Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RPT | ||
Entity Registrant Name | RAMCO GERSHENSON PROPERTIES TRUST | ||
Entity Central Index Key | 842,183 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 79,375,669 | ||
Entity Public Float | $ 1,010,192,369 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income producing properties, at cost: | ||
Land | $ 397,935 | $ 374,889 |
Buildings and improvements | 1,732,844 | 1,757,781 |
Less accumulated depreciation and amortization | (351,632) | (345,204) |
Income producing properties, net | 1,779,147 | 1,787,466 |
Construction in progress and land available for development or sale | 58,243 | 61,224 |
Real estate held for sale | 0 | 8,776 |
Net real estate | 1,837,390 | 1,857,466 |
Equity investments in unconsolidated joint ventures | 3,493 | 3,150 |
Cash and cash equivalents | 8,081 | 3,582 |
Restricted cash | 4,810 | 11,144 |
Accounts receivable, net | 26,145 | 24,016 |
Acquired lease intangibles, net | 59,559 | 72,424 |
Other assets, net | 90,916 | 89,716 |
TOTAL ASSETS | 2,030,394 | 2,061,498 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable, net | 999,215 | 1,021,223 |
Capital lease obligation | 1,022 | 1,066 |
Accounts payable and accrued expenses | 56,750 | 57,357 |
Acquired lease intangibles, net | 60,197 | 63,734 |
Other liabilities | 8,375 | 9,893 |
Distributions payable | 19,666 | 19,627 |
TOTAL LIABILITIES | 1,145,225 | 1,172,900 |
Commitments and Contingencies | ||
Ramco-Gershenson Properties Trust (RPT) Shareholders' Equity: | ||
Preferred shares, $0.01 par, 2,000 shares authorized: 7.25% Series D Cumulative Convertible Perpetual Preferred Shares, (stated at liquidation preference $50 per share), 1,849 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 92,427 | 92,427 |
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,366 and 79,272 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 794 | 793 |
Additional paid-in capital | 1,160,862 | 1,158,430 |
Accumulated distributions in excess of net income | (392,619) | (384,934) |
Accumulated other comprehensive income | 2,858 | 985 |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 864,322 | 867,701 |
Noncontrolling interest | 20,847 | 20,897 |
TOTAL SHAREHOLDERS' EQUITY | 885,169 | 888,598 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,030,394 | $ 2,061,498 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Preferred shares, par (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized | 2,000,000 | 2,000,000 |
Common shares of beneficial interest, par (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized | 120,000,000 | 120,000,000 |
Common shares of beneficial interest, shares issued | 79,366,000 | 79,272,000 |
Common shares of beneficial interest, shares outstanding | 79,366,000 | 79,272,000 |
Series D Preferred Stock | ||
Preferred shares, par (in dollars per share) | $ 0.01 | $ 0.01 |
Cumulative convertible perpetual preferred shares, liquidation preference (in dollars per share) | $ 50 | $ 50 |
Cumulative convertible perpetual preferred shares, shares issued | 1,848,539 | 1,848,539 |
Cumulative convertible perpetual preferred shares, shares outstanding | 1,849,000 | 1,849,000 |
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUE | |||
Minimum rent | $ 198,362 | $ 192,793 | $ 183,198 |
Percentage rent | 704 | 600 | 539 |
Recovery income from tenants | 61,258 | 62,841 | 61,561 |
Other property income | 4,303 | 4,167 | 4,739 |
Management and other fee income | 455 | 529 | 1,753 |
TOTAL REVENUE | 265,082 | 260,930 | 251,790 |
EXPENSES | |||
Real estate taxes | 42,683 | 41,739 | 38,737 |
Recoverable operating expense | 27,653 | 29,581 | 30,604 |
Other non-recoverable operating expense | 4,449 | 3,575 | 4,271 |
Depreciation and amortization | 91,335 | 91,793 | 89,439 |
Acquisitions costs | 0 | 316 | 644 |
General and administrative expense | 26,159 | 22,041 | 20,077 |
Provision for impairment | 9,404 | 977 | 2,521 |
TOTAL EXPENSES | 201,683 | 190,022 | 186,293 |
OPERATING INCOME | 63,399 | 70,908 | 65,497 |
OTHER INCOME AND EXPENSES | |||
Other expense, net | (708) | (177) | (624) |
Gain on sale of real estate | 52,764 | 35,781 | 17,570 |
Earnings from unconsolidated joint ventures | 273 | 454 | 17,696 |
Interest expense | (44,866) | (44,514) | (42,211) |
Other gain on unconsolidated joint ventures | 0 | 215 | 7,892 |
(Loss) gain on extinguishment of debt | 0 | (1,256) | 1,414 |
NET INCOME BEFORE TAX | 70,862 | 61,411 | 67,234 |
Income tax provision | (143) | (299) | (339) |
NET INCOME | 70,719 | 61,112 | 66,895 |
Net (income) attributable to noncontrolling partner interest | (1,659) | (1,448) | (1,786) |
NET INCOME ATTRIBUTABLE TO RPT | 69,060 | 59,664 | 65,109 |
Preferred share dividends | (6,701) | (6,701) | (6,838) |
Preferred share conversion costs | 0 | 0 | (500) |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 62,359 | $ 52,963 | $ 57,771 |
EARNINGS PER COMMON SHARE | |||
Basic (in dollars per share) | $ 0.78 | $ 0.66 | $ 0.73 |
Diluted (in dollars per share) | $ 0.78 | $ 0.66 | $ 0.73 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (in shares) | 79,344 | 79,236 | 78,848 |
Diluted (in shares) | 79,530 | 79,435 | 79,035 |
Other comprehensive income: | |||
Change in fair value of interest rate swaps | $ 2,082 | $ 2,442 | $ 570 |
Comprehensive income | 72,801 | 63,554 | 67,465 |
Comprehensive income attributable to noncontrolling interest | (1,708) | (1,501) | (1,794) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT | $ 71,093 | $ 62,053 | $ 65,671 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2014 | $ 893,315 | $ 100,000 | $ 776 | $ 1,130,262 | $ (361,547) | $ (1,966) | $ 25,790 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | 17,110 | 9 | 17,101 | ||||
Conversion and redemption of OP unit holders | (3,826) | (3,826) | |||||
Conversion of preferred shares | (500) | (7,573) | 5 | 7,568 | (500) | 0 | 0 |
Share-based compensation and other expense, net of shares withheld for employee taxes | 1,416 | 2 | 1,414 | ||||
Dividends declared to common shareholders | (64,656) | (64,656) | |||||
Dividends declared to preferred shareholders | (6,838) | (6,838) | |||||
Distributions declared to noncontrolling interests | (1,776) | (1,776) | |||||
Dividends declared to deferred shares | (337) | (337) | |||||
Other comprehensive income (loss) adjustment | 570 | 562 | 8 | ||||
Net income | 66,895 | 65,109 | 1,786 | ||||
Ending Balance at Dec. 31, 2015 | 901,373 | 92,427 | 792 | 1,156,345 | (368,769) | (1,404) | 21,982 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | (202) | 0 | (202) | ||||
Conversion and redemption of OP unit holders | (1,517) | (598) | (919) | ||||
Share-based compensation and other expense, net of shares withheld for employee taxes | 2,288 | 1 | 2,287 | ||||
Dividends declared to common shareholders | (68,160) | (68,160) | |||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | |||||
Distributions declared to noncontrolling interests | (1,667) | (1,667) | |||||
Dividends declared to deferred shares | (370) | (370) | |||||
Other comprehensive income (loss) adjustment | 2,442 | 2,389 | 53 | ||||
Net income | 61,112 | 59,664 | 1,448 | ||||
Ending Balance at Dec. 31, 2016 | 888,598 | 92,427 | 793 | 1,158,430 | (384,934) | 985 | 20,897 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect adjustment - ASU adoption | 0 | 221 | (160) | (61) | |||
Issuance of common shares, net of costs | (24) | 0 | (24) | ||||
Conversion and redemption of OP unit holders | (11) | (1) | (10) | ||||
Share-based compensation and other expense, net of shares withheld for employee taxes | 2,457 | 1 | 2,456 | ||||
Dividends declared to common shareholders | (69,845) | (69,845) | |||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | |||||
Distributions declared to noncontrolling interests | (1,687) | (1,687) | |||||
Dividends declared to deferred shares | (419) | (419) | |||||
Other comprehensive income (loss) adjustment | 2,082 | 2,033 | 49 | ||||
Net income | 70,719 | 69,060 | 1,659 | ||||
Ending Balance at Dec. 31, 2017 | $ 885,169 | $ 92,427 | $ 794 | $ 1,160,862 | $ (392,619) | $ 2,858 | $ 20,847 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
OPERATING ACTIVITIES | |||
Net income | $ 70,719 | $ 61,112 | $ 66,895 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 91,335 | 91,793 | 89,439 |
Amortization of deferred financing fees | 1,418 | 1,443 | 1,433 |
Income tax provision | 143 | 299 | 339 |
Earnings from unconsolidated joint ventures | (273) | (454) | (17,696) |
Distributions received from operations of unconsolidated joint ventures | 738 | 496 | 1,744 |
Provision for impairment | 9,404 | 977 | 2,521 |
Loss (gain) on extinguishment of debt | 0 | 1,256 | (1,414) |
Other gain on unconsolidated joint ventures | 0 | (215) | (7,892) |
Gain on sale of real estate | (52,764) | (35,781) | (17,570) |
Amortization of premium on mortgages and notes payable, net | (1,153) | (1,815) | (1,687) |
Service-based restricted share expense | 2,710 | 2,861 | 1,888 |
Long-term incentive cash and equity compensation expense (benefit) | 1,695 | 664 | (271) |
Changes in assets and liabilities, net of effect of acquisitions and dispositions: | |||
Accounts receivable, net | (1,974) | 1,859 | (6,708) |
Acquired lease intangibles and other assets, net | (170) | 674 | 4,529 |
Accounts payable, acquired lease intangibles and other liabilities | (3,903) | (7,500) | (9,920) |
Net cash provided by operating activities | 117,925 | 117,669 | 105,630 |
INVESTING ACTIVITIES | |||
Acquisitions of real estate, net of assumed debt | (165,882) | (12,990) | (152,923) |
Development and capital improvements | (63,256) | (72,038) | (60,923) |
Net proceeds from sales of real estate | 216,463 | 90,975 | 45,960 |
Distributions from sale of joint venture property | 0 | 1,303 | 14,098 |
Change in restricted cash | 2,334 | 496 | (545) |
Net cash (used in) provided by investing activities | (10,341) | 7,746 | (154,333) |
FINANCING ACTIVITIES | |||
Proceeds on mortgages and notes payable | 75,000 | 75,000 | 150,000 |
Repayment of mortgages and notes payable | (39,775) | (149,956) | (92,305) |
Proceeds on revolving credit facility | 258,000 | 185,000 | 246,000 |
Repayments on revolving credit facility | (314,000) | (159,000) | (196,000) |
Payment of debt extinguishment costs | 0 | (410) | 0 |
Payment of deferred financing costs | (3,120) | (698) | (522) |
Proceeds from issuance of common shares, net of costs | (24) | (202) | 17,110 |
Repayment of capitalized lease obligation | (44) | (42) | (720) |
Redemption of operating partnership units for cash | (11) | (1,517) | (3,826) |
Conversion of preferred shares | 0 | 0 | (500) |
Shares used for employee taxes upon vesting of awards | (498) | (574) | (472) |
Dividends paid to preferred shareholders | (6,701) | (6,701) | (6,977) |
Dividends paid to common shareholders | (70,225) | (67,710) | (63,972) |
Distributions paid to operating partnership unit holders | (1,687) | (1,667) | (1,804) |
Net cash (used in) provided by financing activities | (103,085) | (128,477) | 46,012 |
Net change in cash and cash equivalents | 4,499 | (3,062) | (2,691) |
Cash and cash equivalents at beginning of period | 3,582 | 6,644 | 9,335 |
Cash and cash equivalents at end of period | 8,081 | 3,582 | 6,644 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | |||
Assumption of debt related to acquisitions | 0 | 0 | 60,048 |
Equity investment in unconsolidated joint venture | 3,000 | 0 | 0 |
Deferred gain on real estate sold to unconsolidated joint venture | (2,167) | 0 | 0 |
Escrowed proceeds used in acquisition of real estate | 0 | 18,990 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest (net of capitalized interest of $345, $743 and $1,613, respectively) | 43,744 | 46,937 | 42,898 |
Capitalized interest | $ 345 | $ 743 | $ 1,613 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Ramco-Gershenson Properties Trust, together with our subsidiaries (the “Company”), is a real estate investment trust (“REIT”) primarily engaged in the business of owning and managing regionally dominant and urban-oriented infill shopping centers in key growth sub-markets in the 40 largest metropolitan markets in the United States. Our property portfolio consists of 56 wholly owned shopping centers comprising approximately 13.5 million square feet. We also have ownership interests of 7% , 20% , 30% and 30% , respectively, in four joint ventures, three of which own a single shopping center and one with no significant activity. Our joint ventures are reported using equity method accounting. We earn fees from certain joint ventures for managing, leasing and redeveloping the shopping centers they own. We also own interests in several land parcels that are available for development or sale. Most of our properties are anchored by supermarkets and/or national chain stores. The Company's credit risk, therefore, is concentrated in the retail industry. As of December 31, 2017 , our wholly-owned properties located in Michigan and Florida accounted for approximately 20% , and 21% , respectively, of our annualized base rent. As of December 31, 2012, Michigan accounted for approximately 40% . We made an election to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we annually distribute at least 90% of our taxable income to our shareholders and meet other conditions. Principles of Consolidation The consolidated financial statements include the accounts of us and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. ( 97.7% , 97.6% and 97.2% owned by us at December 31, 2017 , 2016 and 2015 , respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We own 100% of the non-voting and voting common stock of Ramco-Gershenson, Inc. (“Ramco”), and therefore it is included in the consolidated financial statements. Ramco has elected to be a taxable REIT subsidiary for federal income tax purposes. Ramco provides property management services to us and to other entities, including certain real estate joint venture partners. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires our 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. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. Reclassifications Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. Correction of Immaterial Error In the third quarter of 2017, management identified certain special assessment obligations on undeveloped land that required revision. The adjustment to revise the obligations approximated $3.1 million . The correction had no impact on earnings or cash flows for 2016 and 2015. Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, the Company concluded that the adjustments were not material to any of its prior period financial statements. Although the adjustments were immaterial to prior periods, the prior period financial statements were revised, in accordance with SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, due to the significance of the out-of-period correction in the third quarter of 2017. A reconciliation of the effects of the correction to the previously reported balance sheet at December 31, 2016 follows: December 31, 2016 As reported Adjustment Adjusted (In thousands) Other liabilities $ 6,800 $ 3,093 $ 9,893 Total liabilities $ 1,169,807 $ 3,093 $ 1,172,900 Accumulated distributions in excess of net income $ (381,912 ) $ (3,022 ) $ (384,934 ) Noncontrolling interest $ 20,968 $ (71 ) $ 20,897 Total shareholder's equity $ 891,691 $ (3,093 ) $ 888,598 A reconciliation of the effects of the correction to the previously reported statement of stockholders' equity for the years ending December 31, 2016, 2015 and 2014 follows: Year Ended December 31, 2016 2015 2014 (In thousands) Accumulated distributions in excess of net income, as reported $ (381,912 ) $ (365,747 ) $ (358,525 ) Correction (3,022 ) (3,022 ) (3,022 ) Accumulated distributions in excess of net income, adjusted $ (384,934 ) $ (368,769 ) $ (361,547 ) Noncontrolling interest, as reported $ 20,968 $ 22,053 $ 25,861 Correction (71 ) (71 ) (71 ) Noncontrolling interest, adjusted $ 20,897 $ 21,982 $ 25,790 Revenue Recognition and Accounts Receivable Our shopping center space is generally leased to retail tenants under leases that are classified as operating leases. We recognize minimum rents using the straight-line method over the terms of the leases commencing when the tenant takes possession of the space or when construction of landlord funded improvements is substantially complete. Certain of the leases also provide for contingent percentage rental income which is recorded on an accrual basis once the specified target that triggers this type of income is achieved. The leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Recovery Income"). The majority of our Recovery Income is estimated and recognized as revenue in the period the recoverable costs are incurred or accrued. Revenues from management, leasing, and other fees are recognized in the period in which the services have been provided and the earnings process is complete. Lease termination income is recognized when a lease termination agreement is executed by the parties and the tenant vacates the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent, percentage rent and recovery income. We provide for bad debt expense based upon the allowance method of accounting. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical bad debts, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the adequacy of the allowance for bad debts. Allowances are taken for those balances that we have reason to believe may be uncollectible. When tenants are in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims. The period to resolve these claims can exceed one year. Management believes the allowance for doubtful accounts is adequate to absorb currently estimated bad debts. However, if we experience bad debts in excess of the allowance we have established, our operating income would be reduced. At December 31, 2017 and 2016 , our accounts receivable were $26.1 million and $24.0 million , respectively, net of allowances for doubtful accounts of $1.4 million and $1.9 million , respectively. In addition, many of our leases contain non-contingent rent escalations for which we recognize income on a straight-line basis over the non-cancelable lease term. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the “Other assets, net” line item in our consolidated balance sheets. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. The balance of straight-line rent receivable at December 31, 2017 and 2016 , net of allowances of $2.7 million and $3.2 million was $19.4 million and $18.8 million , respectively. To the extent any of the tenants under these leases become unable to pay its contractual cash rents, we may be required to write down the straight-line rent receivable from that tenant, which would reduce our operating income. Real Estate Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 – 40 years for buildings and improvements and 5 – 30 years for parking lot surfacing and equipment. We capitalize all capital improvement expenditures associated with replacements and improvements to real property that extend the property's useful life and depreciate them over their estimated useful lives ranging from 15 – 25 years. In addition, we capitalize qualifying tenant leasehold improvements and depreciate them over the lesser of the useful life of the improvements or the term of the related tenant lease. We also capitalize direct internal and external costs of procuring leases and amortize them over the base term of the lease. If a tenant vacates before the expiration of its lease, we charge unamortized leasing costs and undepreciated tenant leasehold improvements of no future value to expense. We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. We will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon future cash flows and other valuation techniques in accordance with our fair value measurements policy, which are used to allocate the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, identifiable intangibles and any gain on purchase. Identifiable intangible assets and liabilities include the effect of above-and below-market leases, the value of having leases in place (“as-is” versus “as if vacant” and absorption costs), other intangible assets such as assumed tax increment revenue bonds and out-of-market assumed mortgages. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of 40 years for buildings, and over the remaining terms of any intangible asset contracts and the respective tenant leases, which may include bargain renewal options. The impact of these estimates, including estimates in connection with acquisition values and estimated useful lives, could result in significant differences related to the purchased assets, liabilities and subsequent depreciation or amortization expense. Real estate also includes costs incurred in the development of new operating properties and the redevelopment of existing operating properties. These properties are carried at cost and no depreciation is recorded on these assets until the commencement of rental revenue or no later than one year from the completion of major construction. These costs include pre-development costs directly identifiable with the specific project, development and construction costs, interest, real estate taxes and insurance. Interest is capitalized on land under development and buildings under construction based on the weighted average rate applicable to our borrowings outstanding during the period and the weighted average balance of qualified assets under development/redevelopment during the period. Indirect project costs associated with development or construction of a real estate project are capitalized until the earlier of one year following substantial completion of construction or when the property becomes available for occupancy. The capitalized costs associated with development and redevelopment projects are depreciated over the useful life of the improvements. If we determine a development or redevelopment project is no longer probable, we expense all capitalized costs which are not recoverable. It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor leasing commitments, construction financing and joint venture partner commitments, if appropriate. We are in the entitlement and pre-leasing phases at our development projects. Accounting for the Impairment of Long-Lived Assets We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, real estate values and expected holding period. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. To the extent a project, or individual components of the project, is no longer considered to have value, the related capitalized costs are charged against operations. Impairment provisions resulting from any event or change in circumstances, including changes in management’s intentions or management’s analysis of varying scenarios, could be material to our consolidated financial statements. We recognize an impairment of an investment in real estate when the estimated undiscounted cash flow is less than the net carrying value of the property. If it is determined that an investment in real estate is impaired, then the carrying value is reduced to the estimated fair value as determined by cash flow models and discount rates or comparable sales in accordance with our fair value measurement policy. In 2017, we recorded impairment provisions totaling $1.0 million and $8.4 million , related to developable land and on shopping centers classified as income producing, respectively. The adjustment related to land was triggered by unforeseen increases in development costs and changes in associated sales price assumptions. The impairment provision on income producing properties was related to the Company's decision to market for potential sale certain wholly-owned income producing properties. Investments in Real Estate Joint Ventures We have four equity investments in unconsolidated joint venture entities in which we own 30% or less of the total ownership interest. Under three of the joint ventures, because we can influence but not make significant decisions without our partners' approval, these investments are accounted for under the equity method of accounting. We provide leasing, development, asset and property management services to these joint ventures for which we are paid fees. The fourth joint venture operating agreement does not provide any of the equity holders substantive kick-out rights nor substantive participating rights, therefore we have concluded it is a variable interest entity. We have evaluated all explicit and implicit interests and further concluded we do not control the entity, nor are we the primary beneficiary. Because we do not control the joint venture we do not consolidate it as a variable interest entity, but instead account for it using the equity method. Refer to Note 6 of the notes to the consolidated financial statements for further information regarding our equity investments in unconsolidated joint ventures. We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable. In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and mark the debt of the joint ventures to market. Considerable judgment by management is applied when determining whether an equity investment in an unconsolidated entity is impaired and, if so, the amount of the impairment. Changes to assumptions regarding cash flows, discount rates or capitalization rates could be material to our consolidated financial statements. There were no impairment provisions on our equity investments in joint ventures recorded in 2017 , 2016 or 2015. Deferred Financing Costs Debt issuance costs related to a recognized debt liability is presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Unamortized debt issuance costs of $3.8 million and $3.7 million are included in Notes payable, net as of December 31, 2017 and 2016 , respectively. Debt issuance costs associated with a line of credit arrangement is classified as an asset and subsequently amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Unamortized debt issuance costs related to our unsecured revolving credit facility of $2.7 million and $1.2 million are included in Other assets, net as of December 31, 2017 and 2016 , respectively. Other Assets, net Other assets consist primarily of acquired development agreement intangibles, an acquired ground lease intangible, straight-line rent receivable, deferred leasing costs, deferred financing costs related to our unsecured revolving credit facility and prepaid expenses. Deferred financing costs related to our unsecured revolving credit facility and leasing costs are amortized using the straight-line method over the terms of the respective agreements, which approximates the effective interest method. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. Lastly, the acquired development agreement and acquired ground lease intangible assets are amortized over the terms of the respective agreements as well. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). As of December 31, 2017 , we had $11.1 million in excess of the FDIC insured limit. Recognition of Share-based Compensation Expense We grant share-based compensation awards to employees and trustees in the form of restricted common shares and in the past we have granted stock options to employees and trustees. Our share-based award costs are equal to each grant date fair value and are recognized over the service periods of the awards using the graded vesting method. See Note 15 of the notes to the consolidated financial statements for further information regarding our share based compensation. Income Tax Status We made an election, and believe our operating activities permit us, to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we distribute at least 90% of our taxable income annually to our shareholders and meet other conditions. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states which are not material to our consolidated financial statements. Certain of our operations, including property and asset management, as well as ownership of certain land parcels, are conducted through taxable REIT subsidiaries, (“TRSs”) which are subject to federal and state income taxes. During the years ended December 31, 2017 , 2016 , and 2015 , we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. See Note 16 of the notes to the consolidated financial statements for further information regarding income taxes. Variable Interest Entities Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both (i) the power to direct the activities that most significantly impact economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have evaluated our investments in joint ventures and determined that three of our joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. While the fourth joint venture does meet the requirements of a VIE, we have concluded we are not the primary beneficiary and therefore do not consolidate the entity. Accordingly, all our investments are accounted for using the equity method. Noncontrolling Interest in Subsidiaries There are third parties who have certain noncontrolling interests in the Operating Partnership that are exchangeable for our common shares on a 1 : 1 basis or cash, at our election. Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets. Consolidated net income and comprehensive income includes the noncontrolling interest’s share. The calculation of earnings per share is based on income available to common shareholders. Segment Information Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial data for each property on an individual basis and define an operating segment as an individual property. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term financial performance. No one individual property constitutes more than 10% of our revenue or property operating income and none of our shopping centers is located outside the United States. Accordingly, we have a single reportable segment for disclosure purposes. |
