Value Fair Value Fair Value Other Assets: Tax increment revenue bonds (1) $ 20,009 $ 25,000 $ 22,097 $ 25,000 Investments, held to maturity (2) 3,000 $ 2,988 4,489 $ 4,479 Debt: Fixed-rate debt 1,771,999 1,761,215 2,063,263 2,109,658 Variable-rate debt 22,685 23,131 17,889 16,393 ___________________ (1) At December 31, 2018 and 2017 , 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, 2018 and 2017 , these investments had unrealized losses of $12 thousand and $10 thousand , respectively. |
Quantitative Information About Significant Unobservable Inputs (Level 3) Used | The quantitative information about the significant unobservable inputs used for our Level 3 nonrecurring fair value measurements as of December 31, 2017 reported in the above table, is as follows: Fair Value at December 31, Range 2017 Minimum Maximum Description (in thousands) Valuation Technique Unobservable Inputs 2017 2017 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 _______________ (1) Only applies to one property valuation. |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | Summarized quarterly financial data is as follows (in thousands): First Second Third Fourth 2018 Revenues $ 132,452 (1) $ 142,086 (1) $ 128,790 (1) $ 127,819 (1) Net income 148,969 (2)(3) 79,871 (1)(2)(4) 53,274 (2)(4) 63,229 (2)(4) Net income attributable to common shareholders 146,824 (2)(3) 78,289 (1)(2)(4) 42,981 (2)(4)(5) 59,507 (2)(4) Earnings per common share – basic 1.15 (2)(3) .61 (1)(2)(4) .34 (2)(4)(5) .47 (2)(4) Earnings per common share – diluted 1.13 (2)(3) .61 (1)(2)(4) .34 (2)(4)(5) .46 (2)(4) 2017 Revenues $ 143,663 $ 146,023 $ 144,110 $ 139,367 Net income 36,396 (2)(4)(6) 69,193 (2) 74,473 (2) 170,653 (2)(6) Net income attributable to common shareholders 30,826 (2)(4)(5)(6) 63,852 (2)(5) 72,629 (2) 167,967 (2)(6) Earnings per common share – basic .24 (2)(4)(5)(6) .50 (2)(5) .57 (2) 1.31 (2)(6) Earnings per common share – diluted .24 (2)(4)(5)(6) .49 (2)(5) .56 (2) 1.30 (2)(6) ___________________ (1) The quarter results include revenues associated with dispositions, which totaled $11.9 million , $8.3 million , $7.0 million and $4.1 million for the three months ended March 31, 2018 , June 30, 2018 , September 30, 2018 and December 31, 2018 , respectively. Additionally, a $ 10.0 million write-off of a below-market lease intangible from the termination of a tenant's lease increased revenues for the three months ended June 30, 2018. (2) The quarter results include significant gains on the sale of property, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $111.4 million , $48.2 million , $19.8 million and $34.8 million for the three months ended March 31, 2018 , June 30, 2018 , September 30, 2018 and December 31, 2018 , respectively, and $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. (3) The quarter results include a gain on extinguishment of debt including related swap activity totaling $ 3.8 million for the three months ended March 31, 2018 . (4) The quarter results include a $ 13.1 million write-off of an in-place lease intangible for the three months ended June 30, 2018 and a $ 3.1 million lease termination fee for the three months ended March 31, 2017. Additionally, the quarter results include $ 2.4 million and $ 7.7 million of impairment losses for the three months ended September 30, 2018 and December 31, 2018, respectively, and $ 15.0 million of impairment losses for the three months ended March 31, 2017. (5) Associated primarily with the gains discussed in (2) above, amounts in net income attributable to noncontrolling interests are: $.5 million , $ 8.6 million and $1.9 million for the three months ended March 31, 2018 , September 30, 2018 and December 31, 2018 , respectively, and $ 3.9 million and $ 3.6 million for the three months ended March 31, 2017 and June 30, 2017, respectively. (6) 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. These tax amounts result from gains associated with the disposition of centers and land. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) ft² in Millions | Jan. 01, 2012number_of_retirement_plan | Feb. 28, 2017 | Dec. 31, 2018ft²segmentforeign |
Significant Accounting Policies [Line Items] | |||
Square footage of operating properties (in square feet) | ft² | 35.1 | ||
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 Employee Retirement Plan [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of retirement plans | number_of_retirement_plan | 2 | ||
Supplemental Employee Retirement Plan [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Defined contribution plan, vesting period | 5 years | ||
Supplemental Employee Retirement 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 | 2.60% | ||
Houston Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 18.80% | ||
Other Parts of Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 8.70% | ||
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 | 20.40% | ||
CALIFORNIA | Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentrations of risk | 17.20% |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | |||
Restricted deposits | $ 8,150 | $ 6,291 | |
Mortgage escrows | 2,122 | 1,824 | |
Total | $ 10,272 | $ 8,115 | $ 25,022 |
Summary of Significant Accoun_6
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, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at beginning of the period/inception | $ 0 | $ 44,758 |
Change in redemption value | 0 | 619 |
Change in classification | 0 | 988 |
Diversification of share awards | 0 | 0 |
Amendment reclassification | 0 | (46,365) |
Balance at end of period | $ 0 | $ 0 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (1,809,842) | $ (1,716,896) | $ (1,545,010) |
Cumulative effect adjustment of accounting standards (see Note 2) | (1,541) | 0 | 0 |
Net other comprehensive loss (income) | 2,838 | (2,991) | 1,517 |
Ending balance | (1,750,699) | (1,809,842) | (1,716,896) |
Gain on Investments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (1,541) | (964) | |
Cumulative effect adjustment of accounting standards (see Note 2) | (1,541) | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | 0 | (1,228) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 651 | |
Net other comprehensive loss (income) | 0 | (577) | |
Ending balance | 0 | (1,541) | (964) |
Gain on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (7,424) | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,379) | ||
Amounts reclassified from accumulated other comprehensive loss | 4,302 | ||
Net other comprehensive loss (income) | 2,923 | ||
Ending balance | (4,501) | (7,424) | |
Gain on Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (7,424) | (6,403) | |
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,063) | ||
Amounts reclassified from accumulated other comprehensive loss | 42 | ||
Net other comprehensive loss (income) | (1,021) | ||
Ending balance | (7,424) | (6,403) | |
Defined Benefit Pension Plan | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 15,135 | 16,528 | |
Change excluding amounts reclassified from accumulated other comprehensive loss | 1,143 | 82 | |
Amounts reclassified from accumulated other comprehensive loss | (1,228) | (1,475) | |
Net other comprehensive loss (income) | (85) | (1,393) | |
Ending balance | 15,050 | 15,135 | 16,528 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 6,170 | 9,161 | 7,644 |
Cumulative effect adjustment of accounting standards (see Note 2) | (1,541) | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | (236) | (2,209) | |
Amounts reclassified from accumulated other comprehensive loss | 3,074 | (782) | |
Net other comprehensive loss (income) | 2,838 | (2,991) | 1,517 |
Ending balance | $ 10,549 | $ 6,170 | $ 9,161 |
Newly Issued Accounting Prono_2
Newly Issued Accounting Pronouncements (Details) $ in Thousands | Jan. 01, 2018USD ($) | Dec. 31, 2018USD ($)centercapital_leaseadministrative_office | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | $ 3,956 | ||||
Leasing deferred costs | $ 9,200 | $ 9,500 | $ 9,000 | ||
Number of properties subject to ground leases | center | 12 | ||||
Operating leases, number of administrative offices | administrative_office | 4 | ||||
Capital leases, number | capital_lease | 1 | ||||
Capital leased assets, number of units | center | 2 | ||||
Obligations under capital leases | $ 21,898 | 21,000 | |||
Real estate taxes, net | 69,268 | 75,636 | 66,358 | ||
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 | |||
Accounting Standards Update 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Tax Cuts and Jobs Act of 2017, reclassification from AOCI to Retained Earnings for stranded income tax | (800) | ||||
Minimum [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease, right-of-use asset | $ 40,000 | ||||
Operating leases, liabilities | 40,000 | ||||
Maximum [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease, right-of-use asset | 45,000 | ||||
Operating leases, liabilities | $ 45,000 | ||||
Lease Arrangement, Lessor [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Real estate taxes, net | $ 4,300 | $ 4,600 | $ 4,200 | ||
Net Income Less Than Accumulated Dividends | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | 5,497 | ||||
Net Income Less Than Accumulated Dividends | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | 300 | ||||
Net Income Less Than Accumulated Dividends | Accounting Standards Update 2016-01 And 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | 1,500 | ||||
Net Income Less Than Accumulated Dividends | Accounting Standards Update 2017-05 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | 3,600 | ||||
Accumulated Other Comprehensive Loss | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | (1,541) | ||||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2016-01 And 2018-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment of new accounting standards | (1,500) | ||||
Accrued Rent, Accrued Contract Receivables, And Accounts Receivable [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment for new accounting standards on net assets | 300 | ||||
Other Assets [Member] | Accounting Standards Update 2017-05 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect adjustment for new accounting standards on net assets | $ 3,600 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016center | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of centers sold | 1 | 22 | ||
Proceeds from sale and disposition of property | $ 557,300 | |||
Gain on sale of property | 207,865 | $ 218,611 | $ 100,714 | |
Investment in new development projects | $ 74,100 | |||
Number of real estate properties classified as held for sale | property | 0 | 3 | ||
Property held for sale | $ 78,700 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of property | $ 162,400 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of property | $ 45,500 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate [Abstract] | ||
Land | $ 919,237 | $ 1,068,022 |
Land held for development | 45,673 | 69,205 |
Land under development | 55,793 | 48,985 |
Buildings and improvements | 2,927,954 | 3,232,074 |
Construction in-progress | 156,411 | 80,573 |
Total | $ 4,105,068 | $ 4,498,859 |
Investment In Real Estate Joi_3
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2017USD ($) | Feb. 29, 2016center | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Net basis differentials for equity method investments | $ 5,200 | $ 2,200 | |||
Impairment loss | $ 0 | 0 | $ 1,303 | ||
Number of centers sold | 1 | 22 | |||
Proceeds from sale and disposition of property | $ 557,300 | ||||
Gain on sale of property | 207,865 | 218,611 | $ 100,714 | ||
Recognized identifiable assets acquired and liabilities assumed, land | 1,268,557 | $ 1,241,004 | |||
Unconsolidated Real Estate Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 90.00% | ||||
Number of centers sold | property | 2 | ||||
Proceeds from sale and disposition of property | 33,900 | $ 19,600 | |||
Gain on sale of property | $ 6,300 | $ 6,200 | |||
Gross payments to acquire real estate | $ 23,500 | ||||
Minimum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 20.00% | 20.00% | |||
Maximum [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage in joint ventures | 90.00% | 90.00% |
Investment In Real Estate Joi_4
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Property | $ 1,268,557 | $ 1,241,004 |
Accumulated depreciation | (305,327) | (285,033) |
Property, net | 963,230 | 955,971 |
Other assets, net | 104,267 | 115,743 |
Total Assets | 1,067,497 | 1,071,714 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 269,113 | 298,124 |
Amounts payable to Weingarten Realty Investors and Affiliates | 11,732 | 12,017 |
Other liabilities, net | 24,717 | 24,759 |
Total Liabilities | 305,562 | 334,900 |
Equity | 761,935 | 736,814 |
Total Liabilities and Equity | $ 1,067,497 | $ 1,071,714 |
Investment In Real Estate Joi_5
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues, net | $ 133,975 | $ 137,419 | $ 138,316 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 32,005 | 34,818 | 38,242 | ||||||||
Interest, net | 11,905 | 11,836 | 16,076 | ||||||||
Operating | 24,112 | 23,876 | 26,126 | ||||||||
