Cover page
Cover page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-9876 | ||
Entity Registrant Name | Weingarten Realty Investors | ||
Entity Incorporation, State or Country Code | TX | ||
Entity Tax Identification Number | 74-1464203 | ||
Entity Address, Address Line One | 2600 Citadel Plaza Drive, Suite 125 | ||
Entity Address, City or Town | Houston, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77008 | ||
City Area Code | (713) | ||
Local Phone Number | 866-6000 | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, $.03 par value | ||
Trading Symbol | WRI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Smaller Reporting Entity | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3.3 | ||
Entity Common Stock, Shares Outstanding | 128,961,786 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement relating to its Annual Meeting of Shareholders to be held on April 29, 2020 have been incorporated by reference to Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Central Index Key | 0000828916 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Rentals, net | $ 472,446 | $ 517,836 | $ 563,183 |
Other | 14,179 | 13,311 | 9,980 |
Total Revenues | 486,625 | 531,147 | 573,163 |
Operating Expenses: | |||
Depreciation and amortization | 135,674 | 161,838 | 167,101 |
Operating | 94,620 | 90,554 | 109,310 |
Real estate taxes, net | 60,813 | 69,268 | 75,636 |
Impairment loss | 74 | 10,120 | 15,257 |
General and administrative | 35,914 | 25,040 | 28,052 |
Total Operating Expenses | 327,095 | 356,820 | 395,356 |
Interest expense, net | (57,601) | (63,348) | (80,326) |
Interest and other income, net | 11,003 | 2,807 | 7,532 |
Gain on sale of property | 189,914 | 207,865 | 218,611 |
Total Other Income | 143,316 | 147,324 | 145,817 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 302,846 | 321,651 | 323,624 |
(Provision) Benefit for Income Taxes | (1,040) | (1,378) | 17 |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 20,769 | 25,070 | 27,074 |
Net Income | 322,575 | 345,343 | 350,715 |
Less: Net Income Attributable to Noncontrolling Interests | (7,140) | (17,742) | (15,441) |
Net Income Attributable to Common Shareholders | $ 315,435 | $ 327,601 | $ 335,274 |
Earnings Per Common Share - Basic: | |||
Net income attributable to common shareholders - basic (in dollars per share) | $ 2.47 | $ 2.57 | $ 2.62 |
Earnings Per Common Share - Diluted: | |||
Net income attributable to common shareholders - diluted (in dollars per share) | $ 2.44 | $ 2.55 | $ 2.60 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 322,575 | $ 345,343 | $ 350,715 |
Cumulative effect adjustment of new accounting standards | 0 | (1,541) | 0 |
Other Comprehensive (Loss) Income: | |||
Net unrealized gain on investments, net of taxes | 0 | 0 | 1,228 |
Realized gain on investments | 0 | 0 | (651) |
Net unrealized gain on derivatives | 0 | 1,379 | |
Net unrealized gain on derivatives | 1,063 | ||
Reclassification adjustment of derivatives and designated hedges into net income | (887) | (4,302) | |
Reclassification adjustment of derivatives and designated hedges into net income | (42) | ||
Retirement liability adjustment | 153 | 85 | 1,393 |
Total | (734) | (2,838) | 2,991 |
Comprehensive Income | 321,841 | 340,964 | 353,706 |
Comprehensive Income Attributable to Noncontrolling Interests | (7,140) | (17,742) | (15,441) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 314,701 | $ 323,222 | $ 338,265 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Property | $ 4,145,249 | $ 4,105,068 |
Accumulated Depreciation | (1,110,675) | (1,108,188) |
Property, net | 3,034,574 | 2,996,880 |
Investment in Real Estate Joint Ventures and Partnerships, net | 427,947 | 353,828 |
Total | 3,462,521 | 3,350,708 |
Unamortized Lease Costs, net | 148,479 | 142,014 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $6,855 in 2018) | 83,639 | 97,924 |
Cash and Cash Equivalents | 41,481 | 65,865 |
Restricted Deposits and Escrows | 13,810 | 10,272 |
Other, net | 188,004 | 160,178 |
Total Assets | 3,937,934 | 3,826,961 |
LIABILITIES AND EQUITY | ||
Debt, net | 1,732,338 | 1,794,684 |
Accounts Payable and Accrued Expenses | 111,666 | 113,175 |
Other, net | 217,770 | 168,403 |
Total Liabilities | 2,061,774 | 2,076,262 |
Commitments and Contingencies (see Note 16) | 0 | 0 |
Shareholders' Equity: | ||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,702 in 2019 and 128,333 in 2018 | 3,905 | 3,893 |
Additional Paid-In Capital | 1,779,986 | 1,766,993 |
Net Income Less Than Accumulated Dividends | (74,293) | (186,431) |
Accumulated Other Comprehensive Loss | (11,283) | (10,549) |
Total Shareholders' Equity | 1,698,315 | 1,573,906 |
Noncontrolling Interests | 177,845 | 176,793 |
Total Equity | 1,876,160 | 1,750,699 |
Total Liabilities and Equity | 3,937,934 | 3,826,961 |
Consolidated variable interest entities' assets and debt included in the above balances (see Note 17): | ||
Property, net | 196,636 | 198,466 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 10,548 | 12,220 |
Cash and Cash Equivalents | 8,135 | 8,243 |
Debt, net | $ 44,993 | $ 45,774 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,855 | |
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) | 128,702,000 | 128,333,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 128,702,000 | 128,333,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net Income | $ 322,575 | $ 345,343 | $ 350,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 135,674 | 161,838 | 167,101 |
Amortization of debt deferred costs and intangibles, net | 3,194 | 3,146 | 2,790 |
Non-cash lease expense | 1,241 | 0 | 0 |
Impairment loss | 74 | 10,120 | 15,257 |
Equity in earnings of real estate joint ventures and partnerships, net | (20,769) | (25,070) | (27,074) |
Gain on sale of property | (189,914) | (207,865) | (218,611) |
Distributions of income from real estate joint ventures and partnerships | 20,083 | 19,605 | 1,321 |
Changes in accrued rent, accrued contract receivables and accounts receivable, net | 10,001 | (2,807) | (18,964) |
Changes in unamortized lease costs and other assets, net | (14,298) | (8,632) | (13,299) |
Changes in accounts payable, accrued expenses and other liabilities, net | (975) | (2,315) | 4,970 |
Other, net | 3,164 | (7,403) | 5,552 |
Net cash provided by operating activities | 270,050 | 285,960 | 269,758 |
Cash Flows from Investing Activities: | |||
Acquisition of real estate and land, net | (218,849) | (1,265) | (1,902) |
Development and capital improvements | (183,188) | (155,528) | (133,336) |
Proceeds from sale of property and real estate equity investments, net | 445,319 | 607,486 | 433,661 |
Real estate joint ventures and partnerships - Investments | (74,602) | (38,096) | (37,173) |
Real estate joint ventures and partnerships - Distributions of capital | 2,482 | 6,936 | 28,791 |
Purchase of investments | 0 | 0 | (5,730) |
Proceeds from investments | 10,375 | 1,500 | 8,502 |
Other, net | 2,437 | 11,921 | 6,179 |
Net cash (used in) provided by investing activities | (16,026) | 432,954 | 298,992 |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of debt | 0 | 638 | 0 |
Principal payments of debt | (55,556) | (257,028) | (28,723) |
Changes in unsecured credit facilities | (5,000) | 5,000 | (245,000) |
Repurchase of common shares of beneficial interest, net | 0 | (18,564) | 0 |
Proceeds from issuance of common shares of beneficial interest, net | 1,098 | 6,760 | 1,588 |
Common share dividends paid | (203,297) | (382,464) | (294,073) |
Debt issuance and extinguishment costs paid | (3,271) | (1,271) | (488) |
Distributions to noncontrolling interests | (6,782) | (19,155) | (19,342) |
Contributions from noncontrolling interests | 326 | 1,465 | 0 |
Other, net | (2,388) | 508 | (2,657) |
Net cash used in financing activities | (274,870) | (664,111) | (588,695) |
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents | (20,846) | 54,803 | (19,945) |
Cash, cash equivalents and restricted cash equivalents at January 1 | 76,137 | 21,334 | 41,279 |
Cash, cash equivalents and restricted cash equivalents at December 31 | 55,291 | 76,137 | 21,334 |
Cash paid for interest (net of amount capitalized of $13,586, $7,938 and $4,868, respectively) | 55,413 | 65,507 | 79,161 |
Cash paid for income taxes | 1,526 | 1,545 | 1,009 |
Cash paid for amounts included in operating lease liabilities | $ 2,785 | $ 0 | $ 0 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest paid | $ 13,586 | $ 7,938 | $ 4,868 |
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, 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 | 45,377 | 45,377 | ||||
Change in redemption value of deferred compensation plan | (619) | (619) | ||||
Dividends paid – common shares (dollars per share for each period) | (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 (dollars per share for each period) | (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 |
Increase (Decrease) in Equity [Roll Forward] | ||||||
Net Income | 322,575 | 315,435 | 7,140 | |||
Shares issued under benefit plans, net | 11,058 | 12 | 11,046 | |||
Dividends paid – common shares (dollars per share for each period) | (203,297) | (203,297) | ||||
Distributions to noncontrolling interests | (6,782) | (6,782) | ||||
Other comprehensive income (loss) | (734) | (734) | ||||
Other, net | 2,315 | 1,947 | 368 | |||
Contributions from noncontrolling interests | 326 | 326 | ||||
Ending balance at Dec. 31, 2019 | $ 1,876,160 | $ 3,905 | $ 1,779,986 | $ (74,293) | $ (11,283) | $ 177,845 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity - (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends, cash paid (in dollars per share) | $ 1.58 | $ 2.98 | $ 2.29 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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. These centers may be mixed-use properties that have both retail and residential components. 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 32.5 million square feet of gross leasable 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 2019 . Total revenues generated by our centers located in Houston and its surrounding areas was 20.0% of total revenue for the year ended December 31, 2019 , and an additional 9.3% of total revenue was generated in 2019 from centers that are located in other parts of Texas. Also, in Florida and California, an additional 19.8% and 17.9% , respectively, of total revenue was generated in 2019 . Basis of Presentation Our consolidated financial statements include the accounts of our subsidiaries, certain 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. Leases As part of our operations, we are primarily a lessor of commercial retail space. In certain instances, we are also a lessee, primarily of ground leases associated with our operations. Our contracts are reviewed to determine if they qualify, under the GAAP definition, as a lease. A contract is determined to be a lease when the right to obtain substantially all of the economic benefits and to direct the use of an identified asset is transferred to a customer over a defined period of time for consideration. During this review, we evaluate among other items, asset specification, substitution rights, purchase options, operating rights and control over the asset during the contract period. We have elected accounting policy practical expedients, both as a lessor and a lessee, to not separate any nonlease components (primarily common area maintenance) within a lease contract for all classes of underlying assets (primarily real estate assets). As a lessor, we have further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. We have determined to account for both the lease and nonlease components as a single component when the lease component is the predominate component of a contract. Therefore, Accounting Standards Codification ("ASC") No. 842, “Leases” will be applied to these lease contracts for both types of components. Additionally, for lessee leases, we have also elected not to apply the overall balance sheet recognition requirements to short-term leases that are less 12 months from the lease commencement date. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options with the determination if they will be exercised, evaluation of implicit discount rates, assessment and consideration of “fixed” payments for straight-line rent revenue calculations and the evaluation of asset identification and substitution rights. The determination of the discount rate used in a lease is the incremental borrowing rate of the lease contract. For lessee leases, this rate is often not readily determinable as the lessor’s initial direct costs and expected residual value are at the end of the lease term and are unknown. Therefore, as the lessee, our incremental borrowing rate will be used. Selected discount rates will reflect rates that we would have to pay to borrow on a fully collateralized basis over a term similar to the lease. Additionally, we will obtain lender quotes with similar terms and if not available, we consider the asset type, risk free rates and financing spreads to account for creditworthiness and collateral. Our lessor leases are principally related to our shopping centers. We believe risk of an inadequate residual value of the leased asset upon the termination of these leases is low due to our ability to re-lease the space, the long-lived nature of our real estate assets and the propensity of real estate assets to hold their value over a long period of time. Revenue Recognition At the inception of a revenue producing contract, we determine if a contract qualifies as a lease and if not, then as a customer contract. Additionally, we exclude all taxes assessed by a governmental authority that is collected by us from Revenue. Based on this determination, the appropriate GAAP is applied to the contract, including its revenue recognition. Rentals, net Rental revenue is primarily derived from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. Variable rental revenue consists primarily of tenant reimbursements of taxes, maintenance expenses and insurance, is subject to our interpretation of lease provisions and is recognized over the term of a lease as services are provided. Additionally, variable rental revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds its 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. Further, at the lease commencement date and on an ongoing basis, we consider the collectability of a lease when determining revenue to be recognized. Prior to the adoption of ASC No. 842, rental revenues were recognized under ASC No. 840, “Leases.” Other Other revenue consists of both customer contract revenue and income from contractual agreements with third parties or 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 applicable agreement. We have identified primarily three types of customer contract revenue: (1) management contracts with 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. 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 a nonfinancial 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. 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 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 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. 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. 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. Upon the adoption of ASC No. 842, such costs include outside broker commissions and other independent third party costs, as well as internal leasing commissions paid directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Prior to the adoption of ASC No. 842, such costs included 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 salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease term on a straight-line basis. Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables include rental revenue, 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. Upon the adoption of ASC No. 842, individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. An allowance for the uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Prior to the adoption of ASC No. 842, an allowance for the uncollectible portion of accrued rents and accounts receivable was 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 Escrows Restricted deposits are held or restricted for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. Escrows consist of deposits held by third parties or lenders for a specific use; including, capital improvements, rental income and taxes. Our restricted deposits and escrows consist of the following (in thousands): December 31, 2019 2018 Restricted deposits $ 12,793 $ 8,150 Escrows 1,017 2,122 Total $ 13,810 $ 10,272 Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 6 for further information), tax increment revenue bonds, right-of-use assets, investments, investments held in a grantor trust, deferred tax assets (see Income Taxes), the net value of above-market leases and deferred debt costs associated with our revolving credit facilities. Right-of-use assets are amortized to achieve the recognition of rent expense on a straight-line basis after adjusting for the corresponding lease liabilities’ interest over the lives of the leases. 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 18 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. Other Liabilities, net Other liabilities include non-qualified benefit plan liabilities (see Retirement Benefit Plans and Deferred Compensation Plan), lease liabilities and the net value of below-market leases. Lease liabilities are amortized to rent expense using the effective interest rate method, over the lease life. Below-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Sales of Real Estate Sales of real estate include the sale of tracts of land, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales of real estate joint ventures and partnerships in which we participate. These sales primarily fall under two types of contracts (1) sales of nonfinancial assets (primarily real estate) and (2) sales of investments in real estate joint ventures and partnerships of substantially nonfinancial assets. 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, including right-of-use assets, is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, 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. 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 real estate joint ventures and partnerships is reviewed for impairment each reporting period. We evaluate various factors, including operating results of the investee, our ability and intent to hold the investment and our views on current market and economic conditions, when determining if there is a decline in the investment value. 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. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. 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 real estate joint ventures and partnerships. See Note 10 for additional information regarding impairments. 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 Cuts and Jobs Act of 2017 ("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 11 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 6% 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% . Vestin |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-02, "Leases." This ASU was further updated by ASU No. 2018-01, "Land Easement Practical Expedient for Transition for Topic 842," ASU No. 2018-10, "Codification Improvements to Topic 842," ASU No. 2018-11, "Targeted Improvements for Topic 842," ASU No. 2018-20, "Narrow-Scope Improvements for Lessors" and ASU No. 2019-01, "Codification Improvements to Topic 842." 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 nonlease 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. We adopted this guidance as of January 1, 2019 and applied it on a modified retrospective approach and elected not to restate comparative periods. Upon adoption, we applied the following practical expedients: • 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 lease component under certain conditions. • As an accounting policy election, a lessee 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 lease component. • 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. The adoption resulted in the following changes as of 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 are no longer capitalized and are recorded in General and administrative expenses in our Consolidated Statement of Operations in the period of adoption prospectively. We continue to capitalize direct costs as defined within the ASU. ◦ We are entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a nonlease component, which would need to be accounted for in accordance with Topic 606. However, we have applied the practical expedient for all of our real estate related leases, to account for the lease and nonlease components as a single, combined operating lease component as long as the nonlease component is not the predominate component of the combined components within a contract. ◦ We previously accounted for real estate taxes that are paid directly by the tenant on a gross basis 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, we have excluded 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 and $4.6 million for the year ended December 31, 2018 and 2017, respectively. • From the Lessee Perspective: ◦ On January 1, 2019, we were the lessee under ground lease agreements for land underneath all or a portion of 12 centers and under four administrative office leases that we accounted for as operating leases. Also, we had one finance lease in which we were the lessee of two centers with a $21.9 million lease obligation. We recognized right-of-use assets for our operating leases in Other Assets, along with corresponding lease liabilities in Other Liabilities on January 1, 2019 in the amounts of $44.2 million and $42.9 million , respectively, in the Consolidated Balance Sheet. The difference between the right-of-use assets and the lease liabilities is primarily associated with intangibles related to ground leases. For these existing operating leases, we continue to recognize a single lease expense for both our ground and office leases, currently included in Operating expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. ◦ We continue to recognize our finance lease asset balance in Property and our finance lease liability in Debt in our Consolidated Balance Sheets. The finance lease charges a portion of the payment to both asset amortization and interest expense. 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. Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU was further updated by ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, "ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," ASU No. 2019-05, "Targeted Transition Relief" and ASU No. 2019-11, "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 ASU No. 2016-13, as amended in subsequently issued amendments, were effective for us as of January 1, 2020. In identifying all of our financial instruments covered under this guidance, the majority of our instruments result from operating leasing transactions, which are not within the scope of the new standard and are to remain governed by the recently issued leasing guidance and other previously issued guidance. Upon adoption at January 1, 2020, we recognized the cumulative effect for credit losses which has decreased retained earnings and other assets by $.7 million , respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. 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 were 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 have been applied retrospectively. The adoption of this ASU did not have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "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. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes." This ASU clarifies/simplifies current disclosures and removes several disclosures requirements. Simplification includes franchise taxes based partially on income as an income-based tax; entities should reflect enacted tax law and rate changes in the interim period that includes the enactment date; and allowing entities to allocate consolidated tax amounts to individual legal entities under certain elections. The provisions of ASU No. 2019-12 are effective for us as of January 1, 2021, 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, 2019 | |
Real Estate [Abstract] | |
Property | Property Our property consists of the following (in thousands): December 31, 2019 2018 Land $ 911,521 $ 919,237 Land held for development 40,667 45,673 Land under development 53,076 55,793 Buildings and improvements 2,898,867 2,927,954 Construction in-progress 241,118 156,411 Total $ 4,145,249 $ 4,105,068 During the year ended December 31, 2019 , we sold 15 centers and other property. Aggregate gross sales proceeds from these transactions approximated $464.1 million and generated gains of approximately $189.8 million . Also, for the year ended December 31, 2019 , we acquired five grocery-anchored shopping centers and other property with an aggregate gross purchase price of approximately $219.6 million , and we invested $109.7 million in new development projects. |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 and 2018. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): December 31, 2019 2018 Combined Condensed Balance Sheets ASSETS Property $ 1,378,328 $ 1,268,557 Accumulated depreciation (331,856 ) (305,327 ) Property, net 1,046,472 963,230 Other assets, net 108,366 104,267 Total Assets $ 1,154,838 $ 1,067,497 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 264,782 $ 269,113 Amounts payable to Weingarten Realty Investors and Affiliates 11,972 11,732 Other liabilities, net 25,498 24,717 Total Liabilities 302,252 305,562 Equity 852,586 761,935 Total Liabilities and Equity $ 1,154,838 $ 1,067,497 Year Ended December 31, 2019 2018 2017 Combined Condensed Statements of Operations Revenues, net $ 135,258 $ 133,975 $ 137,419 Expenses: Depreciation and amortization 32,126 32,005 34,818 Interest, net 9,664 11,905 11,836 Operating 25,046 24,112 23,876 Real estate taxes, net 18,070 18,839 18,865 General and administrative 551 696 623 Provision for income taxes 133 138 112 Total 85,590 87,695 90,130 Gain on dispositions 2,009 9,495 12,492 Net Income $ 51,677 $ 55,775 $ 59,781 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 $9.0 million and $5.2 million at December 31, 2019 and 2018 , respectively, are generally amortized over the useful lives of the related assets. We recorded joint venture fee income included in Other revenues for the year ended December 31, 2019 , 2018 and 2017 of $6.5 million , $6.1 million and $6.2 million , respectively. During 2019, a parcel of land was sold with gross sales proceeds of approximately $2.3 million , of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $1.1 million . In July 2019, a 51% owned unconsolidated real estate joint venture acquired a center with a gross purchase price of $52.6 million . Also during 2019, we invested $47.6 million in a 90% owned unconsolidated real estate joint venture for a mixed-use new development. 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 |