Recent Issued Accounting Pronou
Recent Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the largest impact is that certain transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. ASU 2017-01 is effective for annual periods beginning after December 15, 2018; however the Company early adopted this standard during the first quarter of 2017. Transaction costs of $0.6 million have been capitalized in connection with our 2017 acquisitions. In 2016, the FASB issued ASU 2016-07 "Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting" ("ASU 2016-07"). ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments also requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company adopted this standard on January 1, 2017 and it did not have a material impact on our consolidated financial statements. In March 2016, the FASB updated ASC Topic 718 "Compensation - Stock Compensation" with ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of share-based payment award transactions, including tax consequences, classification of awards and the classification on the statement of cash flows. ASU 2016-09 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2016. The adoption of this standard resulted in classifying cash paid by the Company to taxing authorities when directly withholding shares upon vesting as financing activities in the consolidated statements of cash flows. The adoption of this update did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. It is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, however the Company early adopted this standard during the fourth quarter of 2017. The adoption resulted in a cumulative effect adjustment of approximately $0.2 million as reflected in the consolidated statements of stockholders' equity. Recent Accounting Pronouncements In September 2017, the FASB issued ASU 2017-13 "'Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments" ("ASU 2017-13"). The amendments in ASU 2017-13 amend the early adoption date option for certain companies related to the adoption of ASU 2014-09 related to revenue and ASU 2016-02 related to leases and is effective consistent with each of these updates. The adoption of this update is not anticipated to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 clarifies guidance about what changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. It is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. In addition, ASU 2017-05 eliminates the guidance specific to real estate sales in ASC 360-20. It is effective for annual periods beginning after December 15, 2017. We will adopt ASU 2017-05 simultaneously with the new revenue standard using the modified retrospective method on January 1, 2018. In preparing for the adoption of ASU 2017-05, the Company identified the sale of a nonfinancial asset (real estate) in the fourth quarter of 2017 that the new guidance applies to. As such, the Company anticipates an adjustment under the modified retrospective method on January 1, 2018 of approximately $2.2 million to equity associated with this transaction. The adjustment will have no impact on earnings or cash flows in 2018. In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not anticipate the adoption of ASU 2017-04 will have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 "Statement of Cash Flows". This new guidance is effective January 1, 2018, with early adoption permitted, and requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The pronouncement requires a retrospective transition method of adoption. Upon adoption, the Company will include amounts generally described as restricted cash within the beginning-of-period, change and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. In August 2016, the FASB issued ASU 2016-15 "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In February 2016, the FASB updated ASC Topic 842 "Leases" ("ASU 2016-02"). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted using a modified retrospective approach. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements and related disclosures. However, we currently believe the adoption of ASU 2016-02 will not have a material impact for operating leases where we are a lessor and we will continue to record revenues from rental properties for operating leases on a straight-line basis. In addition, for leases where the Company is a lessee, primarily the Company’s ground lease and administrative office lease, the Company believes it will record a lease liability and a right of use asset at fair value upon adoption related to these items. Also under this new pronouncement, non-lease components of new or modified leases, including common area maintenance reimbursements, will be accounted for under the Revenue from Contracts with Customers guidance described below. The Company anticipates that it will be required to bifurcate certain lease revenues between lease and non-lease components. Additionally, only incremental direct leasing costs may be capitalized under this new guidance. The Company expects to adopt this new guidance on January 1, 2019 and will continue to evaluate the impact of this guidance until it becomes effective. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of non-financial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted in periods ending after December 15, 2016. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (modified retrospective method). We will adopt the standard and the related updates subsequently issued by the FASB using the modified retrospective method on January 1, 2018. ASU 2014-09 applies only to certain revenue included in Other Property Income and Management and Other Fee Income in our Consolidated Statement of Operations which approximate $4.8 million or less than 2.0% of total revenue. The timing of revenue recognition associated with these items is expected to remain substantially unchanged and no adjustment is expected upon adoption. In addition, ASU 2014-09 may result in additional disclosures associated with disaggregation of revenue, contract balances included in the consolidated balance sheet, information associated with our performance obligations included in our contracts with customers, significant judgments and changes in judgments made by management around contracts, and assets recognized from costs to obtain or fulfill a contract, where applicable. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Included in our net real estate are income producing shopping center properties that are recorded at cost less accumulated depreciation and amortization, construction in process and land available for development or sale. Following is the detail of the construction in progress and land available for development or sale as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Construction in progress $ 26,598 $ 23,445 Land available for development 25,596 26,805 Land available for sale 6,049 10,974 Total $ 58,243 $ 61,224 Construction in progress represents existing development, redevelopment and tenant build-out projects. When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate. Land available for development or sale includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center. |
Property Acquisitions and Dispo
Property Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions Acquisitions The following table provides a summary of our acquisitions during 2017 and 2016 : Gross Property Name Location GLA Acreage Date Acquired Purchase Price Debt (In thousands) (In thousands) 2017 Providence Marketplace Mt. Juliet, TN 632 N/A 02/17/17 $ 115,126 $ — Webster Place Chicago, IL 135 N/A 02/17/17 53,162 — Total consolidated income producing acquisitions 767 — 168,288 — Troy Marketplace - Outparcel Troy, MI N/A 0.4 08/24/17 901 — Troy Marketplace - Outparcel Troy, MI N/A 0.4 06/30/17 175 — Troy Marketplace - Outparcel Troy, MI N/A 0.5 01/17/17 475 — Total consolidated land acquisitions / outparcel acquisitions — 1.3 1,551 — Total acquisitions 767 1.3 $ 169,839 $ — 2016 Centennial Shops Edina, MN 85 N/A 10/11/16 $ 31,980 $ — Total acquisitions 85 — $ 31,980 $ — The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for business combinations. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: December 31, 2017 2016 (In thousands) Land $ 52,132 $ — Buildings and improvements 107,156 29,639 Above market leases 409 — Ground leasehold — 2,203 Lease origination costs 12,885 4,717 Other assets 3,899 813 Below market leases (6,642 ) (5,392 ) Net assets acquired (1) $ 169,839 $ 31,980 (1) The 2017 net assets acquired include $4.0 million of deposits paid in 2016 . The 2016 net assets acquired include $19.0 million of escrowed proceeds from dispositions. Total revenue and net income for the 2017 acquisitions included in our consolidated statement of operations for the year ended December 31, 2017 were $13.4 million and $2.3 million , respectively. Unaudited Proforma Information If the 2017 and 2016 acquisitions had occurred on January 1, 2016 , our consolidated revenues and net income for the years ended December 31, 2017 and 2016 would have been as follows: Years Ended December 31, 2017 2016 (in thousands) Consolidated revenue $ 267,181 $ 267,170 Consolidated net income available to common shareholders $ 62,696 $ 53,539 Dispositions The following table provides a summary of our disposition activity during 2017 and 2016 . Gross Property Name Location GLA Acreage Date Sold Sales Price Gain (loss) on Sale (In thousands) (In thousands) 2017 Liberty Square Wauconda, IL 107 N/A 12/27/17 $ 14,075 $ 2,113 Rolling Meadows Rolling Meadows, IL 134 N/A 12/21/17 17,350 5,815 Village Plaza Lakeland, FL 158 N/A 12/15/17 19,000 3,547 Millennium Park (1) Livonia, MI 273 N/A 11/30/17 51,000 5,056 Hoover Eleven Warren, MI 281 N/A 09/29/17 20,350 — Auburn Mile - Aqua Tots Auburn Hills, MI 5 N/A 08/25/17 1,000 123 New Towne Plaza Canton Township, MI 193 N/A 08/04/17 26,000 16,120 Clinton Valley Sterling Heights, MI 205 N/A 08/01/17 23,500 7,376 Roseville Towne Center Roseville, MI 77 N/A 07/24/17 10,250 (291 ) Gaines Marketplace Caledonia, MI 60 N/A 07/07/17 9,500 690 Walgreen's Data Center Mount Prospect, IL 73 N/A 07/07/17 6,200 252 Auburn Mile Auburn Hills, MI 91 N/A 03/17/17 13,311 6,991 Oak Brook Square Flint, MI 152 N/A 02/10/17 14,200 4,185 Total income producing dispositions 1,809 — $ 225,736 $ 51,977 Holcomb Roswell - Outparcel Alpharetta, GA N/A 1.0 12/29/17 $ 375 $ (102 ) River City Marketplace - Outparcel Jacksonville, FL N/A 0.9 09/29/17 360 63 Hartland - Outparcel Hartland, MI N/A 1.3 08/04/17 550 148 River City Marketplace Jacksonville, FL N/A 1.4 07/27/17 675 493 Lakeland Park Center - Outparcel Lakeland, FL N/A 1.8 03/31/17 1,305 185 Total outparcel dispositions — 6.4 $ 3,265 $ 787 Total dispositions 1,809 6.4 $ 229,001 $ 52,764 2016 Shoppes at Fairlane Meadows Dearborn, MI 157 N/A 09/30/16 $ 20,333 $ 484 Livonia Plaza Livonia, MI 137 N/A 09/20/16 19,800 9,091 Lakeshore Marketplace Norton Shores, MI 343 4.6 06/30/16 27,750 6,368 River Crossing Centre New Port Ritchey, FL 62 N/A 06/29/16 12,500 6,750 Centre at Woodstock Woodstock, GA 87 N/A 06/29/16 16,000 5,893 Troy Towne Center Troy, OH 144 N/A 02/02/16 12,400 6,274 Total income producing dispositions 930 4.6 $ 108,783 $ 34,860 Lakeland Park Center - Outparcel Lakeland, FL N/A 3.2 12/29/16 $ 1,829 $ 76 Harvest Junction LLC - Outparcel Longmont, CO N/A 6.4 12/15/16 1,000 21 Conyers Crossing - Chipotle Outparcel Conyers, GA N/A 0.5 06/27/16 1,000 579 Lakeshore Marketplace - Outparcel Norton Shores, MI N/A 0.7 06/15/16 302 (6 ) The Towne Center at Aquia - Outparcel Stafford, VA N/A 0.7 01/15/16 750 251 Total outparcel dispositions — 11.5 $ 4,881 $ 921 Total dispositions 930 16.1 $ 113,664 $ 35,781 (1) In November 2017 , we disposed of Millennium Park to an entity in which we hold a 30.0% equity interest. Net proceeds from closing excluded $3.0 million which was used to fund our equity investment. In addition, as a result of our continuing involvement with the shopping center, we deferred approximately $2.2 million of gain on the transaction. In September 2016 , approximately $19.0 million of the proceeds related to the Livonia Plaza disposition were placed into escrow at closing for the acquisition of Centennial Shops under an Internal Revenue Code 1031 exchange. In August 2016 , we conveyed the title to and interest in The Towne Center at Aquia to the mortgage lender for the property. At the time of conveyance, the outstanding balance of the mortgage loan was $11.8 million , resulting in a loss on extinguishment of debt of $0.8 million . |
Impairment Provisions
Impairment Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Impairment Provisions | Impairment Provisions We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2017 2016 2015 (In thousands) Land available for development or sale $ 982 $ 977 $ 2,521 Income producing properties marketed for sale 8,422 — — Total $ 9,404 $ 977 $ 2,521 During 2017, the Company's decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $ 8.4 million . The adjustment was triggered by changes in the associated market prices and expected hold period assumptions related to these shopping centers. During 2017, changes in the expected use and changes in associated sales price assumptions related to land held for development or sale resulted in an impairment provision of $1.0 million . During 2016 and 2015, unforeseen increases in development costs and changes in associated sales price assumptions related to land held for development or sale resulted in impairment provisions of $1.0 million and 2.5 million , respectively. |
Equity Investments in Unconsoli
Equity Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures We have four joint venture agreements whereby we own 7% , 20% , 30% and 30% , respectively, of the equity in each joint venture. Under three of the joint ventures, we and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method. The fourth joint venture was created in November 2017. The Company became a 30.0% equity investor in the entity for $3.0 million . In connection with the formation of the joint venture, the joint venture also acquired the Millennium Park shopping center from the Company. The partial disposal resulted in a deferred gain of approximately $2.2 million . The operating agreement of the joint venture does not provide the equity investors substantive kick-out rights nor substantive participating rights, therefore we have concluded it is a variable interest entity. The Company has evaluated all explicit and implicit interests and further concluded we do not control the entity, nor are we the primary beneficiary. Because we do not control the joint venture we do not consolidate it as a variable interest entity, but instead account for it using the equity method. As of December 31, 2017 , the Company's exposure to loss in the variable interest joint venture approximated the carrying value of its equity investment of $0.8 million . Combined financial information of our unconsolidated joint ventures is summarized as follows: December 31, Balance Sheets 2017 2016 (In thousands) ASSETS Investment in real estate, net $ 93,801 $ 43,995 Other assets 4,099 3,712 Total Assets $ 97,900 $ 47,707 LIABILITIES AND OWNERS' EQUITY Mortgage notes payable $ 42,330 $ — Other liabilities 220 219 Owners' equity 55,350 47,488 Total Liabilities and Owners' Equity $ 97,900 $ 47,707 RPT's equity investments in unconsolidated joint ventures $ 3,493 $ 3,150 Years Ended December 31, Statements of Operations 2017 2016 2015 (In thousands) Total revenue $ 4,620 $ 4,742 $ 10,297 Total expenses (3,067 ) (3,030 ) (7,113 ) Gain on sale of real estate — — 9,237 Net income from continuing operations 1,553 1,712 12,421 Discontinued operations (1) Gain on sale of real estate (2) — 371 3,025 Income (loss) from discontinued operations — 492 857 Net income (loss) from discontinued operations — 863 3,882 Net income (loss) $ 1,553 $ 2,575 $ 16,303 RPT's share of earnings from unconsolidated joint ventures $ 273 $ 454 $ 17,696 (1) Discontinued operations reflects results of operations for those properties that meet the criteria for discontinued operations under ASU 2014-08. (2) During 2015 Ramco 450 sold all of the properties from the joint venture. Ramco acquired its partners interest in six properties, our joint venture partner acquired our interest in one property and the final property, Chester Springs, was sold to an unrelated third party. The seven properties sold to partners in the venture generated a gain of $65.6 million , our share, $13.1 million , is recognized in the earnings (loss) from unconsolidated joint ventures. Ramco 450 recognized the gain as a distribution to the partners. Acquisitions The following table provides a summary of our unconsolidated joint venture property acquisitions during 2017 and 2016 : Gross Property Name Location GLA Acreage Date Acquired Purchase Price Debt Assumed (In thousands) (In thousands) 2017 Millennium Park (1) Livonia, MI 273 N/A 11/30/17 $ 51,000 $ — 273 N/A $ 51,000 $ — 2016 None (1) In November 2017, we disposed of Millennium Park to an entity in which we hold a 30.0% equity interest. Net proceeds from closing excluded $3.0 million which was used to fund our equity investment. In addition, as a result of our continuing involvement with the shopping center, we deferred approximately $2.2 million of gain on the transaction. Dispositions The following table provides a summary of our unconsolidated joint venture property disposition activity during 2017 and 2016. Property Name Location GLA Ownership % Date Sold Gross Sales Price Gain on Sale (at 100%) (In thousands) (In thousands) 2017 None 2016 Kissimmee West Shopping Center Kissimmee, FL 116 7 % 6/14/2016 $ 19,400 $ 371 116 $ 19,400 $ 371 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 1,358 $ 26 Joint Venture Management and Other Fee Income We are engaged by certain of our joint ventures, which we consider to be related parties, to provide asset management, property management, leasing and investing services for such ventures' respective properties. We receive fees for our services, including property management fees calculated as a percentage of gross revenues received and recognize these fees as the services are rendered. The following table provides information for our fees earned which are reported in our consolidated statements of operations: Years Ended December 31, 2017 2016 2015 (In thousands) Management fees $ 276 $ 318 $ 1,149 Leasing fees 146 118 311 Acquisition/disposition fees 33 45 108 Construction fees — 48 185 Total $ 455 $ 529 $ 1,753 |
Other Assets, Net and Acquired
Other Assets, Net and Acquired Lease Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, Net and Acquired Lease Intangible Assets, Net | Other Assets, Net and Acquired Lease Intangible Assets, Net Other assets, net consisted of the following: December 31, 2017 2016 (In thousands) Deferred leasing costs, net $ 34,545 $ 35,071 Deferred financing costs on unsecured revolving credit facility, net 2,691 1,190 Acquired development agreements (1) 20,105 21,149 Ground leasehold intangible 2,173 2,198 Other, net 2,579 2,835 Total amortizable other assets 62,093 62,443 Straight-line rent receivable, net 19,370 18,794 Goodwill 2,089 2,089 Cash flow hedge mark-to-market asset 3,133 2,143 Prepaid and other deferred expenses, net 4,231 4,247 Other assets, net $ 90,916 $ 89,716 (1) Represents in-place public improvement agreement of approximately $15.1 million and real estate tax exemption agreement of approximately $5.0 million associated with two properties acquired in 2014 . Straight-line rent receivables are recorded net of allowances of $2.7 million and $ 3.2 million at December 31, 2017 and 2016 , respectively. Acquired lease intangible assets, net consisted of the following: December 31, 2017 2016 (In thousands) Lease originations costs $ 94,200 $ 107,625 Above market leases 9,587 12,393 103,787 120,018 Accumulated amortization (44,228 ) (47,594 ) Net acquired lease intangibles $ 59,559 $ 72,424 Acquired lease intangible assets have a remaining weighted-average amortization period of 10.3 years as of December 31, 2017 . These intangible assets are being amortized over the lives of the applicable lease. Amortization of lease origination costs is an increase to amortization expense and amortization of above-market leases is a reduction to minimum rent revenue over the applicable terms of the respective leases. Amortization of the above market lease asset resulted in a reduction of revenue of approximately $2.0 million , $2.5 million , and $3.1 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. Combined, amortizable other assets, net and acquired lease intangibles, net totaled $121.7 million . The following table represents estimated aggregate amortization expense related to those assets as of December 31, 2017 : Year Ending December 31, (In thousands) 2018 $ 20,228 2019 15,956 2020 12,900 2021 10,958 2022 8,522 Thereafter 53,088 Total $ 121,652 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes our mortgages and notes payable and capital lease obligation as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Senior unsecured notes $ 610,000 $ 535,000 Unsecured term loan facilities 210,000 210,000 Fixed rate mortgages 120,944 160,718 Unsecured revolving credit facility 30,000 86,000 Junior subordinated notes 28,125 28,125 999,069 1,019,843 Unamortized premium 3,967 5,120 Unamortized deferred financing costs (3,821 ) (3,740 ) $ 999,215 $ 1,021,223 Capital lease obligation $ 1,022 $ 1,066 Senior unsecured notes and unsecured term loans We completed the following financing transactions during 2017 : The Company closed a $75.0 million private placement of senior unsecured notes. The notes were issued in three tranches with terms of 5 , 10 , and 12 years and a weighted average interest rate of 4.46% . Proceeds were used to pay off without penalty two existing mortgages and for general corporate purposes. In addition, the Company amended and repriced its $75.0 million term loan due 2021 . The transaction reduced the loan’s interest rate by 35 basis points for the remainder of the term. Our $820.0 million of senior unsecured notes and unsecured term loans have interest rates ranging from 2.84% to 4.74% and are due at various maturity dates from May 2020 through December 2029 . Mortgages During 2017 we had the following mortgage transactions: • In November 2017 , we repaid a maturing mortgage note secured by Market Plaza totaling $14.3 million with an interest rate of 2.86% . • In December 2017 , we repaid a mortgage note secured by Jackson Crossing totaling $22.3 million with an interest rate of 5.76% . Our $120.9 million of fixed rate mortgages have interest rates ranging from 3.76% to 7.38% and are due at various maturity dates from December 2019 through June 2026 . The fixed rate mortgage notes are secured by mortgages on properties that have an approximate net book value of $179.9 million as of December 31, 2017 . We have no mortgages maturing in 2018 and only one mortgage maturing in 2019 for $3.0 million . It is our intent to repay this mortgage using cash flow from operations, borrowings under our unsecured line of credit, or other sources of financing. The mortgage loans encumbering our properties are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. We have entered into mortgage loans which are secured by multiple properties and contain cross-collateralization and cross-default provisions. Cross-collateralization provisions allow a lender to foreclose on multiple properties in the event that we default under the loan. Cross-default provisions allow a lender to foreclose on the related property in the event a default is declared under another loan. Revolving Credit Facility In September 2017 , the Company closed on its amended and restated $350.0 million unsecured revolving credit facility. The credit facility matures September 2021 and can be extended one year to 2022 through two six -month options. Borrowings on the credit facility are priced on a leverage grid ranging from LIBOR plus 130 basis points to LIBOR plus 195 basis points. At December 31, 2017 borrowings were priced at LIBOR plus 135 basis points. Additionally, the facility allows for increased borrowing capacity up to $650.0 million through an accordion feature. During 2017 we had net payments of $56.0 million on our revolving credit facility and had outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying consolidated balance sheets, totaling $1.3 million . These letters of credit reduce borrowing availability under our bank facility. As of December 31, 2017 , $318.7 million was available to be drawn on our $350.0 million unsecured revolving credit facility subject to our compliance with certain covenants. As of December 31, 2017 the variable interest rate was 2.71% . Junior Subordinated Notes Our junior subordinated notes have a variable rate of LIBOR plus 3.30% , for an effective rate of 4.68% at December 31, 2017 . The maturity date is January 2038. Capital lease At December 31, 2017 we had a capital ground lease at our Buttermilk Towne Center with the City of Crescent Springs, Kentucky with a gross carrying value of $13.2 million classified as land. Total amounts expensed as interest relating to this lease were $0.1 million , $0.1 million and $0.1 million for each of the years ended December 31, 2017 , 2016 , and 2015 respectively. Covenants Our revolving credit facility, senior unsecured notes and term loans contain financial covenants relating to total leverage, fixed charge coverage ratio, tangible net worth and various other calculations. As of December 31, 2017 , we were in compliance with these covenants. The following table presents scheduled principal payments on mortgages and notes payable and capital lease payments as of December 31, 2017 : Year Ending December 31, Principal Payments Capital Lease Payments (In thousands) 2018 $ 2,562 $ 100 2019 5,859 100 2020 102,269 100 2021 (1) 144,508 100 2022 77,397 100 Thereafter 666,474 1,000 Subtotal debt 999,069 1,500 Unamortized mortgage premium 3,967 — Unamortized deferred financing costs (3,821 ) — Amounts representing interest — (478 ) Total $ 999,215 $ 1,022 (1) Scheduled maturities in 2021 include the $30.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2017 . |