Real estate taxes, net | 18,839 | 18,865 | 17,408 | ||||||||
General and administrative | 696 | 623 | 816 | ||||||||
Provision for income taxes | 138 | 112 | 113 | ||||||||
Impairment loss | 0 | 0 | 1,303 | ||||||||
Total | 87,695 | 90,130 | 100,084 | ||||||||
Gain on sale of property | $ 34,800 | $ 19,800 | $ 48,200 | $ 111,400 | $ 136,300 | $ 38,600 | $ 34,200 | $ 15,800 | 207,865 | 218,611 | 100,714 |
Net Income | 55,775 | 59,781 | 53,421 | ||||||||
Equity Method Investments [Member] | |||||||||||
Expenses: | |||||||||||
Gain on sale of non-operating property | 0 | 0 | 373 | ||||||||
Gain on sale of property | $ 9,495 | $ 12,492 | $ 14,816 |
Identified Intangible Assets _3
Identified Intangible Assets And Liabilities (Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 112,870 | $ 154,833 |
Identified intangible liabilities, net | 59,783 | 81,704 |
Other Liabilities, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market leases (included in Other Liabilities, net) | 85,742 | 105,794 |
Below-market leases - Accumulated Amortization | (27,745) | (28,072) |
Above Market Leases [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Above-market leases (included in Other Assets, net) | 38,181 | 44,231 |
Identified intangible assets/liabilities, accumulated (amortization) accretion | (19,617) | (17,397) |
Above-Market Assumed Mortgages [Member] | Debt, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (1,660) | (6,081) |
Above-market assumed mortgages (included in Debt, net) | 3,446 | 10,063 |
In Place Leases [Member] | Unamortized Lease Costs, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (99,352) | (96,202) |
In place leases (included in Unamortized Lease Costs, net) | $ 193,658 | $ 224,201 |
Identified Intangible Assets _4
Identified Intangible Assets And Liabilities (Schedule Of Future Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Above-Market and Below-Market Leases [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization/(accretion) | $ (10,000) | |||
In Place Leases [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization/(accretion) | $ 13,100 | |||
Rental Revenues [Member] | Above-Market and Below-Market Leases [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
2019 amortization/(accretion) | $ (2,668) | |||
2020 amortization/(accretion) | (2,741) | |||
2021 amortization/(accretion) | (2,712) | |||
2022 amortization/(accretion) | (2,560) | |||
2023 amortization/(accretion) | (2,529) | |||
Amortization/(accretion) | (12,800) | $ (3,700) | $ (2,100) | |
Depreciation and Amortization [Member] | In Place Leases [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
2019 amortization/(accretion) | 13,539 | |||
2020 amortization/(accretion) | 12,564 | |||
2021 amortization/(accretion) | 10,501 | |||
2022 amortization/(accretion) | 8,472 | |||
2023 amortization/(accretion) | 7,285 | |||
Amortization/(accretion) | 29,800 | 21,000 | 18,000 | |
Interest Expense [Member] | Above-Market Assumed Mortgages [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
2019 amortization/(accretion) | (327) | |||
2020 amortization/(accretion) | (327) | |||
2021 amortization/(accretion) | (287) | |||
2022 amortization/(accretion) | (141) | |||
2023 amortization/(accretion) | (136) | |||
Amortization/(accretion) | $ (700) | $ (1,100) | $ (1,000) |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Long-term Debt, By Type [Line Items] | ||
Debt payable, net to 2038 | $ 1,706,886 | $ 1,996,007 |
Unsecured notes payable under credit facilities | 5,000 | 0 |
Debt service guaranty liability | 60,900 | 64,145 |
Obligations under capital leases | 21,898 | 21,000 |
Total | $ 1,794,684 | $ 2,081,152 |
Debt Payable To 2038 [Member] | Minimum [Member] | ||
Schedule of Long-term Debt, By Type [Line Items] | ||
Debt stated interest rate | 3.30% | 2.60% |
Debt Payable To 2038 [Member] | Maximum [Member] | ||
Schedule of Long-term Debt, By Type [Line Items] | ||
Debt stated interest rate | 7.00% | 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% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | Mar. 30, 2016USD ($)debt_extension | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 27, 2018USD ($) |
Debt Instrument [Line Items] | ||||||
Debt service guaranty liability | $ 60,900 | $ 64,145 | ||||
Principal payments of debt | 257,028 | 28,723 | $ 144,788 | |||
Gain (loss) on debt extinguishment | $ 3,800 | 400 | ||||
Debt instruments collateral value | 600,000 | 700,000 | ||||
Unsecured notes payable under credit facilities | 5,000 | 0 | ||||
Capital leases | 21,898 | $ 21,000 | ||||
Net premium (discount) on debt | (4,600) | |||||
Deferred debt costs | (6,900) | |||||
Non-cash debt | $ 1,800 | |||||
Debt Service Guaranty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt coverage ratio | 1.4 | |||||
Par Value Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal payments of debt | $ 51,000 | |||||
Unsecured Variable-Rate Term Loan [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, repurchased face amount | $ 200,000 | |||||
Debt instrument, interest rate, effective percentage | 2.50% | |||||
Unsecured Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity under credit facility | $ 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 notes payable under credit facilities | $ 5,000 | $ 0 | ||||
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, term | 30 days | 30 days | ||||
Line of credit facility, commitment fee percentage | 0.10% | 0.10% | ||||
Facility fees, basis points | 0.05% | 0.05% | ||||
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% | ||||
Unsecured And Uncommitted Overnight Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured notes payable under credit facilities | $ 0 | $ 0 | ||||
Financial Standby Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Held-to-maturity, restricted | 5,200 | |||||
Guarantor obligations, maximum exposure, undiscounted | $ 5,000 |
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, 2018 | Dec. 31, 2017 |
Schedule of Long-term Debt, By Type [Line Items] | ||
Total | $ 1,794,684 | $ 2,081,152 |
As To Interest Rate [Member] | ||
Schedule of Long-term Debt, By Type [Line Items] | ||
Fixed-rate debt | 1,771,999 | 2,063,263 |
Variable-rate debt | 22,685 | 17,889 |
As To Collateralization [Member] | ||
Schedule of Long-term Debt, By Type [Line Items] | ||
Unsecured debt | 1,457,432 | 1,667,462 |
Secured debt | $ 337,252 | $ 413,690 |
Debt (Schedule Of Credit Facili
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 5,000 | $ 0 |
Maximum balance outstanding during the year | 26,500 | 245,000 |
Weighted average balance | $ 1,096 | $ 133,386 |
Year-to-date weighted average interest rate (excluding facility fee) | 2.90% | 1.80% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 5,000 | $ 0 |
Available balance | $ 492,946 | $ 493,610 |
Variable interest rate (excluding facility fee) at end date | 3.30% | 0.00% |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding under facility | $ 2,054 | $ 6,390 |
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, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 73,004 |
2,020 | 5,296 |
2,021 | 18,434 |
2,022 | 307,922 |
2,023 | 347,815 |
2,024 | 252,153 |
2,025 | 293,807 |
2,026 | 277,291 |
2,027 | 38,288 |
2,028 | 92,159 |
Thereafter | 10,435 |
Total | $ 1,716,604 |
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, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 0 | $ 2,035 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 2,035 |
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, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized | $ 0 | $ 2,035 |
Gross Amounts Offset in Balance Sheet | 0 | 0 |
Net Amounts Presented in Balance Sheet | 0 | 2,035 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 0 | $ 2,035 |
Derivatives And Hedging (Narrat
Derivatives And Hedging (Narrative) (Details) $ in Thousands | Jun. 24, 2016USD ($)derivative_contract | Dec. 31, 2018USD ($)derivative_contract | Dec. 31, 2017USD ($)derivative_contract | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Derivatives, Fair Value [Line Items] | |||||
Accumulated other comprehensive loss | $ 1,750,699 | $ 1,809,842 | $ 1,716,896 | $ 1,545,010 | |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of interest rate contracts | derivative_contract | 0 | 3 | |||
Notional amount of interest rate fair value hedge derivatives | $ 200,000 | $ 200,000 | |||
Gain due to the probability that the related hedged forecasted transactions would no longer occur | 3,400 | ||||
Derivative, fixed interest rate | 1.50% | ||||
Cash flow hedge gain (loss) to be amortized within 12 months | $ 900 | ||||
Number of interest rate derivatives terminated | derivative_contract | 3 | ||||
Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional amount of interest rate fair value hedge derivatives | $ 62,900 | ||||
Number of interest rate derivatives terminated | derivative_contract | 2 | ||||
Proceeds from extinguishment of derivative instrument | $ 2,200 | ||||
Gain on Cash Flow Hedges | |||||
Derivatives, Fair Value [Line Items] | |||||
Accumulated other comprehensive loss | $ 4,501 | $ 7,424 |
Derivatives and Hedging (Summar
Derivatives and Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net unrealized gain (loss) on derivatives | $ (1,379) | ||
Net unrealized gain (loss) on derivatives | $ (1,063) | $ 1,204 | |
Interest and Debt Expense | (63,348) | (80,326) | (83,003) |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net unrealized gain (loss) on derivatives | (1,379) | ||
Net unrealized gain (loss) on derivatives | (1,063) | 3,192 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest and Debt Expense | 912 | 42 | (1,435) |
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 3,390 | $ 0 | $ (96) |
Derivatives And Hedging (Summ_2
Derivatives And Hedging (Summary Of Fair Value Interest Rate Contracts Activity (Details) - Fair Value Hedging [Member] - Interest Rate Contracts [Member] $ in Thousands | Jun. 24, 2016USD ($)derivative_contract | Dec. 31, 2016USD ($) |
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) | |
Gain (Loss) on Borrowings | 418 | |
Net Settlements and Accruals on Contracts | 3,140 | |
Amount of Gain (Loss) Recognized in Income | $ 3,140 |
Common Shares Of Beneficial I_2
Common Shares Of Beneficial Interest (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||||||||||
Stock repurchase program, authorized amount | $ 200 | $ 200 | ||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 2.980 | $ 2.29 | $ 1.46 | |||||||||
Common stock, dividends, cash paid (in dollars per share) | 1.40 | 0.75 | ||||||||||
Common shares of beneficial interest; par value | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 181.5 | $ 181.5 | ||||||||||
Subsequent Event [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 181.5 | |||||||||||
Quarterly Rate Per Share [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 0.395 | $ 0.395 | $ 0.395 | $ 0.395 | $ 0.385 | $ 0.385 | $ 0.385 | $ 0.385 | ||||
Quarterly Rate Per Share [Member] | Subsequent Event [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 0.395 | |||||||||||
Common Shares of Beneficial Interest | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Stock repurchased during period, shares | 0.7 | |||||||||||
Common shares of beneficial interest; par value | $ 27.10 | $ 27.10 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income adjusted for noncontrolling interests | $ 327,601 | $ 335,274 | $ 238,933 |
Transfers from the noncontrolling interests: | |||
Net increase in equity for the acquisition of noncontrolling interests | 0 | 0 | 2,139 |
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests | $ 327,601 | $ 335,274 | $ 241,072 |
Leasing Operations (Narrative)
Leasing Operations (Narrative) (Details) - Maximum [Member] - Lessor Operating Leases [Member] | Dec. 31, 2018 |
Operating Leased Assets [Line Items] | |
Lease term | 10 years |
Lease renewal term | 5 years |
Leasing Operations (Schedule Of
Leasing Operations (Schedule Of Future Minimum Rental Income) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases, Operating [Abstract] | |
2,019 | $ 347,476 |
2,020 | 305,404 |
2,021 | 253,269 |
2,022 | 198,414 |
2,023 | 151,538 |
Thereafter | 473,416 |
Total | $ 1,729,517 |
Leasing Operations (Schedule _2
Leasing Operations (Schedule Of Contingent Rental Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases, Operating [Abstract] | |||
Contingent rental income | $ 118,703 | $ 129,635 | $ 114,505 |
Impairment (Schedule Of Impairm
Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Impairment [Line Items] | ||||||
Impairment losses related to property | $ 7,800 | |||||
Other | $ 0 | 335 | $ 0 | |||
Total impairment charges | $ 7,700 | $ 2,400 | $ 15,000 | 10,120 | 15,257 | 98 |
Equity in earnings of real estate joint ventures and partnerships, net | 25,070 | 27,074 | 20,642 | |||
Net impact of impairment charges | 10,103 | 15,278 | 424 | |||
Properties Held for Sale, Under Contract for Sale or Sold [Member] | ||||||
Asset Impairment [Line Items] | ||||||
Impairment losses related to property | 9,969 | 12,203 | 98 | |||
Land Held For Development And Undeveloped Land [Member] | ||||||
