Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity Registrant Name | Weingarten Realty Investors | |
Entity File Number | 1-9876 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 74-1464203 | |
Entity Address, Address Line One | 2600 Citadel Plaza Drive | |
Entity Address, Address Line Two | P.O. Box 924133 | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77292-4133 | |
City Area Code | (713) | |
Local Phone Number | 866-6000 | |
Title of 12(b) Security | Common Shares of Beneficial Interest, $.03 par value | |
Trading Symbol | WRI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 128,143,238 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Central Index Key | 0000828916 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Rentals, net | $ 109,430 | $ 117,378 | $ 313,293 | $ 356,666 |
Other | 2,925 | 3,984 | 8,549 | 10,494 |
Total Revenues | 112,355 | 121,362 | 321,842 | 367,160 |
Operating Expenses: | ||||
Depreciation and amortization | 37,946 | 33,380 | 112,229 | 102,319 |
Operating | 22,816 | 22,912 | 65,954 | 69,927 |
Real estate taxes, net | 16,479 | 15,205 | 47,220 | 47,072 |
Impairment loss | 0 | 0 | 44 | 74 |
General and administrative | 10,245 | 8,432 | 25,472 | 26,893 |
Total Operating Expenses | 87,486 | 79,929 | 250,919 | 246,285 |
Other Income (Expense): | ||||
Interest expense, net | (15,044) | (13,820) | (45,422) | (44,062) |
Interest and other income, net | 2,749 | 1,104 | 2,214 | 7,409 |
Gain on sale of property | 10,268 | 74,115 | 31,742 | 143,963 |
Total Other (Expense) Income | (2,027) | 61,399 | (11,466) | 107,310 |
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships | 22,842 | 102,832 | 59,457 | 228,185 |
Provision for Income Taxes | (195) | (21) | (710) | (682) |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 4,814 | 5,698 | 35,339 | 17,780 |
Net Income | 27,461 | 108,509 | 94,086 | 245,283 |
Less: Net Income Attributable to Noncontrolling Interests | (2,372) | (1,767) | (5,007) | (5,066) |
Net Income Attributable to Common Shareholders | $ 25,089 | $ 106,742 | $ 89,079 | $ 240,217 |
Earnings Per Common Share - Basic: | ||||
Net income attributable to common shareholders (dollars per share) | $ 0.20 | $ 0.83 | $ 0.70 | $ 1.88 |
Earnings Per Common Share - Diluted: | ||||
Net income attributable to common shareholders (dollars per share) | $ 0.20 | $ 0.82 | $ 0.69 | $ 1.86 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 27,461 | $ 108,509 | $ 94,086 | $ 245,283 |
Other Comprehensive Income: | ||||
Reclassification adjustment of derivatives and designated hedges into net income | (221) | (223) | (666) | (663) |
Retirement liability adjustment | 225 | 305 | 795 | 892 |
Total | 4 | 82 | 129 | 229 |
Comprehensive Income | 27,465 | 108,591 | 94,215 | 245,512 |
Comprehensive Income Attributable to Noncontrolling Interests | (2,372) | (1,767) | (5,007) | (5,066) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 25,093 | $ 106,824 | $ 89,208 | $ 240,446 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Property | $ 4,200,483 | $ 4,145,249 |
Accumulated Depreciation | (1,174,347) | (1,110,675) |
Property, net * | 3,026,136 | 3,034,574 |
Investment in Real Estate Joint Ventures and Partnerships, net | 404,495 | 427,947 |
Total | 3,430,631 | 3,462,521 |
Unamortized Lease Costs, net | 139,084 | 148,479 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $14,294 in 2020) * | 79,392 | 83,639 |
Cash and Cash Equivalents * | 50,215 | 41,481 |
Restricted Deposits and Escrows | 14,281 | 13,810 |
Other, net | 196,544 | 188,004 |
Total Assets | 3,910,147 | 3,937,934 |
LIABILITIES AND EQUITY | ||
Debt, net * | 1,730,153 | 1,732,338 |
Accounts Payable and Accrued Expenses | 132,670 | 111,666 |
Other, net | 209,495 | 217,770 |
Total Liabilities | 2,072,318 | 2,061,774 |
Commitments and Contingencies (see Note 12) | 0 | 0 |
Shareholders' Equity: | ||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding:128,143 in 2020 and 128,702 in 2019 | 3,891 | 3,905 |
Additional Paid-In Capital | 1,769,115 | 1,779,986 |
Net Income Less Than Accumulated Dividends | (106,051) | (74,293) |
Accumulated Other Comprehensive Loss | (11,154) | (11,283) |
Total Shareholders' Equity | 1,655,801 | 1,698,315 |
Noncontrolling Interests | 182,028 | 177,845 |
Total Equity | 1,837,829 | 1,876,160 |
Total Liabilities and Equity | 3,910,147 | 3,937,934 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Property, net * | 194,112 | 196,636 |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $14,294 in 2020) * | 9,462 | 10,548 |
Cash and Cash Equivalents * | 13,477 | 8,135 |
Total Assets | 230,133 | 228,954 |
LIABILITIES AND EQUITY | ||
Debt, net * | $ 44,384 | $ 44,993 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 14,294 | |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding:128,103 in 2020 and 128,702 in 2019 | ||
Common Shares of Beneficial Interest; par value (dollars per share) | $ 0.03 | $ 0.03 |
Common Shares of Beneficial Interest - shares authorized (shares) | 275,000 | 275,000 |
Common Shares of Beneficial Interest - shares issued (shares) | 128,143 | 128,702 |
Common Shares of Beneficial Interest - shares outstanding (shares) | 128,143 | 128,702 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net Income | $ 94,086 | $ 245,283 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 112,229 | 102,319 |
Amortization of debt deferred costs and intangibles, net | 2,085 | 2,437 |
Non-cash lease expense | 942 | 916 |
Impairment loss | 44 | 74 |
Equity in earnings of real estate joint ventures and partnerships, net | (35,339) | (17,780) |
Gain on sale of property | (31,742) | (143,963) |
Uncollectible revenue allowance | 11,884 | |
Distributions of income from real estate joint ventures and partnerships | 21,763 | 14,909 |
Changes in accrued rent, accrued contract receivables and accounts receivable, net | (8,341) | 14,206 |
Changes in unamortized lease costs and other assets, net | (3,565) | (8,260) |
Changes in accounts payable, accrued expenses and other liabilities, net | 2,830 | (3,633) |
Other, net | 2,555 | 2,643 |
Net cash provided by operating activities | 169,431 | 209,151 |
Cash Flows from Investing Activities: | ||
Acquisition of real estate and land, net | (28,486) | (54,069) |
Development and capital improvements | (113,332) | (130,857) |
Proceeds from sale of property and real estate equity investments, net | 111,700 | 358,531 |
Real estate joint ventures and partnerships - Investments | (8,280) | (68,200) |
Real estate joint ventures and partnerships - Distribution of capital | 19,021 | 2,344 |
Proceeds from investments | 10,125 | |
Other, net | (1,950) | 49 |
Net cash (used in) provided by investing activities | (21,327) | 117,923 |
Cash Flows from Financing Activities: | ||
Principal payments of debt | (21,542) | (54,226) |
Changes in unsecured credit facilities | 0 | (5,000) |
Proceeds from issuance of common shares of beneficial interest, net | 208 | 844 |
Repurchase of common shares of beneficial interest, net | (18,219) | 0 |
Common share dividends paid | (97,060) | (152,467) |
Debt issuance and extinguishment costs paid | (6) | (316) |
Distributions to noncontrolling interests | (1,974) | (3,807) |
Contributions from noncontrolling interests | 1,150 | 326 |
Other, net | (1,456) | (1,885) |
Net cash used in financing activities | (138,899) | (216,531) |
Net increase in cash, cash equivalents and restricted cash equivalents | 9,205 | 110,543 |
Cash, cash equivalents and restricted cash equivalents at January 1 | 55,291 | 76,137 |
Cash, cash equivalents and restricted cash equivalents at September 30 | 64,496 | 186,680 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest (net of amount capitalized of $6,644 and $9,897, respectively) | 47,133 | 45,757 |
Cash paid for income taxes | 793 | 1,456 |
Cash paid for amounts included in operating lease liabilities | $ 2,116 | $ 2,215 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
Capitalized interest paid | $ 6,644 | $ 9,897 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands | Common Shares of Beneficial Interest | Additional Paid-In Capital | Net Income Less Than Accumulated DividendsCumulative Effect, Period of Adoption, Adjustment [Member] | Net Income Less Than Accumulated DividendsDividend Paid | Net Income Less Than Accumulated DividendsDividend Declared | Net Income Less Than Accumulated Dividends | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment [Member] | Dividend Paid | Dividend Declared | Total |
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | $ 3,893 | $ 1,766,993 | $ (186,431) | $ (10,549) | $ 176,793 | $ 1,750,699 | ||||||
Beginning Balance at Dec. 31, 2018 | 3,893 | 1,766,993 | (186,431) | (10,549) | 176,793 | 1,750,699 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Net Income | 49,666 | 1,588 | 51,254 | |||||||||
Shares issued under benefit plans, net | 10 | 8,141 | 8,151 | |||||||||
Cumulative effect adjustment of accounting standards | 3,903 | 1,777,089 | (187,581) | (10,480) | 177,503 | 1,760,434 | ||||||
Dividends paid - common shares | $ (50,816) | $ (50,816) | ||||||||||
Distributions to noncontrolling interests | (1,572) | (1,572) | ||||||||||
Contributions from noncontrolling interests | 326 | 326 | ||||||||||
Other comprehensive income | 69 | 69 | ||||||||||
Other, net | 1,955 | 368 | 2,323 | |||||||||
Ending Balance at Mar. 31, 2019 | 3,903 | 1,777,089 | (187,581) | (10,480) | 177,503 | 1,760,434 | ||||||
Beginning Balance at Dec. 31, 2018 | 3,893 | 1,766,993 | (186,431) | (10,549) | 176,793 | 1,750,699 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Net Income | 245,283 | |||||||||||
Cumulative effect adjustment of accounting standards | 3,904 | 1,778,828 | (98,681) | (10,320) | 178,746 | 1,852,477 | ||||||
Other comprehensive income | 229 | |||||||||||
Ending Balance at Sep. 30, 2019 | 3,904 | 1,778,828 | (98,681) | (10,320) | 178,746 | 1,852,477 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | 3,903 | 1,777,089 | (187,581) | (10,480) | 177,503 | 1,760,434 | ||||||
Beginning Balance at Mar. 31, 2019 | 3,903 | 1,777,089 | (187,581) | (10,480) | 177,503 | 1,760,434 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Net Income | 83,809 | 1,711 | 85,520 | |||||||||
Shares issued under benefit plans, net | 1 | 1,231 | 1,232 | |||||||||
Cumulative effect adjustment of accounting standards | 3,904 | 1,778,320 | (154,597) | (10,402) | 177,625 | 1,794,850 | ||||||
Dividends paid - common shares | (50,825) | (50,825) | ||||||||||
Distributions to noncontrolling interests | (1,589) | (1,589) | ||||||||||
Other comprehensive income | 78 | 78 | ||||||||||
Ending Balance at Jun. 30, 2019 | 3,904 | 1,778,320 | (154,597) | (10,402) | 177,625 | 1,794,850 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | 3,904 | 1,778,320 | (154,597) | (10,402) | 177,625 | 1,794,850 | ||||||
Net Income | 106,742 | 1,767 | 108,509 | |||||||||
Shares issued under benefit plans, net | 508 | 508 | ||||||||||
Cumulative effect adjustment of accounting standards | 3,904 | 1,778,828 | (98,681) | (10,320) | 178,746 | 1,852,477 | ||||||
Dividends paid - common shares | (50,826) | (50,826) | ||||||||||
Distributions to noncontrolling interests | (646) | (646) | ||||||||||
Other comprehensive income | 82 | 82 | ||||||||||
Ending Balance at Sep. 30, 2019 | 3,904 | 1,778,828 | (98,681) | (10,320) | 178,746 | 1,852,477 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | 3,904 | 1,778,828 | (98,681) | (10,320) | 178,746 | 1,852,477 | ||||||
Cumulative effect adjustment of accounting standards | 3,905 | 1,779,986 | (74,293) | (11,283) | 177,845 | 1,876,160 | ||||||
Beginning Balance at Dec. 31, 2019 | 3,905 | 1,779,986 | (74,293) | (11,283) | 177,845 | 1,876,160 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Net Income | 52,622 | 1,626 | 54,248 | |||||||||
Shares repurchased and cancelled | (25) | (18,194) | (18,219) | |||||||||
Shares issued under benefit plans, net | 10 | 5,767 | 5,777 | |||||||||
