Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-10093 | ||
Entity Registrant Name | RPT Realty | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 13-6908486 | ||
Entity Address, Address Line One | 19 W 44th Street, | ||
Entity Address, Address Line Two | Suite 1002 | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | 212 | ||
Local Phone Number | 221-1261 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 964,595,796 | ||
Entity Common Stock, Shares Outstanding | 80,374,748 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000842183 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, ($0.01 Par Value Per Share) | ||
Trading Symbol | RPT | ||
Security Exchange Name | NYSE | ||
Series D Preferred Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.25% Series D Cumulative Convertible Perpetual Preferred | ||
Trading Symbol | RPT.PRD | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income producing properties, at cost: | ||
Land | $ 331,265 | $ 373,490 |
Buildings and improvements | 1,486,838 | 1,652,283 |
Less accumulated depreciation and amortization | (352,006) | (358,195) |
Income producing properties, net | 1,466,097 | 1,667,578 |
Construction in progress and land available for development | 42,279 | 53,222 |
Net real estate | 1,508,376 | 1,720,800 |
Equity investments in unconsolidated joint ventures | 130,321 | 1,572 |
Cash and cash equivalents | 110,259 | 41,064 |
Restricted cash | 4,293 | 3,658 |
Accounts receivable, net | 24,974 | 23,802 |
Acquired lease intangibles, net | 34,278 | 44,432 |
Operating lease right-of-use assets | 19,222 | |
Other assets, net | 86,836 | 93,112 |
TOTAL ASSETS | 1,918,559 | 1,928,440 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable, net | 930,808 | 963,149 |
Finance lease obligation | 926 | |
Finance lease obligation | 975 | |
Accounts payable and accrued expenses | 55,360 | 56,355 |
Distributions payable | 19,792 | 19,728 |
Acquired lease intangibles, net | 38,898 | 48,647 |
Operating lease liabilities | 18,181 | |
Other liabilities | 6,339 | 8,043 |
TOTAL LIABILITIES | 1,070,304 | 1,096,897 |
Commitments and Contingencies | ||
RPT Realty ("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, 2019 and 2018, respectively | 92,427 | 92,427 |
Common shares of beneficial interest, $0.01 par, 120,000 shares authorized, 79,850 and 79,734 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 798 | 797 |
Additional paid-in capital | 1,169,557 | 1,164,848 |
Accumulated distributions in excess of net income | (436,361) | (450,130) |
Accumulated other comprehensive income | 1,819 | 4,020 |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 828,240 | 811,962 |
Noncontrolling interest | 20,015 | 19,581 |
TOTAL SHAREHOLDERS' EQUITY | 848,255 | 831,543 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,918,559 | $ 1,928,440 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | |||
Rental income | $ 229,588 | ||
Rental income | $ 256,531 | $ 260,324 | |
TOTAL REVENUE | 234,088 | 260,622 | 265,082 |
EXPENSES | |||
Real estate taxes | 35,961 | 42,306 | 42,683 |
Recoverable operating expense | 25,256 | 26,177 | 27,653 |
Other non-recoverable operating expense | 10,292 | 7,286 | 8,044 |
Depreciation and amortization | 78,647 | 87,327 | 91,335 |
Acquisitions costs | 0 | 233 | 0 |
General and administrative expense | 27,634 | 31,383 | 22,564 |
Provision for impairment | 0 | 13,650 | 9,404 |
Insured expenses, net | 2,276 | 0 | 0 |
TOTAL EXPENSES | 180,066 | 208,362 | 201,683 |
OPERATING INCOME | 54,022 | 52,260 | 63,399 |
OTHER INCOME AND EXPENSES | |||
Other expense, net | (203) | (244) | (708) |
Gain on sale of real estate | 81,856 | 3,994 | 52,764 |
Earnings from unconsolidated joint ventures | 581 | 589 | 273 |
Interest expense | (40,057) | (43,439) | (44,866) |
Other gain on unconsolidated joint ventures | 237 | 5,208 | 0 |
Loss on extinguishment of debt | (2,571) | (134) | 0 |
NET INCOME BEFORE TAX | 93,865 | 18,234 | 70,862 |
Income tax provision | (179) | (198) | (143) |
NET INCOME | 93,686 | 18,036 | 70,719 |
Net (income) attributable to noncontrolling interest | (2,175) | (417) | (1,659) |
NET INCOME ATTRIBUTABLE TO RPT | 91,511 | 17,619 | 69,060 |
Preferred share dividends | (6,701) | (6,701) | (6,701) |
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ 84,810 | $ 10,918 | $ 62,359 |
EARNINGSĀ PER COMMON SHARE | |||
Basic (in dollars per share) | $ 1.06 | $ 0.13 | $ 0.78 |
Diluted (in dollars per share) | $ 1.04 | $ 0.13 | $ 0.78 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic (in shares) | 79,802 | 79,592 | 79,344 |
Diluted (in shares) | 87,722 | 80,088 | 79,530 |
Other comprehensive income: | |||
Change in fair value of interest rate swaps | $ (2,253) | ||
Change in fair value of interest rate swaps | $ 1,190 | $ 2,082 | |
Comprehensive income | 91,433 | 19,226 | 72,801 |
Comprehensive income attributable to noncontrolling interest | (2,123) | (445) | (1,708) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO RPT | 89,310 | 18,781 | 71,093 |
Other property income | |||
REVENUE | |||
TOTAL REVENUE | 4,270 | 3,837 | 4,303 |
Management and other fee income | |||
REVENUE | |||
TOTAL REVENUE | $ 230 | $ 254 | $ 455 |
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, 2016 | $ 888,598 | $ 92,427 | $ 793 | $ 1,158,430 | $ (384,934) | $ 985 | $ 20,897 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | (24) | (24) | |||||
Redemption of OP Unit holders | (11) | (1) | (10) | ||||
Share-based compensation, 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 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | (39) | ||||||
Issuance of common shares, net of costs | ASU 2017-05 | (39) | ||||||
Redemption of OP Unit holders | (97) | (18) | (79) | ||||
Share-based compensation, net of shares withheld for employee taxes | 4,028 | 3 | 4,025 | ||||
Dividends declared to common shareholders | (70,060) | (70,060) | |||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | |||||
Distributions declared to noncontrolling interests | (1,683) | (1,683) | |||||
Dividends declared to deferred shares | (460) | (460) | |||||
Other comprehensive income adjustment | 1,190 | 1,162 | 28 | ||||
Net income | 18,036 | 17,619 | 417 | ||||
Ending Balance at Dec. 31, 2018 | 831,543 | 92,427 | 797 | 1,164,848 | (450,130) | 4,020 | 19,581 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of costs | (96) | ||||||
Issuance of common shares, net of costs | ASU 2016-02 | (96) | ||||||
Share-based compensation, net of shares withheld for employee taxes | 4,806 | 1 | 4,805 | ||||
Dividends declared to common shareholders | (70,237) | (70,237) | |||||
Dividends declared to preferred shareholders | (6,701) | (6,701) | |||||
Distributions declared to noncontrolling interests | (1,681) | (1,681) | |||||
Dividends declared to deferred shares | (479) | (479) | |||||
Other comprehensive income adjustment | (2,253) | (2,201) | (52) | ||||
Net income | 93,686 | 91,511 | 2,175 | ||||
Ending Balance at Dec. 31, 2019 | $ 848,255 | $ 92,427 | $ 798 | $ 1,169,557 | $ (436,361) | $ 1,819 | $ 20,015 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 93,686 | $ 18,036 | $ 70,719 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 78,647 | 87,327 | 91,335 |
Amortization of deferred financing fees | 1,419 | 1,503 | 1,418 |
Income tax provision | 179 | 198 | 143 |
Earnings from unconsolidated joint ventures | (581) | (589) | (273) |
Distributions received from operations of unconsolidated joint ventures | 231 | 546 | 738 |
Provision for impairment | 0 | 13,650 | 9,404 |
Loss on extinguishment of debt | 2,571 | 134 | 0 |
Other gain on unconsolidated joint ventures | (237) | (5,208) | 0 |
Gain on sale of real estate | (81,856) | (3,994) | (52,764) |
Insured expenses, net | 2,276 | 0 | 0 |
Amortization of acquired above and below market lease intangibles, net | (6,762) | (9,880) | (4,397) |
Amortization of premium on mortgages and notes payable, net | (953) | (1,019) | (1,153) |
Service-based restricted share expense | 3,493 | 4,673 | 2,710 |
Long-term incentive cash and equity compensation expense | 3,045 | 2,003 | 1,695 |
Changes in assets and liabilities, net of effect of acquisitions and dispositions: | |||
Accounts receivable, net | (637) | 2,390 | (1,974) |
Other assets, net | (1,756) | (2,979) | (2,183) |
Accounts payable and other liabilities | (2,172) | (469) | 2,507 |
Net cash provided by operating activities | 90,593 | 106,322 | 117,925 |
INVESTING ACTIVITIES | |||
Acquisitions of real estate | (33,922) | (6,365) | (169,882) |
Development and capital improvements | (55,842) | (77,173) | (63,256) |
Capital improvements covered by insurance | (759) | 0 | 0 |
Net proceeds from sales of real estate | 185,221 | 116,492 | 216,463 |
Insurance proceeds from insured expenses | 3,150 | 0 | 0 |
Distributions from sale of joint venture property | 1,985 | 6,308 | 0 |
Investment in equity interests in unconsolidated joint ventures. | (4,738) | ||
Proceeds from equity interests in unconsolidated joint ventures | 3,000 | 0 | |
Net cash provided by (used in) investing activities | 95,095 | 42,262 | (16,675) |
FINANCING ACTIVITIES | |||
Proceeds on notes payable | 300,000 | 0 | 75,000 |
Repayment of mortgages and notes payable | (330,678) | (5,810) | (39,775) |
Proceeds on revolving credit facility | 19,400 | 90,000 | 258,000 |
Repayments on revolving credit facility | (19,400) | (120,000) | (314,000) |
Payment of debt extinguishment costs | (1,401) | (134) | 0 |
Payment of deferred financing costs | (3,992) | 0 | (3,120) |
Proceeds from issuance of common shares, net of costs | (96) | (39) | (24) |
Repayment of finance lease obligation | (49) | (47) | (44) |
Redemption of operating partnership units for cash | 0 | (97) | (11) |
Shares used for employee taxes upon vesting of awards | (608) | (1,784) | (498) |
Dividends paid to preferred shareholders | (6,701) | (6,701) | (6,701) |
Dividends paid to common shareholders | (70,652) | (70,458) | (70,225) |
Distributions paid to operating partnership unit holders | (1,681) | (1,683) | (1,687) |
Net cash used in financing activities | (115,858) | (116,753) | (103,085) |
Net change in cash, cash equivalents and restricted cash | 69,830 | 31,831 | (1,835) |
Cash, cash equivalents and restricted cash at beginning of period | 44,722 | 12,891 | 14,726 |
Cash, cash equivalents and restricted cash at end of period | 114,552 | 44,722 | 12,891 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | |||
Equity investment in unconsolidated joint venture | 0 | 0 | 3,000 |
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture | 125,660 | 0 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Cash paid for interest (net of capitalized interest of $134, $782 and $345, respectively) | 40,800 | 43,943 | 43,744 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 2,191 | ||
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash, cash equivalents restricted cash and restricted cash equivalents | $ 114,552 | $ 12,891 | $ 12,891 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common shares of beneficial interest, par value, (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, shares authorized (in shares) | 120,000,000 | 120,000,000 |
Common shares of beneficial interest, shares issued (in shares) | 79,850,000 | 79,734,000 |
Common shares of beneficial interest, shares outstanding (in shares) | 79,850,000 | 79,734,000 |
Series D Preferred Shares | ||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% |
Cumulative convertible perpetual preferred shares, liquidation preference (in dollars per share) | $ 50 | $ 50 |
Cumulative convertible perpetual preferred shares, shares issued (in shares) | 1,848,539 | 1,848,539 |
Cumulative convertible perpetual preferred shares, shares outstanding (in shares) | 1,849,000 | 1,849,000 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Parenthetical - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Net of capitalized interest | $ 134 | $ 782 | $ 345 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies RPT Realty, together with our subsidiaries (the āCompanyā or āRPTā), is a real estate investment trust (āREITā) engaged in the business of owning and operating a national portfolio of open-air shopping destinations principally located in the top U.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. As of December 31, 2019, the Company's portfolio consisted of 49 shopping centers (including five shopping center owned through a joint venture) representing 11.9 million square feet of gross leaseable area (āGLAā). We also have ownership interests of 7%, 20%, 30%, and 51.5%, respectively, in four joint ventures, one of which owns five shopping centers and three of which have no significant activity. Our joint ventures are reported using equity method accounting. We earn fees from certain joint ventures for managing, construction management, leasing and redeveloping the shopping centers they own. We also own interests in several land parcels that are available for development. 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, 2019, our wholly-owned properties located in Florida and Michigan each accounted for approximately 19.5% and 20.2%, respectively, of our annualized base rent. 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, RPT Realty, L.P., a Delaware limited partnership (the āOperating Partnershipā which was 97.7% owned by us at December 31, 2019, 2018 and 2017), 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 (āVIEā). 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 RPT Realty, Inc., and therefore it is included in the consolidated financial statements. RPT Realty, Inc. has elected to be a taxable REIT subsidiary for federal income tax purposes. RPT Realty, Inc. 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 (āGAAPā) 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 amounts in the prior period have been reclassified in order to conform with the current periodās presentation. The Company reclassified $2.5 million and $3.4 million of expense associated with property-related employee compensation and benefits from general and administrative expense to non-recoverable operating expense for the years ended December 31, 2018 and 2017, respectively. 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, insurance, real estate taxes and other operating expenses (ārecovery incomeā). 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. In accordance with ASC 842, income for operating leases is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical experience, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the likelihood of tenant payment. For operating leases in which collectibility of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. 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 rental income not probable of collection. However, if we experience estimates in excess of the allowance we have established, our operating income would be reduced. At December 31, 2019 and 2018, our accounts receivable were $25.0 million and $23.8 million, respectively, net of allowances for doubtful accounts of $1.0 million and $0.9 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 āOther assets, netā 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, 2019 and 2018, net of allowances of $1.8 million and $2.3 million, respectively, was $19.6 million and $21.2 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 ā 40 years for buildings and improvements and 5 ā 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 ā 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 assetās life to expense as incurred. Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyerās 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 āas if vacantā 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 (āas-isā versus āas if vacantā 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 one 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, 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 managementās intentions or managementās 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 2019, we recorded no impairment provision related to developable land or shopping centers classified as income producing. Investments in Real Estate Joint Ventures We have four equity investments in unconsolidated joint venture entities in which we own 51.5% or less of the total ownership interest, one of which owns five shopping centers and three of which have no significant activity. Under all of our 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, construction, development, asset and property management services to these joint ventures for which we are paid fees. 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 2019, 2018 or 2017. 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 $3.1 million are included in Notes payable, net as of December 31, 2019 and 2018, 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 $2.0 million are included in Other assets, net as of December 31, 2019 and 2018, 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 āFDICā). As of December 31, 2019, we had $111.4 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 cash and equity settled awards, 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. We recognize forfeitures related to stock awards and stock options as they occur. See Note 15 of these 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, (āTRSsā) which are subject to federal and state income taxes. During the years ended December 31, 2019, 2018, and 2017, 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 in this report for further information regarding income taxes. Variable Interest Entities (āVIEā) 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 our joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. 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 interestās 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. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, āCompensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,ā which expanded the scope of Topic 718, Compensation-Stock Compensation (which previously only included share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees is now substantially aligned. This standard became effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In February 2016, the FASB issued ASC Topic 842 āLeasesā (āASU 2016-02ā). 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 incremental direct leasing costs. In addition, the following ASUs were subsequently issued related to ASC Topic 842, all of which were effective with ASU 2016-02: ā¢ In January 2018, the FASB issued ASU 2018-01, āLeases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842ā. The standard provides an optional transition practical expedient for the adoption of ASU 2016-02 that, if elected, does not require an organization to reconsider its accounting for existing land easements that are not currently accounted for under the old leases standard. ā¢ In July 2018, the FASB issued ASU 2018-10, āCodification Improvements to Topic 842, Leases,ā which affects narrow aspects of the guidance issued in the amendments in ASU 2016-02. ā¢ In July 2018, the FASB issued ASU 2018-11, āLeases (Topic 842): Targeted Improvements,ā which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary. ā¢ In December 2018, the FASB issued ASU 2018-20, āLeases (Topic 842): Narrow-Scope Improvements for Lessors,ā which addresses specific issues in the leasing guidance, including sales taxes and other similar taxes collected from lessees, certain lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and non-lease components. This standard became effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has elected the practical expedients allowable under ASU 2018-01 and ASU 2018-11, which included the optional transition method permitting January 1, 2019 to be its initial application date. On January 1, 2019, the Company elected the single component practical expedient, which requires a lessor, by class of underlying asset, not to allocate the total consideration to the lease and non-lease components based on their relative stand-alone selling prices. This single component practical expedient requires the Company to account for the lease component and non-lease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the non-lease component(s) associated with it are the same and (ii) the lease component would be classified as an operating lease if it were accounted for separately. If these criteria are met, and the lease component is predominant, the lease is accounted for under ASC 842. As a result of this assessment, minimum rent and recovery income from the lease of real estate assets that qualify for this expedient are accounted for as a single component under ASC 842, with recovery income primarily as variable consideration. The Companyās operating leases commencing or modified after January 1, 2019, for which the Company is the lessor, qualify for the single component practical expedient accounting under ASC 842. Based on the Companyās election of available practical expedients, the Companyās existing operating leases whereby it is the lessor continue to be accounted for as operating leases under ASC 842. However, ASC 842 changed certain requirements regarding lease classification for lessors that could result in the Company classifying certain future leases transacted or modified subsequent to adoption of the standard, particularly long-term ground leases, as sales-type or direct financing leases as opposed to operating leases. Prior to the adoption of ASC 842, the Company recognized tenant recovery income regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries are only recognized to the extent that the Company pays the third party directly and are classified as rental income on the Companyās condensed consolidated income statement. Under ASC 842, lessors are required to continually assess collectibility of lessee payments and, if operating lease payments are not probable of collection, to only recognize into income the lesser of (i) straight-line rental income or (ii) lease payments received to date. Additionally, only incremental direct leasing costs are now capitalized under this new guidance, and the Company recognized a cumulative effect adjustment of approximately $0.3 million to shareholders' equity, primarily related to certain costs associated with unexecuted leases that were deferred as of the adoption date. For leases where the Company is a lessee, primarily the Companyās ground lease and administrative office leases, the Company recorded an operating lease liability of $16.6 million and a operating lease right-of-use asset of $18.0 million upon adoption, which were initially measured at the present value of future lease payments with consideration given to the probability of lease option exercise to determine the initial term. The right-of-use asset was recorded net of our existing straight-line rent liability and ground lease intangible asset. The present value of future lease payments was discounted using our incremental borrowing rate on a collateralized basis over a similar term in a similar environment. For leases with a term of 12 months or less, the Company has made a policy election to not recognize lease liabilities and lease assets. For our existing ground and office operating leases, we have continued to recognize straight-line rent expense within non-recoverable operating expenses and general and administrative expenses, respectively, within our condensed consolidated statement of operations and comprehensive income. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, āDisclosure FrameworkāChanges to the Disclosure Requirements for Fair Value Measurement,ā which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company has adopted this new guidance effective on January 1, 2020, which did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 āSimplifying the Test for Goodwill Impairmentā (āASU 2017-04ā). 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. The Company has adopted this new guidance effective on January 1, 2020, which did not have a material impact on our consolidated financial statements. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