Asset Impairment [Line Items] | ||||||
Impairment losses related to property | 151 | 2,719 | 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 | 0 | 326 | |||
Impairment in Net Income Attributable to Noncontrolling Interest [Member] | ||||||
Asset Impairment [Line Items] | ||||||
Net income attributable to noncontrolling interests | $ (17) | $ 21 | $ 0 |
Income Tax Considerations (Narr
Income Tax Considerations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 211 | $ 193.4 |
Current tax obligation | $ 1.5 | $ 1.6 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Net income adjusted for noncontrolling interests | $ 327,601 | $ 335,274 | $ 238,933 |
Net (income) loss of taxable REIT subsidiary included above | (13,496) | 4,220 | (14,497) |
Net income from REIT operations | 314,105 | 339,494 | 224,436 |
Book depreciation and amortization | 158,607 | 162,964 | 162,534 |
Tax depreciation and amortization | (89,700) | (95,512) | (104,734) |
Book/tax difference on gains/losses from capital transactions | 19,807 | 6,261 | (64,917) |
Deferred/prepaid/above and below-market rents, net | (15,589) | (11,146) | (13,114) |
Impairment loss from REIT operations | 10,008 | 5,071 | 369 |
Other book/tax differences, net | (13,718) | (244) | (2,694) |
REIT taxable income | 383,520 | 406,888 | 201,880 |
Dividends paid deduction | (383,520) | (406,888) | (201,880) |
Dividends paid in excess of taxable income | 0 | 0 | 0 |
Designated dividends | $ 105,700 | $ 112,800 | $ 16,800 |
Income Tax Considerations (Sc_2
Income Tax Considerations (Schedule Of Cash Dividends Distributed To Common Shareholders) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 42.20% | 23.00% | 80.70% |
Capital gain distributions | 57.80% | 77.00% | 19.30% |
Total | 100.00% | 100.00% | 100.00% |
Income Tax Considerations (Sc_3
Income Tax Considerations (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Impairment loss | $ 4,732 | $ 7,220 |
Allowance on other assets | 3 | 15 |
Interest expense | 0 | 5,703 |
Net operating loss carryforwards | 11,132 | 7,428 |
Straight-line rentals | 1,391 | 916 |
Book-tax basis differential | 1,800 | 1,676 |
Other | 198 | 188 |
Total deferred tax assets | 19,256 | 23,146 |
Valuation allowance | (12,787) | (15,587) |
Total deferred tax assets, net of allowance | 6,469 | 7,559 |
Deferred tax liabilities: | ||
Book-tax basis differential | 6,005 | 6,618 |
Other | 398 | 517 |
Total deferred tax liabilities | 6,403 | $ 7,135 |
Deferred tax assets, operating loss carryforwards, subject to expiration | 35,400 | |
Deferred tax assets, operating loss carryforwards, not subject to expiration | $ 17,600 |
Income Tax Considerations (Sc_4
Income Tax Considerations (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Net income (loss) before taxes of taxable REIT subsidiary | $ 13,480 | $ (5,788) | $ 20,295 |
Federal provision (benefit) (1) | 2,831 | (2,026) | 7,103 |
Valuation allowance decrease | (2,800) | 0 | (1,251) |
Effect of change in statutory rate on net deferrals | 0 | 282 | 0 |
Other | (46) | 176 | (54) |
Federal income tax provision (benefit) of taxable REIT subsidiary (2) | (15) | (1,568) | 5,798 |
State and local taxes, primarily Texas franchise taxes | 1,393 | 1,551 | 1,058 |
Total | $ 1,378 | $ (17) | $ 6,856 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and Cash Equivalents | $ 65,865 | $ 13,219 | $ 16,257 | |
Restricted Deposits and Mortgage Escrows | 10,272 | 8,115 | 25,022 | |
Total | $ 76,137 | $ 21,334 | $ 41,279 | $ 25,242 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||
Accrued property construction costs | $ 11,135 | $ 7,728 | $ 5,738 |
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures | 0 | 0 | 2,139 |
Reduction of debt service guaranty liability | (3,245) | (2,980) | (2,710) |
Increase (decrease) in equity associated with deferred compensation plan (see Note 1) | 0 | 44,758 | |
Increase (decrease) in equity associated with deferred compensation plan (see Note 1) | (44,758) | ||
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Increase in property, net | 0 | 0 | 10,573 |
Decrease in real estate joint ventures and partnerships - investments | 0 | 0 | (2,315) |
Consolidation of Joint Venture [Member] | |||
Noncash or Part Noncash Acquisitions [Line Items] | |||
Increase in property, net | 0 | 0 | 58,665 |
Increase in security deposits | 0 | 0 | 169 |
Increase in debt, net | $ 0 | $ 0 | $ 48,727 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||
Net income | $ 345,343 | $ 350,715 | $ 276,831 |
Net income attributable to noncontrolling interests | (17,742) | (15,441) | (37,898) |
Net income attributable to common shareholders – basic | 327,601 | 335,274 | 238,933 |
Income attributable to operating partnership units | 0 | 3,084 | 1,996 |
Net income attributable to common shareholders – diluted | $ 327,601 | $ 338,358 | $ 240,929 |
Denominator: | |||
Weighted average shares outstanding – basic (in shares) | 127,651 | 127,755 | 126,048 |
Effect of dilutive securities: | |||
Share options and awards (in shares) | 790 | 870 | 1,059 |
Operating partnership units (in shares) | 0 | 1,446 | 1,462 |
Weighted average shares outstanding - diluted (in shares) | 128,441 | 130,071 | 128,569 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 1,432 | 0 | 2 |
Share Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 0 | 2 |
Operating Partnership Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 1,432 | 0 | 0 |
Share Options And Awards (Narra
Share Options And Awards (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 279,877 | 828,354 | 934,201 | 2,366,650 |
Net compensation expense for share options and restricted shares | $ 7,300,000 | $ 8,600,000 | $ 8,500,000 | |
Net capitalized compensation expense | 1,100,000 | 1,700,000 | 1,900,000 | |
Share Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised | 3,600,000 | 1,700,000 | $ 14,900,000 | |
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 | $ 1,800,000 | $ 2,200,000 | ||
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 8 months | 1 year 8 months | ||
Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 100,000 | |||
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) | 4,000,000 | |||
Plan common shares available for future grants (in shares) | 1,300,000 |
Share Options And Awards (Summa
Share Options And Awards (Summary Of Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares under option, outstanding beginning of period (in shares) | 828,354 | 934,201 | 2,366,650 |
Shares under option, forfeited or expired (in shares) | (196,159) | (4,042) | (460,722) |
Shares under option, exercised (in shares) | (352,318) | (101,805) | (971,727) |
Shares under option, outstanding end of period (in shares) | 279,877 | 828,354 | 934,201 |
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) | $ 23.58 | $ 22.85 | $ 27.26 |
Weighted average exercise price, forfeited or expired (in dollars per share) | 32.22 | 43.37 | 47.42 |
Weighted average exercise price, exercised (in dollars per share) | 19.78 | 16.11 | 21.95 |
Weighted average exercise price, outstanding end of period (in dollars per share) | $ 22.30 | $ 23.58 | $ 22.85 |
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, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share option outstanding, number (in shares) | shares | 279,877 |
Share option outstanding, weighted average remaining contractual life (years) | 1 year 7 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 22.30 |
Share option outstanding, aggregate intrinsic value | $ | $ 702 |
Share option exercisable, number (in shares) | shares | 279,877 |
Share option exercisable, weighted average exercisable average life (years) | 1 year 7 months |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 22.30 |
Share option exercisable, intrinsic value | $ | $ 702 |
$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 | 35,372 |
Share option outstanding, weighted average remaining contractual life (years) | 2 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 11.85 |
Share option exercisable, number (in shares) | shares | 35,372 |
Share option exercisable, weighted average exercisable average life (years) | 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 | 244,505 |
Share option outstanding, weighted average remaining contractual life (years) | 1 year 10 months |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 23.81 |
Share option exercisable, number (in shares) | shares | 244,505 |
Share option exercisable, weighted average exercisable average life (years) | 1 year 10 months |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 23.81 |
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, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 18.50% |
Expected volatility, maximum | 20.40% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 1.80% |
Risk-free interest rate, maximum | 2.40% |
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 | 5.50% |
Share Options And Awards (Sum_2
Share Options And Awards (Summary Of The Status Of Unvested Share Awards) (Details) | 12 Months Ended |
Dec. 31, 2018$ / 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 | 619,606 |
Unvested restricted share awards, vested (in shares) | shares | (228,698) |
Unvested restricted share awards, forfeited (in shares) | shares | (9,942) |
Unvested restricted share awards, outstanding end of period (in shares) | shares | 674,293 |
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 | $ 33.81 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 33.58 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 32.40 |
Weighted average grant date fair value, outstanding end of period (in dollars per share) | $ / shares | $ 30.26 |
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 | 137,182 |
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 | $ 28.11 |
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 | 60,909 |
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 | $ 29.69 |
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 | 60,908 |
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 | $ 13.68 |
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 | 34,328 |
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 | $ 27.95 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, long-term rate of return on assets | 7.00% | 7.00% | 7.00% |
Defined benefit plan, expected future employer contributions, next fiscal year | $ 1 | ||
Defined contribution plan, compensation expense | $ 3.8 | $ 3.9 | $ 3.5 |
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 | 17.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Consumer Cyclical Goods Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 14.00% | ||
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 | 16.00% | ||
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 | 10.00% |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | $ 58,998 | $ 52,975 | |
Service cost | 1,295 | 1,223 | $ 1,277 |
Interest cost | 2,056 | 2,123 | 2,078 |
Actuarial loss (gain) | (4,478) | 4,502 | |
Benefit payments | (2,112) | (1,825) | |
Benefit obligation at end of year | 55,759 | 58,998 | 52,975 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 53,808 | 45,498 | |
Actual return on plan assets | (1,894) | 7,635 | |
Employer contributions | 1,000 | 2,500 | |
Benefit payments | (2,112) | (1,825) | |
Fair value of plan assets at end of year | 50,802 | 53,808 | $ 45,498 |
Unfunded status at end of year (included in accounts payable and accrued expenses in 2018 and 2017) | (4,957) | (5,190) | |
Accumulated benefit obligation | 55,683 | 58,860 | |
Net loss recognized in accumulated other comprehensive loss | $ 15,050 | $ 15,135 |
Employee Benefit Plans (Sched_2
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Net loss | $ 1,143 | $ 82 | $ 1,719 |
Amortization of net loss | (1,228) | (1,475) | (1,552) |
Total recognized in other comprehensive (income) loss | (85) | (1,393) | 167 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 767 | $ 213 | $ 2,103 |
Defined benefit plan, estimated amortization of net loss in next fiscal year | $ 1,200 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 55,759 | $ 58,998 |
Accumulated benefit obligation | 55,683 | 58,860 |
Fair value of plan assets | $ 50,802 | $ 53,808 |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 1,295 | $ 1,223 | $ 1,277 |
Interest cost | 2,056 | 2,123 | 2,078 |
Expected return on plan assets | (3,727) | (3,215) | (2,971) |
Amortization of net loss | 1,228 | 1,475 | 1,552 |
Total | $ 852 | $ 1,606 | $ 1,936 |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule Of Assumptions Used To Develop Periodic Expense) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
Discount rate | 3.50% | 4.01% | 4.11% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Long-term rate of return on assets | 7.00% | 7.00% | 7.00% |
Employee Benefit Plans (Sched_6
Employee Benefit Plans (Schedule Of Assumptions Used To Develop The Actuarial Present Value Of The Benefit Obligations) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Retirement Benefits [Abstract] | |||
Discount rate | 4.12% | 3.50% | 4.01% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Employee Benefit Plans (Sched_7