Cumulative effect adjustment of accounting standards | 3,890 | 1,767,559 | $ (711) | (73,317) | (11,207) | 179,320 | $ (711) | 1,866,245 | ||||
Dividends paid - common shares | (50,935) | (50,935) | ||||||||||
Distributions to noncontrolling interests | (1,301) | (1,301) | ||||||||||
Contributions from noncontrolling interests | 1,150 | 1,150 | ||||||||||
Other comprehensive income | 76 | 76 | ||||||||||
Ending Balance at Mar. 31, 2020 | 3,890 | 1,767,559 | (711) | (73,317) | (11,207) | 179,320 | (711) | 1,866,245 | ||||
Beginning Balance at Dec. 31, 2019 | 3,905 | 1,779,986 | (74,293) | (11,283) | 177,845 | 1,876,160 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Net Income | 94,086 | |||||||||||
Cumulative effect adjustment of accounting standards | 3,891 | 1,769,115 | (106,051) | (11,154) | 182,028 | 1,876,160 | ||||||
Other comprehensive income | 129 | |||||||||||
Ending Balance at Sep. 30, 2020 | 3,891 | 1,769,115 | (106,051) | (11,154) | 182,028 | 1,837,829 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | 3,890 | 1,767,559 | (711) | (73,317) | (11,207) | 179,320 | (711) | 1,866,245 | ||||
Beginning Balance at Mar. 31, 2020 | 3,890 | 1,767,559 | (711) | (73,317) | (11,207) | 179,320 | (711) | 1,866,245 | ||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Net Income | 11,368 | 1,009 | 12,377 | |||||||||
Shares issued under benefit plans, net | 413 | 413 | ||||||||||
Cumulative effect adjustment of accounting standards | 3,890 | 1,767,972 | $ (711) | (85,008) | (11,158) | 180,036 | $ (711) | 1,855,732 | ||||
Dividends paid - common shares | (23,059) | (23,059) | ||||||||||
Distributions to noncontrolling interests | (293) | (293) | ||||||||||
Other comprehensive income | 49 | 49 | ||||||||||
Ending Balance at Jun. 30, 2020 | 3,890 | 1,767,972 | (85,008) | (11,158) | 180,036 | 1,855,732 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | 3,890 | 1,767,972 | (85,008) | (11,158) | 180,036 | 1,855,732 | ||||||
Net Income | 25,089 | 2,372 | 27,461 | |||||||||
Shares issued under benefit plans, net | 1 | 1,143 | 1,144 | |||||||||
Cumulative effect adjustment of accounting standards | 3,891 | 1,769,115 | (106,051) | (11,154) | 182,028 | 1,855,732 | ||||||
Dividends paid - common shares | $ (23,066) | $ (23,066) | $ (23,066) | $ (23,066) | ||||||||
Distributions to noncontrolling interests | (380) | (380) | ||||||||||
Other comprehensive income | 4 | 4 | ||||||||||
Ending Balance at Sep. 30, 2020 | 3,891 | 1,769,115 | (106,051) | (11,154) | 182,028 | 1,837,829 | ||||||
Increase (Decrease) in Equity [Roll Forward] | ||||||||||||
Cumulative effect adjustment of accounting standards | $ 3,891 | $ 1,769,115 | $ (106,051) | $ (11,154) | $ 182,028 | $ 1,837,829 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity (Unaudited) - (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Common dividend paid per share (in dollars per share) | $ 0.18 | $ 0.18 | $ 0.395 | $ 0.395 | $ 0.395 | $ 0.395 |
Common dividends declared (in dollars per share) | $ 0.18 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Business Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT. We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners. We operate a portfolio of neighborhood and community shopping centers, totaling approximately 31.0 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 2.7% of base minimum rental revenues during the nine months of 2020. Total revenues generated by our centers located in Houston and its surrounding areas was 20.2% of total revenue for the nine months ended September 30, 2020, and an additional 9.8% of total revenue was generated during this period from centers that are located in other parts of Texas. Also, in Florida and California, an additional 20.5% and 16.9%, respectively, of total revenue was generated during the nine months of 2020. In March 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a pandemic. The impact of COVID-19 continues to evolve and most cities and states have imposed measures to control its spread including social distancing and limiting group gatherings. These measures have created risks and uncertainties surrounding our operations and geographic concentrations. The pandemic has resulted in, at certain locations, the closure or limited operations of non-essential businesses and consumer/employee stay-at-home provisions. Given this continually evolving situation, the duration and severity of these matters and their ultimate effect are uncertain at this time. Basis of Presentation Our condensed consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2019 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes for the year ended December 31, 2019. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements (see Note 15). Leases In April 2020, the Financial Accounting Standards Board ("FASB") published a Staff Q&A regarding Accounting for Lease Concessions Related to the Effects of the COVID-19 pandemic. As the pandemic is expected to result in numerous tenant rent and lease concessions, the intent of the publication was to provide relief to lessors in assessing whether a lease modification exists. The FASB publication provides for an election to bypass the lease-by-lease analysis and account for lease concessions, directly related to the effects of the COVID-19 pandemic, consistent with how those concessions would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Accordingly, an entity would not have to analyze each contract to determine whether those rights exist in the contract and can elect to apply or not apply lease modification guidance to those contracts. Such election is required to be applied consistently to leases with similar characteristics and circumstances. This election is available for COVID-19 related concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee and the total payments required by the modified lease are substantially the same as or less than total payments required by the original lease. As of April 1, 2020, we elected to not apply lease modification guidance to those contracts. As such, any lease deferral concessions will remain recorded in Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net, and rent abatements will be recorded as a reduction to Rentals, net in our consolidated financial statements. Subject to this guidance, as of September 30, 2020, included in Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net we have deferred lease concessions not currently due of $12.1 million and have recorded rent abatements of $1.3 million (see Note 7 for additional information). Discussions are continuing with tenants as the effects of COVID-19 and related mandates evolve. Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables are relatively short-term in nature with terms due in less than one year. 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. 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. 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. The duration of the COVID-19 pandemic and its impact on our tenants’ operations, including, in some cases, their ability to resume full operations as governmental and legislative measures are eased, or in some cases reimposed, has caused uncertainty in our ongoing ability to collect rents when due. Considering the potential impact of these uncertainties, our collection assessment also took into consideration the type of retailer and current discussions with the tenants, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the three and nine months ended September 30, 2020, we reduced (increased) rental revenues by $1.4 million and $30.1 million, respectively, due to lease related reserves and write-offs, which included $(.3) million and $12.1 million, respectively, for straight-line rent receivables. 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): September 30, December 31, 2020 2019 Restricted deposits $ 13,891 $ 12,793 Escrows 390 1,017 Total $ 14,281 $ 13,810 Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 5 for further information), tax increment revenue bonds, right-of-use assets, investments held in a grantor trust, deferred tax assets, the net value of above-market leases, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. 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 are adjusted to fair value at each period with changes included in our Condensed Consolidated Statements of Operations. 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 are evaluated for credit risk and an allowance is established if there is an estimate for lifetime credit losses. These are based on available information, including historical loss information adjusted for current conditions and forecasts for future economic conditions. Prior to adoption of ASC No. 326, a reserve was applied to the carrying amount of other miscellaneous receivables when it became apparent that conditions existed that would lead to our inability to fully collect the outstanding amounts due. Such conditions included delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. 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 14 for further information). Due to the recognized credit loss, interest on these bonds is recorded at an effective interest rate when cash payments are received. The bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is low as the bonds are earmarked for repayments from sales and property taxes associated with a government entity. At September 30, 2020, no credit allowance has been recorded. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component consists of the following (in thousands): Defined Benefit Pension Gain on Plan- Cash Flow Actuarial Hedges Loss Total Balance, December 31, 2019 $ (3,614) $ 14,897 $ 11,283 Amounts reclassified from accumulated other comprehensive loss 221 (1) (297) (2) (76) Net other comprehensive loss (income) 221 (297) (76) Balance, March 31, 2020 (3,393) 14,600 11,207 Amounts reclassified from accumulated other comprehensive loss 224 (1) (273) (2) (49) Net other comprehensive loss (income) 224 (273) (49) Balance, June 30, 2020 (3,169) 14,327 11,158 Amounts reclassified from accumulated other comprehensive loss 221 (1) (225) (2) (4) Net other comprehensive loss (income) 221 (225) (4) Balance, September 30, 2020 $ (2,948) $ 14,102 $ 11,154 Defined Benefit Pension Gain on Plan- Cash Flow Actuarial Hedges Loss Total Balance, December 31, 2018 $ (4,501) $ 15,050 $ 10,549 Amounts reclassified from accumulated other comprehensive loss 219 (1) (288) (2) (69) Net other comprehensive loss (income) 219 (288) (69) Balance, March 31, 2019 (4,282) 14,762 10,480 Amounts reclassified from accumulated other comprehensive loss 221 (1) (299) (2) (78) Net other comprehensive loss (income) 221 (299) (78) Balance, June 30, 2019 (4,061) 14,463 10,402 Amounts reclassified from accumulated other comprehensive loss 223 (1) (305) (2) (82) Net other comprehensive loss (income) 223 (305) (82) Balance, September 30, 2019 $ (3,838) $ 14,158 $ 10,320 (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 11 for additional information). Additionally, as of September 30, 2020 and December 31, 2019, the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $2.9 million and $3.6 million, respectively, which will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, approximately $.9 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts. |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Newly Issued Accounting Pronouncements | Note 2. Newly Issued Accounting Pronouncements Adopted In June 2016, the FASB issued Accounting Standard Update ("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," ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses" and ASU No. 2020-02, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119.” 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, using the modified retrospective approach, a cumulative effect for credit losses, which has decreased each of retained earnings and other 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 were not applicable to us. The adoption of this ASU did not have a material impact to our consolidated financial statements. Not Yet Adopted 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. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in this ASU is optional and may be elected over time as reference rate reform activities occur. At January 1, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The adoption of this portion of the ASU did not have a material impact to our consolidated financial statements. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” The guidance in this ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This simplification results by removing major separation models required under current GAAP. Additionally, it removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation. The provisions of ASU No. 2020-06 are effective for us as of January 1, 2022 using either a modified retrospective method or a fully retrospective method, and early adoption is permitted beginning for us as of January 1, 2021. 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, and we are considering early adoption as of January 1, 2021. |
