Docoh
Loading...

WRI Weingarten Realty Investors

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021Apr. 28, 2021
Cover page.
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity Registrant NameWeingarten Realty Investors
Entity File Number1-9876
Entity Incorporation, State or Country CodeTX
Entity Tax Identification Number74-1464203
Entity Address, Address Line One2600 Citadel Plaza Drive
Entity Address, Address Line TwoP.O. Box 924133
Entity Address, City or TownHouston,
Entity Address, State or ProvinceTX
Entity Address, Postal Zip Code77292-4133
City Area Code(713)
Local Phone Number866-6000
Title of 12(b) SecurityCommon Shares of Beneficial Interest, $.03 par value
Trading SymbolWRI
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Smaller Reporting Companyfalse
Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding (in shares)127,626,771
Amendment Flagfalse
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2021
Entity Central Index Key0000828916
Current Fiscal Year End Date--12-31

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues:
Rentals, net $ 118,321 $ 108,050
Other3,050 3,302
Total Revenues121,371 111,352
Operating Expenses:
Depreciation and amortization38,556 36,656
Operating23,287 23,160
Real estate taxes, net16,735 15,008
Impairment loss325 44
General and administrative10,604 2,307
Total Operating Expenses89,507 77,175
Other Income (Expense):
Interest expense, net(16,619)(14,602)
Interest and other income (expense), net1,654 (5,828)
Gain on sale of property9,131 13,576
Total Other Expense(5,834)(6,854)
Income Before Income Taxes and Equity in Earnings of Real Estate Joint Ventures and Partnerships26,030 27,323
Provision for Income Taxes(238)(172)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net4,087 27,097
Net Income29,879 54,248
Less: Net Income Attributable to Noncontrolling Interests(1,842)(1,626)
Net Income Attributable to Common Shareholders $ 28,037 $ 52,622
Earnings Per Common Share - Basic:
Net income attributable to common shareholders (dollars per share) $ 0.22 $ 0.41
Earnings Per Common Share - Diluted:
Net income attributable to common shareholders (dollars per share) $ 0.22 $ 0.41

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Income $ 29,879 $ 54,248
Other Comprehensive Income:
Reclassification adjustment of derivatives and designated hedges into net income(219)(221)
Retirement liability adjustment261 297
Total42 76
Comprehensive Income29,921 54,324
Comprehensive Income Attributable to Noncontrolling Interests(1,842)(1,626)
Comprehensive Income Adjusted for Noncontrolling Interests $ 28,079 $ 52,698

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
ASSETS
Property $ 4,188,362 $ 4,246,334
Accumulated Depreciation(1,166,357)(1,161,970)
Property, net *3,022,005 3,084,364
Investment in Real Estate Joint Ventures and Partnerships, net366,944 369,038
Total3,388,949 3,453,402
Unamortized Lease Costs, net167,348 174,152
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net*67,697 81,016
Cash and Cash Equivalents *52,078 35,418
Restricted Deposits and Escrows12,427 12,338
Other, net204,036 205,074
Total Assets3,892,535 3,961,400
LIABILITIES AND EQUITY
Debt, net *1,797,237 1,838,419
Accounts Payable and Accrued Expenses83,580 104,990
Other, net216,297 217,489
Total Liabilities2,097,114 2,160,898
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:127,627 in 2021 and 127,313 in 20203,876 3,866
Additional Paid-In Capital1,761,831 1,755,770
Net Income Less Than Accumulated Dividends(139,064)(128,813)
Accumulated Other Comprehensive Loss(12,008)(12,050)
Total Shareholders' Equity1,614,635 1,618,773
Noncontrolling Interests180,786 181,729
Total Equity1,795,421 1,800,502
Total Liabilities and Equity3,892,535 3,961,400
Consolidated Variable Interest Entities [Member]
ASSETS
Property, net *183,598 193,271
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net*7,657 9,489
Cash and Cash Equivalents *10,518 10,089
Total Assets214,187 225,719
LIABILITIES AND EQUITY
Debt, net * $ 43,967 $ 44,177

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in ThousandsMar. 31, 2021Dec. 31, 2020
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding:127,313 in 2021 and 127,313 in 2020
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)127,627 127,313
Common Shares of Beneficial Interest - shares outstanding (shares)127,627 127,313

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash Flows from Operating Activities:
Net Income $ 29,879 $ 54,248
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization38,556 36,656
Amortization of debt deferred costs and intangibles, net612 709
Non-cash lease expense290 324
Impairment loss325 44
Equity in earnings of real estate joint ventures and partnerships, net(4,087)(27,097)
Gain on sale of property(9,131)(13,576)
Distributions of income from real estate joint ventures and partnerships3,918 14,962
Changes in accrued rent, accrued contract receivables and accounts receivable, net12,403 16,377
Changes in unamortized lease costs and other assets, net(843)6,296
Changes in accounts payable, accrued expenses and other liabilities, net(13,657)(31,551)
Other, net1,148 6,629
Net cash provided by operating activities59,413 64,021
Cash Flows from Investing Activities:
Acquisition of real estate and land, net(25,506)
Development and capital improvements(14,157)(44,404)
Proceeds from sale of property and real estate equity investments, net55,203 45,053
Real estate joint ventures and partnerships - Investments(2,075)(3,176)
Real estate joint ventures and partnerships - Distribution of capital3,338 16,433
Other, net(96)(161)
Net cash provided by (used in) investing activities42,213 (11,761)
Cash Flows from Financing Activities:
Principal payments of debt(1,451)(18,749)
Changes in unsecured credit facilities(40,000)497,000
Proceeds from issuance of common shares of beneficial interest, net385 167
Repurchase of common shares of beneficial interest, net(18,219)
Common share dividends paid(38,288)(50,935)
Debt issuance and extinguishment costs paid(2)
Distributions to noncontrolling interests(2,258)(1,301)
Contributions from noncontrolling interests1,150
Other, net(3,265)(1,161)
Net cash (used in) provided by financing activities(84,877)407,950
Net increase in cash, cash equivalents and restricted cash equivalents16,749 460,210
Cash, cash equivalents and restricted cash equivalents at January 147,756 55,291
Cash, cash equivalents and restricted cash equivalents at March 3164,505 515,501
Supplemental disclosure of cash flow information:
Cash paid for interest (net of amount capitalized of $1,066 and $2,663, respectively)19,695 17,474
Cash paid for amounts included in operating lease liabilities $ 1,027 $ 1,096

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Cash Flows [Abstract]
Capitalized interest paid $ 1,066 $ 2,663