Identified Intangible Assets An
Identified Intangible Assets And Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 23,830 $ 38,181 Above-market leases - Accumulated Amortization (12,145 ) (19,617 ) In place leases (included in Unamortized Lease Costs, net) 196,207 193,658 In place leases - Accumulated Amortization (92,918 ) (99,352 ) $ 114,974 $ 112,870 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 95,240 $ 85,742 Below-market leases - Accumulated Amortization (32,326 ) (27,745 ) Above-market assumed mortgages (included in Debt, net) 3,446 3,446 Above-market assumed mortgages - Accumulated Amortization (1,987 ) (1,660 ) $ 64,373 $ 59,783 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 $4.6 million , $12.8 million and $3.7 million in 2019 , 2018 and 2017 , respectively. The significant year over year change in rental revenues in 2019 to 2018 is primarily due to a write-off of a below-market lease intangible from the termination of a tenant's lease in 2018. 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): 2020 $ 4,883 2021 4,604 2022 4,255 2023 4,141 2024 4,048 The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $14.9 million , $29.8 million and $21.0 million in 2019 , 2018 and 2017 , respectively. The significant year over year change in depreciation and amortization from 2019 to 2018 is primarily due to the write-off of in-place lease intangibles from the termination of tenant leases in 2018. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands): 2020 $ 15,762 2021 13,512 2022 11,118 2023 9,351 2024 7,926 The net amortization of above-market assumed mortgages decreased net interest expense by $.3 million , $.7 million and $1.1 million in 2019 , 2018 and 2017 , 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): 2020 $ 327 2021 287 2022 141 2023 136 2024 136 The following table details the identified intangible assets and liabilities and the remaining weighted-average amortization period associated with our asset acquisitions in 2019 as follows: Identified intangible assets and liabilities subject to amortization (in thousands): Assets: In place leases $ 30,253 Above-market leases 1,323 Liabilities: Below-market leases 13,762 Identified intangible assets and liabilities remaining weighted-average amortization period (in years): Assets: In place leases 11.0 Above-market leases 7.2 Liabilities: Below-market leases 13.5 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our debt consists of the following (in thousands): December 31, 2019 2018 Debt payable, net to 2038 (1) $ 1,653,154 $ 1,706,886 Unsecured notes payable under credit facilities — 5,000 Debt service guaranty liability 57,380 60,900 Finance lease obligation 21,804 21,898 Total $ 1,732,338 $ 1,794,684 ___________________ (1) At December 31, 2019 , interest rates ranged from 3.3% to 7.0% at a weighted average rate of 3.9% . At December 31, 2018 , interest rates ranged from 3.3% to 7.0% 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, 2019 2018 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,714,890 $ 1,771,999 Variable-rate debt 17,448 22,685 Total $ 1,732,338 $ 1,794,684 As to collateralization: Unsecured debt $ 1,450,762 $ 1,457,432 Secured debt 281,576 337,252 Total $ 1,732,338 $ 1,794,684 We maintain a $500 million unsecured revolving credit facility, which was amended and extended on December 11, 2019 . This facility expires in March 2024 , provides for two consecutive six -month extensions upon our request, and borrowing rates that float at a margin over LIBOR plus a facility fee. At December 31, 2019 and 2018 , the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 82.5 and 15 basis points and 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 January 3, 2020 , that we maintain for cash management purposes, which matures in March 2021 . At both December 31, 2019 and 2018 , 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, 2019 2018 Unsecured revolving credit facility: Balance outstanding $ — $ 5,000 Available balance 497,946 492,946 Letter of credit outstanding under facility 2,054 2,054 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 $ 5,000 $ 26,500 Weighted average balance 123 1,096 Year-to-date weighted average interest rate (excluding facility fee) 3.3 % 2.9 % Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4 x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040 . Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of December 31, 2019 and 2018 , we had $57.4 million and $60.9 million outstanding for the debt service guaranty liability, respectively. During the year ended December 31, 2019 , we repaid a $50 million secured fixed-rate mortgage with a 7.0% interest rate from cash from our disposition proceeds. 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 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. 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. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At December 31, 2019 and 2018 , the carrying value of such assets aggregated $.5 billion and $.6 billion , respectively. Additionally at December 31, 2019 and 2018 , investments of $5.3 million and $5.2 million , respectively, included in Restricted Deposits and Escrows are held as collateral for letters of credit totaling $5.0 million . Scheduled principal payments on our debt (excluding $21.8 million of a finance lease obligation, $(3.9) million net premium/(discount) on debt, $(5.5) million of deferred debt costs, $1.5 million of non-cash debt-related items, and $57.4 million debt service guaranty liability) are due during the following years (in thousands): 2020 $ 22,743 2021 18,434 2022 307,922 2023 347,815 2024 252,153 2025 293,807 2026 277,291 2027 38,288 2028 92,159 2029 917 Thereafter 9,518 Total $ 1,661,047 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, 2019 . |
Lease Obligaitons
Lease Obligaitons | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Obligaitons | Lease Obligations We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under operating ground leases. These ground leases expire at various dates through 2069 with renewal options ranging from five years to 20 years and in some cases, include options to purchase the underlying asset by either the lessor or lessee. Generally, our ground lease variable payments for real estate taxes, insurance and utilities are paid directly by us and are not a component of rental expense. Most of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions and also may include an amount based on a percentage of operating revenues or sublease tenant revenue. Space in our shopping centers is leased to tenants pursuant to agreements that generally provide for terms of 10 years or less 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. Also, we have two properties under a finance lease that consists of variable lease payments with a purchase option. The right-of-use asset associated with this finance lease at December 31, 2019 was $8.9 million . At December 31, 2018 , the related assets associated with a capital lease in buildings and improvements totaled $15.7 million , and the balance of accumulated depreciation was $14.1 million . Amortization of property under the finance lease is included in depreciation and amortization expense. Note that amounts prior to January 1, 2019 were accounted for under ASC No. 840. A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted): Year Ended December 31, 2019 Operating lease cost: Included in Operating expense $ 3,044 Included in General and administrative expense 302 Finance cost: Amortization of right-of-use asset (included in Depreciation and Amortization) 174 Interest on lease liability (included in Interest expense, net) 1,642 Short-term lease cost 44 Variable lease cost 309 Sublease income (included in Rentals, net) (27,400 ) Total lease cost $ (21,885 ) December 31, 2019 Weighted-average remaining lease term (in years): Operating leases 41.5 Finance lease 4.0 Weighted-average discount rate (percentage): Operating leases 4.9 % Finance lease 7.5 % A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter, as calculated as of December 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2020 $ 2,696 $ 1,744 2021 2,585 1,751 2022 2,576 1,759 2023 2,458 23,037 2024 2,158 Thereafter 97,187 Total $ 109,660 $ 28,291 Lease liabilities (1) 43,063 21,804 Undiscounted excess amount $ 66,597 $ 6,487 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Consolidated Balance Sheet. Scheduled minimum rental payments as defined under ASC No. 840, 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, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 Rental expense for operating leases as defined under ASC No. 840 was, in millions: $3.1 in 2018 and $2.9 in 2017 , 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 and $27.1 million in 2017. Future undiscounted, sublease payments applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2019 and 2018, were as follows (in thousands): December 31, 2019 December 31, 2018 Sublease payments: Finance lease (1) $ 10,279 $ 14,382 Operating leases: 2019 $ 22,528 2020 $ 24,137 20,903 2021 22,168 18,886 2022 20,400 17,245 2023 18,583 15,128 2024 13,567 Thereafter 39,111 43,439 Total $ 137,966 $ 138,129 ___________________ (1) |
Lease Obligations | Lease Obligations We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under operating ground leases. These ground leases expire at various dates through 2069 with renewal options ranging from five years to 20 years and in some cases, include options to purchase the underlying asset by either the lessor or lessee. Generally, our ground lease variable payments for real estate taxes, insurance and utilities are paid directly by us and are not a component of rental expense. Most of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions and also may include an amount based on a percentage of operating revenues or sublease tenant revenue. Space in our shopping centers is leased to tenants pursuant to agreements that generally provide for terms of 10 years or less 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. Also, we have two properties under a finance lease that consists of variable lease payments with a purchase option. The right-of-use asset associated with this finance lease at December 31, 2019 was $8.9 million . At December 31, 2018 , the related assets associated with a capital lease in buildings and improvements totaled $15.7 million , and the balance of accumulated depreciation was $14.1 million . Amortization of property under the finance lease is included in depreciation and amortization expense. Note that amounts prior to January 1, 2019 were accounted for under ASC No. 840. A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted): Year Ended December 31, 2019 Operating lease cost: Included in Operating expense $ 3,044 Included in General and administrative expense 302 Finance cost: Amortization of right-of-use asset (included in Depreciation and Amortization) 174 Interest on lease liability (included in Interest expense, net) 1,642 Short-term lease cost 44 Variable lease cost 309 Sublease income (included in Rentals, net) (27,400 ) Total lease cost $ (21,885 ) December 31, 2019 Weighted-average remaining lease term (in years): Operating leases 41.5 Finance lease 4.0 Weighted-average discount rate (percentage): Operating leases 4.9 % Finance lease 7.5 % A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter, as calculated as of December 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2020 $ 2,696 $ 1,744 2021 2,585 1,751 2022 2,576 1,759 2023 2,458 23,037 2024 2,158 Thereafter 97,187 Total $ 109,660 $ 28,291 Lease liabilities (1) 43,063 21,804 Undiscounted excess amount $ 66,597 $ 6,487 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Consolidated Balance Sheet. Scheduled minimum rental payments as defined under ASC No. 840, 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, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 Rental expense for operating leases as defined under ASC No. 840 was, in millions: $3.1 in 2018 and $2.9 in 2017 , 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 and $27.1 million in 2017. Future undiscounted, sublease payments applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2019 and 2018, were as follows (in thousands): December 31, 2019 December 31, 2018 Sublease payments: Finance lease (1) $ 10,279 $ 14,382 Operating leases: 2019 $ 22,528 2020 $ 24,137 20,903 2021 22,168 18,886 2022 20,400 17,245 2023 18,583 15,128 2024 13,567 Thereafter 39,111 43,439 Total $ 137,966 $ 138,129 ___________________ (1) |
Common Shares Of Beneficial Int
Common Shares Of Beneficial Interest | 12 Months Ended |
Dec. 31, 2019 | |
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. No common shares were repurchased during the year ended December 31, 2019 , and .7 million common shares were repurchased at an average price of $27.10 per share during the year ended December 31, 2018 . At December 31, 2019 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 $1.58 , $2.98 and $2.29 for the year ended December 31, 2019 , 2018 and 2017 , respectively. The regular dividend rate per share for our common shares for each quarter of 2019 , 2018 and 2017 was $.395 , $.395 and $.385 , respectively. No special dividend was paid in 2019, and for 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, 2019 , a first quarter dividend of $.395 per common share was approved by our Board of Trust Managers. |
Leasing Operations
Leasing Operations | 12 Months Ended |
Dec. 31, 2019 | |
Leases, Operating [Abstract] | |
Leasing Operations | Leasing Operations As a commercial real estate lessor, generally our leases are for terms of 10 years or less and may include multiple options, upon tenant election, to extend the lease term in increments up to five years . Our leases typically do not include an option to purchase. Tenant terminations prior to the lease end date occasionally results in a one-time termination fee based on the remaining unpaid lease payments including variable payments and could be material to the tenant. Many of our leases have increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, the majority of our leases provide for variable rental revenues, such as, reimbursements of real estate taxes, maintenance and insurance and may include an amount based on a percentage of the tenants’ sales. Future undiscounted, lease payments for tenant leases, excluding estimated variable payments, at December 31, 2019 is as follows (in thousands): 2020 $ 335,451 2021 292,146 2022 238,559 2023 191,552 2024 144,329 Thereafter 451,531 Total payments due $ 1,653,568 Future minimum rental income as defined under ASC No. 840 from 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 payments due $ 1,729,517 Variable lease payments recognized in Rentals, net are as follows (in thousands): Year Ended December 31, 2019 Variable lease payments $ 109,685 Contingent rentals recognized in Rentals, net are as follows (in thousands): Year Ended December 31, 2018 2017 Contingent rentals $ 118,703 $ 129,635 |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2019 | |
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 18 for additional fair value information) (in thousands): Year Ended December 31, 2019 2018 2017 Operating expenses: Properties held for sale, under contract for sale or sold (1) $ — $ 9,969 $ 12,203 Land held for development and undeveloped land (1) 74 151 2,719 Other — — 335 Total impairment charges 74 10,120 15,257 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net (1) 3,070 — — Net income attributable to noncontrolling interests (17 ) (17 ) 21 Net impact of impairment charges $ 3,127 $ 10,103 $ 15,278 ___________________ (1) Amounts reported were based on changes in management's plans or intent for the properties and/or investments in real estate joint ventures and partnerships, 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, 2019 | |
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 real estate assets is in excess of tax basis by $286.2 million and $211.0 million at December 31, 2019 and 2018 , respectively. The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands): Year Ended December 31, 2019 2018 2017 Net income adjusted for noncontrolling interests $ 315,435 $ 327,601 $ 335,274 Net (income) loss of taxable REIT subsidiary included above (32,225 ) (13,496 ) 4,220 Net income from REIT operations 283,210 314,105 339,494 Book depreciation and amortization 132,957 158,607 162,964 Tax depreciation and amortization (75,824 ) (89,700 ) (95,512 ) Book/tax difference on gains/losses from capital transactions (89,217 ) 19,807 6,261 Deferred/prepaid/above and below-market rents, net (9,332 ) (15,589 ) (11,146 ) Impairment loss from REIT operations 3,118 10,008 5,071 Other book/tax differences, net (21,358 ) (13,718 ) (244 ) REIT taxable income 223,554 383,520 406,888 Dividends paid deduction (1) (223,554 ) (383,520 ) (406,888 ) Dividends paid in excess of taxable income $ — $ — $ — ___________________ (1) For 2019 , 2018 and 2017 , the dividends paid deduction includes designated dividends of $121.2 million , $105.7 million and $112.8 million from 2020 , 2019 and 2018 , respectively. For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows: Year Ended December 31, 2019 2018 2017 Ordinary income 65.4 % 42.2 % 23.0 % Capital gain distributions 34.6 % 57.8 % 77.0 % Total 100.0 % 100.0 % 100.0 % Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands): December 31, 2019 2018 Deferred tax assets: Impairment loss (1) $ 4,692 $ 4,732 Net operating loss carryforwards (2) 3,206 11,132 Straight-line rentals — 1,391 Book-tax basis differential 1,101 1,800 Other (4) 177 201 Total deferred tax assets 9,176 19,256 Valuation allowance (3) (5,749 ) (12,787 ) Total deferred tax assets, net of allowance $ 3,427 $ 6,469 Deferred tax liabilities: Book-tax basis differential (1) $ 1,547 $ 6,005 Other 155 398 Total deferred tax liabilities $ 1,702 $ 6,403 ___________________ (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 $15.3 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 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. (4) Classification of prior year's amounts were made to conform to the current year presentation. 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, 2019 2018 2017 Net income (loss) before taxes of taxable REIT subsidiary $ 32,602 $ 13,480 $ (5,788 ) Federal provision (benefit) (1) $ 6,846 $ 2,831 $ (2,026 ) Valuation allowance decrease (7,038 ) (2,800 ) — Effect of change in statutory rate on net deferrals — — 282 Other 569 (46 ) 176 Federal income tax provision (benefit) of taxable REIT subsidiary (2) 377 (15 ) (1,568 ) State and local taxes, primarily Texas franchise taxes 663 1,393 1,551 Total $ 1,040 $ 1,378 $ (17 ) ___________________ (1) At statutory rate of 21% for both the year ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017. (2) All periods from December 31, 2016 through December 31, 2019 are open for examination by the IRS. Also, a current tax obligation of $.7 million and $1.5 million has been recorded at December 31, 2019 and 2018 , respectively, in association with these taxes. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Cash and cash equivalents $ 41,481 $ 65,865 $ 13,219 Restricted deposits and escrows (see Note 1) 13,810 10,272 8,115 Total $ 55,291 $ 76,137 $ 21,334 Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): Year Ended December 31, 2019 2018 2017 Accrued property construction costs $ 8,014 $ 11,135 $ 7,728 Reduction of debt service guaranty liability (3,520 ) (3,245 ) (2,980 ) Right-of-use assets exchanged for operating lease liabilities 43,729 — — Increase in equity associated with deferred compensation plan — — 44,758 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Numerator: Net income $ 322,575 $ 345,343 $ 350,715 Net income attributable to noncontrolling interests (7,140 ) (17,742 ) (15,441 ) Net income attributable to common shareholders – basic 315,435 327,601 335,274 Income attributable to operating partnership units 2,112 — 3,084 Net income attributable to common shareholders – diluted $ 317,547 $ 327,601 $ 338,358 Denominator: Weighted average shares outstanding – basic 127,842 127,651 127,755 Effect of dilutive securities: Share options and awards 842 790 870 Operating partnership units 1,432 — 1,446 Weighted average shares outstanding – diluted 130,116 128,441 130,071 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, 2019 2018 2017 Operating partnership units — 1,432 — Total anti-dilutive securities — 1,432 — |
Share Options And Awards
Share Options And Awards | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share Options And Awards | Share Options and Awards 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 1.0 million are available for future grant at December 31, 2019 . This plan expires in April 2028 . Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.3 million in 2019 , $7.3 million in 2018 and $8.6 million in 2017 , of which $.8 million in 2019 , $1.1 million in 2018 and $1.7 million in 2017 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, 2019 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2017 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 Forfeited or expired (1,136 ) 11.85 Exercised (71,325 ) 17.98 Outstanding, December 31, 2019 207,416 $ 23.84 The total intrinsic value of options exercised was $.9 million in 2019 , $3.6 million in 2018 and $1.7 million in 2017 . 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, 2019 : 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) $22.68 - $24.87 207,416 0.8 years $ 23.84 1,535 207,416 0.8 years $ 23.84 1,535 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, 2019 Minimum Maximum Dividend yield 0.0 % 5.5 % Expected volatility (1) 19.3 % 21.3 % Expected life (in years) N/A 3 Risk-free interest rate 2.4 % 2.6 % _______________ (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, 2019 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2019 674,293 $ 30.26 Granted: Service-based awards 179,825 28.61 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 80,848 30.20 Market-based awards relative to three-year absolute TSR 80,847 32.91 Trust manager awards 27,768 29.17 Vested (236,716 ) 32.13 Forfeited (5,519 ) 29.86 Outstanding, December 31, 2019 801,346 $ 29.56 As of December 31, 2019 and 2018 , there was approximately $2.1 million and $1.8 million , respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.8 years and 1.7 years at December 31, 2019 and 2018 , respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . December 31, 2019 2018 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 55,759 $ 58,998 Service cost 1,090 1,295 Interest cost 2,257 2,056 Actuarial loss (gain) (1) 7,889 (4,478 ) Benefit payments (2,742 ) (2,112 ) Benefit obligation at end of year $ 64,253 $ 55,759 Change in Plan Assets: Fair value of plan assets at beginning of year $ 50,802 $ 53,808 Actual return on plan assets 10,356 (1,894 ) Employer contributions 1,000 1,000 Benefit payments (2,742 ) (2,112 ) Fair value of plan assets at end of year $ 59,416 $ 50,802 Unfunded status at end of year (included in accounts payable and accrued expenses in 2019 and 2018) $ (4,837 ) $ (4,957 ) Accumulated benefit obligation $ 64,159 $ 55,683 Net loss recognized in accumulated other comprehensive loss $ 14,897 $ 15,050 ___________________ (1) The change in actuarial loss (gain) is attributable primarily to census and mortality table updates and a decrease in the discount rate in 2019. The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive income (in thousands): Year Ended December 31, 2019 2018 2017 Net loss $ 1,044 $ 1,143 $ 82 Amortization of net loss (1) (1,197 ) (1,228 ) (1,475 ) Total recognized in other comprehensive income $ (153 ) $ (85 ) $ (1,393 ) Total recognized in net periodic benefit cost and other comprehensive income $ 880 $ 767 $ 213 ___________________ (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, 2019 2018 Projected benefit obligation $ 64,253 $ 55,759 Accumulated benefit obligation 64,159 55,683 Fair value of plan assets 59,416 50,802 The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Service cost $ 1,090 $ 1,295 $ 1,223 Interest cost 2,257 2,056 2,123 Expected return on plan assets (3,511 ) (3,727 ) (3,215 ) Amortization of net loss 1,197 1,228 1,475 Total $ 1,033 $ 852 $ 1,606 The components of net periodic benefit cost other than the service cost component are included in Interest and Other Income, net in the Consolidated Statements of Operations. The assumptions used to develop net periodic benefit cost are shown below: Year Ended December 31, 2019 2018 2017 Discount rate 4.12 % 3.50 % 4.01 % 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 2019 . The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2019 2018 2017 Discount rate 3.09 % 4.12 % 3.50 % Salary scale increases 3.50 % 3.50 % 3.50 % The expected contribution to be paid for the Retirement Plan by us during 2020 is approximately $1.0 million . The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2020 $ 2,436 2021 2,602 2022 2,772 2023 2,936 2024 3,062 2025-2029 16,209 The participant data used in determining the liabilities and costs for the Retirement Plan was collected as of January 1, 2019 , and no significant changes have occurred through December 31, 2019 . At December 31, 2019 , 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 51 % 56 % International Stocks 14 % 10 % U.S. Bonds 24 % 26 % International Bonds 5 % 3 % Other 1 % 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, 2019 2018 Cash and Short-Term Investments 18 % 20 % Large Company Funds 34 % 33 % Mid Company Funds 7 % 7 % Small Company Funds 7 % 6 % International Funds 11 % 8 % Fixed Income Funds 15 % 18 % Growth Funds 8 % 8 % Total 100 % 100 % Concentrations of risk within our equity portfolio are investments classified within the following sectors: technology, financial services, healthcare, consumer cyclical goods and industrial, which represents approximately 21% , 17% , 15% , 12% and 11% of total equity investments, respectively. Defined Contribution Plans: Compensation expense related to our defined contribution plans was $3.9 million in 2019 , $3.8 million in 2018 and $3.9 million in 2017 . |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Commitments and Contingencies As of December 31, 2019 and 2018 , we participated in two real estate ventures structured as DownREIT partnerships. 