Property
Property | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Property | Note 3. Property Our property consists of the following (in thousands): September 30, December 31, 2020 2019 Land $ 928,510 $ 911,521 Land held for development 39,912 40,667 Land under development 21,241 53,076 Buildings and improvements 3,010,980 2,898,867 Construction in-progress 199,840 241,118 Total $ 4,200,483 $ 4,145,249 During the nine months ended September 30, 2020, we sold five centers and other property. Aggregate gross sales proceeds from these transactions approximated $98.3 million and generated gains of approximately $31.7 million. Also, during the nine months ended September 30, 2020, we acquired one grocery-anchored shopping center and other property with an aggregate gross purchase price of approximately $46.0 million, and we invested $71.0 million in new development projects. |
Investment In Real Estate Joint
Investment In Real Estate Joint Ventures And Partnerships | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment In Real Estate Joint Ventures And Partnerships | Note 4. Investment in Real Estate Joint Ventures and Partnerships We own interests in real estate joint ventures or limited partnerships and had 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 2020 and 2019. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): September 30, December 31, 2020 2019 Combined Condensed Balance Sheets ASSETS Property $ 1,224,459 $ 1,378,328 Accumulated depreciation (295,353) (331,856) Property, net 929,106 1,046,472 Other assets, net 117,886 108,366 Total Assets $ 1,046,992 $ 1,154,838 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 262,699 $ 264,782 Amounts payable to Weingarten Realty Investors and Affiliates 9,267 11,972 Other liabilities, net 25,473 25,498 Total Liabilities 297,439 302,252 Equity 749,553 852,586 Total Liabilities and Equity $ 1,046,992 $ 1,154,838 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Combined Condensed Statements of Operations Revenues, net $ 32,073 $ 33,853 $ 92,629 $ 99,245 Expenses: Depreciation and amortization 8,803 7,914 26,467 23,409 Interest, net 2,328 2,336 7,080 7,286 Operating 5,579 6,035 18,152 17,820 Real estate taxes, net 4,333 4,891 12,948 13,948 General and administrative 92 110 430 422 Provision for income taxes 30 34 100 103 Total 21,165 21,320 65,177 62,988 Gain on dispositions 178 — 46,967 2,009 Net income $ 11,086 $ 12,533 $ 74,419 $ 38,266 Our investment in real estate joint ventures and partnerships, as reported in our Condensed 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 $11.1 million and $9.0 million at September 30, 2020 and December 31, 2019, respectively, are generally amortized over the useful lives of the related assets. We recorded joint venture fee income of $1.3 million and $1.9 million included in Other revenue for the three months ended September 30, 2020 and 2019, respectively, and $4.0 million and $4.8 million for the nine months ended September 30, 2020 and 2019, respectively. Additionally, as a result of COVID-19, for the nine months ended September 30, 2020, our joint venture and partnerships have reduced revenues by $5.9 million due to lease related reserves and write-offs, which includes $2.6 million for straight-line rent receivables. Of these amounts for the nine months ended September 30, 2020, our share totaled $2.0 million, which includes $.7 million for straight-line rent receivables. For additional information, see Note 1. During 2020, we sold two centers and our interest in two centers, ranging from 20% to 50%, at an aggregate gross value of approximately $148.3 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $23.5 million. Also during the nine months ended September 30, 2020, we invested an additional $8.3 million in a 90% owned unconsolidated real estate joint venture for a mixed-use new development. 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 an additional $47.6 million in a 90% owned unconsolidated real estate joint venture for a mixed-use new development. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt Our debt consists of the following (in thousands): September 30, December 31, 2020 2019 Debt payable, net to 2038 (1) $ 1,651,050 $ 1,653,154 Debt service guaranty liability 57,380 57,380 Finance lease obligation 21,723 21,804 Total $ 1,730,153 $ 1,732,338 (1) At both September 30, 2020 and December 31, 2019, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 3.9% for both periods. September 30, December 31, 2020 2019 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,730,153 $ 1,714,890 Variable-rate debt — 17,448 Total $ 1,730,153 $ 1,732,338 As to collateralization: Unsecured debt $ 1,452,167 $ 1,450,762 Secured debt 277,986 281,576 Total $ 1,730,153 $ 1,732,338 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 both September 30, 2020 and December 31, 2019, 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, 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 September 30, 2020 and December 31, 2019, 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): September 30, December 31, 2020 2019 Unsecured revolving credit facility: Balance outstanding $ — $ — Available balance 498,068 497,946 Letters of credit outstanding under facility 1,932 2,054 Variable interest rate (excluding facility fee) — % — % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate (excluding facility fee) — % — % Both facilities: Maximum balance outstanding during the period (1) $ 497,000 $ 5,000 Weighted average balance 98,095 123 Year-to-date weighted average interest rate (excluding facility fee) 1.0 % 3.3 % (1) At March 31, 2020, we drew down the available balance of our unsecured revolving credit facility to increase liquidity and preserve financial flexibility in light of the uncertainty regarding the COVID-19 pandemic on the markets at that time, which we subsequently repaid due to the stability of the financial markets. 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 1.4x 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 public improvement fee (“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 both September 30, 2020 and December 31, 2019, we had $57.4 million outstanding for the debt service guaranty liability. 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. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At September 30, 2020 and December 31, 2019, the carrying value of such assets aggregated $494.2 million and $463.7 million, respectively. Additionally, at both September 30, 2020 and December 31, 2019, investments of $5.3 million 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 $21.7 million of a finance lease obligation, $(3.3) million net premium/(discount) on debt, $(4.8) million of deferred debt costs, $1.7 million of non-cash debt-related items, and $57.4 million debt service guaranty liability) are due during the following years (in thousands): 2020 remaining $ 1,435 2021 18,795 2022 308,298 2023 348,207 2024 252,561 2025 294,232 2026 277,733 2027 53,604 2028 92,159 2029 917 Thereafter 9,518 Total $ 1,657,459 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 September 30, 2020; however, our continued compliance with these covenants depends on many factors and could be impacted by current or future economic conditions, including those associated with the COVID-19 pandemic. |
Common Shares of Beneficial Int
Common Shares of Beneficial Interest | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Common Shares of Beneficial Interest | Note 6. Common Shares of Beneficial Interest We have a $200 million share repurchase plan where we may repurchase common shares of beneficial interest ("common shares") from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. During the nine months ended September 30, 2020, .8 million common shares were repurchased at an average price of $21.47 per share, and no common shares were purchased during the year ended December 31, 2019. At September 30, 2020 and as of the date Common dividends of $.18 per common share totaling $23.1 million were declared and recorded in September 2020, and were paid in October 2020. |
Leasing Operations (Notes)
Leasing Operations (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leasing Operations | Note 7. 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. Also, rent abatements related to the COVID-19 pandemic of $1.0 and $1.3 million, respectively, were recorded as a reduction to variable lease payments for the three and nine months ended September 30, 2020 (see Note 1 for additional information). Variable lease payments recognized in Rentals, net are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Variable lease payments $ 25,022 $ 28,132 $ 75,983 $ 82,237 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 8. Supplemental Cash Flow Information Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): September 30, September 30, 2020 2019 Cash and cash equivalents $ 50,215 $ 124,406 Restricted deposits and escrows (see Note 1) 14,281 62,274 Total $ 64,496 $ 186,680 Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): Nine Months Ended September 30, 2020 2019 Accrued property construction costs $ 13,590 $ 28,604 Accrued dividends payable 23,066 — Right-of-use assets exchanged for operating lease liabilities 468 43,729 Increase in debt, net associated with the acquisition of real estate and land 17,952 — Increase in other assets, net associated with the disposition of real estate and land 9,930 — |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 9. 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): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net income $ 27,461 $ 108,509 $ 94,086 $ 245,283 Net income attributable to noncontrolling interests (2,372) (1,767) (5,007) (5,066) Net income attributable to common shareholders – basic 25,089 106,742 89,079 240,217 Income attributable to operating partnership units — 528 — 1,584 Net income attributable to common shareholders – diluted $ 25,089 $ 107,270 $ 89,079 $ 241,801 Denominator: Weighted average shares outstanding – basic 127,270 127,870 127,457 127,828 Effect of dilutive securities: Share options and awards 860 835 886 839 Operating partnership units — 1,432 — 1,432 Weighted average shares outstanding – diluted 128,130 130,137 128,343 130,099 Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating partnership units 1,432 — 1,432 — |
Share Options and Awards