Acquired Lease Intangible Liabi
Acquired Lease Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Acquired Lease Intangible Liabilities, Net | Acquired Lease Intangible Liabilities, Net Acquired lease intangible liabilities, net were $60.2 million and $63.7 million as of December 31, 2017 and 2016 , respectively. The lease intangible liabilities relate to below-market leases and are being accreted over the applicable terms of the acquired leases, which resulted in an increase in revenue of $6.4 million , $5.9 million , and $5.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We completed two acquisitions in 2017 and the purchase price allocations included $6.6 million of acquired lease intangible liabilities. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our consolidated financial statements. These levels are: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value. Derivative Assets and Liabilities All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify derivative instruments as Level 2. Refer to Note 11 of notes to the consolidated financial statements for additional information on our derivative financial instruments. The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 . Balance Sheet location Total Fair Value Level 1 Level 2 Level 3 2017 (In thousands) Derivative assets - interest rate swaps Other assets $ 3,133 $ — $ 3,133 $ — Derivative liabilities - interest rate swaps Other liabilities $ (208 ) $ — $ (208 ) $ — 2016 Derivative assets - interest rate swaps Other assets $ 2,143 $ — $ 2,143 $ — Derivative liabilities - interest rate swaps Other liabilities $ (1,300 ) $ — $ (1,300 ) $ — Other Assets and Liabilities The carrying values of cash and cash equivalents, restricted cash, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. Debt We estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). Since such amounts are estimates that are based on limited available market information for similar transactions, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $940.9 million and $905.7 million as of December 31, 2017 and 2016 , respectively, have fair values of approximately $940.8 million and $900.3 million , respectively. Variable rate debt’s fair value is estimated to be the carrying values of $58.1 million and $114.1 million as of December 31, 2017 and 2016 , respectively. We classify our debt as Level 2. Net Real Estate Our net real estate, including any identifiable intangible assets, are regularly subject to impairment testing but marked to fair value on a nonrecurring basis. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset. To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value. We classify impaired real estate assets as nonrecurring Level 3. The table below presents the recorded amount of assets at the time they were marked to fair value during the years ended December 31, 2017 and 2016 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the years ended December 31, 2017 and 2016 . Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2017 Income producing properties $ 68,100 $ — $ — $ 68,100 $ (8,422 ) Land available for sale 1,896 — — 1,896 (982 ) Total $ 69,996 $ — $ — $ 69,996 $ (9,404 ) 2016 Land available for sale $ 6,815 — — $ 6,815 $ (977 ) Total $ 6,815 $ — $ — $ 6,815 $ (977 ) Equity Investments in Unconsolidated Entities Our equity investments in unconsolidated joint venture entities are subject to impairment testing on a nonrecurring basis if a decline in the fair value of the investment below the carrying amount is determined to be a decline that is other-than-temporary. To estimate the fair value of properties held by unconsolidated entities, we use cash flow models, discount rates, and capitalization rates based upon assumptions of the rates that market participants would use in pricing the asset. To the extent other-than-temporary impairment has occurred, we charge to expense the excess of the carrying value of the equity investment over its estimated fair value. We classify other-than-temporarily impaired equity investments in unconsolidated entities as nonrecurring Level 3. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt. We may also enter into forward starting swaps to set the effective interest rate on planned fixed rate financing. On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be highly effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in our consolidated statements of operations. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and LIBOR rate. At December 31, 2017 , all of our hedges were highly effective. As of December 31, 2017 , we had nine interest rate swap agreements in effect for an aggregate notional amount of $210.0 million converting our floating rate corporate debt to fixed rate debt. In addition we have entered into one forward starting interest rate swap agreements for an aggregate notional amount of $60.0 million . All of our interest rate swap agreements are designated as cash flow hedges The agreements provide for swapping one-month LIBOR interest rates ranging from 1.460% to 2.150% and have expirations ranging from October 2018 to March 2023 . The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2017 : Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Assets Unsecured term loan facility Cash Flow $ 50,000 1.460 % $ 616 05/2020 Unsecured term loan facility Cash Flow 20,000 1.498 % 372 05/2021 Unsecured term loan facility Cash Flow 15,000 1.490 % 284 05/2021 Unsecured term loan facility Cash Flow 40,000 1.480 % 769 05/2021 $ 125,000 $ 2,041 Derivative Assets - Forward Swaps Unsecured term loan facility Cash Flow 60,000 1.770 % 1,092 03/2023 Total Derivative Assets $ 185,000 $ 3,133 Derivative Liabilities Unsecured term loan facility Cash Flow $ 30,000 2.048 % $ (78 ) 10/2018 Unsecured term loan facility Cash Flow 25,000 1.850 % (28 ) 10/2018 Unsecured term loan facility Cash Flow 5,000 1.840 % (5 ) 10/2018 Unsecured term loan facility Cash Flow 15,000 2.150 % (58 ) 05/2020 Unsecured term loan facility Cash Flow 10,000 2.150 % (39 ) 05/2020 Total Derivative Liabilities $ 85,000 $ (208 ) The effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income for the years ended December 31, 2017 and 2016 is summarized as follows: Amount of Gain Location of Loss Reclassified from Accumulated OCI into Income Amount of Loss Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationship Year Ended December 31, Year Ended December 31, 2017 2016 2017 2016 (In thousands) (In thousands) Interest rate contracts - assets $ 1,373 $ 3,718 Interest Expense $ (383 ) $ (2,217 ) Interest rate contracts - liabilities 1,983 1,230 Interest Expense (891 ) (289 ) Total $ 3,356 $ 4,948 Total $ (1,274 ) $ (2,506 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2017 , assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2018 $ 175,747 2019 160,699 2020 145,066 2021 123,300 2022 96,357 Thereafter 309,956 Total $ 1,011,125 Expenses We have an operating lease for our corporate headquarters in Michigan for a term expiring in 2019 . We recognized rent expense of $0.6 million , $0.6 million , and $0.6 million for the years ended December 31, 2017 , 2016 , and 2015 , respectively. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota. The lease includes rent escalations throughout the lease period and expires in April 2105. We recognized rent expense of $1.2 million and $0.2 million f or the years ended December 31, 2017 and 2016 , respectively. Approximate future rental payments under our non-cancelable operating leases, assuming no option extensions are as follows: Year Ending December 31, (In thousands) 2018 $ 1,494 2019 1,285 2020 856 2021 856 2022 856 Thereafter 95,283 Total $ 100,630 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table sets forth the computation of basic earnings per share (“EPS”): Year Ended December 31, 2017 2016 2015 (In thousands, except per share data) Net income $ 70,719 $ 61,112 $ 66,895 Net (income) attributable to noncontrolling interest (1,659 ) (1,448 ) (1,786 ) Preferred share dividends and conversion costs (6,701 ) (6,701 ) (7,338 ) Allocation of income to restricted share awards (429 ) (354 ) (336 ) Net income available to common shareholders $ 61,930 $ 52,609 $ 57,435 Weighted average shares outstanding, Basic 79,344 79,236 78,848 Earnings per common share, Basic $ 0.78 $ 0.66 $ 0.73 The following table sets forth the computation of diluted EPS: Year Ended December 31, 2017 2016 2015 (In thousands, except per share data) Net income $ 70,719 $ 61,112 $ 66,895 Net (income) attributable to noncontrolling interest (1,659 ) (1,448 ) (1,786 ) Preferred share dividends and conversion costs (6,701 ) (6,701 ) (7,338 ) Allocation of income to restricted share awards (429 ) (354 ) (336 ) Net income available to common shareholders $ 61,930 $ 52,609 $ 57,435 Weighted average shares outstanding, Basic 79,344 79,236 78,848 Stock options and restricted share awards using the treasury method 186 199 187 Weighted average shares outstanding, Diluted (1)(2) 79,530 79,435 79,035 Earnings per common share, Diluted $ 0.78 $ 0.66 $ 0.73 (1) The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. (2) The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Underwritten public offerings We did not complete any underwritten public offerings in 2017 , 2016 nor 2015 . Controlled equity offerings In June 2016 , we terminated our previous controlled equity offering arrangement and commenced a new distribution agreement that registered up to 8.0 million common shares for issuance from time to time, in our sole discretion. The shares issuable in the new distribution agreement are registered with the Securities and Exchange Commission on our registration statement on Form S-3 (No. 333-211925). We issued no shares under the arrangement in either 2017 or 2016 . In 2015 , through our previous controlled equity offering we issued 0.9 million common shares at an average price of $19.28 and received approximately $17.1 million in net proceeds, after sales commissions and fees of $0.3 million . Non-Controlling Interests As of December 31, 2017 , 2016 and 2015 we had 1,916,403 , 1,917,329 and 2,001,461 OP Units outstanding, respectively. OP Unit holders are entitled to exchange their units for our common shares on a 1 : 1 basis or for cash. The form of payment is at our election. During 2017 , 2016 and 2015 , 926 , 84,132 and 245,734 units were converted for cash in the amount of $0.01 million , $1.5 million and $3.8 million , respectively. Preferred Shares As of December 31, 2017 , 2016 and 2015 we had 1,848,539 shares of 7.25% Series D Cumulative Convertible Preferred Shares (“Preferred Shares”) outstanding that have a liquidation preference of $50 per share and par value $0.01 per share, respectively. The Preferred Shares are convertible at any time by the holders to our common shares at a conversion rate of $13.71 , $13.94 and $14.10 per share as of December 31, 2017 , 2016 and 2015 , respectively. The conversion rate is adjusted quarterly. The Preferred Shares are also convertible under certain circumstances at our election. The holders of the Preferred Shares have no voting rights. At December 31, 2017 , 2016 , and 2015 , the Preferred Shares were convertible into approximately 6.7 million . 6.6 million and 6.6 million shares of common stock, respectively. In April 2015 , holders converted Preferred Shares with a liquidation preference of $7.6 million into 532,628 common shares pursuant to the terms of the securities, and in connection we incurred conversion costs of approximately $0.5 million . The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2017 2016 2015 Declared Paid Declared Paid Declared Paid Common shares $ 0.880 $ 0.880 $ 0.860 $ 0.850 $ 0.820 $ 0.810 Preferred shares $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2017 2016 2015 Common shares Ordinary dividend $ 0.686 $ 0.64 $ 0.658 Capital gain distribution 0.034 0.16 — Non-dividend distribution — — 0.162 $ 0.720 $ 0.800 $ 0.820 7.25% Series D Cumulative Convertible Preferred Shares Ordinary dividend $ 2.725 $ 2.881 $ 3.625 Capital gain distribution 0.137 0.744 — $ 2.862 $ 3.625 $ 3.625 The fourth quarter common shares distribution for 2017 , which was paid on January 2, 2018 , has been treated as paid on January 2, 2018 for income tax purposes. The fourth quarter distribution for 2016 which was paid on January 3, 2017 was treated as paid in two tax years for income tax purposes, $0.16 per share is treated as paid on and reported to shareholders on December 31, 2016 and $0.06 per share is treated as paid on and reported to shareholders on January 3, 2017 . The fourth quarter preferred shares distribution for 2017 , which was paid on January 2, 2018 has been treated as paid in two tax years for income tax purposes, $0.14 has been treated as paid on December 31, 2017 and $0.76 has been treated as paid on January 2, 2018 . Dividend reinvestment plan We have a dividend reinvestment plan that allows for participating shareholders to have their dividend distributions automatically invested in additional shares of beneficial interest based on the average price of the shares acquired for the distribution. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation and Other Benefit Plans | Share-Based Compensation and Other Benefit Plans Incentive and Stock Option Plans As of December 31, 2017 we have one share-based compensation plan in effect, the 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”). Under the plan our compensation committee may grant, subject to performance conditions as specified by the compensation committee, restricted shares, restricted share units, options and other awards for up to 2.0 million of our common shares, units or stock options, of which 1.2 million is available for issuance as of December 31, 2017 . The following share-based compensation plans have been terminated, except with respect to awards outstanding under each plan: • The 2009 Omnibus Long-Term Incentive Plan ("2009 LTIP") which allowed for the grant of restricted shares, restricted share units, options and other awards to trustees, officers and other key employees; and • The 2008 Restricted Share Plan for Non-Employee Trustees (the "Trustees' Plan") which allowed for the grant of restricted shares to non-employee trustees of the Company; We recognized total share-based compensation expense of $4.4 million , $3.4 million , and $1.6 million for 2017 , 2016 , and 2015 , respectively. Restricted Stock Share-Based Compensation Under the 2012 LTIP, the Company has made grants of service-based restricted shares, performance-based cash awards and performance-based equity awards. The service-based employee restricted share awards include a five year vesting period and the compensation expense is recognized on a graded vesting basis. The service-based trustee restricted share awards include a one year vesting period. We recognized expense related to all restricted share awards of $2.7 million for the year ended December 31, 2017 , $2.9 million for year ended December 31, 2016 and $1.9 million for the year ended December 31, 2015. The performance-based cash awards granted prior to 2017 are earned subject to a future performance measurement based on a three -year shareholder return peer comparison (the “TSR Grants”). If the performance criterion is met the actual value of the grant earned will be determined and 50% of the award will be paid in cash immediately while the balance will be paid in cash the following year. The performance-based equity awards granted in 2017 are also earned subject to a future performance measurement based upon a three-year shareholder return peer comparison. We recognized compensation expense of $1.5 million , $0.5 million and $0.4 million related to these performance awards recorded during the years ended December 31, 2017 , 2016 and 2015 , respectively. Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of the cash and equity TSR Grants, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We recognize the compensation expense ratably over the requisite service period and we are required to re-value the performance cash awards at the end of each quarter. We use the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If it is determined that the performance criteria will not be met, compensation expense previously recognized is reversed. A summary of the activity of service based restricted shares under the LTIP for the years ended December 31, 2017 , 2016 and 2015 is presented below: 2017 2016 2015 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Outstanding, beginning of the year 327,543 $ 17.02 327,732 $ 16.39 365,524 $ 14.92 Granted 210,895 $ 14.22 130,890 $ 17.80 180,914 $ 17.77 Vested (119,134 ) $ 16.66 (124,187 ) $ 15.88 (176,816 ) $ 14.29 Forfeited or expired (7,109 ) $ 14.75 (6,892 ) $ 16.76 (41,890 ) $ 16.17 Outstanding, end of the year 412,195 $ 15.58 327,543 $ 17.02 327,732 $ 16.39 As of December 31, 2017 there was approximately $4.9 million of total unrecognized compensation cost related to non-vested restricted share awards granted under our various share-based plans that we expect to recognize over a weighted average period of 2.7 years. Stock Option Share-Based Compensation When we grant options, the fair value of each option granted, used in determining the share-based compensation expense, is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including risk-free rates, expected dividend yield of the underlying common shares, expected option life and expected volatility. No options were granted under the LTIP in the years ended December 31, 2017 , 2016 and 2015 . The following table reflects the stock option activity for all plans described above: 2017 2016 2015 Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Outstanding, beginning of the year 57,140 $ 34.69 107,165 $ 32.13 155,248 $ 30.94 Exercised — $ — — $ — — $ — Forfeited or expired (57,140 ) $ 34.69 (50,025 ) $ 29.21 (48,083 ) $ 28.29 Outstanding, end of the year — $ — 57,140 $ 34.69 107,165 $ 32.13 Exercisable, end of the year — $ — 57,140 $ 34.69 107,165 $ 32.13 Other Benefit Plan The Company has a defined contribution profit sharing plan and trust (the "Plan") with a qualified cash or deferred 401(k) arrangement covering all employees. Participation in the Plan is discretionary for all full-time employees who have attained the age of 21. The entry date eligibility is the first pay date of a quarter following the date of hire. Our expense for the years ended December 31, 2017, 2016 and 2015 was approximately $0.2 million , $0.2 million and $0.2 million , respectively. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes Income Taxes We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders. As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes. Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our TRSs which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies. Our temporary differences primarily relate to deferred compensation, depreciation, impairment charges and net operating loss carryforwards. As of December 31, 2017 , we had a federal and state deferred tax asset of $6.7 million and a valuation allowance of $6.7 million , which represents a decrease of $4.4 million from December 31, 2016. The decrease of $4.4 million is primarily attributable to the reduction in the federal corporate income tax rate from 35% to 21% enacted by the Tax Cuts and Jobs Act of 2017 and effective for taxable years beginning after December 31, 2017. Our deferred tax assets, such as net operating losses and land basis differences, are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the deferred tax assets. These future operations are primarily dependent upon the profitability of our TRSs, the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs. If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our statement of operations in the period we made the determination. During the years ended December 31, 2017 , 2016 and 2015, we recorded an income tax provision of approximately $143 thousand , $299 thousand , and $339 thousand , respectively. We had no unrecognized tax benefits as of or during the three year period ended December 31, 2017 . We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2017 . No material interest or penalties relating to income taxes were recognized in the statement of operations for the years ended December 31, 2017 , 2016 , and 2015 or in the consolidated balance sheets as of December 31, 2017 , 2016 , and 2015 . It is our accounting policy to classify interest and penalties relating to unrecognized tax benefits as tax expense. As of December 31, 2017 , returns for the calendar years 2014 through 2017 remain subject to examination by the Internal Revenue Service (“IRS”) and various state and local tax jurisdictions. As of December 31, 2017 , certain returns for calendar year 2013 also remain subject to examination by various state and local tax jurisdictions. Sales Tax We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Construction Costs In connection with the development and expansion of various shopping centers as of December 31, 2017 , we had entered into agreements for construction costs of approximately $20.8 million . Litigation We are currently involved in certain litigation arising in the ordinary course of business. We are not aware of any matters that would have a material effect on our consolidated financial statements. Environmental Matters We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will expedite and assure satisfactory compliance with environmental laws and regulations should contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the date that the consolidated financial statements were issued. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following table sets forth summarized quarterly financial data for the year ended December 31, 2017 : Quarters Ended 2017 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 67,825 $ 67,062 $ 65,931 $ 64,263 Operating income $ 13,091 $ 18,132 $ 16,531 $ 15,646 Net income attributable to RPT $ 13,098 $ 6,105 $ 28,933 $ 20,923 Net income available to common shareholders $ 11,423 $ 4,430 $ 27,258 $ 19,248 Earnings per common share, basic: (1) $ 0.14 $ 0.05 $ 0.34 $ 0.24 Earnings per common share, diluted: (1) $ 0.14 $ 0.05 $ 0.33 $ 0.24 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017 . The following table sets forth summarized quarterly financial data for the year ended December 31, 2016 : Quarters Ended 2016 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 66,512 $ 65,884 $ 64,080 $ 64,454 Operating income $ 17,219 $ 19,115 $ 16,669 $ 17,905 Net income attributable to RPT $ 11,845 $ 27,363 $ 13,545 $ 6,911 Net income (loss) available to common shareholders $ 10,170 $ 25,688 $ 11,870 $ 5,235 Earnings per common share, basic: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 Earnings per common share, diluted: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016 . |
SUMMARY OF REAL ESTATE AND ACCU