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. Following is the detail of the construction in progress and land available for development as of December 31, 2019 and 2018: December 31, 2019 2018 (In thousands) Construction in progress $ 13,777 $ 23,747 Land available for development 28,502 29,475 Total $ 42,279 $ 53,222 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. |
Property Acquisitions and Dispo
Property Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions Acquisitions The following table provides a summary of our acquisitions during 2019 and 2018: Gross Property Name Location GLA Acreage Date Acquired Purchase Price Assumed Debt (In thousands) (In thousands) 2019 Lakehills Plaza Austin, TX 76 N/A 12/06/19 $ 33,922 $ ā Total acquisitions 76 ā $ 33,922 $ ā 2018 Leasehold Interest (West Oaks) Novi, MI 60 N/A 01/15/18 $ 6,365 $ ā Total acquisitions 60 ā $ 6,365 $ ā 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, 2019 2018 (In thousands) Land $ 17,987 $ ā Buildings and improvements 12,828 6,427 Above market leases 223 237 Lease origination costs 3,235 633 Other liabilities ā (353) Below market leases (351) (579) Net assets acquired $ 33,922 $ 6,365 Total revenue and net income for the 2019 acquisition included in our consolidated statement of operations for the year ended December 31, 2019 were $0.2 million and $0.0 million, respectively. Unaudited Proforma Information If the 2019 and 2018 acquisitions had occurred on January 1, 2018, our consolidated revenues and net income for the years ended December 31, 2019 and 2018 would have been as follows: Year Ended December 31, 2019 2018 (in thousands) Consolidated revenue $ 236,533 $ 263,254 Consolidated net income available to common shareholders $ 85,377 $ 11,529 Dispositions The following table provides a summary of our disposition activity during 2019 and 2018: Gross Property Name Location GLA Acreage Date Sold Sales Gain (loss) on Sale (In thousands) (In thousands) 2019 East Town Plaza Madison, WI 217 N/A 02/20/19 $ 13,500 $ 1,169 The Shoppes at Fox River Waukesha, WI 332 N/A 03/06/19 55,000 4,533 R2G Venture LLC - 5 Income Producing Properties (1) FL, MI & MO 777 N/A 12/10/19 244,000 75,783 Total income producing dispositions 1,326 ā $ 312,500 $ 81,485 Hartland - Outparcel Hartland, MI N/A 1.1 06/28/19 $ 875 $ 371 Total outparcel dispositions ā 1.1 $ 875 $ 371 Total dispositions 1,326 1.1 $ 313,375 $ 81,856 2018 Harvest Junction North Longmont, CO 191 N/A 12/28/18 $ 33,629 $ ā Harvest Junction South Longmont, CO 177 N/A 12/28/18 26,097 58 Jackson West Jackson, MI 210 N/A 12/20/18 12,750 3,641 Crossroads Centre Rossford, OH 344 N/A 12/14/18 19,931 ā Rossford Pointe Rossford, OH 47 N/A 12/14/18 4,169 ā Jackson Crossing Jackson, MI 420 N/A 11/14/18 25,000 ā Total income producing dispositions 1,389 ā $ 121,576 $ 3,699 Harvest Junction North - Outparcel Longmont, CO N/A 3.2 12/28/18 $ 1,424 $ 114 Peachtree Hills - Outparcel Duluth, GA N/A 1.7 05/25/18 650 ā Theatre Parcel - Hartland Town Square Hartland, MI N/A 7.5 04/02/18 1,450 181 Total outparcel dispositions ā 12.4 $ 3,524 $ 295 Total dispositions 1,389 12.4 $ 125,100 $ 3,994 (1) We contributed five previously wholly-owned properties to the newly formed joint venture, R2G Venture LLC. Refer to Note 6 of these notes to the consolidated financial statements for additional information. |
Impairment Provisions
Impairment Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Impairment Provisions | Impairment Provisions We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2019 2018 2017 (In thousands) Land available for development $ ā $ 216 $ 982 Income producing properties marketed for sale ā 13,434 8,422 Total $ ā $ 13,650 $ 9,404 During 2018, the Company's decision to market for potential sale certain wholly-owned income producing properties resulted in an impairment provision of $13.4 million. The adjustment was triggered by changes in the associated market prices and expected hold period assumptions related to these shopping centers. During 2018, we recorded an impairment provision totaling $0.2 million on a land parcel due to higher costs related to this parcel. 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 resulted in an impairment provision of $1.0 million. |
Equity Investments in Unconsoli
Equity Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures As of December 31, 2019, we had three joint venture agreements: 1) Ramco/Lion Venture LP; 2) Ramco 450 Venture LLC; and 3) Ramco HHF NP LLC, whereby we own 30%, 20%, and 7%, respectively, of the equity in each joint venture. As of December 31, 2019, these joint ventures do not own any income producing properties. 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 partnerās approval. Accordingly, we account for our interest in the joint ventures using the equity method. On December 10, 2019, we entered into a fourth joint venture agreement, R2G Venture LLC (āR2Gā), with an affiliate of GIC Private Limited (āGICā) whereby we own 51.5% of the equity in the joint venture. The Company contributed five properties valued at $244.0 million to R2G, and received $118.3 million in gross proceeds for the 48.5% stake in R2G that was acquired by GIC. Additionally, GIC has committed up to $200.0 million of additional capital to R2G over the next three years to fund its 48.5% share of up to an aggregate of $412.4 million of potential future acquisitions by R2G of grocery-anchored shopping centers in target markets in the U.S. The Company receives property management, construction management and leasing fees from R2G. The Company is also responsible for the day-to-day management of the properties as well as sourcing future acquisitions for R2G. Both GIC and RPT will have consent rights for all future acquisitions, and GIC has approval rights in connection with annual budgets and other specified major decisions. During the investment period for R2G, RPT has agreed to present all opportunities above a specified size threshold to acquire grocery-anchored shopping centers in attractive-high growth markets in the United States to R2G and not to acquire, invest in or source any such opportunities that have not previously been presented to R2G and declined by GIC. Unless specified events occur, neither the Company nor GIC will have the right to force a sale of R2G or its assets within the first five years following its formation. Thereafter, both the Company and GIC will have forced sale rights, subject to a right to participate in the purchase for the other member Combined financial information of our unconsolidated joint ventures is summarized as follows: December 31, Balance Sheets 2019 2018 (In thousands) ASSETS Investment in real estate, net $ 233,531 $ 22,591 Other assets 27,463 2,099 Total Assets $ 260,994 $ 24,690 LIABILITIES AND OWNERS' EQUITY Other liabilities $ 15,943 $ 525 Owners' equity 245,051 24,165 Total Liabilities and Owners' Equity $ 260,994 $ 24,690 RPT's equity investments in unconsolidated joint ventures $ 130,321 $ 1,572 Year Ended December 31, Statements of Operations 2019 2018 2017 (In thousands) Total revenue $ 3,146 $ 3,868 $ 4,620 Total expenses (2,238) (2,671) (3,067) Income before other income and expense 908 1,197 1,553 Gain on sale of real estate 5,494 1,024 ā Net income $ 6,402 $ 2,221 $ 1,553 RPT's share of earnings from unconsolidated joint ventures $ 581 $ 589 $ 273 Acquisitions The following table provides a summary of our unconsolidated joint venture property acquisitions during 2019 and 2018: Gross Property Name Location GLA Acreage Date Acquired Purchase Price Assumed Debt (In thousands) (In thousands) 2019 RPT Realty - 5 Income Producing Properties (1) FL, MI & MO 777 N/A 12/10/19 $ 244,000 $ ā Total acquisitions 777 ā $ 244,000 $ ā 2018 None (1) The income producing properties acquired were: (1) Coral Creek Shops located in Coconut Creek, FL, (2) Mission Bay Plaza located in Boca Raton, FL, (3) The Crossroads located in Royal Palm Beach, FL, (3) The Shops at Old Orchard located in West Bloomfield, MI, and (5) Town & Country Crossing located in Town & Country, MO. 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: Acquisition Date (In thousands) Land $ 78,019 Buildings and improvements 155,924 Above market leases 2,326 Lease origination costs 22,776 Below market leases (15,045) Net assets acquired $ 244,000 Dispositions The following table provides a summary of our unconsolidated joint venture property disposition activity during 2019 and 2018: Gross Property Name Location GLA Ownership % Date Sold Gross Sales Price Gain on Sale (at 100%) (In thousands) (In thousands) 2019 Nora Plaza Indianapolis, IN 140 7 % 8/16/19 $ 29,000 $ 5,494 140 $ 29,000 $ 5,494 RPT's proportionate share of gross sales price and gain on sale of joint venture property $ 2,030 $ 385 2018 Martin Square Stuart, FL 330 30 % 7/18/18 $ 22,000 $ 1,024 330 $ 22,000 $ 1,024 RPT's proportionate share of gross sales price and gain on sale of joint venture property $ 6,600 $ 307 The Company recorded an other gain on unconsolidated joint ventures for the year ended December 31, 2019 of $0.2 million which represents the excess of the net cash distributed to it from the Nora Plaza disposition and its proportionate share of the remaining equity in the unconsolidated joint venture. 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: Year Ended December 31, 2019 2018 2017 (In thousands) Management fees $ 137 $ 159 $ 276 Leasing fees 2 40 146 Acquisition/disposition fees 67 55 33 Construction fees 24 ā ā Total $ 230 $ 254 $ 455 |
Other Assets, Net and Acquired
Other Assets, Net and Acquired Lease Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 (In thousands) Deferred leasing costs, net $ 30,442 $ 36,385 Deferred financing costs on unsecured revolving credit facility, net 2,659 1,966 Acquired development agreements (1) 18,017 19,061 Ground leasehold intangible ā 2,148 Other, net 9,031 3,249 Total amortizable other assets 60,149 62,809 Straight-line rent receivable, net 19,605 21,225 Goodwill 2,089 2,089 Cash flow hedge mark-to-market asset 2,331 4,115 Prepaid and other deferred expenses, net 2,662 2,874 Other assets, net $ 86,836 $ 93,112 (1) Represents in-place public improvement agreement of approximately $13.7 million and real estate tax exemption agreement of approximately $4.3 million associated with two properties acquired in 2014. Straight-line rent receivables are recorded net of allowances of $1.8 million and $2.3 million at December 31, 2019 and 2018, respectively. Acquired lease intangible assets, net consisted of the following: December 31, 2019 2018 (In thousands) Lease originations costs $ 66,557 $ 79,890 Above market leases 4,840 6,982 71,397 86,872 Accumulated amortization (37,119) (42,440) Acquired lease intangibles, net $ 34,278 $ 44,432 Acquired lease intangible assets have a remaining weighted-average amortization period of 10.6 years as of December 31, 2019. These intangible assets are being amortized over the terms 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 rental income over the applicable terms of the respective leases. Amortization of the above market lease asset resulted in a reduction of revenue of approximately $0.8 million, $1.6 million, and $2.0 million for the years ended December 31, 2019, 2018, and 2017, respectively. Combined, amortizable other assets, net and acquired lease intangibles, net totaled $94.4 million. The following table represents estimated aggregate amortization expense related to those assets as of December 31, 2019: Year Ending December 31, (In thousands) 2020 $ 14,983 2021 12,975 2022 10,562 2023 9,722 2024 6,822 Thereafter 39,363 Total $ 94,427 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes our mortgages, notes payable and finance lease obligation as of December 31, 2019 and 2018: December 31, 2019 2018 (In thousands) Senior unsecured notes $ 535,000 $ 610,000 Unsecured term loan facilities 310,000 210,000 Fixed rate mortgages 87,581 115,134 Unsecured revolving credit facility ā ā Junior subordinated notes ā 28,125 932,581 963,259 Unamortized premium 1,995 2,948 Unamortized deferred financing costs (3,768) (3,058) $ 930,808 $ 963,149 Finance lease obligation $ 926 $ 975 Senior Unsecured Notes On November 6, 2019, we repaid $100.0 million which constituted repayment in full of the Operating Partnership's $50.0 million 4.16% senior unsecured notes due 2024 and its $50.0 million 4.30% senior unsecured notes due 2026, each issued pursuant to the note purchase agreement dated September 8, 2014, as amended. Accordingly, on November 6, 2019, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied. In conjunction with this early repayment, we wrote off unamortized deferred financings costs of $0.1 million, which is included as loss on extinguishment of debt in the consolidated statement of operations and comprehensive income. On December 27, 2019, we entered into a note purchase agreement with the institutional investors named therein and closed a private placement of the Operating Partnershipās $50.0 million aggregate principal amount of 4.15% Senior Guaranteed Notes due December 27, 2029 pursuant thereto. Such notes are unsecured and are guaranteed by the Company and certain subsidiaries of the Operating Partnership. The notes have an annual fixed interest rate of 4.15% and mature on December 27, 2029. A portion of the proceeds were used to repay the Operating Partnership's $25.0 million aggregate principal amount of 4.13% Series A Notes due 2022 for an aggregate amount of $26.4 million, which included a prepayment penalty of $1.4 million. In conjunction with this early repayment, we wrote off unamortized deferred financings costs of $0.1 million, which is included as loss on extinguishment of debt in the consolidated statement of operations. A portion of the proceeds were also used to repay the 6.50% fixed rate mortgage loan encumbering West Oaks II and Spring Meadows Place, with an aggregate principal balance of $24.9 million. The following table summarizes the Company's senior unsecured notes: December 31, 2019 December 31, 2018 Senior Unsecured Notes Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Senior unsecured notes - 3.75% due 2021 6/27/2021 $ 37,000 3.75 % $ 37,000 3.75 % Senior unsecured notes - 4.13% due 2022 12/21/2022 ā ā % 25,000 4.13 % Senior unsecured notes - 4.12% due 2023 6/27/2023 41,500 4.12 % 41,500 4.12 % Senior unsecured notes - 4.65% due 2024 5/28/2024 50,000 4.65 % 50,000 4.65 % Senior unsecrued notes - 4.16% due 2024 11/4/2024 ā ā % 50,000 4.16 % Senior unsecured notes - 4.05% due 2024 11/18/2024 25,000 4.05 % 25,000 4.05 % Senior unsecured notes - 4.27% due 2025 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes - 4.20% due 2025 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes - 4.09% due 2025 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes - 4.74% due 2026 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes - 4.30% due 2026 11/4/2026 ā ā % 50,000 4.30 % Senior unsecured notes - 4.28% due 2026 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes - 4.57% due 2027 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes - 3.64% due 2028 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes - 4.72% due 2029 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes - 4.15% due 2029 12/27/2029 50,000 4.15 % ā ā % $ 535,000 4.20 % $ 610,000 4.21 % Unamortized deferred financing costs (1,460) (1,546) Total $ 533,540 $ 608,454 Unsecured Term Loan Facilities and Revolving Credit Facility On November 6, 2019, the Operating Partnership entered into a Fifth Amended and Restated Credit Agreement (the ācredit agreementā) which consists of an unsecured revolving credit facility (the ārevolving credit facilityā) of up to $350.0 million and term loan facilities of $310.0 million (the āterm loan facilitiesā and, together with the revolving credit facility, the āunsecured revolving line of creditā). The revolving credit facility matures on November 6, 2023 and can be extended for up to one six The term loan facilities mature in five separate tranches ranging from March 3, 2023 to February 5, 2027 and are priced on a leverage grid ranging from LIBOR plus 120 basis points to LIBOR plus 220 basis points. The credit agreement allows for the right to request increases in the revolving and term loan commitments or the making of additional term loans by up to an additional $340.0 million to a maximum aggregate amount not to exceed $1.0 billion. A portion of the proceeds from the restated credit agreement were used to repay our $75.0 million term loan due 2020 and our $75.0 million term loan due 2021 for an aggregate amount of $150.0 million. In conjunction with this early repayment, we wrote off deferred financing costs of $0.3 million, which is included as loss on extinguishment of debt in the consolidated statement of operations and comprehensive income. The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: December 31, 2019 December 31, 2018 Unsecured Credit Facilities Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Unsecured term loan due 2020 5/16/2020 $ ā ā % $ 75,000 2.99 % Unsecured term loan due 2021 5/29/2021 ā ā % 75,000 2.84 % Unsecured term loan due 2023 - fixed rate (1) 3/3/2023 60,000 2.97 % 60,000 3.42 % Unsecured term loan due 2024 11/6/2024 50,000 2.91 % ā ā % Unsecured term loan due 2025 - fixed rate (2) 2/6/2025 50,000 2.66 % ā ā % Unsecured term loan due 2026 11/6/2026 50,000 3.31 % ā ā % Unsecured term loan due 2027 - fixed rate (3) 2/5/2027 100,000 3.25 % ā ā % $ 310,000 3.06 % $ 210,000 3.06 % Unamortized deferred financing costs (2,308) (808) Term loans, net $ 307,692 $ 209,192 Revolving credit facility - variable rate 11/6/2023 $ ā 2.80 % $ ā 3.81 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.20%, based on a leverage grid at December 31, 2019. (2) Swapped to a weighted average fixed rate of 1.46%, plus a credit spread of 1.20%, based on a leverage grid at December 31, 2019. (3) Swapped to a weighted average fixed rate of 1.65%, plus a credit spread of 1.60%, based on a leverage grid at December 31, 2019. As of December 31, 2019, we had no balance outstanding under our revolving credit facility. Borrowings on the revolving credit facility are priced on a leverage grid ranging from LIBOR plus 105 basis points to LIBOR plus 150 basis points. At December 31, 2019 borrowings were priced at LIBOR plus 110 basis points. After adjusting for outstanding letters of credit issued under our revolving credit facility, not reflected in the accompanying consolidated balance sheets, totaling $0.2 million, we had $349.8 million of availability under our revolving credit facility as of December 31, 2019, subject to compliance with applicable covenants. The interest rate as of December 31, 2019 was 2.80%. Mortgages On December 31 , 2019, the Company repaid a mortgage note secured by West Oaks II and Spring Meadows Place totaling $24.2 million with an interest rate of 6.50%. The following table summarizes the Company's fixed rate mortgages: December 31, 2019 December 31, 2018 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) West Oaks II and Spring Meadows Place 4/1/2020 $ ā ā % $ 25,804 6.50 % Bridgewater Falls Shopping Center 2/6/2022 53,423 5.70 % 54,514 5.70 % The Shops on Lane Avenue 1/10/2023 28,650 3.76 % 28,650 3.76 % Nagawaukee II 6/1/2026 5,508 5.80 % 6,166 5.80 % $ 87,581 5.07 % $ 115,134 5.40 % Unamortized premium 1,995 2,948 Unamortized deferred financing costs ā (73) Total $ 89,576 $ 118,009 The fixed rate mortgages are secured by properties that have an approximate net book value of $151.4 million as of December 31, 2019. 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. Junior Subordinated Notes On April 30, 2019, we redeemed all of our outstanding junior subordinated notes due 2038, which accrued interest at a variable rate of LIBOR plus 3.30% for an aggregate purchase price of $28.6 million, consisting of the outstanding principal amount and accrued and unpaid interest as of the redemption date. In conjunction with this redemption, we wrote off unamortized deferred financing costs of $0.6 million, which is included as loss on extinguishment of debt in the consolidated statement of operations and comprehensive income. Finance lease At December 31, 2019 we had a finance 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 for each of the years ended December 31, 2019, 2018, and 2017. Covenants Our revolving credit facility, senior unsecured notes and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, interest coverage, tangible net worth, levels of secured debt to total asset value and various other calculations. As of December 31, 2019, management believes 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, 2019: Year Ending December 31, Principal Payments Finance Lease Payments (In thousands) 2020 $ 2,326 $ 100 2021 39,508 100 2021 52,397 100 2023 129,388 100 2024 125,879 100 Thereafter 583,083 800 Subtotal debt 932,581 1,300 Unamortized mortgage premium 1,995 ā Unamortized deferred financing costs (3,768) ā Amounts representing interest ā (374) Total $ 930,808 $ 926 |
Acquired Lease Intangible Liabi
Acquired Lease Intangible Liabilities, Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Acquired Lease Intangible Liabilities, Net | Acquired Lease Intangible Liabilities, NetAcquired lease intangible liabilities, net were $38.9 million and $48.6 million as of DecemberĀ 31, 2019 and 2018, 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 $7.6 million, $11.4 million, and $6.4 million for the years ended DecemberĀ 31, 2019, 2018 and 2017, respectively.We completed one acquisition in 2019 and the purchase price allocation included $0.4 million of acquired lease intangible liabilities. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: Balance Sheet Location Total Fair Value Level 1 Level 2 Level 3 2019 (In thousands) Derivative assets - interest rate swaps Other assets $ 2,331 $ ā $ 2,331 $ ā Derivative liabilities - interest rate swaps Other liabilities $ (469) $ ā $ (469) $ ā 2018 Derivative assets - interest rate swaps Other assets $ 4,115 $ ā $ 4,115 $ ā Derivative liabilities - interest rate swaps Other liabilities $ ā $ ā $ ā $ ā 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 debtās 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 $832.6 million and $935.1 million as of December 31, 2019 and 2018, respectively, have fair values of approximately $848.2 million and $928.2 million, respectively. Variable rate debtās fair value is estimated to be the carrying values of $100.0 million and $28.1 million as of December 31, 2019 and 2018, 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, 2019 and 2018 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, 2019 and 2018: Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2019 None 2018 Income producing properties $ 85,185 $ ā $ ā $ 85,185 $ (13,434) Land available for sale 610 ā ā 610 (216) Total $ 85,795 $ ā $ ā $ 85,795 $ (13,650) 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, 2019 | |