Share Options and Awards | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share Options and Awards | Note 10. Share Options and Awards During 2020, we granted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return (“TSR”). The term of each grant varies depending upon the participant’s responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends from the date of grant. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested share awards are forfeited upon the termination of the participant’s employment with us. 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: Nine Months Ended September 30, 2020 Minimum Maximum Dividend yield 0.0 % 5.2 % Expected volatility (1) 19.0 % 20.0 % Expected life (in years) N/A 3 Risk-free interest rate 0.0 % 1.6 % (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 nine months ended September 30, 2020 is as follows: Weighted Average Unvested Grant Share Date Fair Awards Value Outstanding, January 1, 2020 801,346 $ 29.56 Granted: Service-based awards 144,640 30.19 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 66,953 31.18 Market-based awards relative to three-year absolute TSR 66,952 21.29 Trust manager awards 42,666 17.04 Vested (261,681) 31.29 Forfeited (2,700) 29.10 Outstanding, September 30, 2020 858,176 $ 28.00 As of September 30, 2020 and December 31, 2019, there was approximately $2.3 million and $2.1 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 at both September 30, 2020 and December 31, 2019. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 11. Employee Benefit Plans Defined Benefit Plan We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Service cost $ 370 $ 246 $ 948 $ 843 Interest cost 634 499 1,311 1,538 Expected return on plan assets (1,341) (776) (2,773) (2,514) Amortization of net loss 225 305 795 892 Total $ (112) $ 274 $ 281 $ 759 The components of net periodic benefit cost other than the service cost component are included in Interest and Other Income, net in the Condensed Consolidated Statements of Operations. For both the nine months ended September 30, 2020 and 2019, we contributed $1.0 million to the qualified retirement plan. Currently, we do not anticipate making any additional contributions to this plan during 2020. Defined Contribution Plans Compensation expense related to our defined contribution plans was $.9 million and $1.0 million for the three months ended September 30, 2020 and 2019, respectively, and $2.9 million and $3.0 million for the nine months ended September 30, 2020 and 2019, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Commitments and Contingencies As of September 30, 2020 and December 31, 2019, 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 condensed 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 $24 million and $45 million as of September 30, 2020 and December 31, 2019, respectively. As a REIT, we generally will not be subject to corporate level federal income tax on taxable income we distribute to our shareholders. As long as we distribute at least 90% of the taxable income of the REIT 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. As such, due to the magnitude of our dispositions during 2020, it is likely we will pay a special dividend near year-end in addition to our quarterly dividend; however, the timing of payment and amount of such dividend (if any) is not yet determinable. As of September 30, 2020, we have entered into commitments aggregating $46.1 million comprised principally of construction contracts which are generally due in 12 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 condensed 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, changes in the law or new discoveries of contamination may 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 condensed consolidated financial statements. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 13. Variable Interest Entities Consolidated VIEs: At both September 30, 2020 and December 31, 2019, eight of our real estate joint ventures, 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): September 30, December 31, 2020 2019 Assets Held by VIEs $ 230,133 $ 228,954 Assets Held as Collateral for Debt (1) 40,638 39,782 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 condensed 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, unplanned capital expenditures and repayment of debts. For the nine months ended September 30, 2020, $2.7 million in additional contributions were made to pay off an outstanding debt. Unconsolidated VIEs: At both September 30, 2020 and December 31, 2019, 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. This loan matures March 31, 2021 and has two one-year renewal options. The first renewal is anticipated to be exercised as of March 31, 2021 (see the maximum risk of loss in the table below for additional information). 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): September 30, December 31, 2020 2019 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 133,895 $ 128,361 Other Liabilities, net (2) 6,599 7,735 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 periods represents new development funding of a mixed-use project. (2) Includes the carrying amount of an investment where distributions have exceeded our contributions and our portion of the equity in earnings for a real estate joint venture. (3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. Additionally, our investment, including contributions and distributions, associated with a mixed-use project is disclosed in (1) above. We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate future funding of approximately $.8 million through 2020. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 14. Fair Value Measurements Currently, the COVID-19 pandemic has created uncertainties surrounding the global economy and financial markets. As a result, the full magnitude of the pandemic and the ultimate effect upon the future of our fair value measurements are uncertain at this time. Any changes in fair value for financial instruments marked to fair value will have a direct impact to our financial statements, except for net changes in our investments held in grantor trust and its related obligations. Additionally, changes in fair values for financial instruments not marked to fair value will not have an impact to our financial statements unless plans change to sell or settle the instrument prior to its maturity. Recurring Fair Value Measurements: Assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and 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 Markets for Significant Identical Other Significant Assets Observable Unobservable Fair Value at and Liabilities Inputs Inputs September 30, (Level 1) (Level 2) (Level 3) 2020 Assets: Cash equivalents, primarily money market funds (1) $ 155 $ 155 Restricted cash, primarily money market funds (1) 11,421 11,421 Investments, mutual funds held in a grantor trust (1) 39,476 39,476 Total $ 51,052 $ — $ — $ 51,052 Liabilities: Deferred compensation plan obligations $ 39,476 $ 39,476 Total $ 39,476 $ — $ — $ 39,476 ________________________________________ (1) For the three and nine months ended September 30, 2020, a net gain of $2.1 million and $1.2 million, respectively, was included in Interest and Other Income, net, of which $1.7 million and $(.2) million represented an unrealized gain (loss), respectively. Quoted Prices in Active Markets for Significant Identical Other Significant Assets Observable Unobservable Fair Value at and Liabilities Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2019 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. Included in these amounts for the three and nine months ended September 30, 2019 was a net gain of $1.1 million and $6.3 million, respectively, of which $.2 million and $4.1 million, respectively, represented an unrealized gain. 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 September 30, 2020. 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 Markets for Significant Identical Other Significant Assets Observable Unobservable and Liabilities Inputs Inputs Total Gains (Level 1) (Level 2) (Level 3) Fair Value (Losses) (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 were 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 described 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): September 30, 2020 December 31, 2019 Fair Value Fair Value Using Fair Value Using Fair Value Significant Using Significant Using Other Significant Other Significant Observable Unobservable Observable Unobservable Carrying Inputs Inputs Carrying Inputs Inputs Value (Level 2) (Level 3) Value (Level 2) (Level 3) Other Assets: Tax increment revenue bonds (1) $ 17,277 $ 21,000 $ 17,277 $ 25,000 Debt: Fixed-rate debt 1,730,153 1,814,375 1,714,890 1,787,663 Variable-rate debt — — 17,448 17,426 (1) At December 31, 2019, prior to the adoption of ASC 326, the amortized cost basis was net of a previously recognized other-than-temporary impairment on our tax increment revenue bonds of $31.0 million . 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 % |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events COVID-19, which was characterized on March 11, 2020 by the World Health Organization as a pandemic, has resulted in a widespread health crisis, which has adversely affected international, national and local economies and financial markets, and has had an unprecedented effect on the commercial real estate industry. Given the evolution of the COVID-19 pandemic and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 pandemic on our results of operations, cash flows, financial condition, or liquidity for fiscal year 2020. As of October 26, 2020, we have negotiated deferrals with tenants of approximately $21.9 million that will be collectable over the next several months. In addition, as of October 26, 2020, tenant rent collections for October, which includes base minimum rental revenues and escrows for common area maintenance (“CAM”), real estate taxes and insurance, either directly or through our interest in real estate joint ventures or partnerships, approximated 87% of the required amounts set forth in the leases. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Our condensed consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2019 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes for the year ended December 31, 2019. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“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 condensed consolidated financial statements (see Note 15). |
Leases | Leases In April 2020, the Financial Accounting Standards Board ("FASB") published a Staff Q&A regarding Accounting for Lease Concessions Related to the Effects of the COVID-19 pandemic. As the pandemic is expected to result in numerous tenant rent and lease concessions, the intent of the publication was to provide relief to lessors in assessing whether a lease modification exists. The FASB publication provides for an election to bypass the lease-by-lease analysis and account for lease concessions, directly related to the effects of the COVID-19 pandemic, consistent with how those concessions would be accounted for as though enforceable rights and obligations for those concessions existed in the original contract. Accordingly, an entity would not have to analyze each contract to determine whether those rights exist in the contract and can elect to apply or not apply lease modification guidance to those contracts. Such election is required to be applied consistently to leases with similar characteristics and circumstances. This election is available for COVID-19 related concessions that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee and the total payments required by the modified lease are substantially the same as or less than total payments required by the original lease. As of April 1, 2020, we elected to not apply lease modification guidance to those contracts. As such, any lease deferral concessions will remain recorded in Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net, and rent abatements will be recorded as a reduction to Rentals, net in our consolidated financial statements. Subject to this guidance, as of September 30, 2020, included in Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net we have deferred lease concessions not currently due of $12.1 million and have recorded rent abatements of $1.3 million (see Note 7 for additional information). Discussions are continuing with tenants as the effects of COVID-19 and related mandates evolve. |