Employee Benefit Plans (Schedule Of Expected Benefit Payments For The Next Ten Years) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2,019 | $ 2,395 |
2,020 | 2,462 |
2,021 | 2,618 |
2,022 | 2,761 |
2,023 | 2,920 |
2024-2028 | $ 15,774 |
Employee Benefit Plans (Sched_8
Employee Benefit Plans (Schedule Of Investment Asset Allocation To Benchmarking) (Details) | Dec. 31, 2018 |
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 | 5.00% |
Benchmark, target asset allocation | 4.00% |
U.S. Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 49.00% |
Benchmark, target asset allocation | 54.00% |
International Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 11.00% |
Benchmark, target asset allocation | 10.00% |
U.S. Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 29.00% |
Benchmark, target asset allocation | 29.00% |
International Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 5.00% |
Benchmark, target asset allocation | 3.00% |
Other Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 1.00% |
Benchmark, target asset allocation | 0.00% |
Employee Benefit Plans (Sched_9
Employee Benefit Plans (Schedule Of Allocation Of The Fair Value Of Plan Assets) (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 5.00% | |
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 | 20.00% | 17.00% |
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 | 33.00% | 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 | 7.00% | 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] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 11.00% | |
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 | 8.00% | 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 | 18.00% | 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 | 8.00% | 9.00% |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) $ in Millions | Sep. 30, 2016USD ($) | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Feb. 29, 2016USD ($)center | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)property | Dec. 31, 2016USD ($) |
Related Party Transaction [Line Items] | |||||||
Net accounts receivable, related parties | $ 0.5 | $ 2 | |||||
Accounts payable and accrued expenses, related parties | 0.7 | 0.4 | |||||
Joint venture fee income | $ 6.1 | $ 6.2 | $ 5.1 | ||||
Proceeds from business acquisition | $ 2.5 | ||||||
Number of centers sold | 1 | 22 | |||||
Unconsolidated Real Estate Joint Venture [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of centers sold | property | 2 | ||||||
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 | $ 13.5 | ||||||
Gain recognized on equity interest remeasured to fair value | $ 9 | ||||||
Business Combination Achieved in Stages [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentage of voting interest acquired | 49.00% | ||||||
Gain recognized on equity interest remeasured to fair value | $ 37.4 | ||||||
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 | $ 1.9 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)centerpartnership | Dec. 31, 2017USD ($)partnership | Dec. 31, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |||
Operating leases, rental expense | $ 3,100 | $ 2,900 | $ 3,000 |
Future minimum revenues under subleases | $ 22,800 | 27,100 | $ 27,000 |
Capital leased assets, number of units | center | 2 | ||
Capital leases, total assets | $ 15,700 | 16,800 | |
Capital leases, accumulated depreciation | 14,100 | 15,500 | |
Capital leases, future minimum payments | 29,400 | ||
Capital leases, future minimum payments, interest | 7,500 | ||
Capital leases | 21,898 | $ 21,000 | |
Total future minimum revenues under subleases, applicable to these capital leases | 14,400 | ||
Capital Additions [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Purchase contract, commitment | $ 190,700 | ||
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 | $ 36,000 | $ 47,000 | |
Debt, Net [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Capital leases | $ 21,900 | ||
Lessor Operating Leases [Member] | Maximum [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Lease term | 10 years | ||
Lease renewal term | 5 years |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 2,779 |
2,020 | 2,536 |
2,021 | 2,334 |
2,022 | 2,318 |
2,023 | 2,283 |
Thereafter | 99,302 |
Total | $ 111,552 |
Commitments And Contingencies_4
Commitments And Contingencies (Schedule Of Future Minimum Revenues Under Subleases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 22,528 |
2,020 | 20,903 |
2,021 | 18,886 |
2,022 | 17,245 |
2,023 | 15,128 |
Thereafter | 43,439 |
Total | $ 138,129 |
Commitments And Contingencies_5
Commitments And Contingencies (Schedule Of Annual Future Minimum Lease Payments For Capital Leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 1,642 |
2,020 | 1,635 |
2,021 | 1,627 |
2,022 | 1,618 |
2,023 | 22,878 |
Total | $ 29,400 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)propertyjoint_venture | Dec. 31, 2017propertycenterjoint_venture | |
Variable Interest Entity [Line Items] | ||
Number of real estate properties | center | 2 | |
Number of VIE's guaranteed by company | 1 | 1 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 9 | 9 |
Number of real estate properties | property | 21 | 22 |
Unconsolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 2 | 2 |
Number of joint venture arrangements | 1 | |
Future additional funding | $ | $ 57 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)joint_venture | Dec. 31, 2017USD ($)joint_venture | |
Variable Interest Entity [Line Items] | ||
Number of VIE's guaranteed by company | joint_venture | 1 | 1 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets Held by VIEs | $ 225,388 | $ 235,713 |
Assets Held as Collateral for Debt | 40,004 | 42,979 |
Maximum Risk of Loss | $ 29,784 | $ 29,784 |
Variable Interest Entities (S_2
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $ 76,575 | $ 36,784 |
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 | $ 6,592 | $ 5,799 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 8,150 | $ 6,291 |
Gain included in interest and other income/expense | 1,400 | |
Equity securities, unrealized loss | (3,000) | |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 97,733 | 40,738 |
Deferred compensation plan obligations | 30,996 | 31,497 |
Total | 30,996 | 31,497 |
Recurring [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] | ||
Total | 97,733 | 38,703 |
Deferred compensation plan obligations | 30,996 | 31,497 |
Total | 30,996 | 31,497 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 2,035 |
Total | 0 | 0 |
Recurring [Member] | 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 |
Money Market Funds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value disclosure | 54,848 | |
Restricted cash and cash equivalents | 5,254 | |
Money Market Funds [Member] | Recurring [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] | ||
Cash and cash equivalents, fair value disclosure | 54,848 | |
Restricted cash and cash equivalents | 5,254 | |
Grantor Trusts [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 30,996 | 31,497 |
Grantor Trusts [Member] | Recurring [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] | ||
Investments | 30,996 | 31,497 |
Equity Funds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,635 | 7,206 |
Equity Funds [Member] | Recurring [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] | ||
Investments | $ 6,635 | 7,206 |
Interest Rate Contracts [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,035 | |
Interest Rate Contracts [Member] | Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 2,035 |
Fair Value Measurements (Measur
Fair Value Measurements (Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impairment losses related to property | $ (7,800) | |||||
Impairment loss | $ (7,700) | $ (2,400) | $ (15,000) | $ (10,120) | (15,257) | $ (98) |
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Property, plant, and equipment, fair value disclosure | 17,085 | |||||
Property | $ 0 | $ 0 | 17,085 | |||
Impairment losses related to property | (7,828) | |||||
Impairment loss | (7,828) | |||||
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 | |||||
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, plant, and equipment, fair value disclosure | 12,901 | |||||
Property | 12,901 | |||||
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, plant, and equipment, fair value disclosure | 4,184 | |||||
Property | 4,184 | |||||
Carrying Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Property, plant, and equipment, fair value disclosure | 24,900 | |||||
Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Property, plant, and equipment, fair value disclosure | $ 17,100 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 12 | 10 |
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 | 1,761,215 | 2,109,658 |
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 | 23,131 | 16,393 |
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 | 25,000 |
Fair Value [Member] | Investments, Held To Maturity [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,988 | 4,479 |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,771,999 | 2,063,263 |
Carrying Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 22,685 | 17,889 |
Carrying Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 20,009 | 22,097 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 3,000 | $ 4,489 |
Fair Value Measurement (Quantit
Fair Value Measurement (Quantitative Information) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / ft² | |
Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Holding period (years) | 5 years |
Average market rent rate | 11 |
Average leasing costs per square foot | 10 |
Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Holding period (years) | 10 years |
Average market rent rate | 16 |
Average leasing costs per square foot | 35 |
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 10.50% |
Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 12.00% |
Measurement Input, Cap Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 8.80% |
Measurement Input, Cap Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 10.00% |
Measurement Input, Price Volatility [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 2.00% |
Market Rent Growth Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 3.00% |
Measurement Input, Expense Growth Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 2.00% |
Measurement Input, Vacancy Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 20.00% |
Measurement Input, Renewal Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-Financial Asset, Measurement Input | 70.00% |
Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Property, plant, and equipment, fair value disclosure | $ | $ 17,085 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Property, plant, and equipment, fair value disclosure | $ | $ 4,184 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Revenues | $ 127,819 | $ 128,790 | $ 142,086 | $ 132,452 | $ 139,367 | $ 144,110 | $ 146,023 | $ 143,663 | $ 531,147 | $ 573,163 | $ 549,555 |
Net Income | 63,229 | 53,274 | 79,871 | 148,969 | 170,653 | 74,473 | 69,193 | 36,396 | 345,343 | 350,715 | 276,831 |
Net income attributable to common shareholders | $ 59,507 | $ 42,981 | $ 78,289 | $ 146,824 | $ 167,967 | $ 72,629 | $ 63,852 | $ 30,826 | $ 327,601 | $ 335,274 | $ 238,933 |
Net income attributable to common shareholders - basic (in dollars per share) | $ 0.47 | $ 0.34 | $ 0.61 | $ 1.15 | $ 1.31 | $ 0.57 | $ 0.50 | $ 0.24 | $ 2.57 | $ 2.62 | $ 1.90 |
Net income attributable to common shareholders - diluted (in dollars per share) | $ 0.46 | $ 0.34 | $ 0.61 | $ 1.13 | $ 1.30 | $ 0.56 | $ 0.49 | $ 0.24 | $ 2.55 | $ 2.60 | $ 1.87 |
Revenues associated with dispositions | $ 4,100 | $ 7,000 | $ 8,300 | $ 11,900 | |||||||
Gain on sale of property | 34,800 | 19,800 | 48,200 | 111,400 | $ 136,300 | $ 38,600 | $ 34,200 | $ 15,800 | $ 207,865 | $ 218,611 | $ 100,714 |
Gain (loss) on debt extinguishment | 3,800 | 400 | |||||||||
Lease termination fee | 3,100 | 90,554 | 109,310 | 98,855 | |||||||
Impairment loss | 7,700 | 2,400 | 15,000 | 10,120 | 15,257 | 98 | |||||
Net income attributable to noncontrolling interests | $ 1,900 | $ 8,600 | $ 500 | $ 3,600 | 3,900 | $ 17,742 | $ 15,441 | $ 37,898 | |||
Deferred income tax expense (benefit) | $ 1,500 | $ (3,300) | |||||||||
Above-Market and Below-Market Leases [Member] | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization/(accretion) | (10,000) | ||||||||||
Leases, Acquired-in-Place [Member] | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization/(accretion) | $ 13,100 |
Valuation And Qualifying Acco_2
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance For Doubtful Accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 7,516 | $ 6,700 | $ 6,072 |
Charged to costs and expenses | 2,361 | 4,255 | 2,427 |
Deductions | 3,022 | 3,439 | 1,799 |
Balance at end of period | 6,855 | 7,516 | 6,700 |
Tax Valuation Allowance [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 15,587 | 25,979 | 27,230 |
Charged to costs and expenses | 0 | 0 | 0 |
Deductions | 2,800 | 10,392 | 1,251 |
Balance at end of period | $ 12,787 | $ 15,587 | $ 25,979 |