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION | SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (in thousands of dollars) INITIAL COST TO COMPANY Capitalized Subsequent to GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Constructed Date Acquired Bridgewater Falls OH $ 55,545 $ 9,831 $ 76,446 $ 717 $ 9,831 $ 77,163 $ 86,994 $ 8,268 2005/2007 2014 Buttermilk Towne Center KY — 13,249 21,103 2,108 13,249 23,211 36,460 2,489 2005 2014 Centennial Shops MN — — 29,639 313 — 29,952 29,952 1,316 2008 2016 Central Plaza MO — 10,250 10,909 (69 ) 10,250 10,840 21,090 1,976 1970 2012 Clinton Pointe MI — 1,175 10,499 967 1,176 11,465 12,641 4,056 1992 2003 Coral Creek Shops FL — 1,565 14,085 1,984 1,572 16,062 17,634 5,767 1992 2002 Crofton Centre MD — 8,012 22,774 504 8,012 23,278 31,290 1,973 1974 2015 Crossroads Centre OH 3,352 5,800 20,709 3,859 4,904 25,464 30,368 11,488 2001 2001 Cypress Point FL — 2,968 17,637 880 2,968 18,517 21,485 2,739 1983 2013 Deer Creek Shopping Center MO — 6,070 18,105 80 6,070 18,185 24,255 2,615 1970's/2013 2013 Deer Grove Centre IL — 8,408 8,197 6,454 8,408 14,651 23,059 2,524 1997 2013 Deerfield Towne Center OH — 6,868 78,551 6,764 6,868 85,315 92,183 12,361 2004/2007 2013 East Town Plaza WI — 1,768 16,216 4,026 1,768 20,242 22,010 8,277 1992 2000 Front Range Village CO — 20,910 80,600 7,805 20,910 88,405 109,315 8,894 2008 2014 Harvest Junction North CO — 8,254 25,232 5,935 7,374 32,047 39,421 4,331 2006 2012 Harvest Junction South CO — 6,241 22,856 199 6,241 23,055 29,296 3,432 2006 2012 Heritage Place MO — 13,899 22,506 2,686 13,899 25,192 39,091 5,446 1989 2011 Holcomb Center GA — 658 5,953 11,078 658 17,031 17,689 7,463 1986 1996 Hunters Square MI — 7,673 52,774 6,404 7,652 59,199 66,851 8,173 1988 2013 Jackson Crossing MI — 3,347 24,261 18,935 3,347 43,196 46,543 18,429 1967 1996 Jackson West MI — 2,806 6,270 6,638 2,691 13,023 15,714 6,487 1996 1996 Lakeland Park Center FL — 15,365 — 38,645 15,365 38,645 54,010 4,228 2014 2008 Marketplace of Delray FL — 7,922 18,910 2,244 7,922 21,154 29,076 3,297 1981/2010 2013 Market Plaza IL — 9,391 22,682 141 9,391 22,823 32,214 1,939 1965/2009 2015 Merchants' Square IN — 4,997 18,346 2,773 4,997 21,119 26,116 5,090 1970 2010 Mission Bay FL — 33,975 48,159 10,132 33,975 58,291 92,266 7,806 1989 2013 Mount Prospect Plaza IL — 11,633 21,767 (4,784 ) 9,601 19,015 28,616 3,454 1958/1987/2012 2013 Nagawaukee Shopping Center WI 6,787 7,549 30,898 4,234 7,549 35,132 42,681 4,628 1994/2004/2008 2012/2013 Olentangy Plaza OH — 4,283 20,774 1,765 4,283 22,539 26,822 2,085 1981 2015 Parkway Shops FL — 3,145 — 25,449 5,902 22,692 28,594 2,477 2013 2008 Peachtree Hill GA — 7,517 17,062 399 7,517 17,461 24,978 1,678 1986 2015 Promenade at Pleasant Hill GA — 3,891 22,520 6,270 3,440 29,241 32,681 9,035 1993 2004 Providence Marketplace TN — 22,171 85,657 54 22,171 85,711 107,882 2,688 2006 2017 River City Marketplace FL — 19,768 73,859 8,280 11,140 90,767 101,907 27,592 2005 2005 INITIAL COST TO COMPANY Capitalized Subsequent to GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Constructed Date Acquired Rivertowne Square FL — 954 8,587 2,214 954 10,801 11,755 4,110 1980 1998 Rossford Pointe OH — 796 3,087 1,477 797 4,563 5,360 1,558 2006 2005 Shoppes of Lakeland FL — 5,503 20,236 1,006 5,503 21,242 26,745 3,191 1985 1996 Shops at Old Orchard MI — 2,864 16,698 688 2,864 17,386 20,250 2,397 1972/2011 2013 Southfield Plaza MI — 1,121 10,777 782 1,121 11,559 12,680 6,937 1969 1996 Spring Meadows Place (1) OH 26,610 2,646 16,758 17,609 5,041 31,972 37,013 10,793 1987 1996 Tel-Twelve MI — 3,819 43,181 29,851 3,819 73,032 76,851 33,890 1968 1996 The Crossroads FL — 1,850 16,650 1,244 1,857 17,887 19,744 6,812 1988 2002 The Shoppes at Fox River WI — 8,534 26,227 18,644 9,750 43,655 53,405 6,983 2009 2010 The Shops on Lane Avenue OH 28,650 4,848 51,273 3,007 4,848 54,280 59,128 4,438 1952/2004 2015 Town & Country Crossing MO — 8,395 26,465 9,712 8,395 36,177 44,572 6,011 2008 2011 Treasure Coast Commons FL — 2,924 10,644 479 2,924 11,123 14,047 1,380 1996 2013 Troy Marketplace MI — 4,581 19,041 6,836 6,176 24,282 30,458 2,688 2000/2010 2013 Troy Marketplace II MI — 3,790 10,292 610 3,790 10,902 14,692 2,380 2000/2010 2013 Village Lakes Shopping Center FL — 862 7,768 7,244 862 15,012 15,874 5,847 1987 1997 Vista Plaza FL — 3,667 16,769 474 3,667 17,243 20,910 2,457 1998 2013 Webster Place IL — 28,410 21,752 44 28,410 21,796 50,206 1,198 1987 2017 West Broward FL — 5,339 11,521 576 5,339 12,097 17,436 1,603 1965 2013 West Allis Towne Centre WI — 1,866 16,789 15,289 1,866 32,078 33,944 13,310 1987 1996 West Oaks I MI — 1,058 10,746 20,601 2,826 29,579 32,405 8,385 1979 1996 West Oaks II MI — 1,391 12,519 7,715 1,391 20,234 21,625 9,926 1986 1996 Winchester Center MI — 5,667 18,559 6,612 5,667 25,171 30,838 3,592 1980 2013 Woodbury Lakes MN — 10,411 55,635 9,267 10,412 64,901 75,313 7,245 2005 2014 Land Held for Future Development (2) Various — 28,266 14,026 (19,705 ) 21,558 1,029 22,587 — N/A N/A TOTALS $ 120,944 $ 430,921 $ 1,431,956 $ 326,145 $ 420,938 $ 1,768,084 $ 2,189,022 $ 351,632 (1) The property's mortgage loan is cross-collateralized with West Oaks II. (2) Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL. SCHEDULE III REAL ESTATE INVESTMENT AND ACCUMULATED DEPRECIATION December 31, 2017 Year ended December 31, 2017 2016 2015 (In thousands) Reconciliation of total real estate carrying value: Balance at beginning of year $ 2,202,670 $ 2,245,100 $ 2,008,687 Additions during period: Acquisition 159,332 29,694 234,018 Improvements 56,384 62,927 57,046 Deductions during period: Cost of real estate sold/written off (219,960 ) (127,343 ) (52,130 ) Impairment (9,404 ) (977 ) (2,521 ) Reclassification to held for sale — (6,731 ) — Balance at end of year $ 2,189,022 $ 2,202,670 $ 2,245,100 Reconciliation of accumulated depreciation: Balance at beginning of year $ 345,204 $ 331,520 $ 287,177 Depreciation Expense 65,720 63,085 59,602 Cost of real estate sold/written off (59,292 ) (42,670 ) (15,259 ) Reclassification to held for sale — (6,731 ) — Balance at end of year $ 351,632 $ 345,204 $ 331,520 Aggregate cost for federal income tax purposes $ 2,243,928 $ 2,326,027 $ 2,366,608 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS December 31, 2017 (in thousands of dollars) Balance at Beginning of Year Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Year For the Year Ended December 31, 2017 Allowance for Doubtful Accounts $ 1,861 298 (929 ) 144 $ 1,374 Straight Line Rent Reserve $ 3,245 (500 ) (67 ) (11 ) $ 2,667 For the Year Ended December 31, 2016 Allowance for Doubtful Accounts $ 2,790 477 (1,506 ) 100 $ 1,861 Straight Line Rent Reserve $ 3,531 353 (619 ) (20 ) $ 3,245 For the Year Ended December 31, 2015 Allowance for Doubtful Accounts $ 2,292 1,107 (609 ) — $ 2,790 Straight Line Rent Reserve $ 4,258 769 (569 ) (927 ) $ 3,531 |
Organization and Summary of S28
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of us and our majority owned subsidiary, the Operating Partnership, Ramco-Gershenson Properties, L.P. ( 97.7% , 97.6% and 97.2% owned by us at December 31, 2017 , 2016 and 2015 , respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We own 100% of the non-voting and voting common stock of Ramco-Gershenson, Inc. (“Ramco”), and therefore it is included in the consolidated financial statements. Ramco has elected to be a taxable REIT subsidiary for federal income tax purposes. Ramco provides property management services to us and to other entities, including certain real estate joint venture partners. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires our 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. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and reported amounts that are not readily apparent from other sources. Actual results could differ from those estimates. |
Reclassifications | Certain reclassifications of prior period amounts have been made in the consolidated financial statements and footnotes in order to conform to the current presentation. |
Revenue Recognition and Accounts Receivable | Our shopping center space is generally leased to retail tenants under leases that are classified as operating leases. We recognize minimum rents using the straight-line method over the terms of the leases commencing when the tenant takes possession of the space or when construction of landlord funded improvements is substantially complete. Certain of the leases also provide for contingent percentage rental income which is recorded on an accrual basis once the specified target that triggers this type of income is achieved. The leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses ("Recovery Income"). The majority of our Recovery Income is estimated and recognized as revenue in the period the recoverable costs are incurred or accrued. Revenues from management, leasing, and other fees are recognized in the period in which the services have been provided and the earnings process is complete. Lease termination income is recognized when a lease termination agreement is executed by the parties and the tenant vacates the space. When a lease is terminated early but the tenant continues to control the space under a modified lease agreement, the lease termination fee is generally recognized evenly over the remaining term of the modified lease agreement. Current accounts receivable from tenants primarily relate to contractual minimum rent, percentage rent and recovery income. We provide for bad debt expense based upon the allowance method of accounting. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical bad debts, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the adequacy of the allowance for bad debts. Allowances are taken for those balances that we have reason to believe may be uncollectible. When tenants are in bankruptcy, we make estimates of the expected recovery of pre-petition and post-petition claims. The period to resolve these claims can exceed one year. Management believes the allowance for doubtful accounts is adequate to absorb currently estimated bad debts. However, if we experience bad debts in excess of the allowance we have established, our operating income would be reduced. At December 31, 2017 and 2016 , our accounts receivable were $26.1 million and $24.0 million , respectively, net of allowances for doubtful accounts of $1.4 million and $1.9 million , respectively. In addition, many of our leases contain non-contingent rent escalations for which we recognize income on a straight-line basis over the non-cancelable lease term. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight-line rent receivable asset which is included in the “Other assets, net” line item in our consolidated balance sheets. We review our unbilled straight-line rent receivable balance to determine the future collectability of revenue that will not be billed to or collected from tenants due to early lease terminations, lease modifications, bankruptcies and other factors. Our evaluation is based on our assessment of tenant credit risk changes indicating that expected future straight-line rent may not be realized. Depending on circumstances, we may provide a reserve against the previously recognized straight-line rent receivable asset for a portion, up to its full value, that we estimate may not be received. The balance of straight-line rent receivable at December 31, 2017 and 2016 , net of allowances of $2.7 million and $3.2 million was $19.4 million and $18.8 million , respectively. To the extent any of the tenants under these leases become unable to pay its contractual cash rents, we may be required to write down the straight-line rent receivable from that tenant, which would reduce our operating income. |
Real Estate | Real estate assets that we own directly are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method. The estimated useful lives for computing depreciation are generally 10 – 40 years for buildings and improvements and 5 – 30 years for parking lot surfacing and equipment. We capitalize all capital improvement expenditures associated with replacements and improvements to real property that extend the property's useful life and depreciate them over their estimated useful lives ranging from 15 – 25 years. In addition, we capitalize qualifying tenant leasehold improvements and depreciate them over the lesser of the useful life of the improvements or the term of the related tenant lease. We also capitalize direct internal and external costs of procuring leases and amortize them over the base term of the lease. If a tenant vacates before the expiration of its lease, we charge unamortized leasing costs and undepreciated tenant leasehold improvements of no future value to expense. We charge maintenance and repair costs that do not extend an asset’s life to expense as incurred. Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, our receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. We will classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding. Acquisitions of properties are accounted for utilizing the acquisition method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon future cash flows and other valuation techniques in accordance with our fair value measurements policy, which are used to allocate the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, identifiable intangibles and any gain on purchase. Identifiable intangible assets and liabilities include the effect of above-and below-market leases, the value of having leases in place (“as-is” versus “as if vacant” and absorption costs), other intangible assets such as assumed tax increment revenue bonds and out-of-market assumed mortgages. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of 40 years for buildings, and over the remaining terms of any intangible asset contracts and the respective tenant leases, which may include bargain renewal options. The impact of these estimates, including estimates in connection with acquisition values and estimated useful lives, could result in significant differences related to the purchased assets, liabilities and subsequent depreciation or amortization expense. Real estate also includes costs incurred in the development of new operating properties and the redevelopment of existing operating properties. These properties are carried at cost and no depreciation is recorded on these assets until the commencement of rental revenue or no later than one year from the completion of major construction. These costs include pre-development costs directly identifiable with the specific project, development and construction costs, interest, real estate taxes and insurance. Interest is capitalized on land under development and buildings under construction based on the weighted average rate applicable to our borrowings outstanding during the period and the weighted average balance of qualified assets under development/redevelopment during the period. Indirect project costs associated with development or construction of a real estate project are capitalized until the earlier of one year following substantial completion of construction or when the property becomes available for occupancy. The capitalized costs associated with development and redevelopment projects are depreciated over the useful life of the improvements. If we determine a development or redevelopment project is no longer probable, we expense all capitalized costs which are not recoverable. It is our policy to start vertical construction on new development projects only after the project has received entitlements, significant anchor leasing commitments, construction financing and joint venture partner commitments, if appropriate. We are in the entitlement and pre-leasing phases at our development projects. |
Accounting for the Impairment of Long-Lived Assets | We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, tenant sales, net operating income, real estate values and expected holding period. The viability of all projects under construction or development, including those owned by unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. To the extent a project, or individual components of the project, is no longer considered to have value, the related capitalized costs are charged against operations. Impairment provisions resulting from any event or change in circumstances, including changes in management’s intentions or management’s analysis of varying scenarios, could be material to our consolidated financial statements. We recognize an impairment of an investment in real estate when the estimated undiscounted cash flow is less than the net carrying value of the property. If it is determined that an investment in real estate is impaired, then the carrying value is reduced to the estimated fair value as determined by cash flow models and discount rates or comparable sales in accordance with our fair value measurement policy. |
Investments in Real Estate Joint Ventures | We have four equity investments in unconsolidated joint venture entities in which we own 30% or less of the total ownership interest. Under three of the joint ventures, because we can influence but not make significant decisions without our partners' approval, these investments are accounted for under the equity method of accounting. We provide leasing, development, asset and property management services to these joint ventures for which we are paid fees. The fourth joint venture operating agreement does not provide any of the equity holders substantive kick-out rights nor substantive participating rights, therefore we have concluded it is a variable interest entity. We have evaluated all explicit and implicit interests and further concluded we do not control the entity, nor are we the primary beneficiary. Because we do not control the joint venture we do not consolidate it as a variable interest entity, but instead account for it using the equity method. Refer to Note 6 of the notes to the consolidated financial statements for further information regarding our equity investments in unconsolidated joint ventures. We review our equity investments in unconsolidated entities for impairment on a venture-by-venture basis whenever events or changes in circumstances indicate that the carrying value of the equity investment may not be recoverable. In testing for impairment of these equity investments, we primarily use cash flow models, discount rates, and capitalization rates to estimate the fair value of properties held in joint ventures, and mark the debt of the joint ventures to market. Considerable judgment by management is applied when determining whether an equity investment in an unconsolidated entity is impaired and, if so, the amount of the impairment. Changes to assumptions regarding cash flows, discount rates or capitalization rates could be material to our consolidated financial statements. |
Deferred Financing Costs | Debt issuance costs related to a recognized debt liability is presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Unamortized debt issuance costs of $3.8 million and $3.7 million are included in Notes payable, net as of December 31, 2017 and 2016 , respectively. Debt issuance costs associated with a line of credit arrangement is classified as an asset and subsequently amortized ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. Unamortized debt issuance costs related to our unsecured revolving credit facility of $2.7 million and $1.2 million are included in Other assets, net as of December 31, 2017 and 2016 , respectively. |
Other Assets, net | Other assets consist primarily of acquired development agreement intangibles, an acquired ground lease intangible, straight-line rent receivable, deferred leasing costs, deferred financing costs related to our unsecured revolving credit facility and prepaid expenses. Deferred financing costs related to our unsecured revolving credit facility and leasing costs are amortized using the straight-line method over the terms of the respective agreements, which approximates the effective interest method. Should a tenant terminate its lease, the unamortized portion of the leasing cost is expensed. Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates. Lastly, the acquired development agreement and acquired ground lease intangible assets are amortized over the terms of the respective agreements as well. |
Cash and Cash Equivalents | We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the “FDIC”). |
Recognition of Share-based Compensation Expense | We grant share-based compensation awards to employees and trustees in the form of restricted common shares and in the past we have granted stock options to employees and trustees. Our share-based award costs are equal to each grant date fair value and are recognized over the service periods of the awards using the graded vesting method. |
Income Tax Status | We made an election, and believe our operating activities permit us, to qualify as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax, provided that we distribute at least 90% of our taxable income annually to our shareholders and meet other conditions. We are obligated to pay state taxes, generally consisting of franchise or gross receipts taxes in certain states which are not material to our consolidated financial statements. Certain of our operations, including property and asset management, as well as ownership of certain land parcels, are conducted through taxable REIT subsidiaries, (“TRSs”) which are subject to federal and state income taxes. During the years ended December 31, 2017 , 2016 , and 2015 , we sold various properties and land parcels at a gain, resulting in both a federal and state tax liability. |
Variable Interest Entities | Certain entities that do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or in which equity investors do not have the characteristics of a controlling financial interest qualify as VIEs. VIEs are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE has both (i) the power to direct the activities that most significantly impact economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We have evaluated our investments in joint ventures and determined that three of our joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. While the fourth joint venture does meet the requirements of a VIE, we have concluded we are not the primary beneficiary and therefore do not consolidate the entity. Accordingly, all our investments are accounted for using the equity method. |
Noncontrolling Interest in Subsidiaries | There are third parties who have certain noncontrolling interests in the Operating Partnership that are exchangeable for our common shares on a 1 : 1 basis or cash, at our election. Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets. Consolidated net income and comprehensive income includes the noncontrolling interest’s share. The calculation of earnings per share is based on income available to common shareholders. |
Segment Information | Our primary business is the ownership, management, redevelopment, development and operation of retail shopping centers. We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance. We review operating and financial data for each property on an individual basis and define an operating segment as an individual property. The individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants and operational processes, as well as long-term financial performance. No one individual property constitutes more than 10% of our revenue or property operating income and none of our shopping centers is located outside the United States. Accordingly, we have a single reportable segment for disclosure purposes. |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2017-01, "Clarifying the Definition of a Business" ("ASU 2017-01"). ASU 2017-01 changes the definition of a business to exclude acquisitions where substantially all of the fair value of the assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets. While there are various differences between the accounting for an asset acquisition and a business combination, the largest impact is that certain transaction costs are capitalized for asset acquisitions rather than expensed when they are considered business combinations. ASU 2017-01 is effective for annual periods beginning after December 15, 2018; however the Company early adopted this standard during the first quarter of 2017. Transaction costs of $0.6 million have been capitalized in connection with our 2017 acquisitions. In 2016, the FASB issued ASU 2016-07 "Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting" ("ASU 2016-07"). ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments also requires that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The Company adopted this standard on January 1, 2017 and it did not have a material impact on our consolidated financial statements. In March 2016, the FASB updated ASC Topic 718 "Compensation - Stock Compensation" with ASU 2016-09 "Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of share-based payment award transactions, including tax consequences, classification of awards and the classification on the statement of cash flows. ASU 2016-09 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2016. The adoption of this standard resulted in classifying cash paid by the Company to taxing authorities when directly withholding shares upon vesting as financing activities in the consolidated statements of cash flows. The adoption of this update did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" ("ASU 2017-12"). These amendments refine and expand hedge accounting for both financial (e.g., interest rate) and commodity risks. Its provisions create more transparency around how economic results are presented, both on the face of the financial statements and in the footnotes. It also makes certain targeted improvements to simplify the application of hedge accounting guidance. It is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, however the Company early adopted this standard during the fourth quarter of 2017. The adoption resulted in a cumulative effect adjustment of approximately $0.2 million as reflected in the consolidated statements of stockholders' equity. Recent Accounting Pronouncements In September 2017, the FASB issued ASU 2017-13 "'Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments" ("ASU 2017-13"). The amendments in ASU 2017-13 amend the early adoption date option for certain companies related to the adoption of ASU 2014-09 related to revenue and ASU 2016-02 related to leases and is effective consistent with each of these updates. The adoption of this update is not anticipated to have a material impact on our consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting" ("ASU 2017-09"). ASU 2017-09 clarifies guidance about what changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. It is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The adoption of this standard is not anticipated to have a material impact on our consolidated financial statements. In February 2017, the FASB issued ASU 2017-05 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" ("ASU 2017-05"). ASU 2017-05 clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. ASU 2017-05 also defines the term in substance nonfinancial asset. In addition, ASU 2017-05 eliminates the guidance specific to real estate sales in ASC 360-20. It is effective for annual periods beginning after December 15, 2017. We will adopt ASU 2017-05 simultaneously with the new revenue standard using the modified retrospective method on January 1, 2018. In preparing for the adoption of ASU 2017-05, the Company identified the sale of a nonfinancial asset (real estate) in the fourth quarter of 2017 that the new guidance applies to. As such, the Company anticipates an adjustment under the modified retrospective method on January 1, 2018 of approximately $2.2 million to equity associated with this transaction. The adjustment will have no impact on earnings or cash flows in 2018. In January 2017, the FASB issued ASU 2017-04 "Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not anticipate the adoption of ASU 2017-04 will have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 "Statement of Cash Flows". This new guidance is effective January 1, 2018, with early adoption permitted, and requires amounts that are generally described as restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The pronouncement requires a retrospective transition method of adoption. Upon adoption, the Company will include amounts generally described as restricted cash within the beginning-of-period, change and end-of-period total amounts on the statement of cash flows rather than within an activity on the statement of cash flows. In August 2016, the FASB issued ASU 2016-15 "Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which clarifies the treatment of several cash flow categories. In addition, ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted, including adoption in an interim period. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In June 2016, the FASB updated Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" with ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” ("ASU 2016-13"). ASU 2016-13 enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. ASU 2016-13 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019. We are currently evaluating the guidance and have not determined the impact this standard may have on our consolidated financial statements. In February 2016, the FASB updated ASC Topic 842 "Leases" ("ASU 2016-02"). ASU 2016-02 requires lessees to record operating and financing leases as assets and liabilities on the balance sheet and lessors to expense costs that are not direct leasing costs. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted using a modified retrospective approach. The Company continues to evaluate the effect the adoption of ASU 2016-02 will have on our consolidated financial statements and related disclosures. However, we currently believe the adoption of ASU 2016-02 will not have a material impact for operating leases where we are a lessor and we will continue to record revenues from rental properties for operating leases on a straight-line basis. In addition, for leases where the Company is a lessee, primarily the Company’s ground lease and administrative office lease, the Company believes it will record a lease liability and a right of use asset at fair value upon adoption related to these items. Also under this new pronouncement, non-lease components of new or modified leases, including common area maintenance reimbursements, will be accounted for under the Revenue from Contracts with Customers guidance described below. The Company anticipates that it will be required to bifurcate certain lease revenues between lease and non-lease components. Additionally, only incremental direct leasing costs may be capitalized under this new guidance. The Company expects to adopt this new guidance on January 1, 2019 and will continue to evaluate the impact of this guidance until it becomes effective. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing GAAP revenue recognition guidance as well as impact the existing GAAP guidance governing the sale of non-financial assets. The standard’s core principle is that a company will recognize revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling those performance obligations. In doing so, companies will need to exercise more judgment and make more estimates than under existing GAAP guidance. ASU 2014-09 will be effective for public entities for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted in periods ending after December 15, 2016. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect initially applying the guidance recognized at the date of initial application (modified retrospective method). We will adopt the standard and the related updates subsequently issued by the FASB using the modified retrospective method on January 1, 2018. ASU 2014-09 applies only to certain revenue included in Other Property Income and Management and Other Fee Income in our Consolidated Statement of Operations which approximate $4.8 million or less than 2.0% of total revenue. The timing of revenue recognition associated with these items is expected to remain substantially unchanged and no adjustment is expected upon adoption. In addition, ASU 2014-09 may result in additional disclosures associated with disaggregation of revenue, contract balances included in the consolidated balance sheet, information associated with our performance obligations included in our contracts with customers, significant judgments and changes in judgments made by management around contracts, and assets recognized from costs to obtain or fulfill a contract, where applicable. |