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in ThousandsCommon Shares of Beneficial InterestAdditional Paid-In CapitalNet Income Less Than Accumulated DividendsCumulative Effect, Period of Adoption, Adjustment [Member]Net Income Less Than Accumulated DividendsAccumulated Other Comprehensive Loss [Member]Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjustment [Member]Total
Increase (Decrease) in Equity [Roll Forward]
Cumulative effect adjustment of new accounting standards $ 3,905 $ 1,779,986 $ (74,293) $ (11,283) $ 177,845 $ 1,876,160
Beginning Balance at Dec. 31, 20193,905 1,779,986 (74,293)(11,283)177,845 1,876,160
Increase (Decrease) in Equity [Roll Forward]
Net Income52,622 1,626 54,248
Shares repurchased and cancelled(25)(18,194)(18,219)
Shares issued under benefit plans, net10 5,767 5,777
Cumulative effect adjustment of new accounting standards3,890 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 interests1,150 1,150
Other comprehensive income76 76
Ending Balance at Mar. 31, 20203,890 1,767,559 (711)(73,317)(11,207)179,320 (711)1,866,245
Increase (Decrease) in Equity [Roll Forward]
Cumulative effect adjustment of new accounting standards3,890 1,767,559 $ (711)(73,317)(11,207)179,320 $ (711)1,866,245
Cumulative effect adjustment of new accounting standards3,866 1,755,770 (128,813)(12,050)181,729 1,800,502
Beginning Balance at Dec. 31, 20203,866 1,755,770 (128,813)(12,050)181,729 1,800,502
Increase (Decrease) in Equity [Roll Forward]
Net Income28,037 1,842 29,879
Shares issued under benefit plans, net10 6,116 6,126
Cumulative effect adjustment of new accounting standards3,876 1,761,831 (139,064)(12,008)180,786 1,800,502
Dividends paid - common shares(38,288)(38,288)
Distributions to noncontrolling interests(2,258)(2,258)
Other comprehensive income42 42
Other, net(55)(527)(582)
Ending Balance at Mar. 31, 20213,876 1,761,831 (139,064)(12,008)180,786 1,795,421
Increase (Decrease) in Equity [Roll Forward]
Cumulative effect adjustment of new accounting standards $ 3,876 $ 1,761,831 $ (139,064) $ (12,008) $ 180,786 $ 1,795,421

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common dividend paid per share (in dollars per share) $ 0.300 $ 0.395

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesNote 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 29.8 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 three months of 2021. Total revenues generated by our centers located in Houston and its surrounding areas was 24.0% of total revenue for the three months ended March 31, 2021, and an additional 8.0% 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 19.9% and 15.6%, respectively, of total revenue was generated during the three months ended March 31, 2021. On April 15, 2021, we announced our entry into a definitive merger agreement (the “Merger Agreement”) with Kimco Realty Corporation (“Kimco”). The Merger Agreement provides that, among other things and on the terms and subject to the conditions set forth therein, (1) the Company will be merged with and into Kimco (the “Merger”), with Kimco continuing as the surviving corporation in the Merger, and (2) at the effective time of the Merger (the “Effective Time”), each common share of the Company (other than certain shares as set forth in the Merger Agreement) issued and outstanding immediately prior to the Effective Time will be automatically converted into the right to receive (i) $2.89 in cash and (ii) 1.408 shares of common stock of Kimco. During the period from the date of the Merger Agreement until the completion of the Merger, we are subject to certain restrictions on our ability to engage with third parties regarding alternative acquisition proposals and on the conduct of our business. The closing of the Merger is expected to occur in the second half of 2021, subject to the satisfaction of certain closing conditions. There can be no assurance that the Merger will be completed on the terms or timeline currently contemplated or at all. 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 times and 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. As judgments and estimates made by management are based on the best information available at the time, any evaluations impacted by future developments caused by the COVID-19 pandemic could result in inaccurate estimates when determining values that could be material to our consolidated financial statements. ​ 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, 2020 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, 2020. 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. Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net 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, has caused uncertainty in our ongoing ability to collect rents when due. Considering the potential impact of this uncertainty, our collection assessment continues to consider 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 months ended March 31, 2021, we increased rental revenues by $1.7 million due to the realization of net recoveries and the reduction of receivables. For the three months ended March 31, 2020, we reduced rental revenues by $9.4 million due primarily to COVID lease related reserves and write-offs, which included $7.6 million for straight-line rent receivables. Additionally, we continue to have lease negotiations with tenants directly related to the effects of the COVID-19 pandemic. At March 31, 2021 and December 31, 2020, included in Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net, we have deferred lease concessions not currently due of $7.8 million and $9.6 million, respectively. Additionally for the three months ended March 31, 2021, rent abatements totaled $2.0 million, which includes $1.5 million for cash basis tenants, and no abatements were recorded during the three months ended March 31, 2020 (see Note 7 for additional information). Discussions are continuing with tenants as the effects of COVID-19 pandemic and related mandates evolve. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Restricted deposits ​ $ 12,068 ​ $ 12,122 Escrows ​ ​ 359 ​ ​ 216 Total ​ $ 12,427 ​ $ 12,338 ​ 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, 2020 ​ $ (2,724) ​ $ 14,774 ​ $ 12,050 Amounts reclassified from accumulated other comprehensive loss ​ ​ 219 (1) ​ (261) (2) ​ (42) Net other comprehensive loss (income) ​ ​ 219 ​ ​ (261) ​ ​ (42) Balance, March 31, 2021 ​ ​ (2,505) ​ ​ 14,513 ​ ​ 12,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (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 March 31, 2021 and December 31, 2020, the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $2.5 million and $2.7 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 Pronouncements3 Months Ended
Mar. 31, 2021
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Newly Issued Accounting PronouncementsNote 2. Newly Issued Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848)”, as amended by ASU No. 2021-01. 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.

Property

Property3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]
PropertyNote 3. Property Our property consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Land ​ $ 937,998 ​ $ 948,622 Land held for development ​ 39,746 ​ 39,936 Land under development ​ 16,637 ​ 19,830 Buildings and improvements ​ 3,089,154 ​ 3,082,509 Construction in-progress ​ 104,827 ​ 155,437 Total ​ $ 4,188,362 ​ $ 4,246,334 ​ During the three months ended March 31, 2021, we sold three centers and other property. Aggregate gross sales proceeds from these transactions approximated $56.4 million and generated gains of approximately $9.1 million. In addition, during the three months ended March 31, 2021, we invested $4.9 million in new development projects.

Investment In Real Estate Joint

Investment In Real Estate Joint Ventures And Partnerships3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment In Real Estate Joint Ventures And PartnershipsNote 4. Investment in Real Estate Joint Ventures and Partnerships We own interests in real estate joint ventures or limited partnerships 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 2021 and 2020. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Combined Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASSETS ​ ​ ​ ​ Property ​ $ 1,095,952 ​ $ 1,093,504 Accumulated depreciation ​ ​ (283,431) ​ ​ (275,802) Property, net ​ ​ 812,521 ​ ​ 817,702 Other assets, net ​ ​ 83,686 ​ ​ 81,285 Total Assets ​ $ 896,207 ​ $ 898,987 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ Debt, net (primarily mortgages payable) ​ $ 191,860 ​ $ 192,674 Amounts payable to Weingarten Realty Investors and Affiliates ​ ​ 9,505 ​ ​ 9,836 Other liabilities, net ​ ​ 15,963 ​ ​ 15,340 Total Liabilities ​ ​ 217,328 ​ ​ 217,850 Equity ​ ​ 678,879 ​ ​ 681,137 Total Liabilities and Equity ​ $ 896,207 ​ $ 898,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Combined Condensed Statements of Operations ​ ​ ​ ​ Revenues, net ​ $ 29,945 ​ $ 33,739 Expenses: ​ ​ ​ ​ Depreciation and amortization ​ ​ 8,438 ​ ​ 8,762 Interest, net ​ ​ 1,624 ​ ​ 2,418 Operating ​ ​ 5,823 ​ ​ 7,111 Real estate taxes, net ​ ​ 3,535 ​ ​ 4,400 General and administrative ​ ​ 105 ​ ​ 105 Provision for income taxes ​ ​ 16 ​ ​ 36 Total ​ ​ 19,541 ​ ​ 22,832 Gain on dispositions ​ ​ 48 ​ ​ 44,699 Net income ​ $ 10,452 ​ $ 55,606 ​ 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 $10.6 million and $10.7 million at March 31, 2021 and December 31, 2020, respectively, are generally amortized over the useful lives of the related assets. We recorded joint venture fee income of $1.6 million included in Other revenue for both the three months ended March 31, 2021 and 2020. Additionally, for the three months ended March 31, 2021, our joint venture and partnerships have increased revenues by $.7 million due to the realization of net recoveries and reduction of receivables, of which our share totaled $.1 million. For the three months ended March 31, 2020, our joint venture and partnerships reduced revenues by $.8 million due primarily to COVID lease related reserves and write-offs, which included $.9 million for straight-line rent receivables. Of these amounts for the three months ended March 31, 2020, our share totaled $.3 million, which included $.3 million for straight-line rent receivables. For additional information, see Note 1. Effective as of March 31, 2021, a secured variable-rate loan of $170 million was extended to March 31, 2022 under an available one-year extension and has an additional one-year renewal option available. 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 2020, we invested an additional $8.7 million in a 90% owned unconsolidated real estate joint venture for a mixed-use new development. In December 2020, we acquired our partner’s 42.25% interest in a center at an unconsolidated real estate joint venture for approximately $115.2 million. The transaction resulted in the consolidation of the property in our consolidated financial statements.