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables are relatively short-term in nature with terms due in less than one year. 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. 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. 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. The duration of the COVID-19 pandemic and its impact on our tenants’ operations, including, in some cases, their ability to resume full operations as governmental and legislative measures are eased, or in some cases reimposed, has caused uncertainty in our ongoing ability to collect rents when due. Considering the potential impact of these uncertainties, our collection assessment also took into consideration the type of retailer and current discussions with the tenants, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the three and nine months ended September 30, 2020, we reduced (increased) rental revenues by $1.4 million and $30.1 million, respectively, due to lease related reserves and write-offs, which included $(.3) million and $12.1 million, respectively, for straight-line rent receivables. |
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. Our restricted deposits and escrows consist of the following (in thousands): September 30, December 31, 2020 2019 Restricted deposits $ 13,891 $ 12,793 Escrows 390 1,017 Total $ 14,281 $ 13,810 |
Other Assets, net | Other Assets, net Other assets include an asset related to the debt service guaranty (see Note 5 for further information), tax increment revenue bonds, right-of-use assets, investments held in a grantor trust, deferred tax assets, the net value of above-market leases, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. 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 are adjusted to fair value at each period with changes included in our Condensed Consolidated Statements of Operations. 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 are evaluated for credit risk and an allowance is established if there is an estimate for lifetime credit losses. These are based on available information, including historical loss information adjusted for current conditions and forecasts for future economic conditions. Prior to adoption of ASC No. 326, a reserve was applied to the carrying amount of other miscellaneous receivables when it became apparent that conditions existed that would lead to our inability to fully collect the outstanding amounts due. Such conditions included delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. 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 14 for further information). Due to the recognized credit loss, interest on these bonds is recorded at an effective interest rate when cash payments are received. The bonds are evaluated for credit losses based on discounted estimated future cash flows. Any future receipts in excess of the amortized basis will be recognized as revenue when received. The credit risk associated with the amortized value of these bonds is low as the bonds are earmarked for repayments from sales and property taxes associated with a government entity. At September 30, 2020, no credit allowance has been recorded. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component consists of the following (in thousands): Defined Benefit Pension Gain on Plan- Cash Flow Actuarial Hedges Loss Total Balance, December 31, 2019 $ (3,614) $ 14,897 $ 11,283 Amounts reclassified from accumulated other comprehensive loss 221 (1) (297) (2) (76) Net other comprehensive loss (income) 221 (297) (76) Balance, March 31, 2020 (3,393) 14,600 11,207 Amounts reclassified from accumulated other comprehensive loss 224 (1) (273) (2) (49) Net other comprehensive loss (income) 224 (273) (49) Balance, June 30, 2020 (3,169) 14,327 11,158 Amounts reclassified from accumulated other comprehensive loss 221 (1) (225) (2) (4) Net other comprehensive loss (income) 221 (225) (4) Balance, September 30, 2020 $ (2,948) $ 14,102 $ 11,154 Defined Benefit Pension Gain on Plan- Cash Flow Actuarial Hedges Loss Total Balance, December 31, 2018 $ (4,501) $ 15,050 $ 10,549 Amounts reclassified from accumulated other comprehensive loss 219 (1) (288) (2) (69) Net other comprehensive loss (income) 219 (288) (69) Balance, March 31, 2019 (4,282) 14,762 10,480 Amounts reclassified from accumulated other comprehensive loss 221 (1) (299) (2) (78) Net other comprehensive loss (income) 221 (299) (78) Balance, June 30, 2019 (4,061) 14,463 10,402 Amounts reclassified from accumulated other comprehensive loss 223 (1) (305) (2) (82) Net other comprehensive loss (income) 223 (305) (82) Balance, September 30, 2019 $ (3,838) $ 14,158 $ 10,320 (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 11 for additional information). Additionally, as of September 30, 2020 and December 31, 2019, the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $2.9 million and $3.6 million, respectively, which will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, approximately $.9 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts. |
Newly Issued Accounting Pronouncements | Adopted In June 2016, the FASB issued Accounting Standard Update ("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," ASU No. 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses" and ASU No. 2020-02, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119.” 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, using the modified retrospective approach, a cumulative effect for credit losses, which has decreased each of retained earnings and other 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 were not applicable to us. The adoption of this ASU did not have a material impact to our consolidated financial statements. Not Yet Adopted 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. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” This ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in this ASU is optional and may be elected over time as reference rate reform activities occur. At January 1, 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The adoption of this portion of the ASU did not have a material impact to our consolidated financial statements. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. In August 2020, the FASB issued ASU No. 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” The guidance in this ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This simplification results by removing major separation models required under current GAAP. Additionally, it removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and simplifies the diluted earnings per share calculation. The provisions of ASU No. 2020-06 are effective for us as of January 1, 2022 using either a modified retrospective method or a fully retrospective method, and early adoption is permitted beginning for us as of January 1, 2021. 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, and we are considering early adoption as of January 1, 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule Of Restricted Deposits and Escrows | Our restricted deposits and escrows consist of the following (in thousands): September 30, December 31, 2020 2019 Restricted deposits $ 13,891 $ 12,793 Escrows 390 1,017 Total $ 14,281 $ 13,810 |
Schedule Of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component consists of the following (in thousands): Defined Benefit Pension Gain on Plan- Cash Flow Actuarial Hedges Loss Total Balance, December 31, 2019 $ (3,614) $ 14,897 $ 11,283 Amounts reclassified from accumulated other comprehensive loss 221 (1) (297) (2) (76) Net other comprehensive loss (income) 221 (297) (76) Balance, March 31, 2020 (3,393) 14,600 11,207 Amounts reclassified from accumulated other comprehensive loss 224 (1) (273) (2) (49) Net other comprehensive loss (income) 224 (273) (49) Balance, June 30, 2020 (3,169) 14,327 11,158 Amounts reclassified from accumulated other comprehensive loss 221 (1) (225) (2) (4) Net other comprehensive loss (income) 221 (225) (4) Balance, September 30, 2020 $ (2,948) $ 14,102 $ 11,154 Defined Benefit Pension Gain on Plan- Cash Flow Actuarial Hedges Loss Total Balance, December 31, 2018 $ (4,501) $ 15,050 $ 10,549 Amounts reclassified from accumulated other comprehensive loss 219 (1) (288) (2) (69) Net other comprehensive loss (income) 219 (288) (69) Balance, March 31, 2019 (4,282) 14,762 10,480 Amounts reclassified from accumulated other comprehensive loss 221 (1) (299) (2) (78) Net other comprehensive loss (income) 221 (299) (78) Balance, June 30, 2019 (4,061) 14,463 10,402 Amounts reclassified from accumulated other comprehensive loss 223 (1) (305) (2) (82) Net other comprehensive loss (income) 223 (305) (82) Balance, September 30, 2019 $ (3,838) $ 14,158 $ 10,320 (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 11 for additional information). |
Property (Tables)
Property (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Schedule of Property | Our property consists of the following (in thousands): September 30, December 31, 2020 2019 Land $ 928,510 $ 911,521 Land held for development 39,912 40,667 Land under development 21,241 53,076 Buildings and improvements 3,010,980 2,898,867 Construction in-progress 199,840 241,118 Total $ 4,200,483 $ 4,145,249 |
Investment In Real Estate Joi_2
Investment In Real Estate Joint Ventures And Partnerships (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Combined Condensed Balance Sheets and Statements of Operations | September 30, December 31, 2020 2019 Combined Condensed Balance Sheets ASSETS Property $ 1,224,459 $ 1,378,328 Accumulated depreciation (295,353) (331,856) Property, net 929,106 1,046,472 Other assets, net 117,886 108,366 Total Assets $ 1,046,992 $ 1,154,838 LIABILITIES AND EQUITY Debt, net (primarily mortgages payable) $ 262,699 $ 264,782 Amounts payable to Weingarten Realty Investors and Affiliates 9,267 11,972 Other liabilities, net 25,473 25,498 Total Liabilities 297,439 302,252 Equity 749,553 852,586 Total Liabilities and Equity $ 1,046,992 $ 1,154,838 Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Combined Condensed Statements of Operations Revenues, net $ 32,073 $ 33,853 $ 92,629 $ 99,245 Expenses: Depreciation and amortization 8,803 7,914 26,467 23,409 Interest, net 2,328 2,336 7,080 7,286 Operating 5,579 6,035 18,152 17,820 Real estate taxes, net 4,333 4,891 12,948 13,948 General and administrative 92 110 430 422 Provision for income taxes 30 34 100 103 Total 21,165 21,320 65,177 62,988 Gain on dispositions 178 — 46,967 2,009 Net income $ 11,086 $ 12,533 $ 74,419 $ 38,266 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule Of Debt | Our debt consists of the following (in thousands): September 30, December 31, 2020 2019 Debt payable, net to 2038 (1) $ 1,651,050 $ 1,653,154 Debt service guaranty liability 57,380 57,380 Finance lease obligation 21,723 21,804 Total $ 1,730,153 $ 1,732,338 (1) At both September 30, 2020 and December 31, 2019, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 3.9% for both periods. |
Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured | September 30, December 31, 2020 2019 As to interest rate (including the effects of interest rate contracts): Fixed-rate debt $ 1,730,153 $ 1,714,890 Variable-rate debt — 17,448 Total $ 1,730,153 $ 1,732,338 As to collateralization: Unsecured debt $ 1,452,167 $ 1,450,762 Secured debt 277,986 281,576 Total $ 1,730,153 $ 1,732,338 |