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 $45 million and $36 million as of December 31, 2019 and 2018 , respectively. As of December 31, 2019 , we have entered into commitments aggregating $98.5 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, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At December 31, 2019 and 2018 , eight and nine of our real estate joint ventures, respectively, whose activities primarily consisted of owning and operating 21 neighborhood/community shopping centers, 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, 2019 2018 Assets Held by VIEs $ 228,954 $ 225,388 Assets Held as Collateral for Debt (1) 39,782 40,004 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 in 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, 2019 and 2018 , 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, 2019 2018 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 128,361 $ 76,575 Other Liabilities, net (2) 7,735 6,592 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-use project, we anticipate funding of approximately $9 million through 2020 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , 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) $ 28,330 $ 28,330 Restricted cash, primarily money market funds (1) 9,916 9,916 Investments, mutual funds held in a grantor trust (1) 38,378 38,378 Total $ 76,624 $ — $ — $ 76,624 Liabilities: Deferred compensation plan obligations $ 38,378 $ 38,378 Total $ 38,378 $ — $ — $ 38,378 ___________________ (1) For the year ended December 31, 2019 , a net gain of $9.4 million was included in Interest and Other Income, net, of which $6.7 million represented an unrealized gain. Quoted Prices Significant Significant 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, net, of which $(3.0) million represented an unrealized loss. Nonrecurring Fair Value Measurements: Investment in Real Estate Joint Ventures and Partnerships Impairments Estimated fair values are determined by management utilizing the performance of each investment, the life and other terms of the investment, holding periods, market conditions, 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, 2019 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices in Active Significant Significant Fair Value Total Gains (1) Investment in real estate joint ventures and partnerships (2) $ 1,830 $ 24,154 $ 25,984 $ (3,070 ) Total $ — $ 1,830 $ 24,154 $ 25,984 $ (3,070 ) ____________ (1) Total gains (losses) presented in this table relate to assets that are still held by us at December 31, 2019 . (2) In accordance with our policy of evaluating and recording impairments on the disposal of investments in real estate joint ventures and partnerships, investments with a carrying amount of $ 29.1 million were written down to a fair value of $26.0 million , resulting in a loss of $ 3.1 million , which was included in earnings for the fourth quarter of 2019. Management’s estimate of fair value of these investments were determined using a bona fide purchase offer for the Level 2 inputs, and see the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements in the 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, 2019 2018 Carrying Value Fair Value Fair Value Carrying Value Fair Value Fair Value Other Assets: Tax increment revenue bonds (1) $ 17,277 $ 25,000 $ 20,009 $ 25,000 Investments, held to maturity (2) — $ — 3,000 $ 2,988 Debt: Fixed-rate debt 1,714,890 1,787,663 1,771,999 1,761,215 Variable-rate debt 17,448 17,426 22,685 23,131 ___________________ (1) At December 31, 2019 and 2018 , 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 , these investments had unrealized losses of $12 thousand . The quantitative information about the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements as of December 31, 2019 reported in the above table, is as follows: Fair Value at December 31, Range 2019 Minimum Maximum Description (in thousands) Valuation Technique Unobservable Inputs 2019 2019 Investment in real estate joint ventures and partnerships $ 24,154 Discounted cash flows Discount rate 7.3 % 7.5 % Capitalization rate 5.8 % 8.0 % Noncontrolling interest discount 15.0 % |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 Revenues $ 123,138 (1) $ 122,660 (1) $ 121,362 (1) $ 119,465 (1) Net income 51,254 (2) 85,520 (2) 108,509 (2) 77,292 (2)(3) Net income attributable to common shareholders 49,666 (2) 83,809 (2) 106,742 (2) 75,218 (2)(3) Earnings per common share – basic .39 (2) .66 (2) .83 (2) .59 (2)(3) Earnings per common share – diluted .39 (2) .65 (2) .82 (2) .58 (2)(3) 2018 Revenues $ 132,452 (1) $ 142,086 (1) $ 128,790 (1) $ 127,819 (1) Net income 148,969 (2)(4) 79,871 (1)(2)(3) 53,274 (2)(3) 63,229 (2)(3) Net income attributable to common shareholders 146,824 (2)(4)(5) 78,289 (1)(2)(3) 42,981 (2)(3)(5) 59,507 (2)(3)(5) Earnings per common share – basic 1.15 (2)(4)(5) .61 (1)(2)(3) .34 (2)(3)(5) .47 (2)(3)(5) Earnings per common share – diluted 1.13 (2)(4)(5) .61 (1)(2)(3) .34 (2)(3)(5) .46 (2)(3)(5) ___________________ (1) The quarter results include revenues associated with dispositions and acquisitions. Revenue amounts associated with dispositions are: $9.7 million , $8.8 million , $4.3 million and $1.3 million for the three months ended March 31, 2019 , June 30, 2019 , September 30, 2019 and December 31, 2019 , respectively, and $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. Revenue amounts associated with acquisitions totaled $ .5 million , $ 1.6 million and $ 3.0 million for the three months ended June 30, 2019 , September 30, 2019 and December 31, 2019 , 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, and additional revenue of $ 1.1 million was realized from the termination of two tenant leases for the three months ended September 30, 2019 . (2) The quarter results include significant gains on the sale of property and investments, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $19.2 million , $52.7 million , $74.1 million and $46.0 million for the three months ended March 31, 2019 , June 30, 2019 , September 30, 2019 and December 31, 2019 , respectively, and $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. (3) The quarter results include $ 3.1 million , $ 2.4 million and $ 7.7 million of impairment losses for the three months ended December 31, 2019 , September 30, 2018 and December 31, 2018 , respectively. Additionally, the quarter results include a $ 13.1 million write-off of an in-place lease intangible for the three months ended June 30, 2018 . (4) 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 . (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. * * * * * |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | WEINGARTEN REALTY INVESTORS VALUATION AND QUALIFYING ACCOUNTS December 31, 2019 , 2018 , and 2017 (Amounts in thousands) Description Balance at beginning of period Charged to costs and expenses Deductions (1) Balance at end of period 2019 Tax Valuation Allowance $ 12,787 $ — $ 7,038 $ 5,749 2018 Allowance for Doubtful Accounts (2) $ 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 ___________________ (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. (2) |
Real Estate And Accumulated Dep
Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | WEINGARTEN REALTY INVESTORS REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2019 (Amounts in thousands) 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 $ 1,417 $ 1,791 $ 8,887 $ 10,678 $ (7,694 ) $ 2,984 $ (6,191 ) 03/20/2008 580 Market Place 3,892 15,570 4,136 3,889 19,709 23,598 (9,794 ) 13,804 — 04/02/2001 8000 Sunset Strip Shopping Center 18,320 73,431 8,776 18,320 82,207 100,527 (19,366 ) 81,161 — 06/27/2012 Alabama Shepherd Shopping Center 637 2,026 8,401 1,062 10,002 11,064 (6,158 ) 4,906 — 04/30/2004 Argyle Village Shopping Center 4,524 18,103 4,813 4,526 22,914 27,440 (10,688 ) 16,752 — 11/30/2001 Avent Ferry Shopping Center 1,952 7,814 1,494 1,952 9,308 11,260 (4,371 ) 6,889 — 04/04/2002 Baybrook Gateway 10,623 30,307 5,283 10,623 35,590 46,213 (6,412 ) 39,801 — 02/04/2015 Bellaire Blvd. Shopping Center 124 37 936 1,011 86 1,097 (49 ) 1,048 — 11/13/2008 Blalock Market at I-10 — 4,730 2,097 — 6,827 6,827 (5,688 ) 1,139 — 12/31/1990 Boca Lyons Plaza 3,676 14,706 6,277 3,651 21,008 24,659 (9,367 ) 15,292 — 08/17/2001 Broadway Marketplace 898 3,637 2,234 906 5,863 6,769 (3,964 ) 2,805 — 12/16/1993 Brownsville Commons 1,333 5,536 618 1,333 6,154 7,487 (2,196 ) 5,291 — 05/22/2006 Bull City Market 930 6,651 1,001 930 7,652 8,582 (2,910 ) 5,672 — 06/10/2005 Cambrian Park Plaza 48,803 1,089 189 48,851 1,230 50,081 (1,001 ) 49,080 — 02/27/2015 Camelback Miller Plaza 9,176 26,898 154 9,176 27,052 36,228 (430 ) 35,798 — 06/27/2019 Camelback Village Square — 8,720 1,511 — 10,231 10,231 (6,497 ) 3,734 — 09/30/1994 Camp Creek Marketplace II 6,169 32,036 4,946 4,697 38,454 43,151 (12,393 ) 30,758 — 08/22/2006 Capital Square 1,852 7,406 2,272 1,852 9,678 11,530 (4,694 ) 6,836 — 04/04/2002 Centerwood Plaza 915 3,659 3,697 914 7,357 8,271 (3,698 ) 4,573 — 04/02/2001 Charleston Commons Shopping Center 23,230 36,877 3,791 23,210 40,688 63,898 (14,411 ) 49,487 — 12/20/2006 Chino Hills Marketplace 7,218 28,872 13,424 7,234 42,280 49,514 (23,453 ) 26,061 — 08/20/2002 Citadel Building 3,236 6,168 9,067 534 17,937 18,471 (15,349 ) 3,122 — 12/30/1975 College Park Shopping Center 2,201 8,845 8,000 2,641 16,405 19,046 (12,481 ) 6,565 (11,425 ) 11/16/1998 Colonial Plaza 10,806 43,234 16,507 10,813 59,734 70,547 (33,169 ) 37,378 — 02/21/2001 Countryside Centre 15,523 29,818 10,717 15,559 40,499 56,058 (16,712 ) 39,346 — 07/06/2007 Covington Esplanade 10,571 18,509 — 10,571 18,509 29,080 (79 ) 29,001 — 11/18/2019 Crossing At Stonegate 6,400 23,384 356 6,400 23,740 30,140 (2,797 ) 27,343 (13,614 ) 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 Deerfield Mall $ 10,522 $ 94,321 $ 7,445 $ 27,806 $ 84,482 $ 112,288 $ (10,259 ) $ 102,029 $ — 05/05/2016 Desert Village Shopping Center 3,362 14,969 2,488 3,362 17,457 20,819 (4,763 ) 16,056 — 10/28/2010 Edgewater Marketplace 4,821 11,225 835 4,821 12,060 16,881 (3,429 ) 13,452 — 11/19/2010 El Camino Promenade 4,431 20,557 5,020 4,429 25,579 30,008 (11,272 ) 18,736 — 05/21/2004 Embassy Lakes Shopping Center 2,803 11,268 2,515 2,803 13,783 16,586 (6,018 ) 10,568 — 12/18/2002 Entrada de Oro Plaza Shopping Center 6,041 10,511 2,120 6,115 12,557 18,672 (5,020 ) 13,652 — 01/22/2007 Epic Village St. Augustine 283 1,171 3,702 320 4,836 5,156 (3,780 ) 1,376 — 09/30/2009 Falls Pointe Shopping Center 3,535 14,289 1,649 3,542 15,931 19,473 (6,840 ) 12,633 — 12/17/2002 Festival on Jefferson Court 5,041 13,983 4,048 5,022 18,050 23,072 (8,235 ) 14,837 — 12/22/2004 Fiesta Trails 8,825 32,790 14,342 11,267 44,690 55,957 (16,895 ) 39,062 — 09/30/2003 Fountain Plaza 1,319 5,276 2,591 1,095 8,091 9,186 (5,065 ) 4,121 — 03/10/1994 Francisco Center 1,999 7,997 4,963 2,403 12,556 14,959 (8,958 ) 6,001 (10,379 ) 11/16/1998 Freedom Centre 2,929 15,302 6,009 6,944 17,296 24,240 (7,815 ) 16,425 — 06/23/2006 Galleria Shopping Center 10,795 10,339 9,490 10,504 20,120 30,624 (6,594 ) 24,030 — 12/11/2006 Galveston Place 2,713 5,522 6,242 3,279 11,198 14,477 (9,031 ) 5,446 — 11/30/1983 Gateway Plaza 4,812 19,249 5,611 4,808 24,864 29,672 (12,503 ) 17,169 (23,000 ) 04/02/2001 Grayson Commons 3,180 9,023 619 3,163 9,659 12,822 (3,739 ) 9,083 (3,858 ) 11/09/2004 Greenhouse Marketplace 4,607 22,771 4,581 4,750 27,209 31,959 (11,954 ) 20,005 — 01/28/2004 Griggs Road Shopping Center 257 2,303 678 257 2,981 3,238 (1,966 ) 1,272 — 03/20/2008 Harrisburg Plaza 1,278 3,924 1,424 1,278 5,348 6,626 (4,399 ) 2,227 (9,496 ) 03/20/2008 HEB - Dairy Ashford & Memorial 1,717 4,234 — 1,717 4,234 5,951 (1,474 ) 4,477 — 03/06/2012 Heights Plaza Shopping Center 58 699 2,613 1,055 2,315 3,370 (1,816 ) 1,554 — 06/30/1995 High House Crossing 2,576 10,305 656 2,576 10,961 13,537 (5,067 ) 8,470 — 04/04/2002 Highland Square — — 1,970 — 1,970 1,970 (708 ) 1,262 — 10/06/1959 Hilltop Village Center 3,196 7,234 53,978 3,960 60,448 64,408 (23,748 ) 40,660 — 01/01/2016 Hope Valley Commons 2,439 8,487 541 2,439 9,028 11,467 (2,403 ) 9,064 — 08/31/2010 I45/Telephone Rd. 678 11,182 535 678 11,717 12,395 (7,123 ) 5,272 (11,461 ) 03/20/2008 Independence Plaza I & II 19,351 31,627 2,538 19,351 34,165 53,516 (10,347 ) 43,169 (12,921 ) 06/11/2013 Lakeside Marketplace 6,064 22,989 3,806 6,150 26,709 32,859 (10,246 ) 22,613 — 08/22/2006 Largo Mall 10,817 40,906 8,715 10,810 49,628 60,438 (21,000 ) 39,438 — 03/01/2004 League City Plaza 1,918 7,592 3,229 2,261 10,478 12,739 (5,905 ) 6,834 — 03/20/2008 Leesville Towne Centre 7,183 17,162 1,927 7,223 19,049 26,272 (7,972 ) 18,300 — 01/30/2004 Lowry Town Center 1,889 23,165 617 1,889 23,782 25,671 (2,272 ) 23,399 — 09/14/2016 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 Madera Village Shopping Center $ 3,788 $ 13,507 $ 1,590 $ 3,816 $ 15,069 $ 18,885 $ (5,540 ) $ 13,345 $ — 03/13/2007 Madison Village Marketplace 3,157 13,123 115 3,158 13,237 16,395 (311 ) 16,084 — 03/28/2019 Market at Westchase Shopping Center 1,199 5,821 4,241 1,415 9,846 11,261 (6,815 ) 4,446 — 02/15/1991 Mendenhall Commons 2,655 9,165 1,092 2,677 10,235 12,912 (3,949 ) 8,963 — 11/13/2008 Monte Vista Village Center 1,485 58 5,817 755 6,605 7,360 (4,369 ) 2,991 — 12/31/2004 Mueller Regional Retail Center 10,382 56,303 1,578 10,382 57,881 68,263 (16,169 ) 52,094 — 10/03/2013 North Creek Plaza 6,915 25,625 7,792 7,617 32,715 40,332 (14,100 ) 26,232 — 08/19/2004 North Towne Plaza 960 3,928 9,644 879 13,653 14,532 (9,616 ) 4,916 — 02/15/1990 North Towne Plaza 6,646 99 (5,553 ) 259 933 1,192 (682 ) 510 — 04/01/2010 Northwoods Shopping Center 1,768 7,071 758 1,772 7,825 9,597 (3,685 ) 5,912 — 04/04/2002 Oak Forest Shopping Center 760 2,726 7,290 1,358 9,418 10,776 (6,814 ) 3,962 — 12/30/1976 Oracle Wetmore Shopping Center 24,686 26,878 8,494 13,813 46,245 60,058 (16,548 ) 43,510 — 01/22/2007 Overton Park Plaza 9,266 37,789 16,513 9,264 54,304 63,568 (24,977 ) 38,591 — 10/24/2003 Parliament Square II 2 10 1,183 3 1,192 1,195 (1,105 ) 90 — 06/24/2005 Perimeter Village 29,701 42,337 5,202 34,404 42,836 77,240 (16,708 ) 60,532 (29,616 ) 07/03/2007 Phillips Crossing — 1 28,515 872 27,644 28,516 (15,768 ) 12,748 — 09/30/2009 Phoenix Office Building 1,696 3,255 1,700 1,773 4,878 6,651 (2,260 ) 4,391 — 01/31/2007 Pike Center — 40,537 3,314 — 43,851 43,851 (14,558 ) 29,293 — 08/14/2012 Plantation Centre 3,463 14,821 2,409 3,471 17,222 20,693 (7,125 ) 13,568 — 08/19/2004 Pueblo Anozira Shopping Center 2,750 11,000 5,764 2,768 16,746 19,514 (10,975 ) 8,539 (13,581 ) 06/16/1994 Raintree Ranch Center 11,442 595 18,021 10,983 19,075 30,058 (12,403 ) 17,655 — 03/31/2008 Rancho San Marcos Village 3,533 14,138 6,141 3,887 19,925 23,812 (8,918 ) 14,894 — 02/26/2003 Rancho Towne and Country 1,161 4,647 773 1,166 5,415 6,581 (3,474 ) 3,107 — 10/16/1995 Randalls Center/Kings Crossing 3,570 8,147 761 3,585 8,893 12,478 (6,033 ) 6,445 — 11/13/2008 Red Mountain Gateway 2,166 89 13,012 3,317 11,950 15,267 (5,810 ) 9,457 — 12/31/2003 Richmond Square 1,993 953 12,996 14,037 1,905 15,942 (1,382 ) 14,560 — 12/31/1996 Ridgeway Trace 26,629 544 26,306 16,100 37,379 53,479 (18,013 ) 35,466 — 11/09/2006 River Oaks Shopping Center - East 1,354 1,946 392 1,363 2,329 3,692 (2,044 ) 1,648 — 12/04/1992 River Oaks Shopping Center - West 3,320 17,741 35,242 3,993 52,310 56,303 (29,007 ) 27,296 — 12/04/1992 River Point at Sheridan 28,898 4,042 26,705 11,819 47,826 59,645 (15,461 ) 44,184 — 04/01/2010 Roswell Corners 6,136 21,447 6,903 7,103 27,383 34,486 (10,300 ) 24,186 — 06/24/2004 Roswell Crossing Shopping Center 7,625 18,573 1,480 7,625 20,053 27,678 (6,862 ) 20,816 — 07/18/2012 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 San Marcos Plaza $ 1,360 $ 5,439 $ 1,394 $ 1,358 $ 6,835 $ 8,193 $ (3,110 ) $ 5,083 $ — 04/02/2001 Scottsdale Horizon — 3,241 39,756 12,914 30,083 42,997 (7,405 ) 35,592 — 01/22/2007 Scottsdale Waterfront 10,281 40,374 1,848 21,586 30,917 52,503 (2,957 ) 49,546 — 08/17/2016 Sea Ranch Centre 11,977 4,219 2,356 11,977 6,575 18,552 (2,154 ) 16,398 — 03/06/2013 Shoppes at Bears Path 3,252 5,503 1,797 3,290 7,262 10,552 (2,931 ) 7,621 — 03/13/2007 Shoppes at Memorial Villages 1,417 4,786 13,153 3,332 16,024 19,356 (9,438 ) 9,918 — 01/11/2012 Shoppes of South Semoran 5,339 9,785 (1,315 ) 5,672 8,137 13,809 (2,950 ) 10,859 — 08/31/2007 Shops at Kirby Drive 1,201 945 272 1,202 1,216 2,418 (540 ) 1,878 — 05/27/2008 Shops at Three Corners 6,215 9,303 11,448 10,587 16,379 26,966 (11,868 ) 15,098 — 12/31/1989 Silver Creek Plaza 3,231 12,924 9,876 3,228 22,803 26,031 (8,624 ) 17,407 — 04/02/2001 Six Forks Shopping Center 6,678 26,759 6,668 6,728 33,377 40,105 (16,531 ) 23,574 — 04/04/2002 Southampton Center 4,337 17,349 3,353 4,333 20,706 25,039 (10,656 ) 14,383 (19,750 ) 04/02/2001 Southgate Shopping Center 232 8,389 777 231 9,167 9,398 (6,227 ) 3,171 (6,353 ) 03/20/2008 Squaw Peak Plaza 816 3,266 3,563 818 6,827 7,645 (4,389 ) 3,256 — 12/20/1994 Stevens Creek Central 41,812 45,997 — 41,812 45,997 87,809 (169 ) 87,640 — 11/08/2019 Stonehenge Market 4,740 19,001 2,877 4,740 21,878 26,618 (10,528 ) 16,090 — 04/04/2002 Stony Point Plaza 3,489 13,957 11,401 3,453 25,394 28,847 (13,411 ) 15,436 — 04/02/2001 Sunset 19 Shopping Center 5,519 22,076 25,410 5,899 47,106 53,005 (13,421 ) 39,584 — 10/29/2001 The Centre at Post Oak 13,731 115 25,591 17,822 21,615 39,437 (14,868 ) 24,569 — 12/31/1996 The Commons at Dexter Lake 4,946 18,948 4,064 4,988 22,970 27,958 (10,210 ) 17,748 — 11/13/2008 The Palms at Town & Country 56,833 195,203 8,181 79,673 180,544 260,217 (20,529 ) 239,688 — 07/27/2016 The Shops at Hilshire Village 12,929 20,666 — 12,929 20,666 33,595 (141 ) 33,454 — 10/24/2019 The Westside Center 14,952 10,350 558 14,952 10,908 25,860 (1,282 ) 24,578 — 12/22/2015 The Whittaker 5,237 19,395 3,386 5,315 22,703 28,018 (1,318 ) 26,700 — 01/01/2019 Thompson Bridge Commons 604 — 625 513 716 1,229 (165 ) 1,064 — 04/26/2005 Thousand Oaks Shopping Center 2,973 13,142 1,190 2,973 14,332 17,305 (6,364 ) 10,941 (11,595 ) 03/20/2008 TJ Maxx Plaza 3,400 19,283 4,268 3,430 23,521 26,951 (9,756 ) 17,195 — 03/01/2004 Tomball Marketplace 9,616 262 26,559 6,726 29,711 36,437 (15,395 ) 21,042 — 04/12/2006 Trenton Crossing/North McAllen 9,855 29,133 2,803 9,855 31,936 41,791 (4,255 ) 37,536 — 08/31/2015 Valley Shopping Center 4,293 13,736 5,298 8,910 14,417 23,327 (4,258 ) 19,069 — 04/07/2006 Vizcaya Square Shopping Center 3,044 12,226 2,631 3,044 14,857 17,901 (6,660 ) 11,241 — 12/18/2002 Wellington Green Commons & Pad 16,500 32,489 3,179 16,500 35,668 52,168 (4,773 ) 47,395 (17,338 ) 04/20/2015 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 West Jordan Town Center $ 4,306 $ 17,776 $ 1,082 $ 3,269 $ 19,895 $ 23,164 $ (8,158 ) $ 15,006 $ — 12/19/2003 Westchase Shopping Center 3,085 7,920 13,611 3,189 21,427 24,616 (14,532 ) 10,084 (15,527 ) 08/29/1978 Westhill Village Shopping Center 408 3,002 6,679 437 9,652 10,089 (6,206 ) 3,883 — 05/01/1958 Westminster Center 11,215 44,871 10,117 11,204 54,999 66,203 (27,707 ) 38,496 (47,250 ) 04/02/2001 Winter Park Corners 2,159 8,636 13,490 2,257 22,028 24,285 (5,667 ) 18,618 — 09/06/2001 837,327 2,105,287 813,747 897,103 2,859,258 3,756,361 (1,075,771 ) 2,680,590 (263,355 ) New Development/Redevelopment: West Alex 39,029 2,669 135,828 45,637 131,889 177,526 — 177,526 — 11/01/2016 The Driscoll at River Oaks 214 — 70,096 790 69,520 70,310 — 70,310 — 12/04/1992 39,243 2,669 205,924 46,427 201,409 247,836 — 247,836 — Miscellaneous (not to exceed 5% of total) 80,374 3,096 57,582 61,734 79,318 141,052 (34,904 ) 106,148 — Total of Portfolio $ 956,944 $ 2,111,052 $ 1,077,253 $ 1,005,264 $ 3,139,985 $ 4,145,249 $ (1,110,675 ) $ 3,034,574 $ (263,355 ) ___________________ (1) The book value of our net real estate assets is in excess of tax basis by approximately $286.2 million at December 31, 2019 . (2) Encumbrances do not include $17.4 million outstanding under fixed-rate mortgage debt associated with a tenancy-in-common arrangement, $1.5 million of non-cash debt related items and $(.7) 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, 2019 2018 2017 Balance at beginning of year $ 4,105,068 $ 4,498,859 $ 4,789,145 Additions at cost 389,858 164,150 137,462 Retirements or sales (349,603 ) (547,821 ) (334,105 ) Property held for sale — — (78,721 ) Impairment loss (74 ) (10,120 ) (14,922 ) Balance at end of year $ 4,145,249 $ 4,105,068 $ 4,498,859 The changes in accumulated depreciation were as follows (in thousands): Year Ended December 31, 2019 2018 2017 Balance at beginning of year $ 1,108,188 $ 1,166,126 $ 1,184,546 Additions at cost 109,825 118,664 132,900 Retirements or sales (107,338 ) (176,602 ) (127,391 ) Property held for sale — — (23,929 ) Balance at end of year $ 1,110,675 $ 1,108,188 $ 1,166,126 |
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 | MORTGAGE LOANS ON REAL ESTATE DECEMBER 31, 2019 (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, 2019 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, 2019 , 2018 and 2017 . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation Our consolidated financial statements include the accounts of our subsidiaries, certain 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. |
Leases | Leases As part of our operations, we are primarily a lessor of commercial retail space. In certain instances, we are also a lessee, primarily of ground leases associated with our operations. Our contracts are reviewed to determine if they qualify, under the GAAP definition, as a lease. A contract is determined to be a lease when the right to obtain substantially all of the economic benefits and to direct the use of an identified asset is transferred to a customer over a defined period of time for consideration. During this review, we evaluate among other items, asset specification, substitution rights, purchase options, operating rights and control over the asset during the contract period. We have elected accounting policy practical expedients, both as a lessor and a lessee, to not separate any nonlease components (primarily common area maintenance) within a lease contract for all classes of underlying assets (primarily real estate assets). As a lessor, we have further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. We have determined to account for both the lease and nonlease components as a single component when the lease component is the predominate component of a contract. Therefore, Accounting Standards Codification ("ASC") No. 842, “Leases” will be applied to these lease contracts for both types of components. Additionally, for lessee leases, we have also elected not to apply the overall balance sheet recognition requirements to short-term leases that are less 12 months from the lease commencement date. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options with the determination if they will be exercised, evaluation of implicit discount rates, assessment and consideration of “fixed” payments for straight-line rent revenue calculations and the evaluation of asset identification and substitution rights. The determination of the discount rate used in a lease is the incremental borrowing rate of the lease contract. For lessee leases, this rate is often not readily determinable as the lessor’s initial direct costs and expected residual value are at the end of the lease term and are unknown. Therefore, as the lessee, our incremental borrowing rate will be used. Selected discount rates will reflect rates that we would have to pay to borrow on a fully collateralized basis over a term similar to the lease. Additionally, we will obtain lender quotes with similar terms and if not available, we consider the asset type, risk free rates and financing spreads to account for creditworthiness and collateral. Our lessor leases are principally related to our shopping centers. We believe risk of an inadequate residual value of the leased asset upon the termination of these leases is low due to our ability to re-lease the space, the long-lived nature of our real estate assets and the propensity of real estate assets to hold their value over a long period of time. |
Leases | Leases As part of our operations, we are primarily a lessor of commercial retail space. In certain instances, we are also a lessee, primarily of ground leases associated with our operations. Our contracts are reviewed to determine if they qualify, under the GAAP definition, as a lease. A contract is determined to be a lease when the right to obtain substantially all of the economic benefits and to direct the use of an identified asset is transferred to a customer over a defined period of time for consideration. During this review, we evaluate among other items, asset specification, substitution rights, purchase options, operating rights and control over the asset during the contract period. We have elected accounting policy practical expedients, both as a lessor and a lessee, to not separate any nonlease components (primarily common area maintenance) within a lease contract for all classes of underlying assets (primarily real estate assets). As a lessor, we have further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components. We have determined to account for both the lease and nonlease components as a single component when the lease component is the predominate component of a contract. Therefore, Accounting Standards Codification ("ASC") No. 842, “Leases” will be applied to these lease contracts for both types of components. Additionally, for lessee leases, we have also elected not to apply the overall balance sheet recognition requirements to short-term leases that are less 12 months from the lease commencement date. Significant judgments and assumptions are inherent in not only determining if a contract contains a lease but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options with the determination if they will be exercised, evaluation of implicit discount rates, assessment and consideration of “fixed” payments for straight-line rent revenue calculations and the evaluation of asset identification and substitution rights. The determination of the discount rate used in a lease is the incremental borrowing rate of the lease contract. For lessee leases, this rate is often not readily determinable as the lessor’s initial direct costs and expected residual value are at the end of the lease term and are unknown. Therefore, as the lessee, our incremental borrowing rate will be used. Selected discount rates will reflect rates that we would have to pay to borrow on a fully collateralized basis over a term similar to the lease. Additionally, we will obtain lender quotes with similar terms and if not available, we consider the asset type, risk free rates and financing spreads to account for creditworthiness and collateral. Our lessor leases are principally related to our shopping centers. We believe risk of an inadequate residual value of the leased asset upon the termination of these leases is low due to our ability to re-lease the space, the long-lived nature of our real estate assets and the propensity of real estate assets to hold their value over a long period of time. |