Real Estate And Accumulated D_2
Real Estate And Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 1,015,879 | |||
Initial Cost to Company, Building and Improvements | 2,135,655 | |||
Cost Capitalized Subsequent to Acquisition | 953,534 | |||
Gross Amounts Carried at Close of Period, Land | 1,020,704 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,084,364 | |||
Gross Amounts Carried at Close of Period, Total | 4,105,068 | $ 4,498,859 | $ 4,789,145 | $ 4,262,959 |
Accumulated Depreciation | (1,108,188) | (1,166,126) | $ (1,184,546) | $ (1,087,642) |
Total Costs, Net of Accumulated Depreciation | 2,996,880 | |||
Encumbrances | (318,768) | |||
Fixed assets book value in excess of (less than) tax basis | 211,000 | $ 193,400 | ||
Non-cash debt | 1,800 | |||
Deferred finance costs | $ (6,900) | |||
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 | $ 107,524 | |||
Initial Cost to Company, Building and Improvements | 3,102 | |||
Cost Capitalized Subsequent to Acquisition | 29,277 | |||
Gross Amounts Carried at Close of Period, Land | 65,837 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 74,066 | |||
Gross Amounts Carried at Close of Period, Total | 139,903 | |||
Accumulated Depreciation | (33,568) | |||
Total Costs, Net of Accumulated Depreciation | 106,335 | |||
Encumbrances | 0 | |||
Centers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 860,955 | |||
Initial Cost to Company, Building and Improvements | 2,110,489 | |||
Cost Capitalized Subsequent to Acquisition | 843,079 | |||
Gross Amounts Carried at Close of Period, Land | 903,039 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,911,484 | |||
Gross Amounts Carried at Close of Period, Total | 3,814,523 | |||
Accumulated Depreciation | (1,074,051) | |||
Total Costs, Net of Accumulated Depreciation | 2,740,472 | |||
Encumbrances | (318,768) | |||
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 | 1,285 | |||
Gross Amounts Carried at Close of Period, Land | 1,791 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,755 | |||
Gross Amounts Carried at Close of Period, Total | 10,546 | |||
Accumulated Depreciation | (7,572) | |||
Total Costs, Net of Accumulated Depreciation | 2,974 | |||
Encumbrances | $ (6,302) | |||
Date of Acquisition/Construction | Mar. 20, 2008 | |||
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 | 3,949 | |||
Gross Amounts Carried at Close of Period, Land | 3,889 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,522 | |||
Gross Amounts Carried at Close of Period, Total | 23,411 | |||
Accumulated Depreciation | (9,164) | |||
Total Costs, Net of Accumulated Depreciation | 14,247 | |||
Encumbrances | $ (14,939) | |||
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 | 7,853 | |||
Gross Amounts Carried at Close of Period, Land | 18,320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 81,284 | |||
Gross Amounts Carried at Close of Period, Total | 99,604 | |||
Accumulated Depreciation | (16,428) | |||
Total Costs, Net of Accumulated Depreciation | 83,176 | |||
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 | 8,127 | |||
Gross Amounts Carried at Close of Period, Land | 1,062 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,728 | |||
Gross Amounts Carried at Close of Period, Total | 10,790 | |||
Accumulated Depreciation | (5,802) | |||
Total Costs, Net of Accumulated Depreciation | 4,988 | |||
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 | 5,674 | |||
Gross Amounts Carried at Close of Period, Land | 4,526 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,775 | |||
Gross Amounts Carried at Close of Period, Total | 28,301 | |||
Accumulated Depreciation | (10,914) | |||
Total Costs, Net of Accumulated Depreciation | 17,387 | |||
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 | 1,355 | |||
Gross Amounts Carried at Close of Period, Land | 1,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,169 | |||
Gross Amounts Carried at Close of Period, Total | 11,121 | |||
Accumulated Depreciation | (4,079) | |||
Total Costs, Net of Accumulated Depreciation | 7,042 | |||
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 | 4,712 | |||
Gross Amounts Carried at Close of Period, Land | 10,623 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,019 | |||
Gross Amounts Carried at Close of Period, Total | 45,642 | |||
Accumulated Depreciation | (4,795) | |||
Total Costs, Net of Accumulated Depreciation | 40,847 | |||
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 | (43) | |||
Total Costs, Net of Accumulated Depreciation | 1,054 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
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 | 2,075 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,805 | |||
Gross Amounts Carried at Close of Period, Total | 6,805 | |||
Accumulated Depreciation | (5,466) | |||
Total Costs, Net of Accumulated Depreciation | 1,339 | |||
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 | 5,724 | |||
Gross Amounts Carried at Close of Period, Land | 3,651 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,455 | |||
Gross Amounts Carried at Close of Period, Total | 24,106 | |||
Accumulated Depreciation | (8,567) | |||
Total Costs, Net of Accumulated Depreciation | 15,539 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 17, 2001 | |||
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 | 2,170 | |||
Gross Amounts Carried at Close of Period, Land | 906 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,799 | |||
Gross Amounts Carried at Close of Period, Total | 6,705 | |||
Accumulated Depreciation | (3,677) | |||
Total Costs, Net of Accumulated Depreciation | 3,028 | |||
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 | 7,354 | |||
Gross Amounts Carried at Close of Period, Land | 7,511 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,027 | |||
Gross Amounts Carried at Close of Period, Total | 29,538 | |||
Accumulated Depreciation | (6,899) | |||
Total Costs, Net of Accumulated Depreciation | 22,639 | |||
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 | 583 | |||
Gross Amounts Carried at Close of Period, Land | 1,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,119 | |||
Gross Amounts Carried at Close of Period, Total | 7,452 | |||
Accumulated Depreciation | (2,006) | |||
Total Costs, Net of Accumulated Depreciation | 5,446 | |||
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 | 898 | |||
Gross Amounts Carried at Close of Period, Land | 930 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,549 | |||
Gross Amounts Carried at Close of Period, Total | 8,479 | |||
Accumulated Depreciation | (2,657) | |||
Total Costs, Net of Accumulated Depreciation | 5,822 | |||
Encumbrances | $ (3,325) | |||
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 | 115 | |||
Gross Amounts Carried at Close of Period, Land | 48,851 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,156 | |||
Gross Amounts Carried at Close of Period, Total | 50,007 | |||
Accumulated Depreciation | (966) | |||
Total Costs, Net of Accumulated Depreciation | 49,041 | |||
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 | 1,360 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,080 | |||
Gross Amounts Carried at Close of Period, Total | 10,080 | |||
Accumulated Depreciation | (6,183) | |||
Total Costs, Net of Accumulated Depreciation | 3,897 | |||
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 | 3,402 | |||
Gross Amounts Carried at Close of Period, Land | 4,697 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 36,910 | |||
Gross Amounts Carried at Close of Period, Total | 41,607 | |||
Accumulated Depreciation | (11,276) | |||
Total Costs, Net of Accumulated Depreciation | 30,331 | |||
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 | 1,543 | |||
Gross Amounts Carried at Close of Period, Land | 1,852 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,949 | |||
Gross Amounts Carried at Close of Period, Total | 10,801 | |||
Accumulated Depreciation | (4,433) | |||
Total Costs, Net of Accumulated Depreciation | 6,368 | |||
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 | 3,552 | |||
Gross Amounts Carried at Close of Period, Land | 914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,212 | |||
Gross Amounts Carried at Close of Period, Total | 8,126 | |||
Accumulated Depreciation | (3,310) | |||
Total Costs, Net of Accumulated Depreciation | 4,816 | |||
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 | 3,604 | |||
Gross Amounts Carried at Close of Period, Land | 23,210 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 40,501 | |||
Gross Amounts Carried at Close of Period, Total | 63,711 | |||
Accumulated Depreciation | (13,221) | |||
Total Costs, Net of Accumulated Depreciation | 50,490 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 20, 2006 | |||
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 | 12,949 | |||
Gross Amounts Carried at Close of Period, Land | 7,234 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 41,805 | |||
Gross Amounts Carried at Close of Period, Total | 49,039 | |||
Accumulated Depreciation | (22,076) | |||
Total Costs, Net of Accumulated Depreciation | 26,963 | |||
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 | 9,000 | |||
Gross Amounts Carried at Close of Period, Land | 534 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,870 | |||
Gross Amounts Carried at Close of Period, Total | 18,404 | |||
Accumulated Depreciation | (14,929) | |||
Total Costs, Net of Accumulated Depreciation | 3,475 | |||
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 | 7,267 | |||
Gross Amounts Carried at Close of Period, Land | 2,641 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,672 | |||
Gross Amounts Carried at Close of Period, Total | 18,313 | |||
Accumulated Depreciation | (12,047) | |||
Total Costs, Net of Accumulated Depreciation | 6,266 | |||
Encumbrances | $ (11,475) | |||
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 | 16,010 | |||
Gross Amounts Carried at Close of Period, Land | 10,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 59,237 | |||
Gross Amounts Carried at Close of Period, Total | 70,050 | |||
Accumulated Depreciation | (31,238) | |||
Total Costs, Net of Accumulated Depreciation | 38,812 | |||
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 | 10,502 | |||
Gross Amounts Carried at Close of Period, Land | 15,559 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 40,284 | |||
Gross Amounts Carried at Close of Period, Total | 55,843 | |||
Accumulated Depreciation | (15,032) | |||
Total Costs, Net of Accumulated Depreciation | 40,811 | |||
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 | 2,790 | |||
Gross Amounts Carried at Close of Period, Land | 1,730 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,721 | |||
Gross Amounts Carried at Close of Period, Total | 11,451 | |||
Accumulated Depreciation | (4,853) | |||
Total Costs, Net of Accumulated Depreciation | 6,598 | |||
Encumbrances | $ (7,189) | |||
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 | 325 | |||
Gross Amounts Carried at Close of Period, Land | 6,400 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,709 | |||
Gross Amounts Carried at Close of Period, Total | 30,109 | |||
Accumulated Depreciation | (2,073) | |||
Total Costs, Net of Accumulated Depreciation | 28,036 | |||
Encumbrances | $ (13,953) | |||
Date of Acquisition/Construction | Feb. 12, 2016 | |||
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 | 1,239 | |||
Gross Amounts Carried at Close of Period, Land | 3,793 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,614 | |||
Gross Amounts Carried at Close of Period, Total | 13,407 | |||
Accumulated Depreciation | (6,684) | |||
Total Costs, Net of Accumulated Depreciation | 6,723 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
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 | 4,929 | |||
Gross Amounts Carried at Close of Period, Land | 27,806 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 81,966 | |||
Gross Amounts Carried at Close of Period, Total | 109,772 | |||
Accumulated Depreciation | (7,313) | |||
Total Costs, Net of Accumulated Depreciation | 102,459 | |||
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 | 2,253 | |||
Gross Amounts Carried at Close of Period, Land | 3,362 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,222 | |||
Gross Amounts Carried at Close of Period, Total | 20,584 | |||
Accumulated Depreciation | (4,118) | |||
Total Costs, Net of Accumulated Depreciation | 16,466 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 28, 2010 | |||
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 | 691 | |||
Gross Amounts Carried at Close of Period, Land | 4,821 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,916 | |||
Gross Amounts Carried at Close of Period, Total | 16,737 | |||
Accumulated Depreciation | (3,039) | |||
Total Costs, Net of Accumulated Depreciation | 13,698 | |||
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 | 4,919 | |||
Gross Amounts Carried at Close of Period, Land | 4,429 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,478 | |||
Gross Amounts Carried at Close of Period, Total | 29,907 | |||
