Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 84,289,679 | |
Entity Central Index Key | 0000842183 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Common Shares of Beneficial Interest ($0.01 Par Value Per Share) | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Shares of Beneficial Interest ($0.01 Par Value Per Share) | |
Trading Symbol | RPT | |
Security Exchange Name | NYSE | |
Series D Cumulative Convertible Perpetual Preferred Shares | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 7.25% Series D Cumulative Convertible Perpetual Preferred | |
Trading Symbol | RPT.PRD | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Income producing properties, at cost: | ||
Land | $ 362,278 | $ 330,763 |
Buildings and improvements | 1,570,309 | 1,489,997 |
Less accumulated depreciation and amortization | (422,581) | (392,301) |
Income producing properties, net | 1,510,006 | 1,428,459 |
Construction in progress and land available for development | 41,415 | 34,789 |
Net real estate | 1,551,421 | 1,463,248 |
Equity investments in unconsolidated joint ventures | 216,400 | 126,333 |
Cash and cash equivalents | 7,174 | 208,887 |
Restricted cash and escrows | 2,501 | 2,597 |
Accounts receivable (net of allowance for doubtful accounts of $14,424 and $12,996 as of September 30, 2021 and December 31, 2020, respectively) | 23,876 | 26,571 |
Acquired lease intangibles, net | 66,913 | 26,354 |
Operating lease right-of-use assets | 18,098 | 18,585 |
Other assets, net | 93,307 | 77,465 |
TOTAL ASSETS | 1,979,690 | 1,950,040 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Notes payable, net | 943,828 | 1,027,751 |
Finance lease obligation | 875 | 875 |
Accounts payable and accrued expenses | 49,603 | 45,292 |
Distributions payable | 11,957 | 1,723 |
Acquired lease intangibles, net | 37,583 | 35,283 |
Operating lease liabilities | 17,530 | 17,819 |
Other liabilities | 12,105 | 19,928 |
TOTAL LIABILITIES | 1,073,481 | 1,148,671 |
Commitments and Contingencies | ||
RPT Realty ("RPT") Shareholders' Equity: | ||
Preferred shares of beneficial interest, $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 September 30, 2021 and December 31, 2020, respectively | 92,427 | 92,427 |
Common shares of beneficial interest, $0.01 par, 240,000 shares authorized, 83,379 and 80,055 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 834 | 801 |
Additional paid-in capital | 1,218,903 | 1,174,315 |
Accumulated distributions in excess of net income | (419,180) | (471,017) |
Accumulated other comprehensive loss | (6,405) | (14,132) |
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | 886,579 | 782,394 |
Noncontrolling interest | 19,630 | 18,975 |
TOTAL SHAREHOLDERS' EQUITY | 906,209 | 801,369 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,979,690 | $ 1,950,040 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 14,424 | $ 12,996 |
Preferred shares, par (in usd per share) | $ 0.01 | $ 0.01 |
Preferred shares, authorized (in shares) | 2,000,000 | 2,000,000 |
Cumulative convertible perpetual preferred shares, dividend rate | 7.25% | 7.25% |
Cumulative convertible perpetual preferred shares, liquidation preference (in usd per share) | $ 50 | $ 50 |
Cumulative convertible perpetual preferred shares, issued (in shares) | 1,849,000 | 1,849,000 |
Cumulative convertible perpetual preferred shares, outstanding (in shares) | 1,849,000 | 1,849,000 |
Common shares of beneficial interest, par (in usd per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, authorized (in shares) | 240,000,000 | 240,000,000 |
Common shares of beneficial interest, issued (in shares) | 83,379,000 | 80,055,000 |
Common shares of beneficial interest, outstanding (in shares) | 83,379,000 | 80,055,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUE | ||||
TOTAL REVENUE | $ 55,175 | $ 46,487 | $ 157,492 | $ 143,990 |
EXPENSES | ||||
Real estate taxes | 8,249 | 8,509 | 25,558 | 25,113 |
Recoverable operating expense | 6,003 | 5,118 | 17,935 | 15,894 |
Non-recoverable operating expense | 2,507 | 2,126 | 7,186 | 6,549 |
Depreciation and amortization | 18,487 | 18,295 | 53,463 | 57,003 |
Transaction costs | 389 | 0 | 389 | 186 |
General and administrative expense | 7,330 | 6,062 | 22,298 | 18,979 |
Provision for impairment | 5 | 0 | 5 | 0 |
Insured expenses, net | 0 | (1,092) | 0 | (2,745) |
Total expenses | 42,970 | 39,018 | 126,834 | 120,979 |
Gain on sale of real estate | 22,196 | 0 | 75,415 | 0 |
OPERATING INCOME | 34,401 | 7,469 | 106,073 | 23,011 |
OTHER INCOME AND EXPENSES | ||||
Other (expense) income, net | (38) | (92) | (223) | 322 |
Earnings from unconsolidated joint ventures | 1,074 | 456 | 2,947 | 1,514 |
Interest expense | (9,297) | (9,913) | (28,008) | (29,491) |
INCOME (LOSS) BEFORE TAX | 26,140 | (2,080) | 80,789 | (4,644) |
Income tax benefit | 157 | 87 | 47 | 37 |
NET INCOME (LOSS) | 26,297 | (1,993) | 80,836 | (4,607) |
Net (income) loss attributable to noncontrolling partner interest | (595) | 46 | (1,843) | 106 |
NET INCOME (LOSS) ATTRIBUTABLE TO RPT | 25,702 | (1,947) | 78,993 | (4,501) |
Preferred share dividends | (1,676) | (1,676) | (5,026) | (5,026) |
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ 24,026 | $ (3,623) | $ 73,967 | $ (9,527) |
EARNINGS (LOSS) PER COMMON SHARE | ||||
Basic (in usd per share) | $ 0.30 | $ (0.05) | $ 0.92 | $ (0.12) |
Diluted (in usd per share) | $ 0.29 | $ (0.05) | $ 0.89 | $ (0.12) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 80,418 | 80,051 | 80,228 | 79,978 |
Diluted (in shares) | 88,851 | 80,051 | 88,544 | 79,978 |
Cash Dividend Declared per Common Share (in usd per share) | $ 0.120 | $ 0 | $ 0.270 | $ 0.220 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Net income (loss) | $ 26,297 | $ (1,993) | $ 80,836 | $ (4,607) |
Other comprehensive (loss) gain: | ||||
Gain (loss) on interest rate swaps, net | 1,201 | 936 | 7,906 | (18,500) |
Comprehensive income (loss) | 27,498 | (1,057) | 88,742 | (23,107) |
Comprehensive (income) loss attributable to noncontrolling interest | (620) | 25 | (2,022) | 535 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT | 26,878 | (1,032) | 86,720 | (22,572) |
Rental income | ||||
REVENUE | ||||
TOTAL REVENUE | 53,385 | 45,375 | 153,203 | 140,783 |
Other property income | ||||
REVENUE | ||||
TOTAL REVENUE | 1,364 | 774 | 3,017 | 2,290 |
Management and other fee income | ||||
REVENUE | ||||
TOTAL REVENUE | $ 426 | $ 338 | $ 1,272 | $ 917 |
Condensed Consolidated Statem_2
Condensed 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 Income (Loss) | Noncontrolling Interest |
Beginning balance at Dec. 31, 2019 | $ 848,255 | $ 92,427 | $ 798 | $ 1,169,557 | $ (436,361) | $ 1,819 | $ 20,015 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of issuance costs | (385) | (385) | |||||
Share-based compensation, net of shares withheld for employee taxes | 3,829 | 3 | 3,826 | ||||
Dividends declared to common shareholders | (17,593) | (17,593) | |||||
Dividends declared to preferred shareholders | (5,026) | (5,026) | |||||
Distributions declared to noncontrolling interests | (420) | (420) | |||||
Dividends declared to deferred shares | (136) | (136) | |||||
Other comprehensive income - gain (loss) adjustment | (18,500) | (18,071) | (429) | ||||
Net income (loss) | (4,607) | (4,501) | (106) | ||||
Ending balance at Sep. 30, 2020 | 805,417 | 92,427 | 801 | 1,172,998 | (463,617) | (16,252) | 19,060 |
Beginning balance at Jun. 30, 2020 | 806,438 | 92,427 | 800 | 1,171,287 | (459,994) | (17,167) | 19,085 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Share-based compensation, net of shares withheld for employee taxes | 1,712 | 1 | 1,711 | ||||
Dividends declared to preferred shareholders | (1,676) | (1,676) | |||||
Other comprehensive income - gain (loss) adjustment | 936 | 915 | 21 | ||||
Net income (loss) | (1,993) | (1,947) | (46) | ||||
Ending balance at Sep. 30, 2020 | 805,417 | 92,427 | 801 | 1,172,998 | (463,617) | (16,252) | 19,060 |
Beginning balance at Dec. 31, 2020 | 801,369 | 92,427 | 801 | 1,174,315 | (471,017) | (14,132) | 18,975 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of issuance costs | 38,613 | 30 | 38,583 | ||||
Redemption of Operating Partnership Unit holders | (177) | 1 | 721 | (37) | (862) | ||
Share-based compensation, net of shares withheld for employee taxes | 5,286 | 2 | 5,284 | ||||
Dividends declared to common shareholders | (21,670) | (21,670) | |||||
Dividends declared to preferred shareholders | (5,026) | (5,026) | |||||
Distributions declared to noncontrolling interests | (505) | (505) | |||||
Dividends declared to deferred shares | (423) | (423) | |||||
Other comprehensive income - gain (loss) adjustment | 7,906 | 7,727 | 179 | ||||
Net income (loss) | 80,836 | 78,993 | 1,843 | ||||
Ending balance at Sep. 30, 2021 | 906,209 | 92,427 | 834 | 1,218,903 | (419,180) | (6,405) | 19,630 |
Beginning balance at Jun. 30, 2021 | 849,502 | 92,427 | 802 | 1,177,262 | (433,360) | (7,581) | 19,952 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common shares, net of issuance costs | 38,899 | 30 | 38,869 | ||||
Redemption of Operating Partnership Unit holders | 0 | 1 | 721 | 0 | (722) | ||
Share-based compensation, net of shares withheld for employee taxes | 2,052 | 1 | 2,051 | ||||
Dividends declared to common shareholders | (9,644) | (9,644) | |||||
Dividends declared to preferred shareholders | (1,676) | (1,676) | |||||
Distributions declared to noncontrolling interests | (220) | (220) | |||||
Dividends declared to deferred shares | (202) | (202) | |||||
Other comprehensive income - gain (loss) adjustment | 1,201 | 1,176 | 25 | ||||
Net income (loss) | 26,297 | 25,702 | 595 | ||||
Ending balance at Sep. 30, 2021 | $ 906,209 | $ 92,427 | $ 834 | $ 1,218,903 | $ (419,180) | $ (6,405) | $ 19,630 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 80,836 | $ (4,607) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 53,463 | 57,003 |
Amortization of deferred financing fees | 1,104 | 1,059 |
Income tax benefit | (47) | (37) |
Earnings from unconsolidated joint ventures | (2,947) | (1,514) |
Distributions received from operations of unconsolidated joint ventures | 6,610 | 3,896 |
Provision for impairment | 5 | 0 |
Gain on sale of real estate | (75,415) | 0 |
Insured expenses, net | 0 | (2,745) |
Amortization of acquired above and below market lease intangibles, net | (2,139) | (2,248) |
Amortization of premium on mortgages, net | (628) | (676) |
Service-based restricted share expense | 3,081 | 2,855 |
Long-term incentive cash and equity compensation expense | 3,405 | 1,658 |
Changes in assets and liabilities, net of effect of acquisitions and dispositions: | ||
Accounts receivable, net | 2,695 | (7,909) |
Other assets, net | (9,584) | 1,805 |
Accounts payable, accrued expenses and other liabilities | 486 | (7,504) |
Net cash provided by operating activities | 60,925 | 41,036 |
INVESTING ACTIVITIES | ||
Acquisition of real estate | (187,452) | 0 |
Development and capital improvements | (18,159) | (13,285) |
Capital improvements covered by insurance | 0 | (5,197) |
Net proceeds from sales of real estate | 97,334 | 0 |
Insurance proceeds from insured expenses | 0 | 2,888 |
Investment in equity interests in unconsolidated joint ventures | (90,425) | (11) |
Acquisition of preferred investments | (289) | 0 |
Redemption of preferred investments | 403 | 0 |
Net cash used in investing activities | (198,588) | (15,605) |
FINANCING ACTIVITIES | ||
Repayment of mortgages and notes payable | (38,866) | (1,718) |
Proceeds on revolving credit facility | 135,000 | 225,000 |
Repayments on revolving credit facility | (180,000) | (100,000) |
Payment of deferred financing costs | 0 | (567) |
Proceeds from issuance of common shares, net of issuance costs | 38,613 | (385) |
Redemption of operating partnership units for cash | (177) | 0 |
Shares used for employee taxes upon vesting of awards | (1,326) | (954) |
Dividends paid to preferred shareholders | (5,026) | (5,026) |
Dividends paid to common shareholders | (12,079) | (35,371) |
Distributions paid to operating partnership unit holders | (285) | (840) |
Net cash (used in) provided by financing activities | (64,146) | 80,139 |
Net change in cash, cash equivalents and restricted cash and escrows | (201,809) | 105,570 |
Cash, cash equivalents and restricted cash and escrows at beginning of period | 211,484 | 114,552 |
Cash, cash equivalents and restricted cash and escrows at end of period | 9,675 | 220,122 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | ||
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture | 3,263 | 0 |
Contribution of real estate exchanged for preferred investment in unconsolidated entities | 7,720 | 0 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest (net of capitalized interest of $45 and $2 in 2021 and 2020, respectively) | 25,095 | 25,991 |
Reconciliation of cash, cash equivalents and restricted cash and escrows | ||
Cash and cash equivalents | 7,174 | 217,818 |
Restricted cash and escrows | 2,501 | 2,304 |
Cash, cash equivalents, and restricted cash | $ 9,675 | $ 220,122 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Cash paid for interest, capitalized interest | $ 45 | $ 2 |
Organization and Basis of Prese