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 variable 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 (āOCIā) 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, 2019, all of our hedges were effective. In July 2017, the Financial Conduct Authority, the authority that regulates LIBOR, announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. The Alternative Reference Rates Committee (ARRC) has proposed that the Secured Overnight Financing Rate (SOFR) is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. There is no guarantee that a transition from LIBOR to an alternative will not result in financial market disruptions, significant increases in benchmark rates, or financing costs to borrowers. We have material contracts that are indexed to USD-LIBOR, and we are monitoring this activity and evaluating the related risks. As of December 31, 2019, we had seven 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. Additionally, in August 2019, we entered into five forward starting interest rate swap agreements for an aggregate notional amount of $150.0 million. The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2019: Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow $ 50,000 1.460 % $ 42 05/2020 Unsecured term loan Cash Flow 20,000 1.498 % 21 05/2021 Unsecured term loan Cash Flow 15,000 1.490 % 18 05/2021 Unsecured term loan Cash Flow 40,000 1.480 % 52 05/2021 $ 125,000 $ 133 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow $ 25,000 1.310 % $ 311 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % 297 01/2025 Unsecured term loan Cash Flow 50,000 1.382 % 797 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % 381 01/2027 Unsecured term loan Cash Flow 25,000 1.402 % 412 01/2027 Total Derivative Assets $ 275,000 $ 2,331 Derivative Liabilities Unsecured term loan Cash Flow $ 15,000 2.150 % $ (26) 05/2020 Unsecured term loan Cash Flow 10,000 2.150 % (17) 05/2020 Unsecured term loan Cash Flow 60,000 1.770 % (426) 03/2023 Total Derivative Liabilities $ 85,000 $ (469) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2018: Underlying Debt Hedge Notional Fixed Fair Expiration (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow $ 15,000 2.150 % $ 77 05/2020 Unsecured term loan Cash Flow 10,000 2.150 % 51 05/2020 Unsecured term loan Cash Flow 50,000 1.460 % 726 05/2020 Unsecured term loan Cash Flow 20,000 1.498 % 449 05/2021 Unsecured term loan Cash Flow 15,000 1.490 % 340 05/2021 Unsecured term loan Cash Flow 40,000 1.480 % 914 05/2021 Unsecured term loan Cash Flow 60,000 1.770 % 1,558 03/2023 Total Derivative Assets $ 210,000 $ 4,115 The effect of derivative financial instruments on our consolidated statements of operations and comprehensive income for the years ended December 31, 2019 and 2018 is summarized as follows: Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Derivatives in Cash Flow Hedging Relationship Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) (In thousands) Interest rate contracts - assets $ (2,950) $ 360 Interest Expense $ 1,166 $ 623 Interest rate contracts - liabilities (620) 246 Interest Expense 151 (39) Total $ (3,570) $ 606 Total $ 1,317 $ 584 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2019, 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) 2020 $ 156,247 2021 140,599 2022 118,922 2023 98,236 2024 79,631 Thereafter 261,228 Total $ 854,863 We recognized rental income related to variable lease payments of $51.3 million for the year ended December 31, 2019. Substantially all of the assets included as income producing properties, net on the consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of December 31, 2019 , the Companyās aggregate portfolio was 94.7% leased. Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2018, 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) 2019 $ 165,132 2020 152,065 2021 132,928 2022 110,472 2023 89,124 Thereafter 286,226 Total $ 935,947 Expenses We have operating leases for our corporate office in New York, New York and our Southfield, Michigan office, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five five The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2019 2018 2017 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 859 733 616 Finance lease cost Interest Expense 51 53 55 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,222 Finance lease asset Land 13,249 Total leased assets $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,181 Finance lease liability Finance lease liability 926 Total lease liabilities $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years Finance lease 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.06 % Finance lease 5.23 % Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,677 Operating cash flows from finance lease 51 Financing cash flows from finance lease 49 Maturities of lease liabilities as of December 31, 2019 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 $ 1,456 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,498 $ 1,300 Less imputed interest (84,317) (374) Total $ 18,181 $ 926 |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2019, 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) 2020 $ 156,247 2021 140,599 2022 118,922 2023 98,236 2024 79,631 Thereafter 261,228 Total $ 854,863 We recognized rental income related to variable lease payments of $51.3 million for the year ended December 31, 2019. Substantially all of the assets included as income producing properties, net on the consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of December 31, 2019 , the Companyās aggregate portfolio was 94.7% leased. Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2018, 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) 2019 $ 165,132 2020 152,065 2021 132,928 2022 110,472 2023 89,124 Thereafter 286,226 Total $ 935,947 Expenses We have operating leases for our corporate office in New York, New York and our Southfield, Michigan office, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five five The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2019 2018 2017 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 859 733 616 Finance lease cost Interest Expense 51 53 55 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,222 Finance lease asset Land 13,249 Total leased assets $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,181 Finance lease liability Finance lease liability 926 Total lease liabilities $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years Finance lease 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.06 % Finance lease 5.23 % Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,677 Operating cash flows from finance lease 51 Financing cash flows from finance lease 49 Maturities of lease liabilities as of December 31, 2019 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 $ 1,456 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,498 $ 1,300 Less imputed interest (84,317) (374) Total $ 18,181 $ 926 |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2019, 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) 2020 $ 156,247 2021 140,599 2022 118,922 2023 98,236 2024 79,631 Thereafter 261,228 Total $ 854,863 We recognized rental income related to variable lease payments of $51.3 million for the year ended December 31, 2019. Substantially all of the assets included as income producing properties, net on the consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of December 31, 2019 , the Companyās aggregate portfolio was 94.7% leased. Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2018, 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) 2019 $ 165,132 2020 152,065 2021 132,928 2022 110,472 2023 89,124 Thereafter 286,226 Total $ 935,947 Expenses We have operating leases for our corporate office in New York, New York and our Southfield, Michigan office, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five five The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2019 2018 2017 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 859 733 616 Finance lease cost Interest Expense 51 53 55 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,222 Finance lease asset Land 13,249 Total leased assets $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,181 Finance lease liability Finance lease liability 926 Total lease liabilities $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years Finance lease 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.06 % Finance lease 5.23 % Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,677 Operating cash flows from finance lease 51 Financing cash flows from finance lease 49 Maturities of lease liabilities as of December 31, 2019 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 $ 1,456 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,498 $ 1,300 Less imputed interest (84,317) (374) Total $ 18,181 $ 926 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table sets forth the computation of basic earnings per share (āEPSā): Year Ended December 31, 2019 2018 2017 (In thousands, except per share data) Net income $ 93,686 $ 18,036 $ 70,719 Net (income) attributable to noncontrolling interest (2,175) (417) (1,659) Preferred share dividends and conversion costs (6,701) (6,701) (6,701) Allocation of income to restricted share awards (533) (460) (429) Net income available to common shareholders $ 84,277 $ 10,458 $ 61,930 Weighted average shares outstanding, Basic 79,802 79,592 79,344 Earnings per common share, Basic $ 1.06 $ 0.13 $ 0.78 The following table sets forth the computation of diluted EPS: Year Ended December 31, 2019 2018 2017 (In thousands, except per share data) Net income $ 93,686 $ 18,036 $ 70,719 Net (income) attributable to noncontrolling interest (2,175) (417) (1,659) Preferred share dividends and conversion costs (1) ā (6,701) (6,701) Allocation of income to restricted share awards (533) (460) (429) Net income available to common shareholders $ 90,978 $ 10,458 $ 61,930 Weighted average shares outstanding, Basic 79,802 79,592 79,344 Restricted share awards using the treasury method 939 496 186 Dilutive effect of securities (1) 6,981 ā ā Weighted average shares outstanding, Diluted 87,722 80,088 79,530 Earnings per common share, Diluted $ 1.04 $ 0.13 $ 0.78 (1) The assumed conversion of preferred shares is dilutive for the year ended December 31, 2019 and anti-dilutive for all other periods presented. We exclude certain securities from the computation of diluted earnings per share. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands): Year Ended December 31, 2019 2018 2017 Issued Converted Issued Converted Issued Converted Operating Partnership Units 1,909 1,909 1,909 1,909 1,916 1,916 Series D Preferred Shares ā ā 1,849 6,858 1,849 6,740 Performance Share Units ā ā ā ā 98 ā 1,909 1,909 3,758 8,767 3,863 8,656 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholdersā Equity Underwritten public offerings We did not complete any underwritten public offerings in 2019, 2018 or 2017. Controlled equity offerings In June 2016, we commenced an at-the-market equity program pursuant to which we could sell up to 8.0 million common shares from time to time, in our sole discretion. The sale of such shares issuable pursuant to the distribution agreement was registered with the SEC on our registration statement on Form S-3, which expired in June 2019. We issued no shares under the program in either 2019 or 2018. Non-Controlling Interests As of December 31, 2019, 2018 and 2017 we had 1,909,018, 1,909,018 and 1,916,403 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 2018 and 2017, there were 7,385 and 926 OP Units converted for cash in the amount of $0.1 million and $0.0 million, respectively. During 2019 there were no units converted for cash. Preferred Shares As of December 31, 2019, 2018 and 2017 we had 1,848,539 shares of 7.25% Series D Cumulative Convertible Perpetual Preferred Shares of Beneficial Interest (āPreferred Sharesā), outstanding that have a liquidation preference of $50 per share and a par value of $0.01 per share. The Preferred Shares were convertible at any time by the holders to our common shares at a conversion rate of $13.24, $13.48 and $13.71 per share as of December 31, 2019, 2018 and 2017, 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, 2019, 2018, and 2017, the Preferred Shares were convertible into approximately 7.0 million, 6.9 million and 6.7 million shares of common stock, respectively. The following table provides a summary of dividends declared and paid per share: Year Ended December 31, 2019 2018 2017 Declared Paid Declared Paid Declared Paid Common shares $ 0.880 $ 0.880 $ 0.880 $ 0.880 $ 0.880 $ 0.880 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, 2019 2018 2017 Common shares Ordinary dividend (1) $ 0.250 $ 0.214 $ 0.686 Capital gain distribution 0.376 ā 0.034 Non-dividend distribution 0.254 0.666 ā $ 0.880 $ 0.880 $ 0.720 Perpetual Preferred Shares Ordinary dividend (1) $ 1.448 $ 3.482 $ 2.725 Capital gain distribution 2.177 ā 0.137 $ 3.625 $ 3.482 $ 2.862 (1) Represents qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Internal Revenue Code if 1986, as amended, that is available for non-corporate taxpayers and is included in "Ordinary Dividends". The fourth quarter common shares distribution for 2019, which was paid on January 2, 2020, has been treated as paid on January 2, 2020 for income tax purposes. The fourth quarter distribution for 2018 which was paid on January 2, 2019, has been treated as paid on January 2, 2019 for income tax purposes. The fourth quarter Preferred Shares distribution for 2019, which was paid on January 2, 2020, has been treated as paid on January 2, 2020 for income tax purposes. The fourth quarter preferred shares distribution for 2018, which was paid on January 2, 2019 has been treated as paid on January 2, 2019 for income tax purposes. Dividend reinvestment plan We have a dividend reinvestment plan that allows for participating shareholders to have their dividend distributions automatically invested in additional common shares 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, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation and Other Benefit Plans | Share-Based Compensation and Other Benefit Plans Incentive, Inducement and Stock Option Plans As of December 31, 2019, we have two share-based compensation plans in effect: 1) the 2019 Omnibus Long-Term Incentive Plan (ā2019 LTIPā) and 2) the Inducement Incentive Plan (āInducement Planā). On April 29, 2019, our shareholders approved the 2019 LTIP, which replaced the 2012 Omnibus Long-Term Incentive Plan (ā2012 LTIPā). The 2019 LTIP is administered by the compensation committee of the Board (the āCompensation Committeeā). The 2019 LTIP provides for the award to our trustees, officers, employees and other service providers of restricted shares, restricted share units, options to purchase shares, share appreciation rights, unrestricted shares, and other awards to acquire up to an aggregate of 3.5 million common shares of beneficial interest plus any shares that become available under the 2012 LTIP as a result of the forfeiture, expiration or cancellation of outstanding awards or any award settled in cash in lieu of shares under such plan. As of December 31, 2019, there were 3.4 million shares of beneficial interest available for issuance under the 2019 LTIP. The Inducement Plan was approved by the Board in April 2018 and under such plan the Compensation Committee may grant, subject to any Company performance conditions as specified by the Compensation Committee, restricted shares, restricted share units, options and other awards to individuals who were not previously employees or members of the Board as an inducement to the individual's entry into employment with the Company. The Inducement Plan allows us to issue up to 6.0 million common shares, of which 5.4 million common shares remained available for issuance as of December 31, 2019; however, we do not intend to make further awards under the Inducement Plan following adoption of the 2019 LTIP. The following share-based compensation plans have been terminated, except with respect to awards currently outstanding under each plan: ā¢ 2012 LTIP which allowed for the grant of restricted shares, restricted share units, options and other awards to trustees, officers and other key employees; ā¢ The 2009 Omnibus Long-Term Incentive Plan (ā2009 LTIPā) which allowed for the grant of restricted shares, restricted share units, options and other awards to trustees, officers and other key employees; and ā¢ 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 $6.5 million, $6.7 million, and $4.4 million for 2019, 2018, and 2017, respectively. Restricted Stock Share-Based Compensation Under the 2012 LTIP, Inducement Plan and 2019 LTIP, the Company has made grants of service-based restricted shares, performance-based cash awards and performance-based equity awards. The service-based restricted share awards to employees vest over three years or five years and the compensation expense is recognized on a graded vesting basis. The service-based restricted share awards to trustees vest over one year. We recognized expense related to service-based restricted share grants of $3.5 million for the year ended December 31, 2019, $4.7 million for year ended December 31, 2018 and $2.7 million for the year ended December 31, 2017. A summary of the activity of service-based restricted shares under the 2012 LTIP, the Inducement Plan and the 2019 LTIP for the years ended December 31, 2019, 2018 and 2017 is presented below: 2019 2018 2017 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 354,029 $ 13.05 412,195 $ 15.58 327,543 $ 17.02 Granted 272,711 12.10 492,871 12.99 210,895 14.22 Vested (174,343) 13.04 (478,863) 13.57 (119,134) 16.66 Forfeited or expired (2,754) 13.16 (72,174) 13.96 (7,109) 14.75 Outstanding, end of the year 449,643 $ 12.40 354,029 $ 13.05 412,195 $ 15.58 As of December 31, 2019, we had 65,481 unvested service-based share awards outstanding under the 2019 LTIP, 145,952 unvested service-based share awards outstanding under the Inducement Plan, and 238,210 unvested service-based share awards outstanding under the 2012 LTIP. These awards have various expiration dates through March 2023. The performance-based awards are earned subject to a future performance measurement based on a three three December 31, 2019 December 31, 2018 Closing share price $15.04 $11.95 Expected dividend rate 5.9 % 7.4 % Expected stock price volatility 22.6 % 24.9 % Risk-free interest rate 1.6 % 2.6 % Expected life (years) 2.00 1.00 The Company also determines the grant date fair value of the TSR Grants that will be settled in equity based upon a Monte Carlo simulation model and recognizes the compensation expense ratably over the requisite service period. These equity awards are not re-valued at the end of each quarter. The compensation cost will be recognized regardless of whether the performance criterion are met, provided the requisite service has been provided. We recognized compensation expense of $1.9 million, $1.1 million, and $0.2 million related to these performance awards recorded during the years ended December 31, 2019 2018 and 2017, respectively. The fair value of each grant for the reported periods is estimated on the date of grant using the Monte Carlo simulation model using the weighted average assumptions noted in the following table: Year Ended December 31, 2019 2018 2017 Closing share price $12.05 $11.89 - $13.09 $14.72 Expected dividend rate 7.3 % 6.7% - 7.4% 6.0 % Expected stock price volatility 22.9 % 21.5% - 21.8% 18.2 % Risk-free interest rate 2.5 % 2.3% - 2.7% 1.6 % Expected life (years) 2.85 2.40 - 2.85 2.82 As of December 31, 2019, we had $6.1 million of total unrecognized compensation expense related to unvested restricted shares and performance based equity and cash awards. This expense is expected to be recognized over a weighted-average period of 1.7 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 any of our plans in the years ended December 31, 2019, 2018 and 2017. The following table reflects the stock option activity for all plans described above: 2019 2018 2017 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 ā $ ā ā $ ā 57,140 $ 34.69 Granted ā ā ā ā ā ā Exercised ā ā ā ā ā ā Forfeited or expired ā ā ā ā (57,140) 34.69 Outstanding, end of the year ā $ ā ā $ ā ā $ ā Exercisable, end of the year ā $ ā ā $ ā ā $ ā 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, 2019, 2018 and 2017 was approximately $0.2 million, $0.2 million and $0.2 million, respectively. |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2019 | |
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 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, 2019, we had a federal and state deferred tax asset of $7.5 million and a valuation allowance of $7.5 million, which represents an increase of $0.1 million from December 31, 2018. 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. If 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, 2019, 2018 and 2017, we recorded an income tax provision of approximately $0.2 million, $0.2 million, and $0.1 million, respectively. We had no unrecognized tax benefits as of or during the three year period ended December 31, 2019. We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2019. No material interest or penalties relating to income taxes were recognized in the statement of operations for the years ended December 31, 2019, 2018, and 2017 or in the consolidated balance sheets as of December 31, 2019, 2018, and 2017. It is our accounting policy to classify interest and penalties relating to unrecognized tax benefits as tax expense. As of December 31, 2019, returns for the calendar years 2016 through 2019 remain subject to examination by the Internal Revenue Service (āIRSā) and various state and local tax jurisdictions. As of December 31, 2019, certain returns for calendar year 2015 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, 2019 | |
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, 2019, we had entered into agreements for construction costs of approximately $6.5 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. Development Obligations As of December 31, 2019, the Company has $2.2 million of development related obligations that require annual payments through December 2043. Guarantee A redevelopment agreement was entered into between the City of Jacksonville, the Jacksonville Economic Development Commission and the Company, to construct and develop River City Marketplace in 2005. As part of the agreement, the city agreed to finance up to $12.2 million of bonds. Repayment of the bonds is to be made in accordance with a level-payment amortization schedule over 20 years, and repayments are made out of tax revenues generated by the redevelopment. The remaining debt service payments due over the life of the bonds, including principal and interest, are $9.1 million. As part of the redevelopment, the Company executed a guaranty agreement whereby the Company would fund debt service payments if incremental revenues were not sufficient to fund repayment. There have been no payments made by the Company under this guaranty agreement to date. 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. |
Reorganization
Reorganization | 12 Months Ended |
Dec. 31, 2019 | |
Reorganizations [Abstract] | |