Organization and Summary of S29
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Reconciliation of the Effects of the Prior Period Revision | A reconciliation of the effects of the correction to the previously reported balance sheet at December 31, 2016 follows: December 31, 2016 As reported Adjustment Adjusted (In thousands) Other liabilities $ 6,800 $ 3,093 $ 9,893 Total liabilities $ 1,169,807 $ 3,093 $ 1,172,900 Accumulated distributions in excess of net income $ (381,912 ) $ (3,022 ) $ (384,934 ) Noncontrolling interest $ 20,968 $ (71 ) $ 20,897 Total shareholder's equity $ 891,691 $ (3,093 ) $ 888,598 A reconciliation of the effects of the correction to the previously reported statement of stockholders' equity for the years ending December 31, 2016, 2015 and 2014 follows: Year Ended December 31, 2016 2015 2014 (In thousands) Accumulated distributions in excess of net income, as reported $ (381,912 ) $ (365,747 ) $ (358,525 ) Correction (3,022 ) (3,022 ) (3,022 ) Accumulated distributions in excess of net income, adjusted $ (384,934 ) $ (368,769 ) $ (361,547 ) Noncontrolling interest, as reported $ 20,968 $ 22,053 $ 25,861 Correction (71 ) (71 ) (71 ) Noncontrolling interest, adjusted $ 20,897 $ 21,982 $ 25,790 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Land Held for Development | Following is the detail of the construction in progress and land available for development or sale as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Construction in progress $ 26,598 $ 23,445 Land available for development 25,596 26,805 Land available for sale 6,049 10,974 Total $ 58,243 $ 61,224 |
Property Acquisitions and Dis31
Property Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Acquisitions | The following table provides a summary of our acquisitions during 2017 and 2016 : Gross Property Name Location GLA Acreage Date Acquired Purchase Price Debt (In thousands) (In thousands) 2017 Providence Marketplace Mt. Juliet, TN 632 N/A 02/17/17 $ 115,126 $ — Webster Place Chicago, IL 135 N/A 02/17/17 53,162 — Total consolidated income producing acquisitions 767 — 168,288 — Troy Marketplace - Outparcel Troy, MI N/A 0.4 08/24/17 901 — Troy Marketplace - Outparcel Troy, MI N/A 0.4 06/30/17 175 — Troy Marketplace - Outparcel Troy, MI N/A 0.5 01/17/17 475 — Total consolidated land acquisitions / outparcel acquisitions — 1.3 1,551 — Total acquisitions 767 1.3 $ 169,839 $ — 2016 Centennial Shops Edina, MN 85 N/A 10/11/16 $ 31,980 $ — Total acquisitions 85 — $ 31,980 $ — |
Schedule of Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations | At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: December 31, 2017 2016 (In thousands) Land $ 52,132 $ — Buildings and improvements 107,156 29,639 Above market leases 409 — Ground leasehold — 2,203 Lease origination costs 12,885 4,717 Other assets 3,899 813 Below market leases (6,642 ) (5,392 ) Net assets acquired (1) $ 169,839 $ 31,980 (1) The 2017 net assets acquired include $4.0 million of deposits paid in 2016 . The 2016 net assets acquired include $19.0 million of escrowed proceeds from dispositions. |
Schedule of Unaudited Pro Forma Information | If the 2017 and 2016 acquisitions had occurred on January 1, 2016 , our consolidated revenues and net income for the years ended December 31, 2017 and 2016 would have been as follows: Years Ended December 31, 2017 2016 (in thousands) Consolidated revenue $ 267,181 $ 267,170 Consolidated net income available to common shareholders $ 62,696 $ 53,539 |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2017 and 2016 . Gross Property Name Location GLA Acreage Date Sold Sales Price Gain (loss) on Sale (In thousands) (In thousands) 2017 Liberty Square Wauconda, IL 107 N/A 12/27/17 $ 14,075 $ 2,113 Rolling Meadows Rolling Meadows, IL 134 N/A 12/21/17 17,350 5,815 Village Plaza Lakeland, FL 158 N/A 12/15/17 19,000 3,547 Millennium Park (1) Livonia, MI 273 N/A 11/30/17 51,000 5,056 Hoover Eleven Warren, MI 281 N/A 09/29/17 20,350 — Auburn Mile - Aqua Tots Auburn Hills, MI 5 N/A 08/25/17 1,000 123 New Towne Plaza Canton Township, MI 193 N/A 08/04/17 26,000 16,120 Clinton Valley Sterling Heights, MI 205 N/A 08/01/17 23,500 7,376 Roseville Towne Center Roseville, MI 77 N/A 07/24/17 10,250 (291 ) Gaines Marketplace Caledonia, MI 60 N/A 07/07/17 9,500 690 Walgreen's Data Center Mount Prospect, IL 73 N/A 07/07/17 6,200 252 Auburn Mile Auburn Hills, MI 91 N/A 03/17/17 13,311 6,991 Oak Brook Square Flint, MI 152 N/A 02/10/17 14,200 4,185 Total income producing dispositions 1,809 — $ 225,736 $ 51,977 Holcomb Roswell - Outparcel Alpharetta, GA N/A 1.0 12/29/17 $ 375 $ (102 ) River City Marketplace - Outparcel Jacksonville, FL N/A 0.9 09/29/17 360 63 Hartland - Outparcel Hartland, MI N/A 1.3 08/04/17 550 148 River City Marketplace Jacksonville, FL N/A 1.4 07/27/17 675 493 Lakeland Park Center - Outparcel Lakeland, FL N/A 1.8 03/31/17 1,305 185 Total outparcel dispositions — 6.4 $ 3,265 $ 787 Total dispositions 1,809 6.4 $ 229,001 $ 52,764 2016 Shoppes at Fairlane Meadows Dearborn, MI 157 N/A 09/30/16 $ 20,333 $ 484 Livonia Plaza Livonia, MI 137 N/A 09/20/16 19,800 9,091 Lakeshore Marketplace Norton Shores, MI 343 4.6 06/30/16 27,750 6,368 River Crossing Centre New Port Ritchey, FL 62 N/A 06/29/16 12,500 6,750 Centre at Woodstock Woodstock, GA 87 N/A 06/29/16 16,000 5,893 Troy Towne Center Troy, OH 144 N/A 02/02/16 12,400 6,274 Total income producing dispositions 930 4.6 $ 108,783 $ 34,860 Lakeland Park Center - Outparcel Lakeland, FL N/A 3.2 12/29/16 $ 1,829 $ 76 Harvest Junction LLC - Outparcel Longmont, CO N/A 6.4 12/15/16 1,000 21 Conyers Crossing - Chipotle Outparcel Conyers, GA N/A 0.5 06/27/16 1,000 579 Lakeshore Marketplace - Outparcel Norton Shores, MI N/A 0.7 06/15/16 302 (6 ) The Towne Center at Aquia - Outparcel Stafford, VA N/A 0.7 01/15/16 750 251 Total outparcel dispositions — 11.5 $ 4,881 $ 921 Total dispositions 930 16.1 $ 113,664 $ 35,781 (1) In November 2017 , we disposed of Millennium Park to an entity in which we hold a 30.0% equity interest. Net proceeds from closing excluded $3.0 million which was used to fund our equity investment. In addition, as a result of our continuing involvement with the shopping center, we deferred approximately $2.2 million of gain on the transaction. The following table provides a summary of our unconsolidated joint venture property disposition activity during 2017 and 2016. Property Name Location GLA Ownership % Date Sold Gross Sales Price Gain on Sale (at 100%) (In thousands) (In thousands) 2017 None 2016 Kissimmee West Shopping Center Kissimmee, FL 116 7 % 6/14/2016 $ 19,400 $ 371 116 $ 19,400 $ 371 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 1,358 $ 26 |
Impairment Provisions (Tables)
Impairment Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Provisions for Impairment | We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2017 2016 2015 (In thousands) Land available for development or sale $ 982 $ 977 $ 2,521 Income producing properties marketed for sale 8,422 — — Total $ 9,404 $ 977 $ 2,521 |
Equity Investments in Unconso33
Equity Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Combined Financial Information for Unconsolidated Entities, Balance Sheets | Combined financial information of our unconsolidated joint ventures is summarized as follows: December 31, Balance Sheets 2017 2016 (In thousands) ASSETS Investment in real estate, net $ 93,801 $ 43,995 Other assets 4,099 3,712 Total Assets $ 97,900 $ 47,707 LIABILITIES AND OWNERS' EQUITY Mortgage notes payable $ 42,330 $ — Other liabilities 220 219 Owners' equity 55,350 47,488 Total Liabilities and Owners' Equity $ 97,900 $ 47,707 RPT's equity investments in unconsolidated joint ventures $ 3,493 $ 3,150 |
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | Years Ended December 31, Statements of Operations 2017 2016 2015 (In thousands) Total revenue $ 4,620 $ 4,742 $ 10,297 Total expenses (3,067 ) (3,030 ) (7,113 ) Gain on sale of real estate — — 9,237 Net income from continuing operations 1,553 1,712 12,421 Discontinued operations (1) Gain on sale of real estate (2) — 371 3,025 Income (loss) from discontinued operations — 492 857 Net income (loss) from discontinued operations — 863 3,882 Net income (loss) $ 1,553 $ 2,575 $ 16,303 RPT's share of earnings from unconsolidated joint ventures $ 273 $ 454 $ 17,696 (1) Discontinued operations reflects results of operations for those properties that meet the criteria for discontinued operations under ASU 2014-08. (2) During 2015 Ramco 450 sold all of the properties from the joint venture. Ramco acquired its partners interest in six properties, our joint venture partner acquired our interest in one property and the final property, Chester Springs, was sold to an unrelated third party. The seven properties sold to partners in the venture generated a gain of $65.6 million , our share, $13.1 million , is recognized in the earnings (loss) from unconsolidated joint ventures. Ramco 450 recognized the gain as a distribution to the partners. |
Summary of Unconsolidated Joint Venture Acquisition Activity | The following table provides a summary of our unconsolidated joint venture property acquisitions during 2017 and 2016 : Gross Property Name Location GLA Acreage Date Acquired Purchase Price Debt Assumed (In thousands) (In thousands) 2017 Millennium Park (1) Livonia, MI 273 N/A 11/30/17 $ 51,000 $ — 273 N/A $ 51,000 $ — 2016 None (1) In November 2017, we disposed of Millennium Park to an entity in which we hold a 30.0% equity interest. Net proceeds from closing excluded $3.0 million which was used to fund our equity investment. In addition, as a result of our continuing involvement with the shopping center, we deferred approximately $2.2 million of gain on the transaction. |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2017 and 2016 . Gross Property Name Location GLA Acreage Date Sold Sales Price Gain (loss) on Sale (In thousands) (In thousands) 2017 Liberty Square Wauconda, IL 107 N/A 12/27/17 $ 14,075 $ 2,113 Rolling Meadows Rolling Meadows, IL 134 N/A 12/21/17 17,350 5,815 Village Plaza Lakeland, FL 158 N/A 12/15/17 19,000 3,547 Millennium Park (1) Livonia, MI 273 N/A 11/30/17 51,000 5,056 Hoover Eleven Warren, MI 281 N/A 09/29/17 20,350 — Auburn Mile - Aqua Tots Auburn Hills, MI 5 N/A 08/25/17 1,000 123 New Towne Plaza Canton Township, MI 193 N/A 08/04/17 26,000 16,120 Clinton Valley Sterling Heights, MI 205 N/A 08/01/17 23,500 7,376 Roseville Towne Center Roseville, MI 77 N/A 07/24/17 10,250 (291 ) Gaines Marketplace Caledonia, MI 60 N/A 07/07/17 9,500 690 Walgreen's Data Center Mount Prospect, IL 73 N/A 07/07/17 6,200 252 Auburn Mile Auburn Hills, MI 91 N/A 03/17/17 13,311 6,991 Oak Brook Square Flint, MI 152 N/A 02/10/17 14,200 4,185 Total income producing dispositions 1,809 — $ 225,736 $ 51,977 Holcomb Roswell - Outparcel Alpharetta, GA N/A 1.0 12/29/17 $ 375 $ (102 ) River City Marketplace - Outparcel Jacksonville, FL N/A 0.9 09/29/17 360 63 Hartland - Outparcel Hartland, MI N/A 1.3 08/04/17 550 148 River City Marketplace Jacksonville, FL N/A 1.4 07/27/17 675 493 Lakeland Park Center - Outparcel Lakeland, FL N/A 1.8 03/31/17 1,305 185 Total outparcel dispositions — 6.4 $ 3,265 $ 787 Total dispositions 1,809 6.4 $ 229,001 $ 52,764 2016 Shoppes at Fairlane Meadows Dearborn, MI 157 N/A 09/30/16 $ 20,333 $ 484 Livonia Plaza Livonia, MI 137 N/A 09/20/16 19,800 9,091 Lakeshore Marketplace Norton Shores, MI 343 4.6 06/30/16 27,750 6,368 River Crossing Centre New Port Ritchey, FL 62 N/A 06/29/16 12,500 6,750 Centre at Woodstock Woodstock, GA 87 N/A 06/29/16 16,000 5,893 Troy Towne Center Troy, OH 144 N/A 02/02/16 12,400 6,274 Total income producing dispositions 930 4.6 $ 108,783 $ 34,860 Lakeland Park Center - Outparcel Lakeland, FL N/A 3.2 12/29/16 $ 1,829 $ 76 Harvest Junction LLC - Outparcel Longmont, CO N/A 6.4 12/15/16 1,000 21 Conyers Crossing - Chipotle Outparcel Conyers, GA N/A 0.5 06/27/16 1,000 579 Lakeshore Marketplace - Outparcel Norton Shores, MI N/A 0.7 06/15/16 302 (6 ) The Towne Center at Aquia - Outparcel Stafford, VA N/A 0.7 01/15/16 750 251 Total outparcel dispositions — 11.5 $ 4,881 $ 921 Total dispositions 930 16.1 $ 113,664 $ 35,781 (1) In November 2017 , we disposed of Millennium Park to an entity in which we hold a 30.0% equity interest. Net proceeds from closing excluded $3.0 million which was used to fund our equity investment. In addition, as a result of our continuing involvement with the shopping center, we deferred approximately $2.2 million of gain on the transaction. The following table provides a summary of our unconsolidated joint venture property disposition activity during 2017 and 2016. Property Name Location GLA Ownership % Date Sold Gross Sales Price Gain on Sale (at 100%) (In thousands) (In thousands) 2017 None 2016 Kissimmee West Shopping Center Kissimmee, FL 116 7 % 6/14/2016 $ 19,400 $ 371 116 $ 19,400 $ 371 RPT proportionate share of gross sales price and gain on sale of joint venture property $ 1,358 $ 26 |
Information for Fees Earned | The following table provides information for our fees earned which are reported in our consolidated statements of operations: Years Ended December 31, 2017 2016 2015 (In thousands) Management fees $ 276 $ 318 $ 1,149 Leasing fees 146 118 311 Acquisition/disposition fees 33 45 108 Construction fees — 48 185 Total $ 455 $ 529 $ 1,753 |
Other Assets, Net and Acquire34
Other Assets, Net and Acquired Lease Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets, net consisted of the following: December 31, 2017 2016 (In thousands) Deferred leasing costs, net $ 34,545 $ 35,071 Deferred financing costs on unsecured revolving credit facility, net 2,691 1,190 Acquired development agreements (1) 20,105 21,149 Ground leasehold intangible 2,173 2,198 Other, net 2,579 2,835 Total amortizable other assets 62,093 62,443 Straight-line rent receivable, net 19,370 18,794 Goodwill 2,089 2,089 Cash flow hedge mark-to-market asset 3,133 2,143 Prepaid and other deferred expenses, net 4,231 4,247 Other assets, net $ 90,916 $ 89,716 (1) Represents in-place public improvement agreement of approximately $15.1 million and real estate tax exemption agreement of approximately $5.0 million associated with two properties acquired in 2014 . |
Schedule of Acquired Lease Intangible Assets, Net | Acquired lease intangible assets, net consisted of the following: December 31, 2017 2016 (In thousands) Lease originations costs $ 94,200 $ 107,625 Above market leases 9,587 12,393 103,787 120,018 Accumulated amortization (44,228 ) (47,594 ) Net acquired lease intangibles $ 59,559 $ 72,424 |
Schedule of Estimated Aggregate Amortization Expense Related to Other Assets | The following table represents estimated aggregate amortization expense related to those assets as of December 31, 2017 : Year Ending December 31, (In thousands) 2018 $ 20,228 2019 15,956 2020 12,900 2021 10,958 2022 8,522 Thereafter 53,088 Total $ 121,652 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Mortgages, Notes Payable and Capital Lease Obligations | The following table summarizes our mortgages and notes payable and capital lease obligation as of December 31, 2017 and 2016 : December 31, 2017 2016 (In thousands) Senior unsecured notes $ 610,000 $ 535,000 Unsecured term loan facilities 210,000 210,000 Fixed rate mortgages 120,944 160,718 Unsecured revolving credit facility 30,000 86,000 Junior subordinated notes 28,125 28,125 999,069 1,019,843 Unamortized premium 3,967 5,120 Unamortized deferred financing costs (3,821 ) (3,740 ) $ 999,215 $ 1,021,223 Capital lease obligation $ 1,022 $ 1,066 |
Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations | The following table presents scheduled principal payments on mortgages and notes payable and capital lease payments as of December 31, 2017 : Year Ending December 31, Principal Payments Capital Lease Payments (In thousands) 2018 $ 2,562 $ 100 2019 5,859 100 2020 102,269 100 2021 (1) 144,508 100 2022 77,397 100 Thereafter 666,474 1,000 Subtotal debt 999,069 1,500 Unamortized mortgage premium 3,967 — Unamortized deferred financing costs (3,821 ) — Amounts representing interest — (478 ) Total $ 999,215 $ 1,022 (1) Scheduled maturities in 2021 include the $30.0 million balance on the unsecured revolving credit facility drawn as of December 31, 2017 . |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 . Balance Sheet location Total Fair Value Level 1 Level 2 Level 3 2017 (In thousands) Derivative assets - interest rate swaps Other assets $ 3,133 $ — $ 3,133 $ — Derivative liabilities - interest rate swaps Other liabilities $ (208 ) $ — $ (208 ) $ — 2016 Derivative assets - interest rate swaps Other assets $ 2,143 $ — $ 2,143 $ — Derivative liabilities - interest rate swaps Other liabilities $ (1,300 ) $ — $ (1,300 ) $ — |
Schedule of Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis | The table below presents the recorded amount of assets at the time they were marked to fair value during the years ended December 31, 2017 and 2016 on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the years ended December 31, 2017 and 2016 . Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2017 Income producing properties $ 68,100 $ — $ — $ 68,100 $ (8,422 ) Land available for sale 1,896 — — 1,896 (982 ) Total $ 69,996 $ — $ — $ 69,996 $ (9,404 ) 2016 Land available for sale $ 6,815 — — $ 6,815 $ (977 ) Total $ 6,815 $ — $ — $ 6,815 $ (977 ) |
Derivative Financial Instrume37
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Values and Fair Values of Derivative Financial Instruments | The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2017 : Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Assets Unsecured term loan facility Cash Flow $ 50,000 1.460 % $ 616 05/2020 Unsecured term loan facility Cash Flow 20,000 1.498 % 372 05/2021 Unsecured term loan facility Cash Flow 15,000 1.490 % 284 05/2021 Unsecured term loan facility Cash Flow 40,000 1.480 % 769 05/2021 $ 125,000 $ 2,041 Derivative Assets - Forward Swaps Unsecured term loan facility Cash Flow 60,000 1.770 % 1,092 03/2023 Total Derivative Assets $ 185,000 $ 3,133 Derivative Liabilities Unsecured term loan facility Cash Flow $ 30,000 2.048 % $ (78 ) 10/2018 Unsecured term loan facility Cash Flow 25,000 1.850 % (28 ) 10/2018 Unsecured term loan facility Cash Flow 5,000 1.840 % (5 ) 10/2018 Unsecured term loan facility Cash Flow 15,000 2.150 % (58 ) 05/2020 Unsecured term loan facility Cash Flow 10,000 2.150 % (39 ) 05/2020 Total Derivative Liabilities $ 85,000 $ (208 ) |
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The effect of fair value and cash flow hedge accounting on Accumulated Other Comprehensive Income for the years ended December 31, 2017 and 2016 is summarized as follows: Amount of Gain Location of Loss Reclassified from Accumulated OCI into Income Amount of Loss Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationship Year Ended December 31, Year Ended December 31, 2017 2016 2017 2016 (In thousands) (In thousands) Interest rate contracts - assets $ 1,373 $ 3,718 Interest Expense $ (383 ) $ (2,217 ) Interest rate contracts - liabilities 1,983 1,230 Interest Expense (891 ) (289 ) Total $ 3,356 $ 4,948 Total $ (1,274 ) $ (2,506 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Approximate Future Minimum Revenues from Rentals under Non-cancelable Operating Leases | Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2017 , assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows: Year Ending December 31, (In thousands) 2018 $ 175,747 2019 160,699 2020 145,066 2021 123,300 2022 96,357 Thereafter 309,956 Total $ 1,011,125 Approximate future rental payments under our non-cancelable operating leases, assuming no option extensions are as follows: Year Ending December 31, (In thousands) 2018 $ 1,494 2019 1,285 2020 856 2021 856 2022 856 Thereafter 95,283 Total $ 100,630 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic earnings per share (“EPS”): Year Ended December 31, 2017 2016 2015 (In thousands, except per share data) Net income $ 70,719 $ 61,112 $ 66,895 Net (income) attributable to noncontrolling interest (1,659 ) (1,448 ) (1,786 ) Preferred share dividends and conversion costs (6,701 ) (6,701 ) (7,338 ) Allocation of income to restricted share awards (429 ) (354 ) (336 ) Net income available to common shareholders $ 61,930 $ 52,609 $ 57,435 Weighted average shares outstanding, Basic 79,344 79,236 78,848 Earnings per common share, Basic $ 0.78 $ 0.66 $ 0.73 The following table sets forth the computation of diluted EPS: Year Ended December 31, 2017 2016 2015 (In thousands, except per share data) Net income $ 70,719 $ 61,112 $ 66,895 Net (income) attributable to noncontrolling interest (1,659 ) (1,448 ) (1,786 ) Preferred share dividends and conversion costs (6,701 ) (6,701 ) (7,338 ) Allocation of income to restricted share awards (429 ) (354 ) (336 ) Net income available to common shareholders $ 61,930 $ 52,609 $ 57,435 Weighted average shares outstanding, Basic 79,344 79,236 78,848 Stock options and restricted share awards using the treasury method 186 199 187 Weighted average shares outstanding, Diluted (1)(2) 79,530 79,435 79,035 Earnings per common share, Diluted $ 0.78 $ 0.66 $ 0.73 (1) The assumed conversion of preferred shares are anti-dilutive for all periods presented and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS. (2) The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Dividends Declared and Paid | The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2017 2016 2015 Declared Paid Declared Paid Declared Paid Common shares $ 0.880 $ 0.880 $ 0.860 $ 0.850 $ 0.820 $ 0.810 Preferred shares $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 $ 3.625 A summary of the income tax status of dividends per share paid is as follows: Year Ended December 31, 2017 2016 2015 Common shares Ordinary dividend $ 0.686 $ 0.64 $ 0.658 Capital gain distribution 0.034 0.16 — Non-dividend distribution — — 0.162 $ 0.720 $ 0.800 $ 0.820 7.25% Series D Cumulative Convertible Preferred Shares Ordinary dividend $ 2.725 $ 2.881 $ 3.625 Capital gain distribution 0.137 0.744 — $ 2.862 $ 3.625 $ 3.625 |
Share-Based Compensation and 41
Share-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity of Service Based Restricted Shares under LTIP | A summary of the activity of service based restricted shares under the LTIP for the years ended December 31, 2017 , 2016 and 2015 is presented below: 2017 2016 2015 Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Number of Shares Weighted- Average Grant Date Fair Value Outstanding, beginning of the year 327,543 $ 17.02 327,732 $ 16.39 365,524 $ 14.92 Granted 210,895 $ 14.22 130,890 $ 17.80 180,914 $ 17.77 Vested (119,134 ) $ 16.66 (124,187 ) $ 15.88 (176,816 ) $ 14.29 Forfeited or expired (7,109 ) $ 14.75 (6,892 ) $ 16.76 (41,890 ) $ 16.17 Outstanding, end of the year 412,195 $ 15.58 327,543 $ 17.02 327,732 $ 16.39 |
Stock Option Activity for All Plans | The following table reflects the stock option activity for all plans described above: 2017 2016 2015 Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Shares Under Option Weighted-Average Exercise Price Outstanding, beginning of the year 57,140 $ 34.69 107,165 $ 32.13 155,248 $ 30.94 Exercised — $ — — $ — — $ — Forfeited or expired (57,140 ) $ 34.69 (50,025 ) $ 29.21 (48,083 ) $ 28.29 Outstanding, end of the year — $ — 57,140 $ 34.69 107,165 $ 32.13 Exercisable, end of the year — $ — 57,140 $ 34.69 107,165 $ 32.13 |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | The following table sets forth summarized quarterly financial data for the year ended December 31, 2017 : Quarters Ended 2017 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 67,825 $ 67,062 $ 65,931 $ 64,263 Operating income $ 13,091 $ 18,132 $ 16,531 $ 15,646 Net income attributable to RPT $ 13,098 $ 6,105 $ 28,933 $ 20,923 Net income available to common shareholders $ 11,423 $ 4,430 $ 27,258 $ 19,248 Earnings per common share, basic: (1) $ 0.14 $ 0.05 $ 0.34 $ 0.24 Earnings per common share, diluted: (1) $ 0.14 $ 0.05 $ 0.33 $ 0.24 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2017 . The following table sets forth summarized quarterly financial data for the year ended December 31, 2016 : Quarters Ended 2016 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 66,512 $ 65,884 $ 64,080 $ 64,454 Operating income $ 17,219 $ 19,115 $ 16,669 $ 17,905 Net income attributable to RPT $ 11,845 $ 27,363 $ 13,545 $ 6,911 Net income (loss) available to common shareholders $ 10,170 $ 25,688 $ 11,870 $ 5,235 Earnings per common share, basic: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 Earnings per common share, diluted: (1) $ 0.13 $ 0.32 $ 0.15 $ 0.07 (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2016 . |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Additional Information (Details) ft² in Millions | 12 Months Ended | |||||
Dec. 31, 2017USD ($)ft²joint_venturemetropolitan_marketpropertyinvestmentsegment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2012 | Nov. 30, 2017 | Sep. 30, 2017USD ($) | |
Basis of Presentation [Line Items] | ||||||
Number of metropolitan markets in which entity operates | metropolitan_market | 40 | |||||
