Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | |
Document Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2023 | |||
Document Fiscal Year Focus | 2023 | |||
Document Fiscal Period Focus | FY | |||
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 Annual 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 Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Incorporation, State or Country Code | OH | |||
Entity Common Stock, Shares Outstanding | 209,357,377 | |||
Entity Public Float | $ 2.5 | |||
Documents Incorporated by Reference | The registrant incorporates by reference in Part III hereof portions of its definitive Proxy Statement for its 2024 Annual Meeting of Shareholders. | |||
Document Financial Statement Error Correction [Flag] | false | |||
ICFR Auditor Attestation Flag | true | |||
Auditor Firm ID | 238 | |||
Auditor Name | PricewaterhouseCoopers LLP | |||
Auditor Location | Cleveland, Ohio | |||
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Land | $ 930,540 | $ 1,066,852 |
Buildings | 3,311,368 | 3,733,805 |
Fixtures and tenant improvements | 537,872 | 576,036 |
Total real estate rental property | 4,779,780 | 5,376,693 |
Less: Accumulated depreciation | (1,570,377) | (1,652,899) |
Real estate rental property, net | 3,209,403 | 3,723,794 |
Construction in progress and land | 51,379 | 56,466 |
Total real estate assets, net | 3,260,782 | 3,780,260 |
Investments in and advances to joint ventures, net | 39,372 | 44,608 |
Cash and cash equivalents | 551,968 | 20,254 |
Restricted cash | 17,063 | 960 |
Accounts receivable | 65,623 | 63,926 |
Other assets, net | 126,543 | 135,009 |
Total assets | 4,061,351 | 4,045,017 |
Unsecured indebtedness: | ||
Senior notes, net | 1,303,243 | 1,453,923 |
Term loan, net | 198,856 | 198,521 |
Revolving credit facility | 0 | 0 |
Total unsecured indebtedness | 1,502,099 | 1,652,444 |
Mortgage debt | 124,176 | 54,577 |
Total indebtedness | 1,626,275 | 1,707,021 |
Accounts payable and other liabilities | 195,727 | 214,985 |
Dividends payable | 63,806 | 30,389 |
Total liabilities | 1,885,808 | 1,952,395 |
Commitments and contingencies (Note 9) | ||
SITE Centers Equity | ||
Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 214,373,833 and 214,371,498 shares issued at December 31, 2023 and December 31, 2022, respectively | 21,437 | 21,437 |
Additional paid-in capital | 5,974,904 | 5,974,216 |
Accumulated distributions in excess of net income | (3,934,736) | (4,046,370) |
Deferred compensation obligation | 5,167 | 5,025 |
Accumulated other comprehensive income | 6,121 | 9,038 |
Less: Common shares in treasury at cost:5,340,654 and 3,787,279 shares at December 31, 2023 and December 31, 2022, respectively | (72,350) | (51,518) |
Total SITE Centers shareholders' equity | 2,175,543 | 2,086,828 |
Non-controlling interests | 0 | 5,794 |
Total equity | 2,175,543 | 2,092,622 |
Total liabilities and equity | 4,061,351 | 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 | 12 Months Ended | |
Dec. 31, 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 | 214,373,833 | 214,371,498 |
Treasury at cost | 5,340,654 | 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from operations: | |||
Rental income | $ 537,066 | $ 537,106 | $ 490,799 |
Fee and other income | 9,209 | 15,247 | 42,065 |
Total revenue from operations | 546,275 | 552,353 | 532,864 |
Rental operation expenses: | |||
Operating and maintenance | 88,959 | 89,278 | 76,716 |
Real estate taxes | 76,762 | 80,706 | 76,071 |
Impairment charges | 0 | 2,536 | 7,270 |
General and administrative | 50,867 | 46,564 | 55,052 |
Depreciation and amortization | 212,460 | 203,546 | 185,768 |
Total rental operation expenses | 429,048 | 422,630 | 400,877 |
Other income (expense): | |||
Interest expense | (82,002) | (77,692) | (76,383) |
Other income (expense), net | 3,189 | (2,540) | (1,185) |
Total other income (expense) | (78,813) | (80,232) | (77,568) |
Income before earnings from equity method investments and other items | 38,414 | 49,491 | 54,419 |
Equity in net income of joint ventures | 6,577 | 27,892 | 47,297 |
Gain on sale and change in control of interests, net | 3,749 | 45,581 | 19,185 |
Gain on disposition of real estate, net | 219,026 | 46,644 | 6,065 |
Income before tax expense | 267,766 | 169,608 | 126,966 |
Tax expense of taxable REIT subsidiaries and state franchise and income taxes | (2,045) | (816) | (1,550) |
Net income | 265,721 | 168,792 | 125,416 |
Income attributable to non-controlling interests, net | (18) | (73) | (481) |
Net income attributable to SITE Centers | 265,703 | 168,719 | 124,935 |
Write-off of preferred share original issuance costs | 0 | 0 | (5,156) |
Preferred dividends | (11,156) | (11,156) | (13,656) |
Net income attributable to common shareholders | $ 254,547 | $ 157,563 | $ 106,123 |
Per share data: | |||
Basic | $ 1.21 | $ 0.74 | $ 0.51 |
Diluted | $ 1.21 | $ 0.73 | $ 0.51 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 265,721 | $ 168,792 | $ 125,416 |
Other comprehensive income: | |||
Foreign currency translation, net | 0 | 0 | (1) |
Reclassification adjustment for foreign currency translation | 0 | 0 | 2,683 |
Change in cash flow hedges, net of amount reclassed to earnings | (2,917) | 9,038 | 0 |
Total other comprehensive income (loss) | (2,917) | 9,038 | 2,682 |
Comprehensive income | 262,804 | 177,830 | 128,098 |
Total comprehensive income attributable to non-controlling interests | (18) | (73) | (481) |
Total comprehensive income attributable to SITE Centers | $ 262,786 | $ 177,757 | $ 127,617 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ 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 (Loss) Income [Member] | Treasury Stock Common [Member] | Non-Controlling Interests [Member] |
Beginning Balance at Dec. 31, 2020 | $ 1,944,823 | $ 325,000 | $ 19,400 | $ 5,705,164 | $ (4,099,534) | $ 5,479 | $ (2,682) | $ (11,319) | $ 3,315 |
Beginning Balance, shares at Dec. 31, 2020 | 193,995 | ||||||||
Issuance of common shares related to stock plans | 263 | 0 | $ 33 | 230 | 0 | 0 | 0 | 0 | 0 |
Issuance of common shares related to stock plans, shares | 331 | ||||||||
Issuance of common shares for cash offering | $ 224,974 | 0 | $ 1,696 | 219,355 | 0 | 0 | 0 | 3,923 | 0 |
Issuance of common shares for cash offering, shares | 17,250 | 16,961 | |||||||
Redemption of preferred shares, Value | $ (150,019) | (150,000) | $ 0 | 5,137 | (5,156) | 0 | |||
Redemption of preferred shares, shares | 0 | ||||||||
Stock-based compensation, net | 14,752 | 0 | $ 0 | 13,489 | 0 | (784) | 0 | 2,047 | 0 |
Stock-based compensation, net, shares | 0 | ||||||||
Distributions to non-controlling interests | (67) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (67) |
Acquisition of non-controlling interest | (7,144) | 0 | 0 | (9,209) | 0 | 0 | 0 | 0 | 2,065 |
Dividends declared-common shares | (99,711) | 0 | 0 | 0 | (99,711) | 0 | 0 | 0 | 0 |
Dividends declared- preferred shares | (13,317) | 0 | 0 | 0 | (13,317) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 128,098 | 0 | 0 | 0 | 124,935 | 0 | 2,682 | 0 | 481 |
Ending Balance at Dec. 31, 2021 | 2,042,652 | 175,000 | $ 21,129 | 5,934,166 | (4,092,783) | 4,695 | 0 | (5,349) | 5,794 |
Ending Balance, shares at Dec. 31, 2021 | 211,287 | ||||||||
Issuance of common shares related to stock plans | 91 | 0 | $ 65 | 26 | 0 | 0 | 0 | 0 | 0 |
Issuance of common shares related to stock plans, shares | 657 | ||||||||
Issuance of common shares for cash offering | 36,724 | 0 | $ 243 | 36,481 | 0 | 0 | 0 | 0 | |
Issuance of common shares for cash offering, shares | 2,427 | ||||||||
Repurchase of common shares | (42,256) | 0 | $ 0 | 0 | 0 | 0 | (42,256) | 0 | |
Stock-based compensation, net | 1,342 | 0 | $ 0 | 4,925 | 0 | 330 | 0 | (3,913) | 0 |
Stock-based compensation, net, shares | 0 | ||||||||
Distributions to non-controlling interests | (73) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (73) |
Acquisition of non-controlling interest | (1,382) | 0 | 0 | (1,382) | 0 | 0 | 0 | 0 | 0 |
Dividends declared-common shares | (111,150) | 0 | 0 | 0 | (111,150) | 0 | 0 | 0 | 0 |
Dividends declared- preferred shares | (11,156) | 0 | 0 | 0 | (11,156) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 177,830 | 0 | 0 | 0 | 168,719 | 0 | 9,038 | 0 | 73 |