Reorganization | ReorganizationIn connection with the reorganization of the executive management team, we recorded one-time employee termination benefits of $0.6 million and $7.5 million for the years ended DecemberĀ 31, 2019 and DecemberĀ 31, 2018, respectively. In connection with the reduction-in-force resulting from the reorganization of the Company's operating structure, we recorded one-time employee termination benefits of $0.8 million for the year ended DecemberĀ 31, 2018. Such charges are reflected in the consolidated statements of operations in general and administrative expense. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 3, 2020 we entered into four interest swap agreements for an aggregate notional amount of $100.0Ā million. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019: Quarters Ended 2019 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 59,708 $ 57,361 $ 58,921 $ 58,098 Operating income $ 15,430 $ 13,429 $ 14,888 $ 10,275 Net income attributable to RPT $ 10,443 $ 2,893 $ 5,445 $ 72,730 Net income available to common shareholders $ 8,768 $ 1,218 $ 3,769 $ 71,055 Earnings per common share, basic: (1) $ 0.11 $ 0.01 $ 0.05 $ 0.89 Earnings per common share, diluted: (1) $ 0.11 $ 0.01 $ 0.05 $ 0.83 (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, 2019. The following table sets forth summarized quarterly financial data for the year ended December 31, 2018: Quarters Ended 2018 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 62,718 $ 69,967 $ 64,217 $ 63,720 Operating income $ 17,755 $ 14,829 $ 16,240 $ 3,436 Net income attributable to RPT $ 7,286 $ 4,302 $ 10,125 $ (4,094) Net income available to common shareholders $ 5,611 $ 2,627 $ 8,449 $ (5,769) Earnings per common share, basic: (1) $ 0.07 $ 0.03 $ 0.10 $ (0.07) Earnings per common share, diluted: (1) $ 0.07 $ 0.03 $ 0.10 $ (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, 2018. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS December 31, 2019 (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, 2019 Allowance for Doubtful Accounts $ 858 625 (446) ā $ 1,037 Straight Line Rent Reserve $ 2,323 (492) (6) ā $ 1,825 For the Year Ended December 31, 2018 Allowance for Doubtful Accounts $ 1,374 57 (573) ā $ 858 Straight Line Rent Reserve $ 2,667 (337) (7) ā $ 2,323 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 |
Schedule III - Summary of Real
Schedule III - Summary of Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Summary of Real Estate and Accumulated Depreciation | SCHEDULE III SUMMARY OF REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (in thousands of dollars) INITIAL COST Capitalized Subsequent to GROSS AMOUNTS AT WHICH Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Constructed Date Acquired Bridgewater Falls OH $ 53,423 $ 9,831 $ 76,446 $ 681 $ 9,831 $ 77,127 $ 86,958 $ 12,900 2005/2007 2014 Buttermilk Towne Center KY ā 13,249 21,103 2,603 13,249 23,706 36,955 4,381 2005 2014 Centennial Shops MN ā ā 29,639 624 ā 30,263 30,263 3,472 2008 2016 Central Plaza MO ā 10,250 10,909 2,519 10,250 13,428 23,678 2,891 1970 2012 Clinton Pointe MI ā 1,175 10,499 2,581 1,176 13,079 14,255 4,782 1992 2003 Crofton Centre MD ā 8,012 22,774 1,002 8,012 23,776 31,788 3,271 1974 2015 Cypress Point FL ā 2,968 17,637 2,282 2,968 19,919 22,887 3,724 1983 2013 Deer Creek Shopping Center MO ā 6,070 18,105 1,825 6,070 19,930 26,000 3,833 1970's/2013 2013 Deer Grove Centre IL ā 8,408 8,197 6,572 8,408 14,769 23,177 4,145 1997 2013 Deerfield Towne Center OH ā 6,868 78,551 11,739 6,868 90,290 97,158 18,696 2004/2007 2013 Front Range Village CO ā 19,413 80,600 10,799 19,414 91,398 110,812 13,130 2008 2014 Heritage Place MO ā 13,899 22,506 3,774 13,899 26,280 40,179 7,466 1989 2011 Holcomb Center GA ā 658 5,953 11,143 658 17,096 17,754 8,925 1986 1996 Hunters Square MI ā 7,673 52,774 6,511 7,652 59,306 66,958 11,957 1988 2013 Lakehills Plaza TX ā 17,987 12,828 17,987 12,828 30,815 37 1980/2019 2019 Lakeland Park Center FL ā 15,365 ā 41,102 16,864 39,603 56,467 7,048 2014 2008 Marketplace of Delray FL ā 7,922 18,910 3,840 7,922 22,750 30,672 2,955 1981/2010 2013 Market Plaza IL ā 9,391 22,682 (975) 9,391 21,707 31,098 4,529 1965/2009 2015 Merchants' Square IN ā 4,997 18,346 5,033 4,997 23,379 28,376 6,938 1970 2010 Mount Prospect Plaza IL ā 11,633 21,767 2,259 9,601 26,058 35,659 4,782 1958/1987/2012 2013 Nagawaukee Shopping Center WI 5,508 7,549 30,898 4,454 7,517 35,384 42,901 7,037 1994/2004/2008 2012/2013 Olentangy Plaza OH ā 4,283 20,774 2,488 4,283 23,262 27,545 3,414 1981 2015 Parkway Shops FL ā 3,145 ā 21,521 5,902 18,764 24,666 3,629 2013 2008 Peachtree Hill GA ā 7,517 17,062 (866) 6,926 16,787 23,713 2,232 1986 2015 Promenade at Pleasant Hill GA ā 3,891 22,520 6,682 3,440 29,653 33,093 11,209 1993 2004 Providence Marketplace TN ā 22,171 85,657 1,060 22,171 86,717 108,888 8,736 2006 2017 River City Marketplace FL ā 19,768 73,859 12,025 11,194 94,458 105,652 31,661 2005 2005 Rivertowne Square FL ā 954 8,587 2,575 954 11,162 12,116 4,885 1980 1998 Shoppes of Lakeland FL ā 5,503 20,236 1,029 5,503 21,265 26,768 4,384 1985 1996 Southfield Plaza MI ā 1,121 10,777 1,384 1,121 12,161 13,282 7,644 1969 1996 Spring Meadows Place OH ā 2,646 16,758 17,734 5,041 32,097 37,138 13,271 1987 1996 Tel-Twelve MI ā 3,819 43,181 31,372 3,819 74,553 78,372 37,732 1968 1996 The Shops on Lane Avenue OH 28,650 4,848 51,273 6,343 4,848 57,616 62,464 7,704 1952/2004 2015 Treasure Coast Commons FL ā 2,924 10,644 716 2,924 11,360 14,284 2,323 1996 2013 Troy Marketplace MI ā 4,581 19,041 11,556 6,176 29,002 35,178 4,274 2000/2010 2013 INITIAL COST Capitalized Subsequent to GROSS AMOUNTS AT WHICH Property Location Encumbrances Land Building & Improvements Land Building & Improvements Total Accumulated Depreciation Date Constructed Date Acquired Troy Marketplace II MI ā 3,790 10,292 590 3,790 10,882 14,672 3,382 2000/2010 2013 Village Lakes Shopping Center FL ā 862 7,768 7,526 862 15,294 16,156 7,223 1987 1997 Vista Plaza FL ā 3,667 16,769 469 3,667 17,238 20,905 3,505 1998 2013 Webster Place IL ā 28,410 21,752 193 28,410 21,945 50,355 2,061 1987 2017 West Broward FL ā 5,339 11,521 1,263 5,339 12,784 18,123 2,335 1965 2013 West Allis Towne Centre WI ā 1,866 16,789 17,309 1,866 34,098 35,964 14,696 1987 1996 West Oaks I MI ā 1,058 17,173 20,891 2,826 36,296 39,122 10,461 1979 1996/2018 West Oaks II MI ā 1,391 12,519 8,313 1,391 20,832 22,223 10,882 1986 1996 Winchester Center MI ā 5,667 18,559 8,927 5,667 27,486 33,153 5,394 1980 2013 Woodbury Lakes MN ā 10,411 55,635 26,874 10,411 82,509 92,920 12,058 2005 2014 Land Held for Future Development (1) Various ā 28,266 14,026 (13,472) 21,962 6,858 28,820 12 N/A N/A TOTALS $ 87,581 $ 361,216 $ 1,184,296 $ 314,870 $ 353,227 $ 1,507,155 $ 1,860,382 $ 352,006 (1) Primarily in Hartland, MI, Lakeland, FL and Jacksonville, FL. SCHEDULE III REAL ESTATE INVESTMENT AND ACCUMULATED DEPRECIATION December 31, 2019 Year ended December 31, 2019 2018 2017 (In thousands) Reconciliation of total real estate carrying value: Balance at beginning of year $ 2,078,995 $ 2,189,022 $ 2,202,670 Additions during period: Acquisition 30,814 6,427 159,332 Improvements 42,824 68,914 56,384 Deductions during period: Cost of real estate sold/written off (292,251) (171,718) (219,960) Impairment ā (13,650) (9,404) Reclassification to held for sale ā ā ā Balance at end of year $ 1,860,382 $ 2,078,995 $ 2,189,022 Reconciliation of accumulated depreciation: Balance at beginning of year $ 358,195 $ 351,632 $ 345,204 Depreciation Expense 58,662 63,524 65,720 Cost of real estate sold/written off (64,851) (56,961) (59,292) Reclassification to held for sale ā - ā Balance at end of year $ 352,006 $ 358,195 $ 351,632 Aggregate cost for federal income tax purposes $ 1,905,041 $ 2,128,169 $ 2,243,928 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of us and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the āOperating Partnershipā which was 97.7% owned by us at December 31, 2019, 2018 and 2017), 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 (āVIEā). 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 RPT Realty, Inc., and therefore it is included in the consolidated financial statements. RPT Realty, Inc. has elected to be a taxable REIT subsidiary for federal income tax purposes. RPT Realty, Inc. 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 (āGAAPā) 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.Ā Actual results could differ from those estimates. |
Reclassifications | Certain amounts in the prior period have been reclassified in order to conform with the current periodās presentation. The Company reclassified $2.5 million and $3.4 million of expense associated with property-related employee compensation and benefits from general and administrative expense to non-recoverable operating expense for the years ended December 31, 2018 and 2017, respectively. |
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, insurance, real estate taxes and other operating expenses (ārecovery incomeā). 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. In accordance with ASC 842, income for operating leases is recognized on a straight-line basis over the expected term of the lease for all leases for which collectibility is considered probable at the commencement date. We monitor the collectability of our accounts receivable from specific tenants on an ongoing basis, analyze historical experience, customer creditworthiness, current economic trends and changes in tenant payment terms when evaluating the likelihood of tenant payment. For operating leases in which collectibility of rental income is not considered probable, rental income is recognized on a cash basis and allowances are taken for those balances that we have reason to believe may be uncollectible in the period it is determined not to be probable of collection. 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 rental income not probable of collection. However, if we experience estimates in excess of the allowance we have established, our operating income would be reduced. At December 31, 2019 and 2018, our accounts receivable were $25.0 million and $23.8 million, respectively, net of allowances for doubtful accounts of $1.0 million and $0.9 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 āOther assets, netā 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, 2019 and 2018, net of allowances of $1.8 million and $2.3 million, respectively, was $19.6 million and $21.2 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 ā 40 years for buildings and improvements and 5 ā 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 ā 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 assetās life to expense as incurred. Sale of a real estate asset is recognized when it is determined that the sale has been consummated, the buyerās 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 āas if vacantā 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 (āas-isā versus āas if vacantā 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 one 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, 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 managementās intentions or managementās analysis of varying scenarios, could be material to our consolidated financial statements. |
Investments in Real Estate Joint Ventures | We have four equity investments in unconsolidated joint venture entities in which we own 51.5% or less of the total ownership interest, one of which owns five shopping centers and three of which have no significant activity.Ā Ā Under all of our 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, construction, development, asset and property management services to these joint ventures for which we are paid fees.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.Ā Ā 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 $3.1 million are included in Notes payable, net as of December 31, 2019 and 2018, 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 $2.0 million are included in Other assets, net as of December 31, 2019 and 2018, 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.Ā Ā Unamortized deferred financing costs are expensed when the related agreements are terminated before their scheduled maturity dates.Ā Ā 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.Ā Ā Cash balances in individual banks may exceed the federally insured limit by the Federal Deposit Insurance Corporation (the āFDICā). |
Recognition of Share-based Compensation Expense | We grant share-based compensation awards to employees and trustees in the form of restricted common shares and cash and equity settled awards, and in the past we have granted stock options to employees and trustees.Ā Ā 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.Ā Ā We recognize forfeitures related to stock awards and stock options as they occur. |
Income Tax Status | We made an election, and believe our operating activities permit us, to qualify as a REIT for federal income tax purposes.Ā Ā 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.Ā Ā 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, (āTRSsā) which are subject to federal and state income taxes.Ā Ā During the years ended DecemberĀ 31, 2019, 2018, and 2017, 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.Ā Ā VIEs are required to be consolidated by their primary beneficiary.Ā 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 our joint ventures do not meet the requirements of a VIE and, therefore, consolidation of these ventures is not required. |
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.Ā Ā Ā Noncontrolling interest is classified as a separate component of equity outside of the permanent equity section of our consolidated balance sheets.Ā Ā Consolidated net income and comprehensive income includes the noncontrolling interestās share.Ā Ā 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.Ā Ā We do not distinguish our primary business or group our operations on a geographical basis for purposes of measuring performance.Ā Ā We review operating and financial data for each property on an individual basis and define an operating segment as an individual property.Ā Ā 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.Ā Ā 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.Ā Ā Accordingly, we have a single reportable segment for disclosure purposes. |
New Accounting Pronouncements, Policy | Recently Adopted Accounting Pronouncements In June 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, āCompensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,ā which expanded the scope of Topic 718, Compensation-Stock Compensation (which previously only included share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees is now substantially aligned. This standard became effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In February 2016, the FASB issued ASC Topic 842 āLeasesā (āASU 2016-02ā). 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 incremental direct leasing costs. In addition, the following ASUs were subsequently issued related to ASC Topic 842, all of which were effective with ASU 2016-02: ā¢ In January 2018, the FASB issued ASU 2018-01, āLeases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842ā. The standard provides an optional transition practical expedient for the adoption of ASU 2016-02 that, if elected, does not require an organization to reconsider its accounting for existing land easements that are not currently accounted for under the old leases standard. ā¢ In July 2018, the FASB issued ASU 2018-10, āCodification Improvements to Topic 842, Leases,ā which affects narrow aspects of the guidance issued in the amendments in ASU 2016-02. ā¢ In July 2018, the FASB issued ASU 2018-11, āLeases (Topic 842): Targeted Improvements,ā which provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and certain criteria are met. The guidance also provides an optional transition method which would allow entities to initially apply the new guidance in the period of adoption, recognizing a cumulative-effect adjustment to the opening balance of retained earnings, if necessary. ā¢ In December 2018, the FASB issued ASU 2018-20, āLeases (Topic 842): Narrow-Scope Improvements for Lessors,ā which addresses specific issues in the leasing guidance, including sales taxes and other similar taxes collected from lessees, certain lessor costs paid directly by lessees, and recognition of variable payments for contracts with lease and non-lease components. This standard became effective for public companies for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. The Company has elected the practical expedients allowable under ASU 2018-01 and ASU 2018-11, which included the optional transition method permitting January 1, 2019 to be its initial application date. On January 1, 2019, the Company elected the single component practical expedient, which requires a lessor, by class of underlying asset, not to allocate the total consideration to the lease and non-lease components based on their relative stand-alone selling prices. This single component practical expedient requires the Company to account for the lease component and non-lease component(s) associated with that lease as a single component if (i) the timing and pattern of transfer of the lease component and the non-lease component(s) associated with it are the same and (ii) the lease component would be classified as an operating lease if it were accounted for separately. If these criteria are met, and the lease component is predominant, the lease is accounted for under ASC 842. As a result of this assessment, minimum rent and recovery income from the lease of real estate assets that qualify for this expedient are accounted for as a single component under ASC 842, with recovery income primarily as variable consideration. The Companyās operating leases commencing or modified after January 1, 2019, for which the Company is the lessor, qualify for the single component practical expedient accounting under ASC 842. Based on the Companyās election of available practical expedients, the Companyās existing operating leases whereby it is the lessor continue to be accounted for as operating leases under ASC 842. However, ASC 842 changed certain requirements regarding lease classification for lessors that could result in the Company classifying certain future leases transacted or modified subsequent to adoption of the standard, particularly long-term ground leases, as sales-type or direct financing leases as opposed to operating leases. Prior to the adoption of ASC 842, the Company recognized tenant recovery income regardless of whether the third party was paid by the lessor or lessee. Effective January 1, 2019, such tenant recoveries are only recognized to the extent that the Company pays the third party directly and are classified as rental income on the Companyās condensed consolidated income statement. Under ASC 842, lessors are required to continually assess collectibility of lessee payments and, if operating lease payments are not probable of collection, to only recognize into income the lesser of (i) straight-line rental income or (ii) lease payments received to date. Additionally, only incremental direct leasing costs are now capitalized under this new guidance, and the Company recognized a cumulative effect adjustment of approximately $0.3 million to shareholders' equity, primarily related to certain costs associated with unexecuted leases that were deferred as of the adoption date. For leases where the Company is a lessee, primarily the Companyās ground lease and administrative office leases, the Company recorded an operating lease liability of $16.6 million and a operating lease right-of-use asset of $18.0 million upon adoption, which were initially measured at the present value of future lease payments with consideration given to the probability of lease option exercise to determine the initial term. The right-of-use asset was recorded net of our existing straight-line rent liability and ground lease intangible asset. The present value of future lease payments was discounted using our incremental borrowing rate on a collateralized basis over a similar term in a similar environment. For leases with a term of 12 months or less, the Company has made a policy election to not recognize lease liabilities and lease assets. For our existing ground and office operating leases, we have continued to recognize straight-line rent expense within non-recoverable operating expenses and general and administrative expenses, respectively, within our condensed consolidated statement of operations and comprehensive income. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, āDisclosure FrameworkāChanges to the Disclosure Requirements for Fair Value Measurement,ā which amends ASC 820, Fair Value Measurement. ASU 2018-13 modified the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. This standard is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that fiscal year. The Company has adopted this new guidance effective on January 1, 2020, which did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04 āSimplifying the Test for Goodwill Impairmentā (āASU 2017-04ā). 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. The Company has adopted this new guidance effective on January 1, 2020, which did not have a material impact on our consolidated financial statements. |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Land Held for Development | Following is the detail of the construction in progress and land available for development as of December 31, 2019 and 2018: December 31, 2019 2018 (In thousands) Construction in progress $ 13,777 $ 23,747 Land available for development 28,502 29,475 Total $ 42,279 $ 53,222 |
Property Acquisitions and Dis_2
Property Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Summary of Acquisitions | The following table provides a summary of our acquisitions during 2019 and 2018: Gross Property Name Location GLA Acreage Date Acquired Purchase Price Assumed Debt (In thousands) (In thousands) 2019 Lakehills Plaza Austin, TX 76 N/A 12/06/19 $ 33,922 $ ā Total acquisitions 76 ā $ 33,922 $ ā 2018 Leasehold Interest (West Oaks) Novi, MI 60 N/A 01/15/18 $ 6,365 $ ā Total acquisitions 60 ā $ 6,365 $ ā |
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, 2019 2018 (In thousands) Land $ 17,987 $ ā Buildings and improvements 12,828 6,427 Above market leases 223 237 Lease origination costs 3,235 633 Other liabilities ā (353) Below market leases (351) (579) Net assets acquired $ 33,922 $ 6,365 Acquisition Date (In thousands) Land $ 78,019 Buildings and improvements 155,924 Above market leases 2,326 Lease origination costs 22,776 Below market leases (15,045) Net assets acquired $ 244,000 |
Schedule of Unaudited Pro Forma Information | If the 2019 and 2018 acquisitions had occurred on January 1, 2018, our consolidated revenues and net income for the years ended December 31, 2019 and 2018 would have been as follows: Year Ended December 31, 2019 2018 (in thousands) Consolidated revenue $ 236,533 $ 263,254 Consolidated net income available to common shareholders $ 85,377 $ 11,529 |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2019 and 2018: Gross Property Name Location GLA Acreage Date Sold Sales Gain (loss) on Sale (In thousands) (In thousands) 2019 East Town Plaza Madison, WI 217 N/A 02/20/19 $ 13,500 $ 1,169 The Shoppes at Fox River Waukesha, WI 332 N/A 03/06/19 55,000 4,533 R2G Venture LLC - 5 Income Producing Properties (1) FL, MI & MO 777 N/A 12/10/19 244,000 75,783 Total income producing dispositions 1,326 ā $ 312,500 $ 81,485 Hartland - Outparcel Hartland, MI N/A 1.1 06/28/19 $ 875 $ 371 Total outparcel dispositions ā 1.1 $ 875 $ 371 Total dispositions 1,326 1.1 $ 313,375 $ 81,856 2018 Harvest Junction North Longmont, CO 191 N/A 12/28/18 $ 33,629 $ ā Harvest Junction South Longmont, CO 177 N/A 12/28/18 26,097 58 Jackson West Jackson, MI 210 N/A 12/20/18 12,750 3,641 Crossroads Centre Rossford, OH 344 N/A 12/14/18 19,931 ā Rossford Pointe Rossford, OH 47 N/A 12/14/18 4,169 ā Jackson Crossing Jackson, MI 420 N/A 11/14/18 25,000 ā Total income producing dispositions 1,389 ā $ 121,576 $ 3,699 Harvest Junction North - Outparcel Longmont, CO N/A 3.2 12/28/18 $ 1,424 $ 114 Peachtree Hills - Outparcel Duluth, GA N/A 1.7 05/25/18 650 ā Theatre Parcel - Hartland Town Square Hartland, MI N/A 7.5 04/02/18 1,450 181 Total outparcel dispositions ā 12.4 $ 3,524 $ 295 Total dispositions 1,389 12.4 $ 125,100 $ 3,994 (1) We contributed five previously wholly-owned properties to the newly formed joint venture, R2G Venture LLC. Refer to Note 6 of these notes to the consolidated financial statements for additional information. The following table provides a summary of our unconsolidated joint venture property acquisitions during 2019 and 2018: Gross Property Name Location GLA Acreage Date Acquired Purchase Price Assumed Debt (In thousands) (In thousands) 2019 RPT Realty - 5 Income Producing Properties (1) FL, MI & MO 777 N/A 12/10/19 $ 244,000 $ ā Total acquisitions 777 ā $ 244,000 $ ā 2018 None (1) The income producing properties acquired were: (1) Coral Creek Shops located in Coconut Creek, FL, (2) Mission Bay Plaza located in Boca Raton, FL, (3) The Crossroads located in Royal Palm Beach, FL, (3) The Shops at Old Orchard located in West Bloomfield, MI, and (5) Town & Country Crossing located in Town & Country, MO. The following table provides a summary of our unconsolidated joint venture property disposition activity during 2019 and 2018: Gross Property Name Location GLA Ownership % Date Sold Gross Sales Price Gain on Sale (at 100%) (In thousands) (In thousands) 2019 Nora Plaza Indianapolis, IN 140 7 % 8/16/19 $ 29,000 $ 5,494 140 $ 29,000 $ 5,494 RPT's proportionate share of gross sales price and gain on sale of joint venture property $ 2,030 $ 385 2018 Martin Square Stuart, FL 330 30 % 7/18/18 $ 22,000 $ 1,024 330 $ 22,000 $ 1,024 RPT's proportionate share of gross sales price and gain on sale of joint venture property $ 6,600 $ 307 |