Revenue Recognition | Revenue Recognition At the inception of a revenue producing contract, we determine if a contract qualifies as a lease and if not, then as a customer contract. Additionally, we exclude all taxes assessed by a governmental authority that is collected by us from Revenue. Based on this determination, the appropriate GAAP is applied to the contract, including its revenue recognition. Rentals, net Rental revenue is primarily derived from operating leases and, therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. Variable rental revenue consists primarily of tenant reimbursements of taxes, maintenance expenses and insurance, is subject to our interpretation of lease provisions and is recognized over the term of a lease as services are provided. Additionally, variable rental revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds its 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. Further, at the lease commencement date and on an ongoing basis, we consider the collectability of a lease when determining revenue to be recognized. Prior to the adoption of ASC No. 842, rental revenues were recognized under ASC No. 840, “Leases.” Other Other revenue consists of both customer contract revenue and income from contractual agreements with third parties or 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 applicable agreement. We have identified primarily three types of customer contract revenue: (1) management contracts with 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. |
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 a nonfinancial 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. 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 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 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. 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. 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. Upon the adoption of ASC No. 842, such costs include outside broker commissions and other independent third party costs, as well as internal leasing commissions paid directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Prior to the adoption of ASC No. 842, such costs included 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 salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease term 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 rental revenue, 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. Upon the adoption of ASC No. 842, individual leases are assessed for collectability and upon the determination that the collection of rents is not probable, accrued rent and accounts receivables are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, we assess whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical bad debt levels and current economic trends. An allowance for the uncollectible portion of the portfolio is recorded as an adjustment to rental revenues. Prior to the adoption of ASC No. 842, an allowance for the uncollectible portion of accrued rents and accounts receivable was 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 Escrows | Restricted Deposits and Escrows Restricted deposits are held or restricted for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. Escrows consist of deposits held by third parties or lenders for a specific use; including, capital improvements, rental income and taxes. |
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, right-of-use assets, investments, investments held in a grantor trust, deferred tax assets (see Income Taxes), the net value of above-market leases and deferred debt costs associated with our revolving credit facilities. Right-of-use assets are amortized to achieve the recognition of rent expense on a straight-line basis after adjusting for the corresponding lease liabilities’ interest over the lives of the leases. 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 18 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. |
Other Liabilities, net | Other Liabilities, net Other liabilities include non-qualified benefit plan liabilities (see Retirement Benefit Plans and Deferred Compensation Plan), lease liabilities and the net value of below-market leases. Lease liabilities are amortized to rent expense using the effective interest rate method, over the lease life. Below-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. |
Sales of Real Estate | Sales of Real Estate Sales of real estate include the sale of tracts of land, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales of real estate joint ventures and partnerships in which we participate. These sales primarily fall under two types of contracts (1) sales of nonfinancial assets (primarily real estate) and (2) sales of investments in real estate joint ventures and partnerships of substantially nonfinancial assets. 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, including right-of-use assets, is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, 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. 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 real estate joint ventures and partnerships is reviewed for impairment each reporting period. We evaluate various factors, including operating results of the investee, our ability and intent to hold the investment and our views on current market and economic conditions, when determining if there is a decline in the investment value. 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. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. 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 real estate joint ventures and partnerships. See Note 10 for additional information regarding impairments. |
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 Cuts and Jobs Act of 2017 ("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 11 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 6% 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. |
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 and investment securities, 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. 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 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 February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2016-02, "Leases." This ASU was further updated by ASU No. 2018-01, "Land Easement Practical Expedient for Transition for Topic 842," ASU No. 2018-10, "Codification Improvements to Topic 842," ASU No. 2018-11, "Targeted Improvements for Topic 842," ASU No. 2018-20, "Narrow-Scope Improvements for Lessors" and ASU No. 2019-01, "Codification Improvements to Topic 842." 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 nonlease 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. We adopted this guidance as of January 1, 2019 and applied it on a modified retrospective approach and elected not to restate comparative periods. Upon adoption, we applied the following practical expedients: • 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 lease component under certain conditions. • As an accounting policy election, a lessee 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 lease component. • 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. The adoption resulted in the following changes as of 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 are no longer capitalized and are recorded in General and administrative expenses in our Consolidated Statement of Operations in the period of adoption prospectively. We continue to capitalize direct costs as defined within the ASU. ◦ We are entitled to receive tenant reimbursements for operating expenses for common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a nonlease component, which would need to be accounted for in accordance with Topic 606. However, we have applied the practical expedient for all of our real estate related leases, to account for the lease and nonlease components as a single, combined operating lease component as long as the nonlease component is not the predominate component of the combined components within a contract. ◦ We previously accounted for real estate taxes that are paid directly by the tenant on a gross basis 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, we have excluded 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 and $4.6 million for the year ended December 31, 2018 and 2017, respectively. • From the Lessee Perspective: ◦ On January 1, 2019, we were the lessee under ground lease agreements for land underneath all or a portion of 12 centers and under four administrative office leases that we accounted for as operating leases. Also, we had one finance lease in which we were the lessee of two centers with a $21.9 million lease obligation. We recognized right-of-use assets for our operating leases in Other Assets, along with corresponding lease liabilities in Other Liabilities on January 1, 2019 in the amounts of $44.2 million and $42.9 million , respectively, in the Consolidated Balance Sheet. The difference between the right-of-use assets and the lease liabilities is primarily associated with intangibles related to ground leases. For these existing operating leases, we continue to recognize a single lease expense for both our ground and office leases, currently included in Operating expenses and General and administrative expenses, respectively, in the Consolidated Statements of Operations. ◦ We continue to recognize our finance lease asset balance in Property and our finance lease liability in Debt in our Consolidated Balance Sheets. The finance lease charges a portion of the payment to both asset amortization and interest expense. 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. Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU was further updated by ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, "ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses," ASU No. 2019-05, "Targeted Transition Relief" and ASU No. 2019-11, "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 ASU No. 2016-13, as amended in subsequently issued amendments, were effective for us as of January 1, 2020. In identifying all of our financial instruments covered under this guidance, the majority of our instruments result from operating leasing transactions, which are not within the scope of the new standard and are to remain governed by the recently issued leasing guidance and other previously issued guidance. Upon adoption at January 1, 2020, we recognized the cumulative effect for credit losses which has decreased retained earnings and other assets by $.7 million , respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. 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 were 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 have been applied retrospectively. The adoption of this ASU did not have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "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. In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes." This ASU clarifies/simplifies current disclosures and removes several disclosures requirements. Simplification includes franchise taxes based partially on income as an income-based tax; entities should reflect enacted tax law and rate changes in the interim period that includes the enactment date; and allowing entities to allocate consolidated tax amounts to individual legal entities under certain elections. The provisions of ASU No. 2019-12 are effective for us as of January 1, 2021, 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. |
Reclassifications | Reclassifications We have reclassified prior years’ miscellaneous lease-related revenues identified during our implementation of ASC No. 842 of $1.3 million and $2.5 million for the year ended December 31, 2018 and 2017, respectively, to Rentals, net from Other revenue in our Consolidated Statements of Operations to conform to the current year presentation (see Note 2 for further information). |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Escrows | Our restricted deposits and escrows consist of the following (in thousands): December 31, 2019 2018 Restricted deposits $ 12,793 $ 8,150 Escrows 1,017 2,122 Total $ 13,810 $ 10,272 |
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, January 1, 2017 $ (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 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 Cumulative effect adjustment of accounting standards 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 Change excluding amounts reclassified from accumulated other comprehensive loss — — 1,044 1,044 Amounts reclassified from accumulated other comprehensive loss — 887 (1) (1,197 ) (2) (310 ) Net other comprehensive loss (income) — 887 (153 ) 734 Balance, December 31, 2019 $ — $ (3,614 ) $ 14,897 $ 11,283 ___________________ (1) This reclassification component is included in interest expense. (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 15 for additional information). |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule Of Property | Our property consists of the following (in thousands): December 31, 2019 2018 Land $ 911,521 $ 919,237 Land held for development 40,667 45,673 Land under development 53,076 55,793 Buildings and improvements 2,898,867 2,927,954 Construction in-progress 241,118 156,411 Total $ 4,145,249 $ 4,105,068 |
Investment In Real Estate Joi_2
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Combined Condensed Balance Sheets ASSETS Property $ 1,378,328 $ 1,268,557 Accumulated depreciation (331,856 ) (305,327 ) Property, net 1,046,472 963,230 Other assets, net 108,366 104,267 Total Assets $ 1,154,838 $ 1,067,497 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 264,782 $ 269,113 Amounts payable to Weingarten Realty Investors and Affiliates 11,972 11,732 Other liabilities, net 25,498 24,717 Total Liabilities 302,252 305,562 Equity 852,586 761,935 Total Liabilities and Equity $ 1,154,838 $ 1,067,497 |
Schedule Of Combined Condensed Statements Of Operations | Year Ended December 31, 2019 2018 2017 Combined Condensed Statements of Operations Revenues, net $ 135,258 $ 133,975 $ 137,419 Expenses: Depreciation and amortization 32,126 32,005 34,818 Interest, net 9,664 11,905 11,836 Operating 25,046 24,112 23,876 Real estate taxes, net 18,070 18,839 18,865 General and administrative 551 696 623 Provision for income taxes 133 138 112 Total 85,590 87,695 90,130 Gain on dispositions 2,009 9,495 12,492 Net Income $ 51,677 $ 55,775 $ 59,781 |
Identified Intangible Assets _2
Identified Intangible Assets And Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Identified Intangible Assets: Above-market leases (included in Other Assets, net) $ 23,830 $ 38,181 Above-market leases - Accumulated Amortization (12,145 ) (19,617 ) In place leases (included in Unamortized Lease Costs, net) 196,207 193,658 In place leases - Accumulated Amortization (92,918 ) (99,352 ) $ 114,974 $ 112,870 Identified Intangible Liabilities: Below-market leases (included in Other Liabilities, net) $ 95,240 $ 85,742 Below-market leases - Accumulated Amortization (32,326 ) (27,745 ) Above-market assumed mortgages (included in Debt, net) 3,446 3,446 Above-market assumed mortgages - Accumulated Amortization (1,987 ) (1,660 ) $ 64,373 $ 59,783 |
Schedule of Acquired Finite-Lived Intangible Assets And Liabilities And Remaining Weighted-Average Amortization Period | The following table details the identified intangible assets and liabilities and the remaining weighted-average amortization period associated with our asset acquisitions in 2019 as follows: Identified intangible assets and liabilities subject to amortization (in thousands): Assets: In place leases $ 30,253 Above-market leases 1,323 Liabilities: Below-market leases 13,762 Identified intangible assets and liabilities remaining weighted-average amortization period (in years): Assets: In place leases 11.0 Above-market leases 7.2 Liabilities: Below-market leases 13.5 |
Above-Market and Below-Market Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property | 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): 2020 $ 4,883 2021 4,604 2022 4,255 2023 4,141 2024 4,048 |
In Place Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property | The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands): 2020 $ 15,762 2021 13,512 2022 11,118 2023 9,351 2024 7,926 |
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): 2020 $ 327 2021 287 2022 141 2023 136 2024 136 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Our debt consists of the following (in thousands): December 31, 2019 2018 Debt payable, net to 2038 (1) $ 1,653,154 $ 1,706,886 Unsecured notes payable under credit facilities — 5,000 Debt service guaranty liability 57,380 60,900 Finance lease obligation 21,804 21,898 Total $ 1,732,338 $ 1,794,684 ___________________ (1) At December 31, 2019 , interest rates ranged from 3.3% to 7.0% at a weighted average rate of 3.9% . At December 31, 2018 , interest rates ranged from 3.3% to 7.0% 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, 2019 2018 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,714,890 $ 1,771,999 Variable-rate debt 17,448 22,685 Total $ 1,732,338 $ 1,794,684 As to collateralization: Unsecured debt $ 1,450,762 $ 1,457,432 Secured debt 281,576 337,252 Total $ 1,732,338 $ 1,794,684 |
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, 2019 2018 Unsecured revolving credit facility: Balance outstanding $ — $ 5,000 Available balance 497,946 492,946 Letter of credit outstanding under facility 2,054 2,054 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 $ 5,000 $ 26,500 Weighted average balance 123 1,096 Year-to-date weighted average interest rate (excluding facility fee) 3.3 % 2.9 % |
Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $21.8 million of a finance lease obligation, $(3.9) million net premium/(discount) on debt, $(5.5) million of deferred debt costs, $1.5 million of non-cash debt-related items, and $57.4 million debt service guaranty liability) are due during the following years (in thousands): 2020 $ 22,743 2021 18,434 2022 307,922 2023 347,815 2024 252,153 2025 293,807 2026 277,291 2027 38,288 2028 92,159 2029 917 Thereafter 9,518 Total $ 1,661,047 |
Lease Obligaitons (Tables)
Lease Obligaitons (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Lease Costs including Weighted Average Lease Terms and Weighted-average Discount Rates | A schedule of lease costs including weighted average lease terms and weighted-average discount rates is as follows (in thousands, except as noted): Year Ended December 31, 2019 Operating lease cost: Included in Operating expense $ 3,044 Included in General and administrative expense 302 Finance cost: Amortization of right-of-use asset (included in Depreciation and Amortization) 174 Interest on lease liability (included in Interest expense, net) 1,642 Short-term lease cost 44 Variable lease cost 309 Sublease income (included in Rentals, net) (27,400 ) Total lease cost $ (21,885 ) December 31, 2019 Weighted-average remaining lease term (in years): Operating leases 41.5 Finance lease 4.0 Weighted-average discount rate (percentage): Operating leases 4.9 % Finance lease 7.5 % |
Reconciliation of Lease Liabilities, Lessee, Operating Lease | A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter, as calculated as of December 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2020 $ 2,696 $ 1,744 2021 2,585 1,751 2022 2,576 1,759 2023 2,458 23,037 2024 2,158 Thereafter 97,187 Total $ 109,660 $ 28,291 Lease liabilities (1) 43,063 21,804 Undiscounted excess amount $ 66,597 $ 6,487 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Consolidated Balance Sheet. |
Reconciliation of Lease Liabilities, Finance Lease, Maturity | A reconciliation of our lease liabilities on an undiscounted cash flow basis, which primarily represents shopping center ground leases, for the subsequent five years and thereafter, as calculated as of December 31, 2019 , is as follows (in thousands): Operating Finance Lease payments: 2020 $ 2,696 $ 1,744 2021 2,585 1,751 2022 2,576 1,759 2023 2,458 23,037 2024 2,158 Thereafter 97,187 Total $ 109,660 $ 28,291 Lease liabilities (1) 43,063 21,804 Undiscounted excess amount $ 66,597 $ 6,487 ___________________ (1) Operating lease liabilities are included in Other Liabilities, and finance lease liabilities are included in Debt, net in our Consolidated Balance Sheet. |
Schedule of Future Minimum Rental Payments for Operating Leases | Scheduled minimum rental payments as defined under ASC No. 840, 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, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 |
Schedule of Future Minimum Lease Payments for Capital Leases | Scheduled minimum rental payments as defined under ASC No. 840, 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, as calculated as of December 31, 2018 , were as follows (in thousands): Operating Finance Lease payments: 2019 $ 2,779 $ 1,642 2020 2,536 1,635 2021 2,334 1,627 2022 2,318 1,618 2023 2,283 22,878 Thereafter 99,302 Total $ 111,552 $ 29,400 |
Schedule of Future Sublease Payments for Ground Lease Rentals | Future undiscounted, sublease payments applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, excluding estimated variable payments for the subsequent five years and thereafter ending December 31, as calculated as of December 31, 2019 and 2018, were as follows (in thousands): December 31, 2019 December 31, 2018 Sublease payments: Finance lease (1) $ 10,279 $ 14,382 Operating leases: 2019 $ 22,528 2020 $ 24,137 20,903 2021 22,168 18,886 2022 20,400 17,245 2023 18,583 15,128 2024 13,567 Thereafter 39,111 43,439 Total $ 137,966 $ 138,129 ___________________ (1) |
Leasing Operations (Table)
Leasing Operations (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Leases, Operating [Abstract] | |
Schedule of future undiscounted lease payments for tenant leases, excluding estimated variable payments | Future undiscounted, lease payments for tenant leases, excluding estimated variable payments, at December 31, 2019 is as follows (in thousands): 2020 $ 335,451 2021 292,146 2022 238,559 2023 191,552 2024 144,329 Thereafter 451,531 Total payments due $ 1,653,568 |
Schedule Of Future Minimum Rental Income | minimum rental income as defined under ASC No. 840 from 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 payments due $ 1,729,517 |
Schedule of Variable Lease Payments Recognized in Rentals | Variable lease payments recognized in Rentals, net are as follows (in thousands): Year Ended December 31, 2019 Variable lease payments $ 109,685 |
Schedule Of Contingent Rental Income | Contingent rentals recognized in Rentals, net are as follows (in thousands): Year Ended December 31, 2018 2017 Contingent rentals $ 118,703 $ 129,635 |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 18 for additional fair value information) (in thousands): Year Ended December 31, 2019 2018 2017 Operating expenses: Properties held for sale, under contract for sale or sold (1) $ — $ 9,969 $ 12,203 Land held for development and undeveloped land (1) 74 151 2,719 Other — — 335 Total impairment charges 74 10,120 15,257 Other financial statement captions impacted by impairment: Equity in earnings of real estate joint ventures and partnerships, net (1) 3,070 — — Net income attributable to noncontrolling interests (17 ) (17 ) 21 Net impact of impairment charges $ 3,127 $ 10,103 $ 15,278 ___________________ (1) Amounts reported were based on changes in management's plans or intent for the properties and/or investments in real estate joint ventures and partnerships, 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, 2019 | |
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, 2019 2018 2017 Net income adjusted for noncontrolling interests $ 315,435 $ 327,601 $ 335,274 Net (income) loss of taxable REIT subsidiary included above (32,225 ) (13,496 ) 4,220 Net income from REIT operations 283,210 314,105 339,494 Book depreciation and amortization 132,957 158,607 162,964 Tax depreciation and amortization (75,824 ) (89,700 ) (95,512 ) Book/tax difference on gains/losses from capital transactions (89,217 ) 19,807 6,261 Deferred/prepaid/above and below-market rents, net (9,332 ) (15,589 ) (11,146 ) Impairment loss from REIT operations 3,118 10,008 5,071 Other book/tax differences, net (21,358 ) (13,718 ) (244 ) REIT taxable income 223,554 383,520 406,888 Dividends paid deduction (1) (223,554 ) (383,520 ) (406,888 ) Dividends paid in excess of taxable income $ — $ — $ — ___________________ (1) For 2019 , 2018 and 2017 , the dividends paid deduction includes designated dividends of $121.2 million , $105.7 million and $112.8 million from 2020 , 2019 and 2018 , 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, 2019 2018 2017 Ordinary income 65.4 % 42.2 % 23.0 % Capital gain distributions 34.6 % 57.8 % 77.0 % Total 100.0 % 100.0 % 100.0 % |
Schedule Of Deferred Tax Assets And Liabilities | Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands): December 31, 2019 2018 Deferred tax assets: Impairment loss (1) $ 4,692 $ 4,732 Net operating loss carryforwards (2) 3,206 11,132 Straight-line rentals — 1,391 Book-tax basis differential 1,101 1,800 Other (4) 177 201 Total deferred tax assets 9,176 19,256 Valuation allowance (3) (5,749 ) (12,787 ) Total deferred tax assets, net of allowance $ 3,427 $ 6,469 Deferred tax liabilities: Book-tax basis differential (1) $ 1,547 $ 6,005 Other 155 398 Total deferred tax liabilities $ 1,702 $ 6,403 ___________________ (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 $15.3 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 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. (4) Classification of prior year's amounts were made to conform to the current year presentation. |
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, 2019 2018 2017 Net income (loss) before taxes of taxable REIT subsidiary $ 32,602 $ 13,480 $ (5,788 ) Federal provision (benefit) (1) $ 6,846 $ 2,831 $ (2,026 ) Valuation allowance decrease (7,038 ) (2,800 ) — Effect of change in statutory rate on net deferrals — — 282 Other 569 (46 ) 176 Federal income tax provision (benefit) of taxable REIT subsidiary (2) 377 (15 ) (1,568 ) State and local taxes, primarily Texas franchise taxes 663 1,393 1,551 Total $ 1,040 $ 1,378 $ (17 ) ___________________ (1) At statutory rate of 21% for both the year ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017. (2) All periods from December 31, 2016 through December 31, 2019 are open for examination by the IRS. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Cash and cash equivalents $ 41,481 $ 65,865 $ 13,219 Restricted deposits and escrows (see Note 1) 13,810 10,272 8,115 Total $ 55,291 $ 76,137 $ 21,334 |