Ending 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 |
Ending Balance, shares at Dec. 31, 2022 | 214,371 | ||||||||
Issuance of common shares related to stock plans | 26 | 0 | $ 0 | 26 | 0 | 0 | 0 | 0 | 0 |
Issuance of common shares related to stock plans, shares | 3 | ||||||||
Repurchase of common shares | (26,611) | 0 | $ 0 | 0 | 0 | 0 | 0 | (26,611) | 0 |
Stock-based compensation, net | 2,524 | 0 | $ 0 | (3,397) | 0 | 142 | 0 | 5,779 | 0 |
Stock-based compensation, net, shares | 0 | ||||||||
Distributions to non-controlling interests | (18) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (18) |
Repurchase of OP units | (1,735) | 0 | $ 0 | 4,059 | 0 | 0 | 0 | 0 | (5,794) |
Repurchase of OP units, shares | 0 | ||||||||
Dividends declared-common shares | (142,913) | 0 | $ 0 | 0 | (142,913) | 0 | 0 | 0 | 0 |
Dividends declared- preferred shares | (11,156) | 0 | 0 | 0 | (11,156) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 262,804 | 0 | 0 | 0 | 265,703 | 0 | (2,917) | 0 | 18 |
Ending Balance at Dec. 31, 2023 | $ 2,175,543 | $ 175,000 | $ 21,437 | $ 5,974,904 | $ (3,934,736) | $ 5,167 | $ 6,121 | $ (72,350) | $ 0 |
Ending Balance, shares at Dec. 31, 2023 | 214,374 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities: | |||
Net income | $ 265,721 | $ 168,792 | $ 125,416 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Depreciation and amortization | 212,460 | 203,546 | 185,768 |
Stock-based compensation | 7,633 | 7,218 | 13,533 |
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 4,465 | 5,075 | 4,312 |
Other income - unrealized gain on derivatives | (2,103) | 0 | 0 |
Equity in net income of joint ventures | (6,577) | (27,892) | (47,297) |
Operating cash distributions from joint ventures | 264 | 903 | 5,103 |
Gain on sale and change in control of interests, net | (3,749) | (45,581) | (19,185) |
Gain on disposition of real estate, net | (219,026) | (46,644) | (6,065) |
Impairment charges | 0 | 2,536 | 7,270 |
Assumption of buildings due to ground lease terminations | 0 | (2,900) | 0 |
Net change in accounts receivable | (7,467) | (5,525) | 15,873 |
Net change in accounts payable and accrued expenses | (3,039) | (125) | (2,986) |
Net change in other operating assets and liabilities | (10,049) | (2,141) | 773 |
Total adjustments | (27,188) | 88,470 | 157,099 |
Net cash flow provided by operating activities | 238,533 | 257,262 | 282,515 |
Cash flow from investing activities: | |||
Real estate acquired, net of liabilities and cash assumed | (163,423) | (335,100) | (130,570) |
Real estate developed and improvements to operating real estate | (109,381) | (114,825) | (76,563) |
Proceeds from disposition of real estate | 821,689 | 201,819 | 29,696 |
Proceeds from disposition of joint venture interests | 3,405 | 39,250 | 0 |
Proceeds from distribution of preferred investment | 0 | 0 | 190,000 |
Equity contributions to joint ventures | (145) | (167) | (4,599) |
Distributions from unconsolidated joint ventures | 10,817 | 41,464 | 65,558 |
Repayment of joint venture advances | 318 | 0 | 929 |
Payment of swaption agreement fees | (3,381) | 0 | 0 |
Net cash flow provided by (used for) investing activities | 559,899 | (167,559) | 74,451 |
Cash flow from financing activities: | |||
Repayment of revolving credit facilities, net | 0 | 0 | (135,000) |
Proceeds from unsecured term loan | 0 | 100,000 | 0 |
Proceeds from mortgage debt | 100,000 | 0 | 0 |
Payment of loan commitment fees | (13,485) | 0 | 0 |
Payment of debt issuance costs | (1,665) | (7,602) | 0 |
Repayment of senior notes | (152,823) | 0 | 0 |
Repayment of mortgage debt | (28,523) | (71,209) | (215,285) |
Repurchase of common shares | (26,611) | (42,256) | 0 |
Proceeds from issuance of common shares, net of offering expenses | 0 | 36,724 | 224,974 |
Redemption of preferred shares | 0 | 0 | (150,019) |
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan | (5,218) | (5,928) | (6,056) |
Acquisition of non-controlling interest | 0 | (1,382) | (7,144) |
Repurchase of operating partnership units | (1,735) | 0 | 0 |
Distributions to redeemable operating partnership units | (37) | (72) | (56) |
Dividends paid | (120,518) | (120,016) | (99,541) |
Net cash flow used for financing activities | (250,615) | (111,741) | (388,127) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | (1) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 547,817 | (22,038) | (31,161) |
Cash, cash equivalents and restricted cash, beginning of year | 21,214 | 43,252 | 74,414 |
Cash, cash equivalents and restricted cash, end of year | $ 569,031 | $ 21,214 | $ 43,252 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies 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. Amounts relating to the number of properties, joint ventures’ interests and acreage are unaudited. 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. 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 (“VIE”). 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): For the Year Ended December 31, 2023 2022 2021 Consolidation of the net assets (excluding mortgages as disclosed $ — $ 42.8 $ 132.3 Repurchase of Operating Partnership units 4.1 — 2.1 Net assets acquired from unconsolidated joint ventures — 8.5 11.6 Mortgages assumed, of previously unconsolidated joint ventures — — 73.9 Mortgages assumed, shopping center acquisitions — — 17.9 Accrued liabilities for sold properties 5.4 — — Accounts payable related to construction in progress 7.0 12.2 13.4 Dividends declared, but not paid 63.8 30.4 28.2 Tax receivable – investment sale proceeds — — 2.1 Assumption of buildings due to ground lease terminations — 2.9 — Write-off of preferred share original issuance costs — — 5.1 Real Estate Real estate assets, which include construction in progress and undeveloped land, are stated at cost less accumulated depreciation. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, ranging from 30 to 40 years Building improvements and fixtures Useful lives, ranging from 3 to 20 years Tenant improvements Shorter of economic life or lease terms The Company periodically assesses the useful lives of its depreciable real estate assets and accounts for any revisions, which are not material for the periods presented, prospectively. Expenditures for maintenance and repairs are charged to operations as incurred. Significant expenditures that improve or extend the life of the asset are capitalized. Construction in Progress and Land includes undeveloped land, as well as construction in progress related to shopping center developments and expansions. The Company capitalized certain direct costs (salaries and related personnel) and incremental internal construction costs of $ 3.2 million, $ 4.0 million and $ 3.1 million in 2023, 2022 and 2021 , respectively. Purchase Price Accounting The Company’s acquisitions were accounted for as asset acquisitions, and the Company capitalized the acquisition costs incurred. Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements and intangibles, generally including above- and below-market leases and in-place leases. The Company allocates the purchase price to assets acquired and liabilities assumed on a gross basis based on their relative fair values at the date of acquisition. The fair value of land of an acquired property considers the value of land as if the site was unimproved based on comparable market transactions. The fair value of the building is determined as if it were vacant by applying a capitalization rate to property net operating income based upon market leasing assumptions. Above- and below-market lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between contractual rents and estimated market rents, measured over a period equal to the remaining term of the lease for above-market leases and the remaining term plus the estimated term of any below-market, renewal options for below-market leases. The capitalized above- and below-market lease values are amortized to base rental revenue over the related lease term plus fixed-rate renewal options, as appropriate. The value of acquired in-place leases is recorded based on the present value of the estimated gross monthly market rental rate for each individual lease multiplied by the estimated period of time it would take to lease the space to a new tenant. Such amounts are amortized to expense over the remaining initial lease term. Real Estate Impairment Assessment The Company reviews its individual real estate assets, including undeveloped land and construction in progress, and intangibles for potential impairment indicators whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment indicators are primarily related to changes in estimated hold periods and significant, prolonged decreases in projected cash flows; however, other impairment indicators could occur. Decreases in cash flows may be caused by declines in occupancy, projected losses on potential future sales, market factors, significant changes in projected development costs or completion dates and sustainability of development projects. An asset with impairment indicators is considered impaired when the undiscounted future cash flows are not sufficient to recover the asset’s carrying value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. For operational real estate assets, the significant valuation assumptions included the capitalization rate used in the income capitalization valuation, as well as the projected property net operating income. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. If an asset’s carrying value is not recoverable, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company recorded aggregate impairment charges of $ 2.5 million and $ 7.3 million, related to consolidated real estate investments, during the years ended December 31, 2022 and 2021, respectively (Note 12). Disposition of Real Estate and Real Estate Investments Sales of nonfinancial assets, such as real estate, are recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of, or obtain substantially all of the remaining benefits from, the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the asset. For the years ended December 31, 2023 and 2022, the Company received gross proceeds of $ 854.5 million and $ 213.6 million, respectively, from the sale of 17 and five wholly-owned shopping centers and various outparcels, respectively, resulting in gain on dispositions of $ 219.0 million and $ 46.6 million, respectively. For the year ended December 31, 2021, the Company received gross proceeds of $ 31.2 million from the sale of land and outparcels resulting in gain on disposition of $ 6.1 million. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in income from continuing operations, and any associated gains or losses from the disposition are included in Gain on Disposition of Real Estate. Real Estate Held for Sale The Company generally considers assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell. The Company evaluated its property portfolio and did not identify any properties that would meet the above-mentioned criteria for held for sale as of December 31, 2023 and 2022 . Interest and Real Estate Taxes Interest and real estate taxes incurred relating to the construction and redevelopment of shopping centers are capitalized and depreciated over the estimated useful life of the building. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures with qualifying development activities. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Interest paid during the years ended December 31, 2023, 2022 and 2021 aggregated $ 76.3 million, $ 71.3 million and $ 70.2 million, respectively, of which $ 1.2 million, $ 1.1 million and $ 0.6 million, respectively, was capitalized. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. Restricted Cash Restricted cash represents amounts on deposit with financial institutions primarily for debt service payments, real estate taxes, capital improvements and operating reserves as required pursuant to the respective loan agreement. Included in restricted cash was cash generated from asset sale proceeds that is available to fund future qualifying acquisitions as part of a forward like-kind exchange transaction. For p urposes of the Company’s consolidated statements of cash flows, changes in restricted cash are aggregated with cash and cash equivalents. Accounts Receivable The Company makes estimates of the collectability of its accounts receivable related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. Rental income has been reduced for amounts the Company believes are not probable of being collected. The Company analyzes tenant credit worthiness, as well as current economic and tenant-specific sector trends when evaluating the probability of collection of accounts receivable. In evaluating tenant credit worthiness, the Company’s assessment may include a review of payment history, tenant sales performance and financial position. For larger national tenants, the Company also evaluates projected liquidity, as well as the tenant’s access to capital and the overall health of the particular sector. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the probability of collection of the related receivable. The time to resolve these claims may exceed one year. These estimates have a direct impact on the Company’s earnings because once the amount is not considered probable of being collected, earnings are reduced by a corresponding amount until the receivable is collected. See discussion below under Revenue Recognition regarding cash-basis tenants. Accounts receivable, excluding straight-line rents receivable, do not include estimated amounts not probable of being collected (including contract disputes) of $ 0.7 million and $ 1.5 million at December 31, 2023 and 2022, respectively. Accounts receivable are generally expected to be collected within one year. At December 31, 2023 and 2022, straight-line rents receivable, net of a provision for uncollectible amounts of $ 1.4 million and $ 1.7 million, respectively, aggregated $ 29.2 million and $ 31.9 million, respectively. Investments in and Advances to Joint Ventures To the extent that the Company’s cost basis in an unconsolidated joint venture is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the joint venture and, if the related asset is sold, the basis difference is written off. Periodically, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other than temporary. Investment impairment charges create a basis difference between the Company’s share of accumulated equity as compared to the investment balance of the respective unconsolidated joint venture. The Company allocates the aggregate impairment charge to each of the respective properties owned by the joint venture on a relative fair value basis and amortizes this basis differential as an adjustment to the equity in net income (loss) recorded by the Company over the estimated remaining useful lives of the underlying assets. Deferred Charge s External costs and fees incurred in obtaining indebtedness are included in the Company’s consolidated balance sheets as a direct deduction from the related debt liability. Debt issuance costs related to the Company’s revolving credit facility remain classified as an asset on the consolidated balance sheets as these costs are, at the outset, not associated with an outstanding borrowing. The aggregate costs are amortized over the terms of the related debt agreements. Such amortization is reflected in Interest Expense in the Company’s consolidated statements of operations. Treasury Shares The Company’s share repurchases are reflected as treasury shares utilizing the cost method of accounting and are presented as a reduction to consolidated shareholders’ equity. Reissuance of the Company’s treasury shares at an amount below cost is recorded as a charge to paid-in capital due to the Company’s cumulative distributions in excess of net income. Revenue Recognition For the real estate industry, leasing transactions are not within the scope of the revenue standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and is governed by the leasing guidance. Lease commission revenue is generally recognized in its entirety upon lease execution. Impact of the COVID-19 Pandemic on Revenue During 2022 and 