Organization and Basis of Presentations | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentations | Organization and Basis of Presentations Organization RPT Realty, together with our subsidiaries (the “Company” or “RPT”), is a real estate investment trust (“REIT”) 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. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (“NYSE”). The common shares of beneficial interest of the Company, par value $0.01 per share (the “common share”), are listed and traded on the NYSE under the ticker symbol “RPT”. As of September 30, 2021, the Company's portfolio consisted of 57 multi-tenant shopping centers (including 9 shopping centers owned through a joint venture) and 30 net lease retail properties (all of which are owned through a separate joint venture) (the “aggregate portfolio”) which together represent 14.0 million square feet of gross leasable area (“GLA”). As of September 30, 2021, the Company’s pro-rata share of the aggregate portfolio was 92.5% leased. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.9% and 97.7% owned by the Company at September 30, 2021 and December 31, 2020, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of condensed 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 have elected to be a REIT for federal income tax purposes. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company 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 unaudited 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. The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates. Equity Distribution Agreement In February 2020, the Company entered into an Equity Distribution Agreement ( “ Equity Distribution Agreement ” ) pursuant to which the Company may offer and sell, from time to time, the Company's common shares having an aggregate gross sales price of up to $100.0 million. Sales of the shares of common stock may be made, in the Company's discretion, from time to time in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933. The Equity Distribution Agreement also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. For the nine months ended September 30, 2021, the Company issued 3,041,120 shares of its common stock, receiving $39.5 million of gross proceeds before issuance costs, which were used for working capital and general corporate purposes. For the nine months ended September 30, 2021, the Company did not enter into any forward contracts. As of September 30, 2021, $60.5 million of common stock remained available for issuance under this Equity Distribution Agreement. Significant Risks and Uncertainties One of the most significant risks and uncertainties is the potential adverse effect of COVID-19. As a result of COVID-19, we have received numerous rent relief requests, most often in the form of rent deferrals. We have evaluated, and continue to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. While the Company is unable at this time to reasonably estimate the impact that COVID-19 will continue to have on our business, financial position and operating results in future periods due to numerous uncertainties, the Company is closely monitoring the impact of the pandemic on all aspects of its business. The COVID-19 pandemic will likely continue to have repercussions across local, national and global economies and financial markets. COVID-19 may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: • Reduced economic activity impacting our tenants' businesses, financial condition and liquidity and potentially causing tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; • The negative financial impact of COVID-19 could impact our future compliance with financial covenants of our credit agreement and other debt agreements, and as a result, our lenders may require us to accelerate the timing of payments which would have a material adverse effect on our business, operations, financial condition and liquidity, unless we obtain waivers or modifications from our lenders; and • Weaker economic conditions could cause us to recognize impairment in the value of our tangible and intangible assets based on the then Company's reasonable assessment. The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As such, we are unable to predict the impact that it ultimately will continue to have on our financial condition, results of operations and cash flows. Recently Adopted Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as variable lease payments. In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our condensed consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable. Recently Issued Accounting Pronouncements In July 2021, the FASB updated Accounting Standards Codification (“ASC”) Topic 842 “Leases” with ASU 2021-05 “Lessors-Certain Leases with Variable Lease Payments” (“ASU 2021-05”). ASU 2021-05 affects lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840, whereby lessors classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease when certain criteria are met. ASU 2016-13 is effective for annual periods beginning after December 15, 2021, including interim periods within that fiscal year. We are currently evaluating the guidance and have not determined the impact this standard may have on our condensed consolidated financial statements. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Included in our net real estate assets are income producing properties that are recorded at cost less accumulated depreciation and amortization, construction in progress, land available for development and real estate held for sale. 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. For the nine months ended September 30, 2021, impairment provisions related to income producing properties were negligible, and we recorded no impairment provisions associated with land held for development. For the nine months ended September 30, 2020, we recorded no impairment provision. In accordance with ASC 360-10, the Company records impairment losses on long-lived assets used in operations when events and circumstances indicate that long-lived assets might be impaired and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amounts of those assets. During the third quarter of 2021, events and circumstances indicated that shopping centers might be impaired. However, the Company’s estimates of undiscounted cash flows indicated that such carrying amounts were expected to be recovered. Nonetheless, it is reasonably possible that the estimates of undiscounted cash flows may change in the near term resulting in the need to write down these assets to fair value. 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. Construction in progress was $15.2 million and $8.6 million at September 30, 2021 and December 31, 2020, respectively. The increase in construction in progress from December 31, 2020 to September 30, 2021 was due primarily to the capital expenditures for ongoing projects, partially offset by completion of tenant build-outs and property dispositions. Land available for development includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center or outparcel pad. The viability of all projects under construction or development, including those owned by our unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Land available for development was $26.2 million at both September 30, 2021 and December 31, 2020. |
Property Acquisitions and Dispo
Property Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions Acquisitions The following table provides a summary of our acquisition activity for the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (in thousands) (In thousands) Northborough Crossing Northborough, MA 646 6/18/21 $ 104,000 $ 97,182 $ — Bellevue Plaza Nashville, TN 77 7/7/21 10,430 10,651 — Woodstock Square Woodstock, GA 219 7/14/21 37,670 37,585 — Newnan Pavilion Newnan, GA 467 8/5/21 41,550 42,034 — Total income producing acquisitions 1,409 $ 193,650 $ 187,452 $ — Total acquisitions 1,409 $ 193,650 $ 187,452 $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: As of Acquisition Date (In thousands) Land $ 43,305 Buildings and improvements 97,635 Above market leases 26,288 Lease origination costs 26,666 Below market leases (6,442) Net assets acquired $ 187,452 Total revenue and net income for the 2021 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2021 were as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in thousands) Consolidated revenue $ 4,167 $ 4,532 Consolidated net income available to common shareholders 766 1,054 In addition, refer to Note 13 for acquisition activity occurring subsequent to September 30, 2021. Dispositions The following table provides a summary of our disposition activity for the nine months ended September 30, 2021: Gross Property Name (1) Location Property/ Parcel Count GLA Date Sold Sales Price Gain on Sale (in thousands) (In thousands) Buttermilk Towne Center - Land parcels Crescent Springs, KY 2 107 3/5/21 $ 9,785 $ 3,809 Deer Grove - Outparcel Palatine, IL 1 8 3/5/21 2,500 1,456 Front Range Village - Land parcel Fort Collins, CO 1 5 3/5/21 2,750 1,709 Front Range Village - Outparcel Fort Collins, CO 1 4 3/5/21 2,475 1,197 Merchants' Square - Outparcels Carmel, IN 1 19 3/5/21 3,977 2,133 Promenade at Pleasant Hill - Land parcel Duluth, GA 1 4 3/5/21 1,250 467 River City Marketplace - Land parcels Jacksonville, FL 2 5 3/5/21 2,895 1,938 Rivertowne Square - Land parcel Deerfield Beach, FL 1 3 3/5/21 3,270 2,272 Shoppes of Lakeland - Land parcel Lakeland, FL 1 3 3/5/21 1,332 800 Shoppes of Lakeland - Outparcel Lakeland, FL 1 7 3/5/21 1,200 289 West Broward - Land parcel Plantation, FL 1 4 3/5/21 4,762 2,933 Tel-Twelve - Land parcels Southfield, MI 2 329 5/21/21 39,334 34,216 Marketplace of Delray - Land parcels Delray Beach, FL 3 12 8/27/21 7,960 6,700 Marketplace of Delray - Outparcels Delray Beach, FL 4 17 8/27/21 8,046 5,192 Parkway Shops - Land parcel Jacksonville, FL 1 26 8/27/21 2,622 930 Peachtree Hill - Outparcel Duluth, GA 1 66 8/27/21 8,275 2,103 Promenade at Pleasant Hill - Outparcel Duluth, GA 1 3 8/27/21 844 443 West Broward Shopping Center - Outparcel Plantation, FL 1 15 8/27/21 5,954 4,964 West Oaks II Shopping Center - Outparcel Novi, MI 1 4 8/27/21 746 455 Winchester Center - Land parcel Rochester Hills, MI 1 4 8/27/21 1,657 1,409 Newnan Pavilion - Land parcel Newnan, GA 1 6 9/16/21 1,543 — Total income producing dispositions 29 651 $ 113,177 $ 75,415 Total dispositions 651 $ 113,177 $ 75,415 (1) We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information. |
Equity Investments in Unconsoli
Equity Investments in Unconsolidated Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures As of December 31, 2020, we had three joint venture agreements: 1) R2G Venture LLC (“R2G”), 2) Ramco/Lion Venture LP, and 3) Ramco HHF NP LLC, whereby we own 51.5%, 30%, and 7%, respectively, of the equity in each joint venture. Our R2G joint venture owns nine income-producing shopping centers, and our other two 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 partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting. On March 4, 2021, we formed a new core net lease retail real estate joint venture, RGMZ Venture REIT LLC (“RGMZ”), with an affiliate of GIC Private Limited (“GIC”), an affiliate of Zimmer Partners (“Zimmer”) and an affiliate of Monarch Alternative Capital LP (“Monarch”). RGMZ is to be seeded with single-tenant, net lease retail properties that have been, or will be created, by the Company upon the subdivision of certain parcels from our existing open-air shopping centers. As of September 30, 2021, the Company had contributed 28 net lease retail properties of the initial agreed upon seeded properties, valued at $111.6 million to RGMZ. Upon contribution, the Company received $100.2 million in gross cash proceeds ($95.9 million in net cash proceeds), as well as a combined $7.6 million preferred equity investment stake in the Zimmer and Monarch affiliates, in exchange for the 93.6% stake in RGMZ that was acquired by the other joint venture partners. The Company retained a 6.4% stake in RGMZ, maintains day-to-day management of the portfolio and earns management, leasing and construction fees. The asset management fee is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee of 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. The Company is also responsible for sourcing future acquisitions for RGMZ. RGMZ has a $240.0 million secured credit facility that includes an accordion feature allowing it to increase future potential commitments up to a total capacity of $500.0 million. As of September 30, 2021, RGMZ had $169.3 million of unused capacity under its $240.0 million secured credit facility. RPT and certain of the other joint venture partners will have consent rights for all future acquisitions, and also have approval rights in connection with annual budgets and other specified major decisions. We cannot make significant decisions without our partners' approval. Accordingly, we account for our interest in the joint venture using the equity method of accounting. The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: Balance Sheets September 30, 2021 December 31, 2020 (In thousands) ASSETS R2G RGMZ Other Total R2G RGMZ Other Total Investment in real estate, net $ 376,329 $ 85,604 $ — $ 461,933 $ 226,083 $ — $ — $ 226,083 Other assets 52,492 40,699 — 93,191 26,125 — 47 26,172 Total Assets $ 428,821 $ 126,303 $ — $ 555,124 $ 252,208 $ — $ 47 $ 252,255 LIABILITIES AND OWNERS' EQUITY Notes payable $ — $ 70,696 $ — $ 70,696 $ — $ — $ — $ — Other liabilities 22,786 2,133 — 24,919 14,474 — 11 14,485 Owners' equity 406,035 53,474 — 459,509 237,734 — 36 237,770 Total Liabilities and Owners' Equity $ 428,821 $ 126,303 $ — $ 555,124 $ 252,208 $ — $ 47 $ 252,255 RPT's equity investments in unconsolidated joint ventures $ 213,008 $ 3,392 $ — $ 216,400 $ 126,333 $ — $ — $ 126,333 Three Months Ended September 30, Statements of Operations 2021 2020 (In thousands) R2G RGMZ Other Total R2G RGMZ Other Total Total revenue $ 9,259 $ 1,894 $ — $ 11,153 $ 6,714 $ — $ — $ 6,714 Total expenses 7,163 1,038 (1) 8,200 5,805 — 9 5,814 Operating income (loss) 2,096 856 1 2,953 909 — (9) 900 Interest expense — 720 — 720 — — — — Net income (loss) $ 2,096 $ 136 $ 1 $ 2,233 $ 909 $ — $ (9) $ 900 Preferred member dividends 30 (4) — 26 19 — — 19 Net income (loss) available to common members $ 2,066 $ 140 $ 1 $ 2,207 $ 890 $ — $ (9) $ 881 RPT's share of earnings from unconsolidated joint ventures $ 1,065 $ 9 $ — $ 1,074 $ 458 $ — $ (2) $ 456 Nine Months Ended September 30, Statements of Operations 2021 2020 (In thousands) R2G RGMZ Other Total R2G RGMZ Other Total Total revenue $ 21,462 $ 3,298 $ — $ 24,760 $ 18,298 $ — $ — $ 18,298 Total expenses 15,709 1,781 7 17,497 15,295 — 23 15,318 Income (loss) before other income and expense 5,753 1,517 (7) 7,263 3,003 — (23) 2,980 Interest expense — 1,210 — 1,210 — — — — Net income (loss) $ 5,753 $ 307 $ (7) $ 6,053 $ 3,003 $ — $ (23) $ 2,980 Preferred member dividends 66 12 — 78 $ 55 — $ — 55 Net income (loss) available to common members $ 5,687 $ 295 $ (7) $ 5,975 $ 2,948 $ — $ (23) $ 2,925 RPT's share of earnings from unconsolidated joint ventures $ 2,928 $ 19 $ — $ 2,947 $ 1,518 $ — $ (4) $ 1,514 Acquisitions The following table provides a summary of our R2G joint venture property acquisitions during the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (in thousands) (In thousands) East Lake Woodlands Palm Harbor, FL 104 7/9/21 $ 25,500 $ 25,730 $ — Village Shoppes of Canton Canton, MA 284 7/12/21 61,500 61,363 — South Pasadena Shopping Center South Pasadena, FL 164 7/14/21 32,650 33,184 — Bedford Marketplace Bedford, MA 153 7/29/21 54,500 54,775 — Total R2G acquisitions 705 $ 174,150 $ 175,052 $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The total aggregate fair value of the R2G acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: As of Acquisition Date (In thousands) Land $ 31,578 Buildings and improvements 123,384 Above market leases 6,135 Lease origination costs 18,965 Below market leases (5,010) Net assets acquired $ 175,052 The following table provides a summary of our RGMZ joint venture property acquisitions during the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (in thousands) (In thousands) RPT Realty - 13 Income Producing Properties Various (2) 169 3/5/21 $ 36,196 $ 37,228 $ (21,718) RPT Realty - 2 Income Producing Properties Southfield, MI 329 5/21/21 39,334 39,603 (23,600) Single-Tenant Property Las Vegas, NV 14 7/30/21 4,650 4,670 (2,790) RPT Realty - 13 Income Producing Properties Various (3) 147 8/27/21 36,104 36,725 (21,662) RPT Realty - 1 Income Producing Property Newnan, GA 6 9/14/21 1,543 1,581 (926) Total RGMZ acquisitions 665 $ 117,827 $ 119,807 $ (70,696) (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. (2) Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. (3) Net lease retail properties acquired are located in Florida, Georgia, and Michigan. The total aggregate fair value of the RGMZ acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements: As of Acquisition Date (In thousands) Land $ 62,606 Buildings and improvements 23,120 Above market leases 27,170 Lease origination costs 7,207 Below market leases (296) Net assets acquired $ 119,807 Dispositions There was no disposition activity in the nine months ended September 30, 2021 by any of our unconsolidated joint ventures. Joint Venture Management and Other Fee Income We receive a property management fee calculated as a percentage of gross revenues received for providing services to R2G and recognize these fees as the services are rendered. We also receive an asset management fee for services provided to RGMZ, which is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee equal to 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. We also can receive fees from both joint ventures for leasing and investing services. The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income: Three Months Ended September 30, 2021 2020 (In thousands) R2G RGMZ Total R2G Other Total Management fees $ 348 $ 58 $ 406 $ 213 $ — $ 213 Leasing fees 15 — 15 125 — 125 Construction fees 5 — 5 — — — Total $ 368 $ 58 $ 426 $ 338 $ — $ 338 Nine Months Ended September 30, 2021 2020 (In thousands) R2G RGMZ Total R2G Other Total Management fees $ 822 $ 99 $ 921 $ 648 $ 4 $ 652 Leasing fees 346 — 346 265 — 265 Construction fees 5 — 5 — — — Total $ 1,173 $ 99 $ 1,272 $ 913 $ 4 $ 917 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of September 30, 2021 and December 31, 2020: Notes Payable and Finance Lease Obligation September 30, December 31, (In thousands) Senior unsecured notes $ 498,000 $ 535,000 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgages 83,388 85,254 Unsecured revolving credit facility 55,000 100,000 946,388 1,030,254 Unamortized premium 475 1,103 Unamortized deferred financing costs (3,035) (3,606) Total notes payable, net $ 943,828 $ 1,027,751 Finance lease obligation $ 875 $ 875 Senior Unsecured Notes On June 28, 2021, we repaid $37.0 million of debt which constituted repayment in full of the Operating Partnership's 3.75% senior unsecured notes due 2021, issued pursuant to the note purchase agreement dated June 27, 2013, as amended. Accordingly, on June 28, 2021, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied. The following table summarizes the Company's senior unsecured notes: September 30, 2021 December 31, 2020 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 6/27/2021 $ — — % $ 37,000 3.75 % Senior unsecured notes 6/27/2023 41,500 4.12 % 41,500 4.12 % Senior unsecured notes 5/28/2024 50,000 4.65 % 50,000 4.65 % Senior unsecured notes 11/18/2024 25,000 4.05 % 25,000 4.05 % Senior unsecured notes 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes 12/27/2029 50,000 4.15 % 50,000 4.15 % $ 498,000 4.24 % $ 535,000 4.20 % Unamortized deferred financing costs (1,459) (1,715) Total $ 496,541 $ 533,285 Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: September 30, 2021 December 31, 2020 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 - fixed rate (1) 3/3/2023 $ 60,000 3.02 % $ 60,000 3.02 % Unsecured term loan - fixed rate (2) 11/6/2024 50,000 2.51 % 50,000 2.51 % Unsecured term loan - fixed rate (3) 2/6/2025 50,000 2.57 % 50,000 2.57 % Unsecured term loan - fixed rate (4) 11/6/2026 50,000 2.95 % 50,000 2.95 % Unsecured term loan - fixed rate (5) 2/5/2027 100,000 3.04 % 100,000 3.12 % $ 310,000 2.86 % $ 310,000 2.89 % Unamortized deferred financing costs (1,576) (1,891) Term loans, net $ 308,424 $ 308,109 Revolving credit facility - variable rate 11/6/2023 $ 55,000 1.23 % 100,000 1.30 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021. (2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021. (3) Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021. (4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at September 30, 2021. (5) Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at September 30, 2021. As of September 30, 2021 we had $55.0 million outstanding under our unsecured revolving credit facility, which represented a decrease of $45.0 million from December 31, 2020, primarily a result of repayments made in February 2021. We ha d no outstanding letters of credit issued under our revolving credit facility as of September 30, 2021. We had $295.0 million of unused capacity under our $350.0 million unsecured revolving credit facility that could be borrowed subject to compliance with applicable financial covenants. The interest rate as of September 30, 2021 was 1.23%. Mortgages The following table summarizes the Company's fixed rate mortgages: September 30, 2021 December 31, 2020 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Bridgewater Falls Shopping Center 2/6/2022 $ 51,365 5.70 % $ 52,274 5.70 % The Shops on Lane Avenue 1/10/2023 27,762 3.76 % 28,169 3.76 % Nagawaukee II 6/1/2026 4,261 5.80 % 4,811 5.80 % $ 83,388 5.06 % $ 85,254 5.06 % Unamortized premium 475 1,103 Total $ 83,863 $ 86,357 The fixed rate mortgages are secured by properties that have an approximate net book value of $143.7 million as of September 30, 2021. 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 would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. Covenants On June 30, 2020, the Company entered into amendments to the note purchase agreements governing all of the Company's outstanding senior unsecured notes. The following is a summary of the material amendments: • The occupancy tests relating to the minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness were eliminated during the period from June 30, 2020 through and including September 30, 2021 (the “Specified Period”) and were otherwise reduced during the fiscal quarters ended December 31, 2021 and March 31, 2022; • The minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness that the Operating Partnership is required to maintain was reduced during the Specified Period; and • The Operating Partnership agreed to a minimum liquidity requirement during the Specified Period. Our revolving credit facility, senior unsecured notes as amended and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of September 30, 2021, we were in compliance with these covenants. Debt Maturities The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of September 30, 2021: Year Ending December 31, (In thousands) 2021 (remaining) $ 642 2022 52,397 2023 (1) 184,388 2024 125,879 2025 182,431 Thereafter 400,651 Subtotal debt 946,388 Unamortized premium 475 Unamortized deferred financing costs (3,035) Total debt $ 943,828 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2021 | |
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 condensed 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 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 which is not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities. 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 these instruments as Level 2. Refer to Note 7 Derivative Financial Instruments of the notes to the condensed 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 September 30, 2021 and December 31, 2020: Total Level 2 Balance Sheet Location September 30, 2021 (In thousands) Derivative assets - interest rate swaps Other assets $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (6,563) $ (6,563) December 31, 2020 Derivative assets - interest rate swaps Other assets $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (14,468) $ (14,468) The carrying values of cash and cash equivalents, restricted cash and escrows, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. 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, assume the debt is outstanding through maturity and consider the debt’s collateral (if applicable). Since such amounts are estimates that are based on limited available market information for similar transactions (Level 3), 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 $891.4 million and $930.3 million as of September 30, 2021 and December 31, 2020, respectively, had fair values of approximately $916.3 million and $927.5 million, respectively. Variable rate debt’s fair value is estimated to be the carrying value of $55.0 million and $100.0 million as of September 30, 2021 and December 31, 2020, respectively. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis: Net Real Estate Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing 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 or pricing from potential or comparable market transactions. 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 nine months ended September 30, 2021 and 2020 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 nine months ended September 30, 2021 and 2020: Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2021 Income producing properties $ 1,543 $ — $ — $ 1,543 $ (5) Total $ 1,543 $ — $ — $ 1,543 $ (5) 2020 None |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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 effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations and comprehensive income. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective, for example, if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period and LIBOR rate. At September 30, 2021, 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. In November 2020, the ICE Benchmark Administration, the administrator of LIBOR, announced plans to consult on ceasing publications of LIBOR on December 31, 2021 for only the one week and two week LIBOR tenors, and on June 30, 2023 for all other LIBOR tenors. 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. At September 30, 2021, we had ten interest rate swap agreements in effect for an aggregate notional amount of $310.0 million converting our floating rate corporate debt to fixed rate debt. The following table summarizes the notional values and fair values of our derivative financial instruments as of September 30, 2021: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 60,000 1.770 % $ (1,355) 03/2023 Unsecured term loan Cash Flow 30,000 1.260 % (631) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (210) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (213) 11/2024 Unsecured term loan Cash Flow 25,000 1.310 % (564) 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % (576) 01/2025 Unsecured term loan Cash Flow 50,000 1.297 % (863) 11/2026 Unsecured term loan Cash Flow 25,000 1.402 % (551) 01/2027 Unsecured term loan Cash Flow 50,000 1.382 % (1,053) 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % (547) 01/2027 Total Derivative Liabilities: $ 310,000 $ (6,563) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2020: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 20,000 1.498 % $ (112) 05/2021 Unsecured term loan Cash Flow 15,000 1.490 % (83) 05/2021 Unsecured term loan Cash Flow 40,000 1.480 % (220) 05/2021 Unsecured term loan Cash Flow 60,000 1.770 % (2,128) 03/2023 Unsecured term loan Cash Flow 30,000 1.260 % (1,193) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (397) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (401) 11/2024 Unsecured term loan Cash Flow 25,000 1.310 % (1,071) 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % (1,085) 01/2025 Unsecured term loan Cash Flow 50,000 1.297 % (2,522) 11/2026 Unsecured term loan Cash Flow 25,000 1.402 % (1,425) 01/2027 $ 310,000 $ (10,637) Derivative Liabilities - Forward Swaps Unsecured term loan Cash Flow 50,000 1.382 % (2,541) 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % (1,290) 01/2027 Total Derivative Liabilities $ 385,000 $ (14,468) The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended September 30, 2021 and 2020 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Three Months Ended September 30, Three Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Interest rate contracts - assets $ — $ — Interest Expense $ — $ — Interest rate contracts - liabilities 2,248 1,949 Interest Expense (1,047) (1,013) Total $ 2,248 $ 1,949 Total $ (1,047) $ (1,013) The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2021 and 2020 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Interest rate contracts - assets $ — $ (2,345) Interest Expense $ — $ 14 Interest rate contracts - liabilities 10,976 (14,458) Interest Expense (3,070) (1,711) Total $ 10,976 $ (16,803) Total $ (3,070) $ (1,697) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at September 30, 2021, 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) 2021 (remaining) $ 40,983 2022 154,943 2023 136,783 2024 118,107 2025 97,861 Thereafter 288,139 Total $ 836,816 We recognized rental income related to variable lease payments of $35.5 million and $33.1 million for the nine months ended September 30, 2021 and 2020, respectively. Substantially all of the assets included as Income producing properties, net on the condensed 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 September 30, 2021, the Company’s wholly-owned portfolio was 92.6% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five year renewal and our operating lease in Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, Statements of Operations Classification 2021 2020 2021 2020 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 $ 872 $ 872 Operating administrative lease cost General and administrative expense 157 144 446 435 Finance lease cost Interest Expense 11 12 34 36 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification September 30, 2021 December 31, 2020 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 18,098 $ 18,585 Finance lease asset Land 10,095 13,249 Total leased assets $ 28,193 $ 31,834 LIABILITIES Operating lease liabilities Operating lease liabilities $ 17,530 $ 17,819 Finance lease liability Finance lease obligation 875 875 Total lease liabilities $ 18,405 $ 18,694 Weighted Average Remaining Lease Terms Operating leases 71 years 71 years Finance lease 11 years 12 years Weighted Average Incremental Borrowing Rate Operating leases 6.14 % 6.10 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2021 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,121 $ 1,100 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of September 30, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2021 (remaining) $ 367 $ 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 Thereafter 94,430 700 Total lease payments $ 99,940 $ 1,200 Less imputed interest (82,410) (325) Total $ 17,530 $ 875 |