Accumulated Depreciation | (10,927) | |||
Total Costs, Net of Accumulated Depreciation | 18,980 | |||
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 | 2,433 | |||
Gross Amounts Carried at Close of Period, Land | 2,803 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,701 | |||
Gross Amounts Carried at Close of Period, Total | 16,504 | |||
Accumulated Depreciation | (5,560) | |||
Total Costs, Net of Accumulated Depreciation | 10,944 | |||
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 | 2,144 | |||
Gross Amounts Carried at Close of Period, Land | 6,115 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,581 | |||
Gross Amounts Carried at Close of Period, Total | 18,696 | |||
Accumulated Depreciation | (4,724) | |||
Total Costs, Net of Accumulated Depreciation | 13,972 | |||
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 | (3,826) | |||
Total Costs, Net of Accumulated Depreciation | 1,720 | |||
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 | 1,482 | |||
Gross Amounts Carried at Close of Period, Land | 3,542 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,764 | |||
Gross Amounts Carried at Close of Period, Total | 19,306 | |||
Accumulated Depreciation | (6,319) | |||
Total Costs, Net of Accumulated Depreciation | 12,987 | |||
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 | 4,069 | |||
Gross Amounts Carried at Close of Period, Land | 5,022 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,071 | |||
Gross Amounts Carried at Close of Period, Total | 23,093 | |||
Accumulated Depreciation | (7,599) | |||
Total Costs, Net of Accumulated Depreciation | 15,494 | |||
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 | 11,811 | |||
Gross Amounts Carried at Close of Period, Land | 11,267 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,159 | |||
Gross Amounts Carried at Close of Period, Total | 53,426 | |||
Accumulated Depreciation | (15,862) | |||
Total Costs, Net of Accumulated Depreciation | 37,564 | |||
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 | 1,918 | |||
Gross Amounts Carried at Close of Period, Land | 1,095 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,418 | |||
Gross Amounts Carried at Close of Period, Total | 8,513 | |||
Accumulated Depreciation | (4,761) | |||
Total Costs, Net of Accumulated Depreciation | 3,752 | |||
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 | 4,373 | |||
Gross Amounts Carried at Close of Period, Land | 2,403 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,966 | |||
Gross Amounts Carried at Close of Period, Total | 14,369 | |||
Accumulated Depreciation | (8,662) | |||
Total Costs, Net of Accumulated Depreciation | 5,707 | |||
Encumbrances | $ (10,423) | |||
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 | 6,037 | |||
Gross Amounts Carried at Close of Period, Land | 6,944 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,324 | |||
Gross Amounts Carried at Close of Period, Total | 24,268 | |||
Accumulated Depreciation | (7,328) | |||
Total Costs, Net of Accumulated Depreciation | 16,940 | |||
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 | 8,778 | |||
Gross Amounts Carried at Close of Period, Land | 10,504 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,408 | |||
Gross Amounts Carried at Close of Period, Total | 29,912 | |||
Accumulated Depreciation | (6,074) | |||
Total Costs, Net of Accumulated Depreciation | 23,838 | |||
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 | 5,957 | |||
Gross Amounts Carried at Close of Period, Land | 3,279 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,913 | |||
Gross Amounts Carried at Close of Period, Total | 14,192 | |||
Accumulated Depreciation | (8,888) | |||
Total Costs, Net of Accumulated Depreciation | 5,304 | |||
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 | 5,481 | |||
Gross Amounts Carried at Close of Period, Land | 4,808 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 24,734 | |||
Gross Amounts Carried at Close of Period, Total | 29,542 | |||
Accumulated Depreciation | (11,531) | |||
Total Costs, Net of Accumulated Depreciation | 18,011 | |||
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 | 617 | |||
Gross Amounts Carried at Close of Period, Land | 3,163 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,657 | |||
Gross Amounts Carried at Close of Period, Total | 12,820 | |||
Accumulated Depreciation | (3,456) | |||
Total Costs, Net of Accumulated Depreciation | 9,364 | |||
Encumbrances | $ (4,248) | |||
Date of Acquisition/Construction | Nov. 9, 2004 | |||
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 | 4,214 | |||
Gross Amounts Carried at Close of Period, Land | 4,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,842 | |||
Gross Amounts Carried at Close of Period, Total | 31,592 | |||
Accumulated Depreciation | (11,047) | |||
Total Costs, Net of Accumulated Depreciation | 20,545 | |||
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 | 378 | |||
Gross Amounts Carried at Close of Period, Land | 257 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,681 | |||
Gross Amounts Carried at Close of Period, Total | 2,938 | |||
Accumulated Depreciation | (1,841) | |||
Total Costs, Net of Accumulated Depreciation | 1,097 | |||
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 | 1,165 | |||
Gross Amounts Carried at Close of Period, Land | 1,278 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,089 | |||
Gross Amounts Carried at Close of Period, Total | 6,367 | |||
Accumulated Depreciation | (4,350) | |||
Total Costs, Net of Accumulated Depreciation | 2,017 | |||
Encumbrances | $ (9,667) | |||
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 | (1,286) | |||
Total Costs, Net of Accumulated Depreciation | 4,665 | |||
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 | 2,604 | |||
Gross Amounts Carried at Close of Period, Land | 1,055 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,306 | |||
Gross Amounts Carried at Close of Period, Total | 3,361 | |||
Accumulated Depreciation | (1,724) | |||
Total Costs, Net of Accumulated Depreciation | 1,637 | |||
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 | 582 | |||
Gross Amounts Carried at Close of Period, Land | 2,576 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,887 | |||
Gross Amounts Carried at Close of Period, Total | 13,463 | |||
Accumulated Depreciation | (4,768) | |||
Total Costs, Net of Accumulated Depreciation | 8,695 | |||
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 | 1,960 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,960 | |||
Gross Amounts Carried at Close of Period, Total | 1,960 | |||
Accumulated Depreciation | (655) | |||
Total Costs, Net of Accumulated Depreciation | 1,305 | |||
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 | 53,854 | |||
Gross Amounts Carried at Close of Period, Land | 3,960 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 60,324 | |||
Gross Amounts Carried at Close of Period, Total | 64,284 | |||
Accumulated Depreciation | (18,649) | |||
Total Costs, Net of Accumulated Depreciation | 45,635 | |||
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 | 483 | |||
Gross Amounts Carried at Close of Period, Land | 2,439 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,970 | |||
Gross Amounts Carried at Close of Period, Total | 11,409 | |||
Accumulated Depreciation | (2,149) | |||
Total Costs, Net of Accumulated Depreciation | 9,260 | |||
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 | 533 | |||
Gross Amounts Carried at Close of Period, Land | 678 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,715 | |||
Gross Amounts Carried at Close of Period, Total | 12,393 | |||
Accumulated Depreciation | (6,853) | |||
Total Costs, Net of Accumulated Depreciation | 5,540 | |||
Encumbrances | $ (11,667) | |||
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 | 2,497 | |||
Gross Amounts Carried at Close of Period, Land | 19,351 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 34,124 | |||
Gross Amounts Carried at Close of Period, Total | 53,475 | |||
Accumulated Depreciation | (8,697) | |||
Total Costs, Net of Accumulated Depreciation | 44,778 | |||
Encumbrances | $ (14,090) | |||
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 | 667 | |||
Gross Amounts Carried at Close of Period, Land | 8,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,227 | |||
Gross Amounts Carried at Close of Period, Total | 34,977 | |||
Accumulated Depreciation | (6,024) | |||
Total Costs, Net of Accumulated Depreciation | 28,953 | |||
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 | 446 | |||
Gross Amounts Carried at Close of Period, Land | 8,431 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,916 | |||
Gross Amounts Carried at Close of Period, Total | 30,347 | |||
Accumulated Depreciation | (5,078) | |||
Total Costs, Net of Accumulated Depreciation | 25,269 | |||
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 | (9,546) | |||
Total Costs, Net of Accumulated Depreciation | 22,666 | |||
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 | 8,187 | |||
Gross Amounts Carried at Close of Period, Land | 10,810 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 49,100 | |||
Gross Amounts Carried at Close of Period, Total | 59,910 | |||
Accumulated Depreciation | (19,291) | |||
Total Costs, Net of Accumulated Depreciation | 40,619 | |||
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 | 4,935 | |||
Gross Amounts Carried at Close of Period, Land | 1,006 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,119 | |||
Gross Amounts Carried at Close of Period, Total | 6,125 | |||
Accumulated Depreciation | (3,387) | |||
Total Costs, Net of Accumulated Depreciation | 2,738 | |||
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 | 1,515 | |||
Gross Amounts Carried at Close of Period, Land | 2,261 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,764 | |||
Gross Amounts Carried at Close of Period, Total | 11,025 | |||
Accumulated Depreciation | (5,643) | |||
Total Costs, Net of Accumulated Depreciation | 5,382 | |||
Encumbrances | $ 0 | |||
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 | 1,811 | |||
Gross Amounts Carried at Close of Period, Land | 7,223 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,933 | |||
Gross Amounts Carried at Close of Period, Total | 26,156 | |||
Accumulated Depreciation | (7,411) | |||
Total Costs, Net of Accumulated Depreciation | 18,745 | |||
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 | 281 | |||
Gross Amounts Carried at Close of Period, Land | 1,889 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,446 | |||
Gross Amounts Carried at Close of Period, Total | 25,335 | |||
Accumulated Depreciation | (1,579) | |||
Total Costs, Net of Accumulated Depreciation | 23,756 | |||
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 | 1,491 | |||
Gross Amounts Carried at Close of Period, Land | 3,816 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,970 | |||
Gross Amounts Carried at Close of Period, Total | 18,786 | |||
Accumulated Depreciation | (5,134) | |||
Total Costs, Net of Accumulated Depreciation | 13,652 | |||
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 | 3,681 | |||
Gross Amounts Carried at Close of Period, Land | 1,415 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,286 | |||
Gross Amounts Carried at Close of Period, Total | 10,701 | |||
Accumulated Depreciation | (6,510) | |||
Total Costs, Net of Accumulated Depreciation | 4,191 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 15, 1991 | |||
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 | 6,254 | |||
Gross Amounts Carried at Close of Period, Land | 2,696 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,029 | |||
Gross Amounts Carried at Close of Period, Total | 19,725 | |||
Accumulated Depreciation | (9,525) | |||
Total Costs, Net of Accumulated Depreciation | 10,200 | |||
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 | 1,055 | |||
Gross Amounts Carried at Close of Period, Land | 2,677 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,198 | |||
Gross Amounts Carried at Close of Period, Total | 12,875 | |||
Accumulated Depreciation | (3,610) | |||
Total Costs, Net of Accumulated Depreciation | 9,265 | |||
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 | 5,731 | |||
Gross Amounts Carried at Close of Period, Land | 1,824 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,041 | |||
Gross Amounts Carried at Close of Period, Total | 14,865 | |||
Accumulated Depreciation | (5,802) | |||
Total Costs, Net of Accumulated Depreciation | 9,063 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
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 | 5,962 | |||
Gross Amounts Carried at Close of Period, Land | 755 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,750 | |||
Gross Amounts Carried at Close of Period, Total | 7,505 | |||
Accumulated Depreciation | (4,418) | |||
Total Costs, Net of Accumulated Depreciation | 3,087 | |||
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 | 1,559 | |||
Gross Amounts Carried at Close of Period, Land | 10,382 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 57,862 | |||