2021, the Company continued to experience an impact on its rental income related to the COVID-19 pandemic primarily and the benefit associated with the receipt of rental income in the respective years related to prior periods. During the year ended December 31, 2022, the Company recorded net uncollectible revenue that resulted in rental income of $ 1.4 million primarily due to rental income paid in 2022 related to outstanding amounts owed for prior periods from tenants on the cash basis of accounting. During the year ended December 31, 2021, the Company recorded net uncollectible revenue that resulted in rental income of $ 9.4 million (the Company’s share of unconsolidated joint ventures was $ 1.6 million), primarily due to rental income paid in 2021 related to outstanding amounts owed from tenants on the cash basis of accounting that were contractually due in 2020. These amounts also include reductions in contractual rental payments due from tenants as compared to pre-modification payments due to the impact of lease modifications, with a partial increase in straight-line rent to offset a portion of the impact on net income. Rental Income Rental Income on the consolidated statements of operations includes contractual lease payments that generally consist of the following: • Fixed-lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers and are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one mon th to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income, and parking income, which are recognized in the period earned. For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income, and no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received. The Company will remove the cash basis designation and resume recording rental income from such tenants on a straight-line basis at such time it believes collection from the tenants is probable based upon a demonstrated payment history, improved liquidity, the addition of credit-worthy guarantors or a recapitalization event. Revenues from Contracts with Customers The Company’s revenues from contracts with customers generally relate to asset and property management fees, leasing commissions, development fees and disposition fees generated from asset sales at Retail Value Inc. (“RVI”). These revenues are derived from the Company’s management agreements with unconsolidated joint ventures and RVI, and in the case of unconsolidated joint ventures, are recognized to the extent attributable to the unaffiliated ownership in the unconsolidated joint venture to which it relates. Termination rights under these contracts vary by contract but generally include termination for cause by either party, or generally due to sale of the property. Asset and Property Management Fees Asset and property management services include property maintenance, tenant coordination, accounting and financial services. Asset and property management services represent a series of distinct daily services. Accordingly, the Company satisfies the performance obligation as services are rendered over time. The Company is compensated for property management services through a monthly management fee, which is typically earned based on a specified percentage of the monthly rental receipts generated from the property under management. The Company is compensated for asset management services through a fee that is billed to the customer monthly and recognized as revenue monthly as the services are rendered, based on a percentage of aggregate asset value or capital contributions for assets under management at the end of the quarter. In 2023, 2022 and 2021, the asset management fees earned under the RVI external management agreement were $ 0.2 million, $ 0.5 million an d $ 6.8 mil lion, respectively. Property Leasing The Company provides strategic advice and execution to third parties, including certain joint ventures, in connection with the leasing of retail space. The Company is compensated for services in the form of a commission. The commission is paid upon the occurrence of certain contractual events that may be contingent. For example, a portion of the commission may be paid upon execution of the lease by the tenant, with the remaining paid upon occurrence of another future contingent event (e.g., payment of first month’s rent or tenant move-in). The Company typically satisfies its performance obligation at a point in time when control is transferred, generally at the time of the first contractual event where there is a present right to payment. The Company looks to history, experience with a customer and deal-specific considerations to support its judgment that the second contingency will be met. Therefore, the Company typically accelerates the recognition of revenue associated with the second contingent event (if any) to the point in time when control of its service is transferred. Fees from RVI Through mid-2022 and prior to the sale of the remaining asset, pursuant to management agreements with RVI, the Company provided RVI with day-to-day management, subject to supervision and certain discretionary limits and authorities granted by the RVI Board of Directors. RVI does not have any employees. Fee and Other Income Revenue from contracts with customers and other property-related income and is recognized in the period earned as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Revenue from contracts: Asset and property management fees from joint ventures $ 5,692 $ 7,720 $ 10,560 Leasing commissions and development fees 430 1,856 2,191 Disposition, asset and property management fees from RVI 150 980 26,001 Total revenue from contracts with customers 6,272 10,556 38,752 Other property income 2,937 4,691 3,313 Total fee and other income $ 9,209 $ 15,247 $ 42,065 Leases The Company’s accounting policies include the following: • As a lessee — short-term lease exception for certain of the Company’s office leases; • As a lessor — to include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • As a lessor — to exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue-producing activity and collected by the lessor from the lessee (e.g., sales tax). ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not include an implicit rate, the Company used its incremental borrowing rate based on the information available at the commencement date of the standard in determining the present value of lease payments. For each lease, the Company utilized a market-based approach to estimate the incremental borrowing rate (“IBR”), which required significant judgment. The Company estimated base IBRs based on an analysis of (i) yields on the Company’s outstanding public debt, as well as that of comparable companies, (ii) observable mortgage rates and (iii) unlevered property yields and discount rates. The Company applied adjustments to the base IBRs to account for full collateralization and lease term. Operating lease ROU assets also include any lease payments made. The Company has options to extend certain of the ground and office leases; however, these options were not considered as part of the lease term when calculating the lease liability, as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. General and Administrative Expenses General and administrative expenses include certain internal leasing and legal salaries and related expenses associated with the re-leasing of existing space, which are charged to operations as incurred. Equity-Based Plans Compensation cost relating to stock-based payment transactions classified as equity is recognized in the financial statements based upon the grant date fair value. The forfeiture rate is based on actual experience. Stock-based compensation cost recognized by the Company was $ 7.1 million, $ 6.8 million and $ 13.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a real estate investment trust (“REIT”) for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that it makes distributions to its shareholders equal to at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and continues to satisfy certain other requirements. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable REIT subsidiaries (a “TRS”) under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local tax jurisdictions, as well as certain jurisdictions outside the United States, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2023, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2023 , the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2020 and forward. Deferred Tax Assets The Company accounts for income taxes related to its TRS under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the income statement in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded against the deferred tax assets when the Company determines that an uncertainty exists regarding their realization, which would eliminate the benefit of deferred tax assets or increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and must be consistent with the plans and estimates that the Company is utilizing to manage its business. As a result, to the extent facts and circumstances change, an assessment of the need for a valuation allowance should be made. Segments The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate among properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each consolidated property is considered a separate operating segment; however, each shopping center, on a stand-alone basis, represents less than 10 % of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. Derivative and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Company elects not to apply hedge accounting. Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobse |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 2. Acquisitions In 2023, the Company acquired the following convenience centers (in millions): Asset Location Date Purchase Foxtail Center Timonium, Maryland January 2023 $ 15.1 Parker Keystone Denver, Colorado January 2023 11.0 Barrett Corners Kennesaw, Georgia April 2023 15.6 Alpha Soda Center Alpharetta, Georgia May 2023 9.4 Briarcroft Center Houston, Texas May 2023 23.5 Towne Crossing Shops Midlothian, Virginia July 2023 4.2 Oaks at Slaughter Austin, Texas August 2023 14.1 Marketplace at 249 Houston, Texas September 2023 9.8 Point at University Charlotte, North Carolina October 2023 8.9 Estero Crossing Estero, Florida October 2023 17.1 Presidential Plaza North Snellville, Georgia November 2023 7.4 Shops at Lake Pleasant Peoria, Arizona December 2023 29.0 $ 165.1 In 2022, the Company acquired the following convenience centers (in millions): Asset Location Date Purchase Artesia Village Scottsdale, Arizona January 2022 $ 14.5 Casselberry Commons (A) Casselberry, Florida February 2022 35.6 Shops at Boca Center Boca Raton, Florida March 2022 90.0 Shoppes of Crabapple Alpharetta, Georgia April 2022 4.4 La Fiesta Square Lafayette, California May 2022 60.8 Lafayette Mercantile Lafayette, California May 2022 43.0 Shops at Tanglewood Houston, Texas June 2022 22.2 Boulevard at Marketplace Fairfax, Virginia June 2022 10.4 Fairfax Marketplace Fairfax, Virginia June 2022 16.0 Fairfax Pointe Fairfax, Virginia June 2022 8.4 Parkwood Shops Atlanta, Georgia July 2022 8.4 Chandler Center Chandler, Arizona August 2022 5.3 Shops at Power and Baseline Mesa, Arizona August 2022 4.6 Northsight Plaza Scottsdale, Arizona August 2022 6.1 Broadway Center Tempe, Arizona August 2022 7.0 Shops on Montview Denver, Colorado November 2022 5.8 $ 342.5 (A) Acquired its joint venture partner's 80 % equity interest from the DDRM Joint Venture. This asset included a convenience center component. The purchase price was $ 44.5 million at 100 % (or $ 35.6 million at 80 %). The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average 2023 2022 2023 2022 Land $ 56,174 $ 94,014 N/A N/A Buildings 94,260 227,354 (A) (A) Tenant improvements 5,720 4,612 (A) (A) In-place leases (including lease origination costs and fair 16,480 29,972 7.1 6.4 Other assets assumed — 503 N/A N/A 172,634 356,455 Less: Below-market leases ( 8,330 ) ( 9,907 ) 16.0 13.9 Less: Other liabilities assumed ( 881 ) ( 2,957 ) N/A N/A Net assets acquired $ 163,423 $ 343,591 (A) Depreciated in accordance with the Company’s policy (Note 1). 2023 2022 Consideration: Cash (including debt repaid at closing) $ 163,423 $ 335,100 Gain on Change in Control of Interests — 3,319 Carrying value of previously held common equity interests (A) — 5,172 Total consideration $ 163,423 $ 343,591 (A) The significant inputs used to value the previously held equity interests were determined to be Level 3. In 2022, the weighted-average discount rate applied to cash flows was approximately 8.0 %, and the weighted-average residual capitalization rate applied was approximately 6.0 %. Included in the Company’s consolidated statements of operations are $ 6.3 million, $ 18.4 million and $ 3.9 million in total revenues from the date of acquisition through December 31, 2023, 2022 and 2021 , respectively, for properties acquired during each of the respective years. |
Investments in and Advances to
Investments in and Advances to Joint Ventures | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Joint Ventures | 3. Investments in and Advances to Joint Ventures The Company’s equity method joint ventures, which are included in Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2023 , are as follows: Unconsolidated Real Estate Ventures Partner Effective Operating Dividend Trust Portfolio JV LP Chinese Institutional Investors 20.0 % 10 DDRM Joint Venture Madison International Realty 20.0 2 RVIP IIIB, Deer Park, IL Prudential 25.75 1 Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): December 31, 2023 2022 Condensed Combined Balance Sheets Land $ 180,588 $ 212,326 Buildings 558,585 643,334 Fixtures and tenant improvements 58,626 70,636 797,799 926,296 Less: Accumulated depreciation ( 187,557 ) ( 220,642 ) 610,242 705,654 Construction in progress and land 1,616 1,965 Real estate, net 611,858 707,619 Cash and restricted cash 41,250 44,809 Receivables, net 9,847 11,671 Other assets, net 25,498 36,272 $ 688,453 $ 800,371 Mortgage debt $ 464,255 $ 535,093 Notes and accrued interest payable to the Company 2,627 2,972 Other liabilities 36,279 41,588 503,161 579,653 Accumulated equity 185,292 220,718 $ 688,453 $ 800,371 Company's share of accumulated equity $ 35,782 $ 42,644 Basis differentials 1,099 ( 707 ) Deferred development fees, net of portion related to the Company's interest ( 136 ) ( 301 ) Amounts payable to the Company 2,627 2,972 Investments in and Advances to Joint Ventures, net $ 39,372 $ 44,608 For the Year Ended December 31, 2023 2022 2021 Condensed Combined Statements of Operations Revenues from operations $ 92,479 $ 132,494 $ 195,559 Expenses from operations: Operating expenses 23,903 35,319 53,391 Impairment charges — 17,550 — Depreciation and amortization 32,578 46,518 66,618 Interest expense 25,601 34,055 43,379 Other (income) expense, net 10,467 12,303 12,074 92,549 145,745 175,462 (Loss) income before gain on disposition of real estate ( 70 ) ( 13,251 ) 20,097 Gain on disposition of real estate, net 21,316 120,097 89,935 Net income attributable to unconsolidated joint ventures $ 21,246 $ 106,846 $ 110,032 Company's share of equity in net income of joint ventures $ 4,581 $ 22,262 $ 49,417 Basis differential adjustments (A) 1,996 5,630 ( 2,120 ) Equity in net income of joint ventures $ 6,577 $ 27,892 $ 47,297 (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. The impact of the COVID-19 pandemic on revenues in 2021 for the Company’s joint ventures is more fully described in Note 1. Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures are as follows (in millions): For the Year Ended December 31, 2023 2022 2021 Revenue from contracts: Asset and property management fees $ 5.7 $ 7.7 $ 10.6 Leasing commissions and development fees 0.4 1.9 2.2 6.1 9.6 12.8 Other 0.7 1.0 1.7 $ 6.8 $ 10.6 $ 14.5 The Company’s joint venture agreements generally include provisions whereby each partner has the right to trigger a purchase or sale of its interest in the joint venture or to initiate a purchase or sale of the properties after a certain number of years or if either party is in default of the joint venture agreements. The Company is not obligated to purchase the interests of its outside joint venture partners under these provisions. Disposition of Joint Venture Assets In addition to the transactions below, the Company’s joint ventures sold five , 16 and six shopping centers and land parcels for an aggregate sales price of $ 112.2 million, $ 439.2 million and $ 135.5 million, respectively, of which the Company’s share of the gain on sale was $ 6.7 million, $ 27.0 million and $ 36.