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at September 30, 2021, 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) 2021 (remaining) $ 40,983 2022 154,943 2023 136,783 2024 118,107 2025 97,861 Thereafter 288,139 Total $ 836,816 We recognized rental income related to variable lease payments of $35.5 million and $33.1 million for the nine months ended September 30, 2021 and 2020, respectively. Substantially all of the assets included as Income producing properties, net on the condensed 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 September 30, 2021, the Company’s wholly-owned portfolio was 92.6% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five year renewal and our operating lease in Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, Statements of Operations Classification 2021 2020 2021 2020 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 $ 872 $ 872 Operating administrative lease cost General and administrative expense 157 144 446 435 Finance lease cost Interest Expense 11 12 34 36 Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification September 30, 2021 December 31, 2020 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 18,098 $ 18,585 Finance lease asset Land 10,095 13,249 Total leased assets $ 28,193 $ 31,834 LIABILITIES Operating lease liabilities Operating lease liabilities $ 17,530 $ 17,819 Finance lease liability Finance lease obligation 875 875 Total lease liabilities $ 18,405 $ 18,694 Weighted Average Remaining Lease Terms Operating leases 71 years 71 years Finance lease 11 years 12 years Weighted Average Incremental Borrowing Rate Operating leases 6.14 % 6.10 % Finance lease 5.23 % 5.23 % Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2021 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,121 $ 1,100 Operating cash flows from finance lease — — Financing cash flows from finance lease — — Maturities of lease liabilities as of September 30, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2021 (remaining) $ 367 $ 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 Thereafter 94,430 700 Total lease payments $ 99,940 $ 1,200 Less imputed interest (82,410) (325) Total $ 17,530 $ 875 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands, except per share data) Net income (loss) $ 26,297 $ (1,993) $ 80,836 $ (4,607) Net (income) loss attributable to noncontrolling interest (595) 46 (1,843) 106 Allocation of (income) loss to restricted share awards (171) — (465) (136) Income (loss) attributable to RPT 25,531 (1,947) 78,528 (4,637) Preferred share dividends (1,676) (1,676) (5,026) (5,026) Net income available to common shareholders - Basic 23,855 (3,623) 73,502 (9,663) Add back preferred shares for dilution (1) 1,676 — 5,026 — Net income (loss) available to common shareholders - Diluted $ 25,531 $ (3,623) $ 78,528 $ (9,663) Weighted average shares outstanding, Basic 80,418 80,051 80,228 79,978 Restricted stock awards using the treasury method (2) 1,416 — 1,299 — Dilutive effect of preferred shares (1) 7,017 — 7,017 — Weighted average shares outstanding, Diluted 88,851 80,051 88,544 79,978 Income (loss) per common share, Basic $ 0.30 $ (0.05) $ 0.92 $ (0.12) Income (loss) per common share, Diluted $ 0.29 $ (0.05) $ 0.89 $ (0.12) (1) The assumed conversion of preferred shares is dilutive for the three and nine months ended September 30, 2021 and anti-dilutive for all other periods presented. (2) Restricted stock awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. 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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Outstanding Convertible Outstanding Convertible Outstanding Convertible Outstanding Convertible Operating Partnership Units 1,827 1,827 1,909 1,909 1,827 1,827 1,909 1,909 Series D Preferred Shares — — 1,849 7,014 — — 1,849 7,014 Restricted Stock Awards — — 1,073 100 — — 1,073 299 1,827 1,827 4,831 9,023 1,827 1,827 4,831 9,222 |
Share-based Compensation Plans
Share-based Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation Plans | Share-based Compensation Plans As of September 30, 2021, we have two share-based compensation plans in effect: 1) the Amended and Restated 2019 Omnibus Long-Term Incentive Plan (“2019 LTIP”) and 2) the Inducement Incentive Plan (“Inducement Plan”). The 2019 LTIP is administered by the compensation committee of the Board (the “Compensation Committee”). 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 5.1 million common shares of beneficial interest plus any shares that become available under the 2012 Omnibus Long-Term Incentive Plan (“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 September 30, 2021, there were 2.4 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 beneficial interest, of which 5.0 million remained available for issuance as of September 30, 2021; however, we do not intend to make further awards under the Inducement Plan following adoption of the 2019 LTIP. As of September 30, 2021, we had 779,804 unvested service-based share awards outstanding under the 2019 LTIP, 70,947 unvested service-based share awards outstanding under the 2012 LTIP and no unvested service-based share awards outstanding under the Inducement Plan. These awards have various expiration dates through June 2025. During the nine months ended September 30, 2021, we granted the following awards: • 348,667 shares of service-based restricted stock. The service-based awards were valued based on our closing stock price as of the grant date; and • Performance-based equity awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”). The service-based restricted share awards to employees vest over three 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 $1.0 million and $1.1 million for the three months ended September 30, 2021 and September 30, 2020, respectively, and expense of $3.1 million and $2.9 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants that will be settled in cash, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We will recognize the compensation expense ratably over the requisite service period. We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If at the end of the three-year measurement period the performance criterion is not met, compensation expense related to the cash awards previously recognized would be reversed. Compensation (benefit) expense related to the cash awards was $(0.2) million and $(0.1) million, for the three months ended September 30, 2021 and September 30, 2020, respectively, and compensation expense (benefit) of $0.9 million and $(0.3) million, for the nine months ended September 30, 2021 and September 30, 2020, respectively. The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table: September 30, 2021 December 31, 2020 Closing share price $12.76 $8.65 Expected dividend rate 3.8 % — % Expected stock price volatility 31.9 % 49.8% - 91.5% Risk-free interest rate — % 0.1% - 0.3% Expected life (years) 0.25 1.0 - 4.0 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. Compensation expense related to the equity awards was $1.1 million and $0.7 million for the three months ended September 30, 2021 and September 30, 2020, respectively, and $2.5 million and $1.9 million for the nine months ended September 30, 2021 and September 30, 2020, 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: Nine Months Ended September 30, 2021 2020 Closing share price $10.45 $13.09 Expected dividend rate — % 6.7 % Expected stock price volatility 57.1 % 23.3 % Risk-free interest rate 0.2 % 0.9 % Expected life (years) 2.88 2.85 We recognized total share-based compensation expense of $1.9 million and $1.7 million for the three months ended September 30, 2021 and September 30, 2020, respectively, and $6.5 million and $4.5 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. |
Taxes
Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes Income Taxes We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we and our subsidiary REITs 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 taxable REIT subsidiaries (“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, land basis differences, and net operating loss carry forwards. As of September 30, 2021, we had a federal and state deferred tax asset of $8.4 million and a valuation allowance of $8.4 million. Our deferred tax assets are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the deferred tax assets. These future operations are primarily dependent upon the profitability of our TRSs, the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs. If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our consolidated statement of operations and comprehensive income in the period we make the determination. We recorded an income tax benefit of approximately $0.2 million and $0.1 million for the three months ended September 30, 2021 and 2020, respectively. The income tax benefit for the nine months ended September 30, 2021 and 2020 was negligible. Sales Taxes 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 | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Construction Costs In connection with the leasing and targeted remerchandinsing of various shopping centers as of September 30, 2021, we had entered into agreements for construction costs of approximately $5.9 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 condensed consolidated financial statements. Development Obligations As of September 30, 2021, the Company has $1.9 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 $7.8 million. As part of the redevelopment, the Company executed a guaranty agreement whereby the Company would fund debt service payments if incremental tax 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 condensed consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will expedite and assure satisfactory compliance with environmental laws and regulations should contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. On October 1, 2021, the Company borrowed $75.0 million on its unsecured revolving credit facility. On October 7, 2021, R2G completed the acquisition of Dedham Mall, a 510,000 square foot shopping center, located in Dedham, MA for a contract price of $131.5 million. On October 8, 2021, we and our Operating Partnership entered into a note purchase agreement with certain institutional investors in a private placement transaction pursuant to which our Operating Partnership expects to issue (i) $75.0 million aggregate principal amount of 3.70% Senior Guaranteed Notes, Series A, due November 30, 2030 and (ii) $55.0 million aggregate principal amount of 3.82% Senior Guaranteed Notes, Series B, due November 30, 2031. Such notes are unsecured and are guaranteed by the Company and certain subsidiaries of the Operating Partnership. The proceeds from the sale of the notes are expected to be used to repay all of our Operating Partnership's senior unsecured notes due in 2023 and 2024 with an aggregate principal amount of $116.5 million and weighted average interest rate of 4.33%, to pay related costs and expenses and for working capital and general corporate purposes of us and our Operating Partnership and subsidiaries. On November 2, 2021, the Company closed on the sale of Market Plaza in the Chicago market for gross proceeds of $30.2 million. |
Organization and Basis of Pre_2
Organization and Basis of Presentations (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.9% and 97.7% owned by the Company at September 30, 2021 and December 31, 2020, respectively), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of condensed 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 have elected to be a REIT for federal income tax purposes. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company 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 unaudited 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. The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates. |
Recently Adopted and Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: • Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. • Account for the deferred payments as variable lease payments. In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our condensed consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable. Recently Issued Accounting Pronouncements In July 2021, the FASB updated Accounting Standards Codification (“ASC”) Topic 842 “Leases” with ASU 2021-05 “Lessors-Certain Leases with Variable Lease Payments” (“ASU 2021-05”). ASU 2021-05 affects lessors with lease contracts that (1) have variable lease payments that do not depend on a reference index or a rate and (2) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840, whereby lessors classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease when certain criteria are met. ASU 2016-13 is effective for annual periods beginning after December 15, 2021, including interim periods within that fiscal year. We are currently evaluating the guidance and have not determined the impact this standard may have on our condensed consolidated financial statements. |
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 condensed consolidated financial statements. |
Derivatives 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 these instruments as Level 2. Refer to Note 7 Derivative Financial Instruments of the notes to the condensed consolidated financial statements for additional information on our derivative financial instruments. |
Property Acquisitions and Dis_2
Property Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisition activity for the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (in thousands) (In thousands) Northborough Crossing Northborough, MA 646 6/18/21 $ 104,000 $ 97,182 $ — Bellevue Plaza Nashville, TN 77 7/7/21 10,430 10,651 — Woodstock Square Woodstock, GA 219 7/14/21 37,670 37,585 — Newnan Pavilion Newnan, GA 467 8/5/21 41,550 42,034 — Total income producing acquisitions 1,409 $ 193,650 $ 187,452 $ — Total acquisitions 1,409 $ 193,650 $ 187,452 $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our R2G joint venture property acquisitions during the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (in thousands) (In thousands) East Lake Woodlands Palm Harbor, FL 104 7/9/21 $ 25,500 $ 25,730 $ — Village Shoppes of Canton Canton, MA 284 7/12/21 61,500 61,363 — South Pasadena Shopping Center South Pasadena, FL 164 7/14/21 32,650 33,184 — Bedford Marketplace Bedford, MA 153 7/29/21 54,500 54,775 — Total R2G acquisitions 705 $ 174,150 $ 175,052 $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our RGMZ joint venture property acquisitions during the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (in thousands) (In thousands) RPT Realty - 13 Income Producing Properties Various (2) 169 3/5/21 $ 36,196 $ 37,228 $ (21,718) RPT Realty - 2 Income Producing Properties Southfield, MI 329 5/21/21 39,334 39,603 (23,600) Single-Tenant Property Las Vegas, NV 14 7/30/21 4,650 4,670 (2,790) RPT Realty - 13 Income Producing Properties Various (3) 147 8/27/21 36,104 36,725 (21,662) RPT Realty - 1 Income Producing Property Newnan, GA 6 9/14/21 1,543 1,581 (926) Total RGMZ acquisitions 665 $ 117,827 $ 119,807 $ (70,696) (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. (2) Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. (3) Net lease retail properties acquired are located in Florida, Georgia, and Michigan. |
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: As of Acquisition Date (In thousands) Land $ 43,305 Buildings and improvements 97,635 Above market leases 26,288 Lease origination costs 26,666 Below market leases (6,442) Net assets acquired $ 187,452 As of Acquisition Date (In thousands) Land $ 31,578 Buildings and improvements 123,384 Above market leases 6,135 Lease origination costs 18,965 Below market leases (5,010) Net assets acquired $ 175,052 As of Acquisition Date (In thousands) Land $ 62,606 Buildings and improvements 23,120 Above market leases 27,170 Lease origination costs 7,207 Below market leases (296) Net assets acquired $ 119,807 |
Business Acquisition, Pro Forma Information | Total revenue and net income for the 2021 acquisitions included in our condensed consolidated statement of operations for the three and nine months ended September 30, 2021 were as follows: Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (in thousands) Consolidated revenue $ 4,167 $ 4,532 Consolidated net income available to common shareholders 766 1,054 |