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtNote 5. Debt Our debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Debt payable, net to 2038 (1) ​ $ 1,721,923 ​ $ 1,723,073 Unsecured notes payable under credit facilities ​ ​ — ​ ​ 40,000 Debt service guaranty liability ​ ​ 53,650 ​ ​ 53,650 Finance lease obligation ​ ​ 21,664 ​ ​ 21,696 Total ​ $ 1,797,237 ​ $ 1,838,419 (1) At both March 31, 2021 and December 31, 2020, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 3.9% . The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 As to interest rate (including the effects of interest rate contracts): ​ ​ ​ ​ Fixed-rate debt ​ $ 1,797,237 ​ $ 1,798,419 Variable-rate debt ​ — ​ 40,000 Total ​ $ 1,797,237 ​ $ 1,838,419 As to collateralization: ​ ​ ​ Unsecured debt ​ $ 1,449,383 ​ $ 1,488,909 Secured debt ​ 347,854 ​ 349,510 Total ​ $ 1,797,237 ​ $ 1,838,419 ​ 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 March 31, 2021 and December 31, 2020, 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 March 24, 2021, that we maintain for cash management purposes, which matures in March 2022. At both March 31, 2021 and December 31, 2020, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 ​ Unsecured revolving credit facility: ​ ​ ​ ​ ​ Balance outstanding ​ $ — ​ $ 40,000 ​ ​ Available balance ​ 498,068 ​ 458,068 ​ ​ Letters of credit outstanding under facility ​ 1,932 ​ 1,932 ​ ​ Variable interest rate (excluding facility fee) ​ 0.93 % 0.94 % ​ Unsecured short-term facility: ​ ​ ​ ​ Balance outstanding ​ $ — ​ $ — ​ ​ Variable interest rate (excluding facility fee) ​ — % — % ​ Both facilities: ​ ​ ​ ​ Maximum balance outstanding during the period ​ $ 40,000 ​ $ 497,000 ​ ​ Weighted average balance ​ 5,378 ​ 74,311 ​ ​ Year-to-date weighted average interest rate (excluding facility fee) ​ 0.93 % 1.0 % ​ ​ 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 March 31, 2021 and December 31, 2020, we had $53.7 million outstanding for the debt service guaranty liability. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both March 31, 2021 and December 31, 2020, the carrying value of such assets aggregated $.6 billion. Additionally, at both March 31, 2021 and December 31, 2020, investments of $6.0 million, included in Restricted Deposits and Escrows, are held as collateral for letters of credit totaling $6.0 million. Scheduled principal payments on our debt (excluding $21.7 million of a finance lease obligation, $(2.9) million net premium/(discount) on debt, $(4.2) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $53.7 million debt service guaranty liability) are due during the following years (in thousands): ​ ​ ​ ​ ​ 2021 remaining $ 17,344 2022 ​ ​ 308,298 2023 ​ 348,207 2024 ​ 252,561 2025 ​ 294,232 2026 ​ 277,733 2027 ​ 53,604 2028 ​ 92,159 2029 ​ 70,304 2030 ​ 950 Thereafter ​ 8,569 Total ​ $ 1,723,961 ​ 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 March 31, 2021.

Common Shares of Beneficial Int

Common Shares of Beneficial Interest3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Common Shares of Beneficial InterestNote 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. Subject to the applicable restrictions contained in the Merger Agreement, 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 three months ended March 31, 2021, no common shares were repurchased, and 1.7 million common shares were repurchased at an average price of $19.09 per share during the year ended December 31, 2020. At March 31, 2021 and as of the date of this filing, $149.4 million of common shares remained available to be repurchased under this plan.

Leasing Operations

Leasing Operations3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Leasing OperationsNote 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, net rent abatements related to the COVID-19 pandemic of $.5 million were recorded as a reduction to variable lease payments for the three months ended March 31, 2021, and none were recorded for the three months ended March 31, 2020 (see Note 1 for additional information). Variable lease payments recognized in Rentals, net are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2021 2020 Variable lease payments ​ $ 26,874 ​ $ 26,877 ​

Supplemental Cash Flow Informat

Supplemental Cash Flow Information3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow InformationNote 8. Supplemental Cash Flow Information Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents $ 52,078 $ 484,697 Restricted deposits and escrows (see Note 1) ​ 12,427 ​ 30,804 Total ​ $ 64,505 ​ $ 515,501 ​ Supplemental disclosure of non-cash transactions is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2021 ​ 2020 Accrued property construction costs $ 2,982 $ 11,867 Increase in debt, net associated with the acquisition of real estate and land ​ ​ — ​ ​ 17,952 ​

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareNote 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 ​ ​ March 31, ​ ​ 2021 ​ 2020 Numerator: ​ ​ ​ ​ Net income ​ $ 29,879 ​ $ 54,248 Net income attributable to noncontrolling interests ​ (1,842) ​ (1,626) Net income attributable to common shareholders – basic ​ 28,037 ​ 52,622 Income attributable to operating partnership units ​ — ​ 528 Net income attributable to common shareholders – diluted ​ $ 28,037 ​ $ 53,150 Denominator: ​ ​ ​ ​ Weighted average shares outstanding – basic ​ 126,518 ​ 127,862 Effect of dilutive securities: ​ ​ ​ ​ Share options and awards ​ 1,153 ​ 943 Operating partnership units ​ — ​ 1,432 Weighted average shares outstanding – diluted ​ 127,671 ​ 130,237 ​ 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 ​ ​ March 31, ​ 2021 ​ 2020 Operating partnership units ​ 1,429 ​ — ​

Share Options and Awards

Share Options and Awards3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share Options and AwardsNote 10. Share Options and Awards During 2021, 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 without cause. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, 2021 ​ ​ ​ Minimum ​ Maximum ​ Dividend yield 3.5 % 6.0 % Expected volatility (1) 44.0 % 46.0 % Expected life (in years) N/A 3 ​ Risk-free interest rate 0.0 % 0.16 % (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 three months ended March 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Unvested ​ Grant ​ ​ Share ​ Date Fair ​ ​ Awards ​ Value Outstanding, January 1, 2021 856,295 ​ $ 28.00 Granted: ​ Service-based awards 224,554 ​ 20.81 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 104,046 ​ 22.28 Market-based awards relative to three-year absolute TSR 104,045 ​ 21.90 Vested (249,307) ​ 24.99 Outstanding, March 31, 2021 1,039,633 ​ $ 25.98 ​ As of March 31, 2021 and December 31, 2020, there was approximately $3.1 million and $1.8 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 2.2 years and 1.6 years at March 31, 2021 and December 31, 2020, respectively.

