Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | ||
Jun. 30, 2023 | Jul. 21, 2023 | Dec. 31, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | Q2 | ||
Entity File Number | 1-11690 | ||
Entity Tax Identification Number | 34-1723097 | ||
Entity Address, Address Line One | 3300 Enterprise Parkway | ||
Entity Address, City or Town | Beachwood | ||
Entity Address, Postal Zip Code | 44122 | ||
City Area Code | 216 | ||
Local Phone Number | 755-5500 | ||
Entity Address, State or Province | OH | ||
Entity Registrant Name | SITE Centers Corp. | ||
Entity Central Index Key | 0000894315 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Common Stock, Par or Stated Value Per Share | $ 0.1 | $ 0.1 | |
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Common Stock, Shares Outstanding | 209,273,826 | ||
Common Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SITC | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Shares | ||
6.375% Class A Cumulative Redeemable Preferred Shares [Member] | |||
Document Information [Line Items] | |||
Trading Symbol | SITC PRA | ||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Cumulative Redeemable Preferred Shares |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Land | $ 1,094,240 | $ 1,066,852 |
Buildings | 3,770,497 | 3,733,805 |
Fixtures and tenant improvements | 600,948 | 576,036 |
Total real estate rental property | 5,465,685 | 5,376,693 |
Less: Accumulated depreciation | (1,724,837) | (1,652,899) |
Real estate rental property, net | 3,740,848 | 3,723,794 |
Construction in progress and land | 60,231 | 56,466 |
Total real estate assets, net | 3,801,079 | 3,780,260 |
Investments in and advances to joint ventures, net | 40,556 | 44,608 |
Cash and cash equivalents | 28,041 | 20,254 |
Restricted cash | 552 | 960 |
Accounts receivable | 61,376 | 63,926 |
Other assets, net | 129,397 | 135,009 |
Total assets | 4,061,001 | 4,045,017 |
Unsecured indebtedness: | ||
Senior notes, net | 1,367,775 | 1,453,923 |
Term loan, net | 198,689 | 198,521 |
Revolving credit facility | 175,000 | 0 |
Total unsecured indebtedness | 1,741,464 | 1,652,444 |
Mortgage indebtedness, net | 53,829 | 54,577 |
Total indebtedness | 1,795,293 | 1,707,021 |
Accounts payable and other liabilities | 210,927 | 214,985 |
Dividends payable | 30,083 | 30,389 |
Total liabilities | 2,036,303 | 1,952,395 |
Commitments and contingencies | ||
SITE Centers Equity | ||
Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 214,372,608 and 214,371,498 shares issued at June 30, 2023 and December 31, 2022, respectively | 21,437 | 21,437 |
Additional paid-in capital | 5,971,918 | 5,974,216 |
Accumulated distributions in excess of net income | (4,085,897) | (4,046,370) |
Deferred compensation obligation | 4,941 | 5,025 |
Accumulated other comprehensive income | 10,125 | 9,038 |
Less: Common shares in treasury at cost: 5,376,465 and 3,787,279 shares at June 30, 2023 and December 31, 2022, respectively | (72,826) | (51,518) |
Total SITE Centers shareholders' equity | 2,024,698 | 2,086,828 |
Non-controlling interests | 0 | 5,794 |
Total equity | 2,024,698 | 2,092,622 |
Total liabilities and equity | 4,061,001 | 4,045,017 |
Class A Cumulative Redeemable Preferred Shares [Member] | ||
SITE Centers Equity | ||
Cumulative redeemable preferred shares | $ 175,000 | $ 175,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Common shares, par value | $ 0.1 | $ 0.1 |
Common shares, shares authorized | 300,000,000 | 300,000,000 |
Common shares, shares issued | 214,372,608 | 214,371,498 |
Treasury at cost | 5,376,465 | 3,787,279 |
Class A Cumulative Redeemable Preferred Shares [Member] | ||
Cumulative redeemable preferred shares, liquidation value | $ 500 | $ 500 |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 350,000 | 350,000 |
Cumulative redeemable preferred shares, shares outstanding | 350,000 | 350,000 |
Preferred stock dividend rate | 6.375% | 6.375% |
Cumulative redeemable preferred shares, par value |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues from operations: | ||||
Rental income | $ 135,954 | $ 136,203 | $ 271,826 | $ 266,087 |
Fee and other income | 2,204 | 4,479 | 5,024 | 8,915 |
Total revenue from operations | 138,158 | 140,682 | 276,850 | 275,002 |
Rental operation expenses: | ||||
Operating and maintenance | 22,476 | 22,278 | 45,642 | 44,214 |
Real estate taxes | 20,279 | 20,624 | 40,332 | 40,807 |
Impairment charges | 0 | 2,536 | 0 | 2,536 |
General and administrative | 14,031 | 11,353 | 24,676 | 23,604 |
Depreciation and amortization | 58,698 | 51,021 | 112,714 | 101,385 |
Total rental operation expenses | 115,484 | 107,812 | 223,364 | 212,546 |
Other income (expense): | ||||
Interest expense | (20,921) | (18,909) | (40,844) | (37,167) |
Other income (expense), net | (634) | (1,147) | (1,321) | (1,651) |
Total other income (expense) | (21,555) | (20,056) | (42,165) | (38,818) |
Income before earnings from equity method investments and other items | 1,119 | 12,814 | 11,321 | 23,638 |
Equity in net income of joint ventures | 4,618 | 1,381 | 5,977 | 1,550 |
Gain on sale and change in control of interests | 0 | 41,970 | 3,749 | 45,326 |
(Loss) gain on disposition of real estate, net | (22) | 4,597 | 183 | 4,455 |
Income before tax expense | 5,715 | 60,762 | 21,230 | 74,969 |
Tax expense of taxable REIT subsidiaries and state franchise and income taxes | (362) | (353) | (575) | (605) |
Net income | 5,353 | 60,409 | 20,655 | 74,364 |
Income attributable to non-controlling interests, net | 0 | (19) | (18) | (37) |
Net income attributable to SITE Centers | 5,353 | 60,390 | 20,637 | 74,327 |
Preferred dividends | (2,789) | (2,789) | (5,578) | (5,578) |
Net income attributable to common shareholders | $ 2,564 | $ 57,601 | $ 15,059 | $ 68,749 |
Per share data: | ||||
Basic | $ 0.01 | $ 0.27 | $ 0.07 | $ 0.32 |
Diluted | $ 0.01 | $ 0.27 | $ 0.07 | $ 0.32 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 5,353 | $ 60,409 | $ 20,655 | $ 74,364 |
Other comprehensive income: | ||||
Change in fair value of interest-rate contracts | 4,287 | 0 | 1,087 | 0 |
Total other comprehensive income | 4,287 | 0 | 1,087 | 0 |
Comprehensive income | 9,640 | 60,409 | 21,742 | 74,364 |
Comprehensive income attributable to non-controlling interests | 0 | (19) | (18) | (37) |
Total comprehensive income attributable to SITE Centers | $ 9,640 | $ 60,390 | $ 21,724 | $ 74,327 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Preferred Shares [Member] | Common Shares [Member] | Additional Paid-in Capital [Member] | Accumulated Distributions in Excess of Net Income [Member] | Deferred Compensation Obligation [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock at Cost [Member] | Non-Controlling Interests [Member] |
Beginning Balance at Dec. 31, 2021 | $ 2,042,652 | $ 175,000 | $ 21,129 | $ 5,934,166 | $ (4,092,783) | $ 4,695 | $ (5,349) | $ 5,794 | |
Issuance of common shares related to stock plans | 69 | 0 | 65 | 4 | 0 | 0 | 0 | 0 | |