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Disposition of Joint Venture Interests In 2022, the Company acquired its joint venture partner's 80 % equity interest in one asset owned by the DDRM Joint Venture (Casselberry Commons, Casselberry, Florida) for $ 35.6 million and stepped up the previous 20 % interest due to change in control. The transaction resulted in Gain on Change in Control of Interests of $ 3.3 million (Note 2). In 2022, the Company sold its 20 % interest in the SAU Joint Venture to its partner based on a gross asset value of $ 155.7 million (at 100 %). In addition, the Company sold its 50 % interest in Lennox Town Center to its partner based on a gross asset value of $ 77.0 million (at 100 %). These transactions resulted in Gain on Sale of Interests of $ 42.2 million. In 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, which was a parcel of undeveloped land in Richmond Hill, Ontario. The Company’s share of net proceeds totaled $ 22.1 million, after accounting for customary closing costs and foreign currency translation but before income tax. The Company recorded an aggregate gain on the transaction of $ 14.9 million, which included its $ 2.8 million share of the gain reported by the joint venture, as well as $ 12.1 million related to the Company’s promoted interest on the disposition of the investment net of the write-off of the accumulated foreign currency translation and contingent estimated income taxes. In 2023, t he income tax contingencies were resolved and the Company recorded a Gain on Sale and Change in Control of Interests of $ 3.7 million. Subsequent to the transaction, the Company has no other investments outside the United States. In 2021, the Company acquired the 80 % equity interest in six assets owned by the DDRM Joint Venture for $ 107.2 million and stepped up the previous 20 % interest due to change in control, with $ 73.9 million of mortgage debt related to the properties repaid at closing. The transaction resulted in a Gain on Sale and Change in Control of Interests of $ 7.2 million. In connection with estimating the fair value of the net assets acquired from the DDRM Joint Venture, the fair value of each property was estimated, and the aggregate gross fair value of the properties acquired was estimated to be $ 134.0 million (at 100 %) based on the consideration paid for the partner's interest. The valuation technique used to value the properties was a discounted cash flow analysis for each property. The discounted cash flow analyses used to estimate the fair value of properties acquired involves significant estimates and assumptions, including discount rates, exit capitalization rates and certain market leasing assumptions. All transactions with the Company’s equity affiliates are described above. |
Other Assets and Intangibles, n
Other Assets and Intangibles, net | 12 Months Ended |
Dec. 31, 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): December 31, 2023 2022 Intangible assets, net: In-place leases $ 50,282 $ 61,918 Above-market leases 3,593 6,206 Lease origination costs 8,249 8,093 Tenant relationships 6,866 11,531 Total intangible assets 68,990 87,748 Operating lease ROU assets (A) 17,373 18,197 Other assets: Loan commitment fee (B) 13,485 — Prepaid expenses 5,104 6,721 Swap receivable 11,115 8,138 Other assets 2,294 3,491 Deposits 2,857 3,188 Deferred charges, net 5,325 7,526 Total other assets, net $ 126,543 $ 135,009 Below-market leases, net (other liabilities) (C) $ 46,096 $ 59,825 (A) Operating lease ROU assets are discussed further in Note 5. (B) Fees related to a commitment in October 2023 for a lender to provide a $ 1.1 billion mortgage facility secured by 40 properties (the “Mortgage Facility”). At December 31, 2023, the fees paid are recorded as a deferred fee as the facility has not closed and therefore no amounts have been drawn. The Company may proceed to close and draw all or a portion of the Mortgage Facility on any date prior to October 25, 2024, subject to the satisfaction of various closing conditions. Once amounts are drawn on the facility, the fees will be classified as a contra asset to the borrowings and amortized over the life of the facility. If it becomes probable that the debt, or a portion of the debt, will not be drawn upon, the commitment fees, or a portion of the commitment fees will be expensed. (C) Change as a result of the write-off of unamortized below-market lease intangibles due to the early termination of tenant leases of $ 8.6 million for the year ended December 31, 2023. Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions): Year Expense 2023 $ 22.7 2022 27.5 2021 21.6 Estimated net future amortization associated with the Company’s intangibles is as follows (in millions): Year Income Expense 2024 $ 4.0 $ 18.1 2025 4.0 12.7 2026 3.8 8.8 2027 3.7 6.3 2028 3.5 4.8 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 5. Leases Lessee The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2070. The Company also leases office space in the ordinary course of business under lease agreements that expire at various dates through 2030. Certain of the lease agreements include variable payments for reimbursement of common area expenses. The Company determines if an arrangement is a lease at inception. Operating lease ROU (“right of use”) assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands): December 31, Classification 2023 2022 Operating Lease ROU Assets Other Assets, Net $ 17,373 $ 18,197 Operating Lease Liabilities Accounts Payable and Other Liabilities 37,108 37,777 Operating lease expenses, including straight-line expense, included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative expense for its office leases are as follows (in thousands): December 31, Classification 2023 2022 2021 Operating and Maintenance $ 2,209 $ 2,596 $ 2,645 General and Administrative (A) 2,303 2,213 2,405 Total lease costs $ 4,512 $ 4,809 $ 5,050 (A) Includes short-term leases and variable lease costs, which are immaterial. Supplemental balance sheet information related to operating leases was as follows: December 31, 2023 2022 Weighted-Average Remaining Lease Term 35.1 years 35.4 years Weighted-Average Discount Rate 7.5 % 7.4 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 3,598 $ 4,227 As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands): Year December 31, 2024 $ 3,737 2025 3,801 2026 3,902 2027 3,832 2028 3,869 Thereafter 103,662 Total lease payments 122,803 Less imputed interest ( 85,695 ) Total $ 37,108 Lessor Space in the Company’s shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements. The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases (including those on the cash basis), assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the years ending December 31, were as follows (in thousands): Year December 31, 2024 $ 336,005 2025 298,194 2026 262,979 2027 221,243 2028 163,889 Thereafter 443,476 Total $ 1,725,786 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | 6. Revolving Credit Facility As of December 31, 2023 and 2022, the Company had no borrowings outstanding on its Revolving Credit Facility. 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 borrowings under the Revolving Credit Facility bear interest at variable rates at the Company’s election, based on either (i) the Secured Overnight Financing Rate (“SOFR”) rate plus a 10 basis-point spread adjustment plus an applicable margin ( 0.85 % at December 31, 2023 ), or (ii) the alternative base rate plus an applicable margin ( 0 % at December 31, 2023 ). The Revolving Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at December 31, 2023 . The applicable margins and facility fee vary depending on the Company’s long-term senior unsecured debt ratings from Moody’s, S&P and Fitch (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 December 31, 2023 and 2022 . |