Employee Benefit Plans

Employee Benefit Plans3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit PlansNote 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 ​ ​ March 31, ​ 2021 ​ 2020 Service cost ​ $ 329 $ 273 Interest cost ​ ​ 491 ​ ​ 280 Expected return on plan assets ​ ​ (1,039) ​ ​ (592) Amortization of net loss ​ ​ 261 ​ ​ 297 Total ​ $ 42 ​ $ 258 ​ The components of net periodic benefit cost other than the service cost component are included in Interest and Other Income (Expense), net in the Condensed Consolidated Statements of Operations. The expected contribution to be paid to the qualified retirement plan during 2021 is approximately $1.0 million, which may vary based upon the timing of the closing of the Merger. During 2020, we contributed $1.0 million to the qualified retirement plan. Defined Contribution Plans Compensation expense related to our defined contribution plans was $1.1 million for both the three months ended March 31, 2021 and 2020.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 12. Commitments and Contingencies Commitments and Contingencies As of March 31, 2021 and December 31, 2020, 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 $38 million and $31 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, we have entered into commitments aggregating $33.8 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 Entities3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest EntitiesNote 13. Variable Interest Entities Consolidated VIEs: At both March 31, 2021 and December 31, 2020, eight of our real estate joint ventures, whose activities primarily consisted of owning and operating 19 and 21 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities’ activities without any substantive kick-out or participating rights. A summary of our consolidated VIEs is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Assets Held by VIEs (1) $ 214,187 $ 225,719 Assets Held as Collateral for Debt (2) ​ ​ 39,703 ​ ​ 41,798 Maximum Risk of Loss (2) ​ ​ 29,784 ​ ​ 29,784 (1) The decrease between the periods is attributable primarily to disposition activities. (2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner’s approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures 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. Unconsolidated VIEs: At both March 31, 2021 and December 31, 2020, 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 entity exercised the first of two one-year renewal options to extend the maturity of a $170 million loan to March 31, 2022. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 131,690 $ 133,468 Other Liabilities, net (2) ​ ​ 7,362 ​ ​ 7,624 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. (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.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNote 14. Fair Value Measurements 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 March 31, 2021 and December 31, 2020, 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 ​ March 31, ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ 2021 Assets: ​ ​ ​ ​ Cash equivalents, primarily money market funds (1) ​ $ 155 ​ ​ ​ $ 155 Restricted cash, primarily money market funds (1) ​ 9,962 ​ ​ ​ 9,962 Investments, mutual funds held in a grantor trust (1) ​ 44,545 ​ ​ ​ 44,545 Total ​ $ 54,662 ​ $ — ​ $ — ​ $ 54,662 Liabilities: ​ ​ ​ ​ Deferred compensation plan obligations ​ $ 44,545 ​ ​ ​ $ 44,545 Total ​ $ 44,545 ​ $ — ​ $ — ​ $ 44,545 (1) For the three months ended March 31, 2021, a net gain of $1.1 million was included in Interest and Other Income (Expense), net, which represented an unrealized gain. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 2020 Assets: ​ ​ ​ ​ Cash equivalents, primarily money market funds (1) ​ $ 155 ​ ​ ​ $ 155 Restricted cash, primarily money market funds (1) ​ 10,144 ​ ​ ​ 10,144 Investments, mutual funds held in a grantor trust (1) ​ 43,412 ​ ​ ​ 43,412 Total ​ $ 53,711 ​ $ — ​ $ — ​ $ 53,711 Liabilities: ​ ​ ​ ​ Deferred compensation plan obligations ​ $ 43,412 ​ ​ ​ $ 43,412 Total ​ $ 43,412 ​ $ — ​ $ — ​ $ 43,412 (1) For the year ended December 31, 2020, a net gain of $5.1 million was included in Interest and Other Income, net, of which $3.7 million represented an unrealized gain. Included in these amounts for the three months ended March 31, 2020 was a net loss of $6.0 million, of which $6.3 million represented an unrealized loss. Nonrecurring Fair Value Measurements: Property Impairments Property, including right-of-use assets, is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. No assets were measured at fair value on a nonrecurring basis at March 31, 2021. Assets measured at fair value on a nonrecurring basis at December 31, 2020 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) Property (2) ​ ​ $ 47,746 ​ $ — ​ $ 47,746 ​ $ (12,686) Total ​ $ — ​ $ 47,746 ​ $ — ​ $ 47,746 ​ $ (12,686) (1) Total gains (losses) presented in this table relate to assets that were held by us at December 31, 2020. (2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount $60.4 million was written down to a fair value of $47.7 million, resulting in a loss of $12.7 million, which was included in earnings for the fourth quarter of 2020. Management’s estimate of fair value of these properties were determined using bona fide purchase offers for the Level 2 inputs. ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ 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 ​ $ 14,758 ​ ​ $ 19,000 ​ $ 14,762 ​ ​ $ 19,000 Debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ 1,797,237 ​ ​ ​ 1,895,772 ​ 1,798,419 ​ ​ ​ 1,905,306 Variable-rate debt ​ — ​ ​ — ​ 40,000 ​ ​ 40,000 ​ ​ ***** ​

Summary Of Significant Accoun_2

Summary Of Significant Accounting Policies (Policy)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis 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, 2020 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, 2020. 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.
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, netAccrued Rent, Accrued Contract Receivables and Accounts Receivable, net 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, has caused uncertainty in our ongoing ability to collect rents when due. Considering the potential impact of this uncertainty, our collection assessment continues to consider 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 months ended March 31, 2021, we increased rental revenues by $1.7 million due to the realization of net recoveries and the reduction of receivables. For the three months ended March 31, 2020, we reduced rental revenues by $9.4 million due primarily to COVID lease related reserves and write-offs, which included $7.6 million for straight-line rent receivables. Additionally, we continue to have lease negotiations with tenants directly related to the effects of the COVID-19 pandemic. At March 31, 2021 and December 31, 2020, included in Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net, we have deferred lease concessions not currently due of $7.8 million and $9.6 million, respectively. Additionally for the three months ended March 31, 2021, rent abatements totaled $2.0 million, which includes $1.5 million for cash basis tenants, and no abatements were recorded during the three months ended March 31, 2020 (see Note 7 for additional information). Discussions are continuing with tenants as the effects of COVID-19 pandemic and related mandates evolve.
Restricted Deposits and EscrowsRestricted 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Restricted deposits ​ $ 12,068 ​ $ 12,122 Escrows ​ ​ 359 ​ ​ 216 Total ​ $ 12,427 ​ $ 12,338
Accumulated Other Comprehensive LossAccumulated 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, 2020 ​ $ (2,724) ​ $ 14,774 ​ $ 12,050 Amounts reclassified from accumulated other comprehensive loss ​ ​ 219 (1) ​ (261) (2) ​ (42) Net other comprehensive loss (income) ​ ​ 219 ​ ​ (261) ​ ​ (42) Balance, March 31, 2021 ​ ​ (2,505) ​ ​ 14,513 ​ ​ 12,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (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 March 31, 2021 and December 31, 2020, the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $2.5 million and $2.7 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Schedule Of Restricted Deposits and EscrowsOur restricted deposits and escrows consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Restricted deposits ​ $ 12,068 ​ $ 12,122 Escrows ​ ​ 359 ​ ​ 216 Total ​ $ 12,427 ​ $ 12,338
Schedule Of Accumulated Other Comprehensive LossChanges 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, 2020 ​ $ (2,724) ​ $ 14,774 ​ $ 12,050 Amounts reclassified from accumulated other comprehensive loss ​ ​ 219 (1) ​ (261) (2) ​ (42) Net other comprehensive loss (income) ​ ​ 219 ​ ​ (261) ​ ​ (42) Balance, March 31, 2021 ​ ​ (2,505) ​ ​ 14,513 ​ ​ 12,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (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)3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]
Schedule of PropertyOur property consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Land ​ $ 937,998 ​ $ 948,622 Land held for development ​ 39,746 ​ 39,936 Land under development ​ 16,637 ​ 19,830 Buildings and improvements ​ 3,089,154 ​ 3,082,509 Construction in-progress ​ 104,827 ​ 155,437 Total ​ $ 4,188,362 ​ $ 4,246,334