Supplemental Disclosure of Non-Cash Transactions | Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): Year Ended December 31, 2019 2018 2017 Accrued property construction costs $ 8,014 $ 11,135 $ 7,728 Reduction of debt service guaranty liability (3,520 ) (3,245 ) (2,980 ) Right-of-use assets exchanged for operating lease liabilities 43,729 — — Increase in equity associated with deferred compensation plan — — 44,758 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Numerator: Net income $ 322,575 $ 345,343 $ 350,715 Net income attributable to noncontrolling interests (7,140 ) (17,742 ) (15,441 ) Net income attributable to common shareholders – basic 315,435 327,601 335,274 Income attributable to operating partnership units 2,112 — 3,084 Net income attributable to common shareholders – diluted $ 317,547 $ 327,601 $ 338,358 Denominator: Weighted average shares outstanding – basic 127,842 127,651 127,755 Effect of dilutive securities: Share options and awards 842 790 870 Operating partnership units 1,432 — 1,446 Weighted average shares outstanding – diluted 130,116 128,441 130,071 |
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, 2019 2018 2017 Operating partnership units — 1,432 — Total anti-dilutive securities — 1,432 — |
Share Options And Awards (Table
Share Options And Awards (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary Of Option Activity | Following is a summary of the option activity for the three years ended December 31, 2019 : Shares Under Option Weighted Average Exercise Price Outstanding, January 1, 2017 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 Forfeited or expired (1,136 ) 11.85 Exercised (71,325 ) 17.98 Outstanding, December 31, 2019 207,416 $ 23.84 |
Share Options Outstanding And Exercisable | The following table summarizes information about share options outstanding and exercisable at December 31, 2019 : 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) $22.68 - $24.87 207,416 0.8 years $ 23.84 1,535 207,416 0.8 years $ 23.84 1,535 |
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, 2019 Minimum Maximum Dividend yield 0.0 % 5.5 % Expected volatility (1) 19.3 % 21.3 % Expected life (in years) N/A 3 Risk-free interest rate 2.4 % 2.6 % _______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. |
Summary Of The Status Of Unvested Share Awards | A summary of the status of unvested share awards for the year ended December 31, 2019 is as follows: Unvested Share Awards Weighted Average Grant Date Fair Value Outstanding, January 1, 2019 674,293 $ 30.26 Granted: Service-based awards 179,825 28.61 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 80,848 30.20 Market-based awards relative to three-year absolute TSR 80,847 32.91 Trust manager awards 27,768 29.17 Vested (236,716 ) 32.13 Forfeited (5,519 ) 29.86 Outstanding, December 31, 2019 801,346 $ 29.56 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 . December 31, 2019 2018 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 55,759 $ 58,998 Service cost 1,090 1,295 Interest cost 2,257 2,056 Actuarial loss (gain) (1) 7,889 (4,478 ) Benefit payments (2,742 ) (2,112 ) Benefit obligation at end of year $ 64,253 $ 55,759 Change in Plan Assets: Fair value of plan assets at beginning of year $ 50,802 $ 53,808 Actual return on plan assets 10,356 (1,894 ) Employer contributions 1,000 1,000 Benefit payments (2,742 ) (2,112 ) Fair value of plan assets at end of year $ 59,416 $ 50,802 Unfunded status at end of year (included in accounts payable and accrued expenses in 2019 and 2018) $ (4,837 ) $ (4,957 ) Accumulated benefit obligation $ 64,159 $ 55,683 Net loss recognized in accumulated other comprehensive loss $ 14,897 $ 15,050 ___________________ (1) The change in actuarial loss (gain) is attributable primarily to census and mortality table updates and a decrease in the discount rate in 2019. |
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 (in thousands): Year Ended December 31, 2019 2018 2017 Net loss $ 1,044 $ 1,143 $ 82 Amortization of net loss (1) (1,197 ) (1,228 ) (1,475 ) Total recognized in other comprehensive income $ (153 ) $ (85 ) $ (1,393 ) Total recognized in net periodic benefit cost and other comprehensive income $ 880 $ 767 $ 213 ___________________ (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, 2019 2018 Projected benefit obligation $ 64,253 $ 55,759 Accumulated benefit obligation 64,159 55,683 Fair value of plan assets 59,416 50,802 |
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost are as follows (in thousands): Year Ended December 31, 2019 2018 2017 Service cost $ 1,090 $ 1,295 $ 1,223 Interest cost 2,257 2,056 2,123 Expected return on plan assets (3,511 ) (3,727 ) (3,215 ) Amortization of net loss 1,197 1,228 1,475 Total $ 1,033 $ 852 $ 1,606 |
Schedule Of Assumptions Used To Develop Periodic Expense | The assumptions used to develop net periodic benefit cost are shown below: Year Ended December 31, 2019 2018 2017 Discount rate 4.12 % 3.50 % 4.01 % Salary scale increases 3.50 % 3.50 % 3.50 % Long-term rate of return on assets 7.00 % 7.00 % 7.00 % The assumptions used to develop the actuarial present value of the benefit obligation are shown below: Year Ended December 31, 2019 2018 2017 Discount rate 3.09 % 4.12 % 3.50 % Salary scale increases 3.50 % 3.50 % 3.50 % |
Schedule Of Expected Benefit Payments For The Next Ten Years | The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands): 2020 $ 2,436 2021 2,602 2022 2,772 2023 2,936 2024 3,062 2025-2029 16,209 |
Schedule Of Allocation Of The Fair Value Of Plan Assets | The allocation of the fair value of plan assets was as follows: December 31, 2019 2018 Cash and Short-Term Investments 18 % 20 % Large Company Funds 34 % 33 % Mid Company Funds 7 % 7 % Small Company Funds 7 % 6 % International Funds 11 % 8 % Fixed Income Funds 15 % 18 % Growth Funds 8 % 8 % Total 100 % 100 % At December 31, 2019 , 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 51 % 56 % International Stocks 14 % 10 % U.S. Bonds 24 % 26 % International Bonds 5 % 3 % Other 1 % 1 % Total 100 % 100 % |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Assets Held by VIEs $ 228,954 $ 225,388 Assets Held as Collateral for Debt (1) 39,782 40,004 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, 2019 2018 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 128,361 $ 76,575 Other Liabilities, net (2) 7,735 6,592 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, 2019 | |
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, 2019 and 2018 , 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) $ 28,330 $ 28,330 Restricted cash, primarily money market funds (1) 9,916 9,916 Investments, mutual funds held in a grantor trust (1) 38,378 38,378 Total $ 76,624 $ — $ — $ 76,624 Liabilities: Deferred compensation plan obligations $ 38,378 $ 38,378 Total $ 38,378 $ — $ — $ 38,378 ___________________ (1) For the year ended December 31, 2019 , a net gain of $9.4 million was included in Interest and Other Income, net, of which $6.7 million represented an unrealized gain. Quoted Prices Significant Significant 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, net, of which $(3.0) million represented an unrealized loss. |
Fair Value Measurements, Nonrecurring | 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, 2019 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands): Quoted Prices in Active Significant Significant Fair Value Total Gains (1) Investment in real estate joint ventures and partnerships (2) $ 1,830 $ 24,154 $ 25,984 $ (3,070 ) Total $ — $ 1,830 $ 24,154 $ 25,984 $ (3,070 ) ____________ (1) Total gains (losses) presented in this table relate to assets that are still held by us at December 31, 2019 . (2) In accordance with our policy of evaluating and recording impairments on the disposal of investments in real estate joint ventures and partnerships, investments with a carrying amount of $ 29.1 million were written down to a fair value of $26.0 million , resulting in a loss of $ 3.1 million , which was included in earnings for the fourth quarter of 2019. Management’s estimate of fair value of these investments were determined using a bona fide purchase offer for the Level 2 inputs, and see the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements in the table below. |
Schedule Of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands): December 31, 2019 2018 Carrying Value Fair Value Fair Value Carrying Value Fair Value Fair Value Other Assets: Tax increment revenue bonds (1) $ 17,277 $ 25,000 $ 20,009 $ 25,000 Investments, held to maturity (2) — $ — 3,000 $ 2,988 Debt: Fixed-rate debt 1,714,890 1,787,663 1,771,999 1,761,215 Variable-rate debt 17,448 17,426 22,685 23,131 ___________________ (1) At December 31, 2019 and 2018 , 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 , these investments had unrealized losses of $12 thousand . |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The quantitative information about the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements as of December 31, 2019 reported in the above table, is as follows: Fair Value at December 31, Range 2019 Minimum Maximum Description (in thousands) Valuation Technique Unobservable Inputs 2019 2019 Investment in real estate joint ventures and partnerships $ 24,154 Discounted cash flows Discount rate 7.3 % 7.5 % Capitalization rate 5.8 % 8.0 % Noncontrolling interest discount 15.0 % |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | Summarized quarterly financial data is as follows (in thousands): First Second Third Fourth 2019 Revenues $ 123,138 (1) $ 122,660 (1) $ 121,362 (1) $ 119,465 (1) Net income 51,254 (2) 85,520 (2) 108,509 (2) 77,292 (2)(3) Net income attributable to common shareholders 49,666 (2) 83,809 (2) 106,742 (2) 75,218 (2)(3) Earnings per common share – basic .39 (2) .66 (2) .83 (2) .59 (2)(3) Earnings per common share – diluted .39 (2) .65 (2) .82 (2) .58 (2)(3) 2018 Revenues $ 132,452 (1) $ 142,086 (1) $ 128,790 (1) $ 127,819 (1) Net income 148,969 (2)(4) 79,871 (1)(2)(3) 53,274 (2)(3) 63,229 (2)(3) Net income attributable to common shareholders 146,824 (2)(4)(5) 78,289 (1)(2)(3) 42,981 (2)(3)(5) 59,507 (2)(3)(5) Earnings per common share – basic 1.15 (2)(4)(5) .61 (1)(2)(3) .34 (2)(3)(5) .47 (2)(3)(5) Earnings per common share – diluted 1.13 (2)(4)(5) .61 (1)(2)(3) .34 (2)(3)(5) .46 (2)(3)(5) ___________________ (1) The quarter results include revenues associated with dispositions and acquisitions. Revenue amounts associated with dispositions are: $9.7 million , $8.8 million , $4.3 million and $1.3 million for the three months ended March 31, 2019 , June 30, 2019 , September 30, 2019 and December 31, 2019 , respectively, and $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. Revenue amounts associated with acquisitions totaled $ .5 million , $ 1.6 million and $ 3.0 million for the three months ended June 30, 2019 , September 30, 2019 and December 31, 2019 , 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, and additional revenue of $ 1.1 million was realized from the termination of two tenant leases for the three months ended September 30, 2019 . (2) The quarter results include significant gains on the sale of property and investments, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $19.2 million , $52.7 million , $74.1 million and $46.0 million for the three months ended March 31, 2019 , June 30, 2019 , September 30, 2019 and December 31, 2019 , respectively, and $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. (3) The quarter results include $ 3.1 million , $ 2.4 million and $ 7.7 million of impairment losses for the three months ended December 31, 2019 , September 30, 2018 and December 31, 2018 , respectively. Additionally, the quarter results include a $ 13.1 million write-off of an in-place lease intangible for the three months ended June 30, 2018 . (4) 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 . (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. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands, ft² in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($)ft²number_of_retirement_plansegmentforeign | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Square footage of operating properties (in square feet) | ft² | 32.5 | |||
Real estate asset, estimated useful life | 40 years | |||
Single purpose entity, ownership percentage | 100.00% | |||
Vesting period (years) for share options and awards | 3 years | |||
Number of foreign operations | foreign | 0 | |||
Number of reportable segments | segment | 1 | |||
Accumulated other comprehensive loss | $ 1,876,160 | $ 1,750,699 | $ 1,809,842 | $ 1,716,896 |
Rentals, net | 472,446 | 517,836 | 563,183 | |
Other | 14,179 | 13,311 | 9,980 | |
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Cash flow hedge gain (loss) to be amortized within 12 months | 900 | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Accumulated other comprehensive loss | $ 3,614 | 4,501 | 7,424 | $ 6,403 |
Accounting Standards Update 2016-02 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Rentals, net | 1,300 | 2,500 | ||
Other | $ (1,300) | $ (2,500) | ||
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 Additions [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, minimum annual employee contributions per employee, percent | 1.00% | |||
Defined contribution plan, vesting period | 5 years | |||
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 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 | 6.00% | |||
Share Options [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Maximum term of option award (years) | 10 years | |||
Market Based Awards [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Vesting period (years) for share options and awards | 3 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] | Revenue Benchmark [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk | 2.60% | |||
Houston Texas Geographic Concentration [Member] | Revenue Benchmark [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk | 20.00% | |||
Other Parts of Texas Geographic Concentration [Member] | Revenue Benchmark [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk | 9.30% | |||
Ninety-Day London Interbank Offered Rate (LIBOR) [Member] | Supplemental Retirement Plan, Defined Contribution Plan, Old Balance Annual Additions [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Defined contribution plan, basis spread on variable rate | 0.005 | |||
FLORIDA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk | 19.80% | |||
CALIFORNIA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentrations of risk | 17.90% |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Escrows) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | |||
Restricted deposits | $ 12,793 | $ 8,150 | |
Escrows | 1,017 | 2,122 | |
Total | $ 13,810 | $ 10,272 | $ 8,115 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (1,750,699) | $ (1,809,842) | $ (1,716,896) |
Cumulative effect adjustment of accounting standards | 0 | 1,541 | 0 |
Net other comprehensive loss (income) | 734 | 2,838 | (2,991) |
Ending balance | (1,876,160) | (1,750,699) | (1,809,842) |
Gain on Investments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (1,541) | (964) |
Change excluding amounts reclassified from accumulated other comprehensive loss | 0 | 0 | (1,228) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 651 |
Cumulative effect adjustment of accounting standards | 1,541 | ||
Net other comprehensive loss (income) | 0 | 0 | (577) |
Ending balance | 0 | 0 | (1,541) |
Gain on Cash Flow Hedges [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (4,501) | (7,424) | (6,403) |
Change excluding amounts reclassified from accumulated other comprehensive loss | 0 | (1,379) | (1,063) |
Amounts reclassified from accumulated other comprehensive loss | 887 | 4,302 | 42 |
Cumulative effect adjustment of accounting standards | 0 | ||
Net other comprehensive loss (income) | 887 | 2,923 | (1,021) |
Ending balance | (3,614) | (4,501) | (7,424) |
Defined Benefit Pension Plan | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 15,050 | 15,135 | 16,528 |
Change excluding amounts reclassified from accumulated other comprehensive loss | 1,044 | 1,143 | 82 |
Amounts reclassified from accumulated other comprehensive loss | (1,197) | (1,228) | (1,475) |
Cumulative effect adjustment of accounting standards | 0 | ||
Net other comprehensive loss (income) | (153) | (85) | (1,393) |
Ending balance | 14,897 | 15,050 | 15,135 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 10,549 | 6,170 | 9,161 |
Change excluding amounts reclassified from accumulated other comprehensive loss | 1,044 | (236) | (2,209) |
Amounts reclassified from accumulated other comprehensive loss | (310) | 3,074 | (782) |
Cumulative effect adjustment of accounting standards | 1,541 | ||
Net other comprehensive loss (income) | 734 | 2,838 | (2,991) |
Ending balance | $ 11,283 | $ 10,549 | $ 6,170 |
Newly Issued Accounting Prono_2
Newly Issued Accounting Pronouncements (Details) $ in Thousands | Jan. 01, 2019USD ($)centeradministrative_officecapital_lease | Dec. 31, 2019USD ($)center | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Real estate taxes, net | $ 60,813 | $ 69,268 | $ 75,636 | ||
Number of properties subject to ground leases | center | 12 | ||||
Number of administrative office leases | administrative_office | 4 | ||||
Number of finance leases | capital_lease | 1 | ||||
Finance lease assets, number of units, centers | center | 2 | 2 | |||
Finance lease obligations | $ 21,900 | $ 21,804 | |||
Operating leases, liabilities | 43,063 | ||||
Other, net | $ 188,004 | 160,178 | |||
Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease, right-of-use asset | 44,200 | ||||
Operating leases, liabilities | $ 42,900 | ||||
Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings (accumulated deficit) | $ (700) | ||||
Other, net | $ (700) | ||||
Lease Arrangement, Lessor [Member] | Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Real estate taxes, net | $ 4,300 | $ 4,600 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of centers sold | property | 15 | ||
Proceeds from sale and disposition of property | $ 464,100 | ||
Gain on sale of property | $ 189,914 | $ 207,865 | $ 218,611 |
Number of real estate properties acquired | property | 5 | ||
Gross payments to acquire real estate | $ 219,600 | ||
Investment in new development projects | 109,700 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain on sale of property | $ 189,800 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Land | $ 911,521 | $ 919,237 |
Land held for development | 40,667 | 45,673 |
Land under development | 53,076 | 55,793 |
Buildings and improvements | 2,898,867 | 2,927,954 |
Construction in-progress | 241,118 | 156,411 |
Total | $ 4,145,249 | $ 4,105,068 |
Investment In Real Estate Joi_3
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net basis differentials for equity method investments | $ 9,000 | $ 5,200 | ||
Joint venture fee income | 6,500 | 6,100 | $ 6,200 | |
Proceeds from sale and disposition of property | 464,100 | |||
Gain on sale of property | 189,914 | 207,865 | 218,611 | |
Gross payments to acquire real estate | 219,600 | |||
Real estate joint ventures and partnerships - Investments | 74,602 | 38,096 | $ 37,173 | |
Recognized identifiable assets acquired and liabilities assumed, land | $ 1,378,328 | 1,268,557 | ||
Unconsolidated Real Estate Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage in joint ventures | 51.00% | 90.00% | ||
Proceeds from sale and disposition of property | $ 2,300 | 33,900 | ||
Gain on sale of property | 1,100 | $ 6,300 | ||
Gross payments to acquire real estate | $ 52,600 | |||
Real estate joint ventures and partnerships - Investments | $ 47,600 | |||
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, 2019 | Dec. 31, 2018 |
ASSETS | ||
Property | $ 1,378,328 | $ 1,268,557 |
Accumulated depreciation | (331,856) | (305,327) |
Property, net | 1,046,472 | 963,230 |
Other assets, net | 108,366 | 104,267 |
Total Assets | 1,154,838 | 1,067,497 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 264,782 | 269,113 |
Amounts payable to Weingarten Realty Investors and Affiliates | 11,972 | 11,732 |
Other liabilities, net | 25,498 | 24,717 |
Total Liabilities | 302,252 | 305,562 |
Equity | 852,586 | 761,935 |
Total Liabilities and Equity | $ 1,154,838 | $ 1,067,497 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues, net | $ 135,258 | $ 133,975 | $ 137,419 | ||||||||
Expenses: | |||||||||||
Depreciation and amortization | 32,126 | 32,005 | 34,818 | ||||||||
Interest, net | 9,664 | 11,905 | 11,836 | ||||||||
Operating | 25,046 | 24,112 | 23,876 | ||||||||
Real estate taxes, net | 18,070 | 18,839 | 18,865 | ||||||||
General and administrative | 551 | 696 | 623 | ||||||||
Provision for income taxes | 133 | 138 | 112 | ||||||||
Total | 85,590 | 87,695 | 90,130 | ||||||||
Gain on sale of property | $ 46,000 | $ 74,100 | $ 52,700 | $ 19,200 | $ 34,800 | $ 19,800 | $ 48,200 | $ 111,400 | 189,914 | 207,865 | 218,611 |
Net Income | 51,677 | 55,775 | 59,781 | ||||||||
Equity Method Investments [Member] | |||||||||||
Expenses: | |||||||||||
Gain on sale of property | $ 2,009 | $ 9,495 | $ 12,492 |
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, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets, net | $ 114,974 | $ 112,870 |
Identified intangible liabilities, net | 64,373 | 59,783 |
Other Liabilities, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market leases (included in Other Liabilities, net) | 95,240 | 85,742 |
Below-market leases - Accumulated Amortization | (32,326) | (27,745) |
Above Market Leases [Member] | Other Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Above-market leases (included in Other Assets, net) | 23,830 | 38,181 |
Identified intangible assets/liabilities, accumulated (amortization) accretion | (12,145) | (19,617) |
Above-Market Assumed Mortgages [Member] | Debt, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (1,987) | (1,660) |
Above-market assumed mortgages (included in Debt, net) | 3,446 | 3,446 |
In Place Leases [Member] | Unamortized Lease Costs, Net [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Identified intangible assets/liabilities, accumulated (amortization) accretion | (92,918) | (99,352) |
In place leases (included in Unamortized Lease Costs, net) | $ 196,207 | $ 193,658 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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] | ||||
2020 amortization/(accretion) | $ (4,883) | |||
2021 amortization/(accretion) | (4,604) | |||
2022 amortization/(accretion) | (4,255) | |||
2023 amortization/(accretion) | (4,141) | |||
2024 amortization/(accretion) | (4,048) | |||
Amortization/(accretion) | (4,600) | $ (12,800) | $ (3,700) | |
Depreciation and Amortization [Member] | In Place Leases [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
2020 amortization/(accretion) | 15,762 | |||
2021 amortization/(accretion) | 13,512 | |||
2022 amortization/(accretion) | 11,118 | |||
2023 amortization/(accretion) | 9,351 | |||
2024 amortization/(accretion) | 7,926 | |||
Amortization/(accretion) | 14,900 | 29,800 | 21,000 | |
Interest Expense [Member] | Above-Market Assumed Mortgages [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
2020 amortization/(accretion) | (327) | |||
2021 amortization/(accretion) | (287) | |||
2022 amortization/(accretion) | (141) | |||
2023 amortization/(accretion) | (136) | |||
2024 amortization/(accretion) | (136) | |||
Amortization/(accretion) | $ (300) | $ (700) | $ (1,100) |
Identified Intangible Assets _5
Identified Intangible Assets And Liabilities (Identified Intangible Assets and Liabilities and the Remaining Weighted-Average Amortization Period associated with our Asset Acquisitions) (Details) - 2019 Acquisitions [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Below-market leases | $ 13,762 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 30,253 |
Acquired finite-lived intangible assets, weighted average useful life | 11 years |
Above Market Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets acquired | $ 1,323 |
Acquired finite-lived intangible assets, weighted average useful life | 7 years 2 months 12 days |
Below Market Leases [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Acquired finite-lived intangible assets, weighted average useful life | 13 years 6 months |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt payable, net to 2038 | $ 1,653,154 | $ 1,706,886 | |
Unsecured notes payable under credit facilities | 0 | 5,000 | |
Debt service guaranty liability | 57,380 | 60,900 | |
Finance lease obligations | 21,804 | $ 21,900 | |
Obligations under capital leases | 21,898 | ||
Total | $ 1,732,338 | $ 1,794,684 | |
Debt Payable To 2038 [Member] | Minimum [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 3.30% | 3.30% | |
Debt Payable To 2038 [Member] | Maximum [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 7.00% | 7.00% | |
Debt Payable To 2038 [Member] | Weighted Average [Member] | |||
Schedule of Long-term Debt, By Type [Line Items] | |||
Debt stated interest rate | 3.90% | 4.00% |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Dec. 11, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)derivative_contract | Dec. 31, 2017USD ($) | Jan. 03, 2020USD ($) | Mar. 27, 2019USD ($) | Jan. 01, 2019USD ($) | Mar. 30, 2016USD ($)debt_extension |
Debt Instrument [Line Items] | |||||||||
Debt service guaranty liability | $ 57,380,000 | $ 60,900,000 | |||||||
Principal payments of debt | 55,556,000 | 257,028,000 | $ 28,723,000 | ||||||
Gain (loss) on debt extinguishment | $ 3,800,000 | 400,000 | |||||||
Debt instruments collateral value | 500,000,000 | 600,000,000 | |||||||
Unsecured notes payable under credit facilities | 0 | 5,000,000 | |||||||
Finance lease obligations | 21,804,000 | $ 21,900,000 | |||||||
Capital leases | 21,898,000 | ||||||||
Net premium (discount) on debt | (3,900,000) | ||||||||
Deferred debt costs | (5,500,000) | ||||||||
Non-cash debt | $ 1,500,000 | ||||||||
Debt Service Guaranty [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt coverage ratio | 1.4 | ||||||||
Mortgages [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt stated interest rate | 7.00% | ||||||||
Principal payments of debt | $ 50,000,000 | ||||||||
Par Value Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal payments of debt | 51,000,000 | ||||||||
Unsecured Variable-Rate Term Loan [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, repurchased face amount | $ 200,000,000 | ||||||||
Debt instrument, interest rate, effective percentage | 2.50% | ||||||||
Unsecured Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | $ 500,000,000 | |||||||
Number of credit facility 6-month extensions | debt_extension | 2 | ||||||||
Line of credit facility, extension period | 6 months | ||||||||
Bids amount (up to) | 250,000,000 | ||||||||
Increase in credit facility amount (up to) | $ 850,000,000 | ||||||||
Line of credit facility, commitment fee percentage | 0.15% | 0.15% | |||||||
Unsecured notes payable under credit facilities | $ 0 | $ 5,000,000 | |||||||
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Borrowing margin over LIBOR, basis points | 0.825% | 0.90% | |||||||