Impairment Provisions (Tables)
Impairment Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Schedule of Provisions for Impairment | We established provisions for impairment for the following consolidated assets: Year Ended December 31, 2019 2018 2017 (In thousands) Land available for development $ ā $ 216 $ 982 Income producing properties marketed for sale ā 13,434 8,422 Total $ ā $ 13,650 $ 9,404 |
Equity Investments in Unconso_2
Equity Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 (In thousands) ASSETS Investment in real estate, net $ 233,531 $ 22,591 Other assets 27,463 2,099 Total Assets $ 260,994 $ 24,690 LIABILITIES AND OWNERS' EQUITY Other liabilities $ 15,943 $ 525 Owners' equity 245,051 24,165 Total Liabilities and Owners' Equity $ 260,994 $ 24,690 RPT's equity investments in unconsolidated joint ventures $ 130,321 $ 1,572 |
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | Year Ended December 31, Statements of Operations 2019 2018 2017 (In thousands) Total revenue $ 3,146 $ 3,868 $ 4,620 Total expenses (2,238) (2,671) (3,067) Income before other income and expense 908 1,197 1,553 Gain on sale of real estate 5,494 1,024 ā Net income $ 6,402 $ 2,221 $ 1,553 RPT's share of earnings from unconsolidated joint ventures $ 581 $ 589 $ 273 |
Summary of Unconsolidated Joint Venture Disposition Activity | The following table provides a summary of our disposition activity during 2019 and 2018: Gross Property Name Location GLA Acreage Date Sold Sales Gain (loss) on Sale (In thousands) (In thousands) 2019 East Town Plaza Madison, WI 217 N/A 02/20/19 $ 13,500 $ 1,169 The Shoppes at Fox River Waukesha, WI 332 N/A 03/06/19 55,000 4,533 R2G Venture LLC - 5 Income Producing Properties (1) FL, MI & MO 777 N/A 12/10/19 244,000 75,783 Total income producing dispositions 1,326 ā $ 312,500 $ 81,485 Hartland - Outparcel Hartland, MI N/A 1.1 06/28/19 $ 875 $ 371 Total outparcel dispositions ā 1.1 $ 875 $ 371 Total dispositions 1,326 1.1 $ 313,375 $ 81,856 2018 Harvest Junction North Longmont, CO 191 N/A 12/28/18 $ 33,629 $ ā Harvest Junction South Longmont, CO 177 N/A 12/28/18 26,097 58 Jackson West Jackson, MI 210 N/A 12/20/18 12,750 3,641 Crossroads Centre Rossford, OH 344 N/A 12/14/18 19,931 ā Rossford Pointe Rossford, OH 47 N/A 12/14/18 4,169 ā Jackson Crossing Jackson, MI 420 N/A 11/14/18 25,000 ā Total income producing dispositions 1,389 ā $ 121,576 $ 3,699 Harvest Junction North - Outparcel Longmont, CO N/A 3.2 12/28/18 $ 1,424 $ 114 Peachtree Hills - Outparcel Duluth, GA N/A 1.7 05/25/18 650 ā Theatre Parcel - Hartland Town Square Hartland, MI N/A 7.5 04/02/18 1,450 181 Total outparcel dispositions ā 12.4 $ 3,524 $ 295 Total dispositions 1,389 12.4 $ 125,100 $ 3,994 (1) We contributed five previously wholly-owned properties to the newly formed joint venture, R2G Venture LLC. Refer to Note 6 of these notes to the consolidated financial statements for additional information. The following table provides a summary of our unconsolidated joint venture property acquisitions during 2019 and 2018: Gross Property Name Location GLA Acreage Date Acquired Purchase Price Assumed Debt (In thousands) (In thousands) 2019 RPT Realty - 5 Income Producing Properties (1) FL, MI & MO 777 N/A 12/10/19 $ 244,000 $ ā Total acquisitions 777 ā $ 244,000 $ ā 2018 None (1) The income producing properties acquired were: (1) Coral Creek Shops located in Coconut Creek, FL, (2) Mission Bay Plaza located in Boca Raton, FL, (3) The Crossroads located in Royal Palm Beach, FL, (3) The Shops at Old Orchard located in West Bloomfield, MI, and (5) Town & Country Crossing located in Town & Country, MO. The following table provides a summary of our unconsolidated joint venture property disposition activity during 2019 and 2018: Gross Property Name Location GLA Ownership % Date Sold Gross Sales Price Gain on Sale (at 100%) (In thousands) (In thousands) 2019 Nora Plaza Indianapolis, IN 140 7 % 8/16/19 $ 29,000 $ 5,494 140 $ 29,000 $ 5,494 RPT's proportionate share of gross sales price and gain on sale of joint venture property $ 2,030 $ 385 2018 Martin Square Stuart, FL 330 30 % 7/18/18 $ 22,000 $ 1,024 330 $ 22,000 $ 1,024 RPT's proportionate share of gross sales price and gain on sale of joint venture property $ 6,600 $ 307 |
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, 2019 2018 (In thousands) Land $ 17,987 $ ā Buildings and improvements 12,828 6,427 Above market leases 223 237 Lease origination costs 3,235 633 Other liabilities ā (353) Below market leases (351) (579) Net assets acquired $ 33,922 $ 6,365 Acquisition Date (In thousands) Land $ 78,019 Buildings and improvements 155,924 Above market leases 2,326 Lease origination costs 22,776 Below market leases (15,045) Net assets acquired $ 244,000 |
Information for Fees Earned | The following table provides information for our fees earned which are reported in our consolidated statements of operations: Year Ended December 31, 2019 2018 2017 (In thousands) Management fees $ 137 $ 159 $ 276 Leasing fees 2 40 146 Acquisition/disposition fees 67 55 33 Construction fees 24 ā ā Total $ 230 $ 254 $ 455 |
Other Assets, Net and Acquire_2
Other Assets, Net and Acquired Lease Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets, net consisted of the following: December 31, 2019 2018 (In thousands) Deferred leasing costs, net $ 30,442 $ 36,385 Deferred financing costs on unsecured revolving credit facility, net 2,659 1,966 Acquired development agreements (1) 18,017 19,061 Ground leasehold intangible ā 2,148 Other, net 9,031 3,249 Total amortizable other assets 60,149 62,809 Straight-line rent receivable, net 19,605 21,225 Goodwill 2,089 2,089 Cash flow hedge mark-to-market asset 2,331 4,115 Prepaid and other deferred expenses, net 2,662 2,874 Other assets, net $ 86,836 $ 93,112 |
Schedule of Acquired Lease Intangible Assets, Net | Acquired lease intangible assets, net consisted of the following: December 31, 2019 2018 (In thousands) Lease originations costs $ 66,557 $ 79,890 Above market leases 4,840 6,982 71,397 86,872 Accumulated amortization (37,119) (42,440) Acquired lease intangibles, net $ 34,278 $ 44,432 |
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, 2019: Year Ending December 31, (In thousands) 2020 $ 14,983 2021 12,975 2022 10,562 2023 9,722 2024 6,822 Thereafter 39,363 Total $ 94,427 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes our mortgages, notes payable and finance lease obligation as of December 31, 2019 and 2018: December 31, 2019 2018 (In thousands) Senior unsecured notes $ 535,000 $ 610,000 Unsecured term loan facilities 310,000 210,000 Fixed rate mortgages 87,581 115,134 Unsecured revolving credit facility ā ā Junior subordinated notes ā 28,125 932,581 963,259 Unamortized premium 1,995 2,948 Unamortized deferred financing costs (3,768) (3,058) $ 930,808 $ 963,149 Finance lease obligation $ 926 $ 975 The following table summarizes the Company's senior unsecured notes: December 31, 2019 December 31, 2018 Senior Unsecured Notes Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Senior unsecured notes - 3.75% due 2021 6/27/2021 $ 37,000 3.75 % $ 37,000 3.75 % Senior unsecured notes - 4.13% due 2022 12/21/2022 ā ā % 25,000 4.13 % Senior unsecured notes - 4.12% due 2023 6/27/2023 41,500 4.12 % 41,500 4.12 % Senior unsecured notes - 4.65% due 2024 5/28/2024 50,000 4.65 % 50,000 4.65 % Senior unsecrued notes - 4.16% due 2024 11/4/2024 ā ā % 50,000 4.16 % Senior unsecured notes - 4.05% due 2024 11/18/2024 25,000 4.05 % 25,000 4.05 % Senior unsecured notes - 4.27% due 2025 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes - 4.20% due 2025 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes - 4.09% due 2025 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes - 4.74% due 2026 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes - 4.30% due 2026 11/4/2026 ā ā % 50,000 4.30 % Senior unsecured notes - 4.28% due 2026 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes - 4.57% due 2027 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes - 3.64% due 2028 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes - 4.72% due 2029 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes - 4.15% due 2029 12/27/2029 50,000 4.15 % ā ā % $ 535,000 4.20 % $ 610,000 4.21 % Unamortized deferred financing costs (1,460) (1,546) Total $ 533,540 $ 608,454 The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: December 31, 2019 December 31, 2018 Unsecured Credit Facilities Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Unsecured term loan due 2020 5/16/2020 $ ā ā % $ 75,000 2.99 % Unsecured term loan due 2021 5/29/2021 ā ā % 75,000 2.84 % Unsecured term loan due 2023 - fixed rate (1) 3/3/2023 60,000 2.97 % 60,000 3.42 % Unsecured term loan due 2024 11/6/2024 50,000 2.91 % ā ā % Unsecured term loan due 2025 - fixed rate (2) 2/6/2025 50,000 2.66 % ā ā % Unsecured term loan due 2026 11/6/2026 50,000 3.31 % ā ā % Unsecured term loan due 2027 - fixed rate (3) 2/5/2027 100,000 3.25 % ā ā % $ 310,000 3.06 % $ 210,000 3.06 % Unamortized deferred financing costs (2,308) (808) Term loans, net $ 307,692 $ 209,192 Revolving credit facility - variable rate 11/6/2023 $ ā 2.80 % $ ā 3.81 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.20%, based on a leverage grid at December 31, 2019. (2) Swapped to a weighted average fixed rate of 1.46%, plus a credit spread of 1.20%, based on a leverage grid at December 31, 2019. (3) Swapped to a weighted average fixed rate of 1.65%, plus a credit spread of 1.60%, based on a leverage grid at December 31, 2019. The following table summarizes the Company's fixed rate mortgages: December 31, 2019 December 31, 2018 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) West Oaks II and Spring Meadows Place 4/1/2020 $ ā ā % $ 25,804 6.50 % Bridgewater Falls Shopping Center 2/6/2022 53,423 5.70 % 54,514 5.70 % The Shops on Lane Avenue 1/10/2023 28,650 3.76 % 28,650 3.76 % Nagawaukee II 6/1/2026 5,508 5.80 % 6,166 5.80 % $ 87,581 5.07 % $ 115,134 5.40 % Unamortized premium 1,995 2,948 Unamortized deferred financing costs ā (73) Total $ 89,576 $ 118,009 |
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, 2019: Year Ending December 31, Principal Payments Finance Lease Payments (In thousands) 2020 $ 2,326 $ 100 2021 39,508 100 2021 52,397 100 2023 129,388 100 2024 125,879 100 Thereafter 583,083 800 Subtotal debt 932,581 1,300 Unamortized mortgage premium 1,995 ā Unamortized deferred financing costs (3,768) ā Amounts representing interest ā (374) Total $ 930,808 $ 926 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: Balance Sheet Location Total Fair Value Level 1 Level 2 Level 3 2019 (In thousands) Derivative assets - interest rate swaps Other assets $ 2,331 $ ā $ 2,331 $ ā Derivative liabilities - interest rate swaps Other liabilities $ (469) $ ā $ (469) $ ā 2018 Derivative assets - interest rate swaps Other assets $ 4,115 $ ā $ 4,115 $ ā Derivative liabilities - interest rate swaps Other liabilities $ ā $ ā $ ā $ ā |
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, 2019 and 2018 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, 2019 and 2018: Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2019 None 2018 Income producing properties $ 85,185 $ ā $ ā $ 85,185 $ (13,434) Land available for sale 610 ā ā 610 (216) Total $ 85,795 $ ā $ ā $ 85,795 $ (13,650) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019: Underlying Debt Hedge Type Notional Value Fixed Rate Fair Value Expiration Date (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow $ 50,000 1.460 % $ 42 05/2020 Unsecured term loan Cash Flow 20,000 1.498 % 21 05/2021 Unsecured term loan Cash Flow 15,000 1.490 % 18 05/2021 Unsecured term loan Cash Flow 40,000 1.480 % 52 05/2021 $ 125,000 $ 133 Derivative Assets - Forward Swaps Unsecured term loan Cash Flow $ 25,000 1.310 % $ 311 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % 297 01/2025 Unsecured term loan Cash Flow 50,000 1.382 % 797 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % 381 01/2027 Unsecured term loan Cash Flow 25,000 1.402 % 412 01/2027 Total Derivative Assets $ 275,000 $ 2,331 Derivative Liabilities Unsecured term loan Cash Flow $ 15,000 2.150 % $ (26) 05/2020 Unsecured term loan Cash Flow 10,000 2.150 % (17) 05/2020 Unsecured term loan Cash Flow 60,000 1.770 % (426) 03/2023 Total Derivative Liabilities $ 85,000 $ (469) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2018: Underlying Debt Hedge Notional Fixed Fair Expiration (In thousands) (In thousands) Derivative Assets Unsecured term loan Cash Flow $ 15,000 2.150 % $ 77 05/2020 Unsecured term loan Cash Flow 10,000 2.150 % 51 05/2020 Unsecured term loan Cash Flow 50,000 1.460 % 726 05/2020 Unsecured term loan Cash Flow 20,000 1.498 % 449 05/2021 Unsecured term loan Cash Flow 15,000 1.490 % 340 05/2021 Unsecured term loan Cash Flow 40,000 1.480 % 914 05/2021 Unsecured term loan Cash Flow 60,000 1.770 % 1,558 03/2023 Total Derivative Assets $ 210,000 $ 4,115 |
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The effect of derivative financial instruments on our consolidated statements of operations and comprehensive income for the years ended December 31, 2019 and 2018 is summarized as follows: Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Derivatives in Cash Flow Hedging Relationship Year Ended December 31, Year Ended December 31, 2019 2018 2019 2018 (In thousands) (In thousands) Interest rate contracts - assets $ (2,950) $ 360 Interest Expense $ 1,166 $ 623 Interest rate contracts - liabilities (620) 246 Interest Expense 151 (39) Total $ (3,570) $ 606 Total $ 1,317 $ 584 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at December 31, 2019, 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) 2020 $ 156,247 2021 140,599 2022 118,922 2023 98,236 2024 79,631 Thereafter 261,228 Total $ 854,863 |
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, 2018, 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) 2019 $ 165,132 2020 152,065 2021 132,928 2022 110,472 2023 89,124 Thereafter 286,226 Total $ 935,947 Approximate future rental payments at December 31, 2018, under our non-cancelable operating leases, assuming no option extensions are as follows: Year Ending December 31, (In thousands) 2019 $ 1,631 2020 1,243 2021 1,252 2022 1,262 2023 1,272 Thereafter 94,463 Total $ 101,123 |
Lease, Cost | The components of lease expense were as follows: Year Ended December 31, Statements of Operations Classification 2019 2018 2017 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 1,162 $ 1,162 $ 1,162 Operating administrative lease cost General and administrative expense 859 733 616 Finance lease cost Interest Expense 51 53 55 Supplemental cash flow information related to leases is as follows: Year Ended December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,677 Operating cash flows from finance lease 51 Financing cash flows from finance lease 49 |
Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification December 31, 2019 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 19,222 Finance lease asset Land 13,249 Total leased assets $ 32,471 LIABILITIES Operating lease liabilities Operating lease liabilities $ 18,181 Finance lease liability Finance lease liability 926 Total lease liabilities $ 19,107 Weighted Average Remaining Lease Terms Operating leases 70 years Finance lease 13 years Weighted Average Incremental Borrowing Rate Operating leases 6.06 % Finance lease 5.23 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of December 31, 2019 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 $ 1,456 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,498 $ 1,300 Less imputed interest (84,317) (374) Total $ 18,181 $ 926 |
Finance Lease, Liability, Maturity | Maturities of lease liabilities as of December 31, 2019 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2020 $ 1,456 $ 100 2021 1,469 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 Thereafter 95,478 800 Total lease payments $ 102,498 $ 1,300 Less imputed interest (84,317) (374) Total $ 18,181 $ 926 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic earnings per share (āEPSā): Year Ended December 31, 2019 2018 2017 (In thousands, except per share data) Net income $ 93,686 $ 18,036 $ 70,719 Net (income) attributable to noncontrolling interest (2,175) (417) (1,659) Preferred share dividends and conversion costs (6,701) (6,701) (6,701) Allocation of income to restricted share awards (533) (460) (429) Net income available to common shareholders $ 84,277 $ 10,458 $ 61,930 Weighted average shares outstanding, Basic 79,802 79,592 79,344 Earnings per common share, Basic $ 1.06 $ 0.13 $ 0.78 The following table sets forth the computation of diluted EPS: Year Ended December 31, 2019 2018 2017 (In thousands, except per share data) Net income $ 93,686 $ 18,036 $ 70,719 Net (income) attributable to noncontrolling interest (2,175) (417) (1,659) Preferred share dividends and conversion costs (1) ā (6,701) (6,701) Allocation of income to restricted share awards (533) (460) (429) Net income available to common shareholders $ 90,978 $ 10,458 $ 61,930 Weighted average shares outstanding, Basic 79,802 79,592 79,344 Restricted share awards using the treasury method 939 496 186 Dilutive effect of securities (1) 6,981 ā ā Weighted average shares outstanding, Diluted 87,722 80,088 79,530 Earnings per common share, Diluted $ 1.04 $ 0.13 $ 0.78 (1) The assumed conversion of preferred shares is dilutive for the year ended December 31, 2019 and anti-dilutive for all other periods presented. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands): Year Ended December 31, 2019 2018 2017 Issued Converted Issued Converted Issued Converted Operating Partnership Units 1,909 1,909 1,909 1,909 1,916 1,916 Series D Preferred Shares ā ā 1,849 6,858 1,849 6,740 Performance Share Units ā ā ā ā 98 ā 1,909 1,909 3,758 8,767 3,863 8,656 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 2017 Declared Paid Declared Paid Declared Paid Common shares $ 0.880 $ 0.880 $ 0.880 $ 0.880 $ 0.880 $ 0.880 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, 2019 2018 2017 Common shares Ordinary dividend (1) $ 0.250 $ 0.214 $ 0.686 Capital gain distribution 0.376 ā 0.034 Non-dividend distribution 0.254 0.666 ā $ 0.880 $ 0.880 $ 0.720 Perpetual Preferred Shares Ordinary dividend (1) $ 1.448 $ 3.482 $ 2.725 Capital gain distribution 2.177 ā 0.137 $ 3.625 $ 3.482 $ 2.862 (1) Represents qualified REIT dividends that may be eligible for the 20% qualified business income deduction under Section 199A of the Internal Revenue Code if 1986, as amended, that is available for non-corporate taxpayers and is included in "Ordinary Dividends". |
Share-Based Compensation and _2
Share-Based Compensation and Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity of Service Based Restricted Shares under LTIP | A summary of the activity of service-based restricted shares under the 2012 LTIP, the Inducement Plan and the 2019 LTIP for the years ended December 31, 2019, 2018 and 2017 is presented below: 2019 2018 2017 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 354,029 $ 13.05 412,195 $ 15.58 327,543 $ 17.02 Granted 272,711 12.10 492,871 12.99 210,895 14.22 Vested (174,343) 13.04 (478,863) 13.57 (119,134) 16.66 Forfeited or expired (2,754) 13.16 (72,174) 13.96 (7,109) 14.75 Outstanding, end of the year 449,643 $ 12.40 354,029 $ 13.05 412,195 $ 15.58 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table: December 31, 2019 December 31, 2018 Closing share price $15.04 $11.95 Expected dividend rate 5.9 % 7.4 % Expected stock price volatility 22.6 % 24.9 % Risk-free interest rate 1.6 % 2.6 % Expected life (years) 2.00 1.00 Year Ended December 31, 2019 2018 2017 Closing share price $12.05 $11.89 - $13.09 $14.72 Expected dividend rate 7.3 % 6.7% - 7.4% 6.0 % Expected stock price volatility 22.9 % 21.5% - 21.8% 18.2 % Risk-free interest rate 2.5 % 2.3% - 2.7% 1.6 % Expected life (years) 2.85 2.40 - 2.85 2.82 |
Stock Option Activity for All Plans | The following table reflects the stock option activity for all plans described above: 2019 2018 2017 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 ā $ ā ā $ ā 57,140 $ 34.69 Granted ā ā ā ā ā ā Exercised ā ā ā ā ā ā Forfeited or expired ā ā ā ā (57,140) 34.69 Outstanding, end of the year ā $ ā ā $ ā ā $ ā Exercisable, end of the year ā $ ā ā $ ā ā $ ā |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019: Quarters Ended 2019 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 59,708 $ 57,361 $ 58,921 $ 58,098 Operating income $ 15,430 $ 13,429 $ 14,888 $ 10,275 Net income attributable to RPT $ 10,443 $ 2,893 $ 5,445 $ 72,730 Net income available to common shareholders $ 8,768 $ 1,218 $ 3,769 $ 71,055 Earnings per common share, basic: (1) $ 0.11 $ 0.01 $ 0.05 $ 0.89 Earnings per common share, diluted: (1) $ 0.11 $ 0.01 $ 0.05 $ 0.83 (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, 2019. The following table sets forth summarized quarterly financial data for the year ended December 31, 2018: Quarters Ended 2018 March 31 (1) June 30 (1) September 30 (1) December 31 (1) (In thousands, except per share amounts) Total revenue $ 62,718 $ 69,967 $ 64,217 $ 63,720 Operating income $ 17,755 $ 14,829 $ 16,240 $ 3,436 Net income attributable to RPT $ 7,286 $ 4,302 $ 10,125 $ (4,094) Net income available to common shareholders $ 5,611 $ 2,627 $ 8,449 $ (5,769) Earnings per common share, basic: (1) $ 0.07 $ 0.03 $ 0.10 $ (0.07) Earnings per common share, diluted: (1) $ 0.07 $ 0.03 $ 0.10 $ (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, 2018. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) ftĀ² in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)ftĀ²joint_venturesegmentproperty | Dec. 31, 2018USD ($)ftĀ² | Dec. 31, 2017USD ($) | |
Basis of Presentation [Line Items] | |||
Number of joint ventures with real estate properties | joint_venture | 5 | ||
Area of real estate property | ftĀ² | 76 | 60 | |
Number of equity investment | joint_venture | 4 | ||
Number of joint ventures without real estate properties | joint_venture | 3 | ||
Non-voting and voting common stock, percentage of ownership | 100.00% | ||
Other non-recoverable operating expense | $ 10,292,000 | $ 7,286,000 | $ 8,044,000 |
Accounts receivable, net | 24,974,000 | 23,802,000 | |
Allowances for doubtful accounts receivable | 1,000,000 | 900,000 | |
Allowance for straight line rent | 1,800,000 | 2,300,000 | |
Straight-line rent receivable, net | $ 19,600,000 | 21,200,000 | |
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 | $ 0 | 13,650,000 | 9,404,000 |
Impairment on equity method investments | 0 | 0 | 0 |
Deferred financing costs, net | 3,768,000 | 3,058,000 | |
Deferred financing costs on unsecured revolving credit facility, net | 2,659,000 | 1,966,000 | |
Amount in excess of the FDIC insured limit | $ 111,400,000 | ||