Area of an real estate property | ft² | 13.5 | |||||
Number Of equity investment | joint_venture | 4 | |||||
Number of joint ventures with real estate properties | joint_venture | 3 | |||||
Number of joint ventures without real estate properties | joint_venture | 1 | |||||
Ownership interest in Ramco-Gershenson Properties, L. P. | 97.70% | 97.60% | 97.20% | |||
Non-voting and voting common stock, percentage of ownership | 100.00% | |||||
Other liabilities | $ 8,375,000 | $ 9,893,000 | ||||
Accounts receivable, net | 26,145,000 | 24,016,000 | ||||
Allowances for doubtful accounts receivable | 1,400,000 | 1,900,000 | ||||
Allowance for straight line rent | 2,700,000 | 3,200,000 | ||||
Straight-line rent receivable, net | $ 19,400,000 | 18,800,000 | ||||
Maximum period project is not depreciated following completion | 1 year | |||||
Maximum period indirect project costs associated with construction are capitalized | 1 year | |||||
Provision for impairment | $ 9,404,000 | 977,000 | $ 2,521,000 | |||
Percentage of ownership | 30.00% | |||||
Number of equity investment, influence decisions | investment | 3 | |||||
Impairment on equity method investments | $ 0 | 0 | 0 | |||
Deferred financing costs, net | 3,821,000 | 3,740,000 | ||||
Deferred financing costs on unsecured revolving credit facility, net | 2,691,000 | 1,190,000 | ||||
Amount in excess of the FDIC insured limit | $ 11,100,000 | |||||
Number of equity investment, non variable interest entity | investment | 3 | |||||
Noncontrolling interest, exchange ratio for Company common stock | 1 | |||||
Number of reportable segment individual properties aggregated | segment | 1 | |||||
Buildings and improvements | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 40 years | |||||
Buildings and improvements | Minimum | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 10 years | |||||
Buildings and improvements | Maximum | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 40 years | |||||
Parking lot surfacing and equipment | Minimum | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 5 years | |||||
Parking lot surfacing and equipment | Maximum | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 30 years | |||||
Other capitalized property plant and equipment | Minimum | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 15 years | |||||
Other capitalized property plant and equipment | Maximum | ||||||
Basis of Presentation [Line Items] | ||||||
Property plant and equipment, estimated useful lives | 25 years | |||||
Adjustment | Revision Of Certain Special Assessment Obligations On Undeveloped Land | ||||||
Basis of Presentation [Line Items] | ||||||
Other liabilities | $ 3,100,000 | |||||
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | ||||||
Basis of Presentation [Line Items] | ||||||
Other liabilities | 3,093,000 | |||||
Shopping centers | ||||||
Basis of Presentation [Line Items] | ||||||
Number of real estate properties | property | 56 | |||||
Land available for sale | ||||||
Basis of Presentation [Line Items] | ||||||
Provision for impairment | $ 982,000 | 977,000 | 2,521,000 | |||
Income producing properties marketed for sale | ||||||
Basis of Presentation [Line Items] | ||||||
Provision for impairment | $ 8,422,000 | $ 0 | $ 0 | |||
Joint Venture One | ||||||
Basis of Presentation [Line Items] | ||||||
Percentage of ownership interest | 7.00% | |||||
Joint Venture Two | ||||||
Basis of Presentation [Line Items] | ||||||
Percentage of ownership interest | 20.00% | |||||
Joint Venture Three | ||||||
Basis of Presentation [Line Items] | ||||||
Percentage of ownership interest | 30.00% | |||||
Joint Venture Four | ||||||
Basis of Presentation [Line Items] | ||||||
Percentage of ownership interest | 30.00% | 30.00% | ||||
Shopping centers | ||||||
Basis of Presentation [Line Items] | ||||||
Number of real estate properties | property | 1 | |||||
Customer Concentration Risk | Michigan | Annualized base rent | ||||||
Basis of Presentation [Line Items] | ||||||
Concentration risk, percentage | 20.00% | 40.00% | ||||
Customer Concentration Risk | Florida | Annualized base rent | ||||||
Basis of Presentation [Line Items] | ||||||
Concentration risk, percentage | 21.00% |
Organization and Summary of S44
Organization and Summary of Significant Accounting Policies - Reconciliation of the Effects of the Prior Period Revision (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other liabilities | $ 8,375 | $ 9,893 | ||
Total liabilities | 1,145,225 | 1,172,900 | ||
Accumulated distributions in excess of net income | (392,619) | (384,934) | ||
Noncontrolling interest | 20,847 | 20,897 | ||
Total shareholder's equity | (885,169) | (888,598) | $ (901,373) | $ (893,315) |
Accumulated Distributions in Excess of Net Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | 392,619 | 384,934 | 368,769 | 361,547 |
Noncontrolling Interest | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | $ (20,847) | (20,897) | (21,982) | (25,790) |
As reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other liabilities | 6,800 | |||
Total liabilities | 1,169,807 | |||
Accumulated distributions in excess of net income | (381,912) | |||
Noncontrolling interest | 20,968 | |||
Total shareholder's equity | (891,691) | |||
As reported | Accumulated Distributions in Excess of Net Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | 381,912 | 365,747 | 358,525 | |
As reported | Noncontrolling Interest | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | (20,968) | (22,053) | (25,861) | |
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other liabilities | 3,093 | |||
Total liabilities | 3,093 | |||
Accumulated distributions in excess of net income | (3,022) | |||
Noncontrolling interest | (71) | |||
Total shareholder's equity | 3,093 | |||
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | Accumulated Distributions in Excess of Net Income | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | 3,022 | 3,022 | 3,022 | |
Adjustment | Prior Period Adjustment Related to Real Estate Tax Accrual Correction | Noncontrolling Interest | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Total shareholder's equity | $ 71 | $ 71 | $ 71 |
Recent Issued Accounting Pron45
Recent Issued Accounting Pronouncements Recent Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Business acquisition, transaction costs | $ 600 | ||
Cumulative effect adjustment - ASU adoption | $ 0 | ||
Subsequent Event | Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Amount of revenues requiring evaluation under new accounting pronouncement | $ 4,800 | ||
Percentage of revenue requiring evaluation under new accounting pronouncement | 2.00% | ||
Retained Earnings | Accounting Standards Update 2017-12 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cumulative effect adjustment - ASU adoption | $ 200 | ||
Retained Earnings | Subsequent Event | Accounting Standards Update 2017-05 | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Cumulative effect adjustment - ASU adoption | $ 2,200 |
Real Estate - Land Held for Dev
Real Estate - Land Held for Development (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Construction in progress | $ 26,598 | $ 23,445 |
Land available for development | 25,596 | 26,805 |
Land available for sale | 6,049 | 10,974 |
Total | $ 58,243 | $ 61,224 |
Property Acquisitions and Dis47
Property Acquisitions and Dispositions - Summary of Acquisitions (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)aft² | Dec. 31, 2016USD ($)aft² | |
Total consolidated income producing acquisitions | ||
Business Acquisition [Line Items] | ||
GLA | ft² | 767 | |
Gross Purchase Price | $ 168,288 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | Providence Marketplace | ||
Business Acquisition [Line Items] | ||
Location | Mt. Juliet, TN | |
GLA | ft² | 632 | |
Date Acquired | Feb. 17, 2017 | |
Gross Purchase Price | $ 115,126 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | Webster Place | ||
Business Acquisition [Line Items] | ||
Location | Chicago, IL | |
GLA | ft² | 135 | |
Date Acquired | Feb. 17, 2017 | |
Gross Purchase Price | $ 53,162 | |
Gross Debt | $ 0 | |
Total consolidated income producing acquisitions | Centennial Shops | ||
Business Acquisition [Line Items] | ||
Location | Edina, MN | |
GLA | ft² | 85 | |
Date Acquired | Oct. 11, 2016 | |
Gross Purchase Price | $ 31,980 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | ||
Business Acquisition [Line Items] | ||
Acreage | a | 1.3 | |
Gross Purchase Price | $ 1,551 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | Troy Marketplace - Outparcel | ||
Business Acquisition [Line Items] | ||
Location | Troy, MI | |
Acreage | a | 0.4 | |
Date Acquired | Aug. 24, 2017 | |
Gross Purchase Price | $ 901 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | Troy Marketplace - Outparcel | ||
Business Acquisition [Line Items] | ||
Location | Troy, MI | |
Acreage | a | 0.4 | |
Date Acquired | Jun. 30, 2017 | |
Gross Purchase Price | $ 175 | |
Gross Debt | $ 0 | |
Total consolidated land acquisitions | Troy Marketplace | ||
Business Acquisition [Line Items] | ||
Location | Troy, MI | |
Acreage | a | 0.5 | |
Date Acquired | Jan. 17, 2017 | |
Gross Purchase Price | $ 475 | |
Gross Debt | $ 0 | |
Income producing property and land and outparcel acquisition | ||
Business Acquisition [Line Items] | ||
GLA | ft² | 767 | 85 |
Acreage | a | 1.3 | 0 |
Gross Purchase Price | $ 169,839 | $ 31,980 |
Gross Debt | $ 0 | $ 0 |
Property Acquisitions and Dis48
Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) - Level 3 - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Land | $ 52,132 | $ 0 |
Buildings and improvements | 107,156 | 29,639 |
Lease origination costs | 12,885 | 4,717 |
Other assets | 3,899 | 813 |
Below market leases | (6,642) | (5,392) |
Net assets acquired | 169,839 | 31,980 |
Above market leases | ||
Business Acquisition [Line Items] | ||
Intangible assets | 409 | 0 |
Ground Leasehold | ||
Business Acquisition [Line Items] | ||
Intangible assets | $ 0 | $ 2,203 |
Property Acquisitions and Dis49
Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations Footnote (Details) - Level 3 $ in Millions | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Deposits paid | $ 4 |
Escrowed proceeds from dispositions | $ 19 |
Property Acquisitions and Dis50
Property Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||
Total revenue from acquisitions included in consolidated statement of operations | $ 13,400 | ||||
Net income from acquisitions included in consolidated statement of operations | 2,300 | ||||
Net proceeds from sales of real estate | $ 19,000 | ||||
Secured debt | 120,944 | $ 160,718 | |||
Loss on extinguishment of debt | $ 0 | $ (1,256) | $ 1,414 | ||
Total consolidated income producing dispositions | The Town Center at Aquia Office Building | |||||
Business Acquisition [Line Items] | |||||
Secured debt | $ 11,800 | ||||
Loss on extinguishment of debt | $ 800 |
Property Acquisitions and Dis51
Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Total consolidated income producing acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Consolidated revenue | $ 267,181 | $ 267,170 |
Consolidated net income available to common shareholders | $ 62,696 | $ 53,539 |
Property Acquisitions and Dis52
Property Acquisitions and Dispositions - Summary of Disposition Activity (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2017USD ($) | Dec. 31, 2017USD ($)aft² | Dec. 31, 2016USD ($)aft² | |
Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
GLA | ft² | 1,809 | 930 | |
Acreage | a | 4.6 | ||
Purchase Price | $ 225,736 | $ 108,783 | |
Gain (loss) on Sale | $ 51,977 | $ 34,860 | |
Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
GLA | ft² | 0 | ||
Acreage | a | 6.4 | 11.5 | |
Purchase Price | $ 3,265 | $ 4,881 | |
Gain (loss) on Sale | $ 787 | $ 921 | |
Income producing property and land and outparcel disposition | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
GLA | ft² | 1,809 | 930 | |
Acreage | a | 6.4 | 16.1 | |
Purchase Price | $ 229,001 | $ 113,664 | |
Gain (loss) on Sale | $ 52,764 | $ 35,781 | |
Liberty Square | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Wauconda, IL | ||
GLA | ft² | 107 | ||
Date Acquired | Dec. 27, 2017 | ||
Purchase Price | $ 14,075 | ||
Gain (loss) on Sale | $ 2,113 | ||
Rolling Meadows | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Rolling Meadows, IL | ||
GLA | ft² | 134 | ||
Date Acquired | Dec. 21, 2017 | ||
Purchase Price | $ 17,350 | ||
Gain (loss) on Sale | $ 5,815 | ||
Village Plaza | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Lakeland, FL | ||
GLA | ft² | 158 | ||
Date Acquired | Dec. 15, 2017 | ||
Purchase Price | $ 19,000 | ||
Gain (loss) on Sale | $ 3,547 | ||
Millennium Park | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Livonia, MI | ||
GLA | ft² | 273 | ||
Real Estate Assets Gross Purchase Price | $ 51,000 | ||
Date Acquired | Nov. 30, 2017 | ||
Gain (loss) on Sale | $ 5,056 | ||
Hoover Eleven | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Warren, MI | ||
GLA | ft² | 281 | ||
Date Acquired | Sep. 29, 2017 | ||
Purchase Price | $ 20,350 | ||
Gain (loss) on Sale | $ 0 | ||
Auburn Mile - Aqua Tots | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Auburn Hills, MI | ||
GLA | ft² | 5 | ||
Date Acquired | Aug. 25, 2017 | ||
Purchase Price | $ 1,000 | ||
Gain (loss) on Sale | $ 123 | ||
New Towne Plaza | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Canton Township, MI | ||
GLA | ft² | 193 | ||
Date Acquired | Aug. 4, 2017 | ||
Purchase Price | $ 26,000 | ||
Gain (loss) on Sale | $ 16,120 | ||
Clinton Valley | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Sterling Heights, MI | ||
GLA | ft² | 205 | ||
Date Acquired | Aug. 1, 2017 | ||
Purchase Price | $ 23,500 | ||
Gain (loss) on Sale | $ 7,376 | ||
Roseville Towne Center | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Roseville, MI | ||
GLA | ft² | 77 | ||
Date Acquired | Jul. 24, 2017 | ||
Purchase Price | $ 10,250 | ||
Gain (loss) on Sale | $ (291) | ||
Gaines Marketplace | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Caledonia, MI | ||
GLA | ft² | 60 | ||
Date Acquired | Jul. 7, 2017 | ||
Purchase Price | $ 9,500 | ||
Gain (loss) on Sale | $ 690 | ||
Walgreen's Data Center | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Mount Prospect, IL | ||
GLA | ft² | 73 | ||
Date Acquired | Jul. 7, 2017 | ||
Purchase Price | $ 6,200 | ||
Gain (loss) on Sale | $ 252 | ||
Auburn Mile | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Auburn Hills, MI | ||
GLA | ft² | 91 | ||
Date Acquired | Mar. 17, 2017 | ||
Purchase Price | $ 13,311 | ||
Gain (loss) on Sale | $ 6,991 | ||
Oak Brook Square | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Flint, MI | ||
GLA | ft² | 152 | ||
Date Acquired | Feb. 10, 2017 | ||
Purchase Price | $ 14,200 | ||
Gain (loss) on Sale | $ 4,185 | ||
Holcomb Roswell - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Alpharetta, GA | ||
Acreage | a | 1 | ||
Date Acquired | Dec. 29, 2017 | ||
Purchase Price | $ 375 | ||
Gain (loss) on Sale | $ (102) | ||
River City Marketplace - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Jacksonville, FL | ||
Acreage | a | 0.9 | ||
Date Acquired | Sep. 29, 2017 | ||
Purchase Price | $ 360 | ||
Gain (loss) on Sale | $ 63 | ||
Hartland - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Hartland, MI | ||
Acreage | a | 1.3 | ||
Date Acquired | Aug. 4, 2017 | ||
Purchase Price | $ 550 | ||
Gain (loss) on Sale | $ 148 | ||
River City Marketplace | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Jacksonville, FL | ||
Acreage | a | 1.4 | ||
Date Acquired | Jul. 27, 2017 | ||
Purchase Price | $ 675 | ||
Gain (loss) on Sale | $ 493 | ||
Lakeland Park Center - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Lakeland, FL | Lakeland, FL | |
Acreage | a | 1.8 | 3.2 | |
Date Acquired | Mar. 31, 2017 | Dec. 29, 2016 | |
Purchase Price | $ 1,305 | $ 1,829 | |
Gain (loss) on Sale | $ 185 | $ 76 | |
Shoppes at Fairlane Meadows | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Dearborn, MI | ||
GLA | ft² | 157 | ||
Date Acquired | Sep. 30, 2016 | ||
Purchase Price | $ 20,333 | ||
Gain (loss) on Sale | $ 484 | ||
Livonia Plaza | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Livonia, MI | ||
GLA | ft² | 137 | ||
Date Acquired | Sep. 20, 2016 | ||
Purchase Price | $ 19,800 | ||
Gain (loss) on Sale | $ 9,091 | ||
Lakeshore Marketplace | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Norton Shores, MI | ||
GLA | ft² | 343 | ||
Acreage | a | 4.6 | ||
Date Acquired | Jun. 30, 2016 | ||
Purchase Price | $ 27,750 | ||
Gain (loss) on Sale | $ 6,368 | ||
River Crossing Centre | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | New Port Ritchey, FL | ||
GLA | ft² | 62 | ||
Date Acquired | Jun. 29, 2016 | ||
Purchase Price | $ 12,500 | ||
Gain (loss) on Sale | $ 6,750 | ||
Centre at Woodstock | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Woodstock, GA | ||
GLA | ft² | 87 | ||
Date Acquired | Jun. 29, 2016 | ||
Purchase Price | $ 16,000 | ||
Gain (loss) on Sale | $ 5,893 | ||
Troy Towne Center | Total consolidated income producing dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Troy, OH | ||
GLA | ft² | 144 | ||
Date Acquired | Feb. 2, 2016 | ||
Purchase Price | $ 12,400 | ||
Gain (loss) on Sale | $ 6,274 | ||
Harvest Junction LLC - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Longmont, CO | ||
Acreage | a | 6.4 | ||
Date Acquired | Dec. 15, 2016 | ||
Purchase Price | $ 1,000 | ||
Gain (loss) on Sale | $ 21 | ||
Conyers Crossing - Chipotle Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Conyers, GA | ||
Acreage | a | 0.5 | ||
Date Acquired | Jun. 27, 2016 | ||
Purchase Price | $ 1,000 | ||
Gain (loss) on Sale | $ 579 | ||
Lakeshore Marketplace - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Norton Shores, MI | ||
Acreage | a | 0.7 | ||
Date Acquired | Jun. 15, 2016 | ||
Purchase Price | $ 302 | ||
Gain (loss) on Sale | $ (6) | ||
The Towne Center at Aquia - Outparcel | Consolidated / outparcel dispositions | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Location | Stafford, VA | ||
Acreage | a | 0.7 | ||
Date Acquired | Jan. 15, 2016 | ||
Purchase Price | $ 750 | ||
Gain (loss) on Sale | $ 251 | ||
Joint Venture Four | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Percentage of ownership interest | 30.00% | 30.00% | |
Payments to acquire equity method investments | $ 3,000 | ||
Deferred gain on sale of investment | $ 2,200 |
Impairment Provisions - Schedul
Impairment Provisions - Schedule of Provisions for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | $ 9,404 | $ 977 | $ 2,521 |
Land available for development or sale | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | 982 | 977 | 2,521 |
Income producing properties marketed for sale | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | $ 8,422 | $ 0 | $ 0 |
Equity Investments in Unconso54
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2017USD ($) | Dec. 31, 2017USD ($)investment | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of equity investment, influence decisions | investment | 3 | ||
RPT's equity investments in unconsolidated joint ventures | $ 3,493 | $ 3,150 | |
Joint Venture One | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership interest | 7.00% | ||
Joint Venture Two | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership interest | 20.00% | ||
Joint Venture Three | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership interest | 30.00% | ||
Joint Venture Four | |||
Schedule of Equity Method Investments [Line Items] | |||
Percentage of ownership interest | 30.00% | 30.00% | |
Payments to acquire equity method investments | $ 3,000 | ||
Deferred gain on sale of investment | $ 2,200 | ||
RPT's equity investments in unconsolidated joint ventures | $ 800 |
Equity Investments in Unconso55
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Investment in real estate, net | $ 93,801 | $ 43,995 |
Other assets | 4,099 | 3,712 |
Total Assets | 97,900 | 47,707 |
LIABILITIES AND OWNERS' EQUITY | ||
Mortgage notes payable | 42,330 | 0 |
Other liabilities | 220 | 219 |
Owners' equity | 55,350 | 47,488 |
Total Liabilities and Owners' Equity | 97,900 | 47,707 |
RPT's equity investments in unconsolidated joint ventures | $ 3,493 | $ 3,150 |
Equity Investments in Unconso56
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total revenue | $ 4,620 | $ 4,742 | $ 10,297 |
Total expenses | (3,067) | (3,030) | (7,113) |
Gain on sale of real estate | 0 | 0 | 9,237 |
Net income from continuing operations | 1,553 | 1,712 | 12,421 |
Discontinued operations | |||
Gain (loss) on sale of real estate | 0 | 371 | 3,025 |
Income (loss) from discontinued operations | 0 | 492 | 857 |
Net income (loss) from discontinued operations | 0 | 863 | 3,882 |
Net income (loss) | 1,553 | 2,575 | 16,303 |
RPT's share of earnings from unconsolidated joint ventures | $ 273 | $ 454 | $ 17,696 |
Equity Investments in Unconso57
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Statements of Operations - Footnotes (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | |
Schedule of Equity Method Investments [Line Items] | |||
Income (loss) from discontinued operations | $ | $ 0 | $ 492 | $ 857 |
Ramco 450 - 6 Income Producing Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties owned and managed | property | 6 | ||
Ramco 450 Venture LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties owned and managed | property | 1 | ||
Partners Portfolio - 7 Income Producing Properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of real estate properties owned and managed | property | 7 | ||
Gain on sale of properties in joint venture | $ | $ 65,600 | ||
Income (loss) from discontinued operations | $ | $ 13,100 |
Equity Investments in Unconso58
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Acquisition Activity (Details) - Joint venture property acquisitions ft² in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)ft² | |
Schedule of Equity Method Investments [Line Items] | |
GLA | ft² | 273 |
Purchase Price | $ | $ 51,000 |
- Summary of Unconsolidated Joi
- Summary of Unconsolidated Joint Venture Acquisition Activity - Footnote (Details) - Joint Venture Four - USD ($) $ in Millions | 1 Months Ended | |
Nov. 30, 2017 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership interest | 30.00% | 30.00% |
Payments to acquire equity method investments | $ 3 | |
Deferred gain on sale of investment | $ 2.2 |
Equity Investments in Unconso60
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Disposition Activity (Details) - Other Joint Ventures One ft² in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)ft² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
RPT proportionate share of JV's sale of real estate property | $ 1,358 |
RPT proportionate share on JV's gain on sale of real estate property | $ 26 |
Unconsolidated joint ventures | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
GLA | ft² | 116 |
JV's gross sale price of real estate property | $ 19,400 |
JV's gain on sale of real estate property | $ 371 |
Unconsolidated joint ventures | Kissimmee West Shopping Center | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Location | Kissimmee, FL |
GLA | ft² | 116 |
Ownership % | 7.00% |
JV's gross sale price of real estate property | $ 19,400 |
JV's gain on sale of real estate property | $ 371 |
Equity Investments in Unconso61
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Management fees | $ 276 | $ 318 | $ 1,149 |
Leasing fees | 146 | 118 | 311 |
Acquisition/disposition fees | 33 | 45 | 108 |
Construction fees | 0 | 48 | 185 |
Total | $ 455 | $ 529 | $ 1,753 |
Other Assets, Net and Acquire62
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs, net | $ 34,545 | $ 35,071 |
Deferred financing costs on unsecured revolving credit facility, net | 2,691 | 1,190 |
Acquired development agreements | 20,105 | 21,149 |
Ground leasehold intangible | 2,173 | 2,198 |
Other, net | 2,579 | 2,835 |
Total amortizable other assets | 62,093 | 62,443 |
Straight-line rent receivable, net | 19,370 | 18,794 |
Goodwill | 2,089 | 2,089 |
Cash flow hedge mark-to-market asset | 3,133 | 2,143 |
Prepaid and other deferred expenses, net | 4,231 | 4,247 |
Other assets, net | $ 90,916 | $ 89,716 |
Other Assets, Net and Acquire63
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets - Footnotes (Details) $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2014property |
Front Range Village | ||
Business Acquisition [Line Items] | ||
Public improvement agreement net | $ 15.1 | |
Buttermilk Town Center | ||
Business Acquisition [Line Items] | ||
Real estate tax exemption, net | $ 5 | |
Number of real estate properties | property | 2 |
Other Assets, Net and Acquire64
Other Assets, Net and Acquired Lease Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Straight-line rent receivables | $ 2,700 | $ 3,200 | |
Remaining weighted-average amortization period | 10 years 3 months 18 days | ||
Amortization of intangible assets | $ 2,000 | $ 2,500 | $ 3,100 |
Other assets and acquired lease intangibles, net, subject to amortization | $ 121,652 |
Other Assets, Net and Acquire65
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Acquired Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 103,787 | $ 120,018 |
Accumulated amortization | (44,228) | (47,594) |
Net acquired lease intangibles | 59,559 | 72,424 |
Lease originations costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | 94,200 | 107,625 |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 9,587 | $ 12,393 |
Other Assets, Net and Acquire66
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Estimated Aggregate Amortization Expense Related to Other Assets (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Amortization Expense of Other Assets, Fiscal Year Maturity [Abstract] | |
2,018 | $ 20,228 |
2,019 | 15,956 |
2,020 | 12,900 |
2,021 | 10,958 |
2,022 | 8,522 |
Thereafter | 53,088 |
Total | $ 121,652 |
Debt - Summary of Mortgages, No
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Senior unsecured notes | $ 610,000 | $ 535,000 |
Unsecured term loan facilities | 210,000 | 210,000 |
Fixed rate mortgages | 120,944 | 160,718 |
Unsecured revolving credit facility | 30,000 | 86,000 |
Junior subordinated notes | 28,125 | 28,125 |
Subtotal debt | 999,069 | 1,019,843 |
Unamortized premium | 3,967 | 5,120 |
Unamortized deferred financing costs | (3,821) | (3,740) |
Total | 999,215 | 1,021,223 |
Capital lease obligation | $ 1,022 | $ 1,066 |
Debt - Additional Information (
Debt - Additional Information (Details) | Dec. 31, 2017USD ($)debt_instrument | Dec. 31, 2017USD ($)debt_instrument | Nov. 30, 2017USD ($) | Sep. 30, 2017USD ($)extension_option | Dec. 31, 2017USD ($)debt_instrument | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||||
Senior unsecured notes and unsecured term loans | $ 999,069,000 | $ 999,069,000 | $ 999,069,000 | $ 1,019,843,000 | |||
Secured debt | $ 120,944,000 | $ 120,944,000 | $ 120,944,000 | 160,718,000 | |||
Number of mortgages maturing in 2018 | debt_instrument | 0 | 0 | 0 | ||||
Number of mortgages maturing in 2019 | debt_instrument | 1 | 1 | 1 | ||||
Mortgages maturing in 2019 | $ 5,859,000 | $ 5,859,000 | $ 5,859,000 | ||||
Capital lease assets, gross | $ 13,200,000 | 13,200,000 | 13,200,000 | ||||
Capital ground lease, amount expensed as interest | 100,000 | $ 100,000 | $ 100,000 | ||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured revolving credit facility | $ 350,000,000 | ||||||