Schedule of Disposition Activity | The following table provides a summary of our disposition activity for the nine months ended September 30, 2021: Gross Property Name (1) Location Property/ Parcel Count GLA Date Sold Sales Price Gain on Sale (in thousands) (In thousands) Buttermilk Towne Center - Land parcels Crescent Springs, KY 2 107 3/5/21 $ 9,785 $ 3,809 Deer Grove - Outparcel Palatine, IL 1 8 3/5/21 2,500 1,456 Front Range Village - Land parcel Fort Collins, CO 1 5 3/5/21 2,750 1,709 Front Range Village - Outparcel Fort Collins, CO 1 4 3/5/21 2,475 1,197 Merchants' Square - Outparcels Carmel, IN 1 19 3/5/21 3,977 2,133 Promenade at Pleasant Hill - Land parcel Duluth, GA 1 4 3/5/21 1,250 467 River City Marketplace - Land parcels Jacksonville, FL 2 5 3/5/21 2,895 1,938 Rivertowne Square - Land parcel Deerfield Beach, FL 1 3 3/5/21 3,270 2,272 Shoppes of Lakeland - Land parcel Lakeland, FL 1 3 3/5/21 1,332 800 Shoppes of Lakeland - Outparcel Lakeland, FL 1 7 3/5/21 1,200 289 West Broward - Land parcel Plantation, FL 1 4 3/5/21 4,762 2,933 Tel-Twelve - Land parcels Southfield, MI 2 329 5/21/21 39,334 34,216 Marketplace of Delray - Land parcels Delray Beach, FL 3 12 8/27/21 7,960 6,700 Marketplace of Delray - Outparcels Delray Beach, FL 4 17 8/27/21 8,046 5,192 Parkway Shops - Land parcel Jacksonville, FL 1 26 8/27/21 2,622 930 Peachtree Hill - Outparcel Duluth, GA 1 66 8/27/21 8,275 2,103 Promenade at Pleasant Hill - Outparcel Duluth, GA 1 3 8/27/21 844 443 West Broward Shopping Center - Outparcel Plantation, FL 1 15 8/27/21 5,954 4,964 West Oaks II Shopping Center - Outparcel Novi, MI 1 4 8/27/21 746 455 Winchester Center - Land parcel Rochester Hills, MI 1 4 8/27/21 1,657 1,409 Newnan Pavilion - Land parcel Newnan, GA 1 6 9/16/21 1,543 — Total income producing dispositions 29 651 $ 113,177 $ 75,415 Total dispositions 651 $ 113,177 $ 75,415 (1) We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information. |
Equity Investments in Unconso_2
Equity Investments in Unconsolidated Joint Ventures (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Combined Financial Information for Unconsolidated Joint Ventures, Balance Sheets | The combined condensed financial information for our unconsolidated joint ventures is summarized as follows: Balance Sheets September 30, 2021 December 31, 2020 (In thousands) ASSETS R2G RGMZ Other Total R2G RGMZ Other Total Investment in real estate, net $ 376,329 $ 85,604 $ — $ 461,933 $ 226,083 $ — $ — $ 226,083 Other assets 52,492 40,699 — 93,191 26,125 — 47 26,172 Total Assets $ 428,821 $ 126,303 $ — $ 555,124 $ 252,208 $ — $ 47 $ 252,255 LIABILITIES AND OWNERS' EQUITY Notes payable $ — $ 70,696 $ — $ 70,696 $ — $ — $ — $ — Other liabilities 22,786 2,133 — 24,919 14,474 — 11 14,485 Owners' equity 406,035 53,474 — 459,509 237,734 — 36 237,770 Total Liabilities and Owners' Equity $ 428,821 $ 126,303 $ — $ 555,124 $ 252,208 $ — $ 47 $ 252,255 RPT's equity investments in unconsolidated joint ventures $ 213,008 $ 3,392 $ — $ 216,400 $ 126,333 $ — $ — $ 126,333 Three Months Ended September 30, Statements of Operations 2021 2020 (In thousands) R2G RGMZ Other Total R2G RGMZ Other Total Total revenue $ 9,259 $ 1,894 $ — $ 11,153 $ 6,714 $ — $ — $ 6,714 Total expenses 7,163 1,038 (1) 8,200 5,805 — 9 5,814 Operating income (loss) 2,096 856 1 2,953 909 — (9) 900 Interest expense — 720 — 720 — — — — Net income (loss) $ 2,096 $ 136 $ 1 $ 2,233 $ 909 $ — $ (9) $ 900 Preferred member dividends 30 (4) — 26 19 — — 19 Net income (loss) available to common members $ 2,066 $ 140 $ 1 $ 2,207 $ 890 $ — $ (9) $ 881 RPT's share of earnings from unconsolidated joint ventures $ 1,065 $ 9 $ — $ 1,074 $ 458 $ — $ (2) $ 456 |
Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations | Nine Months Ended September 30, Statements of Operations 2021 2020 (In thousands) R2G RGMZ Other Total R2G RGMZ Other Total Total revenue $ 21,462 $ 3,298 $ — $ 24,760 $ 18,298 $ — $ — $ 18,298 Total expenses 15,709 1,781 7 17,497 15,295 — 23 15,318 Income (loss) before other income and expense 5,753 1,517 (7) 7,263 3,003 — (23) 2,980 Interest expense — 1,210 — 1,210 — — — — Net income (loss) $ 5,753 $ 307 $ (7) $ 6,053 $ 3,003 $ — $ (23) $ 2,980 Preferred member dividends 66 12 — 78 $ 55 — $ — 55 Net income (loss) available to common members $ 5,687 $ 295 $ (7) $ 5,975 $ 2,948 $ — $ (23) $ 2,925 RPT's share of earnings from unconsolidated joint ventures $ 2,928 $ 19 $ — $ 2,947 $ 1,518 $ — $ (4) $ 1,514 |
Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisition activity for the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (in thousands) (In thousands) Northborough Crossing Northborough, MA 646 6/18/21 $ 104,000 $ 97,182 $ — Bellevue Plaza Nashville, TN 77 7/7/21 10,430 10,651 — Woodstock Square Woodstock, GA 219 7/14/21 37,670 37,585 — Newnan Pavilion Newnan, GA 467 8/5/21 41,550 42,034 — Total income producing acquisitions 1,409 $ 193,650 $ 187,452 $ — Total acquisitions 1,409 $ 193,650 $ 187,452 $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our R2G joint venture property acquisitions during the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Assumed Debt (in thousands) (In thousands) East Lake Woodlands Palm Harbor, FL 104 7/9/21 $ 25,500 $ 25,730 $ — Village Shoppes of Canton Canton, MA 284 7/12/21 61,500 61,363 — South Pasadena Shopping Center South Pasadena, FL 164 7/14/21 32,650 33,184 — Bedford Marketplace Bedford, MA 153 7/29/21 54,500 54,775 — Total R2G acquisitions 705 $ 174,150 $ 175,052 $ — (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our RGMZ joint venture property acquisitions during the nine months ended September 30, 2021: Gross Property Name Location GLA Date Acquired Contract Price (1) Purchase Price Debt Issued (in thousands) (In thousands) RPT Realty - 13 Income Producing Properties Various (2) 169 3/5/21 $ 36,196 $ 37,228 $ (21,718) RPT Realty - 2 Income Producing Properties Southfield, MI 329 5/21/21 39,334 39,603 (23,600) Single-Tenant Property Las Vegas, NV 14 7/30/21 4,650 4,670 (2,790) RPT Realty - 13 Income Producing Properties Various (3) 147 8/27/21 36,104 36,725 (21,662) RPT Realty - 1 Income Producing Property Newnan, GA 6 9/14/21 1,543 1,581 (926) Total RGMZ acquisitions 665 $ 117,827 $ 119,807 $ (70,696) (1) Contract price does not include purchase price adjustments made at closing and capitalized closing costs. (2) Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. (3) Net lease retail properties acquired are located in Florida, Georgia, and Michigan. |
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: As of Acquisition Date (In thousands) Land $ 43,305 Buildings and improvements 97,635 Above market leases 26,288 Lease origination costs 26,666 Below market leases (6,442) Net assets acquired $ 187,452 As of Acquisition Date (In thousands) Land $ 31,578 Buildings and improvements 123,384 Above market leases 6,135 Lease origination costs 18,965 Below market leases (5,010) Net assets acquired $ 175,052 As of Acquisition Date (In thousands) Land $ 62,606 Buildings and improvements 23,120 Above market leases 27,170 Lease origination costs 7,207 Below market leases (296) Net assets acquired $ 119,807 |
Information of Fees Earned | The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income: Three Months Ended September 30, 2021 2020 (In thousands) R2G RGMZ Total R2G Other Total Management fees $ 348 $ 58 $ 406 $ 213 $ — $ 213 Leasing fees 15 — 15 125 — 125 Construction fees 5 — 5 — — — Total $ 368 $ 58 $ 426 $ 338 $ — $ 338 Nine Months Ended September 30, 2021 2020 (In thousands) R2G RGMZ Total R2G Other Total Management fees $ 822 $ 99 $ 921 $ 648 $ 4 $ 652 Leasing fees 346 — 346 265 — 265 Construction fees 5 — 5 — — — Total $ 1,173 $ 99 $ 1,272 $ 913 $ 4 $ 917 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of September 30, 2021 and December 31, 2020: Notes Payable and Finance Lease Obligation September 30, December 31, (In thousands) Senior unsecured notes $ 498,000 $ 535,000 Unsecured term loan facilities 310,000 310,000 Fixed rate mortgages 83,388 85,254 Unsecured revolving credit facility 55,000 100,000 946,388 1,030,254 Unamortized premium 475 1,103 Unamortized deferred financing costs (3,035) (3,606) Total notes payable, net $ 943,828 $ 1,027,751 Finance lease obligation $ 875 $ 875 Senior Unsecured Notes On June 28, 2021, we repaid $37.0 million of debt which constituted repayment in full of the Operating Partnership's 3.75% senior unsecured notes due 2021, issued pursuant to the note purchase agreement dated June 27, 2013, as amended. Accordingly, on June 28, 2021, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied. The following table summarizes the Company's senior unsecured notes: September 30, 2021 December 31, 2020 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 6/27/2021 $ — — % $ 37,000 3.75 % Senior unsecured notes 6/27/2023 41,500 4.12 % 41,500 4.12 % Senior unsecured notes 5/28/2024 50,000 4.65 % 50,000 4.65 % Senior unsecured notes 11/18/2024 25,000 4.05 % 25,000 4.05 % Senior unsecured notes 6/27/2025 31,500 4.27 % 31,500 4.27 % Senior unsecured notes 7/6/2025 50,000 4.20 % 50,000 4.20 % Senior unsecured notes 9/30/2025 50,000 4.09 % 50,000 4.09 % Senior unsecured notes 5/28/2026 50,000 4.74 % 50,000 4.74 % Senior unsecured notes 11/18/2026 25,000 4.28 % 25,000 4.28 % Senior unsecured notes 12/21/2027 30,000 4.57 % 30,000 4.57 % Senior unsecured notes 11/30/2028 75,000 3.64 % 75,000 3.64 % Senior unsecured notes 12/21/2029 20,000 4.72 % 20,000 4.72 % Senior unsecured notes 12/27/2029 50,000 4.15 % 50,000 4.15 % $ 498,000 4.24 % $ 535,000 4.20 % Unamortized deferred financing costs (1,459) (1,715) Total $ 496,541 $ 533,285 Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company's unsecured term loan facilities and revolving credit facility: September 30, 2021 December 31, 2020 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 - fixed rate (1) 3/3/2023 $ 60,000 3.02 % $ 60,000 3.02 % Unsecured term loan - fixed rate (2) 11/6/2024 50,000 2.51 % 50,000 2.51 % Unsecured term loan - fixed rate (3) 2/6/2025 50,000 2.57 % 50,000 2.57 % Unsecured term loan - fixed rate (4) 11/6/2026 50,000 2.95 % 50,000 2.95 % Unsecured term loan - fixed rate (5) 2/5/2027 100,000 3.04 % 100,000 3.12 % $ 310,000 2.86 % $ 310,000 2.89 % Unamortized deferred financing costs (1,576) (1,891) Term loans, net $ 308,424 $ 308,109 Revolving credit facility - variable rate 11/6/2023 $ 55,000 1.23 % 100,000 1.30 % (1) Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021. (2) Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021. (3) Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at September 30, 2021. (4) Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at September 30, 2021. (5) Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at September 30, 2021. The following table summarizes the Company's fixed rate mortgages: September 30, 2021 December 31, 2020 Mortgage Debt Maturity Date Principal Balance Interest Rate/Weighted Average Interest Rate Principal Balance Interest Rate/Weighted Average Interest Rate (in thousands) (in thousands) Bridgewater Falls Shopping Center 2/6/2022 $ 51,365 5.70 % $ 52,274 5.70 % The Shops on Lane Avenue 1/10/2023 27,762 3.76 % 28,169 3.76 % Nagawaukee II 6/1/2026 4,261 5.80 % 4,811 5.80 % $ 83,388 5.06 % $ 85,254 5.06 % Unamortized premium 475 1,103 Total $ 83,863 $ 86,357 |
Scheduled Principal Payments on Mortgages and Notes Payable | The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of September 30, 2021: Year Ending December 31, (In thousands) 2021 (remaining) $ 642 2022 52,397 2023 (1) 184,388 2024 125,879 2025 182,431 Thereafter 400,651 Subtotal debt 946,388 Unamortized premium 475 Unamortized deferred financing costs (3,035) Total debt $ 943,828 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
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 September 30, 2021 and December 31, 2020: Total Level 2 Balance Sheet Location September 30, 2021 (In thousands) Derivative assets - interest rate swaps Other assets $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (6,563) $ (6,563) December 31, 2020 Derivative assets - interest rate swaps Other assets $ — $ — Derivative liabilities - interest rate swaps Other liabilities $ (14,468) $ (14,468) |
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 nine months ended September 30, 2021 and 2020 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 nine months ended September 30, 2021 and 2020: Assets Total Fair Value Level 1 Level 2 Level 3 Total Impairment (In thousands) 2021 Income producing properties $ 1,543 $ — $ — $ 1,543 $ (5) Total $ 1,543 $ — $ — $ 1,543 $ (5) 2020 None |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 60,000 1.770 % $ (1,355) 03/2023 Unsecured term loan Cash Flow 30,000 1.260 % (631) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (210) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (213) 11/2024 Unsecured term loan Cash Flow 25,000 1.310 % (564) 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % (576) 01/2025 Unsecured term loan Cash Flow 50,000 1.297 % (863) 11/2026 Unsecured term loan Cash Flow 25,000 1.402 % (551) 01/2027 Unsecured term loan Cash Flow 50,000 1.382 % (1,053) 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % (547) 01/2027 Total Derivative Liabilities: $ 310,000 $ (6,563) The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2020: Hedge Notional Fixed Fair Expiration Underlying Debt (In thousands) (In thousands) Derivative Liabilities Unsecured term loan Cash Flow $ 20,000 1.498 % $ (112) 05/2021 Unsecured term loan Cash Flow 15,000 1.490 % (83) 05/2021 Unsecured term loan Cash Flow 40,000 1.480 % (220) 05/2021 Unsecured term loan Cash Flow 60,000 1.770 % (2,128) 03/2023 Unsecured term loan Cash Flow 30,000 1.260 % (1,193) 11/2024 Unsecured term loan Cash Flow 10,000 1.259 % (397) 11/2024 Unsecured term loan Cash Flow 10,000 1.269 % (401) 11/2024 Unsecured term loan Cash Flow 25,000 1.310 % (1,071) 01/2025 Unsecured term loan Cash Flow 25,000 1.324 % (1,085) 01/2025 Unsecured term loan Cash Flow 50,000 1.297 % (2,522) 11/2026 Unsecured term loan Cash Flow 25,000 1.402 % (1,425) 01/2027 $ 310,000 $ (10,637) Derivative Liabilities - Forward Swaps Unsecured term loan Cash Flow 50,000 1.382 % (2,541) 01/2027 Unsecured term loan Cash Flow 25,000 1.398 % (1,290) 01/2027 Total Derivative Liabilities $ 385,000 $ (14,468) |
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended September 30, 2021 and 2020 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Three Months Ended September 30, Three Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Interest rate contracts - assets $ — $ — Interest Expense $ — $ — Interest rate contracts - liabilities 2,248 1,949 Interest Expense (1,047) (1,013) Total $ 2,248 $ 1,949 Total $ (1,047) $ (1,013) The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the nine months ended September 30, 2021 and 2020 is summarized as follows: Amount of Gain (Loss) Location of Gain Amount of Gain (Loss) Derivatives in Cash Flow Hedging Relationship Nine Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In thousands) (In thousands) Interest rate contracts - assets $ — $ (2,345) Interest Expense $ — $ 14 Interest rate contracts - liabilities 10,976 (14,458) Interest Expense (3,070) (1,711) Total $ 10,976 $ (16,803) Total $ (3,070) $ (1,697) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Maturity | Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at September 30, 2021, 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) 2021 (remaining) $ 40,983 2022 154,943 2023 136,783 2024 118,107 2025 97,861 Thereafter 288,139 Total $ 836,816 |
Lease, Cost | The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30, Statements of Operations Classification 2021 2020 2021 2020 (In thousands) Operating ground lease cost Non-recoverable operating expense $ 291 $ 291 $ 872 $ 872 Operating administrative lease cost General and administrative expense 157 144 446 435 Finance lease cost Interest Expense 11 12 34 36 Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2021 2020 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,121 $ 1,100 Operating cash flows from finance lease — — Financing cash flows from finance lease — — |
Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows: Balance Sheet Classification September 30, 2021 December 31, 2020 (In thousands) ASSETS Operating lease assets Operating lease right-of-use assets $ 18,098 $ 18,585 Finance lease asset Land 10,095 13,249 Total leased assets $ 28,193 $ 31,834 LIABILITIES Operating lease liabilities Operating lease liabilities $ 17,530 $ 17,819 Finance lease liability Finance lease obligation 875 875 Total lease liabilities $ 18,405 $ 18,694 Weighted Average Remaining Lease Terms Operating leases 71 years 71 years Finance lease 11 years 12 years Weighted Average Incremental Borrowing Rate Operating leases 6.14 % 6.10 % Finance lease 5.23 % 5.23 % |
Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of September 30, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2021 (remaining) $ 367 $ 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 Thereafter 94,430 700 Total lease payments $ 99,940 $ 1,200 Less imputed interest (82,410) (325) Total $ 17,530 $ 875 |
Finance Lease, Liability, Maturity | Maturities of lease liabilities as of September 30, 2021 were as follows: Maturity of Lease Liabilities Operating Leases Finance Lease (In thousands) 2021 (remaining) $ 367 $ 100 2022 1,482 100 2023 1,495 100 2024 1,118 100 2025 1,048 100 Thereafter 94,430 700 Total lease payments $ 99,940 $ 1,200 Less imputed interest (82,410) (325) Total $ 17,530 $ 875 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (In thousands, except per share data) Net income (loss) $ 26,297 $ (1,993) $ 80,836 $ (4,607) Net (income) loss attributable to noncontrolling interest (595) 46 (1,843) 106 Allocation of (income) loss to restricted share awards (171) — (465) (136) Income (loss) attributable to RPT 25,531 (1,947) 78,528 (4,637) Preferred share dividends (1,676) (1,676) (5,026) (5,026) Net income available to common shareholders - Basic 23,855 (3,623) 73,502 (9,663) Add back preferred shares for dilution (1) 1,676 — 5,026 — Net income (loss) available to common shareholders - Diluted $ 25,531 $ (3,623) $ 78,528 $ (9,663) Weighted average shares outstanding, Basic 80,418 80,051 80,228 79,978 Restricted stock awards using the treasury method (2) 1,416 — 1,299 — Dilutive effect of preferred shares (1) 7,017 — 7,017 — Weighted average shares outstanding, Diluted 88,851 80,051 88,544 79,978 Income (loss) per common share, Basic $ 0.30 $ (0.05) $ 0.92 $ (0.12) Income (loss) per common share, Diluted $ 0.29 $ (0.05) $ 0.89 $ (0.12) (1) The assumed conversion of preferred shares is dilutive for the three and nine months ended September 30, 2021 and anti-dilutive for all other periods presented. (2) Restricted stock awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. |
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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Outstanding Convertible Outstanding Convertible Outstanding Convertible Outstanding Convertible Operating Partnership Units 1,827 1,827 1,909 1,909 1,827 1,827 1,909 1,909 Series D Preferred Shares — — 1,849 7,014 — — 1,849 7,014 Restricted Stock Awards — — 1,073 100 — — 1,073 299 1,827 1,827 4,831 9,023 1,827 1,827 4,831 9,222 |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
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: September 30, 2021 December 31, 2020 Closing share price $12.76 $8.65 Expected dividend rate 3.8 % — % Expected stock price volatility 31.9 % 49.8% - 91.5% Risk-free interest rate — % 0.1% - 0.3% Expected life (years) 0.25 1.0 - 4.0 Nine Months Ended September 30, 2021 2020 Closing share price $10.45 $13.09 Expected dividend rate — % 6.7 % Expected stock price volatility 57.1 % 23.3 % Risk-free interest rate 0.2 % 0.9 % Expected life (years) 2.88 2.85 |
Organization and Basis of Pre_3
Organization and Basis of Presentations (Details) $ / shares in Units, a in Thousands, ft² in Millions, $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Feb. 29, 2020USD ($) | Sep. 30, 2021USD ($)aft²property$ / sharesshares | Dec. 31, 2020$ / shares | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Common shares of beneficial interest, par (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |
Number of joint ventures with real estate properties | 9 | ||
Area of real estate property (in sq feet) | a | 1,409 | ||
Aggregate portfolio, percent leased | 92.60% | ||
Sale of stock, maximum potential consideration | $ | $ 100 | ||
Sale of stock, number of shares issued in transaction | shares | 3,041,120 | ||
Working capital and general corporate purposes | $ | $ 39.5 | ||
Proceeds from issuance or sale of equity | $ | $ 60.5 | ||
RPT Realty, L.P. | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Ownership interest in RPT Realty, L. P. | 97.90% | 97.70% | |
Shopping Centers | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Number of real estate properties owned and managed | 57 | ||
Area of real estate property (in sq feet) | ft² | 14 | ||
Aggregate portfolio, percent leased | 92.50% | ||
Joint Venture, Net Lease Retail Assets | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Number of real estate properties owned and managed | 30 | ||
Single-Tenant, Net Lease Retail Assets | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Number of real estate properties owned and managed | 30 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)propertyland | |
Real Estate [Abstract] | |||
Impairment of real estate | $ 0 | $ 0 | |
Constructions in progress | 15.2 | $ 8.6 | |
Land held for development or sale | $ 26.2 | $ 26.2 | |
Number of properties, held-for-sale | property | 0 | ||
Number of land parcel, held-for-sale | land | 0 |
Property Acquisitions and Dis_3
Property Acquisitions and Dispositions - Summary of Acquisitions (Details) a in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)a | |
Business Acquisition [Line Items] | |
GLA | a | 1,409 |
Contract Price | $ 193,650 |
Gross purchase price | 187,452 |
Gross assumed debt | $ 0 |
Northborough Crossing | |
Business Acquisition [Line Items] | |
GLA | a | 646 |
Contract Price | $ 104,000 |
Gross purchase price | 97,182 |
Gross assumed debt | $ 0 |
Bellevue Plaza | |
Business Acquisition [Line Items] | |
GLA | a | 77 |
Contract Price | $ 10,430 |
Gross purchase price | 10,651 |
Gross assumed debt | $ 0 |
Woodstock Square | |
Business Acquisition [Line Items] | |
GLA | a | 219 |
Contract Price | $ 37,670 |
Gross purchase price | 37,585 |
Gross assumed debt | $ 0 |
Newnan Pavilion | |
Business Acquisition [Line Items] | |
GLA | a | 467 |
Contract Price | $ 41,550 |
Gross purchase price | 42,034 |
Gross assumed 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 $ in Thousands | Sep. 30, 2021USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Land | $ 43,305 |
Buildings and improvements | 97,635 |
Lease origination costs | 26,666 |
Below market leases | (6,442) |
Net assets acquired | 187,452 |
Above market leases | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Above market leases | $ 26,288 |
Property Acquisitions and Dis_5
Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Total consolidated income producing acquisitions - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||
Consolidated revenue | $ 4,167 | $ 4,532 |
Consolidated net income available to common shareholders | $ 766 | $ 1,054 |
Property Acquisitions and Dis_6
Property Acquisitions and Dispositions - Dispositions (Details) a in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)aland | Dec. 31, 2020land | |
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 0 | |
GLA | a | 1,409 | |
Income Producing Property Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 29 | |
GLA | a | 651 | |
Sales Price | $ 113,177 | |
Gain on Sale | $ 75,415 | |
Income Producing Property and Land and Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
GLA | a | 651 | |
Sales Price | $ 113,177 | |
Gain on Sale | $ 75,415 | |
Buttermilk Towne Center | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 107 | |
Sales Price | $ 9,785 | |
Gain on Sale | $ 3,809 | |
Deer Grove | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 8 | |
Sales Price | $ 2,500 | |
Gain on Sale | $ 1,456 | |
Front Range Village | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 5 | |
Sales Price | $ 2,750 | |
Gain on Sale | $ 1,709 | |
Front Range Village | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Sales Price | $ 2,475 | |
Gain on Sale | $ 1,197 | |
Merchants' Square | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 19 | |
Sales Price | $ 3,977 | |
Gain on Sale | $ 2,133 | |
Promenade at Pleasant Hill | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Sales Price | $ 1,250 | |
Gain on Sale | $ 467 | |
Promenade at Pleasant Hill | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 3 | |
Sales Price | $ 844 | |
Gain on Sale | $ 443 | |
River City Marketplace | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 5 | |
Sales Price | $ 2,895 | |
Gain on Sale | $ 1,938 | |
Rivertowne Square | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 3 | |
Sales Price | $ 3,270 | |
Gain on Sale | $ 2,272 | |
Shoppes of Lakeland | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 3 | |
Sales Price | $ 1,332 | |
Gain on Sale | $ 800 | |
Shoppes of Lakeland | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 7 | |
Sales Price | $ 1,200 | |
Gain on Sale | $ 289 | |
West Broward | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Sales Price | $ 4,762 | |
Gain on Sale | $ 2,933 | |
Tel-Twelve | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 2 | |
GLA | a | 329 | |
Sales Price | $ 39,334 | |
Gain on Sale | $ 34,216 | |
Marketplace of Delray | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 3 | |
GLA | a | 12 | |
Sales Price | $ 7,960 | |
Gain on Sale | $ 6,700 | |
Marketplace of Delray | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 4 | |
GLA | a | 17 | |
Sales Price | $ 8,046 | |
Gain on Sale | $ 5,192 | |
Parkway Shops | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 26 | |
Sales Price | $ 2,622 | |
Gain on Sale | $ 930 | |
Peachtree Hill | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 66 | |
Sales Price | $ 8,275 | |
Gain on Sale | $ 2,103 | |
West Broward Shopping Center | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 15 | |
Sales Price | $ 5,954 | |
Gain on Sale | $ 4,964 | |
West Oaks II Shopping Center | Outparcel Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Sales Price | $ 746 | |
Gain on Sale | $ 455 | |
Winchester Center | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 4 | |
Sales Price | $ 1,657 | |
Gain on Sale | $ 1,409 | |
Newnan Pavilion | Land parcels Dispositions | ||
Business Acquisition [Line Items] | ||
Number of land parcel, held-for-sale | land | 1 | |
GLA | a | 6 | |
Sales Price | $ 1,543 | |
Gain on Sale | $ 0 |
Equity Investments in Unconso_3
Equity Investments in Unconsolidated Joint Ventures - Additional Information (Details) | Mar. 04, 2021USD ($)property | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020joint_ventureproperty |
Schedule of Equity Method Investments [Line Items] | ||||
Number of joint ventures | joint_venture | 3 | |||
Number of net lease retail properties | property | 28 | |||
Net proceeds from sales of real estate | $ 97,334,000 | $ 0 | ||
Acquired stake percentage | 93.60% | |||
Percentage of management fee of gross asset value | 0.15% | |||
Joint Venture One | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 51.50% | |||
Joint Venture Two | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 30.00% | |||
Joint Venture Three | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 7.00% | |||
R2G Venture LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of incoming producing properties | property | 9 | |||
RGMZ Venture REIT LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net proceeds from sales of real estate | $ 95,900,000 | 111,600,000 | ||
Gross proceeds | 100,200,000 | |||
Amount of preferred equity investment stake in zimmer and monarch affiliates | $ 7,600,000 | |||
Percentage of management fee of gross asset value | 0.25% | |||
Line of credit facility, maximum borrowing capacity | $ 240,000,000 | 240,000,000 | ||
Total capacity of future potential commitment | $ 500,000,000 | |||
Line of credit facility, remaining borrowing capacity | $ 169,300,000 | |||
RGMZ Venture REIT LLC | Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stake percentage maintains management fee | 6.40% |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Investment in real estate, net | $ 1,551,421 | $ 1,463,248 |
Other assets, net | 93,307 | 77,465 |
TOTAL ASSETS | 1,979,690 | 1,950,040 |
LIABILITIES AND OWNERS' EQUITY | ||
Notes payable | 943,828 | 1,027,751 |
Other liabilities | 1,073,481 | 1,148,671 |
Owners' equity | 886,579 | 782,394 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,979,690 | 1,950,040 |
RPT's equity investments in unconsolidated joint ventures | 216,400 | 126,333 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||
ASSETS | ||
Investment in real estate, net | 376,329 | 226,083 |
Other assets, net | 52,492 | 26,125 |
TOTAL ASSETS | 428,821 | 252,208 |
LIABILITIES AND OWNERS' EQUITY | ||
Notes payable | 0 | 0 |
Other liabilities | 22,786 | 14,474 |
Owners' equity | 406,035 | 237,734 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 428,821 | 252,208 |
RPT's equity investments in unconsolidated joint ventures | 213,008 | 126,333 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||
ASSETS | ||
Investment in real estate, net | 85,604 | 0 |
Other assets, net | 40,699 | 0 |
TOTAL ASSETS | 126,303 | 0 |
LIABILITIES AND OWNERS' EQUITY | ||
Notes payable | 70,696 | 0 |
Other liabilities | 2,133 | 0 |
Owners' equity | 53,474 | 0 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 126,303 | 0 |
RPT's equity investments in unconsolidated joint ventures | 3,392 | 0 |
Equity Method Investment, Nonconsolidated Investee, Other | ||
ASSETS | ||
Investment in real estate, net | 0 | 0 |
Other assets, net | 0 | 47 |
TOTAL ASSETS | 0 | 47 |
LIABILITIES AND OWNERS' EQUITY | ||
Notes payable | 0 | 0 |
Other liabilities | 0 | 11 |
Owners' equity | 0 | 36 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 0 | 47 |
RPT's equity investments in unconsolidated joint ventures | 0 | 0 |
Equity Method Investment, Nonconsolidated Investee, Total | ||
ASSETS | ||
Investment in real estate, net | 461,933 | 226,083 |
Other assets, net | 93,191 | 26,172 |
TOTAL ASSETS | 555,124 | 252,255 |
LIABILITIES AND OWNERS' EQUITY | ||
Notes payable | 70,696 | 0 |
Other liabilities | 24,919 | 14,485 |
Owners' equity | 459,509 | 237,770 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 555,124 | 252,255 |
RPT's equity investments in unconsolidated joint ventures | $ 216,400 | $ 126,333 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
TOTAL REVENUE | $ 55,175 | $ 46,487 | $ 157,492 | $ 143,990 |
Total expenses | 42,970 | 39,018 | 126,834 | 120,979 |
Operating income (loss) | 26,140 | (2,080) | 80,789 | (4,644) |
Interest expense | 9,297 | 9,913 | 28,008 | 29,491 |
Net income (loss) | 26,297 | (1,993) | 80,836 | (4,607) |
Preferred member dividends | 1,676 | 1,676 | 5,026 | 5,026 |
Net income (loss) available to common members | 24,026 | (3,623) | 73,967 | (9,527) |
RPT's share of earnings from unconsolidated joint ventures | 1,074 | 456 | 2,947 | 1,514 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||||
Schedule of Equity Method Investments [Line Items] | ||||
TOTAL REVENUE | 9,259 | 6,714 | 21,462 | 18,298 |
Total expenses | 7,163 | 5,805 | 15,709 | 15,295 |
Operating income (loss) | 2,096 | 909 | 5,753 | 3,003 |
Interest expense | 0 | 0 | 0 | 0 |