Issuance of common shares for cash offering | 33,781 | 0 | 223 | 33,558 | 0 | 0 | 0 | ||
Stock-based compensation, net | (3,627) | 0 | 0 | 996 | 0 | (24) | (4,599) | 0 | |
Distributions to non-controlling interests | (18) | 0 | 0 | 0 | 0 | 0 | 0 | (18) | |
Dividends declared-common shares | (27,905) | 0 | 0 | 0 | (27,905) | 0 | 0 | 0 | |
Dividends declared-preferred shares | (2,789) | 0 | 0 | 0 | (2,789) | 0 | 0 | 0 | |
Comprehensive income | 13,955 | 0 | 0 | 0 | 13,937 | 0 | 0 | 18 | |
Ending Balance at Mar. 31, 2022 | 2,056,118 | 175,000 | 21,417 | 5,968,724 | (4,109,540) | 4,671 | (9,948) | 5,794 | |
Beginning Balance at Dec. 31, 2021 | 2,042,652 | 175,000 | 21,129 | 5,934,166 | (4,092,783) | 4,695 | (5,349) | 5,794 | |
Comprehensive income | 74,364 | ||||||||
Ending Balance at Jun. 30, 2022 | 2,090,678 | 175,000 | 21,437 | 5,973,435 | (4,079,844) | 4,703 | (9,847) | 5,794 | |
Beginning Balance at Mar. 31, 2022 | 2,056,118 | 175,000 | 21,417 | 5,968,724 | (4,109,540) | 4,671 | (9,948) | 5,794 | |
Issuance of common shares related to stock plans | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | |
Issuance of common shares for cash offering | 3,076 | 0 | 20 | 3,056 | 0 | 0 | 0 | 0 | |
Stock-based compensation, net | 1,786 | 0 | 0 | 1,653 | 0 | 32 | 101 | 0 | |
Distributions to non-controlling interests | (19) | 0 | 0 | 0 | 0 | 0 | 0 | (19) | |
Dividends declared-common shares | (27,905) | 0 | 0 | 0 | (27,905) | 0 | 0 | 0 | |
Dividends declared-preferred shares | (2,789) | 0 | 0 | 0 | (2,789) | 0 | 0 | 0 | |
Comprehensive income | 60,409 | 0 | 0 | 0 | 60,390 | 0 | 0 | 19 | |
Ending Balance at Jun. 30, 2022 | 2,090,678 | 175,000 | 21,437 | 5,973,435 | (4,079,844) | 4,703 | (9,847) | 5,794 | |
Beginning Balance at Dec. 31, 2022 | 2,092,622 | 175,000 | 21,437 | 5,974,216 | (4,046,370) | 5,025 | $ 9,038 | (51,518) | 5,794 |
Issuance of common shares related to stock plans | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
Repurchase of common shares | (26,611) | 0 | 0 | 0 | 0 | 0 | 0 | (26,611) | 0 |
Stock-based compensation, net | (3,009) | 0 | 0 | (8,133) | 0 | 30 | 0 | 5,094 | 0 |
Distributions to non-controlling interests | (18) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (18) |
Dividends declared-common shares | (27,292) | 0 | 0 | 0 | (27,292) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (2,789) | 0 | 0 | 0 | (2,789) | 0 | 0 | 0 | 0 |
Comprehensive income | 12,102 | 0 | 0 | 0 | 15,284 | 0 | (3,200) | 0 | 18 |
Ending Balance at Mar. 31, 2023 | 2,045,011 | 175,000 | 21,437 | 5,966,089 | (4,061,167) | 5,055 | 5,838 | (73,035) | 5,794 |
Beginning Balance at Dec. 31, 2022 | 2,092,622 | 175,000 | 21,437 | 5,974,216 | (4,046,370) | 5,025 | 9,038 | (51,518) | 5,794 |
Comprehensive income | 21,742 | ||||||||
Ending Balance at Jun. 30, 2023 | 2,024,698 | 175,000 | 21,437 | 5,971,918 | (4,085,897) | 4,941 | 10,125 | (72,826) | 0 |
Beginning Balance at Mar. 31, 2023 | 2,045,011 | 175,000 | 21,437 | 5,966,089 | (4,061,167) | 5,055 | 5,838 | (73,035) | 5,794 |
Issuance of common shares related to stock plans | 7 | 0 | 0 | 7 | 0 | 0 | 0 | 0 | 0 |
Stock-based compensation, net | 1,858 | 0 | 0 | 1,763 | 0 | (114) | 0 | 209 | 0 |
Repurchase of OP units | (1,735) | 0 | 0 | 4,059 | 0 | 0 | 0 | 0 | (5,794) |
Dividends declared-common shares | (27,294) | 0 | 0 | 0 | (27,294) | 0 | 0 | 0 | 0 |
Dividends declared-preferred shares | (2,789) | 0 | 0 | 0 | (2,789) | 0 | 0 | 0 | 0 |
Comprehensive income | 9,640 | 0 | 0 | 0 | 5,353 | 0 | 4,287 | 0 | 0 |
Ending Balance at Jun. 30, 2023 | $ 2,024,698 | $ 175,000 | $ 21,437 | $ 5,971,918 | $ (4,085,897) | $ 4,941 | $ 10,125 | $ (72,826) | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash flow from operating activities: | ||||||
Net income | $ 5,353 | $ 60,409 | $ 20,655 | $ 74,364 | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||||
Depreciation and amortization | 58,698 | 51,021 | 112,714 | 101,385 | ||
Stock-based compensation | 3,635 | 3,628 | ||||
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 2,206 | 2,782 | ||||
Equity in net income of joint ventures | (4,618) | (1,381) | (5,977) | (1,550) | ||
Operating cash distributions from joint ventures | 258 | 1,111 | ||||
Gain on sale and change in control of interests | 0 | $ (3,700) | (41,970) | (3,749) | (45,326) | |
Gain on disposition of real estate, net | 22 | (4,597) | (183) | (4,455) | ||
Impairment charges | 0 | 2,536 | 0 | 2,536 | ||
Assumption of building due to ground lease termination | 0 | (1,800) | ||||
Net change in accounts receivable | 3,250 | 5,110 | ||||
Net change in accounts payable and accrued expenses | (1,623) | (1,659) | ||||
Net change in other operating assets and liabilities | (4,389) | (4,019) | ||||
Total adjustments | 106,142 | 57,743 | ||||
Net cash flow provided by operating activities | 126,797 | 132,107 | ||||
Cash flow from investing activities: | ||||||
Real estate acquired, net of liabilities and cash assumed | (74,783) | (297,966) | ||||
Real estate developed and improvements to operating real estate | (51,278) | (57,092) | ||||
Proceeds from disposition of joint venture interests | 3,405 | 39,247 | ||||
Proceeds from disposition of real estate | 0 | 21,555 | ||||
Equity contributions to joint ventures | (86) | (117) | ||||
Repayment of joint venture advances, net | 318 | 0 | ||||
Distributions from unconsolidated joint ventures | 9,468 | 5,422 | ||||
Net cash flow used for investing activities | (112,956) | (288,951) | ||||
Cash flow from financing activities: | ||||||
Proceeds from revolving credit facility, net | 175,000 | 125,000 | ||||
Proceeds from unsecured term loan | 0 | 100,000 | ||||
Payment of debt issuance costs | 0 | (7,582) | ||||
Repayment of senior notes | (87,209) | 0 | ||||
Repayment of mortgage debt | (625) | (35,134) | ||||
Proceeds from issuance of common shares, net of offering expenses | 0 | 36,857 | ||||
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan | (4,844) | (5,469) | ||||
Repurchase of common shares | (26,611) | 0 | ||||
Repurchase of operating partnership units | (1,735) | 0 | ||||
Distributions to redeemable operating partnership units | (37) | (35) | ||||
Dividends paid | (60,401) | (58,865) | ||||
Net cash flow (used for) provided by financing activities | (6,462) | 154,772 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 7,379 | (2,072) | ||||
Cash, cash equivalents and restricted cash, beginning of period | $ 21,214 | 21,214 | 43,252 | $ 43,252 | ||
Cash, cash equivalents and restricted cash, end of period | $ 28,593 | $ 41,180 | $ 28,593 | $ 41,180 | $ 21,214 |
Nature of Business and Financia