Line of Credit [Member] | Short-Term Unsecured Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facility | $ 10,000,000 | ||||||||
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% | |||||||
Subsequent Event [Member] | Line of Credit [Member] | Short-Term Unsecured Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity under credit facility | $ 10,000,000 | ||||||||
Financial Standby Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Held-to-maturity, restricted | $ 5,300,000 | $ 5,200,000 | |||||||
Guarantor obligations, maximum exposure, undiscounted | $ 5,000,000 | ||||||||
Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of interest rate derivatives terminated | derivative_contract | 3 | ||||||||
Notional amount of interest rate fair value hedge derivatives | $ 200,000,000 | ||||||||
Gain due to the probability that the related hedged forecasted transactions would no longer occur | $ 3,400,000 |
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, 2019 | Dec. 31, 2018 |
Schedule of Long-term Debt, By Type [Line Items] | ||
Total | $ 1,732,338 | $ 1,794,684 |
As To Interest Rate [Member] | ||
Schedule of Long-term Debt, By Type [Line Items] | ||
Fixed-rate debt | 1,714,890 | 1,771,999 |
Variable-rate debt | 17,448 | 22,685 |
As To Collateralization [Member] | ||
Schedule of Long-term Debt, By Type [Line Items] | ||
Unsecured debt | 1,450,762 | 1,457,432 |
Secured debt | $ 281,576 | $ 337,252 |
Debt (Schedule Of Credit Facili
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 5,000 |
Maximum balance outstanding during the year | 5,000 | 26,500 |
Weighted average balance | $ 123 | $ 1,096 |
Year-to-date weighted average interest rate (excluding facility fee) | 3.30% | 2.90% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 5,000 |
Available balance | $ 497,946 | $ 492,946 |
Variable interest rate (excluding facility fee) at end date | 0.00% | 3.30% |
Letter of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letter of credit outstanding under facility | $ 2,054 | $ 2,054 |
Short-Term 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, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 22,743 |
2021 | 18,434 |
2022 | 307,922 |
2023 | 347,815 |
2024 | 252,153 |
2025 | 293,807 |
2026 | 277,291 |
2027 | 38,288 |
2028 | 92,159 |
2029 | 917 |
Thereafter | 9,518 |
Total | $ 1,661,047 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($)center | Jan. 01, 2019center | |
Operating Leased Assets [Line Items] | ||||
Finance lease assets, number of units, centers | center | 2 | 2 | ||
Finance lease, right-of-use asset | $ 8.9 | |||
Capital lease assets | $ 15.7 | |||
Capital lease, accumulated depreciation | 14.1 | |||
Operating leases, rental expense | 3.1 | $ 2.9 | ||
Future minimum revenues under subleases | $ 22.8 | $ 27.1 | ||
Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, operating lease, renewal term | 5 years | |||
Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, operating lease, renewal term | 20 years | |||
Lease term | 10 years | |||
Lease renewal term | 5 years |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Costs including Weighted Average Lease Terms and Weighted-average Discount Rates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance cost: | |
Interest on lease liability (included in Interest expense, net) | $ 1,642 |
Short-term lease cost | 44 |
Variable lease cost | 309 |
Sublease income (included in Rentals, net) | (27,400) |
Total lease cost | $ (21,885) |
Operating lease, weighted average remaining lease term (in years) | 41 years 6 months |
Financelease, weighted average remaining lease term (in years) | 4 years |
Operating lease, weighted average discount rate, percent | 4.90% |
Finance lease, weighted average discount rate, percent | 7.50% |
Operating Expense [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 3,044 |
General and Administrative Expense [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 302 |
Depreciation and Amortization [Member] | |
Finance cost: | |
Amortization of right-of-use asset (included in Depreciation and Amortization) | $ 174 |
Lease Obligations - Reconciliat
Lease Obligations - Reconciliation of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2020 | $ 2,696 | |
2021 | 2,585 | |
2022 | 2,576 | |
2023 | 2,458 | |
2024 | 2,158 | |
Thereafter | 97,187 | |
Total | 109,660 | |
Lease liabilities | 43,063 | |
Undiscounted excess amount | 66,597 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2020 | 1,744 | |
2021 | 1,751 | |
2022 | 1,759 | |
2023 | 23,037 | |
Total | 28,291 | |
Finance lease obligations | 21,804 | $ 21,900 |
Undiscounted excess amount | $ 6,487 |
Lease Obligations - Scheduled M
Lease Obligations - Scheduled Minimum Rental Payments under ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 2,779 |
2020 | 2,536 |
2021 | 2,334 |
2022 | 2,318 |
2023 | 2,283 |
Thereafter | 99,302 |
Total | 111,552 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | 1,642 |
2020 | 1,635 |
2021 | 1,627 |
2022 | 1,618 |
2023 | 22,878 |
Total | $ 29,400 |
Lease Obligations - Future Subl
Lease Obligations - Future Sublease Payments for Ground Lease Rentals (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
2020 | $ 335,451 | |
2021 | 292,146 | |
2022 | 238,559 | |
2023 | 191,552 | |
2024 | 144,329 | |
Thereafter | 451,531 | |
Total | 1,653,568 | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Finance lease | $ 14,382 | |
2019 | 22,528 | |
2020 | 20,903 | |
2021 | 18,886 | |
2022 | 17,245 | |
2023 | 15,128 | |
Thereafter | 43,439 | |
Total | $ 138,129 | |
Lessee, Finance Leases, Sublease Rentals [Member] | ||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
Finance lease | 10,279 | |
Lessee, Operating Leases, Sublease Rentals [Member] | ||
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | ||
2020 | 24,137 | |
2021 | 22,168 | |
2022 | 20,400 | |
2023 | 18,583 | |
2024 | 13,567 | |
Thereafter | 39,111 | |
Total | $ 137,966 |
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. 27, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||||||||||||
Stock repurchase program, authorized amount | $ 200 | $ 200 | ||||||||||||||
Common shares of beneficial interest, dividend per share (in dollars per share) | $ 1.58 | $ 2.98 | $ 2.29 | |||||||||||||
Common stock, dividends, cash paid (in dollars per share) | 1.58 | 2.98 | 2.29 | |||||||||||||
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 | |||||||||||||||
Special Dividend [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Common stock, dividends, cash paid (in dollars per share) | $ 0 | $ 1.40 | $ 0.75 | |||||||||||||
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 | 0.395 | $ 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 | 0.7 | ||||||||||||||
Common shares of beneficial interest; par value | $ 27.10 | $ 27.10 |
Leasing Operations (Narrative)
Leasing Operations (Narrative) (Details) - Maximum [Member] | Dec. 31, 2019 |
Operating Leased Assets [Line Items] | |
Lease term | 10 years |
Lease renewal term | 5 years |
Leasing Operations (Future undi
Leasing Operations (Future undiscounted, lease payments for non-cancelable tenant leases) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 335,451 |
2021 | 292,146 |
2022 | 238,559 |
2023 | 191,552 |
2024 | 144,329 |
Thereafter | 451,531 |
Total | $ 1,653,568 |
Leasing Operations (Schedule Of
Leasing Operations (Schedule Of Future Minimum Rental Income) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases, Operating [Abstract] | |
2019 | $ 347,476 |
2020 | 305,404 |
2021 | 253,269 |
2022 | 198,414 |
2023 | 151,538 |
Thereafter | 473,416 |
Total | $ 1,729,517 |
Leasing Operations (Variable le
Leasing Operations (Variable lease payments recognized in Rentals, net) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Variable lease payments | $ 109,685 |
Leasing Operations (Schedule _2
Leasing Operations (Schedule Of Contingent Rental Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Leases, Operating [Abstract] | ||
Contingent rentals | $ 118,703 | $ 129,635 |
Impairment (Schedule Of Impairm
Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset Impairment [Line Items] | ||||||
Other | $ 0 | $ 0 | $ 335 | |||
Total impairment charges | $ 3,100 | $ 7,700 | $ 2,400 | 74 | 10,120 | 15,257 |
Equity in earnings of real estate joint ventures and partnerships, net | 20,769 | 25,070 | 27,074 | |||
Net impact of impairment charges | 3,127 | 10,103 | 15,278 | |||
Properties Held for Sale, Under Contract for Sale or Sold [Member] | ||||||
Asset Impairment [Line Items] | ||||||
Impairment losses related to property | 0 | 9,969 | 12,203 | |||
Land Held For Development And Undeveloped Land [Member] | ||||||
Asset Impairment [Line Items] | ||||||
Impairment losses related to property | 74 | 151 | 2,719 | |||
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 | 3,070 | 0 | 0 | |||
Impairment in Net Income Attributable to Noncontrolling Interest [Member] | ||||||
Asset Impairment [Line Items] | ||||||
Net income attributable to noncontrolling interests | $ (17) | $ (17) | $ 21 |
Income Tax Considerations (Narr
Income Tax Considerations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 286.2 | $ 211 |
Current tax obligation | $ 0.7 | $ 1.5 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net income adjusted for noncontrolling interests | $ 315,435 | $ 327,601 | $ 335,274 |
Net (income) loss of taxable REIT subsidiary included above | (32,225) | (13,496) | 4,220 |
Net income from REIT operations | 283,210 | 314,105 | 339,494 |
Book depreciation and amortization | 132,957 | 158,607 | 162,964 |
Tax depreciation and amortization | (75,824) | (89,700) | (95,512) |
Book/tax difference on gains/losses from capital transactions | (89,217) | 19,807 | 6,261 |
Deferred/prepaid/above and below-market rents, net | (9,332) | (15,589) | (11,146) |
Impairment loss from REIT operations | 3,118 | 10,008 | 5,071 |
Other book/tax differences, net | (21,358) | (13,718) | (244) |
REIT taxable income | 223,554 | 383,520 | 406,888 |
Dividends paid deduction | (223,554) | (383,520) | (406,888) |
Dividends paid in excess of taxable income | 0 | 0 | 0 |
Designated dividends | $ 121,200 | $ 105,700 | $ 112,800 |
Income Tax Considerations (Sc_2
Income Tax Considerations (Schedule Of Cash Dividends Distributed To Common Shareholders) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Ordinary income | 65.40% | 42.20% | 23.00% |
Capital gain distributions | 34.60% | 57.80% | 77.00% |
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, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Impairment loss | $ 4,692 | $ 4,732 |
Net operating loss carryforwards | 3,206 | 11,132 |
Straight-line rentals | 0 | 1,391 |
Book-tax basis differential | 1,101 | 1,800 |
Other | 177 | 201 |
Total deferred tax assets | 9,176 | 19,256 |
Valuation allowance | (5,749) | (12,787) |
Total deferred tax assets, net of allowance | 3,427 | 6,469 |
Deferred tax liabilities: | ||
Book-tax basis differential | 1,547 | 6,005 |
Other | 155 | 398 |
Total deferred tax liabilities | 1,702 | $ 6,403 |
Deferred tax assets, operating loss carryforwards, not subject to expiration | $ 15,300 |
Income Tax Considerations (Sc_4
Income Tax Considerations (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Net income (loss) before taxes of taxable REIT subsidiary | $ 32,602 | $ 13,480 | $ (5,788) |
Federal provision (benefit) | 6,846 | 2,831 | (2,026) |
Valuation allowance decrease | (7,038) | (2,800) | 0 |
Effect of change in statutory rate on net deferrals | 0 | 0 | 282 |
Other | 569 | (46) | 176 |
Federal income tax provision (benefit) of taxable REIT subsidiary | 377 | (15) | (1,568) |
State and local taxes, primarily Texas franchise taxes | 663 | 1,393 | 1,551 |
Total | $ 1,040 | $ 1,378 | $ (17) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and Cash Equivalents | $ 41,481 | $ 65,865 | $ 13,219 | |
Restricted Deposits and Escrows | 13,810 | 10,272 | 8,115 | |
Total | $ 55,291 | $ 76,137 | $ 21,334 | $ 41,279 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accrued property construction costs | $ 8,014 | $ 11,135 | $ 7,728 |
Reduction of debt service guaranty liability | (3,520) | (3,245) | (2,980) |
Right-of-use assets exchanged for operating lease liabilities | 43,729 | 0 | 0 |
Increase (decrease) in equity associated with deferred compensation plan (see Note 1) | $ 0 | $ 0 | $ 44,758 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Net income | $ 322,575 | $ 345,343 | $ 350,715 |
Net income attributable to noncontrolling interests | (7,140) | (17,742) | (15,441) |
Net income attributable to common shareholders – basic | 315,435 | 327,601 | 335,274 |
Income attributable to operating partnership units | 2,112 | 0 | 3,084 |
Net income attributable to common shareholders – diluted | $ 317,547 | $ 327,601 | $ 338,358 |
Denominator: | |||
Weighted average shares outstanding – basic (in shares) | 127,842 | 127,651 | 127,755 |
Effect of dilutive securities: | |||
Share options and awards (in shares) | 842 | 790 | 870 |
Operating partnership units (in shares) | 1,432 | 0 | 1,446 |
Weighted average shares outstanding - diluted (in shares) | 130,116 | 128,441 | 130,071 |
Earnings Per Share (Anti-Diluti
Earnings Per Share (Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 1,432 | 0 |
Operating Partnership Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total anti-dilutive securities (in shares) | 0 | 1,432 | 0 |
Share Options And Awards (Narra
Share Options And Awards (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding (in shares) | 207,416 | 279,877 | 828,354 | 934,201 |
Net compensation expense for share options and restricted shares | $ 8,300,000 | $ 7,300,000 | $ 8,600,000 | |
Net capitalized compensation expense | 800,000 | 1,100,000 | 1,700,000 | |
Share Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised | 900,000 | 3,600,000 | $ 1,700,000 | |
Unrecognized compensation cost, share options | 0 | |||
Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost, restricted shares | $ 2,100,000 | $ 1,800,000 | ||
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 9 months 18 days | 1 year 8 months 12 days | ||
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) | 1,000,000 |
Share Options And Awards (Summa
Share Options And Awards (Summary Of Option Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares under option, outstanding beginning of period (in shares) | 279,877 | 828,354 | 934,201 |
Shares under option, forfeited or expired (in shares) | (1,136) | (196,159) | (4,042) |
Shares under option, exercised (in shares) | (71,325) | (352,318) | (101,805) |
Shares under option, outstanding end of period (in shares) | 207,416 | 279,877 | 828,354 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted average exercise price, outstanding beginning of period (in dollars per share) | $ 22.30 | $ 23.58 | $ 22.85 |
Weighted average exercise price, forfeited or expired (in dollars per share) | 11.85 | 32.22 | 43.37 |
Weighted average exercise price, exercised (in dollars per share) | 17.98 | 19.78 | 16.11 |
Weighted average exercise price, outstanding end of period (in dollars per share) | $ 23.84 | $ 22.30 | $ 23.58 |
Share Options And Awards (Share
Share Options And Awards (Share Options Outstanding And Exercisable) (Details) - $22.68 - $24.87 $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | $ 22.68 |
Range of exercise prices, upper (in dollars per share) | $ 24.87 |
Share option outstanding, number (in shares) | shares | 207,416 |
Share option outstanding, weighted average remaining contractual life (years) | 9 months 18 days |
Share option outstanding, weighted average exercise price (in dollars per share) | $ 23.84 |
Share option outstanding, aggregate intrinsic value | $ | $ 1,535 |
Share option exercisable, number (in shares) | shares | 207,416 |
Share option exercisable, weighted average exercisable average life (years) | 9 months 18 days |
Share option exercisable, weighted average exercise price (in dollars per share) | $ 23.84 |
Share option exercisable, intrinsic value | $ | $ 1,535 |
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, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 19.30% |
Expected volatility, maximum | 21.30% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 2.40% |
Risk-free interest rate, maximum | 2.60% |
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, 2019$ / 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 | 674,293 |
Unvested restricted share awards, vested (in shares) | shares | (236,716) |
Unvested restricted share awards, forfeited (in shares) | shares | (5,519) |
Unvested restricted share awards, outstanding end of period (in shares) | shares | 801,346 |
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 | $ 30.26 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 32.13 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 29.86 |
Weighted average grant date fair value, outstanding end of period (in dollars per share) | $ / shares | $ 29.56 |
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 | 179,825 |
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 | $ 28.61 |
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 | 80,848 |
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 | $ 30.20 |
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 | 80,847 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 32.91 |
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 | 27,768 |
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 | $ 29.17 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 3.9 | $ 3.8 | $ 3.9 |
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Technology Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 21.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Financial Services Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 17.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Healthcare Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 15.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Consumer Cyclical Goods Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 12.00% | ||
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Industrial Sector [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Concentrations of risk | 11.00% |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plans And Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | $ 55,759 | $ 58,998 | |
Service cost | 1,090 | 1,295 | $ 1,223 |
Interest cost | 2,257 | 2,056 | 2,123 |
Actuarial loss (gain) | 7,889 | (4,478) | |
Benefit payments | (2,742) | (2,112) | |
Benefit obligation at end of year | 64,253 | 55,759 | 58,998 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 50,802 | 53,808 | |
Actual return on plan assets | 10,356 | (1,894) | |
Employer contributions | 1,000 | 1,000 | |
Benefit payments | (2,742) | (2,112) | |
Fair value of plan assets at end of year | 59,416 | 50,802 | $ 53,808 |
Unfunded status at end of year (included in accounts payable and accrued expenses at the end of period) | (4,837) | (4,957) | |
Accumulated benefit obligation | 64,159 | 55,683 | |
Net loss recognized in accumulated other comprehensive loss | $ 14,897 | $ 15,050 |
Employee Benefit Plans Schedule
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Net loss | $ 1,044 | $ 1,143 | $ 82 |
Amortization of net loss | (1,197) | (1,228) | (1,475) |
Total recognized in other comprehensive income | (153) | (85) | (1,393) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 880 | $ 767 | $ 213 |
Defined benefit plan, expected amortization of gain (loss), next fiscal year | $ (1,200) |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 64,253 | $ 55,759 |
Accumulated benefit obligation | 64,159 | 55,683 |
Fair value of plan assets | $ 59,416 | $ 50,802 |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 1,090 | $ 1,295 | $ 1,223 |
Interest cost | 2,257 | 2,056 | 2,123 |
Expected return on plan assets | (3,511) | (3,727) | (3,215) |
Amortization of net loss | 1,197 | 1,228 | 1,475 |
Total | $ 1,033 | $ 852 | $ 1,606 |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule Of Assumptions Used To Develop Periodic Expense) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Discount rate | 4.12% | 3.50% | 4.01% |
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_5
Employee Benefit Plans (Schedule Of Assumptions Used To Develop The Actuarial Present Value Of The Benefit Obligations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | |||
Discount rate | 3.09% | 4.12% | 3.50% |
Salary scale increases | 3.50% | 3.50% | 3.50% |
Employee Benefit Plans (Sched_6
Employee Benefit Plans (Schedule Of Expected Benefit Payments For The Next Ten Years) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 2,436 |
2021 | 2,602 |
2022 | 2,772 |
2023 | 2,936 |
2024 | 3,062 |
2025-2029 | $ 16,209 |
Employee Benefit Plans (Sched_7
Employee Benefit Plans (Schedule Of Investment Asset Allocation To Benchmarking) (Details) | Dec. 31, 2019 |
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 | 51.00% |
Benchmark, target asset allocation | 56.00% |
International Stocks [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 14.00% |
Benchmark, target asset allocation | 10.00% |
U.S. Bonds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Portfolio, actual asset allocation | 24.00% |
Benchmark, target asset allocation | 26.00% |
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 | 1.00% |
Employee Benefit Plans (Sched_8
Employee Benefit Plans (Schedule Of Allocation Of The Fair Value Of Plan Assets) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 18.00% | 20.00% |
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 | 34.00% | 33.00% |
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% | 7.00% |
Small Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 7.00% | 6.00% |
International Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Asset allocation percentage | 14.00% | |
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 | 11.00% | 8.00% |
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 | 15.00% | 18.00% |
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% | 8.00% |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)partnership | Dec. 31, 2018USD ($)partnership | |
Capital Additions [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase contract, commitment | $ 98.5 | |
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 | $ 45 | $ 36 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)propertyjoint_venture | Dec. 31, 2018propertyjoint_venture | |
Variable Interest Entity [Line Items] | ||
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 | 8 | 9 |
Number of real estate properties | property | 21 | 21 |
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 | $ | $ 9 |
Variable Interest Entities (Sum
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)joint_venture | Dec. 31, 2018USD ($)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 | $ 228,954 | $ 225,388 |
Assets Held as Collateral for Debt | 39,782 | 40,004 |
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, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $ 128,361 | $ 76,575 |
Maximum Risk of Loss | 34,000 | 34,000 |
Other Liabilities, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Other Liabilities, net | $ 7,735 | $ 6,592 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 12,793 | $ 8,150 |
Equity Securities, FV-NI, Gain (Loss) | 9,400 | 1,400 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 6,700 | (3,000) |
Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 76,624 | 97,733 |
Deferred compensation plan obligations | 38,378 | 30,996 |
Total | 38,378 | 30,996 |
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 | 76,624 | 97,733 |
Deferred compensation plan obligations | 38,378 | 30,996 |
Total | 38,378 | 30,996 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
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 | 28,330 | 54,848 |
Restricted cash and cash equivalents | 9,916 | 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 | 28,330 | 54,848 |
Restricted cash and cash equivalents | 9,916 | 5,254 |
Grantor Trusts [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 38,378 | 30,996 |
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 | $ 38,378 | 30,996 |
Equity Funds [Member] | Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,635 | |
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 |
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, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Gain (loss) on investment in real estate joint ventures and partnerships | $ (3,100) | |||||
Impairment loss | $ (3,100) | $ (7,700) | $ (2,400) | (74) | $ (10,120) | $ (15,257) |
Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment in real estate joint ventures and partnerships | 25,984 | 25,984 | ||||
Total | 25,984 | $ 0 | 25,984 | $ 0 | ||
Gain (loss) on investment in real estate joint ventures and partnerships | (3,070) | |||||
Impairment loss | (3,070) | |||||
Fair Value, 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] | ||||||
Total | 0 | 0 | ||||
Fair Value, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment in real estate joint ventures and partnerships | 1,830 | 1,830 | ||||
Total | 1,830 | 1,830 | ||||
Fair Value, Nonrecurring [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment in real estate joint ventures and partnerships | 24,154 | 24,154 | ||||
Total | 24,154 | 24,154 | ||||
Carrying Value [Member] | Fair Value, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment in real estate joint ventures and partnerships | $ 29,100 | $ 29,100 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
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 | |
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 | 1,787,663 | 1,761,215 |
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 | 17,426 | 23,131 |
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 | |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,714,890 | 1,771,999 |
Carrying Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 17,448 | 22,685 |
Carrying Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 17,277 | 20,009 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 3,000 |
Fair Value Measurement (Quantit
Fair Value Measurement (Quantitative Information) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value, Nonrecurring [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Investment in real estate joint ventures and partnerships | $ 25,984 |
Fair Value, Nonrecurring [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Investment in real estate joint ventures and partnerships | $ 24,154 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [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 | 7.30% |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [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 | 7.50% |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cap Rate [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 | 5.80% |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cap Rate [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 | 8.00% |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Non-financial asset, measurement input | 15.00% |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Revenues | $ 119,465 | $ 121,362 | $ 122,660 | $ 123,138 | $ 127,819 | $ 128,790 | $ 142,086 | $ 132,452 | $ 486,625 | $ 531,147 | $ 573,163 |