Net income (loss) | 2,096 | 909 | 5,753 | 3,003 |
Preferred member dividends | 30 | 19 | 66 | 55 |
Net income (loss) available to common members | 2,066 | 890 | 5,687 | 2,948 |
RPT's share of earnings from unconsolidated joint ventures | 1,065 | 458 | 2,928 | 1,518 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||||
Schedule of Equity Method Investments [Line Items] | ||||
TOTAL REVENUE | 1,894 | 0 | 3,298 | 0 |
Total expenses | 1,038 | 0 | 1,781 | 0 |
Operating income (loss) | 856 | 0 | 1,517 | 0 |
Interest expense | 720 | 0 | 1,210 | 0 |
Net income (loss) | 136 | 0 | 307 | 0 |
Preferred member dividends | (4) | 0 | 12 | 0 |
Net income (loss) available to common members | 140 | 0 | 295 | 0 |
RPT's share of earnings from unconsolidated joint ventures | 9 | 0 | 19 | 0 |
Equity Method Investment, Nonconsolidated Investee, Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
TOTAL REVENUE | 0 | 0 | 0 | 0 |
Total expenses | (1) | 9 | 7 | 23 |
Operating income (loss) | 1 | (9) | (7) | (23) |
Interest expense | 0 | 0 | 0 | 0 |
Net income (loss) | 1 | (9) | (7) | (23) |
Preferred member dividends | 0 | 0 | 0 | 0 |
Net income (loss) available to common members | 1 | (9) | (7) | (23) |
RPT's share of earnings from unconsolidated joint ventures | 0 | (2) | 0 | (4) |
Equity Method Investment, Nonconsolidated Investee, Total | ||||
Schedule of Equity Method Investments [Line Items] | ||||
TOTAL REVENUE | 11,153 | 6,714 | 24,760 | 18,298 |
Total expenses | 8,200 | 5,814 | 17,497 | 15,318 |
Operating income (loss) | 2,953 | 900 | 7,263 | 2,980 |
Interest expense | 720 | 0 | 1,210 | 0 |
Net income (loss) | 2,233 | 900 | 6,053 | 2,980 |
Preferred member dividends | 26 | 19 | 78 | 55 |
Net income (loss) available to common members | 2,207 | 881 | 5,975 | 2,925 |
RPT's share of earnings from unconsolidated joint ventures | $ 1,074 | $ 456 | $ 2,947 | $ 1,514 |
Equity Investments in Unconso_6
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Acquisition Activity (Details) ft² in Thousands, a in Thousands, $ in Thousands | Sep. 14, 2021USD ($)a | Aug. 27, 2021USD ($)a | Jul. 30, 2021USD ($)a | Jul. 29, 2021USD ($)ft² | Jul. 14, 2021USD ($)ft² | Jul. 12, 2021USD ($)ft² | Jul. 09, 2021USD ($)ft² | May 21, 2021USD ($)a | Mar. 05, 2021USD ($)a | Sep. 30, 2021USD ($)aft² |
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | a | 1,409 | |||||||||
Contract Price | $ 193,650 | |||||||||
Gross purchase price | $ 187,452 | |||||||||
R2G Joint Venture Properties | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | ft² | 705 | |||||||||
Contract Price | $ 174,150 | |||||||||
Gross purchase price | 175,052 | |||||||||
Gross debt issued | $ 0 | |||||||||
R2G Joint Venture Properties | East Lake Woodlands | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | ft² | 104 | |||||||||
Contract Price | $ 25,500 | |||||||||
Gross purchase price | 25,730 | |||||||||
Gross debt issued | $ 0 | |||||||||
R2G Joint Venture Properties | Village Shoppes of Canton | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | ft² | 284 | |||||||||
Contract Price | $ 61,500 | |||||||||
Gross purchase price | 61,363 | |||||||||
Gross debt issued | $ 0 | |||||||||
R2G Joint Venture Properties | South Pasadena Shopping Center | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | ft² | 164 | |||||||||
Contract Price | $ 32,650 | |||||||||
Gross purchase price | 33,184 | |||||||||
Gross debt issued | $ 0 | |||||||||
R2G Joint Venture Properties | Bedford Marketplace | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | ft² | 153 | |||||||||
Contract Price | $ 54,500 | |||||||||
Gross purchase price | 54,775 | |||||||||
Gross debt issued | $ 0 | |||||||||
RGMZ Venture REIT LLC | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | a | 665 | |||||||||
Contract Price | $ 117,827 | |||||||||
Gross purchase price | 119,807 | |||||||||
Gross debt issued | $ (70,696) | |||||||||
RGMZ Venture REIT LLC | RPT Realty - 13 Income Producing Properties | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | a | 147 | 169 | ||||||||
Contract Price | $ 36,104 | $ 36,196 | ||||||||
Gross purchase price | 36,725 | 37,228 | ||||||||
Gross debt issued | $ (21,662) | $ (21,718) | ||||||||
RGMZ Venture REIT LLC | RPT Realty - 2 Income Producing Properties | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | a | 329 | |||||||||
Contract Price | $ 39,334 | |||||||||
Gross purchase price | 39,603 | |||||||||
Gross debt issued | $ (23,600) | |||||||||
RGMZ Venture REIT LLC | Single-Tenant Property | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | a | 14 | |||||||||
Contract Price | $ 4,650 | |||||||||
Gross purchase price | 4,670 | |||||||||
Gross debt issued | $ (2,790) | |||||||||
RGMZ Venture REIT LLC | RPT Realty - 1 Income Producing Property | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
GLA | a | 6 | |||||||||
Contract Price | $ 1,543 | |||||||||
Gross purchase price | 1,581 | |||||||||
Gross debt issued | $ (926) |
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 | Sep. 30, 2021 | Dec. 10, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Land | $ 43,305 | |
Buildings and improvements | 97,635 | |
Lease origination costs | 26,666 | |
Below market leases | (6,442) | |
Net assets acquired | 187,452 | |
Equity Method Investments | R2G Venture LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Land | $ 31,578 | |
Buildings and improvements | 123,384 | |
Above market leases | 6,135 | |
Lease origination costs | 18,965 | |
Below market leases | (5,010) | |
Net assets acquired | $ 175,052 | |
Equity Method Investments | RGMZ Venture REIT LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Land | 62,606 | |
Buildings and improvements | 23,120 | |
Above market leases | 27,170 | |
Lease origination costs | 7,207 | |
Below market leases | (296) | |
Net assets acquired | $ 119,807 |
Equity Investments in Unconso_8
Equity Investments in Unconsolidated Joint Ventures - Information of Fees Earned (Details) - Unconsolidated Joint Ventures - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | $ 368 | $ 338 | $ 1,173 | $ 913 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 58 | 99 | ||
Equity Method Investment, Nonconsolidated Investee, Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 0 | 4 | ||
Equity Method Investment, Nonconsolidated Investee, Total | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 426 | 338 | 1,272 | 917 |
Management fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 348 | 213 | 822 | 648 |
Management fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 58 | 99 | ||
Management fees | Equity Method Investment, Nonconsolidated Investee, Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 0 | 4 | ||
Management fees | Equity Method Investment, Nonconsolidated Investee, Total | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 406 | 213 | 921 | 652 |
Leasing fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 15 | 125 | 346 | 265 |
Leasing fees | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 0 | 0 | ||
Leasing fees | Equity Method Investment, Nonconsolidated Investee, Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 0 | 0 | ||
Leasing fees | Equity Method Investment, Nonconsolidated Investee, Total | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 15 | 125 | 346 | 265 |
Management and other fee income | Equity Method Investment, Nonconsolidated Investee or Group of Investees , R2G | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 5 | 0 | 5 | 0 |
Management and other fee income | Equity Method Investment, Nonconsolidated Investee or Group of Investees RGMZ | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 0 | 0 | ||
Management and other fee income | Equity Method Investment, Nonconsolidated Investee, Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | 0 | 0 | ||
Management and other fee income | Equity Method Investment, Nonconsolidated Investee, Total | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Total revenue | $ 5 | $ 0 | $ 5 | $ 0 |
Debt - Summary of Mortgages, No
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Senior unsecured notes | $ 498,000 | $ 535,000 |
Unsecured term loan facilities | 310,000 | 310,000 |
Fixed rate mortgages | 83,388 | 85,254 |
Unsecured revolving credit facility | 55,000 | 100,000 |
Subtotal debt | 946,388 | 1,030,254 |
Unamortized premium | 475 | 1,103 |
Unamortized deferred financing costs | (3,035) | (3,606) |
Total notes payable, net | 943,828 | 1,027,751 |
Finance lease obligation | $ 875 | $ 875 |
Debt - Senior Unsecured Notes (
Debt - Senior Unsecured Notes (Details) - USD ($) $ in Thousands | Jun. 28, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Principal Balance | $ 946,388 | $ 1,030,254 | |
Total notes payable, net | 943,828 | 1,027,751 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 498,000 | $ 535,000 | |
Weighted average interest rate | 4.24% | 4.20% | |
Unamortized deferred financing costs | $ (1,459) | $ (1,715) | |
Total notes payable, net | 496,541 | 533,285 | |
Senior Notes | Senior Unsecured Notes 3.75% Due 2021 | |||
Debt Instrument [Line Items] | |||
Repayment of senior unsecured debt | $ 37,000 | ||
Principal Balance | $ 0 | $ 37,000 | |
Interest Rate | 0.00% | 3.75% | |
Senior Notes | Senior Unsecured Notes 4.12% Due 2023 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 41,500 | $ 41,500 | |
Interest Rate | 4.12% | 4.12% | |
Senior Notes | Senior Unsecured Notes 4.65% Due 2024 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 50,000 | $ 50,000 | |
Interest Rate | 4.65% | 4.65% | |
Senior Notes | Senior Unsecured Notes 4.05% Due 2024 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 25,000 | $ 25,000 | |
Interest Rate | 4.05% | 4.05% | |
Senior Notes | Senior Unsecured Notes 4.27% Due 2025 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 31,500 | $ 31,500 | |
Interest Rate | 4.27% | 4.27% | |
Senior Notes | Senior Unsecured Notes 4.20% Due 2025 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 50,000 | $ 50,000 | |
Interest Rate | 4.20% | 4.20% | |
Senior Notes | Senior Unsecured Notes 4.09% Due 2025 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 50,000 | $ 50,000 | |
Interest Rate | 4.09% | 4.09% | |
Senior Notes | Senior Unsecured Notes 4.74% Due 2026 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 50,000 | $ 50,000 | |
Interest Rate | 4.74% | 4.74% | |
Senior Notes | Senior Unsecured Notes 4.28% Due 2026 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 25,000 | $ 25,000 | |
Interest Rate | 4.28% | 4.28% | |
Senior Notes | Senior Unsecured Notes 4.57% Due 2027 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 30,000 | $ 30,000 | |
Interest Rate | 4.57% | 4.57% | |
Senior Notes | Senior Unsecured Notes 3.64% Due 2028 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 75,000 | $ 75,000 | |
Interest Rate | 3.64% | 3.64% | |
Senior Notes | Senior Unsecured Notes 4.72% Due 2029 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 20,000 | $ 20,000 | |
Interest Rate | 4.72% | 4.72% | |
Senior Notes | Senior Unsecured Notes 4.15% Due 2019 | |||
Debt Instrument [Line Items] | |||
Principal Balance | $ 50,000 | $ 50,000 | |
Interest Rate | 4.15% | 4.15% |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Principal Balance | $ 946,388 | $ 1,030,254 |
Total notes payable, net | 943,828 | 1,027,751 |
Unsecured revolving credit facility | 55,000 | 100,000 |
Revolving Credit Facility | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 310,000 | $ 310,000 |
Weighted average interest rate | 2.86% | 2.89% |
Unamortized deferred financing costs | $ (1,576) | $ (1,891) |
Total notes payable, net | 308,424 | 308,109 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | $ 55,000 | $ 100,000 |
Interest rate at period end | 1.23% | 1.30% |
Revolving Credit Facility | Unsecured Term Loan Due 2023 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 60,000 | $ 60,000 |
Interest Rate | 3.02% | 3.02% |
Weighted average fixed interest rate | 1.77% | |
Basis spread on variable rate | 1.25% | |
Revolving Credit Facility | Unsecured Term Loan Due 2024 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 50,000 | $ 50,000 |
Interest Rate | 2.51% | 2.51% |
Weighted average fixed interest rate | 1.26% | |
Basis spread on variable rate | 1.25% | |
Revolving Credit Facility | Unsecured Term Loan Due 2025 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 50,000 | $ 50,000 |
Interest Rate | 2.57% | 2.57% |
Weighted average fixed interest rate | 1.32% | |
Basis spread on variable rate | 1.25% | |
Revolving Credit Facility | Unsecured Term Loan Due 2026 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 50,000 | $ 50,000 |
Interest Rate | 2.95% | 2.95% |
Weighted average fixed interest rate | 1.30% | |
Basis spread on variable rate | 1.65% | |
Revolving Credit Facility | Unsecured Term Loan Due 2027 | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 100,000 | $ 100,000 |
Interest Rate | 3.04% | 3.12% |
Weighted average fixed interest rate | 1.39% | |
Basis spread on variable rate | 1.65% |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | $ 100,000,000 | $ 55,000,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 295,000,000 | |
Line of credit facility, maximum borrowing capacity | 350,000,000 | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | 100,000,000 | $ 55,000,000 |
Secured credit facility | $ (45,000,000) | |
Interest rate at period end | 1.30% | 1.23% |
Fixed Rate Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Net book value | $ 143,700,000 |
Debt - Mortgages (Details)
Debt - Mortgages (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal Balance | $ 946,388 | $ 1,030,254 |
Unamortized premium | 475 | 1,103 |
Total notes payable, net | 943,828 | 1,027,751 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 83,388 | $ 85,254 |
Weighted average interest rate | 5.06% | 5.06% |
Unamortized premium | $ 475 | $ 1,103 |
Total notes payable, net | 83,863 | 86,357 |
Mortgages | Bridgewater Falls Shopping Center | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 51,365 | $ 52,274 |
Interest Rate | 5.70% | 5.70% |
Mortgages | The Shops on Lane Avenue | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 27,762 | $ 28,169 |
Interest Rate | 3.76% | 3.76% |
Mortgages | Nagawaukee II | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 4,261 | $ 4,811 |
Interest Rate | 5.80% | 5.80% |
Debt - Scheduled Principal Paym
Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)option | Dec. 31, 2020USD ($) | |
Debt Disclosure [Abstract] | ||
2021 (remaining) | $ 642 | |
2022 | 52,397 | |
2023 | 184,388 | |
2024 | 125,879 | |
2025 | 182,431 | |
Thereafter | 400,651 | |
Subtotal debt | 946,388 | $ 1,030,254 |
Unamortized premium | 475 | 1,103 |
Unamortized deferred financing costs | (3,035) | (3,606) |
Total notes payable, net | 943,828 | 1,027,751 |
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | 55,000 | 100,000 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | $ 55,000 | $ 100,000 |
Number of extension options | option | 2 | |
Extension option, period | 6 months |
Fair Value - Recorded Amount of
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative assets - interest rate swaps | $ 0 | $ 0 |
Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | (6,563) | (14,468) |
Level 2 | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Level 2 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | $ (6,563) | $ (14,468) |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, carrying amount | $ 943,828 | $ 1,027,751 |