Schedule Of Credit Facilities | The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): September 30, December 31, 2020 2019 Unsecured revolving credit facility: Balance outstanding $ — $ — Available balance 498,068 497,946 Letters of credit outstanding under facility 1,932 2,054 Variable interest rate (excluding facility fee) — % — % Unsecured short-term facility: Balance outstanding $ — $ — Variable interest rate (excluding facility fee) — % — % Both facilities: Maximum balance outstanding during the period (1) $ 497,000 $ 5,000 Weighted average balance 98,095 123 Year-to-date weighted average interest rate (excluding facility fee) 1.0 % 3.3 % (1) At March 31, 2020, we drew down the available balance of our unsecured revolving credit facility to increase liquidity and preserve financial flexibility in light of the uncertainty regarding the COVID-19 pandemic on the markets at that time, which we subsequently repaid due to the stability of the financial markets. |
Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $21.7 million of a finance lease obligation, $(3.3) million net premium/(discount) on debt, $(4.8) million of deferred debt costs, $1.7 million of non-cash debt-related items, and $57.4 million debt service guaranty liability) are due during the following years (in thousands): 2020 remaining $ 1,435 2021 18,795 2022 308,298 2023 348,207 2024 252,561 2025 294,232 2026 277,733 2027 53,604 2028 92,159 2029 917 Thereafter 9,518 Total $ 1,657,459 |
Leasing Operations (Tables)
Leasing Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Variable Lease, Payment | Variable lease payments recognized in Rentals, net are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Variable lease payments $ 25,022 $ 28,132 $ 75,983 $ 82,237 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): September 30, September 30, 2020 2019 Cash and cash equivalents $ 50,215 $ 124,406 Restricted deposits and escrows (see Note 1) 14,281 62,274 Total $ 64,496 $ 186,680 |
Supplemental disclosure of non-cash transactions | Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): Nine Months Ended September 30, 2020 2019 Accrued property construction costs $ 13,590 $ 28,604 Accrued dividends payable 23,066 — Right-of-use assets exchanged for operating lease liabilities 468 43,729 Increase in debt, net associated with the acquisition of real estate and land 17,952 — Increase in other assets, net associated with the disposition of real estate and land 9,930 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Common Share - Basic and Diluted | Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator: Net income $ 27,461 $ 108,509 $ 94,086 $ 245,283 Net income attributable to noncontrolling interests (2,372) (1,767) (5,007) (5,066) Net income attributable to common shareholders – basic 25,089 106,742 89,079 240,217 Income attributable to operating partnership units — 528 — 1,584 Net income attributable to common shareholders – diluted $ 25,089 $ 107,270 $ 89,079 $ 241,801 Denominator: Weighted average shares outstanding – basic 127,270 127,870 127,457 127,828 Effect of dilutive securities: Share options and awards 860 835 886 839 Operating partnership units — 1,432 — 1,432 Weighted average shares outstanding – diluted 128,130 130,137 128,343 130,099 |
Schedule Of 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): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Operating partnership units 1,432 — 1,432 — |
Share Options and Awards (Table
Share Options and Awards (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
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: Nine Months Ended September 30, 2020 Minimum Maximum Dividend yield 0.0 % 5.2 % Expected volatility (1) 19.0 % 20.0 % Expected life (in years) N/A 3 Risk-free interest rate 0.0 % 1.6 % (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 nine months ended September 30, 2020 is as follows: Weighted Average Unvested Grant Share Date Fair Awards Value Outstanding, January 1, 2020 801,346 $ 29.56 Granted: Service-based awards 144,640 30.19 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 66,953 31.18 Market-based awards relative to three-year absolute TSR 66,952 21.29 Trust manager awards 42,666 17.04 Vested (261,681) 31.29 Forfeited (2,700) 29.10 Outstanding, September 30, 2020 858,176 $ 28.00 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost for this plan are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Service cost $ 370 $ 246 $ 948 $ 843 Interest cost 634 499 1,311 1,538 Expected return on plan assets (1,341) (776) (2,773) (2,514) Amortization of net loss 225 305 795 892 Total $ (112) $ 274 $ 281 $ 759 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Summary Of Variable Interest Entities | A summary of our consolidated VIEs is as follows (in thousands): September 30, December 31, 2020 2019 Assets Held by VIEs $ 230,133 $ 228,954 Assets Held as Collateral for Debt (1) 40,638 39,782 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): September 30, December 31, 2020 2019 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 133,895 $ 128,361 Other Liabilities, net (2) 6,599 7,735 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 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) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and 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 Markets for Significant Identical Other Significant Assets Observable Unobservable Fair Value at and Liabilities Inputs Inputs September 30, (Level 1) (Level 2) (Level 3) 2020 Assets: Cash equivalents, primarily money market funds (1) $ 155 $ 155 Restricted cash, primarily money market funds (1) 11,421 11,421 Investments, mutual funds held in a grantor trust (1) 39,476 39,476 Total $ 51,052 $ — $ — $ 51,052 Liabilities: Deferred compensation plan obligations $ 39,476 $ 39,476 Total $ 39,476 $ — $ — $ 39,476 ________________________________________ (1) For the three and nine months ended September 30, 2020, a net gain of $2.1 million and $1.2 million, respectively, was included in Interest and Other Income, net, of which $1.7 million and $(.2) million represented an unrealized gain (loss), respectively. Quoted Prices in Active Markets for Significant Identical Other Significant Assets Observable Unobservable Fair Value at and Liabilities Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2019 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. Included in these amounts for the three and nine months ended September 30, 2019 was a net gain of $1.1 million and $6.3 million, respectively, of which $.2 million and $4.1 million, respectively, represented an unrealized gain. |
Assets Measured on Nonrecurring Basis | 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 Markets for Significant Identical Other Significant Assets Observable Unobservable and Liabilities Inputs Inputs Total Gains (Level 1) (Level 2) (Level 3) Fair Value (Losses) (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 were 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): September 30, 2020 December 31, 2019 Fair Value Fair Value Using Fair Value Using Fair Value Significant Using Significant Using Other Significant Other Significant Observable Unobservable Observable Unobservable Carrying Inputs Inputs Carrying Inputs Inputs Value (Level 2) (Level 3) Value (Level 2) (Level 3) Other Assets: Tax increment revenue bonds (1) $ 17,277 $ 21,000 $ 17,277 $ 25,000 Debt: Fixed-rate debt 1,730,153 1,814,375 1,714,890 1,787,663 Variable-rate debt — — 17,448 17,426 (1) At December 31, 2019, prior to the adoption of ASC 326, the amortized cost basis was net of a previously recognized other-than-temporary impairment on our tax increment revenue bonds of $31.0 million . |
Schedule of the significant unobservable inputs used for our nonrecurring Level 3 fair value measurements | 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 % |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands, ft² in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)ft² | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ft² | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Square footage of operating properties (in square feet) | ft² | 31 | 31 | |||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | $ 79,392 | $ 79,392 | $ 83,639 | ||
Allowance for credit loss | 0 | 0 | |||
Other | 2,925 | $ 3,984 | 8,549 | $ 10,494 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Cash flow hedge gain (loss) to be amortized within 12 months | (900) | $ (900) | |||
Tenant Base [Member] | Revenue Benchmark [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentrations of risk | 2.70% | ||||
HOUSTON | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentrations of risk | 20.20% | ||||
OTHER PARTS OF TEXAS | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentrations of risk | 9.80% | ||||
FLORIDA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentrations of risk | 20.50% | ||||
CALIFORNIA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Concentrations of risk | 16.90% | ||||
COVID-19 [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 12,100 | $ 12,100 | |||
Rent forgiveness | 1,000 | 1,300 | |||
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts | 1,400 | 30,100 | |||
Straight Line Rent Receivables [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts | $ (300) | $ 12,100 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Schedule Of Restricted Deposits and Escrows) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Accounting Policies [Abstract] | |||
Restricted deposits | $ 13,891 | $ 12,793 | |
Escrows | 390 | 1,017 | |
Total | $ 14,281 | $ 13,810 | $ 62,274 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | $ (1,855,732) | $ (1,866,245) | $ (1,876,160) | $ (1,794,850) | $ (1,760,434) | $ (1,750,699) | $ (1,876,160) | $ (1,750,699) |
Cumulative effect adjustment of accounting standards | 1,855,732 | 1,855,732 | 1,866,245 | 1,852,477 | 1,794,850 | 1,760,434 | 1,876,160 | 1,852,477 |
Net other comprehensive loss (income) | (4) | (49) | (76) | (82) | (78) | (69) | (129) | (229) |
Ending Balance | (1,837,829) | (1,855,732) | (1,866,245) | (1,852,477) | (1,794,850) | (1,760,434) | (1,837,829) | (1,852,477) |
Gain on Cash Flow Hedges [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | (3,169) | (3,393) | (3,614) | (4,061) | (4,282) | (4,501) | (3,614) | (4,501) |
Cumulative effect adjustment of accounting standards | 2,948 | 3,169 | 3,393 | 3,838 | 4,061 | 4,282 | 2,948 | 3,838 |
Amounts reclassified from accumulated other comprehensive loss | 221 | 224 | 221 | 223 | 221 | 219 | ||
Net other comprehensive loss (income) | 221 | 224 | 221 | 223 | 221 | 219 | ||
Ending Balance | (2,948) | (3,169) | (3,393) | (3,838) | (4,061) | (4,282) | (2,948) | (3,838) |
Defined Benefit Pension Plan [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 14,327 | 14,600 | 14,897 | 14,463 | 14,762 | 15,050 | 14,897 | 15,050 |
Cumulative effect adjustment of accounting standards | (14,102) | (14,327) | (14,600) | (14,158) | (14,463) | (14,762) | (14,102) | (14,158) |
Amounts reclassified from accumulated other comprehensive loss | (225) | (273) | (297) | (305) | (299) | (288) | ||
Net other comprehensive loss (income) | (225) | (273) | (297) | (305) | (299) | (288) | ||
Ending Balance | 14,102 | 14,327 | 14,600 | 14,158 | 14,463 | 14,762 | 14,102 | 14,158 |
Accumulated Other Comprehensive Loss [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 11,158 | 11,207 | 11,283 | 10,402 | 10,480 | 10,549 | 11,283 | 10,549 |
Cumulative effect adjustment of accounting standards | (11,154) | (11,158) | (11,207) | (10,320) | (10,402) | (10,480) | (11,154) | (10,320) |
Amounts reclassified from accumulated other comprehensive loss | (4) | (49) | (76) | (82) | (78) | (69) | ||
Net other comprehensive loss (income) | (4) | (49) | (76) | (82) | (78) | (69) | ||
Ending Balance | $ 11,154 | 11,158 | 11,207 | $ 10,320 | $ 10,402 | $ 10,480 | $ 11,154 | $ 10,320 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Beginning Balance | 711 | |||||||
Cumulative effect adjustment of accounting standards | $ (711) | (711) | ||||||
Ending Balance | $ 711 |
Newly Issued Accounting Prono_2
Newly Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Real estate taxes, net | $ 16,479 | $ 15,205 | $ 47,220 | $ 47,072 | ||
Other, net | 196,544 | 196,544 | $ 188,004 | |||