Investment In Real Estate Joi_2

Investment In Real Estate Joint Ventures And Partnerships (Tables)3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Combined Condensed Balance Sheets and Statements of Operations​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Combined Condensed Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASSETS ​ ​ ​ ​ Property ​ $ 1,095,952 ​ $ 1,093,504 Accumulated depreciation ​ ​ (283,431) ​ ​ (275,802) Property, net ​ ​ 812,521 ​ ​ 817,702 Other assets, net ​ ​ 83,686 ​ ​ 81,285 Total Assets ​ $ 896,207 ​ $ 898,987 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND EQUITY ​ ​ Debt, net (primarily mortgages payable) ​ $ 191,860 ​ $ 192,674 Amounts payable to Weingarten Realty Investors and Affiliates ​ ​ 9,505 ​ ​ 9,836 Other liabilities, net ​ ​ 15,963 ​ ​ 15,340 Total Liabilities ​ ​ 217,328 ​ ​ 217,850 Equity ​ ​ 678,879 ​ ​ 681,137 Total Liabilities and Equity ​ $ 896,207 ​ $ 898,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 2020 Combined Condensed Statements of Operations ​ ​ ​ ​ Revenues, net ​ $ 29,945 ​ $ 33,739 Expenses: ​ ​ ​ ​ Depreciation and amortization ​ ​ 8,438 ​ ​ 8,762 Interest, net ​ ​ 1,624 ​ ​ 2,418 Operating ​ ​ 5,823 ​ ​ 7,111 Real estate taxes, net ​ ​ 3,535 ​ ​ 4,400 General and administrative ​ ​ 105 ​ ​ 105 Provision for income taxes ​ ​ 16 ​ ​ 36 Total ​ ​ 19,541 ​ ​ 22,832 Gain on dispositions ​ ​ 48 ​ ​ 44,699 Net income ​ $ 10,452 ​ $ 55,606

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule Of DebtOur debt consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Debt payable, net to 2038 (1) ​ $ 1,721,923 ​ $ 1,723,073 Unsecured notes payable under credit facilities ​ ​ — ​ ​ 40,000 Debt service guaranty liability ​ ​ 53,650 ​ ​ 53,650 Finance lease obligation ​ ​ 21,664 ​ ​ 21,696 Total ​ $ 1,797,237 ​ $ 1,838,419 (1) At both March 31, 2021 and December 31, 2020, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 3.9% .
Grouping Of Debt Between Fixed And Variable As Well As Secured And UnsecuredThe allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 As to interest rate (including the effects of interest rate contracts): ​ ​ ​ ​ Fixed-rate debt ​ $ 1,797,237 ​ $ 1,798,419 Variable-rate debt ​ — ​ 40,000 Total ​ $ 1,797,237 ​ $ 1,838,419 As to collateralization: ​ ​ ​ Unsecured debt ​ $ 1,449,383 ​ $ 1,488,909 Secured debt ​ 347,854 ​ 349,510 Total ​ $ 1,797,237 ​ $ 1,838,419
Schedule Of Credit FacilitiesThe following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 2020 ​ Unsecured revolving credit facility: ​ ​ ​ ​ ​ Balance outstanding ​ $ — ​ $ 40,000 ​ ​ Available balance ​ 498,068 ​ 458,068 ​ ​ Letters of credit outstanding under facility ​ 1,932 ​ 1,932 ​ ​ Variable interest rate (excluding facility fee) ​ 0.93 % 0.94 % ​ Unsecured short-term facility: ​ ​ ​ ​ Balance outstanding ​ $ — ​ $ — ​ ​ Variable interest rate (excluding facility fee) ​ — % — % ​ Both facilities: ​ ​ ​ ​ Maximum balance outstanding during the period ​ $ 40,000 ​ $ 497,000 ​ ​ Weighted average balance ​ 5,378 ​ 74,311 ​ ​ Year-to-date weighted average interest rate (excluding facility fee) ​ 0.93 % 1.0 % ​
Principal Payments Of DebtScheduled principal payments on our debt (excluding $21.7 million of a finance lease obligation, $(2.9) million net premium/(discount) on debt, $(4.2) million of deferred debt costs, $5.1 million of non-cash debt-related items, and $53.7 million debt service guaranty liability) are due during the following years (in thousands): ​ ​ ​ ​ ​ 2021 remaining $ 17,344 2022 ​ ​ 308,298 2023 ​ 348,207 2024 ​ 252,561 2025 ​ 294,232 2026 ​ 277,733 2027 ​ 53,604 2028 ​ 92,159 2029 ​ 70,304 2030 ​ 950 Thereafter ​ 8,569 Total ​ $ 1,723,961

Leasing Operations (Tables)

Leasing Operations (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Schedule of Variable Lease, PaymentVariable lease payments recognized in Rentals, net are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2021 2020 Variable lease payments ​ $ 26,874 ​ $ 26,877

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)3 Months Ended
Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash and Cash EquivalentsCash, cash equivalents and restricted cash equivalents consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2021 ​ 2020 Cash and cash equivalents $ 52,078 $ 484,697 Restricted deposits and escrows (see Note 1) ​ 12,427 ​ 30,804 Total ​ $ 64,505 ​ $ 515,501
Supplemental disclosure of non-cash transactionsSupplemental disclosure of non-cash transactions is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2021 ​ 2020 Accrued property construction costs $ 2,982 $ 11,867 Increase in debt, net associated with the acquisition of real estate and land ​ ​ — ​ ​ 17,952

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Components of Earnings Per Common Share - Basic and Diluted​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2021 ​ 2020 Numerator: ​ ​ ​ ​ Net income ​ $ 29,879 ​ $ 54,248 Net income attributable to noncontrolling interests ​ (1,842) ​ (1,626) Net income attributable to common shareholders – basic ​ 28,037 ​ 52,622 Income attributable to operating partnership units ​ — ​ 528 Net income attributable to common shareholders – diluted ​ $ 28,037 ​ $ 53,150 Denominator: ​ ​ ​ ​ Weighted average shares outstanding – basic ​ 126,518 ​ 127,862 Effect of dilutive securities: ​ ​ ​ ​ Share options and awards ​ 1,153 ​ 943 Operating partnership units ​ — ​ 1,432 Weighted average shares outstanding – diluted ​ 127,671 ​ 130,237
Anti-Dilutive Securities Of Common SharesAnti-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 ​ ​ March 31, ​ 2021 ​ 2020 Operating partnership units ​ 1,429 ​ —

Share Options and Awards (Table

Share Options and Awards (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Fair Value Of Market-Based Share Awards Assumptions​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, 2021 ​ ​ ​ Minimum ​ Maximum ​ Dividend yield 3.5 % 6.0 % Expected volatility (1) 44.0 % 46.0 % Expected life (in years) N/A 3 ​ Risk-free interest rate 0.0 % 0.16 % (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​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Unvested ​ Grant ​ ​ Share ​ Date Fair ​ ​ Awards ​ Value Outstanding, January 1, 2021 856,295 ​ $ 28.00 Granted: ​ Service-based awards 224,554 ​ 20.81 Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index 104,046 ​ 22.28 Market-based awards relative to three-year absolute TSR 104,045 ​ 21.90 Vested (249,307) ​ 24.99 Outstanding, March 31, 2021 1,039,633 ​ $ 25.98