Nature of Business and Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Financial Statement Presentation | 1. Nature of Business and Financial Statement Presentation Nature of Business SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “SITE Centers”) and unconsolidated joint ventures are primarily engaged in the business of owning, leasing, acquiring, redeveloping, developing and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries. The Company’s tenant base includes a mixture of national and regional retail chains and local tenants. Consequently, the Company’s credit risk is primarily concentrated in the retail industry. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2023 and 2022, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. All significant inter-company balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures is included in consolidated net income (loss). Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Six Months Ended June 30, 2023 2022 Consolidation of the net assets of previously unconsolidated joint ventures $ — $ 42.8 Net assets acquired from an unconsolidated joint venture — 8.5 Dividends declared, but not paid 30.1 30.7 Accounts payable related to construction in progress 12.4 13.6 Repurchase of OP units 4.1 — Assumption of building due to ground lease termination — 1.8 Fee and Other Income Fee and Other Income on the consolidated statements of operations includes revenue from contracts with customers, which is primarily from the Company’s unconsolidated joint ventures (Note 2). |
Investments in and Advances to
Investments in and Advances to Joint Ventures | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Joint Ventures | 2. Investments in and Advances to Joint Ventures At June 30, 2023 and December 31, 2022, the Company had ownership interests in various unconsolidated joint ventures that had investments in 13 and 18 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): June 30, 2023 December 31, 2022 Condensed Combined Balance Sheets Land $ 180,588 $ 212,326 Buildings 556,088 643,334 Fixtures and tenant improvements 54,418 70,636 791,094 926,296 Less: Accumulated depreciation ( 175,989 ) ( 220,642 ) 615,105 705,654 Construction in progress and land 127 1,965 Real estate, net 615,232 707,619 Cash and restricted cash 44,873 44,809 Receivables, net 9,450 11,671 Other assets, net 31,501 36,272 $ 701,056 $ 800,371 Mortgage debt $ 466,500 $ 535,093 Notes and accrued interest payable to the Company 2,786 2,972 Other liabilities 39,099 41,588 508,385 579,653 Accumulated equity 192,671 220,718 $ 701,056 $ 800,371 Company's share of accumulated equity $ 37,057 $ 42,644 Basis differentials 829 ( 707 ) Deferred development fees, net of portion related to the Company's interest ( 116 ) ( 301 ) Amounts payable to the Company 2,786 2,972 Investments in and Advances to Joint Ventures, net $ 40,556 $ 44,608 Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Condensed Combined Statements of Operations Revenues from operations $ 24,070 $ 38,162 $ 48,760 $ 79,811 Expenses from operations: Operating expenses 6,118 10,493 12,682 22,016 Impairment charges — 3,340 — 8,540 Depreciation and amortization 8,281 13,328 17,343 27,673 Interest expense 6,307 9,030 13,348 18,319 Other expense, net 2,378 2,422 4,938 4,994 23,084 38,613 48,311 81,542 Income (loss) before gain on disposition of real estate 986 ( 451 ) 449 ( 1,731 ) Gain on disposition of real estate, net 14,874 1,790 20,178 1,692 Net income (loss) attributable to unconsolidated joint ventures $ 15,860 $ 1,339 $ 20,627 $ ( 39 ) Company's share of equity in net income of joint ventures $ 3,237 $ 592 $ 4,187 $ 622 Basis differential adjustments (A) 1,381 789 1,790 928 Equity in net income of joint ventures $ 4,618 $ 1,381 $ 5,977 $ 1,550 (A) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials. Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Revenue from contracts: Asset and property management fees $ 1.5 $ 2.2 $ 3.0 $ 4.5 Leasing commissions and development fees 0.1 0.6 0.2 1.0 1.6 2.8 3.2 5.5 Other 0.1 0.2 0.3 0.6 $ 1.7 $ 3.0 $ 3.5 $ 6.1 Disposition of Shopping Centers During the six months ended June 30, 2023 , the DDRM Joint Venture sold five shopping centers for an aggregate sales price of $ 112.2 million ($ 22.4 million at the Company’s share). The proceeds were used to repay mortgage indebtedness of the joint venture, general corporate purposes of the joint venture and distributions to the partners. Disposition of Joint Venture Interests In 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, a parcel of undeveloped land. The transaction had contingent proceeds based upon finalization of the tax returns and dissolution of the partnership. In the first quarter of 2023, the contingencies were resolved and the Company recorded a Gain on Sale and Change in Control of Interests of $ 3.7 million. In 2022, the Company acquired its partner’s 80 % interest in one asset owned by the DDRM Properties Joint Venture (Casselberry Commons, Casselberry, Florida) and stepped up the previous 20 % interest due to change in control, sold its 20 % interest in the SAU Joint Venture to its partner, the State of Utah and sold its 50 % interest in Lennox Town Center to its partner. These transactions aggregated a Gain on Sale and Change in Control of Interests of $ 45.3 million. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions During the six months ended June 30, 2023, the Company acquired the following shopping centers (in millions): Asset Location Date Purchase Parker Keystone Denver, Colorado January 2023 $ 11.0 Foxtail Center Baltimore, Maryland January 2023 15.1 Barrett Corners Atlanta, Georgia April 2023 15.6 Alpha Soda Center Atlanta, Georgia May 2023 9.4 Briarcroft Center Houston, Texas May 2023 23.5 The fair value of the acquisitions above was allocated as follows (in thousands): Weighted-Average Land $ 27,351 N/A Buildings 40,815 (A) Tenant improvements 1,774 (A) In-place leases (including lease origination costs and fair market value of leases) 7,073 6.9 77,013 Less: Below-market leases ( 1,882 ) 14.0 Less: Other liabilities assumed ( 348 ) N/A Net assets acquired $ 74,783 (A) Depreciated in accordance with the Company’s policy. The total consideration for these assets was paid in cash. Included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2023, was $ 1.3 million and $ 1.8 million, respectively, in total revenues from the date of acquisition through June 30, 2023 , for the properties acquired in 2023. |
Other Assets and Intangibles, n
Other Assets and Intangibles, net | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets [Abstract] | |
Other Assets and Intangibles, net | 4. Other Assets and Intangibles, net Other assets and intangibles consist of the following (in thousands): June 30, 2023 December 31, 2022 Intangible assets: In-place leases, net $ 57,892 $ 61,918 Above-market leases, net 5,263 6,206 Lease origination costs, net 8,116 8,093 Tenant relationships, net 10,082 11,531 Total intangible assets, net (A) 81,353 87,748 Operating lease ROU assets 17,629 18,197 Other assets: Prepaid expenses 10,229 6,721 Swap receivable 9,582 8,138 Other assets 1,552 3,491 Deposits 2,627 3,188 Deferred charges, net 6,425 7,526 Total other assets, net $ 129,397 $ 135,009 Below-market leases, net (other liabilities) $ 57,844 $ 59,825 (A) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $ 5.9 million and $ 7.0 million for the three months ended June 30, 2023 and 2022, respectively and $ 12.1 million and $ 13.6 million for the six months ended June 30, 2023 and 2022 , respectively. |