Total extension term | 1 year | ||||||
Number of extension options | extension_option | 2 | ||||||
Extension term | 6 months | ||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.35% | ||||||
Line of credit facility increase limit | $ 650,000,000 | ||||||
Minimum | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.30% | ||||||
Maximum | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.95% | ||||||
Master Loan Agreement | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured revolving credit facility | $ 350,000,000 | 350,000,000 | 350,000,000 | ||||
Borrowings on unsecured revolving credit facility, net of repayments | 56,000,000 | ||||||
Letters of credit outstanding | 1,300,000 | 1,300,000 | 1,300,000 | ||||
Unsecured revolving credit facility, remaining borrowing capacity | $ 318,700,000 | $ 318,700,000 | $ 318,700,000 | ||||
Unsecured revolving credit facility, variable interest rate | 2.71% | 2.71% | 2.71% | ||||
Unsecured Debt | Senior Unsecured Notes in Private Placement Offering | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of senior unsecured notes in private placement offering | $ 75,000,000 | ||||||
Repaid mortgage notes, weighted average interest rate | 4.46% | 4.46% | 4.46% | ||||
Number of mortgages repaid | debt_instrument | 2 | ||||||
Unsecured Debt | Unsecured Term Loan Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Unsecured term loan | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | ||||
Reduced loan interest rate, basis points | 0.35% | ||||||
Unsecured Debt | Senior Unsecured Notes and Unsecured Term Loans | |||||||
Debt Instrument [Line Items] | |||||||
Senior unsecured notes and unsecured term loans | $ 820,000,000 | $ 820,000,000 | $ 820,000,000 | ||||
Unsecured Debt | Senior Unsecured Notes and Unsecured Term Loans | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 2.84% | 2.84% | 2.84% | ||||
Unsecured Debt | Senior Unsecured Notes and Unsecured Term Loans | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 4.74% | 4.74% | 4.74% | ||||
Unsecured Debt, Tranches One | Senior Unsecured Notes in Private Placement Offering | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 5 years | ||||||
Unsecured Debt, Tranches Two | Senior Unsecured Notes in Private Placement Offering | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 10 years | ||||||
Unsecured Debt, Tranche Three | Senior Unsecured Notes in Private Placement Offering | |||||||
Debt Instrument [Line Items] | |||||||
Debt term | 12 years | ||||||
Fixed Rate Mortgages | |||||||
Debt Instrument [Line Items] | |||||||
Net book value of mortgages on properties | $ 179,900,000 | $ 179,900,000 | $ 179,900,000 | ||||
Mortgages maturing in 2019 | $ 3,000,000 | $ 3,000,000 | $ 3,000,000 | ||||
Fixed Rate Mortgages | Market Plaza | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 2.86% | ||||||
Extinguishment of debt, amount | $ 14,300,000 | ||||||
Fixed Rate Mortgages | Jackson Crossing | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 5.76% | 5.76% | 5.76% | ||||
Extinguishment of debt, amount | $ 22,300,000 | ||||||
Fixed Rate Mortgages | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 3.76% | 3.76% | 3.76% | ||||
Fixed Rate Mortgages | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Fixed interest rate | 7.38% | 7.38% | 7.38% | ||||
Junior Subordinated Notes | London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility spread above LIBOR (as a percentage) | 3.30% | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.68% | 4.68% | 4.68% |
Debt - Schedule of Principal Pa
Debt - Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Principal Payments | ||
2,018 | $ 2,562 | |
2,019 | 5,859 | |
2,020 | 102,269 | |
2,021 | 144,508 | |
2,022 | 77,397 | |
Thereafter | 666,474 | |
Subtotal debt | 999,069 | $ 1,019,843 |
Unamortized mortgage premium | 3,967 | 5,120 |
Unamortized deferred financing costs | (3,821) | (3,740) |
Total | 999,215 | $ 1,021,223 |
Capital Lease Payments | ||
2,018 | 100 | |
2,019 | 100 | |
2,020 | 100 | |
2,021 | 100 | |
2,022 | 100 | |
Thereafter | 1,000 | |
Subtotal debt | 1,500 | |
Amounts representing interest | (478) | |
Total | 1,022 | |
Unsecured Revolving Credit Facility | ||
Principal Payments | ||
2,020 | $ 30,000 |
Acquired Lease Intangible Lia70
Acquired Lease Intangible Liabilities, Net - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)acquisition | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Other Liabilities Disclosure [Abstract] | |||
Lease intangible liabilities, net | $ 60,197 | $ 63,734 | |
Increase in revenue, accretion of below market leases | $ 6,400 | $ 5,900 | $ 5,800 |
Number of acquisitions | acquisition | 2 | ||
Acquired below-market lease intangible assets | $ 6,600 |
Fair Value - Recorded Amount of
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | $ 3,133 | $ 2,143 |
Derivative liabilities - interest rate swaps | (208) | (1,300) |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 3,133 | 2,143 |
Derivative liabilities - interest rate swaps | $ (208) | $ (1,300) |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | $ 999,215 | $ 1,021,223 |
Fixed Rate Mortgages | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | 940,900 | 905,700 |
Long term debt, fair value | 940,800 | 900,300 |
Floating Rate Debt | ||
Fair Value Measurements [Line Items] | ||
Long term debt, fair value | $ 58,100 | $ 114,100 |
Fair Value - Recorded Amount 73
Fair Value - Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 69,996 | $ 6,815 |
Total Impairment | (9,404) | (977) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 69,996 | 6,815 |
Income producing properties | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 68,100 | |
Total Impairment | (8,422) | |
Income producing properties | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 68,100 | |
Land available for sale | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | 1,896 | 6,815 |
Total Impairment | (982) | (977) |
Land available for sale | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Total Fair Value | $ 1,896 | $ 6,815 |
Derivative Financial Instrume74
Derivative Financial Instruments - Additional Information (Details) | Dec. 31, 2017USD ($)Instrument |
Derivative [Line Items] | |
Aggregate notional value, derivative asset | $ 185,000,000 |
Minimum | |
Derivative [Line Items] | |
Aggregate notional amount, derivative liability | 1.46% |
Maximum | |
Derivative [Line Items] | |
Aggregate notional amount, derivative liability | 2.15% |
Interest Rate Contract | |
Derivative [Line Items] | |
Number of interest rate swap agreements | Instrument | 9 |
Aggregate national value | $ 210,000,000 |
Aggregate notional value, derivative asset | $ 125,000,000 |
Interest Rate Swap | |
Derivative [Line Items] | |
Number of interest rate swap agreements | Instrument | 1 |
Aggregate notional value, derivative asset | $ 60,000,000 |
Aggregate notional amount, derivative liability | 1.77% |
Derivative Financial Instrume75
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative asset, notional value | $ 185,000,000 | |
Derivative assets, fair value | 3,133,000 | $ 2,143,000 |
Unsecured term loan facility with: 1.460 % Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 50,000,000 | |
Fixed Rate | 1.46% | |
Derivative assets, fair value | $ 616,000 | |
Unsecured term loan facility with: 1.498 % Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 20,000,000 | |
Fixed Rate | 1.498% | |
Derivative assets, fair value | $ 372,000 | |
Unsecured term loan facility with: 1.490 % Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 15,000,000 | |
Fixed Rate | 1.49% | |
Derivative assets, fair value | $ 284,000 | |
Unsecured term loan facility with: 1.480 % Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 40,000,000 | |
Fixed Rate | 1.48% | |
Derivative assets, fair value | $ 769,000 | |
Total derivative assets - Forward swaps | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 60,000,000 | |
Fixed Rate | 1.77% | |
Derivative assets, fair value | $ 1,092,000 | |
Unsecured term loan facility with: 2.048 % Swap Rate, Expiration Date 10/2018 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 30,000,000 | |
Fixed Rate | 2.048% | |
Derivative liability, fair value | $ (78,000) | |
Unsecured term loan facility with: 1.850 % Swap Rate, Expiration Date 10/2018 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 25,000,000 | |
Fixed Rate | 1.85% | |
Derivative liability, fair value | $ (28,000) | |
Unsecured term loan facility with: 1.840 % Swap Rate, Expiration Date 10/2018 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 5,000,000 | |
Fixed Rate | 1.84% | |
Derivative liability, fair value | $ (5,000) | |
Unsecured term loan facility with: 2.150 % Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 15,000,000 | |
Fixed Rate | 2.15% | |
Derivative liability, fair value | $ (58,000) | |
Unsecured term loan facility with: 2.150 % Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative liability, notional value | $ 10,000,000 | |
Fixed Rate | 2.15% | |
Derivative liability, fair value | $ (39,000) | |
Total derivative asset/liabilities interest rate contracts | ||
Derivative [Line Items] | ||
Derivative asset, notional value | 125,000,000 | |
Derivative liability, notional value | 85,000,000 | |
Derivative assets, fair value | 2,041,000 | |
Derivative liability, fair value | $ (208,000) |
Derivative Financial Instrume76
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative | $ 3,356 | $ 4,948 |
Amount of Loss Reclassified from Accumulated OCI into Income | (1,274) | (2,506) |
Interest rate contracts - liabilities | Interest Expense | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative | 1,983 | 1,230 |
Amount of Loss Reclassified from Accumulated OCI into Income | (891) | (289) |
Interest rate contracts - assets | Interest Expense | Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative | 1,373 | 3,718 |
Amount of Loss Reclassified from Accumulated OCI into Income | $ (383) | $ (2,217) |
Leases - Summary of Revenues fr
Leases - Summary of Revenues from Rentals Under Non-Cancellable Operating Lease Agreements (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 175,747 |
2,019 | 160,699 |
2,020 | 145,066 |
2,021 | 123,300 |
2,022 | 96,357 |
Thereafter | 309,956 |
Total | $ 1,011,125 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Operating lease, expiration year | Dec. 31, 2019 | ||
Corporate Headquarters | |||
Operating Leased Assets [Line Items] | |||
Rent expense | $ 0.6 | $ 0.6 | $ 0.6 |
Ground Lease | |||
Operating Leased Assets [Line Items] | |||
Rent expense | $ 1.2 | $ 0.2 |
Leases - Summary of Approximate
Leases - Summary of Approximate Future Rental Payments under Lease Agreements) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 1,494 |
2,019 | 1,285 |
2,020 | 856 |
2,021 | 856 |
2,022 | 856 |
Thereafter | 95,283 |
Total | $ 100,630 |
Earnings per Common Share - Com
Earnings per Common Share - Computation of Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Preferred share dividends | $ (6,701) | $ (6,701) | $ (6,838) | ||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 19,248 | $ 27,258 | $ 4,430 | $ 11,423 | $ 5,235 | $ 11,870 | $ 25,688 | $ 10,170 | $ 62,359 | $ 52,963 | $ 57,771 |
Weighted average shares outstanding, Basic (in shares) | 79,344 | 79,236 | 78,848 | ||||||||
Earnings per common share, basic (in dollars per share) | $ 0.24 | $ 0.34 | $ 0.05 | $ 0.14 | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.78 | $ 0.66 | $ 0.73 |
Basic EPS | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 70,719 | $ 61,112 | $ 66,895 | ||||||||
Net (income) attributable to noncontrolling interest | (1,659) | (1,448) | (1,786) | ||||||||
Preferred share dividends | (6,701) | (6,701) | (7,338) | ||||||||
Allocation of income to restricted share awards | (429) | (354) | (336) | ||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 61,930 | $ 52,609 | $ 57,435 | ||||||||
Weighted average shares outstanding, Basic (in shares) | 79,344 | 79,236 | 78,848 | ||||||||
Earnings per common share, basic (in dollars per share) | $ 0.66 | $ 0.73 |
Earnings per Common Share - C81
Earnings per Common Share - Computation of Diluted Earnings Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Preferred share dividends | $ (6,701) | $ (6,701) | $ (6,838) | ||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 19,248 | $ 27,258 | $ 4,430 | $ 11,423 | $ 5,235 | $ 11,870 | $ 25,688 | $ 10,170 | $ 62,359 | $ 52,963 | $ 57,771 |
Weighted average shares outstanding, Basic (in shares) | shares | 79,344 | 79,236 | 78,848 | ||||||||
Weighted average shares outstanding, Diluted (in shares) | shares | 79,530 | 79,435 | 79,035 | ||||||||
Earnings per common share, Diluted (in dollars per share) | $ / shares | $ 0.24 | $ 0.33 | $ 0.05 | $ 0.14 | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.78 | $ 0.66 | $ 0.73 |
Noncontrolling interest, exchange ratio for Company common stock | 1 | ||||||||||
Diluted EPS | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $ 70,719 | $ 61,112 | $ 66,895 | ||||||||
Net (income) attributable to noncontrolling interest | (1,659) | (1,448) | (1,786) | ||||||||
Preferred share dividends | (6,701) | (6,701) | (7,338) | ||||||||
Allocation of income to restricted share awards | (429) | (354) | (336) | ||||||||
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 61,930 | $ 52,609 | $ 57,435 | ||||||||
Weighted average shares outstanding, Basic (in shares) | shares | 79,344 | 79,236 | 78,848 | ||||||||
Stock options and restricted share awards using the treasury method (in shares) | shares | 186 | 199 | 187 | ||||||||
Weighted average shares outstanding, Diluted (in shares) | shares | 79,530 | 79,435 | 79,035 | ||||||||
Earnings per common share, Diluted (in dollars per share) | $ / shares | $ 0.66 | $ 0.73 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2018$ / shares | Jan. 03, 2017$ / shares | Apr. 30, 2015USD ($)shares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Jun. 30, 2016shares |
Stockholders Equity Note [Line Items] | |||||||||
Shares authorized to be issued under distribution agreement | shares | 8,000,000 | ||||||||
Shares available for issuance (in shares) | shares | 900,000 | ||||||||
Average of shares issued (in dollars per share) | $ 19.28 | ||||||||
Proceeds from issuance of common stock | $ | $ 17,100 | ||||||||
Sales commissions and fees on issuance of shares | $ | $ 300 | ||||||||
Noncontrolling interest, exchange ratio for Company common stock | 1 | ||||||||
Conversion and redemption of operating partnership units in shares | $ | $ 11 | $ 1,517 | 3,826 | ||||||
Preferred shares, par (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Payment for Conversion of Preferred Shares | $ | $ 0 | $ 0 | $ 500 | ||||||
Common shares dividends paid (in dollars per share) | $ 0.06 | $ 0.16 | $ 0.880 | $ 0.850 | $ 0.810 | ||||
Preferred shares dividends paid (in dollars per share) | $ 0.14 | $ 3.625 | $ 3.625 | $ 3.625 | |||||
Series D Preferred Stock | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | shares | 1,848,539 | 1,848,539 | 1,848,539 | 1,848,539 | 1,848,539 | ||||
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% | 7.25% | ||||||
Cumulative convertible perpetual preferred shares, liquidation preference (in dollars per share) | $ 50 | $ 50 | $ 50 | $ 50 | $ 50 | ||||
Preferred shares, par (in dollars per share) | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | ||||
Debt Instrument, Convertible, Conversion Price | $ 13.71 | $ 13.94 | $ 13.71 | $ 13.94 | $ 14.10 | ||||
Convertible preferred stock to be issued upon conversion | shares | 6,700,000 | 6,600,000 | 6,700,000 | 6,600,000 | 6,600,000 | ||||
Conversion of Stock, Amount Converted | $ | $ 7,600 | ||||||||
Conversion of Stock, Shares Issued | shares | 532,628 | ||||||||
Payment for Conversion of Preferred Shares | $ | $ 500 | ||||||||
Noncontrolling Interest | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | shares | 1,916,403 | 1,917,329 | 1,916,403 | 1,917,329 | 2,001,461 | ||||
Conversion of units for cash (in units) | shares | 926 | 84,132 | 245,734 | ||||||
Subsequent Event | |||||||||
Stockholders Equity Note [Line Items] | |||||||||
Preferred shares dividends paid (in dollars per share) | $ 0.76 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Declared and Paid (Details) - $ / shares | Jan. 03, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||||||
Common shares dividends declared (in dollars per share) | $ 0.880 | $ 0.860 | $ 0.820 | |||
Common shares dividends paid (in dollars per share) | $ 0.06 | $ 0.16 | 0.880 | 0.850 | 0.810 | |
Preferred shares dividends declared (in dollars per share) | 3.625 | 3.625 | 3.625 | |||
Preferred shares dividends paid (in dollars per share) | $ 0.14 | $ 3.625 | $ 3.625 | $ 3.625 |
Shareholders' Equity - Summar84
Shareholders' Equity - Summary of Dividends Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.72 | $ 0.8 | $ 0.82 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 2.862 | 3.625 | 3.625 |
Ordinary dividend | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.686 | 0.64 | 0.658 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 2.725 | 2.881 | 3.625 |
Capital gain distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.034 | 0.16 | 0 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 0.137 | 0.744 | 0 |
Non-dividend distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0 | $ 0 | $ 0.162 |
Share-Based Compensation and 85
Share-Based Compensation and Other Benefit Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)planshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share-based compensation plans in effect | plan | 1 | ||
Share-based compensation expense | $ 4.4 | $ 3.4 | $ 1.6 |
Expense related to restricted share grants | $ 2.7 | 2.9 | 1.9 |
Performance-based liability awards, measurement period | 3 years | ||
Percentage of award to be paid in cash | 50.00% | ||
Compensation expense (benefit) related to cash based award grant | $ 1.5 | 0.5 | 0.4 |
Total unrecognized compensation expense | $ 4.9 | ||
Total unrecognized compensation expense, weighted average period of recognition | 2 years 8 months 12 days | ||
Defined contribution plan expense | $ 0.2 | $ 0.2 | $ 0.2 |
Long Term Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted | shares | 0 | 0 | 0 |
Long Term Incentive Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant | shares | 2,000,000 | ||
Number of shares available for issuance | shares | 1,200,000 | ||
Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period | 5 years | ||
Trustee Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period | 1 year |
Share-Based Compensation and 86
Share-Based Compensation and Other Benefit Plans - Summary of Activity of Service Based Restricted Shares Under LTIP (Details) - Service-based restricted stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Shares | |||
Outstanding at the beginning of the year (in shares) | 327,543 | 327,732 | 365,524 |
Granted (in shares) | 210,895 | 130,890 | 180,914 |
Vested (in shares) | (119,134) | (124,187) | (176,816) |
Forfeited or expired (in shares) | (7,109) | (6,892) | (41,890) |
Outstanding at the end of the year (in shares) | 412,195 | 327,543 | 327,732 |
Weighted- Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 17.02 | $ 16.39 | $ 14.92 |
Granted (in dollars per share) | 14.22 | 17.80 | 17.77 |
Vested (in dollars per share) | 16.66 | 15.88 | 14.29 |
Forfeited or expired (in dollars per share) | 14.75 | 16.76 | 16.17 |
Outstanding at the beginning of the year (in dollars per share) | $ 15.58 | $ 17.02 | $ 16.39 |
Share-Based Compensation and 87
Share-Based Compensation and Other Benefit Plans - Stock Option Activity for All Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shares Under Option | |||
Outstanding at the beginning of the year (in shares) | 57,140 | 107,165 | 155,248 |
Exercised (in shares) | 0 | 0 | 0 |
Forfeited or expired (in shares) | (57,140) | (50,025) | (48,083) |
Outstanding at the end of the year (in shares) | 0 | 57,140 | 107,165 |
Exercisable at the end of year (in shares) | 0 | 57,140 | 107,165 |
Weighted-Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 34.69 | $ 32.13 | $ 30.94 |
Exercised (in dollars per share) | 0 | 0 | 0 |
Forfeited or expired (in dollars per share) | 34.69 | 29.21 | 28.29 |
Outstanding at the end of the year (in dollars per share) | 0 | 34.69 | 32.13 |
Exercisable at the end of year (in dollars per share) | $ 0 | $ 34.69 | $ 32.13 |
Taxes - Additional Information
Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Minimum Percentage Of Taxable Income Distribution To Shareholders | 90.00% | ||
Federal and state deferred tax asset | $ 6,700,000 | ||
Federal and state deferred tax asset, valuation allowance | 6,700,000 | ||
Decrease in valuation allowance due to Tax Cuts and Jobs Act of 2017 | 4,400,000 | ||
Income tax provision | (143,000) | $ (299,000) | $ (339,000) |
Unrecognized tax benefits | 0 | 0 | 0 |
Significant increase (decrease) in unrecognized tax benefits | 0 | ||
Interest or penalties relating to income taxes expensed | 0 | 0 | 0 |
Interest or penalties relating to income taxes accrued | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction costs related to development and expansion | $ 20.8 |
Selected Quarterly Financial 90
Selected Quarterly Financial Data (Unaudited) Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 64,263 | $ 65,931 | $ 67,062 | $ 67,825 | $ 64,454 | $ 64,080 | $ 65,884 | $ 66,512 | $ 265,082 | $ 260,930 | $ 251,790 |
Operating income | 15,646 | 16,531 | 18,132 | 13,091 | 17,905 | 16,669 | 19,115 | 17,219 | 63,399 | 70,908 | 65,497 |
Net income attributable to RPT | 20,923 | 28,933 | 6,105 | 13,098 | 6,911 | 13,545 | 27,363 | 11,845 | 70,719 | 61,112 | 66,895 |
Net income (loss) available to common shareholders | $ 19,248 | $ 27,258 | $ 4,430 | $ 11,423 | $ 5,235 | $ 11,870 | $ 25,688 | $ 10,170 | $ 62,359 | $ 52,963 | $ 57,771 |
Earnings per common share, basic (in dollars per share) | $ 0.24 | $ 0.34 | $ 0.05 | $ 0.14 | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.78 | $ 0.66 | $ 0.73 |
Earnings per common share, diluted (in dollars per share) | $ 0.24 | $ 0.33 | $ 0.05 | $ 0.14 | $ 0.07 | $ 0.15 | $ 0.32 | $ 0.13 | $ 0.78 | $ 0.66 | $ 0.73 |
SUMMARY OF REAL ESTATE AND AC91
SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 120,944 | |||
Initial Cost to Company, Land | 430,921 | |||
Initial Cost to Company, Building & Improvements | 1,431,956 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 326,145 | |||
Gross Amounts at which Carried at Close of Period, Land | 420,938 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 1,768,084 | |||
Gross Amounts at which Carried at Close of Period, Total | 2,189,022 | $ 2,202,670 | $ 2,245,100 | $ 2,008,687 |
Accumulated Depreciation | $ 351,632 | $ 345,204 | $ 331,520 | $ 287,177 |
Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 55,545 | |||
Initial Cost to Company, Land | 9,831 | |||
Initial Cost to Company, Building & Improvements | 76,446 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 717 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,831 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 77,163 | |||
Gross Amounts at which Carried at Close of Period, Total | 86,994 | |||
Accumulated Depreciation | $ 8,268 | |||
Date Acquired | 2,014 | |||
Buttermilk Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | KY | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,249 | |||
Initial Cost to Company, Building & Improvements | 21,103 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,108 | |||
Gross Amounts at which Carried at Close of Period, Land | 13,249 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,211 | |||
Gross Amounts at which Carried at Close of Period, Total | 36,460 | |||
Accumulated Depreciation | $ 2,489 | |||
Date Constructed | 2,005 | |||
Date Acquired | 2,014 | |||
Centennial Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 0 | |||
Initial Cost to Company, Building & Improvements | 29,639 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 313 | |||
Gross Amounts at which Carried at Close of Period, Land | 0 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,952 | |||
Gross Amounts at which Carried at Close of Period, Total | 29,952 | |||
Accumulated Depreciation | $ 1,316 | |||
Date Constructed | 2,008 | |||
Date Acquired | 2,016 | |||
Central Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,250 | |||
Initial Cost to Company, Building & Improvements | 10,909 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (69) | |||
Gross Amounts at which Carried at Close of Period, Land | 10,250 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,840 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,090 | |||
Accumulated Depreciation | $ 1,976 | |||
Date Constructed | 1,970 | |||
Date Acquired | 2,012 | |||
Clinton Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,175 | |||
Initial Cost to Company, Building & Improvements | 10,499 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 967 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,176 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,465 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,641 | |||
Accumulated Depreciation | $ 4,056 | |||
Date Constructed | 1,992 | |||
Date Acquired | 2,003 | |||
Coral Creek Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,565 | |||
Initial Cost to Company, Building & Improvements | 14,085 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,984 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,572 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 16,062 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,634 | |||
Accumulated Depreciation | $ 5,767 | |||
Date Constructed | 1,992 | |||
Date Acquired | 2,002 | |||
Crofton Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MD | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,012 | |||
Initial Cost to Company, Building & Improvements | 22,774 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 504 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,012 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,278 | |||
Gross Amounts at which Carried at Close of Period, Total | 31,290 | |||
Accumulated Depreciation | $ 1,973 | |||
Date Constructed | 1,974 | |||
Date Acquired | 2,015 | |||
Crossroads Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 3,352 | |||
Initial Cost to Company, Land | 5,800 | |||
Initial Cost to Company, Building & Improvements | 20,709 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,859 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,904 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 25,464 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,368 | |||
Accumulated Depreciation | $ 11,488 | |||
Date Constructed | 2,001 | |||
Date Acquired | 2,001 | |||
Cypress Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,968 | |||
Initial Cost to Company, Building & Improvements | 17,637 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 880 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,968 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,517 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,485 | |||
Accumulated Depreciation | $ 2,739 | |||
Date Constructed | 1,983 | |||
Date Acquired | 2,013 | |||
Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,070 | |||