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)3 Months Ended
Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule Of Net Periodic Benefit CostWe sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2021 ​ 2020 Service cost ​ $ 329 $ 273 Interest cost ​ ​ 491 ​ ​ 280 Expected return on plan assets ​ ​ (1,039) ​ ​ (592) Amortization of net loss ​ ​ 261 ​ ​ 297 Total ​ $ 42 ​ $ 258

Variable Interest Entities (Tab

Variable Interest Entities (Tables)3 Months Ended
Mar. 31, 2021
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Summary Of Variable Interest EntitiesA summary of our consolidated VIEs is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Assets Held by VIEs (1) $ 214,187 $ 225,719 Assets Held as Collateral for Debt (2) ​ ​ 39,703 ​ ​ 41,798 Maximum Risk of Loss (2) ​ ​ 29,784 ​ ​ 29,784 (1) The decrease between the periods is attributable primarily to disposition activities. (2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture.
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Summary Of Variable Interest EntitiesA summary of our unconsolidated VIEs is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Investment in Real Estate Joint Ventures and Partnerships, net (1) $ 131,690 $ 133,468 Other Liabilities, net (2) ​ ​ 7,362 ​ ​ 7,624 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. (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)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets And Liabilities Measured On Recurring BasisAssets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 ​ March 31, ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ 2021 Assets: ​ ​ ​ ​ Cash equivalents, primarily money market funds (1) ​ $ 155 ​ ​ ​ $ 155 Restricted cash, primarily money market funds (1) ​ 9,962 ​ ​ ​ 9,962 Investments, mutual funds held in a grantor trust (1) ​ 44,545 ​ ​ ​ 44,545 Total ​ $ 54,662 ​ $ — ​ $ — ​ $ 54,662 Liabilities: ​ ​ ​ ​ Deferred compensation plan obligations ​ $ 44,545 ​ ​ ​ $ 44,545 Total ​ $ 44,545 ​ $ — ​ $ — ​ $ 44,545 (1) For the three months ended March 31, 2021, a net gain of $1.1 million was included in Interest and Other Income (Expense), net, which represented an unrealized gain. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 2020 Assets: ​ ​ ​ ​ Cash equivalents, primarily money market funds (1) ​ $ 155 ​ ​ ​ $ 155 Restricted cash, primarily money market funds (1) ​ 10,144 ​ ​ ​ 10,144 Investments, mutual funds held in a grantor trust (1) ​ 43,412 ​ ​ ​ 43,412 Total ​ $ 53,711 ​ $ — ​ $ — ​ $ 53,711 Liabilities: ​ ​ ​ ​ Deferred compensation plan obligations ​ $ 43,412 ​ ​ ​ $ 43,412 Total ​ $ 43,412 ​ $ — ​ $ — ​ $ 43,412 (1) For the year ended December 31, 2020, a net gain of $5.1 million was included in Interest and Other Income, net, of which $3.7 million represented an unrealized gain. Included in these amounts for the three months ended March 31, 2020 was a net loss of $6.0 million, of which $6.3 million represented an unrealized loss.
Assets Measured on Nonrecurring BasisAssets measured at fair value on a nonrecurring basis at December 31, 2020 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) Property (2) ​ ​ $ 47,746 ​ $ — ​ $ 47,746 ​ $ (12,686) Total ​ $ — ​ $ 47,746 ​ $ — ​ $ 47,746 ​ $ (12,686) (1) Total gains (losses) presented in this table relate to assets that were held by us at December 31, 2020. (2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount $60.4 million was written down to a fair value of $47.7 million, resulting in a loss of $12.7 million, which was included in earnings for the fourth quarter of 2020. Management’s estimate of fair value of these properties were determined using bona fide purchase offers for the Level 2 inputs.
Schedule Of Fair Value DisclosuresSchedule of our fair value disclosures is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ 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 ​ $ 14,758 ​ ​ $ 19,000 ​ $ 14,762 ​ ​ $ 19,000 Debt: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed-rate debt ​ 1,797,237 ​ ​ ​ 1,895,772 ​ 1,798,419 ​ ​ ​ 1,905,306 Variable-rate debt ​ — ​ ​ — ​ 40,000 ​ ​ 40,000

Summary Of Significant Accoun_4

Summary Of Significant Accounting Policies (Merger) (Details) - Kimco - Weingarten - Subsequent EventApr. 15, 2021$ / sharesshares
Merger
Cash to be received for each common share (per share) | $ / shares $ 2.89
Shares to be received for each common share (per share) | shares1.408

Summary Of Significant Accoun_5

Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands, ft² in Millions3 Months Ended
Mar. 31, 2021USD ($)ft²Mar. 31, 2020USD ($)Dec. 31, 2020USD ($)
Significant Accounting Policies [Line Items]
Square footage of operating properties (in square feet) | ft²29.8
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net $ 67,697 $ 81,016
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
HOUSTON | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk24.00%
OTHER PARTS OF TEXAS | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk8.00%
FLORIDA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk19.90%
CALIFORNIA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk15.60%
Largest Customer | Tenant Base [Member] | Revenue Benchmark [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk2.70%
COVID-19 [Member]
Significant Accounting Policies [Line Items]
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net $ 7,800 $ 9,600
Rent forgiveness2,000 $ 0
Net recoveries of adjustments to revenue related to potentially uncollectible revenues and disputed amounts1,700
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts9,400
Straight Line Rent Receivables [Member]
Significant Accounting Policies [Line Items]
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts $ 7,600
Cash Basis Tenants [Member]
Significant Accounting Policies [Line Items]
Rent forgiveness $ 1,500

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Schedule Of Restricted Deposits and Escrows) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Accounting Policies [Abstract]
Restricted deposits $ 12,068 $ 12,122
Escrows359 216
Total $ 12,427 $ 12,338 $ 30,804

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance $ (1,800,502) $ (1,876,160)
Net other comprehensive loss (income)(42)(76)
Ending Balance(1,795,421)(1,866,245)
Gain on Cash Flow Hedges [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance(2,724)(3,614)
Amounts reclassified from accumulated other comprehensive loss219 221
Net other comprehensive loss (income)219 221
Ending Balance(2,505)(3,393)
Defined Benefit Pension Plan [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance14,774 14,897
Amounts reclassified from accumulated other comprehensive loss(261)(297)
Net other comprehensive loss (income)(261)(297)
Ending Balance14,513 14,600
Accumulated Other Comprehensive Loss [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance12,050 11,283
Amounts reclassified from accumulated other comprehensive loss(42)(76)
Net other comprehensive loss (income)(42)(76)
Ending Balance $ 12,008 $ 11,207

Property (Narrative) (Details)

Property (Narrative) (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)CenterMar. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Number of centers sold | Center3
Proceeds from sale and disposition of property $ 56,400
Gain on sale of property9,131 $ 13,576
Investment in new development $ 4,900

Property (Schedule Of Property)

Property (Schedule Of Property) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Real Estate [Abstract]
Land $ 937,998 $ 948,622
Land held for development39,746 39,936
Land under development16,637 19,830
Buildings and improvements3,089,154 3,082,509
Construction in-progress104,827 155,437
Total $ 4,188,362 $ 4,246,334