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 | ||
Land available for sale | |||
Basis of Presentation [Line Items] | |||
Provision for impairment | $ 0 | $ 216,000 | $ 982,000 |
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 | 51.50% | ||
Shopping centers | |||
Basis of Presentation [Line Items] | |||
Number of real estate properties | property | 49 | ||
Area of real estate property | ftĀ² | 11,900 | ||
Geographic Concentration Risk | Florida | Annualized base rent | |||
Basis of Presentation [Line Items] | |||
Concentration risk, percentage | 19.50% | ||
Geographic Concentration Risk | Michigan | Annualized base rent | |||
Basis of Presentation [Line Items] | |||
Concentration risk, percentage | 20.20% | ||
RPT Realty, L.P. | |||
Basis of Presentation [Line Items] | |||
Ownership interest in Ramco-Gershenson Properties, L. P. | 97.70% | 97.70% | 97.70% |
Minimum | Buildings and improvements | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 10 years | ||
Minimum | Parking lot surfacing and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 5 years | ||
Minimum | Other capitalized property plant and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 15 years | ||
Maximum | Buildings and improvements | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 40 years | ||
Maximum | Parking lot surfacing and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 30 years | ||
Maximum | Other capitalized property plant and equipment | |||
Basis of Presentation [Line Items] | |||
Property plant and equipment, estimated useful lives | 25 years | ||
Restatement Adjustment | |||
Basis of Presentation [Line Items] | |||
General and administrative expense | $ (2,500,000) | $ (3,400,000) | |
Other non-recoverable operating expense | $ 2,500,000 | $ 3,400,000 |
Recently Issued Accounting Pr_2
Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2017 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Adoption of ASU | $ (333) | $ 2,160 | $ 0 | |
Operating lease liabilities | $ 18,181 | |||
Operating lease right-of-use assets | $ 19,222 | |||
ASU 2016-02 | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Adoption of ASU | 300 | |||
Operating lease liabilities | 16,600 | |||
Operating lease right-of-use assets | $ 18,000 |
Recently Issued Accounting Pr_3
Recently Issued Accounting Pronouncements Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Changes and Error Corrections [Abstract] | ||||
Cash and cash equivalents | $ 110,259 | $ 41,064 | $ 8,081 | |
Restricted cash | 4,293 | 3,658 | 4,810 | |
Cash, cash equivalents, restricted cash and restricted cash equivalents | $ 114,552 | $ 44,722 | $ 12,891 | $ 14,726 |
Real Estate - Land Held for Dev
Real Estate - Land Held for Development (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate [Abstract] | ||
Construction in progress | $ 13,777 | $ 23,747 |
Land available for development | 28,502 | 29,475 |
Total | $ 42,279 | $ 53,222 |
Property Acquisitions and Dis_3
Property Acquisitions and Dispositions - Summary of Acquisitions (Details) ftĀ² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ftĀ²a | Dec. 31, 2018USD ($)ftĀ²a | |
Business Acquisition [Line Items] | ||
GLA | ftĀ² | 76 | 60 |
Acreage | a | 0 | 0 |
Gross purchase price | $ 33,922 | $ 6,365 |
Gross debt | $ 0 | $ 0 |
Lakehills Plaza | ||
Business Acquisition [Line Items] | ||
GLA | ftĀ² | 76 | |
Date Acquired | Dec. 6, 2019 | |
Gross purchase price | $ 33,922 | |
Gross debt | $ 0 | |
Leasehold Interest (West Oaks) | ||
Business Acquisition [Line Items] | ||
GLA | ftĀ² | 60 | |
Date Acquired | Jan. 15, 2018 | |
Gross purchase price | $ 6,365 | |
Gross debt | $ 0 |
Property Acquisitions and Dis_4
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, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Land | $ 17,987 | $ 0 |
Buildings and improvements | 12,828 | 6,427 |
Lease origination costs | 3,235 | 633 |
Other liabilities | 0 | (353) |
Below market leases | (351) | (579) |
Net assets acquired | 33,922 | 6,365 |
Above market leases | ||
Business Acquisition [Line Items] | ||
Above market leases | $ 223 | $ 237 |
Property Acquisitions and Dis_5
Property Acquisitions and Dispositions - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Combinations [Abstract] | |
Total revenue from acquisitions included in consolidated statement of operations | $ 0.2 |
Net income from acquisitions included in consolidated statement of operations | $ 0 |
Property Acquisitions and Dis_6
Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Total consolidated income producing acquisitions - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Consolidated revenue | $ 236,533 | $ 263,254 |
Consolidated net income available to common shareholders | $ 85,377 | $ 11,529 |
Property Acquisitions and Dis_7
Property Acquisitions and Dispositions - Summary of Disposition Activity (Details) ftĀ² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ftĀ²aProperty | Dec. 31, 2018USD ($)ftĀ²a | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 76 | 60 |
Acreage | a | 0 | 0 |
Income producing property and land and outparcel disposition | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 1,326 | 1,389 |
Acreage | a | 1.1 | 12.4 |
Gross sales price | $ 313,375 | $ 125,100 |
Gain (loss) on Sale | $ 81,856 | $ 3,994 |
Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 1,326 | 1,389 |
Gross sales price | $ 312,500 | $ 121,576 |
Gain (loss) on Sale | $ 81,485 | $ 3,699 |
Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acreage | a | 1.1 | 12.4 |
Gross sales price | $ 875 | $ 3,524 |
Gain (loss) on Sale | $ 371 | $ 295 |
East Town Plaza | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 217 | |
Gross sales price | $ 13,500 | |
Gain (loss) on Sale | $ 1,169 | |
The Shoppes at Fox River | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 332 | |
Gross sales price | $ 55,000 | |
Gain (loss) on Sale | $ 4,533 | |
R2G Venture LLC - 5 Income Producing Properties | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of income producing properties | Property | 5 | |
GLA | ftĀ² | 777 | |
Gross sales price | $ 244,000 | |
Gain (loss) on Sale | $ 75,783 | |
Hartland - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acreage | a | 1.1 | |
Gross sales price | $ 875 | |
Gain (loss) on Sale | $ 371 | |
Harvest Junction North | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 191 | |
Gross sales price | $ 33,629 | |
Gain (loss) on Sale | $ 0 | |
Harvest Junction South | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 177 | |
Gross sales price | $ 26,097 | |
Gain (loss) on Sale | $ 58 | |
Jackson West | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 210 | |
Gross sales price | $ 12,750 | |
Gain (loss) on Sale | $ 3,641 | |
Crossroads Centre | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 344 | |
Gross sales price | $ 19,931 | |
Gain (loss) on Sale | $ 0 | |
Rossford Pointe | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 47 | |
Gross sales price | $ 4,169 | |
Gain (loss) on Sale | $ 0 | |
Jackson Crossing | Income Producing Property Dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 420 | |
Gross sales price | $ 25,000 | |
Gain (loss) on Sale | $ 0 | |
Harvest Junction North - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acreage | a | 3.2 | |
Gross sales price | $ 1,424 | |
Gain (loss) on Sale | $ 114 | |
Peachtree Hills - Outparcel | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acreage | a | 1.7 | |
Gross sales price | $ 650 | |
Gain (loss) on Sale | $ 0 | |
Theatre Parcel - Hartland Town Square | Consolidated / outparcel dispositions | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acreage | a | 7.5 | |
Gross sales price | $ 1,450 | |
Gain (loss) on Sale | $ 181 |
Impairment Provisions - Schedul
Impairment Provisions - Schedule of Provisions for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | $ 0 | $ 13,650 | $ 9,404 |
Land available for development | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | 0 | 216 | 982 |
Income producing properties marketed for sale | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment | $ 0 | $ 13,434 | $ 8,422 |
Equity Investments in Unconso_3
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details) | Dec. 10, 2019USD ($) | Dec. 31, 2019USD ($)joint_ventureProperty | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures without real estate properties | joint_venture | 3 | |||
Other gain on unconsolidated joint ventures | $ 237,000 | $ 5,208,000 | $ 0 | |
Joint Venture Three | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 30.00% | |||
Joint Venture Two | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 20.00% | |||
Joint Venture One | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 7.00% | |||
Joint Venture Four | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 51.50% | |||
R2G Venture LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of income producing properties | Property | 5 | |||
Contributed property value | $ 244,000,000 | |||
JV's gross gain on sale price or real estate property | $ 118,300,000 | |||
Forced sale rights period (in years) | 5 years | |||
R2G Venture LLC | GIC Private Limited | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership interest | 48.50% | |||
Committed capital | $ 200,000,000 | |||
Distribution of capital period (in years) | 3 years | |||
Equity method investment, potential future acquisitions | $ 412,400,000 |
Equity Investments in Unconso_4
Equity Investments in Unconsolidated Joint Ventures - Summary of Combined Financial Information of Unconsolidated Entities, Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Investment in real estate, net | $ 233,531 | $ 22,591 |
Other assets | 27,463 | 2,099 |
Total Assets | 260,994 | 24,690 |
LIABILITIES AND OWNERS' EQUITY | ||
Other liabilities | 15,943 | 525 |
Owners' equity | 245,051 | 24,165 |
Total Liabilities and Owners' Equity | 260,994 | 24,690 |
RPT's equity investments in unconsolidated joint ventures | $ 130,321 | $ 1,572 |
Equity Investments in Unconso_5
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Total revenue | $ 3,146 | $ 3,868 | $ 4,620 |
Total expenses | (2,238) | (2,671) | (3,067) |
Income before other income and expense | 908 | 1,197 | 1,553 |
Gain on sale of real estate | 5,494 | 1,024 | 0 |
Net income | 6,402 | 2,221 | 1,553 |
RPT's share of earnings from unconsolidated joint ventures | $ 581 | $ 589 | $ 273 |
Equity Investments in Unconso_6
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Acquisition Activity (Details) ftĀ² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ftĀ²Property | Dec. 31, 2018ftĀ² | |
Schedule of Equity Method Investments [Line Items] | ||
GLA | ftĀ² | 76 | 60 |
R2G Venture LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of income producing properties | Property | 5 | |
R2G Venture LLC | R2G Venture LLC - 5 Income Producing Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of income producing properties | Property | 5 | |
GLA | ftĀ² | 777 | |
Gross purchase price | $ | $ 244,000 | |
Gross assumed debt | $ | $ 0 |
Equity Investments in Unconso_7
Equity Investments in Unconsolidated Joint Ventures - 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, 2019 | Dec. 10, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Land | $ 17,987 | $ 0 | |
Buildings and improvements | 12,828 | 6,427 | |
Lease origination costs | 3,235 | 633 | |
Below market leases | (351) | (579) | |
Net assets acquired | $ 33,922 | $ 6,365 | |
Unconsolidated joint ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Land | $ 78,019 | ||
Buildings and improvements | 155,924 | ||
Above market leases | 2,326 | ||
Lease origination costs | 22,776 | ||
Below market leases | (15,045) | ||
Net assets acquired | $ 244,000 |
Equity Investments in Unconso_8
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Disposition Activity (Details) ftĀ² in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)ftĀ² | Dec. 31, 2018USD ($)ftĀ² | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 76 | 60 |
Other Joint Ventures One | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
JV's gross sale price of real estate property | $ 2,030 | $ 6,600 |
JV's gross gain on sale price or real estate property | $ 385 | $ 307 |
Other Joint Ventures One | Unconsolidated joint ventures | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 140 | 330 |
JV's gross sale price of real estate property | $ 29,000 | $ 22,000 |
JV's gross gain on sale price or real estate property | $ 5,494 | $ 1,024 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other Joint Ventures One | Unconsolidated joint ventures | Martin Square | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 330 | |
Ownership % | 30.00% | |
JV's gross sale price of real estate property | $ 22,000 | |
JV's gross gain on sale price or real estate property | $ 1,024 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Other Joint Ventures One | Unconsolidated joint ventures | Nora Plaza | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
GLA | ftĀ² | 140 | |
Ownership % | 7.00% | |
JV's gross sale price of real estate property | $ 29,000 | |
JV's gross gain on sale price or real estate property | $ 5,494 |
Equity Investments in Unconso_9
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | $ 58,098 | $ 58,921 | $ 57,361 | $ 59,708 | $ 63,720 | $ 64,217 | $ 69,967 | $ 62,718 | $ 234,088 | $ 260,622 | $ 265,082 |
Management and other fee income | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | 230 | 254 | 455 | ||||||||
Unconsolidated Joint Ventures | Management and other fee income | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | 230 | 254 | 455 | ||||||||
Unconsolidated Joint Ventures | Management fees | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | 137 | 159 | 276 | ||||||||
Unconsolidated Joint Ventures | Leasing fees | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | 2 | 40 | 146 | ||||||||
Unconsolidated Joint Ventures | Acquisition/disposition fees | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | 67 | 55 | 33 | ||||||||
Unconsolidated Joint Ventures | Construction fees | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
TOTAL REVENUE | $ 24 | $ 0 | $ 0 |
Other Assets, Net and Acquire_3
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing costs, net | $ 30,442 | $ 36,385 |
Deferred financing costs on unsecured revolving credit facility, net | 2,659 | 1,966 |
Acquired development agreements | 18,017 | 19,061 |
Ground leasehold intangible | 0 | 2,148 |
Other, net | 9,031 | 3,249 |
Total amortizable other assets | 60,149 | 62,809 |
Straight-line rent receivable, net | 19,605 | 21,225 |
Goodwill | 2,089 | 2,089 |
Cash flow hedge mark-to-market asset | 2,331 | 4,115 |
Prepaid and other deferred expenses, net | 2,662 | 2,874 |
Other assets, net | $ 86,836 | $ 93,112 |
Other Assets, Net and Acquire_4
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Other Assets - Footnotes (Details) $ in Millions | Dec. 31, 2019USD ($)Property |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Public improvement fee | $ 13.7 |
Real estate tax exemption | $ 4.3 |
Real estate tax exemption, number of properties | Property | 2 |
Other Assets, Net and Acquire_5
Other Assets, Net and Acquired Lease Intangible Assets, Net - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Straight-line rent receivables | $ 1,800 | $ 2,300 | |
Remaining weighted-average amortization period | 10 years 7 months 6 days | ||
Amortization of intangible assets | $ 800 | $ 1,600 | $ 2,000 |
Other assets and acquired lease intangibles, net, subject to amortization | $ 94,427 |
Other Assets, Net and Acquire_6
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Acquired Lease Intangible Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 71,397 | $ 86,872 |
Accumulated amortization | (37,119) | (42,440) |
Acquired lease intangibles, net | 34,278 | 44,432 |
Lease originations costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | 66,557 | 79,890 |
Above market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets | $ 4,840 | $ 6,982 |
Other Assets, Net and Acquire_7
Other Assets, Net and Acquired Lease Intangible Assets, Net - Schedule of Estimated Aggregate Amortization Expense Related to Other Assets (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Amortization Expense of Other Assets, Fiscal Year Maturity [Abstract] | |
2020 | $ 14,983 |
2021 | 12,975 |
2022 | 10,562 |
2023 | 9,722 |
2024 | 6,822 |
Thereafter | 39,363 |
Total | $ 94,427 |
Debt - Summary of Mortgages, No
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Senior unsecured notes | $ 535,000 | $ 610,000 |
Unsecured term loan facilities | 310,000 | 210,000 |
Fixed rate mortgages | 87,581 | 115,134 |
Unsecured revolving credit facility | 0 | 0 |
Junior subordinated notes | 0 | 28,125 |
Subtotal debt | 932,581 | 963,259 |
Unamortized premium | 1,995 | 2,948 |
Unamortized deferred financing costs | (3,768) | (3,058) |
Total | 930,808 | 963,149 |
Finance lease obligation | $ 926 | |
Finance lease obligation | $ 975 |
Debt - Additional Information (
Debt - Additional Information (Details) | Dec. 31, 2019USD ($) | Dec. 27, 2019USD ($) | Nov. 06, 2019USD ($)trancheextension_option | Apr. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 30, 2019 |
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes | $ 932,581,000 | $ 932,581,000 | $ 963,259,000 | |||||
Write off of unamortized deferred financing costs | $ 100,000 | |||||||
Prepayments penalty | 1,401,000 | 134,000 | $ 0 | |||||
Finance ground lease, gross carrying value | 13,200,000 | 13,200,000 | ||||||
Finance ground lease, amount expensed as interest | 51,000 | 53,000 | 55,000 | |||||
Capital ground lease, amount expensed as interest | 100,000 | $ 100,000 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 0 | 0 | ||||||
Letters of credit outstanding | 200,000 | 200,000 | ||||||
Unsecured revolving credit facility, remaining borrowing capacity | 349,800,000 | $ 349,800,000 | ||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.10% | |||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes | $ 535,000,000 | $ 535,000,000 | $ 610,000,000 | |||||
Line of Credit | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 2.80% | 2.80% | 3.81% | |||||
Maximum borrowing capacity | $ 350,000,000 | |||||||
Extension term | 1 year | |||||||
Number of extension options | extension_option | 2 | |||||||
Extension option | 6 months | |||||||
Extension fee | 0.075% | |||||||
Fixed interest rate | 2.80% | 2.80% | 3.81% | |||||
Unsecured Debt | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes | $ 310,000,000 | $ 310,000,000 | $ 210,000,000 | |||||
Maximum borrowing capacity | $ 310,000,000 | |||||||
Debt instrument, number of maturity tranches | tranche | 5 | |||||||
Increased borrowing capacity limit | $ 340,000,000 | |||||||
Higher borrowing capacity option | $ 1,000,000,000 | |||||||
Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes | 87,581,000 | 87,581,000 | $ 115,134,000 | |||||
Fixed Rate Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, collateral amount | $ 151,400,000 | $ 151,400,000 | ||||||
Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off of unamortized deferred financing costs | $ 600,000 | |||||||
Repayments of subordinated debt | $ 28,600,000 | |||||||
Junior Subordinated Notes | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility spread above LIBOR (as a percentage) | 3.30% | |||||||
Minimum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.05% | |||||||
Minimum | Unsecured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.20% | |||||||
Maximum | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility spread above LIBOR (as a percentage) | 1.50% | |||||||
Maximum | Unsecured Debt | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility spread above LIBOR (as a percentage) | 2.20% | |||||||
Senior unsecured notes - 4.16% due 2024 and 4.30% due 2026 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 100,000,000 | |||||||
Senior unsecrued notes - 4.16% due 2024 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 50,000,000 | |||||||
Stated interest rate | 0.00% | 4.16% | 0.00% | 4.16% | ||||
Senior unsecured notes | $ 0 | $ 0 | $ 50,000,000 | |||||
Fixed interest rate | 0.00% | 4.16% | 0.00% | 4.16% | ||||
Senior unsecured notes - 4.30% due 2026 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 50,000,000 | |||||||
Stated interest rate | 0.00% | 4.30% | 0.00% | 4.30% | ||||
Senior unsecured notes | $ 0 | $ 0 | $ 50,000,000 | |||||
Fixed interest rate | 0.00% | 4.30% | 0.00% | 4.30% | ||||
Senior unsecured notes - 4.15% due 2029 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 50,000,000 | |||||||
Stated interest rate | 4.15% | 4.15% | 4.15% | 0.00% | ||||
Senior unsecured notes | $ 50,000,000 | $ 50,000,000 | $ 0 | |||||
Fixed interest rate | 4.15% | 4.15% | 4.15% | 0.00% | ||||
Senior unsecured notes - 4.13% due 2022 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 26,400,000 | $ 25,000,000 | ||||||
Stated interest rate | 0.00% | 0.00% | 4.13% | |||||
Senior unsecured notes | $ 0 | $ 0 | $ 25,000,000 | |||||
Write off of unamortized deferred financing costs | 100,000 | |||||||
Prepayments penalty | 1,400,000 | |||||||
Fixed interest rate | 0.00% | 0.00% | 4.13% | |||||
West Oaks II and Spring Meadows Place | Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 24,200,000 | $ 24,900,000 | ||||||
Stated interest rate | 0.00% | 6.50% | 0.00% | 6.50% | 6.50% | |||
Senior unsecured notes | $ 0 | $ 0 | $ 25,804,000 | |||||
Fixed interest rate | 0.00% | 6.50% | 0.00% | 6.50% | 6.50% | |||
Unsecured Term Loan Due 2020 | Unsecured Debt | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 75,000,000 | |||||||
Stated interest rate | 0.00% | 0.00% | 2.99% | |||||
Senior unsecured notes | $ 0 | 75,000,000 | $ 0 | |||||
Fixed interest rate | 0.00% | 0.00% | 2.99% | |||||
Unsecured Term Loan Due 2021 | Unsecured Debt | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | 75,000,000 | |||||||
Stated interest rate | 0.00% | 0.00% | 2.84% | |||||
Senior unsecured notes | $ 0 | 75,000,000 | $ 0 | |||||
Fixed interest rate | 0.00% | 0.00% | 2.84% | |||||
Unsecured Term Loans Due 2020 And 2021 | Unsecured Debt | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured notes | 150,000,000 | |||||||
Write off of unamortized deferred financing costs | $ 300,000 |
Debt - Senior Unsecured Notes (
Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 27, 2019 | Nov. 06, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 932,581 | $ 963,259 | ||
Total | 930,808 | 963,149 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | 535,000 | 610,000 | ||
Unamortized deferred financing costs | (1,460) | (1,546) | ||
Total | $ 533,540 | $ 608,454 | ||
Weighted average interest rate | 4.20% | 4.21% | ||
Senior Notes | Senior unsecured notes - 3.75% due 2021 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 37,000 | $ 37,000 | ||
Stated interest rate | 3.75% | 3.75% | ||
Senior Notes | Senior unsecured notes - 4.13% due 2022 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 0 | $ 25,000 | ||
Stated interest rate | 0.00% | 4.13% | ||
Senior Notes | Senior unsecured notes - 4.12% due 2023 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 41,500 | $ 41,500 | ||
Stated interest rate | 4.12% | 4.12% | ||
Senior Notes | Senior unsecured notes - 4.65% due 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 50,000 | $ 50,000 | ||
Stated interest rate | 4.65% | 4.65% | ||
Senior Notes | Senior unsecrued notes - 4.16% due 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 0 | $ 50,000 | ||
Stated interest rate | 0.00% | 4.16% | 4.16% | |
Senior Notes | Senior unsecured notes - 4.05% due 2024 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 25,000 | $ 25,000 | ||
Stated interest rate | 4.05% | 4.05% | ||
Senior Notes | Senior unsecured notes - 4.27% due 2025 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 31,500 | $ 31,500 | ||