Revolving Credit Facility
Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | 5. Revolving Credit Facility As of June 30, 2023, the Company’s Revolving Credit Facility (as defined below) had outstanding borrowings of $ 175.0 million with a weighted-average interest rate of 6.0 %. In March 2023, the Company entered into a 5.0 % interest rate cap with respect to the variable rate (the Secured Overnight Financing Rate or "SOFR") component applicable to borrowings up to $ 100 million under the Revolving Credit Facility, of which $ 75.0 million was designated as an effective hedge. The interest rate cap expires in April 2024 . The Company maintains a revolving credit facility with a syndicate of financial institutions and JPMorgan Chase Bank, N.A., as administrative agent (the “Revolving Credit Facility”). The Revolving Credit Facility provides for borrowings of up to $ 950 million if certain borrowing conditions are satisfied, and an accordion feature for expansion of availability up to $ 1.45 billion, provided that new lenders agree to the existing terms of the facility or existing lenders increase their commitment level and subject to other customary conditions precedent. The Revolving Credit Facility maturity date is June 2026 subject to two six-month options to extend the maturity to June 2027 upon the Company’s request (subject to satisfaction of certain conditions) . The Company’s borrowin gs under the Revolving Credit Facility bear interest at variable rates at the Company’s election, based on either (i) the SOFR rate plus a 10 basis-point spread adjustment plus an applicable margin ( 0.85 % at June 30, 2023 ) or (ii) the alternative base rate plus an applicable margin ( 0 % at June 30, 2023 ). The Revolving Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at June 30, 2023. The applicable margins and facility fee vary depending on the Company’s long-term senior unsecured debt ratings from Moody’s Investors Service, Inc., S&P Global Ratings and Fitch Investor Services, Inc. (or their respective successors). The Revolving Credit Facility also features a sustainability-linked pricing component whereby the applicable interest rate margin can be adjusted by one or two basis points if the Company meets certain sustainability performance targets. The Company is required to comply with certain covenants under the Revolving Credit Facility relating to total outstanding indebtedness, secured indebtedness, value of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at June 30, 2023 . |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 6. Financial Instruments and Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments: Measurement of Fair Value At June 30, 2023, the Company used a pay-fixed interest rate swap to manage some of its exposure to changes in benchmark-interest rates. The estimated fair value was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contract, are incorporated in the fair value to account for potential non-performance risk, including the Company’s own non-performance risk and the respective counterparty’s non-performance risk. The Company determined that the significant inputs used to value its derivative fell within Level 2 of the fair value hierarchy. Items Measured on Fair Value on a Recurring Basis The Company maintains an interest rate swap agreement (included in Other Assets) measured at fair value on a recurring basis as of June 30, 2023 . The following table presents information about the Company’s financial assets and liabilities and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions): Fair Value Measurements Assets (Liabilities): Level 1 Level 2 Level 3 Total June 30, 2023 Derivative Financial Instruments $ — $ 9.3 $ — $ 9.3 December 31, 2022 Derivative Financial Instruments $ — $ 8.1 $ — $ 8.1 Cash and Cash Equivalents, Restricted Cash, Accounts Receivable, Accounts Payable and Other Liabilities The carrying amounts reported in the Company's consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. Debt The following methods and assumptions were used by the Company in estimating fair value disclosures of debt. The fair market value of senior notes is determined using a pricing model to approximate the trading price of the Company’s public debt. The fair market value for all other debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile, including the Company’s non-performance risk and loan to value. The Company’s senior notes and all other debt are classified as Level 2 and Level 3, respectively, in the fair value hierarchy. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. Carrying values that are different from estimated fair values are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Senior Notes $ 1,367,775 $ 1,279,487 $ 1,453,923 $ 1,378,485 Revolving Credit Facility and term loan 373,689 375,000 198,521 200,000 Mortgage Indebtedness 53,829 52,228 54,577 51,936 $ 1,795,293 $ 1,706,715 $ 1,707,021 $ 1,630,421 Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company generally uses swaps and caps as part of its interest rate risk management strategy. The swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of June 30, 2023 , the Company had one effective swap with a notional amount of $ 200.0 million, expiring in June 2027 , which converts the variable-rate SOFR component of the interest rate applicable to its term loan to a fixed rate of 2.75 %. The effective portion of changes in the fair value of derivatives designated, and that qualify, as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings, into interest expense, in the period that the hedged forecasted transaction affects earnings. All components of the swap were included in the assessment of hedge effectiveness. The Company expects to reflect within the next 12 months, a decrease to interest expense (and a corresponding increase to earnings) of approximately $ 4.9 million. The Company is exposed to credit risk in the event of non-performance by the counterparty to the swap if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. Credit Risk-Related Contingent Features The Company has an agreement with the swap counterparty that contains a provision whereby if the Company defaults on certain of its indebtedness, the Company could also be declared in default on the swap, resulting in an acceleration of payment under the swap. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Equity | 7. Equity Common Share Dividends Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Common share dividends declared per share $ 0.13 $ 0.13 $ 0.26 $ 0.26 Common Shares Repurchased In the first quarter of 2023, the Company r epurchased 1.5 million of its common shares in open market transactions at an aggregate cost of $ 20.0 million, or $ 13.43 per share. In late December 2022, the Company repurchased 0.5 million common shares at an aggregate cost of $ 6.6 million under this new program which settled in January 2023. Non-Controlling Interests In May 2023, the Company repurchased 140,633 Operating Partnership units (“OP Units”) outstanding for cash at an aggregate cost of $ 1.7 million. The gain on the transaction was reflected in Additional Paid-in-Capital. |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income | 8. Other Comprehensive Income The changes in Accumulated Other Comprehensive Income by component are as follows (in thousands): Balance, December 31, 2022 $ 9,038 Change in cash flow hedges 3,126 Amounts reclassified from accumulated other comprehensive income ( 2,039 ) Balance, June 30, 2023 (A) $ 10,125 (A) Includes derivative financial instruments entered into by the Company on its term loan (Note 6) and by an unconsolidated joint venture. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts). Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Numerators – Basic and Diluted Net income $ 5,353 $ 60,409 $ 20,655 $ 74,364 Income attributable to non-controlling interests — ( 19 ) ( 18 ) ( 37 ) Preferred dividends ( 2,789 ) ( 2,789 ) ( 5,578 ) ( 5,578 ) Earnings attributable to unvested shares and OP units ( 88 ) ( 125 ) ( 195 ) ( 251 ) Net income attributable to common shareholders after $ 2,476 $ 57,476 $ 14,864 $ 68,498 Denominators – Number of Shares Basic — Average shares outstanding 209,266 213,864 209,616 212,989 Assumed conversion of dilutive securities: PRSUs 181 906 445 1,104 OP units — 141 — 141 Diluted — Average shares outstanding 209,447 214,911 210,061 214,234 Earnings Per Share: Basic $ 0.01 $ 0.27 $ 0.07 $ 0.32 Diluted $ 0.01 $ 0.27 $ 0.07 $ 0.32 For the three and six months ended June 30, 2023, Performance Restricted Stock Units (“PRSUs”) issued to certain executives in March 2021 were considered in the computation of diluted EPS. The PRSUs issued in March 2022 were considered in the computation of diluted EPS for the three months ended June 30, 2023 and not considered in the computation of diluted EPS for the six months ended June 30, 2023, because they were antidilutive. The PRSUs issued in March 2023 were not considered in the computation of diluted EPS because they were antidilutive for the three months ended June 30, 2023 and were considered in the computation of diluted EPS for the six months ended June 30, 2023. For the three and six months ended June 30, 2022 , PRSUs issued to certain executives in March 2022, 2021 and 2020 were considered in the computation of diluted EPS. In March 2023, the Company issued 559,559 common shares in settlement of PRSUs granted in 2020. |
Nature of Business and Financ_2
Nature of Business and Financial Statement Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | Nature of Business SITE Centers Corp. and its related consolidated real estate subsidiaries (collectively, the “Company” or “SITE Centers”) and unconsolidated joint ventures are primarily engaged in the business of owning, leasing, acquiring, redeveloping, developing and managing shopping centers. Unless otherwise provided, references herein to the Company or SITE Centers include SITE Centers Corp. and its wholly-owned subsidiaries. The Company’s tenant base includes a mixture of national and regional retail chains and local tenants. Consequently, the Company’s credit risk is primarily concentrated in the retail industry. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements These financial statements have been prepared by the Company in accordance with GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the three and six months ended June 30, 2023 and 2022, are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest or has been determined to be the primary beneficiary of a variable interest entity. All significant inter-company balances and transactions have been eliminated in consolidation. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or loss) of these joint ventures is included in consolidated net income (loss). |
Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information | Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Six Months Ended June 30, 2023 2022 Consolidation of the net assets of previously unconsolidated joint ventures $ — $ 42.8 Net assets acquired from an unconsolidated joint venture — 8.5 Dividends declared, but not paid 30.1 30.7 Accounts payable related to construction in progress 12.4 13.6 Repurchase of OP units 4.1 — Assumption of building due to ground lease termination — 1.8 |
Fee and Other Income | Fee and Other Income Fee and Other Income on the consolidated statements of operations includes revenue from contracts with customers, which is primarily from the Company’s unconsolidated joint ventures (Note 2). |
Nature of Business and Financ_3
Nature of Business and Financial Statement Presentation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): Six Months Ended June 30, 2023 2022 Consolidation of the net assets of previously unconsolidated joint ventures $ — $ 42.8 Net assets acquired from an unconsolidated joint venture — 8.5 Dividends declared, but not paid 30.1 30.7 Accounts payable related to construction in progress 12.4 13.6 Repurchase of OP units 4.1 — Assumption of building due to ground lease termination — 1.8 |
Investments in and Advances t_2
Investments in and Advances to Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | At June 30, 2023 and December 31, 2022, the Company had ownership interests in various unconsolidated joint ventures that had investments in 13 and 18 shopping center properties, respectively. Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): June 30, 2023 December 31, 2022 Condensed Combined Balance Sheets Land $ 180,588 $ 212,326 Buildings 556,088 643,334 Fixtures and tenant improvements 54,418 70,636 791,094 926,296 Less: Accumulated depreciation ( 175,989 ) ( 220,642 ) 615,105 705,654 Construction in progress and land 127 1,965 Real estate, net 615,232 707,619 Cash and restricted cash 44,873 44,809 Receivables, net 9,450 11,671 Other assets, net 31,501 36,272 $ 701,056 $ 800,371 Mortgage debt $ 466,500 $ 535,093 Notes and accrued interest payable to the Company 2,786 2,972 Other liabilities 39,099 41,588 508,385 579,653 Accumulated equity 192,671 220,718 $ 701,056 $ 800,371 Company's share of accumulated equity $ 37,057 $ 42,644 Basis differentials 829 ( 707 ) Deferred development fees, net of portion related to the Company's interest ( 116 ) ( 301 ) Amounts payable to the Company 2,786 2,972 Investments in and Advances to Joint Ventures, net $ 40,556 $ 44,608 |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Condensed Combined Statements of Operations Revenues from operations $ 24,070 $ 38,162 $ 48,760 $ 79,811 Expenses from operations: Operating expenses 6,118 10,493 12,682 22,016 Impairment charges — 3,340 — 8,540 Depreciation and amortization 8,281 13,328 17,343 27,673 Interest expense 6,307 9,030 13,348 18,319 Other expense, net 2,378 2,422 4,938 4,994 23,084 38,613 48,311 81,542 Income (loss) before gain on disposition of real estate 986 ( 451 ) 449 ( 1,731 ) Gain on disposition of real estate, net 14,874 1,790 20,178 1,692 Net income (loss) attributable to unconsolidated joint ventures $ 15,860 $ 1,339 $ 20,627 $ ( 39 ) Company's share of equity in net income of joint ventures $ 3,237 $ 592 $ 4,187 $ 622 Basis differential adjustments (A) 1,381 789 1,790 928 Equity in net income of joint ventures $ 4,618 $ 1,381 $ 5,977 $ 1,550 (A) The difference between the Company’s share of net income, as reported above, and the amounts included in the Company’s consolidated statements of operations is attributable to the amortization of basis differentials, the recognition of deferred gains and differences in gain (loss) on sale of certain assets recognized due to the basis differentials. |
Schedule of Fee and Other Income | Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures are as follows (in millions): Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Revenue from contracts: Asset and property management fees $ 1.5 $ 2.2 $ 3.0 $ 4.5 Leasing commissions and development fees 0.1 0.6 0.2 1.0 1.6 2.8 3.2 5.5 Other 0.1 0.2 0.3 0.6 $ 1.7 $ 3.0 $ 3.5 $ 6.1 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Schedule of Company Acquired Shopping Centers | During the six months ended June 30, 2023, the Company acquired the following shopping centers (in millions): Asset Location Date Purchase Parker Keystone Denver, Colorado January 2023 $ 11.0 Foxtail Center Baltimore, Maryland January 2023 15.1 Barrett Corners Atlanta, Georgia April 2023 15.6 Alpha Soda Center Atlanta, Georgia May 2023 9.4 Briarcroft Center Houston, Texas May 2023 23.5 |
Schedule of Acquisition Cost of Shopping Centers | The fair value of the acquisitions above was allocated as follows (in thousands): Weighted-Average Land $ 27,351 N/A Buildings 40,815 (A) Tenant improvements 1,774 (A) In-place leases (including lease origination costs and fair market value of leases) 7,073 6.9 77,013 Less: Below-market leases ( 1,882 ) 14.0 Less: Other liabilities assumed ( 348 ) N/A Net assets acquired $ 74,783 (A) Depreciated in accordance with the Company’s policy. |
Other Assets and Intangibles,_2
Other Assets and Intangibles, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets [Abstract] | |
Components of Other Assets and Intangibles | Other assets and intangibles consist of the following (in thousands): June 30, 2023 December 31, 2022 Intangible assets: In-place leases, net $ 57,892 $ 61,918 Above-market leases, net 5,263 6,206 Lease origination costs, net 8,116 8,093 Tenant relationships, net 10,082 11,531 Total intangible assets, net (A) 81,353 87,748 Operating lease ROU assets 17,629 18,197 Other assets: Prepaid expenses 10,229 6,721 Swap receivable 9,582 8,138 Other assets 1,552 3,491 Deposits 2,627 3,188 Deferred charges, net 6,425 7,526 Total other assets, net $ 129,397 $ 135,009 Below-market leases, net (other liabilities) $ 57,844 $ 59,825 The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $ 5.9 million and $ 7.0 million for the three months ended June 30, 2023 and 2022, respectively and $ 12.1 million and $ 13.6 million for the six months ended June 30, 2023 and 2022 , respectively. |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents information about the Company’s financial assets and liabilities and indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions): Fair Value Measurements Assets (Liabilities): Level 1 Level 2 Level 3 Total June 30, 2023 Derivative Financial Instruments $ — $ 9.3 $ — $ 9.3 December 31, 2022 Derivative Financial Instruments $ — $ 8.1 $ — $ 8.1 |
Schedule of Carrying Values Different from Estimated Fair Values | Carrying values that are different from estimated fair values are summarized as follows (in thousands): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Senior Notes $ 1,367,775 $ 1,279,487 $ 1,453,923 $ 1,378,485 Revolving Credit Facility and term loan 373,689 375,000 198,521 200,000 Mortgage Indebtedness 53,829 52,228 54,577 51,936 $ 1,795,293 $ 1,706,715 $ 1,707,021 $ 1,630,421 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Common Shares [Member] | |
Common Share Dividends Declared | Common Share Dividends Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Common share dividends declared per share $ 0.13 $ 0.13 $ 0.26 $ 0.26 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component | The changes in Accumulated Other Comprehensive Income by component are as follows (in thousands): Balance, December 31, 2022 $ 9,038 Change in cash flow hedges 3,126 Amounts reclassified from accumulated other comprehensive income ( 2,039 ) Balance, June 30, 2023 (A) $ 10,125 (A) Includes derivative financial instruments entered into by the Company on its term loan (Note 6) and by an unconsolidated joint venture. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS | The following table provides a reconciliation of net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding without regard to dilutive potential common shares, and “diluted” EPS, which includes all such shares (in thousands, except per share amounts). Three Months Six Months Ended June 30, Ended June 30, 2023 2022 2023 2022 Numerators – Basic and Diluted Net income $ 5,353 $ 60,409 $ 20,655 $ 74,364 Income attributable to non-controlling interests — ( 19 ) ( 18 ) ( 37 ) Preferred dividends ( 2,789 ) ( 2,789 ) ( 5,578 ) ( 5,578 ) Earnings attributable to unvested shares and OP units ( 88 ) ( 125 ) ( 195 ) ( 251 ) Net income attributable to common shareholders after $ 2,476 $ 57,476 $ 14,864 $ 68,498 Denominators – Number of Shares Basic — Average shares outstanding 209,266 213,864 209,616 212,989 Assumed conversion of dilutive securities: PRSUs 181 906 445 1,104 OP units — 141 — 141 Diluted — Average shares outstanding 209,447 214,911 210,061 214,234 Earnings Per Share: Basic $ 0.01 $ 0.27 $ 0.07 $ 0.32 Diluted $ 0.01 $ 0.27 $ 0.07 $ 0.32 |
Nature of Business and Financ_4
Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Other Significant Noncash Transactions [Line Items] | |||
Consolidation of the net assets of previously unconsolidated joint ventures | $ 0 | $ 42,800 | |
Net assets acquired from an unconsolidated joint venture | 0 | 8,500 | |
Dividends declared, but not paid | 30,083 | 30,700 | $ 30,389 |
Accounts payable related to construction in progress | 12,400 | 13,600 | |
Repurchase of OP units | 4,100 | 0 | |
Assumption of building due to ground lease termination | $ 0 | $ 1,800 |