Initial Cost to Company, Building & Improvements | 18,105 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 80 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,070 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,185 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,255 | |||
Accumulated Depreciation | $ 2,615 | |||
Date Acquired | 2,013 | |||
Deer Grove Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,408 | |||
Initial Cost to Company, Building & Improvements | 8,197 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,454 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,408 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,651 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,059 | |||
Accumulated Depreciation | $ 2,524 | |||
Date Constructed | 1,997 | |||
Date Acquired | 2,013 | |||
Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,868 | |||
Initial Cost to Company, Building & Improvements | 78,551 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,764 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,868 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 85,315 | |||
Gross Amounts at which Carried at Close of Period, Total | 92,183 | |||
Accumulated Depreciation | $ 12,361 | |||
Date Acquired | 2,013 | |||
East Town Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,768 | |||
Initial Cost to Company, Building & Improvements | 16,216 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,026 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,768 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,242 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,010 | |||
Accumulated Depreciation | $ 8,277 | |||
Date Constructed | 1,992 | |||
Date Acquired | 2,000 | |||
Front Range Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | CO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 20,910 | |||
Initial Cost to Company, Building & Improvements | 80,600 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 7,805 | |||
Gross Amounts at which Carried at Close of Period, Land | 20,910 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 88,405 | |||
Gross Amounts at which Carried at Close of Period, Total | 109,315 | |||
Accumulated Depreciation | $ 8,894 | |||
Date Constructed | 2,008 | |||
Date Acquired | 2,014 | |||
Harvest Junction North | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | CO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,254 | |||
Initial Cost to Company, Building & Improvements | 25,232 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 5,935 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,374 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 32,047 | |||
Gross Amounts at which Carried at Close of Period, Total | 39,421 | |||
Accumulated Depreciation | $ 4,331 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,012 | |||
Harvest Junction South | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | CO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 6,241 | |||
Initial Cost to Company, Building & Improvements | 22,856 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 199 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,241 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,055 | |||
Gross Amounts at which Carried at Close of Period, Total | 29,296 | |||
Accumulated Depreciation | $ 3,432 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,012 | |||
Heritage Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 13,899 | |||
Initial Cost to Company, Building & Improvements | 22,506 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,686 | |||
Gross Amounts at which Carried at Close of Period, Land | 13,899 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 25,192 | |||
Gross Amounts at which Carried at Close of Period, Total | 39,091 | |||
Accumulated Depreciation | $ 5,446 | |||
Date Constructed | 1,989 | |||
Date Acquired | 2,011 | |||
Holcomb Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | GA | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 658 | |||
Initial Cost to Company, Building & Improvements | 5,953 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 11,078 | |||
Gross Amounts at which Carried at Close of Period, Land | 658 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,031 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,689 | |||
Accumulated Depreciation | $ 7,463 | |||
Date Constructed | 1,986 | |||
Date Acquired | 1,996 | |||
Hunters Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,673 | |||
Initial Cost to Company, Building & Improvements | 52,774 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,404 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,652 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 59,199 | |||
Gross Amounts at which Carried at Close of Period, Total | 66,851 | |||
Accumulated Depreciation | $ 8,173 | |||
Date Constructed | 1,988 | |||
Date Acquired | 2,013 | |||
Jackson Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,347 | |||
Initial Cost to Company, Building & Improvements | 24,261 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 18,935 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,347 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 43,196 | |||
Gross Amounts at which Carried at Close of Period, Total | 46,543 | |||
Accumulated Depreciation | $ 18,429 | |||
Date Constructed | 1,967 | |||
Date Acquired | 1,996 | |||
Jackson West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,806 | |||
Initial Cost to Company, Building & Improvements | 6,270 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,638 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,691 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,023 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,714 | |||
Accumulated Depreciation | $ 6,487 | |||
Date Constructed | 1,996 | |||
Date Acquired | 1,996 | |||
Lakeland Park Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 15,365 | |||
Initial Cost to Company, Building & Improvements | 0 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 38,645 | |||
Gross Amounts at which Carried at Close of Period, Land | 15,365 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 38,645 | |||
Gross Amounts at which Carried at Close of Period, Total | 54,010 | |||
Accumulated Depreciation | $ 4,228 | |||
Date Constructed | 2,014 | |||
Date Acquired | 2,008 | |||
Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,922 | |||
Initial Cost to Company, Building & Improvements | 18,910 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,244 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,922 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,154 | |||
Gross Amounts at which Carried at Close of Period, Total | 29,076 | |||
Accumulated Depreciation | $ 3,297 | |||
Date Acquired | 2,013 | |||
Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 9,391 | |||
Initial Cost to Company, Building & Improvements | 22,682 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 141 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,391 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,823 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,214 | |||
Accumulated Depreciation | $ 1,939 | |||
Date Acquired | 2,015 | |||
Merchants' Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,997 | |||
Initial Cost to Company, Building & Improvements | 18,346 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,773 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,997 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,119 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,116 | |||
Accumulated Depreciation | $ 5,090 | |||
Date Constructed | 1,970 | |||
Date Acquired | 2,010 | |||
Mission Bay | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 33,975 | |||
Initial Cost to Company, Building & Improvements | 48,159 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 10,132 | |||
Gross Amounts at which Carried at Close of Period, Land | 33,975 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 58,291 | |||
Gross Amounts at which Carried at Close of Period, Total | 92,266 | |||
Accumulated Depreciation | $ 7,806 | |||
Date Constructed | 1,989 | |||
Date Acquired | 2,013 | |||
Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 11,633 | |||
Initial Cost to Company, Building & Improvements | 21,767 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (4,784) | |||
Gross Amounts at which Carried at Close of Period, Land | 9,601 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,015 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,616 | |||
Accumulated Depreciation | $ 3,454 | |||
Date Acquired | 2,013 | |||
Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 6,787 | |||
Initial Cost to Company, Land | 7,549 | |||
Initial Cost to Company, Building & Improvements | 30,898 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,234 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,549 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 35,132 | |||
Gross Amounts at which Carried at Close of Period, Total | 42,681 | |||
Accumulated Depreciation | $ 4,628 | |||
Olentangy Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,283 | |||
Initial Cost to Company, Building & Improvements | 20,774 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,765 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,283 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,539 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,822 | |||
Accumulated Depreciation | $ 2,085 | |||
Date Constructed | 1,981 | |||
Date Acquired | 2,015 | |||
Parkway Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,145 | |||
Initial Cost to Company, Building & Improvements | 0 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 25,449 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,902 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,692 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,594 | |||
Accumulated Depreciation | $ 2,477 | |||
Date Constructed | 2,013 | |||
Date Acquired | 2,008 | |||
Peachtree Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | GA | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 7,517 | |||
Initial Cost to Company, Building & Improvements | 17,062 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 399 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,517 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,461 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,978 | |||
Accumulated Depreciation | $ 1,678 | |||
Date Constructed | 1,986 | |||
Date Acquired | 2,015 | |||
Promenade at Pleasant Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | GA | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,891 | |||
Initial Cost to Company, Building & Improvements | 22,520 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,270 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,440 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,241 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,681 | |||
Accumulated Depreciation | $ 9,035 | |||
Date Constructed | 1,993 | |||
Date Acquired | 2,004 | |||
Providence Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | TN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 22,171 | |||
Initial Cost to Company, Building & Improvements | 85,657 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 54 | |||
Gross Amounts at which Carried at Close of Period, Land | 22,171 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 85,711 | |||
Gross Amounts at which Carried at Close of Period, Total | 107,882 | |||
Accumulated Depreciation | $ 2,688 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,017 | |||
River City Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 19,768 | |||
Initial Cost to Company, Building & Improvements | 73,859 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 8,280 | |||
Gross Amounts at which Carried at Close of Period, Land | 11,140 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 90,767 | |||
Gross Amounts at which Carried at Close of Period, Total | 101,907 | |||
Accumulated Depreciation | $ 27,592 | |||
Date Constructed | 2,005 | |||
Date Acquired | 2,005 | |||
Rivertowne Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 954 | |||
Initial Cost to Company, Building & Improvements | 8,587 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 2,214 | |||
Gross Amounts at which Carried at Close of Period, Land | 954 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,801 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,755 | |||
Accumulated Depreciation | $ 4,110 | |||
Date Constructed | 1,980 | |||
Date Acquired | 1,998 | |||
Rossford Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 796 | |||
Initial Cost to Company, Building & Improvements | 3,087 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,477 | |||
Gross Amounts at which Carried at Close of Period, Land | 797 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 4,563 | |||
Gross Amounts at which Carried at Close of Period, Total | 5,360 | |||
Accumulated Depreciation | $ 1,558 | |||
Date Constructed | 2,006 | |||
Date Acquired | 2,005 | |||
Shoppes of Lakeland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,503 | |||
Initial Cost to Company, Building & Improvements | 20,236 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,006 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,503 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,242 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,745 | |||
Accumulated Depreciation | $ 3,191 | |||
Date Constructed | 1,985 | |||
Date Acquired | 1,996 | |||
Shops at Old Orchard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,864 | |||
Initial Cost to Company, Building & Improvements | 16,698 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 688 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,864 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,386 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,250 | |||
Accumulated Depreciation | $ 2,397 | |||
Date Acquired | 2,013 | |||
Southfield Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,121 | |||
Initial Cost to Company, Building & Improvements | 10,777 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 782 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,121 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,559 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,680 | |||
Accumulated Depreciation | $ 6,937 | |||
Date Constructed | 1,969 | |||
Date Acquired | 1,996 | |||
Spring Meadows Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 26,610 | |||
Initial Cost to Company, Land | 2,646 | |||
Initial Cost to Company, Building & Improvements | 16,758 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 17,609 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,041 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 31,972 | |||
Gross Amounts at which Carried at Close of Period, Total | 37,013 | |||
Accumulated Depreciation | $ 10,793 | |||
Date Constructed | 1,987 | |||
Date Acquired | 1,996 | |||
Tel-Twelve | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,819 | |||
Initial Cost to Company, Building & Improvements | 43,181 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 29,851 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,819 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 73,032 | |||
Gross Amounts at which Carried at Close of Period, Total | 76,851 | |||
Accumulated Depreciation | $ 33,890 | |||
Date Constructed | 1,968 | |||
Date Acquired | 1,996 | |||
The Crossroads | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,850 | |||
Initial Cost to Company, Building & Improvements | 16,650 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 1,244 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,857 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,887 | |||
Gross Amounts at which Carried at Close of Period, Total | 19,744 | |||
Accumulated Depreciation | $ 6,812 | |||
Date Constructed | 1,988 | |||
Date Acquired | 2,002 | |||
The Shoppes at Fox River | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,534 | |||
Initial Cost to Company, Building & Improvements | 26,227 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 18,644 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,750 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 43,655 | |||
Gross Amounts at which Carried at Close of Period, Total | 53,405 | |||
Accumulated Depreciation | $ 6,983 | |||
Date Constructed | 2,009 | |||
Date Acquired | 2,010 | |||
The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | OH | |||
Encumbrances | $ 28,650 | |||
Initial Cost to Company, Land | 4,848 | |||
Initial Cost to Company, Building & Improvements | 51,273 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 3,007 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,848 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 54,280 | |||
Gross Amounts at which Carried at Close of Period, Total | 59,128 | |||
Accumulated Depreciation | $ 4,438 | |||
Date Acquired | 2,015 | |||
Town & Country Crossing | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MO | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 8,395 | |||
Initial Cost to Company, Building & Improvements | 26,465 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,712 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,395 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 36,177 | |||
Gross Amounts at which Carried at Close of Period, Total | 44,572 | |||
Accumulated Depreciation | $ 6,011 | |||
Date Constructed | 2,008 | |||
Date Acquired | 2,011 | |||
Treasure Coast Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,924 | |||
Initial Cost to Company, Building & Improvements | 10,644 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 479 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,924 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,123 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,047 | |||
Accumulated Depreciation | $ 1,380 | |||
Date Constructed | 1,996 | |||
Date Acquired | 2,013 | |||
Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 4,581 | |||
Initial Cost to Company, Building & Improvements | 19,041 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,836 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,176 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 24,282 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,458 | |||
Accumulated Depreciation | $ 2,688 | |||
Date Acquired | 2,013 | |||
Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,790 | |||
Initial Cost to Company, Building & Improvements | 10,292 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 610 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,790 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,902 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,692 | |||
Accumulated Depreciation | $ 2,380 | |||
Date Acquired | 2,013 | |||
Village Lakes Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 862 | |||
Initial Cost to Company, Building & Improvements | 7,768 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 7,244 | |||
Gross Amounts at which Carried at Close of Period, Land | 862 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 15,012 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,874 | |||
Accumulated Depreciation | $ 5,847 | |||
Date Constructed | 1,987 | |||
Date Acquired | 1,997 | |||
Vista Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 3,667 | |||
Initial Cost to Company, Building & Improvements | 16,769 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 474 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,243 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,910 | |||
Accumulated Depreciation | $ 2,457 | |||
Date Constructed | 1,998 | |||
Date Acquired | 2,013 | |||
Webster Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | IL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28,410 | |||
Initial Cost to Company, Building & Improvements | 21,752 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 44 | |||
Gross Amounts at which Carried at Close of Period, Land | 28,410 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,796 | |||
Gross Amounts at which Carried at Close of Period, Total | 50,206 | |||
Accumulated Depreciation | $ 1,198 | |||
Date Constructed | 1,987 | |||
Date Acquired | 2,017 | |||
West Broward | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | FL | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,339 | |||
Initial Cost to Company, Building & Improvements | 11,521 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 576 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,339 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,097 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,436 | |||
Accumulated Depreciation | $ 1,603 | |||
Date Constructed | 1,965 | |||
Date Acquired | 2,013 | |||
West Allis Towne Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | WI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,866 | |||
Initial Cost to Company, Building & Improvements | 16,789 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 15,289 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,866 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 32,078 | |||
Gross Amounts at which Carried at Close of Period, Total | 33,944 | |||
Accumulated Depreciation | $ 13,310 | |||
Date Constructed | 1,987 | |||
Date Acquired | 1,996 | |||
West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,058 | |||
Initial Cost to Company, Building & Improvements | 10,746 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 20,601 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,826 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,579 | |||
Gross Amounts at which Carried at Close of Period, Total | 32,405 | |||
Accumulated Depreciation | $ 8,385 | |||
Date Constructed | 1,979 | |||
Date Acquired | 1,996 | |||
West Oaks II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,391 | |||
Initial Cost to Company, Building & Improvements | 12,519 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 7,715 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,391 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,234 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,625 | |||
Accumulated Depreciation | $ 9,926 | |||
Date Constructed | 1,986 | |||
Date Acquired | 1,996 | |||
Winchester Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MI | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 5,667 | |||
Initial Cost to Company, Building & Improvements | 18,559 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 6,612 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 25,171 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,838 | |||
Accumulated Depreciation | $ 3,592 | |||
Date Constructed | 1,980 | |||
Date Acquired | 2,013 | |||
Woodbury Lakes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | MN | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 10,411 | |||
Initial Cost to Company, Building & Improvements | 55,635 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 9,267 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,412 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 64,901 | |||
Gross Amounts at which Carried at Close of Period, Total | 75,313 | |||
Accumulated Depreciation | $ 7,245 | |||
Date Constructed | 2,005 | |||
Date Acquired | 2,014 | |||
Land Held for Future Development | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Location | Various | |||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 28,266 | |||
Initial Cost to Company, Building & Improvements | 14,026 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | (19,705) | |||
Gross Amounts at which Carried at Close of Period, Land | 21,558 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 1,029 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,587 | |||
Accumulated Depreciation | $ 0 | |||
Period One | Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,005 | |||
Period One | Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,970 | |||
Period One | Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,004 | |||
Period One | Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,981 | |||
Period One | Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,965 | |||
Period One | Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,958 | |||
Period One | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,994 | |||
Date Acquired | 2,012 | |||
Period One | Shops at Old Orchard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,972 | |||
Period One | The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,952 | |||
Period One | Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,000 | |||
Period One | Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,000 | |||
Period Two | Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,007 | |||
Period Two | Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,013 | |||
Period Two | Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,007 | |||
Period Two | Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,010 | |||
Period Two | Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,009 | |||
Period Two | Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 1,987 | |||
Period Two | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,004 | |||
Date Acquired | 2,013 | |||
Period Two | Shops at Old Orchard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,011 | |||
Period Two | The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,004 | |||
Period Two | Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,010 | |||
Period Two | Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,010 | |||
Period Three | Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,012 | |||
Period Three | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Constructed | 2,008 |
Real Estate Investment and Accu
Real Estate Investment and Accumulated Depreciation Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of total real estate carrying value: | |||
Balance at beginning of year | $ 2,202,670 | $ 2,245,100 | $ 2,008,687 |
Acquisition | 159,332 | 29,694 | 234,018 |
Improvements | 56,384 | 62,927 | 57,046 |
Cost of real estate sold/written off | (219,960) | (127,343) | (52,130) |
Impairment | (9,404) | (977) | (2,521) |
Reclassification to held for sale | 0 | (6,731) | 0 |
Balance at end of year | 2,189,022 | 2,202,670 | 2,245,100 |
Reconciliation of accumulated depreciation: | |||
Balance at beginning of year | 345,204 | 331,520 | 287,177 |
Depreciation Expense | 65,720 | 63,085 | 59,602 |
Cost of real estate sold/written off | (59,292) | (42,670) | (15,259) |
Reclassification to held for sale | 0 | (6,731) | 0 |
Balance at end of year | 351,632 | 345,204 | 331,520 |
Aggregate cost for federal income tax purposes | $ 2,243,928 | $ 2,326,027 | $ 2,366,608 |
Schedule II - Valuation and Q93
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 1,374 | $ 1,861 | $ 2,790 | $ 2,292 |
Charged to Costs and Expenses | 298 | 477 | 1,107 | |
Charged to Other Accounts | (929) | (1,506) | (609) | |
Deductions | 144 | 100 | 0 | |
Balance at End of Year | 1,374 | 1,861 | 2,790 | |
Straight Line Rent Reserve | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 2,667 | 3,245 | 3,531 | $ 4,258 |
Charged to Costs and Expenses | (500) | 353 | 769 | |
Charged to Other Accounts | (67) | (619) | (569) | |
Deductions | (11) | (20) | (927) | |
Balance at End of Year | $ 2,667 | $ 3,245 | $ 3,531 |