Stated interest rate | 4.27% | 4.27% | ||
Senior Notes | Senior unsecured notes - 4.20% due 2025 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 50,000 | $ 50,000 | ||
Stated interest rate | 4.20% | 4.20% | ||
Senior Notes | Senior unsecured notes - 4.09% due 2025 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 50,000 | $ 50,000 | ||
Stated interest rate | 4.09% | 4.09% | ||
Senior Notes | Senior unsecured notes - 4.74% due 2026 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 50,000 | $ 50,000 | ||
Stated interest rate | 4.74% | 4.74% | ||
Senior Notes | Senior unsecured notes - 4.30% due 2026 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 0 | $ 50,000 | ||
Stated interest rate | 0.00% | 4.30% | 4.30% | |
Senior Notes | Senior unsecured notes - 4.28% due 2026 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 25,000 | $ 25,000 | ||
Stated interest rate | 4.28% | 4.28% | ||
Senior Notes | Senior unsecured notes - 4.57% due 2027 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 30,000 | $ 30,000 | ||
Stated interest rate | 4.57% | 4.57% | ||
Senior Notes | Senior unsecured notes - 3.64% due 2028 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 75,000 | $ 75,000 | ||
Stated interest rate | 3.64% | 3.64% | ||
Senior Notes | Senior unsecured notes - 4.72% due 2029 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 20,000 | $ 20,000 | ||
Stated interest rate | 4.72% | 4.72% | ||
Senior Notes | Senior unsecured notes - 4.15% due 2029 | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 50,000 | $ 0 | ||
Stated interest rate | 4.15% | 4.15% | 0.00% |
Debt - Unsecured Term Loan Secu
Debt - Unsecured Term Loan Securities and Revolving Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Nov. 06, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 932,581 | $ 963,259 | |
Total | 930,808 | 963,149 | |
Unsecured revolving credit facility | 0 | 0 | |
Revolving Credit Facility | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | 310,000 | 210,000 | |
Unamortized deferred financing costs | (2,308) | (808) | |
Total | $ 307,692 | $ 209,192 | |
Weighted average interest rate | 3.06% | 3.06% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2020 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 0 | $ 75,000 | |
Stated interest rate | 0.00% | 2.99% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2021 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 0 | $ 75,000 | |
Stated interest rate | 0.00% | 2.84% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2023 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 60,000 | $ 60,000 | |
Stated interest rate | 2.97% | 3.42% | |
Percentage bearing fixed interest | 1.77% | ||
Revolving credit facility spread above LIBOR (as a percentage) | 1.20% | ||
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2024 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 50,000 | $ 0 | |
Stated interest rate | 2.91% | 0.00% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2025 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 50,000 | $ 0 | |
Stated interest rate | 2.66% | 0.00% | |
Percentage bearing fixed interest | 1.46% | ||
Revolving credit facility spread above LIBOR (as a percentage) | 1.20% | ||
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2026 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 50,000 | $ 0 | |
Stated interest rate | 3.31% | 0.00% | |
Revolving Credit Facility | Unsecured Debt | Unsecured Term Loan Due 2027 | |||
Debt Instrument [Line Items] | |||
Senior unsecured notes and unsecured term loans | $ 100,000 | $ 0 | |
Stated interest rate | 3.25% | 0.00% | |
Percentage bearing fixed interest | 1.65% | ||
Revolving credit facility spread above LIBOR (as a percentage) | 1.60% | ||
Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Unsecured revolving credit facility | $ 0 | $ 0 | |
Stated interest rate | 2.80% | 3.81% |
Debt - Mortgages (Details)
Debt - Mortgages (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 30, 2019 | Dec. 27, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 932,581 | $ 963,259 | ||
Unamortized mortgage premium | 1,995 | 2,948 | ||
Unamortized deferred financing costs | (3,768) | (3,058) | ||
Total | 930,808 | 963,149 | ||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | 87,581 | 115,134 | ||
Unamortized mortgage premium | 1,995 | 2,948 | ||
Unamortized deferred financing costs | 0 | (73) | ||
Total | $ 89,576 | $ 118,009 | ||
Weighted average interest rate | 5.07% | 5.40% | ||
Mortgages | West Oaks II and Spring Meadows Place | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 0 | $ 25,804 | ||
Stated interest rate | 0.00% | 6.50% | 6.50% | 6.50% |
Mortgages | Bridgewater Falls Shopping Center | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 53,423 | $ 54,514 | ||
Stated interest rate | 5.70% | 5.70% | ||
Mortgages | The Shops on Lane Avenue | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 28,650 | $ 28,650 | ||
Stated interest rate | 3.76% | 3.76% | ||
Mortgages | Nagawaukee II | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 5,508 | $ 6,166 | ||
Stated interest rate | 5.80% | 5.80% |
Debt - Schedule of Principal Pa
Debt - Schedule of Principal Payments on Mortgages, Notes Payable, and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Principal Payments | ||
2020 | $ 2,326 | |
2021 | 39,508 | |
2022 | 52,397 | |
2023 | 129,388 | |
2024 | 125,879 | |
Thereafter | 583,083 | |
Subtotal debt | 932,581 | $ 963,259 |
Unamortized mortgage premium | 1,995 | 2,948 |
Unamortized deferred financing costs | (3,768) | (3,058) |
Total | 930,808 | $ 963,149 |
Finance Lease | ||
2020 | 100 | |
2021 | 100 | |
2022 | 100 | |
2023 | 100 | |
2024 | 100 | |
Thereafter | 800 | |
Total lease payments | 1,300 | |
Less imputed interest | (374) | |
Finance lease liability | $ 926 |
Acquired Lease Intangible Lia_2
Acquired Lease Intangible Liabilities, Net - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)acquisition | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Other Liabilities Disclosure [Abstract] | |||
Acquired lease intangibles, net | $ 38,898 | $ 48,647 | |
Increase in revenue, accretion of below market leases | $ 7,600 | $ 11,400 | $ 6,400 |
Number of acquisitions | acquisition | 1 | ||
Acquired below-market lease intangible assets | $ 400 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | $ 2,331 | $ 4,115 |
Derivative liabilities - interest rate swaps | (469) | 0 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 2,331 | 4,115 |
Derivative liabilities - interest rate swaps | (469) | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Derivative liabilities - interest rate swaps | $ 0 | $ 0 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | $ 930,808 | $ 963,149 |
Fixed Rate Mortgages | ||
Fair Value Measurements [Line Items] | ||
Long term debt, carrying value | 832,600 | 935,100 |
Long term debt, fair value | 848,200 | 928,200 |
Floating Rate Debt | ||
Fair Value Measurements [Line Items] | ||
Long term debt, fair value | $ 100,000 | $ 28,100 |
Fair Value - Recorded Amount _2
Fair Value - Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Impairment | $ (13,650) |
Income producing properties | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Impairment | (13,434) |
Land available for sale | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Impairment | (216) |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 85,795 |
Fair Value, Measurements, Nonrecurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 85,795 |
Fair Value, Measurements, Nonrecurring | Income producing properties | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 85,185 |
Fair Value, Measurements, Nonrecurring | Income producing properties | Level 1 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 0 |
Fair Value, Measurements, Nonrecurring | Income producing properties | Level 2 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 0 |
Fair Value, Measurements, Nonrecurring | Income producing properties | Level 3 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 85,185 |
Fair Value, Measurements, Nonrecurring | Land available for sale | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 610 |
Fair Value, Measurements, Nonrecurring | Land available for sale | Level 1 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 0 |
Fair Value, Measurements, Nonrecurring | Land available for sale | Level 2 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | 0 |
Fair Value, Measurements, Nonrecurring | Land available for sale | Level 3 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |
Total Fair Value | $ 610 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - Interest Rate Contract | Dec. 31, 2019USD ($)Instrument | Aug. 31, 2019USD ($)numberOfInstruments |
Derivative [Line Items] | ||
Number of interest rate swap agreements | 7 | 5 |
Aggregate notional amount | $ 210,000,000 | $ 150,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative assets, fair value | $ 2,331,000 | $ 4,115,000 |
Derivative liabilities, at fair value | (469,000) | 0 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap1 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | 125,000,000 | |
Derivative assets, fair value | 133,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative asset, notional value | 275,000,000 | 210,000,000 |
Derivative assets, fair value | 2,331,000 | 4,115,000 |
Derivative liability, notional amount | 85,000,000 | |
Derivative liabilities, at fair value | (469,000) | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 42,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 21,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 18,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 52,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.310% Swap Rate, Expiration Date 01/2025 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 25,000,000 | |
Fixed rate | 1.31% | |
Derivative assets, fair value | $ 311,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.324% Swap Rate, Expiration Date 01/2025 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 25,000,000 | |
Fixed rate | 1.324% | |
Derivative assets, fair value | $ 297,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.382% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 50,000,000 | |
Fixed rate | 1.382% | |
Derivative assets, fair value | $ 797,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.398% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 25,000,000 | |
Fixed rate | 1.398% | |
Derivative assets, fair value | $ 381,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.402% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 25,000,000 | |
Fixed rate | 1.402% | |
Derivative assets, fair value | $ 412,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 2.150% Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Fixed rate | 2.15% | |
Derivative liability, notional amount | $ 15,000,000 | |
Derivative liabilities, at fair value | $ (26,000) | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 2.150% Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Fixed rate | 2.15% | |
Derivative liability, notional amount | $ 10,000,000 | |
Derivative liabilities, at fair value | $ (17,000) | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.770% Swap Rate, Expiration Date 03/2023 | ||
Derivative [Line Items] | ||
Fixed rate | 1.77% | |
Derivative liability, notional amount | $ 60,000,000 | |
Derivative liabilities, at fair value | $ (426,000) | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 2.150% Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 15,000,000 | |
Fixed rate | 2.15% | |
Derivative assets, fair value | $ 77,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 2.150% Swap Rate, Expiration Date 05/2020 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 10,000,000 | |
Fixed rate | 2.15% | |
Derivative assets, fair value | $ 51,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 726,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 449,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 340,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | 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 | $ 914,000 | |
Designated as Hedging Instrument | Cash Flow Hedging | Unsecured term loan facility with: 1.770% Swap Rate, Expiration Date 03/2023 | ||
Derivative [Line Items] | ||
Derivative asset, notional value | $ 60,000,000 | |
Fixed rate | 1.77% | |
Derivative assets, fair value | $ 1,558,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative | $ (3,570) | |
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 606 | |
Interest rate contracts - assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative | (2,950) | |
Amount of Gain (Loss) Recognized in OCI on Derivative | 360 | |
Interest rate contracts - liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI on Derivative | (620) | |
Amount of Gain (Loss) Recognized in OCI on Derivative | 246 | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 1,317 | 584 |
Reclassification out of Accumulated Other Comprehensive Income | Interest rate contracts - assets | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 1,166 | 623 |
Reclassification out of Accumulated Other Comprehensive Income | Interest rate contracts - liabilities | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ 151 | $ (39) |
Leases - Future Minimum Revenue
Leases - Future Minimum Revenue From Rentals Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Rent on Operating Leases | ||
2020 | $ 156,247 | |
2021 | 140,599 | |
2022 | 118,922 | |
2023 | 98,236 | |
2024 | 79,631 | |
Thereafter | 261,228 | |
Total | 854,863 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
2019 | $ 165,132 | |
2020 | 152,065 | |
2021 | 132,928 | |
2022 | 110,472 | |
2023 | 89,124 | |
Thereafter | 286,226 | |
Total | $ 935,947 | |
Variable lease payment | $ 51,300 | |
Shopping centers | ||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||
Aggregate portfolio, percent leased | 94.70% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Finance lease cost | $ 51 | $ 53 | $ 55 |
Non-recoverable operating expense | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 1,162 | 1,162 | 1,162 |
General and administrative expense | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 859 | $ 733 | $ 616 |
New York | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, renewal term | 5 years | ||
Michigan | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, operating lease, renewal term | 5 years | ||
Lessee, operating lease, number of renewal options | option | 2 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) $ in Thousands | Dec. 31, 2019USD ($) |
ASSETS | |
Operating lease assets | $ 19,222 |
Finance lease asset | 13,249 |
Total leased assets | 32,471 |
LIABILITIES | |
Operating lease liabilities | 18,181 |
Finance lease liability | 926 |
Total lease liabilities | $ 19,107 |
Weighted Average Remaining Lease Terms | |
Operating leases | 70 years |
Finance lease | 13 years |
Weighted Average Incremental Borrowing Rate | |
Operating leases | 6.06% |
Finance lease | 5.23% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 1,677 |
Operating cash flows from finance lease | 51 |
Financing cash flows from finance lease | $ 49 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 1,456 |
2021 | 1,469 |
2022 | 1,482 |
2023 | 1,495 |
2024 | 1,118 |
Thereafter | 95,478 |
Total lease payments | 102,498 |
Less imputed interest | (84,317) |
Operating lease liabilities | 18,181 |
Finance Lease | |
2020 | 100 |
2021 | 100 |
2022 | 100 |
2023 | 100 |
2024 | 100 |
Thereafter | 800 |
Total lease payments | 1,300 |
Less imputed interest | (374) |
Finance lease liability | $ 926 |
Leases - Future Rental Payments
Leases - Future Rental Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 1,631 |
2020 | 1,243 |
2021 | 1,252 |
2022 | 1,262 |
2023 | 1,272 |
Thereafter | 94,463 |
Total | $ 101,123 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 93,686 | $ 18,036 | $ 70,719 | ||||||||
Net (income) attributable to noncontrolling interest | (2,175) | (417) | (1,659) | ||||||||
Preferred share dividends | (6,701) | (6,701) | (6,701) | ||||||||
Allocation of income to restricted share awards | (533) | (460) | (429) | ||||||||
Net income available to common shareholders | $ 84,277 | $ 10,458 | $ 61,930 | ||||||||
Weighted average shares outstanding, Basic (in shares) | 79,802 | 79,592 | 79,344 | ||||||||
Earnings per common share, Basic (in dollars per share) | $ 0.89 | $ 0.05 | $ 0.01 | $ 0.11 | $ (0.07) | $ 0.10 | $ 0.03 | $ 0.07 | $ 1.06 | $ 0.13 | $ 0.78 |
Earnings per Common Share - C_2
Earnings per Common Share - Computation of Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 93,686 | $ 18,036 | $ 70,719 | ||||||||
Net (income) attributable to noncontrolling interest | (2,175) | (417) | (1,659) | ||||||||
Preferred share dividends and conversion costs | 0 | (6,701) | (6,701) | ||||||||
Allocation of income to restricted share awards | (533) | (460) | (429) | ||||||||
Net income available to common shareholders | $ 90,978 | $ 10,458 | $ 61,930 | ||||||||
Weighted average shares outstanding, Basic (in shares) | 79,802 | 79,592 | 79,344 | ||||||||
Restricted share awards using the treasury method (in shares) | 939 | 496 | 186 | ||||||||
Dilutive effect of securities | 6,981 | 0 | 0 | ||||||||
Weighted average shares outstanding, Diluted (in shares) | 87,722 | 80,088 | 79,530 | ||||||||
Earnings per common share, Diluted (in dollars per share) | $ 0.83 | $ 0.05 | $ 0.01 | $ 0.11 | $ (0.07) | $ 0.10 | $ 0.03 | $ 0.07 | $ 1.04 | $ 0.13 | $ 0.78 |
Earnings per Common Share - C_3
Earnings per Common Share - Computation of Diluted Earnings Per Share Convertible (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued | 1,909 | 3,758 | 3,863 |
Converted | 1,909 | 8,767 | 8,656 |
Operating Partnership Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued | 1,909 | 1,909 | 1,916 |
Converted | 1,909 | 1,909 | 1,916 |
Series D Preferred Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued | 0 | 1,849 | 1,849 |
Converted | 0 | 6,858 | 6,740 |
Performance Share Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Issued | 0 | 0 | 98 |
Converted | 0 | 0 | 0 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2016 | |
Stockholders Equity Note [Line Items] | ||||
Shares authorized to be issued under distribution agreement (in shares) | 8,000,000 | |||
Noncontrolling interest, exchange ratio for Company common stock | 1 | |||
Conversion and redemption of operating partnership units in shares | $ 0 | $ 97 | $ 11 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Series D Preferred Shares | ||||
Stockholders Equity Note [Line Items] | ||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | 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 | |
Preferred shares, par value (in dollars per share) | 0.01 | 0.01 | 0.01 | |
Common share conversion rate (in dollars per share) | $ 13.24 | $ 13.48 | $ 13.71 | |
Convertible preferred stock to be issued upon conversion (in shares) | 7,000,000 | 6,900,000 | 6,700,000 | |
Noncontrolling Interest | ||||
Stockholders Equity Note [Line Items] | ||||
Cumulative convertible perpetual preferred shares, shares issued (in shares) | 1,909,018 | 1,909,018 | 1,916,403 | |
Conversion of units for cash (in units) | 0 | 7,385 | 926 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Dividends Declared and Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Common shares dividends declared (in dollars per share) | $ 0.880 | $ 0.880 | $ 0.880 |
Common shares dividends paid (in dollars per share) | 0.880 | 0.880 | 0.880 |
Preferred shares dividends declared (in dollars per share) | 3.625 | 3.625 | 3.625 |
Preferred shares dividends paid (in dollars per share) | $ 3.625 | $ 3.625 | $ 3.625 |
Shareholders' Equity - Summar_2
Shareholders' Equity - Summary of Dividends Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.880 | $ 0.880 | $ 0.720 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 3.625 | 3.482 | 2.862 |
Ordinary dividend | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.250 | 0.214 | 0.686 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 1.448 | 3.482 | 2.725 |
Capital gain distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | 0.376 | 0 | 0.034 |
Preferred shares dividends paid for income tax purposes (in dollars per share) | 2.177 | 0 | 0.137 |
Non-dividend distribution | |||
Dividends Payable [Line Items] | |||
Common shares dividends declared for income tax purposes (in dollars per share) | $ 0.254 | $ 0.666 | $ 0 |
Series D Preferred Shares | |||
Dividends Payable [Line Items] | |||
Cumulative convertible perpetual preferred shares, dividend rate percentage | 7.25% | 7.25% | 7.25% |
Share-Based Compensation and _3
Share-Based Compensation and Other Benefit Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)planshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share-based compensation plans | plan | 2 | ||
Share-based compensation expense | $ | $ 6.5 | $ 6.7 | $ 4.4 |
Expense related to restricted share grants | $ | $ 3.5 | 4.7 | 2.7 |
Performance-based liability awards, measurement period (in years) | 3 years | ||
Compensation expense (benefit) related to cash based award grant | $ | $ 1.1 | 0.9 | 1.5 |
Total unrecognized compensation expense | $ | $ 6.1 | ||
Total unrecognized compensation expense, weighted average period of recognition | 1 year 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 (in shares) | 0 | 0 | 0 |
Omnibus Long-Term Incentive Plan, 2012 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 3,500,000 | ||
Number of shares terminated (in shares) | 238,210 | ||
Inducement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares terminated (in shares) | 145,952 | ||
Omnibus Long-Term Incentive Plan, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for issuance (in shares) | 3,400,000 | ||
Number of shares terminated (in shares) | 65,481 | ||
Inducement Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 6,000,000 | ||
Number of shares available for issuance (in shares) | 5,400,000 | ||
Trustee Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period | 1 year | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ | $ 1.9 | $ 1.1 | $ 0.2 |
Minimum | Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period | 3 years | ||
Maximum | Service And Performancebased Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock awards vesting period | 5 years |
Share-Based Compensation and _4
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Outstanding at the beginning of the year (in shares) | 354,029 | 412,195 | 327,543 |
Granted (in shares) | 272,711 | 492,871 | 210,895 |
Vested (in shares) | (174,343) | (478,863) | (119,134) |
Forfeited or expired (in shares) | (2,754) | (72,174) | (7,109) |
Outstanding at the end of the year (in shares) | 449,643 | 354,029 | 412,195 |
Weighted- Average Grant Date Fair Value | |||
Outstanding at the beginning of the year (in dollars per share) | $ 13.05 | $ 15.58 | $ 17.02 |
Granted (in dollars per share) | 12.10 | 12.99 | 14.22 |
Vested (in dollars per share) | 13.04 | 13.57 | 16.66 |
Forfeited or expired (in dollars per share) | 13.16 | 13.96 | 14.75 |
Outstanding at the beginning of the year (in dollars per share) | $ 12.40 | $ 13.05 | $ 15.58 |
Share-Based Compensation Plans
Share-Based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 15.04 | $ 11.95 | |
Expected dividend rate | 5.90% | 7.40% | |
Expected stock price volatility | 22.60% | 24.90% | |
Risk-free interest rate | 1.60% | 2.60% | |
Expected life (in years) | 2 years | 1 year | |
Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 12.05 | $ 14.72 | |
Expected dividend rate | 7.30% | 6.00% | |
Expected stock price volatility | 22.90% | 18.20% | |
Expected stock price volatility, minimum | 21.50% | ||
Expected stock price volatility, maximum | 21.80% | ||