Gross Amounts Carried at Close of Period, Total | 68,244 | |||
Accumulated Depreciation | (13,502) | |||
Total Costs, Net of Accumulated Depreciation | 54,742 | |||
Encumbrances | $ 0 | |||
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 | 5,695 | |||
Gross Amounts Carried at Close of Period, Land | 6,954 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 31,281 | |||
Gross Amounts Carried at Close of Period, Total | 38,235 | |||
Accumulated Depreciation | (13,186) | |||
Total Costs, Net of Accumulated Depreciation | 25,049 | |||
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 | 9,470 | |||
Gross Amounts Carried at Close of Period, Land | 879 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,479 | |||
Gross Amounts Carried at Close of Period, Total | 14,358 | |||
Accumulated Depreciation | (9,173) | |||
Total Costs, Net of Accumulated Depreciation | 5,185 | |||
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 | (5,553) | |||
Gross Amounts Carried at Close of Period, Land | 259 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 933 | |||
Gross Amounts Carried at Close of Period, Total | 1,192 | |||
Accumulated Depreciation | (627) | |||
Total Costs, Net of Accumulated Depreciation | 565 | |||
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 | 3,992 | |||
Gross Amounts Carried at Close of Period, Land | 1,713 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,397 | |||
Gross Amounts Carried at Close of Period, Total | 10,110 | |||
Accumulated Depreciation | (6,869) | |||
Total Costs, Net of Accumulated Depreciation | 3,241 | |||
Encumbrances | $ (8,792) | |||
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 | 758 | |||
Gross Amounts Carried at Close of Period, Land | 1,772 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,825 | |||
Gross Amounts Carried at Close of Period, Total | 9,597 | |||
Accumulated Depreciation | (3,444) | |||
Total Costs, Net of Accumulated Depreciation | 6,153 | |||
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 | 20,213 | |||
Gross Amounts Carried at Close of Period, Land | 19,664 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,470 | |||
Gross Amounts Carried at Close of Period, Total | 42,134 | |||
Accumulated Depreciation | (3,330) | |||
Total Costs, Net of Accumulated Depreciation | 38,804 | |||
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 | 6,712 | |||
Gross Amounts Carried at Close of Period, Land | 1,358 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,840 | |||
Gross Amounts Carried at Close of Period, Total | 10,198 | |||
Accumulated Depreciation | (6,419) | |||
Total Costs, Net of Accumulated Depreciation | 3,779 | |||
Encumbrances | $ (7,358) | |||
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 | 1,178 | |||
Gross Amounts Carried at Close of Period, Land | 5,861 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,583 | |||
Gross Amounts Carried at Close of Period, Total | 17,444 | |||
Accumulated Depreciation | (3,923) | |||
Total Costs, Net of Accumulated Depreciation | 13,521 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 15, 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 | 7,868 | |||
Gross Amounts Carried at Close of Period, Land | 13,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 45,619 | |||
Gross Amounts Carried at Close of Period, Total | 59,432 | |||
Accumulated Depreciation | (15,057) | |||
Total Costs, Net of Accumulated Depreciation | 44,375 | |||
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 | 16,416 | |||
Gross Amounts Carried at Close of Period, Land | 9,264 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 54,207 | |||
Gross Amounts Carried at Close of Period, Total | 63,471 | |||
Accumulated Depreciation | (22,619) | |||
Total Costs, Net of Accumulated Depreciation | 40,852 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 24, 2003 | |||
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 | (1,032) | |||
Total Costs, Net of Accumulated Depreciation | 163 | |||
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 | 4,724 | |||
Gross Amounts Carried at Close of Period, Land | 34,404 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,358 | |||
Gross Amounts Carried at Close of Period, Total | 76,762 | |||
Accumulated Depreciation | (15,349) | |||
Total Costs, Net of Accumulated Depreciation | 61,413 | |||
Encumbrances | $ (30,481) | |||
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 | 28,491 | |||
Gross Amounts Carried at Close of Period, Land | 872 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,620 | |||
Gross Amounts Carried at Close of Period, Total | 28,492 | |||
Accumulated Depreciation | (15,219) | |||
Total Costs, Net of Accumulated Depreciation | 13,273 | |||
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 | 1,630 | |||
Gross Amounts Carried at Close of Period, Land | 1,773 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,808 | |||
Gross Amounts Carried at Close of Period, Total | 6,581 | |||
Accumulated Depreciation | (2,107) | |||
Total Costs, Net of Accumulated Depreciation | 4,474 | |||
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 | 3,314 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 43,851 | |||
Gross Amounts Carried at Close of Period, Total | 43,851 | |||
Accumulated Depreciation | (12,425) | |||
Total Costs, Net of Accumulated Depreciation | 31,426 | |||
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 | 2,127 | |||
Gross Amounts Carried at Close of Period, Land | 3,471 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,940 | |||
Gross Amounts Carried at Close of Period, Total | 20,411 | |||
Accumulated Depreciation | (6,665) | |||
Total Costs, Net of Accumulated Depreciation | 13,746 | |||
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 | (9,379) | |||
Total Costs, Net of Accumulated Depreciation | 15,094 | |||
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 | 5,330 | |||
Gross Amounts Carried at Close of Period, Land | 2,768 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,312 | |||
Gross Amounts Carried at Close of Period, Total | 19,080 | |||
Accumulated Depreciation | (10,500) | |||
Total Costs, Net of Accumulated Depreciation | 8,580 | |||
Encumbrances | $ (13,977) | |||
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 | 18,182 | |||
Gross Amounts Carried at Close of Period, Land | 10,983 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,236 | |||
Gross Amounts Carried at Close of Period, Total | 30,219 | |||
Accumulated Depreciation | (12,257) | |||
Total Costs, Net of Accumulated Depreciation | 17,962 | |||
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 | 5,490 | |||
Gross Amounts Carried at Close of Period, Land | 3,887 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,274 | |||
Gross Amounts Carried at Close of Period, Total | 23,161 | |||
Accumulated Depreciation | (8,348) | |||
Total Costs, Net of Accumulated Depreciation | 14,813 | |||
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 | 790 | |||
Gross Amounts Carried at Close of Period, Land | 1,166 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,432 | |||
Gross Amounts Carried at Close of Period, Total | 6,598 | |||
Accumulated Depreciation | (3,325) | |||
Total Costs, Net of Accumulated Depreciation | 3,273 | |||
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 | 658 | |||
Gross Amounts Carried at Close of Period, Land | 3,585 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,790 | |||
Gross Amounts Carried at Close of Period, Total | 12,375 | |||
Accumulated Depreciation | (5,756) | |||
Total Costs, Net of Accumulated Depreciation | 6,619 | |||
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 | 12,719 | |||
Gross Amounts Carried at Close of Period, Land | 3,317 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,657 | |||
Gross Amounts Carried at Close of Period, Total | 14,974 | |||
Accumulated Depreciation | (5,377) | |||
Total Costs, Net of Accumulated Depreciation | 9,597 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2003 | |||
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 | 359 | |||
Gross Amounts Carried at Close of Period, Land | 4,276 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,545 | |||
Gross Amounts Carried at Close of Period, Total | 13,821 | |||
Accumulated Depreciation | (3,002) | |||
Total Costs, Net of Accumulated Depreciation | 10,819 | |||
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 | 13,598 | |||
Gross Amounts Carried at Close of Period, Land | 14,512 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,032 | |||
Gross Amounts Carried at Close of Period, Total | 16,544 | |||
Accumulated Depreciation | (1,340) | |||
Total Costs, Net of Accumulated Depreciation | 15,204 | |||
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 | 25,736 | |||
Gross Amounts Carried at Close of Period, Land | 16,100 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 36,809 | |||
Gross Amounts Carried at Close of Period, Total | 52,909 | |||
Accumulated Depreciation | (15,831) | |||
Total Costs, Net of Accumulated Depreciation | 37,078 | |||
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 | 357 | |||
Gross Amounts Carried at Close of Period, Land | 1,363 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,294 | |||
Gross Amounts Carried at Close of Period, Total | 3,657 | |||
Accumulated Depreciation | (2,019) | |||
Total Costs, Net of Accumulated Depreciation | 1,638 | |||
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 | 60,185 | |||
Gross Amounts Carried at Close of Period, Land | 4,210 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 77,250 | |||
Gross Amounts Carried at Close of Period, Total | 81,460 | |||
Accumulated Depreciation | (27,702) | |||
Total Costs, Net of Accumulated Depreciation | 53,758 | |||
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 | 17,601 | |||
Gross Amounts Carried at Close of Period, Land | 10,659 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 39,882 | |||
Gross Amounts Carried at Close of Period, Total | 50,541 | |||
Accumulated Depreciation | (13,164) | |||
Total Costs, Net of Accumulated Depreciation | 37,377 | |||
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 | 6,375 | |||
Gross Amounts Carried at Close of Period, Land | 7,134 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,824 | |||
Gross Amounts Carried at Close of Period, Total | 33,958 | |||
Accumulated Depreciation | (9,373) | |||
Total Costs, Net of Accumulated Depreciation | 24,585 | |||
Encumbrances | $ 0 | |||
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 | 1,332 | |||
Gross Amounts Carried at Close of Period, Land | 7,625 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,905 | |||
Gross Amounts Carried at Close of Period, Total | 27,530 | |||
Accumulated Depreciation | (5,882) | |||
Total Costs, Net of Accumulated Depreciation | 21,648 | |||
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 | 1,014 | |||
Gross Amounts Carried at Close of Period, Land | 1,358 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,455 | |||
Gross Amounts Carried at Close of Period, Total | 7,813 | |||
Accumulated Depreciation | (2,885) | |||
Total Costs, Net of Accumulated Depreciation | 4,928 | |||
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 | 39,512 | |||
Gross Amounts Carried at Close of Period, Land | 12,914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,839 | |||
Gross Amounts Carried at Close of Period, Total | 42,753 | |||
Accumulated Depreciation | (5,981) | |||
Total Costs, Net of Accumulated Depreciation | 36,772 | |||
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 | 560 | |||
Gross Amounts Carried at Close of Period, Land | 21,586 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,629 | |||
Gross Amounts Carried at Close of Period, Total | 51,215 | |||
Accumulated Depreciation | (2,016) | |||
Total Costs, Net of Accumulated Depreciation | 49,199 | |||
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 | 2,055 | |||
Gross Amounts Carried at Close of Period, Land | 11,977 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,274 | |||
Gross Amounts Carried at Close of Period, Total | 18,251 | |||
Accumulated Depreciation | (1,763) | |||
Total Costs, Net of Accumulated Depreciation | 16,488 | |||
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 | 1,645 | |||
Gross Amounts Carried at Close of Period, Land | 3,290 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,110 | |||
Gross Amounts Carried at Close of Period, Total | 10,400 | |||
Accumulated Depreciation | (2,709) | |||
Total Costs, Net of Accumulated Depreciation | 7,691 | |||
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 | 9,593 | |||
Gross Amounts Carried at Close of Period, Land | 3,332 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,464 | |||
Gross Amounts Carried at Close of Period, Total | 15,796 | |||
Accumulated Depreciation | (8,903) | |||
Total Costs, Net of Accumulated Depreciation | 6,893 | |||
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 | (1,315) | |||
Gross Amounts Carried at Close of Period, Land | 5,672 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,137 | |||
Gross Amounts Carried at Close of Period, Total | 13,809 | |||