Fixed Rate Mortgages | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, carrying amount | 891,400 | 930,300 |
Long term debt, fair value | 916,300 | 927,500 |
Floating Rate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, carrying amount | $ 55,000 | |
Long term debt, fair value | $ 100,000 |
Fair Value - Recorded Amount _2
Fair Value - Recorded Amount of Real Estate Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | Sep. 30, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Fair Value | $ 1,543 |
Total Impairment | (5) |
Level 1 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Impairment | 0 |
Level 2 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Impairment | 0 |
Level 3 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Impairment | 1,543 |
Income producing properties | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Fair Value | 1,543 |
Total Impairment | (5) |
Income producing properties | Level 1 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Impairment | 0 |
Income producing properties | Level 2 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Impairment | 0 |
Income producing properties | Level 3 | |
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items] | |
Total Impairment | $ 1,543 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - Interest Rate Contract | Sep. 30, 2021USD ($)instrument |
Derivative [Line Items] | |
Number of interest rate swap agreements | instrument | 10 |
Derivative, notional amount | $ | $ 310,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Notional Values and Fair Values of Derivative Financial Instruments (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Unsecured term loan facility with: 1.498% Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 20,000,000 | |
Fixed rate (as a percent) | 1.498% | |
Derivative liabilities - interest rate swaps | $ (112,000) | |
Unsecured term loan facility with: 1.490% Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 15,000,000 | |
Fixed rate (as a percent) | 1.49% | |
Derivative liabilities - interest rate swaps | $ (83,000) | |
Unsecured term loan facility with: 1.480% Swap Rate, Expiration Date 05/2021 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 40,000,000 | |
Fixed rate (as a percent) | 1.48% | |
Derivative liabilities - interest rate swaps | $ (220,000) | |
Unsecured term loan facility with: 1.770% Swap Rate, Expiration Date 03/2023 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 60,000,000 | $ 60,000,000 |
Fixed rate (as a percent) | 1.77% | 1.77% |
Derivative liabilities - interest rate swaps | $ (1,355,000) | $ (2,128,000) |
Unsecured term loan facility with: 1.260% Swap Rate, Expiration Date 11/2024 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 30,000,000 | $ 30,000,000 |
Fixed rate (as a percent) | 1.26% | 1.26% |
Derivative liabilities - interest rate swaps | $ (631,000) | $ (1,193,000) |
Unsecured term loan facility with: 1.259% Swap Rate, Expiration Date 11/2024 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 10,000,000 | $ 10,000,000 |
Fixed rate (as a percent) | 1.259% | 1.259% |
Derivative liabilities - interest rate swaps | $ (210,000) | $ (397,000) |
Unsecured term loan facility with: 1.269% Swap Rate, Expiration Date 11/2024 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 10,000,000 | $ 10,000,000 |
Fixed rate (as a percent) | 1.269% | 1.269% |
Derivative liabilities - interest rate swaps | $ (213,000) | $ (401,000) |
Unsecured term loan facility with: 1.310% Swap Rate, Expiration Date 01/2025 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.31% | 1.31% |
Derivative liabilities - interest rate swaps | $ (564,000) | $ (1,071,000) |
Unsecured term loan facility with: 1.324% Swap Rate, Expiration Date 01/2025 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.324% | 1.324% |
Derivative liabilities - interest rate swaps | $ (576,000) | $ (1,085,000) |
Unsecured term loan facility with: 1.297% Swap Rate, Expiration Date 11/2026 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed rate (as a percent) | 1.297% | 1.297% |
Derivative liabilities - interest rate swaps | $ (863,000) | $ (2,522,000) |
Unsecured term loan facility with: 1.402% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.402% | 1.402% |
Derivative liabilities - interest rate swaps | $ (551,000) | $ (1,425,000) |
Interest rate swap | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 310,000,000 | 310,000,000 |
Derivative liabilities - interest rate swaps | (6,563,000) | (10,637,000) |
Unsecured term loan facility with: 1.382% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 50,000,000 | $ 50,000,000 |
Fixed rate (as a percent) | 1.382% | 1.382% |
Derivative liabilities - interest rate swaps | $ (1,053,000) | $ (2,541,000) |
Unsecured term loan facility with: 1.398% Swap Rate, Expiration Date 01/2027 | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 25,000,000 | $ 25,000,000 |
Fixed rate (as a percent) | 1.398% | 1.398% |
Derivative liabilities - interest rate swaps | $ (547,000) | $ (1,290,000) |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 385,000,000 | |
Derivative liabilities - interest rate swaps | $ (14,468,000) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Effect of Derivative Financial Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 2,248 | $ 1,949 | $ 10,976 | $ (16,803) |
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 | (1,047) | (1,013) | (3,070) | (1,697) |
Derivative Assets | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | 0 | 0 | 0 | (2,345) |
Derivative Liabilities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivative | 2,248 | 1,949 | 10,976 | (14,458) |
Interest Expense | Derivative Assets | 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 | 0 | 0 | 0 | 14 |
Interest Expense | Derivative Liabilities | 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 | $ (1,047) | $ (1,013) | $ (3,070) | $ (1,711) |
Leases - Future Minimum Revenue
Leases - Future Minimum Revenue From Rentals Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
2021 (remaining) | $ 40,983 | |
2022 | 154,943 | |
2023 | 136,783 | |
2024 | 118,107 | |
2025 | 97,861 | |
Thereafter | 288,139 | |
Total | 836,816 | |
Variable lease, income | $ 35,500 | $ 33,100 |
Aggregate portfolio, percent leased | 92.60% |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)officeoption | Sep. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||||
Number of leased corporate offices | office | 2 | |||
Finance lease cost | $ 11 | $ 12 | $ 34 | $ 36 |
New York | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term | 5 years | 5 years | ||
Michigan | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term | 5 years | 5 years | ||
Lessee, operating lease, number of options | option | 2 | |||
Non-recoverable operating expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 291 | 291 | $ 872 | 872 |
General and administrative expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 157 | $ 144 | $ 446 | $ 435 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Operating lease assets | $ 18,098 | $ 18,585 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Land | Land |
Finance lease asset | $ 10,095 | $ 13,249 |
Total leased assets | 28,193 | 31,834 |
LIABILITIES | ||
Operating lease liabilities | 17,530 | 17,819 |
Finance lease liability | 875 | 875 |
Total lease liabilities | $ 18,405 | $ 18,694 |
Weighted Average Remaining Lease Terms | ||
Operating leases | 71 years | 71 years |
Finance lease | 11 years | 12 years |
Weighted Average Incremental Borrowing Rate | ||
Operating leases | 6.14% | 6.10% |
Finance lease | 5.23% | 5.23% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1,121 | $ 1,100 |
Operating cash flows from finance lease | 0 | 0 |
Financing cash flows from finance lease | $ 0 | $ 0 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 (remaining) | $ 367 | |
2022 | 1,482 | |
2023 | 1,495 | |
2024 | 1,118 | |
2025 | 1,048 | |
Thereafter | 94,430 | |
Total lease payments | 99,940 | |
Less imputed interest | (82,410) | |
Operating lease liabilities | 17,530 | $ 17,819 |
Finance Lease | ||
2021 (remaining) | 100 | |
2022 | 100 | |
2023 | 100 | |
2024 | 100 | |
2025 | 100 | |
Thereafter | 700 | |
Total lease payments | 1,200 | |
Less imputed interest | (325) | |
Finance lease liability | $ 875 | $ 875 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 26,297 | $ (1,993) | $ 80,836 | $ (4,607) |
Net (income) loss attributable to noncontrolling interest | (595) | 46 | (1,843) | 106 |
Allocation of (income) loss to restricted share awards | (171) | 0 | (465) | (136) |
Income (loss) attributable to RPT | 25,531 | (1,947) | 78,528 | (4,637) |
Preferred share dividends | (1,676) | (1,676) | (5,026) | (5,026) |
Net income available to common shareholders - Basic | 23,855 | (3,623) | 73,502 | (9,663) |
Add back preferred shares for dilution | 1,676 | 0 | 5,026 | 0 |
Net income (loss) available to common shareholders - Diluted | $ 25,531 | $ (3,623) | $ 78,528 | $ (9,663) |
Weighted average shares outstanding, Basic (in shares) | 80,418 | 80,051 | 80,228 | 79,978 |
Restricted stock awards using the treasury method (in shares) | 1,416 | 0 | 1,299 | 0 |
Dilutive effect of preferred shares (in shares) | 7,017 | 0 | 7,017 | 0 |
Weighted average shares outstanding, Diluted (in shares) | 88,851 | 80,051 | 88,544 | 79,978 |
Income (loss) per common share, Basic (in usd per share) | $ 0.30 | $ (0.05) | $ 0.92 | $ (0.12) |
Income (loss) per common share, Diluted (in usd per share) | $ 0.29 | $ (0.05) | $ 0.89 | $ (0.12) |
Earnings Per Common Share - Ant
Earnings Per Common Share - Antidilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 1,827 | 4,831 | 1,827 | 4,831 |
Convertible (in shares) | 1,827 | 9,023 | 1,827 | 9,222 |
Operating Partnership Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 1,827 | 1,909 | 1,827 | 1,909 |
Convertible (in shares) | 1,827 | 1,909 | 1,827 | 1,909 |
Series D Preferred Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 0 | 1,849 | 0 | 1,849 |
Convertible (in shares) | 0 | 7,014 | 0 | 7,014 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 0 | 1,073 | 0 | 1,073 |
Convertible (in shares) | 0 | 100 | 0 | 299 |
Share-based Compensation Plan_2
Share-based Compensation Plans - Additional Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)planshares | Sep. 30, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans in effect | plan | 2 | |||
Share-based compensation expenses | $ | $ 1.9 | $ 1.7 | $ 6.5 | $ 4.5 |
Performance-based liability awards, measurement period (in years) | 3 years | |||
Compensation expense (benefit) related to cash awards | $ | (0.2) | (0.1) | $ 0.9 | (0.3) |
Total unrecognized compensation expense | $ | $ 16.5 | $ 16.5 | ||
Total unrecognized compensation expense, weighted average period of recognition | 2 years 8 months 12 days | |||
2012 Omnibus Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for grant (in shares) | 5,100,000 | 5,100,000 | ||
Number of shares terminated (in shares) | 70,947 | |||
2019 Omnibus Long-Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance (in shares) | 2,400,000 | 2,400,000 | ||
Number of shares terminated (in shares) | 779,804 | |||
Inducement Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized for grant (in shares) | 6,000,000 | 6,000,000 | ||
Number of shares available for issuance (in shares) | 5,000,000 | 5,000,000 | ||
Number of shares terminated (in shares) | 0 | |||
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service based restricted stock, shares granted (in shares) | 348,667 | |||
Share-based compensation expenses | $ | $ 1 | 1.1 | $ 3.1 | 2.9 |
Restricted stock | Trustee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service based restricted stock, vesting period (in years) | 1 year | |||
Restricted stock | Minimum | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Service based restricted stock, vesting period (in years) | 3 years | |||
Equity Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expenses | $ | $ 1.1 | $ 0.7 | $ 2.5 | $ 1.9 |
Share-based Compensation Plan_3
Share-based Compensation Plans - Weighted Average Assumptions (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price (in usd per share) | $ 12.76 | $ 8.65 | |
Expected dividend rate | 3.80% | 0.00% | |
Expected stock price volatility | 31.90% | ||
Risk-free interest rate | 0.00% | ||
Expected life (years) | 3 months | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 49.80% | ||
Risk-free interest rate | 0.10% | ||
Expected life (years) | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected stock price volatility | 91.50% | ||
Risk-free interest rate | 0.30% | ||
Expected life (years) | 4 years | ||
Equity Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Closing share price (in usd per share) | $ 10.45 | $ 13.09 | |
Expected dividend rate | 0.00% | 6.70% | |
Expected stock price volatility | 57.10% | 23.30% | |
Risk-free interest rate | 0.20% | 0.90% | |
Expected life (years) | 2 years 10 months 17 days | 2 years 10 months 6 days |
Taxes - Additional Information
Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Annual distribution of REIT taxable income (as a percent) | 90.00% | 90.00% | ||
Federal and state deferred tax asset | $ 8,400 | $ 8,400 | ||
Federal and state deferred tax asset, valuation allowance | 8,400 | 8,400 | ||
Income tax benefit | $ 157 | $ 87 | $ 47 | $ 37 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Construction costs related to development and expansion | $ 5.9 |
Contractual obligation | 1.9 |
Bond finance agreement | $ 12.2 |
Bond financing agreement, amortization period | 20 years |
Debt service payments | $ 7.8 |
Subsequent Events (Details)
Subsequent Events (Details) ft² in Thousands, a in Thousands | Nov. 02, 2021USD ($) | Oct. 07, 2021USD ($)ft² | Oct. 01, 2021USD ($) | Sep. 30, 2021USD ($)a | Sep. 30, 2020USD ($) | Oct. 08, 2021USD ($) | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||||||
Proceeds on revolving credit facility | $ 135,000,000 | $ 225,000,000 | |||||
GLA | a | 1,409 | ||||||
Contract Price | $ 193,650,000 | ||||||
Net proceeds from sales of real estate | $ 97,334,000 | $ 0 | |||||
Senior Notes | |||||||
Subsequent Event [Line Items] | |||||||
Weighted average interest rate | 4.24% | 4.20% | |||||
Revolving Credit Facility | Unsecured Debt | |||||||
Subsequent Event [Line Items] | |||||||
Weighted average interest rate | 2.86% | 2.89% | |||||
Subsequent Event | Market Plaza | |||||||
Subsequent Event [Line Items] | |||||||
Net proceeds from sales of real estate | $ 30,200,000 | ||||||
Subsequent Event | Senior Notes | 3.70% Senior Guaranteed Notes, Series A | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | $ 75,000,000 | ||||||
Interest Rate | 3.70% | ||||||
Subsequent Event | Senior Notes | 3.82% Senior Guaranteed Notes, Series B | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | $ 55,000,000 | ||||||
Interest Rate | 3.82% | ||||||
Subsequent Event | Unsecured Debt | Senior Unsecured Notes due 2023 and 2024 | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | $ 116,500,000 | ||||||
Weighted average interest rate | 4.33% | ||||||
Subsequent Event | Revolving Credit Facility | Line of Credit | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds on revolving credit facility | $ 75,000,000 | ||||||
Subsequent Event | Dedham Mall | |||||||
Subsequent Event [Line Items] | |||||||
GLA | ft² | 510 | ||||||
Contract Price | $ 131,500,000 |