Net Income | 77,292 | 108,509 | 85,520 | 51,254 | 63,229 | 53,274 | 79,871 | 148,969 | 322,575 | 345,343 | 350,715 |
Net income attributable to common shareholders | $ 75,218 | $ 106,742 | $ 83,809 | $ 49,666 | $ 59,507 | $ 42,981 | $ 78,289 | $ 146,824 | $ 315,435 | $ 327,601 | $ 335,274 |
Net income attributable to common shareholders - basic (in dollars per share) | $ 0.59 | $ 0.83 | $ 0.66 | $ 0.39 | $ 0.47 | $ 0.34 | $ 0.61 | $ 1.15 | $ 2.47 | $ 2.57 | $ 2.62 |
Net income attributable to common shareholders - diluted (in dollars per share) | $ 0.58 | $ 0.82 | $ 0.65 | $ 0.39 | $ 0.46 | $ 0.34 | $ 0.61 | $ 1.13 | $ 2.44 | $ 2.55 | $ 2.60 |
Revenues associated with dispositions | $ 1,300 | $ 4,300 | $ 8,800 | $ 9,700 | $ 4,100 | $ 7,000 | $ 8,300 | $ 11,900 | |||
Revenue from acquisitions | 3,000 | 1,600 | 500 | ||||||||
Gain on sale of property | 46,000 | 74,100 | $ 52,700 | $ 19,200 | 34,800 | 19,800 | 48,200 | 111,400 | $ 189,914 | $ 207,865 | $ 218,611 |
Impairment loss | $ 3,100 | 7,700 | 2,400 | 74 | 10,120 | 15,257 | |||||
Gain (loss) on debt extinguishment | 3,800 | 400 | |||||||||
Net income attributable to noncontrolling interests | $ 1,900 | $ 8,600 | $ 500 | $ 7,140 | $ 17,742 | $ 15,441 | |||||
Above-Market and Below-Market Leases [Member] | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Amortization/(accretion) | (10,000) | ||||||||||
Terminated Tenant Leases [Member] | |||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||||||||
Revenues | $ 1,100 | ||||||||||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Valuation Allowance [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 12,787 | $ 15,587 | $ 25,979 |
Charged to costs and expenses | 0 | 0 | 0 |
Deductions | 7,038 | 2,800 | 10,392 |
Balance at end of period | 5,749 | 12,787 | 15,587 |
Allowance For Doubtful Accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 6,855 | 7,516 | 6,700 |
Charged to costs and expenses | 2,361 | 4,255 | |
Deductions | 3,022 | 3,439 | |
Balance at end of period | $ 6,855 | $ 7,516 |
Real Estate And Accumulated D_2
Real Estate And Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 956,944 | |||
Initial Cost to Company, Building and Improvements | 2,111,052 | |||
Cost Capitalized Subsequent to Acquisition | 1,077,253 | |||
Gross Amounts Carried at Close of Period, Land | 1,005,264 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 3,139,985 | |||
Gross Amounts Carried at Close of Period, Total | 4,145,249 | $ 4,105,068 | $ 4,498,859 | $ 4,789,145 |
Accumulated Depreciation | (1,110,675) | (1,108,188) | $ (1,166,126) | $ (1,184,546) |
Total Costs, Net of Accumulated Depreciation | 3,034,574 | |||
Encumbrances | (263,355) | |||
Fixed assets book value in excess of (less than) tax basis | 286,200 | $ 211,000 | ||
Non-cash debt | 1,500 | |||
Deferred finance costs | $ (5,500) | |||
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 | $ 80,374 | |||
Initial Cost to Company, Building and Improvements | 3,096 | |||
Cost Capitalized Subsequent to Acquisition | 57,582 | |||
Gross Amounts Carried at Close of Period, Land | 61,734 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 79,318 | |||
Gross Amounts Carried at Close of Period, Total | 141,052 | |||
Accumulated Depreciation | (34,904) | |||
Total Costs, Net of Accumulated Depreciation | 106,148 | |||
Encumbrances | 0 | |||
Centers [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 837,327 | |||
Initial Cost to Company, Building and Improvements | 2,105,287 | |||
Cost Capitalized Subsequent to Acquisition | 813,747 | |||
Gross Amounts Carried at Close of Period, Land | 897,103 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,859,258 | |||
Gross Amounts Carried at Close of Period, Total | 3,756,361 | |||
Accumulated Depreciation | (1,075,771) | |||
Total Costs, Net of Accumulated Depreciation | 2,680,590 | |||
Encumbrances | (263,355) | |||
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 | 1,417 | |||
Gross Amounts Carried at Close of Period, Land | 1,791 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,887 | |||
Gross Amounts Carried at Close of Period, Total | 10,678 | |||
Accumulated Depreciation | (7,694) | |||
Total Costs, Net of Accumulated Depreciation | 2,984 | |||
Encumbrances | $ (6,191) | |||
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 | 4,136 | |||
Gross Amounts Carried at Close of Period, Land | 3,889 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,709 | |||
Gross Amounts Carried at Close of Period, Total | 23,598 | |||
Accumulated Depreciation | (9,794) | |||
Total Costs, Net of Accumulated Depreciation | 13,804 | |||
Encumbrances | $ 0 | |||
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 | 8,776 | |||
Gross Amounts Carried at Close of Period, Land | 18,320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 82,207 | |||
Gross Amounts Carried at Close of Period, Total | 100,527 | |||
Accumulated Depreciation | (19,366) | |||
Total Costs, Net of Accumulated Depreciation | 81,161 | |||
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 | 8,401 | |||
Gross Amounts Carried at Close of Period, Land | 1,062 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,002 | |||
Gross Amounts Carried at Close of Period, Total | 11,064 | |||
Accumulated Depreciation | (6,158) | |||
Total Costs, Net of Accumulated Depreciation | 4,906 | |||
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 | 4,813 | |||
Gross Amounts Carried at Close of Period, Land | 4,526 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,914 | |||
Gross Amounts Carried at Close of Period, Total | 27,440 | |||
Accumulated Depreciation | (10,688) | |||
Total Costs, Net of Accumulated Depreciation | 16,752 | |||
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 | 1,494 | |||
Gross Amounts Carried at Close of Period, Land | 1,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,308 | |||
Gross Amounts Carried at Close of Period, Total | 11,260 | |||
Accumulated Depreciation | (4,371) | |||
Total Costs, Net of Accumulated Depreciation | 6,889 | |||
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 | 5,283 | |||
Gross Amounts Carried at Close of Period, Land | 10,623 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,590 | |||
Gross Amounts Carried at Close of Period, Total | 46,213 | |||
Accumulated Depreciation | (6,412) | |||
Total Costs, Net of Accumulated Depreciation | 39,801 | |||
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 | (49) | |||
Total Costs, Net of Accumulated Depreciation | 1,048 | |||
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 | 2,097 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,827 | |||
Gross Amounts Carried at Close of Period, Total | 6,827 | |||
Accumulated Depreciation | (5,688) | |||
Total Costs, Net of Accumulated Depreciation | 1,139 | |||
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 | 6,277 | |||
Gross Amounts Carried at Close of Period, Land | 3,651 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,008 | |||
Gross Amounts Carried at Close of Period, Total | 24,659 | |||
Accumulated Depreciation | (9,367) | |||
Total Costs, Net of Accumulated Depreciation | 15,292 | |||
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 | 2,234 | |||
Gross Amounts Carried at Close of Period, Land | 906 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,863 | |||
Gross Amounts Carried at Close of Period, Total | 6,769 | |||
Accumulated Depreciation | (3,964) | |||
Total Costs, Net of Accumulated Depreciation | 2,805 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 16, 1993 | |||
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 | 618 | |||
Gross Amounts Carried at Close of Period, Land | 1,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,154 | |||
Gross Amounts Carried at Close of Period, Total | 7,487 | |||
Accumulated Depreciation | (2,196) | |||
Total Costs, Net of Accumulated Depreciation | 5,291 | |||
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 | 1,001 | |||
Gross Amounts Carried at Close of Period, Land | 930 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,652 | |||
Gross Amounts Carried at Close of Period, Total | 8,582 | |||
Accumulated Depreciation | (2,910) | |||
Total Costs, Net of Accumulated Depreciation | 5,672 | |||
Encumbrances | $ 0 | |||
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 | 189 | |||
Gross Amounts Carried at Close of Period, Land | 48,851 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,230 | |||
Gross Amounts Carried at Close of Period, Total | 50,081 | |||
Accumulated Depreciation | (1,001) | |||
Total Costs, Net of Accumulated Depreciation | 49,080 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 27, 2015 | |||
Centers [Member] | Camelback Miller Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 9,176 | |||
Initial Cost to Company, Building and Improvements | 26,898 | |||
Cost Capitalized Subsequent to Acquisition | 154 | |||
Gross Amounts Carried at Close of Period, Land | 9,176 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,052 | |||
Gross Amounts Carried at Close of Period, Total | 36,228 | |||
Accumulated Depreciation | (430) | |||
Total Costs, Net of Accumulated Depreciation | 35,798 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jun. 27, 2019 | |||
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 | 1,511 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,231 | |||
Gross Amounts Carried at Close of Period, Total | 10,231 | |||
Accumulated Depreciation | (6,497) | |||
Total Costs, Net of Accumulated Depreciation | 3,734 | |||
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 | 4,946 | |||
Gross Amounts Carried at Close of Period, Land | 4,697 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 38,454 | |||
Gross Amounts Carried at Close of Period, Total | 43,151 | |||
Accumulated Depreciation | (12,393) | |||
Total Costs, Net of Accumulated Depreciation | 30,758 | |||
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 | 2,272 | |||
Gross Amounts Carried at Close of Period, Land | 1,852 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,678 | |||
Gross Amounts Carried at Close of Period, Total | 11,530 | |||
Accumulated Depreciation | (4,694) | |||
Total Costs, Net of Accumulated Depreciation | 6,836 | |||
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 | 3,697 | |||
Gross Amounts Carried at Close of Period, Land | 914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,357 | |||
Gross Amounts Carried at Close of Period, Total | 8,271 | |||
Accumulated Depreciation | (3,698) | |||
Total Costs, Net of Accumulated Depreciation | 4,573 | |||
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 | 3,791 | |||
Gross Amounts Carried at Close of Period, Land | 23,210 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 40,688 | |||
Gross Amounts Carried at Close of Period, Total | 63,898 | |||
Accumulated Depreciation | (14,411) | |||
Total Costs, Net of Accumulated Depreciation | 49,487 | |||
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 | 13,424 | |||
Gross Amounts Carried at Close of Period, Land | 7,234 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,280 | |||
Gross Amounts Carried at Close of Period, Total | 49,514 | |||
Accumulated Depreciation | (23,453) | |||
Total Costs, Net of Accumulated Depreciation | 26,061 | |||
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 | 9,067 | |||
Gross Amounts Carried at Close of Period, Land | 534 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,937 | |||
Gross Amounts Carried at Close of Period, Total | 18,471 | |||
Accumulated Depreciation | (15,349) | |||
Total Costs, Net of Accumulated Depreciation | 3,122 | |||
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 | 8,000 | |||
Gross Amounts Carried at Close of Period, Land | 2,641 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,405 | |||
Gross Amounts Carried at Close of Period, Total | 19,046 | |||
Accumulated Depreciation | (12,481) | |||
Total Costs, Net of Accumulated Depreciation | 6,565 | |||
Encumbrances | $ (11,425) | |||
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 | 16,507 | |||
Gross Amounts Carried at Close of Period, Land | 10,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 59,734 | |||
Gross Amounts Carried at Close of Period, Total | 70,547 | |||
Accumulated Depreciation | (33,169) | |||
Total Costs, Net of Accumulated Depreciation | 37,378 | |||
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 | 10,717 | |||
Gross Amounts Carried at Close of Period, Land | 15,559 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 40,499 | |||
Gross Amounts Carried at Close of Period, Total | 56,058 | |||
Accumulated Depreciation | (16,712) | |||
Total Costs, Net of Accumulated Depreciation | 39,346 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 6, 2007 | |||
Centers [Member] | Covington Esplanade [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 10,571 | |||
Initial Cost to Company, Building and Improvements | 18,509 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried at Close of Period, Land | 10,571 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,509 | |||
Gross Amounts Carried at Close of Period, Total | 29,080 | |||
Accumulated Depreciation | (79) | |||
Total Costs, Net of Accumulated Depreciation | 29,001 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 18, 2019 | |||
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 | 356 | |||
Gross Amounts Carried at Close of Period, Land | 6,400 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,740 | |||
Gross Amounts Carried at Close of Period, Total | 30,140 | |||
Accumulated Depreciation | (2,797) | |||
Total Costs, Net of Accumulated Depreciation | 27,343 | |||
Encumbrances | $ (13,614) | |||
Date of Acquisition/Construction | Feb. 12, 2016 | |||
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 | 7,445 | |||
Gross Amounts Carried at Close of Period, Land | 27,806 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 84,482 | |||
Gross Amounts Carried at Close of Period, Total | 112,288 | |||
Accumulated Depreciation | (10,259) | |||
Total Costs, Net of Accumulated Depreciation | 102,029 | |||
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 | 2,488 | |||
Gross Amounts Carried at Close of Period, Land | 3,362 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,457 | |||
Gross Amounts Carried at Close of Period, Total | 20,819 | |||
Accumulated Depreciation | (4,763) | |||
Total Costs, Net of Accumulated Depreciation | 16,056 | |||
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 | 835 | |||
Gross Amounts Carried at Close of Period, Land | 4,821 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,060 | |||
Gross Amounts Carried at Close of Period, Total | 16,881 | |||
Accumulated Depreciation | (3,429) | |||
Total Costs, Net of Accumulated Depreciation | 13,452 | |||
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 | 5,020 | |||
Gross Amounts Carried at Close of Period, Land | 4,429 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,579 | |||
Gross Amounts Carried at Close of Period, Total | 30,008 | |||
Accumulated Depreciation | (11,272) | |||
Total Costs, Net of Accumulated Depreciation | 18,736 | |||
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 | 2,515 | |||
Gross Amounts Carried at Close of Period, Land | 2,803 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,783 | |||
Gross Amounts Carried at Close of Period, Total | 16,586 | |||
Accumulated Depreciation | (6,018) | |||
Total Costs, Net of Accumulated Depreciation | 10,568 | |||
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 | 2,120 | |||
Gross Amounts Carried at Close of Period, Land | 6,115 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,557 | |||
Gross Amounts Carried at Close of Period, Total | 18,672 | |||
Accumulated Depreciation | (5,020) | |||
Total Costs, Net of Accumulated Depreciation | 13,652 | |||
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 | 3,702 | |||
Gross Amounts Carried at Close of Period, Land | 320 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,836 | |||
Gross Amounts Carried at Close of Period, Total | 5,156 | |||
Accumulated Depreciation | (3,780) | |||
Total Costs, Net of Accumulated Depreciation | 1,376 | |||
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 | 1,649 | |||
Gross Amounts Carried at Close of Period, Land | 3,542 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,931 | |||
Gross Amounts Carried at Close of Period, Total | 19,473 | |||
Accumulated Depreciation | (6,840) | |||
Total Costs, Net of Accumulated Depreciation | 12,633 | |||
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 | 4,048 | |||
Gross Amounts Carried at Close of Period, Land | 5,022 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 18,050 | |||
Gross Amounts Carried at Close of Period, Total | 23,072 | |||
Accumulated Depreciation | (8,235) | |||
Total Costs, Net of Accumulated Depreciation | 14,837 | |||
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 | 14,342 | |||
Gross Amounts Carried at Close of Period, Land | 11,267 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 44,690 | |||
Gross Amounts Carried at Close of Period, Total | 55,957 | |||
Accumulated Depreciation | (16,895) | |||
Total Costs, Net of Accumulated Depreciation | 39,062 | |||
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 | 2,591 | |||
Gross Amounts Carried at Close of Period, Land | 1,095 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,091 | |||
Gross Amounts Carried at Close of Period, Total | 9,186 | |||
Accumulated Depreciation | (5,065) | |||
Total Costs, Net of Accumulated Depreciation | 4,121 | |||
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 | 4,963 | |||
Gross Amounts Carried at Close of Period, Land | 2,403 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 12,556 | |||
Gross Amounts Carried at Close of Period, Total | 14,959 | |||
Accumulated Depreciation | (8,958) | |||
Total Costs, Net of Accumulated Depreciation | 6,001 | |||
Encumbrances | $ (10,379) | |||
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 | 6,009 | |||
Gross Amounts Carried at Close of Period, Land | 6,944 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,296 | |||
Gross Amounts Carried at Close of Period, Total | 24,240 | |||
Accumulated Depreciation | (7,815) | |||
Total Costs, Net of Accumulated Depreciation | 16,425 | |||
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 | 9,490 | |||
Gross Amounts Carried at Close of Period, Land | 10,504 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,120 | |||
Gross Amounts Carried at Close of Period, Total | 30,624 | |||
Accumulated Depreciation | (6,594) | |||
Total Costs, Net of Accumulated Depreciation | 24,030 | |||
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 | 6,242 | |||
Gross Amounts Carried at Close of Period, Land | 3,279 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,198 | |||
Gross Amounts Carried at Close of Period, Total | 14,477 | |||
Accumulated Depreciation | (9,031) | |||
Total Costs, Net of Accumulated Depreciation | 5,446 | |||
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 | 5,611 | |||
Gross Amounts Carried at Close of Period, Land | 4,808 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 24,864 | |||
Gross Amounts Carried at Close of Period, Total | 29,672 | |||
Accumulated Depreciation | (12,503) | |||
Total Costs, Net of Accumulated Depreciation | 17,169 | |||
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 | 619 | |||
Gross Amounts Carried at Close of Period, Land | 3,163 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,659 | |||
Gross Amounts Carried at Close of Period, Total | 12,822 | |||
Accumulated Depreciation | (3,739) | |||
Total Costs, Net of Accumulated Depreciation | 9,083 | |||
Encumbrances | $ (3,858) | |||
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 | 4,581 | |||
Gross Amounts Carried at Close of Period, Land | 4,750 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,209 | |||
Gross Amounts Carried at Close of Period, Total | 31,959 | |||
Accumulated Depreciation | (11,954) | |||
Total Costs, Net of Accumulated Depreciation | 20,005 | |||
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 | 678 | |||
Gross Amounts Carried at Close of Period, Land | 257 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,981 | |||
Gross Amounts Carried at Close of Period, Total | 3,238 | |||
Accumulated Depreciation | (1,966) | |||
Total Costs, Net of Accumulated Depreciation | 1,272 | |||
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 | 1,424 | |||
Gross Amounts Carried at Close of Period, Land | 1,278 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,348 | |||
Gross Amounts Carried at Close of Period, Total | 6,626 | |||
Accumulated Depreciation | (4,399) | |||
Total Costs, Net of Accumulated Depreciation | 2,227 | |||
Encumbrances | $ (9,496) | |||
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 | (1,474) | |||
Total Costs, Net of Accumulated Depreciation | 4,477 | |||
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 | 2,613 | |||
Gross Amounts Carried at Close of Period, Land | 1,055 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,315 | |||
Gross Amounts Carried at Close of Period, Total | 3,370 | |||
Accumulated Depreciation | (1,816) | |||
Total Costs, Net of Accumulated Depreciation | 1,554 | |||
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 | 656 | |||
Gross Amounts Carried at Close of Period, Land | 2,576 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,961 | |||
Gross Amounts Carried at Close of Period, Total | 13,537 | |||
Accumulated Depreciation | (5,067) | |||
Total Costs, Net of Accumulated Depreciation | 8,470 | |||
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 | 1,970 | |||
Gross Amounts Carried at Close of Period, Land | 0 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,970 | |||
Gross Amounts Carried at Close of Period, Total | 1,970 | |||
Accumulated Depreciation | (708) | |||
Total Costs, Net of Accumulated Depreciation | 1,262 | |||
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 | 53,978 | |||
Gross Amounts Carried at Close of Period, Land | 3,960 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 60,448 | |||
Gross Amounts Carried at Close of Period, Total | 64,408 | |||
Accumulated Depreciation | (23,748) | |||
Total Costs, Net of Accumulated Depreciation | 40,660 | |||
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 | 541 | |||
Gross Amounts Carried at Close of Period, Land | 2,439 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,028 | |||
Gross Amounts Carried at Close of Period, Total | 11,467 | |||
Accumulated Depreciation | (2,403) | |||
Total Costs, Net of Accumulated Depreciation | 9,064 | |||
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 | 535 | |||
Gross Amounts Carried at Close of Period, Land | 678 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,717 | |||
Gross Amounts Carried at Close of Period, Total | 12,395 | |||
Accumulated Depreciation | (7,123) | |||
Total Costs, Net of Accumulated Depreciation | 5,272 | |||
Encumbrances | $ (11,461) | |||
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 | 2,538 | |||
Gross Amounts Carried at Close of Period, Land | 19,351 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 34,165 | |||
Gross Amounts Carried at Close of Period, Total | 53,516 | |||
Accumulated Depreciation | (10,347) | |||
Total Costs, Net of Accumulated Depreciation | 43,169 | |||
Encumbrances | $ (12,921) | |||
Date of Acquisition/Construction | Jun. 11, 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 | 3,806 | |||
Gross Amounts Carried at Close of Period, Land | 6,150 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 26,709 | |||
Gross Amounts Carried at Close of Period, Total | 32,859 | |||
Accumulated Depreciation | (10,246) | |||
Total Costs, Net of Accumulated Depreciation | 22,613 | |||
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 | 8,715 | |||
Gross Amounts Carried at Close of Period, Land | 10,810 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 49,628 | |||
Gross Amounts Carried at Close of Period, Total | 60,438 | |||
Accumulated Depreciation | (21,000) | |||
Total Costs, Net of Accumulated Depreciation | 39,438 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 1, 2004 | |||
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 | 3,229 | |||
Gross Amounts Carried at Close of Period, Land | 2,261 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,478 | |||
Gross Amounts Carried at Close of Period, Total | 12,739 | |||
Accumulated Depreciation | (5,905) | |||
Total Costs, Net of Accumulated Depreciation | 6,834 | |||
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 | 1,927 | |||
Gross Amounts Carried at Close of Period, Land | 7,223 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,049 | |||
Gross Amounts Carried at Close of Period, Total | 26,272 | |||
Accumulated Depreciation | (7,972) | |||
Total Costs, Net of Accumulated Depreciation | 18,300 | |||
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 | 617 | |||
Gross Amounts Carried at Close of Period, Land | 1,889 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,782 | |||
Gross Amounts Carried at Close of Period, Total | 25,671 | |||
Accumulated Depreciation | (2,272) | |||
Total Costs, Net of Accumulated Depreciation | 23,399 | |||
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 | 1,590 | |||
Gross Amounts Carried at Close of Period, Land | 3,816 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 15,069 | |||
Gross Amounts Carried at Close of Period, Total | 18,885 | |||
Accumulated Depreciation | (5,540) | |||
Total Costs, Net of Accumulated Depreciation | 13,345 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 13, 2007 | |||
Centers [Member] | Madison Village Marketplace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 3,157 | |||
Initial Cost to Company, Building and Improvements | 13,123 | |||
Cost Capitalized Subsequent to Acquisition | 115 | |||
Gross Amounts Carried at Close of Period, Land | 3,158 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,237 | |||
Gross Amounts Carried at Close of Period, Total | 16,395 | |||
Accumulated Depreciation | (311) | |||
Total Costs, Net of Accumulated Depreciation | 16,084 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Mar. 28, 2019 | |||
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 | 4,241 | |||
Gross Amounts Carried at Close of Period, Land | 1,415 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,846 | |||
Gross Amounts Carried at Close of Period, Total | 11,261 | |||