Accumulated Depreciation | (2,708) | |||
Total Costs, Net of Accumulated Depreciation | 11,101 | |||
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 | 288 | |||
Gross Amounts Carried at Close of Period, Land | 1,202 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,232 | |||
Gross Amounts Carried at Close of Period, Total | 2,434 | |||
Accumulated Depreciation | (531) | |||
Total Costs, Net of Accumulated Depreciation | 1,903 | |||
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 | 11,319 | |||
Gross Amounts Carried at Close of Period, Land | 10,587 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,250 | |||
Gross Amounts Carried at Close of Period, Total | 26,837 | |||
Accumulated Depreciation | (11,345) | |||
Total Costs, Net of Accumulated Depreciation | 15,492 | |||
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 | 6,608 | |||
Gross Amounts Carried at Close of Period, Land | 3,228 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,535 | |||
Gross Amounts Carried at Close of Period, Total | 22,763 | |||
Accumulated Depreciation | (8,018) | |||
Total Costs, Net of Accumulated Depreciation | 14,745 | |||
Encumbrances | $ (14,024) | |||
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 | 6,668 | |||
Gross Amounts Carried at Close of Period, Land | 6,728 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 33,377 | |||
Gross Amounts Carried at Close of Period, Total | 40,105 | |||
Accumulated Depreciation | (15,403) | |||
Total Costs, Net of Accumulated Depreciation | 24,702 | |||
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 | 3,271 | |||
Gross Amounts Carried at Close of Period, Land | 4,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,624 | |||
Gross Amounts Carried at Close of Period, Total | 24,957 | |||
Accumulated Depreciation | (10,006) | |||
Total Costs, Net of Accumulated Depreciation | 14,951 | |||
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 | 783 | |||
Gross Amounts Carried at Close of Period, Land | 231 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,173 | |||
Gross Amounts Carried at Close of Period, Total | 9,404 | |||
Accumulated Depreciation | (6,022) | |||
Total Costs, Net of Accumulated Depreciation | 3,382 | |||
Encumbrances | $ (6,467) | |||
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 | 3,514 | |||
Gross Amounts Carried at Close of Period, Land | 818 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,778 | |||
Gross Amounts Carried at Close of Period, Total | 7,596 | |||
Accumulated Depreciation | (4,086) | |||
Total Costs, Net of Accumulated Depreciation | 3,510 | |||
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 | 88 | |||
Gross Amounts Carried at Close of Period, Land | 2,897 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,862 | |||
Gross Amounts Carried at Close of Period, Total | 4,759 | |||
Accumulated Depreciation | (1,637) | |||
Total Costs, Net of Accumulated Depreciation | 3,122 | |||
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 | 2,494 | |||
Gross Amounts Carried at Close of Period, Land | 4,740 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,495 | |||
Gross Amounts Carried at Close of Period, Total | 26,235 | |||
Accumulated Depreciation | (9,999) | |||
Total Costs, Net of Accumulated Depreciation | 16,236 | |||
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 | 11,302 | |||
Gross Amounts Carried at Close of Period, Land | 3,453 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,295 | |||
Gross Amounts Carried at Close of Period, Total | 28,748 | |||
Accumulated Depreciation | (12,307) | |||
Total Costs, Net of Accumulated Depreciation | 16,441 | |||
Encumbrances | $ (10,614) | |||
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 | 22,589 | |||
Gross Amounts Carried at Close of Period, Land | 6,010 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 44,174 | |||
Gross Amounts Carried at Close of Period, Total | 50,184 | |||
Accumulated Depreciation | (11,610) | |||
Total Costs, Net of Accumulated Depreciation | 38,574 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 29, 2001 | |||
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 | 24,998 | |||
Gross Amounts Carried at Close of Period, Land | 17,822 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,022 | |||
Gross Amounts Carried at Close of Period, Total | 38,844 | |||
Accumulated Depreciation | (13,954) | |||
Total Costs, Net of Accumulated Depreciation | 24,890 | |||
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 | 3,557 | |||
Gross Amounts Carried at Close of Period, Land | 4,988 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,463 | |||
Gross Amounts Carried at Close of Period, Total | 27,451 | |||
Accumulated Depreciation | (9,404) | |||
Total Costs, Net of Accumulated Depreciation | 18,047 | |||
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 | 6,518 | |||
Gross Amounts Carried at Close of Period, Land | 79,673 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 178,881 | |||
Gross Amounts Carried at Close of Period, Total | 258,554 | |||
Accumulated Depreciation | (14,307) | |||
Total Costs, Net of Accumulated Depreciation | 244,247 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 27, 2016 | |||
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 | 494 | |||
Gross Amounts Carried at Close of Period, Land | 14,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,844 | |||
Gross Amounts Carried at Close of Period, Total | 25,796 | |||
Accumulated Depreciation | (962) | |||
Total Costs, Net of Accumulated Depreciation | 24,834 | |||
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 | (147) | |||
Total Costs, Net of Accumulated Depreciation | 1,082 | |||
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 | 1,215 | |||
Gross Amounts Carried at Close of Period, Land | 2,973 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,357 | |||
Gross Amounts Carried at Close of Period, Total | 17,330 | |||
Accumulated Depreciation | (5,914) | |||
Total Costs, Net of Accumulated Depreciation | 11,416 | |||
Encumbrances | $ (11,803) | |||
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 | 4,042 | |||
Gross Amounts Carried at Close of Period, Land | 3,430 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,295 | |||
Gross Amounts Carried at Close of Period, Total | 26,725 | |||
Accumulated Depreciation | (8,993) | |||
Total Costs, Net of Accumulated Depreciation | 17,732 | |||
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 | 26,467 | |||
Gross Amounts Carried at Close of Period, Land | 6,726 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,619 | |||
Gross Amounts Carried at Close of Period, Total | 36,345 | |||
Accumulated Depreciation | (13,534) | |||
Total Costs, Net of Accumulated Depreciation | 22,811 | |||
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 | 1,866 | |||
Gross Amounts Carried at Close of Period, Land | 9,855 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 30,999 | |||
Gross Amounts Carried at Close of Period, Total | 40,854 | |||
Accumulated Depreciation | (3,136) | |||
Total Costs, Net of Accumulated Depreciation | 37,718 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 31, 2015 | |||
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 | 4,909 | |||
Gross Amounts Carried at Close of Period, Land | 8,910 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,028 | |||
Gross Amounts Carried at Close of Period, Total | 22,938 | |||
Accumulated Depreciation | (3,772) | |||
Total Costs, Net of Accumulated Depreciation | 19,166 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 7, 2006 | |||
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 | 2,536 | |||
Gross Amounts Carried at Close of Period, Land | 3,044 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,762 | |||
Gross Amounts Carried at Close of Period, Total | 17,806 | |||
Accumulated Depreciation | (6,109) | |||
Total Costs, Net of Accumulated Depreciation | 11,697 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 18, 2002 | |||
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 | 13,217 | |||
Gross Amounts Carried at Close of Period, Land | 3,775 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,272 | |||
Gross Amounts Carried at Close of Period, Total | 19,047 | |||
Accumulated Depreciation | (7,486) | |||
Total Costs, Net of Accumulated Depreciation | 11,561 | |||
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 | 2,755 | |||
Gross Amounts Carried at Close of Period, Land | 16,500 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,244 | |||
Gross Amounts Carried at Close of Period, Total | 51,744 | |||
Accumulated Depreciation | (3,643) | |||
Total Costs, Net of Accumulated Depreciation | 48,101 | |||
Encumbrances | $ (17,974) | |||
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 | (1,797) | |||
Gross Amounts Carried at Close of Period, Land | 3,269 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,016 | |||
Gross Amounts Carried at Close of Period, Total | 20,285 | |||
Accumulated Depreciation | (7,677) | |||
Total Costs, Net of Accumulated Depreciation | 12,608 | |||
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 | 13,629 | |||
Gross Amounts Carried at Close of Period, Land | 3,189 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,445 | |||
Gross Amounts Carried at Close of Period, Total | 24,634 | |||
Accumulated Depreciation | (13,952) | |||
Total Costs, Net of Accumulated Depreciation | 10,682 | |||
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 | 6,787 | |||
Gross Amounts Carried at Close of Period, Land | 437 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,760 | |||
Gross Amounts Carried at Close of Period, Total | 10,197 | |||
Accumulated Depreciation | (5,974) | |||
Total Costs, Net of Accumulated Depreciation | 4,223 | |||
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 | (6,695) | |||
Gross Amounts Carried at Close of Period, Land | 12,220 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,153 | |||
Gross Amounts Carried at Close of Period, Total | 31,373 | |||
Accumulated Depreciation | (10,718) | |||
Total Costs, Net of Accumulated Depreciation | 20,655 | |||
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 | 9,752 | |||
Gross Amounts Carried at Close of Period, Land | 11,204 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 54,634 | |||
Gross Amounts Carried at Close of Period, Total | 65,838 | |||
Accumulated Depreciation | (26,013) | |||
Total Costs, Net of Accumulated Depreciation | 39,825 | |||
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 | 10,203 | |||
Gross Amounts Carried at Close of Period, Land | 2,280 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,718 | |||
Gross Amounts Carried at Close of Period, Total | 20,998 | |||
Accumulated Depreciation | (4,872) | |||
Total Costs, Net of Accumulated Depreciation | 16,126 | |||
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 | 81,178 | |||
Gross Amounts Carried at Close of Period, Land | 51,828 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 98,814 | |||
Gross Amounts Carried at Close of Period, Total | 150,642 | |||
Accumulated Depreciation | (569) | |||
Total Costs, Net of Accumulated Depreciation | 150,073 | |||
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 | 77,956 | |||
Gross Amounts Carried at Close of Period, Land | 46,494 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 76,294 | |||
Gross Amounts Carried at Close of Period, Total | 122,788 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 122,788 | |||
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 | 3,222 | |||
Gross Amounts Carried at Close of Period, Land | 5,334 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,520 | |||
Gross Amounts Carried at Close of Period, Total | 27,854 | |||
Accumulated Depreciation | (569) | |||
Total Costs, Net of Accumulated Depreciation | 27,285 | |||
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 | $ 17,700 | |||
Non-cash debt | 1,800 | |||
Deferred finance costs | $ (1,000) |
Real Estate And Accumulated D_3
Real Estate And Accumulated Depreciation (Total Cost Of The Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 4,498,859 | $ 4,789,145 | $ 4,262,959 |
Additions at cost | 164,150 | 137,462 | 654,513 |
Retirements or sales | (547,821) | (334,105) | (126,666) |
Property held for sale | 0 | (78,721) | (1,563) |
Impairment loss | (10,120) | (14,922) | (98) |
Balance at end of year | $ 4,105,068 | $ 4,498,859 | $ 4,789,145 |
Real Estate And Accumulated D_4
Real Estate And Accumulated Depreciation (Changes In Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 1,166,126 | $ 1,184,546 | $ 1,087,642 |
Additions at cost | 118,664 | 132,900 | 131,120 |
Retirements or sales | (176,602) | (127,391) | (33,132) |
Property held for sale | 0 | (23,929) | (1,084) |
Balance at end of year | $ 1,108,188 | $ 1,166,126 | $ 1,184,546 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Details) - Shopping Center [Member] - First Mortgages [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in 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] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
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 |