Accumulated Distributions in Excess of Net Income | $ 106,051 | $ 106,051 | $ 74,293 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other, net | $ (700) | |||||
Accumulated Distributions in Excess of Net Income | $ 700 |
Property (Narrative) (Details)
Property (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)property | Sep. 30, 2019USD ($) | |
Real Estate [Abstract] | ||
Number of centers sold | property | 5 | |
Proceeds from sale and disposition of property | $ 98,300 | |
Gain on sale of property | $ 31,742 | $ 143,963 |
Number of real estate properties | property | 1 | |
Acquisition of real estate property | $ 46,000 | |
Investment in new development | $ 71,000 |
Property (Schedule Of Property)
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Real Estate [Abstract] | ||
Land | $ 928,510 | $ 911,521 |
Land held for development | 39,912 | 40,667 |
Land under development | 21,241 | 53,076 |
Buildings and improvements | 3,010,980 | 2,898,867 |
Construction in-progress | 199,840 | 241,118 |
Total | $ 4,200,483 | $ 4,145,249 |
Investment In Real Estate Joi_3
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)propertyCenter | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||
Net basis differentials for equity method investments | $ 11,100 | $ 11,100 | $ 9,000 | |||
Number of centers sold | property | 5 | |||||
Gain on sale of property | $ 31,742 | $ 143,963 | ||||
Real estate joint ventures and partnerships - Investments | 8,280 | 68,200 | ||||
Proceeds from sale and disposition of property | 98,300 | |||||
Gross purchase price to acquire center | $ 46,000 | |||||
Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 20.00% | 20.00% | 20.00% | |||
Maximum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 90.00% | 90.00% | 90.00% | |||
COVID-19 [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts | $ 1,400 | $ 30,100 | ||||
Entity's share of the adjustment to revenue related to potentially uncollectible revenues and disputed amounts | 2,000 | |||||
Straight Line Rent Receivables [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts | (300) | $ 12,100 | ||||
Entity's share of the adjustment to revenue related to potentially uncollectible revenues and disputed amounts | $ 700 | |||||
Disposal Group, Multiple Centers [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of centers sold | Center | 2 | |||||
Number of centers sold the Entity had interest in | Center | 2 | |||||
Proceeds From divestitures | $ 148,300 | |||||
Gain on sale of property | $ 23,500 | |||||
Disposal Group, Multiple Centers [Member] | Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 20.00% | 20.00% | ||||
Disposal Group, Multiple Centers [Member] | Maximum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 50.00% | 50.00% | ||||
Joint Ventures and Limited Partnerships | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 51.00% | |||||
Joint venture fee income | $ 1,300 | $ 1,900 | $ 4,000 | $ 4,800 | ||
Gain on sale of property | $ 1,100 | |||||
Proceeds from sale and disposition of property | $ 2,300 | |||||
Gross purchase price to acquire center | $ 52,600 | |||||
Joint Ventures and Limited Partnerships | COVID-19 [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts | 5,900 | |||||
Joint Ventures and Limited Partnerships | Straight Line Rent Receivables [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts | $ 2,600 | |||||
Investment, Mixed-Use New Development [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 90.00% | 90.00% | 90.00% | |||
Real estate joint ventures and partnerships - Investments | $ 8,300 | $ 47,600 |
Investment In Real Estate Joi_4
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||||||
Property | $ 4,200,483 | $ 4,145,249 | ||||||
Accumulated Depreciation | (1,174,347) | (1,110,675) | ||||||
Real Estate Investment Property, Net | 3,026,136 | 3,034,574 | ||||||
Other, net | 196,544 | 188,004 | ||||||
Total Assets | 3,910,147 | 3,937,934 | ||||||
LIABILITIES AND EQUITY | ||||||||
Debt, net | 1,730,153 | 1,732,338 | ||||||
Other liabilities, net | 209,495 | 217,770 | ||||||
Total Liabilities | 2,072,318 | 2,061,774 | ||||||
Equity | 1,837,829 | $ 1,855,732 | $ 1,866,245 | 1,876,160 | $ 1,852,477 | $ 1,794,850 | $ 1,760,434 | $ 1,750,699 |
Total Liabilities and Equity | 3,910,147 | 3,937,934 | ||||||
Joint Ventures and Limited Partnerships | ||||||||
ASSETS | ||||||||
Property | 1,224,459 | 1,378,328 | ||||||
Accumulated Depreciation | (295,353) | (331,856) | ||||||
Real Estate Investment Property, Net | 929,106 | 1,046,472 | ||||||
Other, net | 117,886 | 108,366 | ||||||
Total Assets | 1,046,992 | 1,154,838 | ||||||
LIABILITIES AND EQUITY | ||||||||
Debt, net | 262,699 | 264,782 | ||||||
Amounts payable to Weingarten Realty Investors and Affiliates | 9,267 | 11,972 | ||||||
Other liabilities, net | 25,473 | 25,498 | ||||||
Total Liabilities | 297,439 | 302,252 | ||||||
Equity | 749,553 | 852,586 | ||||||
Total Liabilities and Equity | $ 1,046,992 | $ 1,154,838 |
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 | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Revenues, net | $ 112,355 | $ 121,362 | $ 321,842 | $ 367,160 | ||||
Expenses | ||||||||
Depreciation and amortization | 37,946 | 33,380 | 112,229 | 102,319 | ||||
Interest, net | 15,044 | 13,820 | 45,422 | 44,062 | ||||
Operating | 22,816 | 22,912 | 65,954 | 69,927 | ||||
Real estate taxes, net | 16,479 | 15,205 | 47,220 | 47,072 | ||||
General and administrative | 10,245 | 8,432 | 25,472 | 26,893 | ||||
Provision for income taxes | 195 | 21 | 710 | 682 | ||||
Gain on dispositions | 10,268 | 74,115 | 31,742 | 143,963 | ||||
Net Income | 27,461 | $ 12,377 | $ 54,248 | 108,509 | $ 85,520 | $ 51,254 | 94,086 | 245,283 |
Joint Ventures and Limited Partnerships | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Revenues, net | 32,073 | 33,853 | 92,629 | 99,245 | ||||
Expenses | ||||||||
Depreciation and amortization | 8,803 | 7,914 | 26,467 | 23,409 | ||||
Interest, net | 2,328 | 2,336 | 7,080 | 7,286 | ||||
Operating | 5,579 | 6,035 | 18,152 | 17,820 | ||||
Real estate taxes, net | 4,333 | 4,891 | 12,948 | 13,948 | ||||
General and administrative | 92 | 110 | 430 | 422 | ||||
Provision for income taxes | 30 | 34 | 100 | 103 | ||||
Total | 21,165 | 21,320 | 65,177 | 62,988 | ||||
Gain on dispositions | 178 | 0 | 46,967 | 2,009 | ||||
Net Income | $ 11,086 | $ 12,533 | $ 74,419 | $ 38,266 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Thousands | Dec. 11, 2019USD ($)item | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jan. 03, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Debt service guaranty liability | $ 57,380 | $ 57,380 | |||
Principal payments of debt | 21,542 | $ 54,226 | |||
Debt instruments collateral value | 494,200 | 463,700 | |||
Finance lease obligation | 21,723 | $ 21,804 | |||
Net premium/(discount) on debt | (3,300) | ||||
Deferred finance costs, net | (4,800) | ||||
Non-cash debt | 1,700 | ||||
Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 500,000 | ||||
Number of credit facility 6-month extensions | item | 2 | ||||
Line of credit facility, extension period | 6 months | ||||
Bids amount (up to) | 250,000 | ||||
Maximum increase in credit facility amount (up to) | $ 850,000 | ||||
Commitment fee percentage | 0.15% | 0.15% | |||
Outstanding revolving credit facility | $ 0 | $ 0 | |||
Debt Service Guaranty [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt coverage ratio | 1.4 | ||||
Mortgages [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal payments of debt | $ 50,000 | ||||
Debt stated interest rate | 7.00% | ||||
Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 10,000 | ||||
Fixed interest rate loan period (in days) | 30 days | 30 days | |||
Commitment fee percentage | 0.10% | 0.10% | |||
Unused capacity, commitment fee percentage | 0.05% | 0.05% | |||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 0.825% | 0.825% | |||
Thirty-Day LIBOR [Member] | Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | 1.25% | |||
Financial Standby Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Securities pledged as collateral | $ 5,300 | $ 5,300 | |||
Guarantor obligations, maximum exposure, undiscounted | $ 5,000 | $ 5,000 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Debt payable, net to 2038 | $ 1,651,050 | $ 1,653,154 |
Debt service guaranty liability | 57,380 | 57,380 |
Finance lease obligation | 21,723 | 21,804 |
Total | $ 1,730,153 | $ 1,732,338 |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 3.30% | 3.30% |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 7.00% | 7.00% |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Weighted Average [Member] | ||
Debt Instrument [Line Items] | ||
Debt stated interest rate | 3.90% | 3.90% |
Debt (Grouping Of Debt Between
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Total | $ 1,730,153 | $ 1,732,338 |
As To Interest Rate [Member] | ||
Debt Instrument [Line Items] | ||
Fixed-rate debt | 1,730,153 | 1,714,890 |
Variable-rate debt | 17,448 | |
Total | 1,730,153 | 1,732,338 |
As To Collateralization [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt | 1,452,167 | 1,450,762 |
Secured debt | 277,986 | 281,576 |
Total | $ 1,730,153 | $ 1,732,338 |
Debt (Schedule Of Credit Facili
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
Maximum balance outstanding during the period | $ 497,000 | $ 5,000 |
Weighted average balance | $ 98,095 | $ 123 |
Year-to-date weighted average interest rate (excluding facility fee) | 1.00% | 3.30% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 0 |
Available balance | 498,068 | 497,946 |
Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding under facility | 1,932 | 2,054 |
Short-Term Unsecured Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 0 |
Variable interest rate (excluding facility fee) | 0.00% | 0.00% |
Debt (Principal Payments Of Deb
Debt (Principal Payments Of Debt) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 remaining | $ 1,435 |
2021 | 18,795 |
2022 | 308,298 |
2023 | 348,207 |
2024 | 252,561 |
2025 | 294,232 |
2026 | 277,733 |
2027 | 53,604 |
2028 | 92,159 |
2029 | 917 |
Thereafter | 9,518 |
Total | $ 1,657,459 |
Common Shares of Beneficial I_2
Common Shares of Beneficial Interest (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Nov. 04, 2020 | |
Class of Stock [Line Items] | |||||
Value of shares approved to be repurchased | $ 200,000 | $ 200,000 | $ 200,000 | ||
Common Shares of Beneficial Interest; par value (dollars per share) | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.03 | |
Common dividends declared (in dollars per share) | $ 0.18 | $ 0.18 | |||
Dividends declared and payable | $ 23,066 | $ 23,066 | $ 23,066 | ||
Common Shares of Beneficial Interest | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 163,300 | $ 163,300 | $ 163,300 | ||
Stock Repurchased During Period, Shares | 800,000 | 0 | |||
Common Shares of Beneficial Interest; par value (dollars per share) | $ 21.47 | $ 21.47 | $ 21.47 | ||
Subsequent Event [Member] | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program, remaining authorized repurchase amount | $ 163,300 |
Leasing Operations (Details)
Leasing Operations (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
COVID-19 [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Rent forgiveness | $ 1 | $ 1.3 |
Maximum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Lease term | 10 years | 10 years |
Lease renewal term | 5 years | 5 years |
Leasing Operations Variable lea
Leasing Operations Variable lease payments recognized in Rentals, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Variable lease payments | $ 25,022 | $ 28,132 | $ 75,983 | $ 82,237 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and Cash Equivalents * | $ 50,215 | $ 41,481 | $ 124,406 | |
Restricted Deposits and Escrows | 14,281 | 13,810 | 62,274 | |
Total | $ 64,496 | $ 55,291 | $ 186,680 | $ 76,137 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Summary of Non-Cash Transactions) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accrued property construction costs | $ 13,590 | $ 28,604 |