Investments in and Advances t_3
Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) ShoppingCenter | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) ShoppingCenter | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Property ShoppingCenter | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Gain on sale and change in control of interests | $ 0 | $ 3,700 | $ 41,970 | $ 3,749 | $ 45,326 | |
Unconsolidated Joint Ventures [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Shopping centers owned | ShoppingCenter | 13 | 13 | 18 | |||
Gain on sale and change in control of interests | $ 45,300 | |||||
SAU Joint Venture [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity interest percentage sold | 20% | |||||
Lennox Town Center Joint Venture [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Equity interest percentage sold | 50% | |||||
D D R M Properties Joint Venture [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Number of properties acquired | Property | 1 | |||||
Acquisition of equity interest percentage | 80% | |||||
Previous ownership interest stepped up due to change in control | 20% | |||||
Sales price of joint venture assets | $ 112,200 | |||||
Number of properties sold | ShoppingCenter | 5 | |||||
Company share of sales price of joint venture assets | $ 22,400 |
Investments in and Advances t_4
Investments in and Advances to Joint Ventures - Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Condensed Combined Balance Sheets | ||||||
Land | $ 1,094,240 | $ 1,066,852 | ||||
Buildings | 3,770,497 | 3,733,805 | ||||
Fixtures and tenant improvements | 600,948 | 576,036 | ||||
Total real estate rental property | 5,465,685 | 5,376,693 | ||||
Less: Accumulated depreciation | (1,724,837) | (1,652,899) | ||||
Real estate rental property, net | 3,740,848 | 3,723,794 | ||||
Construction in progress and land | 60,231 | 56,466 | ||||
Total real estate assets, net | 3,801,079 | 3,780,260 | ||||
Other assets, net | 129,397 | 135,009 | ||||
Total assets | 4,061,001 | 4,045,017 | ||||
Mortgage debt | 53,829 | 54,577 | ||||
Total liabilities | 2,036,303 | 1,952,395 | ||||
Accumulated equity | 2,024,698 | $ 2,045,011 | 2,092,622 | $ 2,090,678 | $ 2,056,118 | $ 2,042,652 |
Total liabilities and equity | 4,061,001 | 4,045,017 | ||||
Company's share of accumulated equity | 37,057 | 42,644 | ||||
Basis differentials | 829 | (707) | ||||
Deferred development fees, net of portion related to the Company's interest | (116) | (301) | ||||
Investments in and Advances to Joint Ventures, net | 40,556 | 44,608 | ||||
Related Party [Member] | ||||||
Condensed Combined Balance Sheets | ||||||
Amounts payable to the Company | 2,786 | 2,972 | ||||
Unconsolidated Joint Ventures [Member] | ||||||
Condensed Combined Balance Sheets | ||||||
Land | 180,588 | 212,326 | ||||
Buildings | 556,088 | 643,334 | ||||
Fixtures and tenant improvements | 54,418 | 70,636 | ||||
Total real estate rental property | 791,094 | 926,296 | ||||
Less: Accumulated depreciation | (175,989) | (220,642) | ||||
Real estate rental property, net | 615,105 | 705,654 | ||||
Construction in progress and land | 127 | 1,965 | ||||
Total real estate assets, net | 615,232 | 707,619 | ||||
Cash and restricted cash | 44,873 | 44,809 | ||||
Receivables, net | 9,450 | 11,671 | ||||
Other assets, net | 31,501 | 36,272 | ||||
Total assets | 701,056 | 800,371 | ||||
Mortgage debt | 466,500 | 535,093 | ||||
Other liabilities | 39,099 | 41,588 | ||||
Total liabilities | 508,385 | 579,653 | ||||
Accumulated equity | 192,671 | 220,718 | ||||
Total liabilities and equity | 701,056 | 800,371 | ||||
Unconsolidated Joint Ventures [Member] | Related Party [Member] | ||||||
Condensed Combined Balance Sheets | ||||||
Other liabilities | $ 2,786 | $ 2,972 |
Investments in and Advances t_5
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Condensed Combined Statements of Operations | ||||
Revenues from operations | $ 138,158 | $ 140,682 | $ 276,850 | $ 275,002 |
Expenses from operations: | ||||
Operating expenses | 115,484 | 107,812 | 223,364 | 212,546 |
Impairment charges | 0 | 2,536 | 0 | 2,536 |
Depreciation and amortization | 58,698 | 51,021 | 112,714 | 101,385 |
Interest expense | 20,921 | 18,909 | 40,844 | 37,167 |
Other expense, net | 634 | 1,147 | 1,321 | 1,651 |
Net income (loss) | 5,353 | 60,409 | 20,655 | 74,364 |
Company's share of equity in net income of joint ventures | 3,237 | 592 | 4,187 | 622 |
Basis differential adjustments | 1,381 | 789 | 1,790 | 928 |
Equity in net income of joint ventures | 4,618 | 1,381 | 5,977 | 1,550 |
Unconsolidated Joint Ventures [Member] | ||||
Condensed Combined Statements of Operations | ||||
Revenues from operations | 24,070 | 38,162 | 48,760 | 79,811 |
Expenses from operations: | ||||
Operating expenses | 6,118 | 10,493 | 12,682 | 22,016 |
Impairment charges | 0 | 3,340 | 0 | 8,540 |
Depreciation and amortization | 8,281 | 13,328 | 17,343 | 27,673 |
Interest expense | 6,307 | 9,030 | 13,348 | 18,319 |
Other expense, net | 2,378 | 2,422 | 4,938 | 4,994 |
Total expenses | 23,084 | 38,613 | 48,311 | 81,542 |
Income (loss) before gain on disposition of real estate | 986 | (451) | 449 | (1,731) |
Gain on disposition of real estate, net | 14,874 | 1,790 | 20,178 | 1,692 |
Net income (loss) | $ 15,860 | $ 1,339 | $ 20,627 | $ (39) |
Investments in and Advances t_6
Investments in and Advances to Joint Ventures - Revenues Earned By the Company from Unconsolidated Joint Ventures and Interest Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from contracts: | ||||
Other | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.6 |
Revenue and other income | 1.7 | 3 | 3.5 | 6.1 |
Unconsolidated Joint Ventures [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | 1.6 | 2.8 | 3.2 | 5.5 |
Unconsolidated Joint Ventures [Member] | Asset and Property Management Fees [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | 1.5 | 2.2 | 3 | 4.5 |
Unconsolidated Joint Ventures [Member] | Leasing commissions and development fees [Member] | ||||
Revenue from contracts: | ||||
Total revenue from contracts with customers | $ 0.1 | $ 0.6 | $ 0.2 | $ 1 |
Acquisitions - Schedule of Comp
Acquisitions - Schedule of Company Acquired Shopping Centers (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Parker Keystone [Member] | Denver, Colorado [Member] | |
Business Acquisition [Line Items] | |
Date Acquired | 2023-01 |
Purchase Price | $ 11 |
Foxtail Center [Member] | Baltimore, Maryland [Memer] | |
Business Acquisition [Line Items] | |
Date Acquired | 2023-01 |
Purchase Price | $ 15.1 |
Barrett Corners [Member] | Atlanta, Georgia [Member] | |
Business Acquisition [Line Items] | |
Date Acquired | 2023-04 |
Purchase Price | $ 15.6 |
Alpha Soda Center [Member] | Atlanta, Georgia [Member] | |
Business Acquisition [Line Items] | |
Date Acquired | 2023-05 |
Purchase Price | $ 9.4 |
Briarcroft Center [Member] | Houston, Texas [Member] | |