Investment In Real Estate Joi_3

Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands1 Months Ended3 Months Ended12 Months Ended
Dec. 31, 2020USD ($)Mar. 31, 2021USD ($)CenterMar. 31, 2020USD ($)Dec. 31, 2020USD ($)Center
Schedule of Equity Method Investments [Line Items]
Net basis differentials for equity method investments $ 10,700 $ 10,600 $ 10,700
Joint venture fee income $ 1,600 $ 1,600
Number of centers sold | Center3
Gain on sale of property $ 9,131 13,576
Real estate joint ventures and partnerships - Investments2,075 3,176
Proceeds from sale and disposition of property $ 56,400
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures20.00%20.00%20.00%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures90.00%90.00%90.00%
COVID-19 [Member]
Schedule of Equity Method Investments [Line Items]
Net recoveries of adjustments to revenue related to potentially uncollectible revenues and disputed amounts $ 1,700
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts9,400
Entity's share of the adjustment to revenue related to potentially uncollectible revenues and disputed amounts300
Straight Line Rent Receivables [Member]
Schedule of Equity Method Investments [Line Items]
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts7,600
Entity's share of the adjustment to revenue related to potentially uncollectible revenues and disputed amounts300
Disposal Group, Multiple Centers [Member]
Schedule of Equity Method Investments [Line Items]
Number of centers sold | Center2
Number of centers sold the Entity had interest in | Center2
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 ventures20.00%20.00%
Disposal Group, Multiple Centers [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures50.00%50.00%
Investment Mixed Use New Development [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures90.00%90.00%
Real estate joint ventures and partnerships - Investments $ 8,700
Unconsolidated joint venture
Schedule of Equity Method Investments [Line Items]
Variable-rate debt170,000
Unconsolidated joint venture | COVID-19 [Member]
Schedule of Equity Method Investments [Line Items]
Net recoveries of adjustments to revenue related to potentially uncollectible revenues and disputed amounts700
Entity's share of net recoveries of adjustments to revenue related to potentially uncollectible revenues and disputed amount $ 100
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts800
Unconsolidated joint venture | Straight Line Rent Receivables [Member]
Schedule of Equity Method Investments [Line Items]
Adjustment to revenue related to potentially uncollectible revenues and disputed amounts $ 900
Unconsolidated joint venture | Exercised Renewal Option [Member]
Schedule of Equity Method Investments [Line Items]
Period of debt extension (in years)1 year
Unconsolidated joint venture | Outstanding Renewal Option [Member]
Schedule of Equity Method Investments [Line Items]
Period of debt extension (in years)1 year
Unconsolidated joint venture | Partnership interest
Schedule of Equity Method Investments [Line Items]
Ownership of joint venture percentage42.25%42.25%
Acquisition of real estate property $ 115,200

Investment In Real Estate Joi_4

Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
ASSETS
Property $ 4,188,362 $ 4,246,334
Accumulated Depreciation(1,166,357)(1,161,970)
Property, net3,022,005 3,084,364
Other, net204,036 205,074
Total Assets3,892,535 3,961,400
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)1,797,237 1,838,419
Other liabilities, net216,297 217,489
Total Liabilities2,097,114 2,160,898
Equity1,795,421 1,800,502 $ 1,866,245 $ 1,876,160
Total Liabilities and Equity3,892,535 3,961,400
Unconsolidated joint venture
ASSETS
Property1,095,952 1,093,504
Accumulated Depreciation(283,431)(275,802)
Property, net812,521 817,702
Other, net83,686 81,285
Total Assets896,207 898,987
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)191,860 192,674
Amounts payable to Weingarten Realty Investors and Affiliates9,505 9,836
Other liabilities, net15,963 15,340
Total Liabilities217,328 217,850
Equity678,879 681,137
Total Liabilities and Equity $ 896,207 $ 898,987

Investment In Real Estate Joi_5

Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenues, net $ 121,371 $ 111,352
Expenses
Depreciation and amortization38,556 36,656
Interest, net16,619 14,602
Operating23,287 23,160
Real estate taxes, net16,735 15,008
General and administrative10,604 2,307
Provision for income taxes238 172
Gain on dispositions9,131 13,576
Net Income29,879 54,248
Unconsolidated joint venture
Schedule of Equity Method Investments [Line Items]
Revenues, net29,945 33,739
Expenses
Depreciation and amortization8,438 8,762
Interest, net1,624 2,418
Operating5,823 7,111
Real estate taxes, net3,535 4,400
General and administrative105 105
Provision for income taxes16 36
Total19,541 22,832
Gain on dispositions48 44,699
Net Income $ 10,452 $ 55,606

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in ThousandsDec. 11, 2019USD ($)itemMar. 31, 2021USD ($)Dec. 31, 2020USD ($)Mar. 24, 2021USD ($)
Debt Instrument [Line Items]
Debt service guaranty liability $ 53,650 $ 53,650
Debt instruments collateral value600,000 600,000
Finance lease obligation21,664 $ 21,696
Net premium/(discount) on debt(2,900)
Deferred finance costs, net(4,200)
Non-cash debt5,100
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility $ 500,000
Number of credit facility 6-month extensions | item2
Line of credit facility, extension period6 months
Bids amount (up to)250,000
Maximum increase in credit facility amount (up to) $ 850,000
Commitment fee percentage0.15%0.15%
Debt Service Guaranty [Member]
Debt Instrument [Line Items]
Debt coverage ratio1.4
Short-Term Unsecured Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility $ 10,000
Commitment fee percentage0.10%0.10%
Unused capacity, commitment fee percentage0.05%0.05%
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate0.825%0.825%
Thirty-Day LIBOR [Member] | Short-Term Unsecured Facility [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate1.25%1.25%
Financial Standby Letter of Credit [Member]
Debt Instrument [Line Items]
Securities pledged as collateral $ 6,000 $ 6,000
Guarantor obligations, maximum exposure, undiscounted $ 6,000 $ 6,000

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Debt payable, net to 2038 $ 1,721,923 $ 1,723,073
Unsecured notes payable under credit facilities40,000
Debt service guaranty liability53,650 53,650
Finance lease obligation21,664 21,696
Total $ 1,797,237 $ 1,838,419
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt stated interest rate3.30%3.30%
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt stated interest rate7.00%7.00%
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Weighted Average [Member]
Debt Instrument [Line Items]
Debt stated interest rate3.90%3.90%

Debt (Grouping Of Debt Between

Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Total $ 1,797,237 $ 1,838,419
As To Interest Rate [Member]
Debt Instrument [Line Items]
Fixed-rate debt1,797,237 1,798,419
Variable-rate debt40,000
Total1,797,237 1,838,419
As To Collateralization [Member]
Debt Instrument [Line Items]
Unsecured debt1,449,383 1,488,909
Secured debt347,854 349,510
Total $ 1,797,237 $ 1,838,419

Debt (Schedule Of Credit Facili

Debt (Schedule Of Credit Facilities) (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Line of Credit Facility [Line Items]
Balance outstanding $ 40,000,000
Maximum balance outstanding during the period $ 40,000,000 497,000,000
Weighted average balance $ 5,378,000 $ 74,311,000
Year-to-date weighted average interest rate (excluding facility fee)0.93%1.00%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding $ 0 $ 40,000,000
Available balance $ 498,068,000 $ 458,068,000
Variable interest rate (excluding facility fee)0.93%0.94%
Letters of Credit [Member]
Line of Credit Facility [Line Items]
Letters of credit outstanding under facility $ 1,932,000 $ 1,932,000
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 ThousandsMar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2021 remaining $ 17,344
2022308,298
2023348,207
2024252,561
2025294,232
2026277,733
202753,604
202892,159
202970,304
2030950
Thereafter8,569
Total $ 1,723,961