Accrued dividends payable | 23,066 | |
Right-of-use assets exchanged for operating lease liabilities | 468 | 43,729 |
Increase in debt, net associated with the acquisition of real estate and land | 17,952 | |
Increase in other assets, net associated with the disposition of real estate and land | $ 9,930 | $ 0 |
Earnings Per Share (Components
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||||||
Net Income | $ 27,461 | $ 12,377 | $ 54,248 | $ 108,509 | $ 85,520 | $ 51,254 | $ 94,086 | $ 245,283 |
Net income attributable to noncontrolling interests | 2,372 | 1,767 | 5,007 | 5,066 | ||||
Net income attributable to common shareholders - basic | 25,089 | 106,742 | 89,079 | 240,217 | ||||
Income attributable to operating partnership units | 528 | 1,584 | ||||||
Net income attributable to common shareholders - diluted | $ 25,089 | $ 107,270 | $ 89,079 | $ 241,801 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic (in shares) | 127,270 | 127,870 | 127,457 | 127,828 | ||||
Effect of dilutive securities: | ||||||||
Share options and awards (in shares) | 860 | 835 | 886 | 839 | ||||
Operating partnership units (in shares) | 1,432 | 1,432 | ||||||
Weighted average shares outstanding - diluted (in shares) | 128,130 | 130,137 | 128,343 | 130,099 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Operating partnership units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,432 | 1,432 |
Share Options And Awards (Narra
Share Options And Awards (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 2.3 | $ 2.1 |
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 9 months 18 days | 1 year 9 months 18 days |
Share Options and Awards (Fair
Share Options and Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) - Restricted Shares [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 19.00% |
Expected volatility, maximum | 20.00% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 0.00% |
Risk-free interest rate, maximum | 1.60% |
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 | 5.20% |
Share Options and Awards (Summa
Share Options and Awards (Summary Of The Status Of Unvested Share Awards) (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Service-Based Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 144,640 |
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 | $ 30.19 |
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 share awards, granted (in shares) | shares | 66,953 |
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 | $ 31.18 |
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 66,952 |
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 | $ 21.29 |
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 share awards, granted (in shares) | shares | 42,666 |
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 | $ 17.04 |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, outstanding, January 1, 2020 (in shares) | shares | 801,346 |
Unvested share awards, vested (in shares) | shares | (261,681) |
Unvested share awards, forfeited (in shares) | shares | (2,700) |
Unvested share awards, outstanding, March 31, 2020 (in shares) | shares | 858,176 |
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, January 1, 2020 (in dollars per share) | $ / shares | $ 29.56 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 31.29 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 29.10 |
Weighted average grant date fair value, outstanding, March 31, 2020 (in dollars per share) | $ / shares | $ 28 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1 | $ 1 | ||
Defined contribution plan, compensation expense | $ 0.9 | $ 1 | $ 2.9 | $ 3 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 370 | $ 246 | $ 948 | $ 843 |
Interest cost | 634 | 499 | 1,311 | 1,538 |
Expected return on plan assets | (1,341) | (776) | (2,773) | (2,514) |
Amortization of net loss | 225 | 305 | 795 | 892 |
Total | $ (112) | $ 274 | $ 281 | $ 759 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)Partnership | Dec. 31, 2019USD ($)Partnership | |
Long-term Purchase Commitment [Line Items] | ||
Number of real estate joint ventures | Partnership | 2 | 2 |
Aggregate redemption value | $ 24 | $ 45 |
Purchase contract, commitment | $ 46.1 | |
Minimum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Construction contract, period (in months) | 12 months | |
Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Construction contract, period (in months) | 36 months |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)itemproperty | Dec. 31, 2019itemproperty | |
Variable Interest Entity [Line Items] | ||
Additional support contributions | $ | $ 2.7 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 8 | 8 |
Number of real estate properties | property | 21 | 21 |
Number of VIE real estate joint ventures guaranteed by company | 1 | 1 |
Unconsolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 2 | 2 |
Additional support contributions | $ | $ 0.8 | |
Number of joint venture arrangements | 1 | |
Number of loan renewal options | 2 | |
Period for debt renewal option (in years) | 1 year |
Variable Interest Entities (Sum
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)item | Dec. 31, 2019USD ($)item | |
Variable Interest Entity [Line Items] | ||
Assets | $ 3,910,147 | $ 3,937,934 |
Assets Held as Collateral for Debt | 3,910,147 | 3,937,934 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 230,133 | 228,954 |
Assets Held as Collateral for Debt | 230,133 | 228,954 |
Maximum Risk of Loss | $ 29,784 | $ 29,784 |
Number of VIE real estate joint ventures guaranteed by company | item | 1 | 1 |
Asset Pledged as Collateral [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | $ 40,638 | $ 39,782 |
Assets Held as Collateral for Debt | $ 40,638 | $ 39,782 |
Variable Interest Entities (S_2
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entity [Line Items] | ||
Investment in Real Estate Joint Ventures and Partnerships, net | $ 404,495 | $ 427,947 |
Other liabilities, net | 209,495 | 217,770 |
Unconsolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in Real Estate Joint Ventures and Partnerships, net | 133,895 | 128,361 |
Maximum risk of loss | 34,000 | 34,000 |
Unconsolidated Variable Interest Entities [Member] | Other Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Other liabilities, net | $ 6,599 | $ 7,735 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Assets: | |||||
Restricted cash, primarily money market funds | $ 13,891 | $ 13,891 | $ 12,793 | ||
Liabilities: | |||||
Gain included in interest and other income/expense | 2,100 | $ 1,100 | 1,200 | $ 6,300 | 9,400 |
Equity securities, unrealized gain (loss) | 1,700 | $ 200 | (200) | $ 4,100 | 6,700 |
Recurring [Member] | |||||
Assets: | |||||
Assets, fair value disclosure | 51,052 | 51,052 | 76,624 | ||
Liabilities: | |||||
Deferred compensation plan obligations | 39,476 | 39,476 | 38,378 | ||
Total | 39,476 | 39,476 | 38,378 | ||
Recurring [Member] | Money Market Funds [Member] | |||||
Assets: | |||||
Cash equivalents | 155 | 155 | 28,330 | ||
Restricted cash, primarily money market funds | 11,421 | 11,421 | 9,916 | ||
Recurring [Member] | Grantor Trusts [Member] | |||||
Assets: | |||||
Investments | 39,476 | 39,476 | 38,378 | ||
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | |||||
Assets: | |||||
Assets, fair value disclosure | 51,052 | 51,052 | 76,624 | ||
Liabilities: | |||||
Deferred compensation plan obligations | 39,476 | 39,476 | 38,378 | ||
Total | 39,476 | 39,476 | 38,378 | ||
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Money Market Funds [Member] | |||||
Assets: | |||||
Cash equivalents | 155 | 155 | 28,330 | ||
Restricted cash, primarily money market funds | 11,421 | 11,421 | 9,916 | ||
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | |||||
Assets: | |||||
Investments | 39,476 | 39,476 | 38,378 | ||
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Assets: | |||||
Assets, fair value disclosure | 0 | 0 | 0 | ||
Liabilities: | |||||
Total | 0 | 0 | 0 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Assets: | |||||
Assets, fair value disclosure | 0 | 0 | 0 | ||
Liabilities: | |||||
Total | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets And Liabilities Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Assets: | ||||||
Impairment loss | $ 0 | $ 0 | $ (44) | $ (74) | ||
Nonrecurring [Member] | ||||||
Assets: | ||||||
Assets, fair value | $ 25,984 | $ 25,984 | ||||
Impairment loss | (3,070) | |||||
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Assets: | ||||||
Assets, fair value | 1,830 | 1,830 | ||||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Assets: | ||||||
Assets, fair value | 24,154 | 24,154 | ||||
Nonrecurring [Member] | Equity Method Investments [Member] | ||||||
Assets: | ||||||
Assets, fair value | 25,984 | 25,984 | ||||
Total Gains (Losses) | (3,100) | (3,070) | ||||
Nonrecurring [Member] | Equity Method Investments [Member] | Carrying Value [Member] | ||||||
Assets: | ||||||
Assets, fair value | 29,100 | 29,100 | ||||
Nonrecurring [Member] | Equity Method Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||
Assets: | ||||||
Assets, fair value | 1,830 | 1,830 | ||||
Nonrecurring [Member] | Equity Method Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Assets: | ||||||
Assets, fair value | $ 24,154 | $ 24,154 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Value [Member] | Fixed Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,730,153 | $ 1,714,890 |
Carrying Value [Member] | Variable Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 17,448 | |
Fair Value [Member] | Fixed Rate Debt [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,814,375 | 1,787,663 |
Fair Value [Member] | Variable Rate Debt [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 17,426 | |
Tax Increment Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 31,000 | |
Tax Increment Revenue Bonds [Member] | Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Securities, Held-to-maturity, Fair Value | 17,277 | 17,277 |
Tax Increment Revenue Bonds [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Securities, Held-to-maturity, Fair Value | $ 21,000 | $ 25,000 |
Fair Value Measurements (Signif
Fair Value Measurements (Significant Unobservable Inputs) (Details) - Nonrecurring [Member] | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | $ 25,984,000 |
Equity Method Investments [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | 25,984,000 |
Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | 24,154,000 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Method Investments [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets, fair value | $ 24,154,000 |
Alternative Investment, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Discount Rate [Member] | Equity Method Investments [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset, measurement input | 0.073 |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Discount Rate [Member] | Equity Method Investments [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset, measurement input | 0.075 |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Cap Rate [Member] | Equity Method Investments [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset, measurement input | 0.058 |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Cap Rate [Member] | Equity Method Investments [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset, measurement input | 0.080 |
Significant Unobservable Inputs (Level 3) [Member] | Measurement Input, Noncontrolling Interest Discount [Member] | Equity Method Investments [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset, measurement input | 0.150 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands | Oct. 26, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | $ 79,392 | $ 83,639 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | $ 21,900 | ||
Percentage of tenants who have paid rent | 87.00% |