Business Acquisition [Line Items] | |
Date Acquired | 2023-05 |
Purchase Price | $ 23.5 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Less: Below-market leases | $ (57,844) | $ (59,825) |
Shopping Center Acquired [Member] | ||
Business Acquisition [Line Items] | ||
Land | 27,351 | |
Buildings | 40,815 | |
Tenant improvements | 1,774 | |
Assets acquired | 77,013 | |
Less: Below-market leases | (1,882) | |
Less: Other liabilities assumed | (348) | |
Net assets acquired | 74,783 | |
Shopping Center Acquired [Member] | In-Place Leases (Including Lease Origination Costs and Fair Market Value of Leases) [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets acquired | $ 7,073 | |
Weighted Average Amortization Period | 6 years 10 months 24 days | |
Shopping Center Acquired [Member] | Below-Market Leases [Member] | ||
Business Acquisition [Line Items] | ||
Weighted Average Amortization Period | 14 years |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Business Combinations [Abstract] | ||
Revenues from the date of acquisition | $ 1.3 | $ 1.8 |
Other Assets and Intangibles,_3
Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Intangible assets: | ||
Total intangible assets, net | $ 81,353 | $ 87,748 |
Operating lease ROU assets | 17,629 | 18,197 |
Other assets: | ||
Prepaid expenses | 10,229 | 6,721 |
Swap receivable | 9,582 | 8,138 |
Other assets | 1,552 | 3,491 |
Deposits | 2,627 | 3,188 |
Deferred charges, net | 6,425 | 7,526 |
Total other assets, net | 129,397 | 135,009 |
Below-market leases, net (other liabilities) | 57,844 | 59,825 |
In-Place Leases, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 57,892 | 61,918 |
Above-Market Leases, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 5,263 | 6,206 |
Lease origination costs, net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 8,116 | 8,093 |
Tenant Relationships, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | $ 10,082 | $ 11,531 |
Other Assets and Intangibles,_4
Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization expense | $ 5.9 | $ 7 | $ 12.1 | $ 13.6 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Outstanding borrowings | $ 175,000 | $ 0 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding borrowings | $ 175,000 | ||
Weighted-average interest rate | 6% | ||
Revolving Credit Facility [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Effective hedge | $ 75,000 | ||
Interest rate cap | 5% | ||
Variable-rate borrowings | $ 100,000 | ||
Interest rate cap expiration date | 2024-04 | ||
Specified spread line of credit | 10 basis-point | ||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Covenant compliance | The Company was in compliance with these financial covenants at June 30, 2023. | ||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | Alternative Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Specified spread line of credit facility | 0% | ||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | SOFR [Member] | |||
Debt Instrument [Line Items] | |||
Specified spread line of credit facility | 0.85% | ||
J.P. Morgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Lines of credit maturity date | 2026-06 | ||
Line of credit options to extended maturity date | 2027-06 | ||
Facility fee | 20% | ||
Revolving credit facility maturity extension option | maturity date is June 2026 subject to two six-month options to extend the maturity to June 2027 upon the Company’s request (subject to satisfaction of certain conditions) | ||
J.P. Morgan Chase Bank, N.A. [Member] | Unsecured Debt [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured revolving credit facility borrowing capacity | $ 950,000 | ||
Accordion feature | $ 1,450,000 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | $ 9.3 | $ 8.1 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | 9.3 | 8.1 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Schedule of Carrying Values Different from Estimated Fair Values (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 1,367,775 | $ 1,453,923 |
Revolving Credit Facility and term loan | 373,689 | 198,521 |
Mortgage Indebtedness | 53,829 | 54,577 |
Total indebtedness | 1,795,293 | 1,707,021 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 1,279,487 | 1,378,485 |
Revolving Credit Facility and term loan | 375,000 | 200,000 |
Mortgage Indebtedness | 52,228 | 51,936 |
Total indebtedness | $ 1,706,715 | $ 1,630,421 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Additional Information (Detail) - Interest Rate Swap [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Derivatives, Fair Value [Line Items] | |
Notional amount of swap | $ 200 |
Fixed rate of debt | 2.75% |
Expiration date of swap | 2027-06 |
Gain (loss) on derivative instruments, net | $ 4.9 |
Equity - Common Share Dividends
Equity - Common Share Dividends Declared (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | ||||
Common share dividends declared per share | $ 0.13 | $ 0.13 | $ 0.26 | $ 0.26 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
May 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||||
Share repurchased (in shares) | 1,500,000 | 500,000 | ||
Shares repurchased at cost | $ 20,000 | $ 6,600 | ||
Share repurchase, price per share | $ 13.43 | |||
Number of OP units repurchased during the period | 140,633 | |||
Operating partnership units redemption value | $ 1,700 | $ 1,735 |
Other Comprehensive Income - Ch
Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income by Component (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 2,092,622 |
Change in cash flow hedges | 3,126 |
Amounts reclassified from accumulated other comprehensive income to interest expense | (2,039) |
Ending Balance | 2,024,698 |
Accumulated Other Comprehensive Income [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 9,038 |
Ending Balance | $ 10,125 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Net Income and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 5,353 | $ 60,409 | $ 20,655 | $ 74,364 |
Income attributable to non-controlling interests | 0 | (19) | (18) | (37) |
Preferred dividends | (2,789) | (2,789) | (5,578) | (5,578) |
Earnings attributable to unvested shares and OP units | (88) | (125) | (195) | (251) |
Net income attributable to common shareholders after allocation to participating securities | $ 2,476 | $ 57,476 | $ 14,864 | $ 68,498 |
Denominators – Number of Shares | ||||
Basic—Average shares outstanding | 209,266 | 213,864 | 209,616 | 212,989 |
PRSUs | 181 | 906 | 445 | 1,104 |
OP units | 0 | 141 | 0 | 141 |
Diluted—Average shares outstanding | 209,447 | 214,911 | 210,061 | 214,234 |
Earnings Per Share: | ||||
Basic | $ 0.01 | $ 0.27 | $ 0.07 | $ 0.32 |
Diluted | $ 0.01 | $ 0.27 | $ 0.07 | $ 0.32 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 shares | |
Performance Restricted Stock Units [Member] | |
Schedule Of Earnings Per Share [Line Items] | |
Common shares, shares issued | 559,559 |