Unsecured and Secured Indebtedn
Unsecured and Secured Indebtedness | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Unsecured and Secured Indebtedness | 7. Unsecured and Secured Indebtedness The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions): Carrying Value at Interest Rate (A) at Maturity Date at 2023 2022 2023 2022 December 31, 2023 Unsecured indebtedness: Senior notes (B) $ 1,307.1 $ 1,460.0 3.625 %– 4.700 % 3.375 %– 4.700 % February 2025 – June 2027 Senior notes – discount, net ( 1.4 ) ( 2.3 ) Net unamortized debt issuance costs ( 2.5 ) ( 3.8 ) Total Senior Notes $ 1,303.2 $ 1,453.9 Term Loan $ 200.0 $ 200.0 4.0 % (C) 4.0 % (C) June 2027 Net unamortized debt issuance costs ( 1.1 ) ( 1.5 ) Total Term Loan $ 198.9 $ 198.5 Secured indebtedness: Mortgage Indebtedness – Fixed Rate $ 125.9 $ 54.9 6.2 % 4.5 % February 2025 – November 2028 Net unamortized debt issuance costs ( 1.7 ) ( 0.3 ) Total Mortgage Indebtedness $ 124.2 $ 54.6 (A) The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads effective December 31, 2023 and 2022. (B) Effective interest rates ranged from 3.8 % to 4.8 % as of December 31, 2023 and from 3.5 % to 4.8 % as of December 31, 2022. (C) Reflects the utilization of a swap, which caps the variable-rate (SOFR) interest rate at 2.75 %, plus a 10-basis point credit spread adjustment plus the applicable margin (0.95% at both December 31, 2023 and 2022), which is based on the Company’s long-term unsecured debt rating as described below. Senior Notes The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.2 % and 4.1 % per annum at December 31, 2023 and 2022 , respectively. The senior notes may be redeemed prior to maturity based upon a yield maintenance calculation (Note 8). The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitations on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage. The covenants also provide that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status. Interest is paid semiannually in arrears. At December 31, 2023 and 2022 , the Company was in compliance with all of the financial covenants under the indentures. Term Loan As of December 31, 2023 and 2022 , the Company’s Term Loan (as defined below) had outstanding borrowings of $ 200.0 million, all of which have been converted to a fixed interest rate of 3.8 % through the utilization of a swap (Note 8). In 2022, the Company amended and restated its $ 100 million unsecured term loan with a syndicate of financial institutions and Wells Fargo Bank, National Association, as administrative agent (the “Term Loan”) to, among other things, (i) modify the financial covenants and certain other provisions contained therein in a manner consistent with the amendments made to the Revolving Credit Facility, (ii) extend the maturity date to June 2027 , (iii) add a $ 100 million delayed draw feature (that was drawn upon in June 2022) and (iv) change the interest rate benchmark from LIBOR to SOFR. The Term Loan bears interest at variable rates equal to (i) the SOFR rate plus a 10-basis point credit spread adjustment plus an applicable margin ( 0.95 % at December 31, 2023 ) or (ii) the alternative base rate plus an applicable margin ( 0.0 % at December 31, 2023 ). The applicable margins vary depending on the Company’s long-term senior unsecured debt ratings from Moody’s, S&P and Fitch (or their respective successors). In August 2022, the variable-rate (SOFR) component of the interest rate applicable to $ 200 million of the Term Loan was converted to a fixed rate of 2.75 % through the loan's maturity date. The Company may increase the principal amount of the Term Loan in the future to up to $ 800 million in the aggregate provided that existing or new lenders are identified to provide additional loan commitments and subject to other customary conditions precedent. The Term Loan also features a sustainability-linked pricing component whereby the applicable interest rate margin can be adjusted by one to two basis points if the Company meets certain sustainability performance targets. The Company is required to comply with covenants similar to those contained in the Revolving Credit Facility. The Company was in compliance with these financial covenants at December 31, 2023 and 2022 . Mortgages Payable Mortgages payable, collateralized by real estate with a net book value of $ 119.9 million at December 31, 2023, and related tenant leases are generally due in monthly installments of principal and/or interest. Fixed contractual interest rates on mortgages payable range from approximately 3.8 % to 6.7 % per annum. Scheduled Principal Repayments The schedul ed principal repayments of the Revolving Credit Facility ($ 0 at December 31, 2023, Note 6) and unsec ured and secured indebtedness, excluding extension options, as of December 31, 2023, were as follows (in thousands): Year Amount 2024 $ 684 2025 483,508 2026 401,003 2027 651,581 2028 94,633 1,631,409 Unamortized fair market value of assumed debt 201 Net unamortized debt issuance costs ( 5,335 ) Total indebtedness $ 1,626,275 Total gross fees paid by the Company for its revolving credit facilities and term loans in 2023, 2022 and 2021 aggregated $ 2.1 million, $ 2.2 million and $ 2.1 million, respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. 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 December 31, 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 swap agreements (included in Other Assets) measured at fair value on a recurring basis as of December 31, 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 December 31, 2023 Derivative Financial Instruments $ — $ 11.1 $ — $ 11.1 December 31, 2022 Derivative Financial Instruments $ — $ 8.1 $ — $ 8.1 Other Fair Value Instruments See discussion of fair value considerations of joint venture investments in Note 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): December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Senior Notes $ 1,303,243 $ 1,278,186 $ 1,453,923 $ 1,378,485 Revolving Credit Facility and Term Loan 198,856 200,000 198,521 200,000 Mortgage Indebtedness 124,176 127,749 54,577 51,936 $ 1,626,275 $ 1,605,935 $ 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 December 31, 2023 and 2022 , 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 a cash flow hedge is recorded in Accumulated Other Comprehensive Income (“OCI”) 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 $ 3.8 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. Derivative – Unsecured Notes In the fourth quarter of 2023, the Company entered into swaption agreements with a notional amount aggregating $ 450.0 million to partially hedge the impact of change in benchmark interest rates to potential yield maintenance premiums of its unsecured notes due in 2027. The swaptions did not qualify for hedge accounting. As a result, these derivative instruments are recorded in the Company’s consolidated balance sheet at fair market value, with changes in value recorded through earnings as of each balance sheet date until exercise or expiration, in October 2024. Accordingly, the Company reported non-cash income of $ 2.1 million related to the valuation adjustments associated with these instruments for the year ended December 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Matters The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage arising in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. Commitments and Guaranties In conjunction with the redevelopment of various shopping centers, the Company had entered into commitments with general contractors aggregating approximately $ 6.7 million for its consolidated properties as of December 31, 2023. These obligations, composed principally of construction contracts, are generally due within 12 to 24 months, as the related construction costs are incurred, and are expected to be financed through operating cash flow, assets sales or borrowings under the Revolving Credit Facility. These contracts typically can be changed or terminated without penalty. In connection with the sale of two properties, the Company guaranteed additional construction costs to complete re-tenanting work at the properties and deferred maintenance, both of which were recorded as a liability and reduction of gain on sale of real est ate aggregating $ 5.4 million at December 31, 2023. The amount is recorded in accounts payable and other liabilities on the Company’s consolidated balance sheet. The Company routinely enters into contracts for the maintenance of its properties. These contracts typically can be canceled upon 30 to 60 days' notice without penalty. At December 31, 2023, the Company had purchase order obligations, typically payable within one year, aggregating approximately $ 3.4 million related to the maintenance of its properties and general and administrative expenses. At December 31, 2023, the Company had letters of credit outstanding of $ 12.9 million. The Company has not recorded any obligation associated with these letters of credit, the majority of which serve as collateral to secure the Company’s obligation to third-party insurers with respect to limited reinsurance provided by the Company’s captive insurance company. |