Risk-free interest rate | 2.50% | 1.60% | |
Risk-free interest rate, minimum | 2.30% | ||
Risk-free interest rate, maximum | 2.70% | ||
Expected life (in years) | 2 years 10 months 6 days | 2 years 9 months 25 days | |
Minimum | Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 11.89 | ||
Expected dividend rate | 6.70% | ||
Expected life (in years) | 2 years 4 months 24 days | ||
Maximum | Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price ( in dollars per share) | $ 13.09 | ||
Expected dividend rate | 7.40% | ||
Expected life (in years) | 2 years 10 months 6 days |
Share-Based Compensation and _5
Share-Based Compensation and Other Benefit Plans - Stock Option Activity for All Plans (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares Under Option | |||
Outstanding at the beginning of the year (in shares) | 0 | 0 | 57,140 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | 0 | 0 |
Forfeited or expired (in shares) | 0 | 0 | (57,140) |
Outstanding at the end of the year (in shares) | 0 | 0 | 0 |
Exercisable at the end of year (in shares) | 0 | 0 | 0 |
Weighted-Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 0 | $ 0 | $ 34.69 |
Granted (in dollars per share) | 0 | 0 | 0 |
Exercised (in dollars per share) | 0 | 0 | 0 |
Forfeited or expired (in dollars per share) | 0 | 0 | 34.69 |
Outstanding at the end of the year (in dollars per share) | 0 | 0 | 0 |
Exercisable at the end of year (in dollars per share) | $ 0 | $ 0 | $ 0 |
Taxes - Additional Information
Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal and state deferred tax asset | $ 7,500,000 | ||
Federal and state deferred tax asset, valuation allowance | 7,500,000 | ||
Increase in valuation allowance for federal and state deferred tax asset | $ 100,000 | ||
Income tax provision | 179,000 | 198,000 | $ 143,000 |
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, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction costs related to development and expansion | $ 6.5 |
Contractual Obligation | 2.2 |
Special assessment bond | $ 12.2 |
Bond Financing Agreement, Amortization Period | 20 years |
Debt service payments | $ 9.1 |
Reorganization (Details)
Reorganization (Details) - One-time Termination Benefits - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | $ 0.8 | |
Management | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | $ 0.6 | $ 7.5 |
Subsequent Events (Details)
Subsequent Events (Details) - Interest Rate Swap - Subsequent Event | Feb. 03, 2020USD ($)Instrument |
Subsequent Event [Line Items] | |
Number of interest rate swap agreements | Instrument | 4 |
Aggregate notional amount | $ | $ 100,000,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 58,098 | $ 58,921 | $ 57,361 | $ 59,708 | $ 63,720 | $ 64,217 | $ 69,967 | $ 62,718 | $ 234,088 | $ 260,622 | $ 265,082 |
Operating income | 10,275 | 14,888 | 13,429 | 15,430 | 3,436 | 16,240 | 14,829 | 17,755 | 54,022 | 52,260 | 63,399 |
Net income attributable to RPT | 72,730 | 5,445 | 2,893 | 10,443 | (4,094) | 10,125 | 4,302 | 7,286 | 91,511 | 17,619 | 69,060 |
Net income available to common shareholders | $ 71,055 | $ 3,769 | $ 1,218 | $ 8,768 | $ (5,769) | $ 8,449 | $ 2,627 | $ 5,611 | $ 84,810 | $ 10,918 | $ 62,359 |
Earnings per common share, Basic (in dollars per share) | $ 0.89 | $ 0.05 | $ 0.01 | $ 0.11 | $ (0.07) | $ 0.10 | $ 0.03 | $ 0.07 | $ 1.06 | $ 0.13 | $ 0.78 |
Earnings per common share, Diluted (in dollars per share) | $ 0.83 | $ 0.05 | $ 0.01 | $ 0.11 | $ (0.07) | $ 0.10 | $ 0.03 | $ 0.07 | $ 1.04 | $ 0.13 | $ 0.78 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Doubtful Accounts | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | $ 1,037 | $ 858 | $ 1,374 | $ 1,861 |
Charged to Costs and Expenses | 625 | 57 | 298 | |
Charged to Other Accounts | (446) | (573) | (929) | |
Deductions | 0 | 0 | 144 | |
Balance at End of Year | 1,037 | 858 | 1,374 | |
Straight Line Rent Reserve | ||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at Beginning of Year | 1,825 | 2,323 | 2,667 | $ 3,245 |
Charged to Costs and Expenses | (492) | (337) | (500) | |
Charged to Other Accounts | (6) | (7) | (67) | |
Deductions | 0 | 0 | (11) | |
Balance at End of Year | $ 1,825 | $ 2,323 | $ 2,667 |
Schedule III - Summary of Rea_2
Schedule III - Summary of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 87,581 | |||
Initial Cost to Company, Land | 361,216 | |||
Initial Cost to Company, Building & Improvements | 1,184,296 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 314,870 | |||
Gross Amounts at which Carried at Close of Period, Land | 353,227 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 1,507,155 | |||
Gross Amounts at which Carried at Close of Period, Total | 1,860,382 | $ 2,078,995 | $ 2,189,022 | $ 2,202,670 |
Accumulated Depreciation | 352,006 | 358,195 | 351,632 | $ 345,204 |
Acquisition | 30,814 | 6,427 | 159,332 | |
Real Estate Impairment | 0 | $ 13,650 | $ 9,404 | |
Bridgewater Falls | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 53,423 | |||
Initial Cost to Company, Land | 9,831 | |||
Initial Cost to Company, Building & Improvements | 76,446 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 681 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,831 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 77,127 | |||
Gross Amounts at which Carried at Close of Period, Total | 86,958 | |||
Accumulated Depreciation | $ 12,900 | |||
Date Acquired | 2014 | |||
Buttermilk Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,603 | |||
Gross Amounts at which Carried at Close of Period, Land | 13,249 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,706 | |||
Gross Amounts at which Carried at Close of Period, Total | 36,955 | |||
Accumulated Depreciation | $ 4,381 | |||
Date Acquired | 2014 | |||
Centennial Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 624 | |||
Gross Amounts at which Carried at Close of Period, Land | 0 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 30,263 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,263 | |||
Accumulated Depreciation | $ 3,472 | |||
Date Acquired | 2016 | |||
Central Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,519 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,250 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,428 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,678 | |||
Accumulated Depreciation | $ 2,891 | |||
Date Acquired | 2012 | |||
Clinton Pointe | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,581 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,176 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 13,079 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,255 | |||
Accumulated Depreciation | $ 4,782 | |||
Date Acquired | 2003 | |||
Crofton Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,002 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,012 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,776 | |||
Gross Amounts at which Carried at Close of Period, Total | 31,788 | |||
Accumulated Depreciation | $ 3,271 | |||
Date Acquired | 2015 | |||
Cypress Point | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,282 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,968 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,919 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,887 | |||
Accumulated Depreciation | $ 3,724 | |||
Date Acquired | 2013 | |||
Deer Creek Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,825 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,070 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 19,930 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,000 | |||
Accumulated Depreciation | $ 3,833 | |||
Date Acquired | 2013 | |||
Deer Grove Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 6,572 | |||
Gross Amounts at which Carried at Close of Period, Land | 8,408 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 14,769 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,177 | |||
Accumulated Depreciation | $ 4,145 | |||
Date Acquired | 2013 | |||
Deerfield Towne Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 11,739 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,868 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 90,290 | |||
Gross Amounts at which Carried at Close of Period, Total | 97,158 | |||
Accumulated Depreciation | $ 18,696 | |||
Date Acquired | 2013 | |||
Front Range Village | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 19,413 | |||
Initial Cost to Company, Building & Improvements | 80,600 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 10,799 | |||
Gross Amounts at which Carried at Close of Period, Land | 19,414 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 91,398 | |||
Gross Amounts at which Carried at Close of Period, Total | 110,812 | |||
Accumulated Depreciation | $ 13,130 | |||
Date Acquired | 2014 | |||
Heritage Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 3,774 | |||
Gross Amounts at which Carried at Close of Period, Land | 13,899 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 26,280 | |||
Gross Amounts at which Carried at Close of Period, Total | 40,179 | |||
Accumulated Depreciation | $ 7,466 | |||
Date Acquired | 2011 | |||
Holcomb Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 11,143 | |||
Gross Amounts at which Carried at Close of Period, Land | 658 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,096 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,754 | |||
Accumulated Depreciation | $ 8,925 | |||
Date Acquired | 1996 | |||
Hunters Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 6,511 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,652 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 59,306 | |||
Gross Amounts at which Carried at Close of Period, Total | 66,958 | |||
Accumulated Depreciation | $ 11,957 | |||
Date Acquired | 2013 | |||
Lakehills Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 17,987 | |||
Initial Cost to Company, Building & Improvements | 12,828 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | ||||
Gross Amounts at which Carried at Close of Period, Land | 17,987 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,828 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,815 | |||
Accumulated Depreciation | $ 37 | |||
Date Acquired | 2019 | |||
Lakeland Park Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 41,102 | |||
Gross Amounts at which Carried at Close of Period, Land | 16,864 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 39,603 | |||
Gross Amounts at which Carried at Close of Period, Total | 56,467 | |||
Accumulated Depreciation | $ 7,048 | |||
Date Acquired | 2008 | |||
Marketplace of Delray | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 3,840 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,922 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 22,750 | |||
Gross Amounts at which Carried at Close of Period, Total | 30,672 | |||
Accumulated Depreciation | $ 2,955 | |||
Date Acquired | 2013 | |||
Market Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (975) | |||
Gross Amounts at which Carried at Close of Period, Land | 9,391 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,707 | |||
Gross Amounts at which Carried at Close of Period, Total | 31,098 | |||
Accumulated Depreciation | $ 4,529 | |||
Date Acquired | 2015 | |||
Merchants' Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 5,033 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,997 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,379 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,376 | |||
Accumulated Depreciation | $ 6,938 | |||
Date Acquired | 2010 | |||
Mount Prospect Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,259 | |||
Gross Amounts at which Carried at Close of Period, Land | 9,601 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 26,058 | |||
Gross Amounts at which Carried at Close of Period, Total | 35,659 | |||
Accumulated Depreciation | $ 4,782 | |||
Date Acquired | 2013 | |||
Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,508 | |||
Initial Cost to Company, Land | 7,549 | |||
Initial Cost to Company, Building & Improvements | 30,898 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 4,454 | |||
Gross Amounts at which Carried at Close of Period, Land | 7,517 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 35,384 | |||
Gross Amounts at which Carried at Close of Period, Total | 42,901 | |||
Accumulated Depreciation | 7,037 | |||
Olentangy Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,488 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,283 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 23,262 | |||
Gross Amounts at which Carried at Close of Period, Total | 27,545 | |||
Accumulated Depreciation | $ 3,414 | |||
Date Acquired | 2015 | |||
Parkway Shops | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 21,521 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,902 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 18,764 | |||
Gross Amounts at which Carried at Close of Period, Total | 24,666 | |||
Accumulated Depreciation | $ 3,629 | |||
Date Acquired | 2008 | |||
Peachtree Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (866) | |||
Gross Amounts at which Carried at Close of Period, Land | 6,926 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 16,787 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,713 | |||
Accumulated Depreciation | $ 2,232 | |||
Date Acquired | 2015 | |||
Promenade at Pleasant Hill | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 6,682 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,440 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,653 | |||
Gross Amounts at which Carried at Close of Period, Total | 33,093 | |||
Accumulated Depreciation | $ 11,209 | |||
Date Acquired | 2004 | |||
Providence Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,060 | |||
Gross Amounts at which Carried at Close of Period, Land | 22,171 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 86,717 | |||
Gross Amounts at which Carried at Close of Period, Total | 108,888 | |||
Accumulated Depreciation | $ 8,736 | |||
Date Acquired | 2017 | |||
River City Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 12,025 | |||
Gross Amounts at which Carried at Close of Period, Land | 11,194 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 94,458 | |||
Gross Amounts at which Carried at Close of Period, Total | 105,652 | |||
Accumulated Depreciation | $ 31,661 | |||
Date Acquired | 2005 | |||
Rivertowne Square | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 2,575 | |||
Gross Amounts at which Carried at Close of Period, Land | 954 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,162 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,116 | |||
Accumulated Depreciation | $ 4,885 | |||
Date Acquired | 1998 | |||
Shoppes of Lakeland | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,029 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,503 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,265 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,768 | |||
Accumulated Depreciation | $ 4,384 | |||
Date Acquired | 1996 | |||
Southfield Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,384 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,121 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,161 | |||
Gross Amounts at which Carried at Close of Period, Total | 13,282 | |||
Accumulated Depreciation | $ 7,644 | |||
Date Acquired | 1996 | |||
Spring Meadows Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 2,646 | |||
Initial Cost to Company, Building & Improvements | 16,758 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 17,734 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,041 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 32,097 | |||
Gross Amounts at which Carried at Close of Period, Total | 37,138 | |||
Accumulated Depreciation | $ 13,271 | |||
Date Acquired | 1996 | |||
Tel-Twelve | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 31,372 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,819 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 74,553 | |||
Gross Amounts at which Carried at Close of Period, Total | 78,372 | |||
Accumulated Depreciation | $ 37,732 | |||
Date Acquired | 1996 | |||
The Shops on Lane Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 6,343 | |||
Gross Amounts at which Carried at Close of Period, Land | 4,848 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 57,616 | |||
Gross Amounts at which Carried at Close of Period, Total | 62,464 | |||
Accumulated Depreciation | $ 7,704 | |||
Date Acquired | 2015 | |||
Treasure Coast Commons | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 716 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,924 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 11,360 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,284 | |||
Accumulated Depreciation | $ 2,323 | |||
Date Acquired | 2013 | |||
Troy Marketplace | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 11,556 | |||
Gross Amounts at which Carried at Close of Period, Land | 6,176 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 29,002 | |||
Gross Amounts at which Carried at Close of Period, Total | 35,178 | |||
Accumulated Depreciation | $ 4,274 | |||
Date Acquired | 2013 | |||
Troy Marketplace II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 590 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,790 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 10,882 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,672 | |||
Accumulated Depreciation | $ 3,382 | |||
Date Acquired | 2013 | |||
Village Lakes Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 7,526 | |||
Gross Amounts at which Carried at Close of Period, Land | 862 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 15,294 | |||
Gross Amounts at which Carried at Close of Period, Total | 16,156 | |||
Accumulated Depreciation | $ 7,223 | |||
Date Acquired | 1997 | |||
Vista Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 469 | |||
Gross Amounts at which Carried at Close of Period, Land | 3,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 17,238 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,905 | |||
Accumulated Depreciation | $ 3,505 | |||
Date Acquired | 2013 | |||
Webster Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 193 | |||
Gross Amounts at which Carried at Close of Period, Land | 28,410 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 21,945 | |||
Gross Amounts at which Carried at Close of Period, Total | 50,355 | |||
Accumulated Depreciation | $ 2,061 | |||
Date Acquired | 2017 | |||
West Broward | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 1,263 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,339 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 12,784 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,123 | |||
Accumulated Depreciation | $ 2,335 | |||
Date Acquired | 2013 | |||
West Allis Towne Centre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 17,309 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,866 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 34,098 | |||
Gross Amounts at which Carried at Close of Period, Total | 35,964 | |||
Accumulated Depreciation | $ 14,696 | |||
Date Acquired | 1996 | |||
West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 1,058 | |||
Initial Cost to Company, Building & Improvements | 17,173 | |||
Capitalized Subsequent to Acquisition or Improvements, Net of Impairments | 20,891 | |||
Gross Amounts at which Carried at Close of Period, Land | 2,826 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 36,296 | |||
Gross Amounts at which Carried at Close of Period, Total | 39,122 | |||
Accumulated Depreciation | 10,461 | |||
West Oaks II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 8,313 | |||
Gross Amounts at which Carried at Close of Period, Land | 1,391 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 20,832 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,223 | |||
Accumulated Depreciation | $ 10,882 | |||
Date Acquired | 1996 | |||
Winchester Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 8,927 | |||
Gross Amounts at which Carried at Close of Period, Land | 5,667 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 27,486 | |||
Gross Amounts at which Carried at Close of Period, Total | 33,153 | |||
Accumulated Depreciation | $ 5,394 | |||
Date Acquired | 2013 | |||
Woodbury Lakes | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | 26,874 | |||
Gross Amounts at which Carried at Close of Period, Land | 10,411 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 82,509 | |||
Gross Amounts at which Carried at Close of Period, Total | 92,920 | |||
Accumulated Depreciation | $ 12,058 | |||
Date Acquired | 2014 | |||
Land Held for Future Development | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
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 | (13,472) | |||
Gross Amounts at which Carried at Close of Period, Land | 21,962 | |||
Gross Amounts at which Carried at Close of Period, Building & Improvements | 6,858 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,820 | |||
Accumulated Depreciation | $ 12 | |||
Period One | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 2012 | |||
Period One | West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 1996 | |||
Period Two | Nagawaukee Shopping Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 2013 | |||
Period Two | West Oaks I | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Date Acquired | 2018 |
Schedule III - Summary Real Est
Schedule III - Summary Real Estate and Accumulated Depreciation - Real Estate Investment and Accumulated Depreciation Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of total real estate carrying value: | |||
Balance at beginning of year | $ 2,078,995 | $ 2,189,022 | $ 2,202,670 |
Acquisition | 30,814 | 6,427 | 159,332 |
Improvements | 42,824 | 68,914 | 56,384 |
Cost of real estate sold/written off | (292,251) | (171,718) | (219,960) |
Impairment | 0 | (13,650) | (9,404) |
Reclassification to held for sale | 0 | 0 | 0 |
Balance at end of year | 1,860,382 | 2,078,995 | 2,189,022 |
Reconciliation of accumulated depreciation: | |||
Balance at beginning of year | 358,195 | 351,632 | 345,204 |
Depreciation Expense | 58,662 | 63,524 | 65,720 |
Cost of real estate sold/written off | (64,851) | (56,961) | (59,292) |
Reclassification to held for sale | 0 | 0 | 0 |
Balance at end of year | 352,006 | 358,195 | 351,632 |
Aggregate cost for federal income tax purposes | $ 1,905,041 | $ 2,128,169 | $ 2,243,928 |
Uncategorized Items - rpt-20191
Label | Element | Value |
Noncash or Part Noncash Divestitures, Deferred Gain on Sale of Property | rpt_NoncashorPartNoncashDivestituresDeferredGainonSaleofProperty | $ 0 |
Noncash or Part Noncash Divestitures, Deferred Gain on Sale of Property | rpt_NoncashorPartNoncashDivestituresDeferredGainonSaleofProperty | 2,167,000 |
Noncash or Part Noncash Divestitures, Deferred Gain on Sale of Property | rpt_NoncashorPartNoncashDivestituresDeferredGainonSaleofProperty | (2,160,000) |
Accounting Standards Update 2016-02 [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (325,000) |
Accounting Standards Update 2016-02 [Member] | Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (8,000) |
Accounting Standards Update 2017-05 [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 2,109,000 |
Accounting Standards Update 2017-05 [Member] | Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 51,000 |
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (160,000) |
Accounting Standards Update 2017-12 [Member] | Accumulated Distributions in Excess of Net Income [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 221,000 |
Accounting Standards Update 2017-12 [Member] | Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (61,000) |