Common Shares of Beneficial I_2

Common Shares of Beneficial Interest (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020May 05, 2021
Equity [Abstract]
Value of shares approved to be repurchased $ 200
Stock repurchase program, remaining authorized repurchase amount $ 149.4 $ 149.4
Stock Repurchased During Period, Shares0 1.7
Average price of share repurchased (in dollars per share) $ 19.09
Common Shares of Beneficial Interest; par value (dollars per share) $ 0.03 $ 0.03

Leasing Operations (Details)

Leasing Operations (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
COVID-19 [Member]
Lessor, Lease, Description [Line Items]
Rent forgiveness $ 2 $ 0
Non Cash Basis Tenants [Member]
Lessor, Lease, Description [Line Items]
Rent forgiveness $ 0.5
Maximum [Member]
Lessor, Lease, Description [Line Items]
Lease term10 years
Lease renewal term5 years

Leasing Operations Variable lea

Leasing Operations Variable lease payments recognized in Rentals, net (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Leases [Abstract]
Variable lease payments $ 26,874 $ 26,877

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents $ 52,078 $ 35,418 $ 484,697
Restricted deposits and escrows12,427 12,338 30,804
Total $ 64,505 $ 47,756 $ 515,501 $ 55,291

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Summary of Non-Cash Transactions) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Accrued property construction costs $ 2,982 $ 11,867
Increase in debt, net associated with the acquisition of real estate and land $ 17,952

Earnings Per Share (Components

Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Net Income $ 29,879 $ 54,248
Net income attributable to noncontrolling interests(1,842)(1,626)
Net income attributable to common shareholders - basic28,037 52,622
Income attributable to operating partnership units528
Net income attributable to common shareholders - diluted $ 28,037 $ 53,150
Denominator:
Weighted average shares outstanding - basic (in shares)126,518 127,862
Effect of dilutive securities:
Share options and awards (in shares)1,153 943
Operating partnership units (in shares)1,432
Weighted average shares outstanding - diluted (in shares)127,671 130,237

Earnings Per Share (Schedule Of

Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) shares in Thousands3 Months Ended
Mar. 31, 2021shares
Operating partnership units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)1,429

Share Options And Awards (Narra

Share Options And Awards (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense $ 3.1 $ 1.8
Weighted average expected amortization period for unrecognized compensation cost (in years)2 years 2 months 12 days1 year 7 months 6 days

Share Options and Awards (Fair

Share Options and Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) - Restricted Shares [Member]3 Months Ended
Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum44.00%
Expected volatility, maximum46.00%
Expected life (in years)3 years
Risk-free interest rate, minimum0.00%
Risk-free interest rate, maximum0.16%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield3.50%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield6.00%

Share Options and Awards (Summa

Share Options and Awards (Summary Of The Status Of Unvested Share Awards) (Details)3 Months Ended
Mar. 31, 2021$ / 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) | shares224,554
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 $ 20.81
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) | shares104,046
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 $ 22.28
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) | shares104,045
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 $ 21.90
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, 2021 (in shares) | shares856,295
Unvested share awards, vested (in shares) | shares(249,307)
Unvested share awards, outstanding, March 31, 2021 (in shares) | shares1,039,633
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, 2021 (in dollars per share) | $ / shares $ 28
Weighted average grant date fair value, vested (in dollars per share) | $ / shares24.99
Weighted average grant date fair value, outstanding, March 31, 2021 (in dollars per share) | $ / shares $ 25.98

Employee Benefit Plans (Narrati

Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Retirement Benefits [Abstract]
Defined benefit plan, expected future employer contributions, remainder of fiscal year $ 1
Employer contributions $ 1
Defined contribution plan, compensation expense $ 1.1 $ 1.1

Employee Benefit Plans (Schedul

Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Retirement Benefits [Abstract]
Service cost $ 329 $ 273
Interest cost491 280
Expected return on plan assets(1,039)(592)
Amortization of net loss261 297
Total $ 42 $ 258

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)PartnershipDec. 31, 2020USD ($)Partnership
Capital Additions [Member]
Long-term Purchase Commitment [Line Items]
Purchase contract, commitment $ 33.8
Capital Additions [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Construction contract, period (in months)12 months
Capital Additions [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Construction contract, period (in months)36 months
DownREIT [Member]
Long-term Purchase Commitment [Line Items]
Number of real estate joint ventures | Partnership2 2
Aggregate redemption value $ 38 $ 31

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)itempropertyDec. 31, 2020itemproperty
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures8 8
Number of real estate properties | property19 21
Number of VIE real estate joint ventures guaranteed by company1 1
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures2 2
Number of joint venture arrangements1 1
Number of loan renewal options2
Period of debt extension (in years)1 year
Variable-rate debt | $ $ 170

Variable Interest Entities (Sum

Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)itemDec. 31, 2020USD ($)item
Variable Interest Entity [Line Items]
Assets $ 3,892,535 $ 3,961,400
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Assets214,187 225,719
Maximum Risk of Loss $ 29,784 $ 29,784
Number of VIE real estate joint ventures guaranteed by company | item1 1
Asset Pledged as Collateral [Member] | Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Assets $ 39,703 $ 41,798

Variable Interest Entities (S_2

Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Variable Interest Entity [Line Items]
Investment in Real Estate Joint Ventures and Partnerships, net $ 366,944 $ 369,038
Other liabilities, net216,297 217,489
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Investment in Real Estate Joint Ventures and Partnerships, net131,690 133,468
Maximum risk of loss34,000 34,000
Unconsolidated Variable Interest Entities [Member] | Other Liabilities [Member]
Variable Interest Entity [Line Items]
Other liabilities, net $ 7,362 $ 7,624

Fair Value Measurements (Assets

Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Assets:
Restricted cash, primarily money market funds $ 12,068 $ 12,122
Liabilities:
Gain (loss) included in interest and other income/expense1,100 $ (6,000)5,100
Equity securities, unrealized gain (loss)1,100 $ (6,300)3,700
Recurring [Member]
Assets:
Assets, fair value disclosure54,662 53,711
Liabilities:
Deferred compensation plan obligations44,545 43,412
Total44,545 43,412
Recurring [Member] | Money Market Funds [Member]
Assets:
Cash equivalents155 155
Restricted cash, primarily money market funds9,962 10,144
Recurring [Member] | Grantor Trusts [Member]
Assets:
Investments, mutual funds held in a grantor trust44,545 43,412
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Assets:
Assets, fair value disclosure54,662 53,711
Liabilities:
Deferred compensation plan obligations44,545 43,412
Total44,545 43,412
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Money Market Funds [Member]
Assets:
Cash equivalents155 155
Restricted cash, primarily money market funds9,962 10,144
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member]
Assets:
Investments, mutual funds held in a grantor trust $ 44,545 $ 43,412

Fair Value Measurements (Asse_2

Fair Value Measurements (Assets And Liabilities Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Assets:
Total Gains (Losses) $ (325) $ (44)
Fair Value, Nonrecurring [Member]
Assets:
Assets, fair value $ 0 $ 47,746
Total Gains (Losses)(12,686)
Fair Value, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Assets, fair value47,746
Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member]
Assets:
Assets, fair value47,746
Total Gains (Losses)(12,686)
Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | Carrying Value [Member]
Assets:
Assets, fair value60,400
Fair Value, Nonrecurring [Member] | Property, Plant and Equipment [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Assets, fair value $ 47,746

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Carrying Value [Member] | Fixed-Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure $ 1,797,237 $ 1,798,419
Carrying Value [Member] | Variable Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Instrument, Fair Value Disclosure40,000
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 Disclosure1,895,772 1,905,306
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 Disclosure40,000
Tax Increment Revenue Bonds [Member] | Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt Securities, Held-to-maturity, Fair Value14,758 14,762
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 $ 19,000 $ 19,000