Accumulated Depreciation | (6,815) | |||
Total Costs, Net of Accumulated Depreciation | 4,446 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Feb. 15, 1991 | |||
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 | 1,092 | |||
Gross Amounts Carried at Close of Period, Land | 2,677 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,235 | |||
Gross Amounts Carried at Close of Period, Total | 12,912 | |||
Accumulated Depreciation | (3,949) | |||
Total Costs, Net of Accumulated Depreciation | 8,963 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 13, 2008 | |||
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 | 5,817 | |||
Gross Amounts Carried at Close of Period, Land | 755 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,605 | |||
Gross Amounts Carried at Close of Period, Total | 7,360 | |||
Accumulated Depreciation | (4,369) | |||
Total Costs, Net of Accumulated Depreciation | 2,991 | |||
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 | 1,578 | |||
Gross Amounts Carried at Close of Period, Land | 10,382 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 57,881 | |||
Gross Amounts Carried at Close of Period, Total | 68,263 | |||
Accumulated Depreciation | (16,169) | |||
Total Costs, Net of Accumulated Depreciation | 52,094 | |||
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 | 7,792 | |||
Gross Amounts Carried at Close of Period, Land | 7,617 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 32,715 | |||
Gross Amounts Carried at Close of Period, Total | 40,332 | |||
Accumulated Depreciation | (14,100) | |||
Total Costs, Net of Accumulated Depreciation | 26,232 | |||
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 | 9,644 | |||
Gross Amounts Carried at Close of Period, Land | 879 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 13,653 | |||
Gross Amounts Carried at Close of Period, Total | 14,532 | |||
Accumulated Depreciation | (9,616) | |||
Total Costs, Net of Accumulated Depreciation | 4,916 | |||
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 | (682) | |||
Total Costs, Net of Accumulated Depreciation | 510 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 1, 2010 | |||
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 | (3,685) | |||
Total Costs, Net of Accumulated Depreciation | 5,912 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 4, 2002 | |||
Centers [Member] | Oak Forest Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 760 | |||
Initial Cost to Company, Building and Improvements | 2,726 | |||
Cost Capitalized Subsequent to Acquisition | 7,290 | |||
Gross Amounts Carried at Close of Period, Land | 1,358 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,418 | |||
Gross Amounts Carried at Close of Period, Total | 10,776 | |||
Accumulated Depreciation | (6,814) | |||
Total Costs, Net of Accumulated Depreciation | 3,962 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 30, 1976 | |||
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 | 8,494 | |||
Gross Amounts Carried at Close of Period, Land | 13,813 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 46,245 | |||
Gross Amounts Carried at Close of Period, Total | 60,058 | |||
Accumulated Depreciation | (16,548) | |||
Total Costs, Net of Accumulated Depreciation | 43,510 | |||
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 | 16,513 | |||
Gross Amounts Carried at Close of Period, Land | 9,264 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 54,304 | |||
Gross Amounts Carried at Close of Period, Total | 63,568 | |||
Accumulated Depreciation | (24,977) | |||
Total Costs, Net of Accumulated Depreciation | 38,591 | |||
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 | (1,105) | |||
Total Costs, Net of Accumulated Depreciation | 90 | |||
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 | 5,202 | |||
Gross Amounts Carried at Close of Period, Land | 34,404 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 42,836 | |||
Gross Amounts Carried at Close of Period, Total | 77,240 | |||
Accumulated Depreciation | (16,708) | |||
Total Costs, Net of Accumulated Depreciation | 60,532 | |||
Encumbrances | $ (29,616) | |||
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 | 28,515 | |||
Gross Amounts Carried at Close of Period, Land | 872 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,644 | |||
Gross Amounts Carried at Close of Period, Total | 28,516 | |||
Accumulated Depreciation | (15,768) | |||
Total Costs, Net of Accumulated Depreciation | 12,748 | |||
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 | 1,700 | |||
Gross Amounts Carried at Close of Period, Land | 1,773 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 4,878 | |||
Gross Amounts Carried at Close of Period, Total | 6,651 | |||
Accumulated Depreciation | (2,260) | |||
Total Costs, Net of Accumulated Depreciation | 4,391 | |||
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 | (14,558) | |||
Total Costs, Net of Accumulated Depreciation | 29,293 | |||
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 | 2,409 | |||
Gross Amounts Carried at Close of Period, Land | 3,471 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 17,222 | |||
Gross Amounts Carried at Close of Period, Total | 20,693 | |||
Accumulated Depreciation | (7,125) | |||
Total Costs, Net of Accumulated Depreciation | 13,568 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Aug. 19, 2004 | |||
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 | 5,764 | |||
Gross Amounts Carried at Close of Period, Land | 2,768 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,746 | |||
Gross Amounts Carried at Close of Period, Total | 19,514 | |||
Accumulated Depreciation | (10,975) | |||
Total Costs, Net of Accumulated Depreciation | 8,539 | |||
Encumbrances | $ (13,581) | |||
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 | 18,021 | |||
Gross Amounts Carried at Close of Period, Land | 10,983 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,075 | |||
Gross Amounts Carried at Close of Period, Total | 30,058 | |||
Accumulated Depreciation | (12,403) | |||
Total Costs, Net of Accumulated Depreciation | 17,655 | |||
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 | 6,141 | |||
Gross Amounts Carried at Close of Period, Land | 3,887 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,925 | |||
Gross Amounts Carried at Close of Period, Total | 23,812 | |||
Accumulated Depreciation | (8,918) | |||
Total Costs, Net of Accumulated Depreciation | 14,894 | |||
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 | 773 | |||
Gross Amounts Carried at Close of Period, Land | 1,166 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 5,415 | |||
Gross Amounts Carried at Close of Period, Total | 6,581 | |||
Accumulated Depreciation | (3,474) | |||
Total Costs, Net of Accumulated Depreciation | 3,107 | |||
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 | 761 | |||
Gross Amounts Carried at Close of Period, Land | 3,585 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 8,893 | |||
Gross Amounts Carried at Close of Period, Total | 12,478 | |||
Accumulated Depreciation | (6,033) | |||
Total Costs, Net of Accumulated Depreciation | 6,445 | |||
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 | 13,012 | |||
Gross Amounts Carried at Close of Period, Land | 3,317 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 11,950 | |||
Gross Amounts Carried at Close of Period, Total | 15,267 | |||
Accumulated Depreciation | (5,810) | |||
Total Costs, Net of Accumulated Depreciation | 9,457 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 31, 2003 | |||
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 | 12,996 | |||
Gross Amounts Carried at Close of Period, Land | 14,037 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,905 | |||
Gross Amounts Carried at Close of Period, Total | 15,942 | |||
Accumulated Depreciation | (1,382) | |||
Total Costs, Net of Accumulated Depreciation | 14,560 | |||
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 | 26,306 | |||
Gross Amounts Carried at Close of Period, Land | 16,100 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 37,379 | |||
Gross Amounts Carried at Close of Period, Total | 53,479 | |||
Accumulated Depreciation | (18,013) | |||
Total Costs, Net of Accumulated Depreciation | 35,466 | |||
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 | 392 | |||
Gross Amounts Carried at Close of Period, Land | 1,363 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 2,329 | |||
Gross Amounts Carried at Close of Period, Total | 3,692 | |||
Accumulated Depreciation | (2,044) | |||
Total Costs, Net of Accumulated Depreciation | 1,648 | |||
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 | $ 3,320 | |||
Initial Cost to Company, Building and Improvements | 17,741 | |||
Cost Capitalized Subsequent to Acquisition | 35,242 | |||
Gross Amounts Carried at Close of Period, Land | 3,993 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 52,310 | |||
Gross Amounts Carried at Close of Period, Total | 56,303 | |||
Accumulated Depreciation | (29,007) | |||
Total Costs, Net of Accumulated Depreciation | 27,296 | |||
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 | 26,705 | |||
Gross Amounts Carried at Close of Period, Land | 11,819 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 47,826 | |||
Gross Amounts Carried at Close of Period, Total | 59,645 | |||
Accumulated Depreciation | (15,461) | |||
Total Costs, Net of Accumulated Depreciation | 44,184 | |||
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 | 6,903 | |||
Gross Amounts Carried at Close of Period, Land | 7,103 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 27,383 | |||
Gross Amounts Carried at Close of Period, Total | 34,486 | |||
Accumulated Depreciation | (10,300) | |||
Total Costs, Net of Accumulated Depreciation | 24,186 | |||
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 | 1,480 | |||
Gross Amounts Carried at Close of Period, Land | 7,625 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,053 | |||
Gross Amounts Carried at Close of Period, Total | 27,678 | |||
Accumulated Depreciation | (6,862) | |||
Total Costs, Net of Accumulated Depreciation | 20,816 | |||
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 | 1,394 | |||
Gross Amounts Carried at Close of Period, Land | 1,358 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,835 | |||
Gross Amounts Carried at Close of Period, Total | 8,193 | |||
Accumulated Depreciation | (3,110) | |||
Total Costs, Net of Accumulated Depreciation | 5,083 | |||
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 | 39,756 | |||
Gross Amounts Carried at Close of Period, Land | 12,914 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 30,083 | |||
Gross Amounts Carried at Close of Period, Total | 42,997 | |||
Accumulated Depreciation | (7,405) | |||
Total Costs, Net of Accumulated Depreciation | 35,592 | |||
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 | 1,848 | |||
Gross Amounts Carried at Close of Period, Land | 21,586 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 30,917 | |||
Gross Amounts Carried at Close of Period, Total | 52,503 | |||
Accumulated Depreciation | (2,957) | |||
Total Costs, Net of Accumulated Depreciation | 49,546 | |||
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 | 2,356 | |||
Gross Amounts Carried at Close of Period, Land | 11,977 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,575 | |||
Gross Amounts Carried at Close of Period, Total | 18,552 | |||
Accumulated Depreciation | (2,154) | |||
Total Costs, Net of Accumulated Depreciation | 16,398 | |||
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 | 1,797 | |||
Gross Amounts Carried at Close of Period, Land | 3,290 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 7,262 | |||
Gross Amounts Carried at Close of Period, Total | 10,552 | |||
Accumulated Depreciation | (2,931) | |||
Total Costs, Net of Accumulated Depreciation | 7,621 | |||
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 | 13,153 | |||
Gross Amounts Carried at Close of Period, Land | 3,332 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,024 | |||
Gross Amounts Carried at Close of Period, Total | 19,356 | |||
Accumulated Depreciation | (9,438) | |||
Total Costs, Net of Accumulated Depreciation | 9,918 | |||
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 | (2,950) | |||
Total Costs, Net of Accumulated Depreciation | 10,859 | |||
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 | 272 | |||
Gross Amounts Carried at Close of Period, Land | 1,202 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 1,216 | |||
Gross Amounts Carried at Close of Period, Total | 2,418 | |||
Accumulated Depreciation | (540) | |||
Total Costs, Net of Accumulated Depreciation | 1,878 | |||
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 | 11,448 | |||
Gross Amounts Carried at Close of Period, Land | 10,587 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 16,379 | |||
Gross Amounts Carried at Close of Period, Total | 26,966 | |||
Accumulated Depreciation | (11,868) | |||
Total Costs, Net of Accumulated Depreciation | 15,098 | |||
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 | 9,876 | |||
Gross Amounts Carried at Close of Period, Land | 3,228 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,803 | |||
Gross Amounts Carried at Close of Period, Total | 26,031 | |||
Accumulated Depreciation | (8,624) | |||
Total Costs, Net of Accumulated Depreciation | 17,407 | |||
Encumbrances | $ 0 | |||
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 | (16,531) | |||
Total Costs, Net of Accumulated Depreciation | 23,574 | |||
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 | 3,353 | |||
Gross Amounts Carried at Close of Period, Land | 4,333 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,706 | |||
Gross Amounts Carried at Close of Period, Total | 25,039 | |||
Accumulated Depreciation | (10,656) | |||
Total Costs, Net of Accumulated Depreciation | 14,383 | |||
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 | 777 | |||
Gross Amounts Carried at Close of Period, Land | 231 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,167 | |||
Gross Amounts Carried at Close of Period, Total | 9,398 | |||
Accumulated Depreciation | (6,227) | |||
Total Costs, Net of Accumulated Depreciation | 3,171 | |||
Encumbrances | $ (6,353) | |||
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 | 3,563 | |||
Gross Amounts Carried at Close of Period, Land | 818 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 6,827 | |||
Gross Amounts Carried at Close of Period, Total | 7,645 | |||
Accumulated Depreciation | (4,389) | |||
Total Costs, Net of Accumulated Depreciation | 3,256 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 20, 1994 | |||
Centers [Member] | Stevens Creek Central [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 41,812 | |||
Initial Cost to Company, Building and Improvements | 45,997 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried at Close of Period, Land | 41,812 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 45,997 | |||
Gross Amounts Carried at Close of Period, Total | 87,809 | |||
Accumulated Depreciation | (169) | |||
Total Costs, Net of Accumulated Depreciation | 87,640 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 8, 2019 | |||
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 | 2,877 | |||
Gross Amounts Carried at Close of Period, Land | 4,740 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,878 | |||
Gross Amounts Carried at Close of Period, Total | 26,618 | |||
Accumulated Depreciation | (10,528) | |||
Total Costs, Net of Accumulated Depreciation | 16,090 | |||
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 | 11,401 | |||
Gross Amounts Carried at Close of Period, Land | 3,453 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 25,394 | |||
Gross Amounts Carried at Close of Period, Total | 28,847 | |||
Accumulated Depreciation | (13,411) | |||
Total Costs, Net of Accumulated Depreciation | 15,436 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Apr. 2, 2001 | |||
Centers [Member] | Sunset 19 Shopping Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 5,519 | |||
Initial Cost to Company, Building and Improvements | 22,076 | |||
Cost Capitalized Subsequent to Acquisition | 25,410 | |||
Gross Amounts Carried at Close of Period, Land | 5,899 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 47,106 | |||
Gross Amounts Carried at Close of Period, Total | 53,005 | |||
Accumulated Depreciation | (13,421) | |||
Total Costs, Net of Accumulated Depreciation | 39,584 | |||
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 | 25,591 | |||
Gross Amounts Carried at Close of Period, Land | 17,822 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,615 | |||
Gross Amounts Carried at Close of Period, Total | 39,437 | |||
Accumulated Depreciation | (14,868) | |||
Total Costs, Net of Accumulated Depreciation | 24,569 | |||
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 | 4,064 | |||
Gross Amounts Carried at Close of Period, Land | 4,988 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,970 | |||
Gross Amounts Carried at Close of Period, Total | 27,958 | |||
Accumulated Depreciation | (10,210) | |||
Total Costs, Net of Accumulated Depreciation | 17,748 | |||
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 | 8,181 | |||
Gross Amounts Carried at Close of Period, Land | 79,673 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 180,544 | |||
Gross Amounts Carried at Close of Period, Total | 260,217 | |||
Accumulated Depreciation | (20,529) | |||
Total Costs, Net of Accumulated Depreciation | 239,688 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jul. 27, 2016 | |||
Centers [Member] | The Shops At Hilshire Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 12,929 | |||
Initial Cost to Company, Building and Improvements | 20,666 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Gross Amounts Carried at Close of Period, Land | 12,929 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 20,666 | |||
Gross Amounts Carried at Close of Period, Total | 33,595 | |||
Accumulated Depreciation | (141) | |||
Total Costs, Net of Accumulated Depreciation | 33,454 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Oct. 24, 2019 | |||
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 | 558 | |||
Gross Amounts Carried at Close of Period, Land | 14,952 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 10,908 | |||
Gross Amounts Carried at Close of Period, Total | 25,860 | |||
Accumulated Depreciation | (1,282) | |||
Total Costs, Net of Accumulated Depreciation | 24,578 | |||
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 | (165) | |||
Total Costs, Net of Accumulated Depreciation | 1,064 | |||
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 | 1,190 | |||
Gross Amounts Carried at Close of Period, Land | 2,973 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,332 | |||
Gross Amounts Carried at Close of Period, Total | 17,305 | |||
Accumulated Depreciation | (6,364) | |||
Total Costs, Net of Accumulated Depreciation | 10,941 | |||
Encumbrances | $ (11,595) | |||
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 | 4,268 | |||
Gross Amounts Carried at Close of Period, Land | 3,430 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 23,521 | |||
Gross Amounts Carried at Close of Period, Total | 26,951 | |||
Accumulated Depreciation | (9,756) | |||
Total Costs, Net of Accumulated Depreciation | 17,195 | |||
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 | 26,559 | |||
Gross Amounts Carried at Close of Period, Land | 6,726 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 29,711 | |||
Gross Amounts Carried at Close of Period, Total | 36,437 | |||
Accumulated Depreciation | (15,395) | |||
Total Costs, Net of Accumulated Depreciation | 21,042 | |||
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 | 2,803 | |||
Gross Amounts Carried at Close of Period, Land | 9,855 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 31,936 | |||
Gross Amounts Carried at Close of Period, Total | 41,791 | |||
Accumulated Depreciation | (4,255) | |||
Total Costs, Net of Accumulated Depreciation | 37,536 | |||
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 | 5,298 | |||
Gross Amounts Carried at Close of Period, Land | 8,910 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,417 | |||
Gross Amounts Carried at Close of Period, Total | 23,327 | |||
Accumulated Depreciation | (4,258) | |||
Total Costs, Net of Accumulated Depreciation | 19,069 | |||
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 | 2,631 | |||
Gross Amounts Carried at Close of Period, Land | 3,044 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 14,857 | |||
Gross Amounts Carried at Close of Period, Total | 17,901 | |||
Accumulated Depreciation | (6,660) | |||
Total Costs, Net of Accumulated Depreciation | 11,241 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 18, 2002 | |||
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 | 3,179 | |||
Gross Amounts Carried at Close of Period, Land | 16,500 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 35,668 | |||
Gross Amounts Carried at Close of Period, Total | 52,168 | |||
Accumulated Depreciation | (4,773) | |||
Total Costs, Net of Accumulated Depreciation | 47,395 | |||
Encumbrances | $ (17,338) | |||
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 | 1,082 | |||
Gross Amounts Carried at Close of Period, Land | 3,269 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 19,895 | |||
Gross Amounts Carried at Close of Period, Total | 23,164 | |||
Accumulated Depreciation | (8,158) | |||
Total Costs, Net of Accumulated Depreciation | 15,006 | |||
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 | 13,611 | |||
Gross Amounts Carried at Close of Period, Land | 3,189 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 21,427 | |||
Gross Amounts Carried at Close of Period, Total | 24,616 | |||
Accumulated Depreciation | (14,532) | |||
Total Costs, Net of Accumulated Depreciation | 10,084 | |||
Encumbrances | $ (15,527) | |||
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 | 6,679 | |||
Gross Amounts Carried at Close of Period, Land | 437 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 9,652 | |||
Gross Amounts Carried at Close of Period, Total | 10,089 | |||
Accumulated Depreciation | (6,206) | |||
Total Costs, Net of Accumulated Depreciation | 3,883 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | May 1, 1958 | |||
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 | 10,117 | |||
Gross Amounts Carried at Close of Period, Land | 11,204 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 54,999 | |||
Gross Amounts Carried at Close of Period, Total | 66,203 | |||
Accumulated Depreciation | (27,707) | |||
Total Costs, Net of Accumulated Depreciation | 38,496 | |||
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 | 13,490 | |||
Gross Amounts Carried at Close of Period, Land | 2,257 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,028 | |||
Gross Amounts Carried at Close of Period, Total | 24,285 | |||
Accumulated Depreciation | (5,667) | |||
Total Costs, Net of Accumulated Depreciation | 18,618 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Sep. 6, 2001 | |||
Centers [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 | 3,386 | |||
Gross Amounts Carried at Close of Period, Land | 5,315 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 22,703 | |||
Gross Amounts Carried at Close of Period, Total | 28,018 | |||
Accumulated Depreciation | (1,318) | |||
Total Costs, Net of Accumulated Depreciation | 26,700 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Jan. 1, 2019 | |||
New Development/Redevelopment [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 39,243 | |||
Initial Cost to Company, Building and Improvements | 2,669 | |||
Cost Capitalized Subsequent to Acquisition | 205,924 | |||
Gross Amounts Carried at Close of Period, Land | 46,427 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 201,409 | |||
Gross Amounts Carried at Close of Period, Total | 247,836 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 247,836 | |||
Encumbrances | 0 | |||
New Development/Redevelopment [Member] | The Driscoll At River Oaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | 214 | |||
Initial Cost to Company, Building and Improvements | 0 | |||
Cost Capitalized Subsequent to Acquisition | 70,096 | |||
Gross Amounts Carried at Close of Period, Land | 790 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 69,520 | |||
Gross Amounts Carried at Close of Period, Total | 70,310 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 70,310 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Dec. 4, 1992 | |||
New Development/Redevelopment [Member] | West Alex [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company, Land | $ 39,029 | |||
Initial Cost to Company, Building and Improvements | 2,669 | |||
Cost Capitalized Subsequent to Acquisition | 135,828 | |||
Gross Amounts Carried at Close of Period, Land | 45,637 | |||
Gross Amounts Carried at Close of Period, Building and Improvements | 131,889 | |||
Gross Amounts Carried at Close of Period, Total | 177,526 | |||
Accumulated Depreciation | 0 | |||
Total Costs, Net of Accumulated Depreciation | 177,526 | |||
Encumbrances | $ 0 | |||
Date of Acquisition/Construction | Nov. 1, 2016 | |||
Secured Debt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Fixed rate mortgage debt excluded from amount of encumbrances | $ 17,400 | |||
Non-cash debt | 1,500 | |||
Deferred finance costs | $ (700) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 4,105,068 | $ 4,498,859 | $ 4,789,145 |
Additions at cost | 389,858 | 164,150 | 137,462 |
Retirements or sales | (349,603) | (547,821) | (334,105) |
Property held for sale | 0 | 0 | (78,721) |
Impairment loss | (74) | (10,120) | (14,922) |
Balance at end of year | $ 4,145,249 | $ 4,105,068 | $ 4,498,859 |
Real Estate And Accumulated D_4
Real Estate And Accumulated Depreciation (Changes In Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 1,108,188 | $ 1,166,126 | $ 1,184,546 |
Additions at cost | 109,825 | 118,664 | 132,900 |
Retirements or sales | (107,338) | (176,602) | (127,391) |
Property held for sale | 0 | 0 | (23,929) |
Balance at end of year | $ 1,110,675 | $ 1,108,188 | $ 1,166,126 |
Mortgage Loans On Real Estate (
Mortgage Loans On Real Estate (Details) - Shopping Center [Member] - First Mortgages [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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% |
Periodic Payment Terms | Oct. 31, 2053 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Periodic Payment Terms, Description | At Maturity |
Face Amount of Mortgages | $ 3,410 |
Carrying Amount of Mortgages | $ 3,410 |
Uncategorized Items - wri-20191
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 3,956,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,541,000) |
Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 5,497,000 |