Preferred Shares, Common Shares
Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests | 10. Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests Preferred Shares The depositary shares, representing the Class A Cumulative Redeemable Preferred Shares (“Class A Preferred Shares”), each represent 1/20 of a Class A Preferred Share and have a liquidation value of $ 500 per share. The Class A depositary shares are redeemable by the Company. The Company’s authorized preferred shares consist of the following: • 750,000 of each: Class A, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class I, Class J and Class K Cumulative Redeemable Preferred Shares, without par value • 750,000 Non-Cumulative Preferred Shares, without par value • 2,000,000 Cumulative Voting Preferred Shares, without par value In 2021, the Company redeemed all $ 150.0 million aggregate liquidation preference of its 6.250 % Class K Cumulative Redeemable Preferred Shares (the “Class K Preferred Shares”) at a redemption price of $ 500 per Class K Preferred Share (or $ 25.00 per depositary share) plus accrued and unpaid dividends of $ 7.2049 per Class K Preferred Share (or $ 0.3602 per depositary share). The Company recorded a charge of $ 5.1 million to net income attributable to common shareholders, which represents the difference between the redemption price and the carrying amount immediately prior to redemption, which was recorded to additional paid-in capital upon original issuance. Common Share Dividends For the Year Ended December 31, 2023 2022 2021 Common share dividends declared per share $ 0.68 $ 0.52 $ 0.47 The Company’s aggregate cash dividends declared in 2023 of $ 0.68 per common share included a special cash dividend of $ 0.16 per common share attributable to significant dispositions activity consummated in 2023, which was paid on January 12, 2024. Common Shares Issuance In the first six months of 2022, the Company settled 2.4 million common shares which were sold on a forward basis under its $ 250 million continuous equity program, at a weighted-average price of $ 15.79 per sh are before issuance costs resulting in gross proceeds of $ 38.3 million. In 2021, the Company issued and sold 17.25 million common shares at a weighted-average price of $ 13.06 per share before issuance costs resulting in net proceeds of $ 225.3 million. Common Shares in Treasury On December 20, 2022, the Company announced that its Board of Directors authorized a new common share repurchase program. Under the terms of the new program, the Company is authorized to purchase up to a maximum value of $ 100 million of its common shares. In 2023 and late December 2022, the Company repurchased 1.5 million and 0.5 million common shares, respectively, in open market transactions at an aggregate cost of $ 20.0 million and $ 6.6 million, respectively, under this new program, all of which settled in 2023 at an aggregate weighted-average price of $ 13.44 per share. In 2018, the Company’s Board of Directors authorized a $ 100 million common share repurchase program all of which was utilized as of December 20, 2022. In 2022, the Company repurchased 3.2 million shares under this program at an aggregate cost of $ 42.3 million, or a weighted-average price of $ 13.04 per share. These shares were recorded as Treasury Shares on the Company’s consolidated balance sheets. Non-Controlling Interests The Company had 140,633 Operating Partnership Units (“OP Units”) outstanding with respect to one partnership at December 31, 2022. In 2023, the Company redeemed these OP Units for cash at an aggregate cost of $ 1.7 million. The gain on the transaction was reflected as Additional Paid-in Capital in the Company’s Statement of Equity. The OP Units were classified on the Company’s consolidated balance sheets as Non-Controlling Interests. In 2021, the Company acquired its partner’s 33 % interest in Paradise Village Gateway (Phoenix, Arizona), which had a value of non-controlling interest of negative $ 2.1 million for $ 7.1 million and, in 2022, the Company paid an additional $ 1.4 million in earnouts, which are reflected as Additional Paid-in Capital in the Company’s Statement of Equity. |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Other Comprehensive Income | 11. Other Comprehensive Income The changes in Accumulated OCI by component are as follows (in thousands): Gains and Losses Foreign Total Balance, December 31, 2020 $ — $ ( 2,682 ) $ ( 2,682 ) Other comprehensive loss before reclassifications — ( 1 ) ( 1 ) Reclassification adjustment for foreign currency translation (A) — 2,683 2,683 Net current-period other comprehensive income (loss) — 2,682 2,682 Balance, December 31, 2021 — — — Change in cash flow hedges 9,415 — 9,415 Amounts reclassified from accumulated other comprehensive income (B) ( 377 ) — ( 377 ) Net current-period other comprehensive income 9,038 — 9,038 Balance, December 31, 2022 (C) 9,038 — 9,038 Change in cash flow hedges 416 — 416 Amounts reclassified from accumulated other comprehensive income (B) ( 3,333 ) — ( 3,333 ) Balance, December 31, 2023 (C) $ 6,121 $ — $ 6,121 (A) Represents the release of foreign currency translation related to the sale of a parcel of undeveloped land in Richmond Hill, Ontario, owned by one of the Company’s joint ventures (Note 3). (B) Classified in Interest Expense in the Company’s consolidated statements of operations. (C) Includes derivative financial instruments entered into by the Company on its Term Loan (Note 8) and an unconsolidated joint venture. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges | 12. Impairment Charges The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): For the Year Ended December 31, 2022 2021 Assets marketed for sale (A) $ — $ 7.3 Sale of building to tenant (B) 2.5 — Total impairment charges $ 2.5 $ 7.3 (A) The impairment charges recorded were triggered by a change in the hold period assumptions. (B) Recorded as a result of a tenant exercising a $ 7.0 million fixed-price purchase option on their building pursuant to the lease agreement. This asset was sold in the fourth quarter of 2022. The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total December 31, 2022 Long-lived assets held and used — — 7.0 7.0 2.5 December 31, 2021 Long-lived assets held and used — — 10.0 10.0 7.3 The valuation techniques and unobservable inputs used by the Company to determine fair value measurements were based upon an indicative bid and developed by third-party sources (including offers and comparable sales values), subject to the Company’s corroboration for reasonableness. The Company does not have access to certain unobservable inputs used by these third parties to determine these estimated fair values. Assets where the Company identified an impairment charge, were generally sold within one year of the period in which the impairment charge was recorded. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | 13. Stock-Based Compensation Plans and Employee Benefits Stock-Based Compensation The Company’s equity-based award plans provide for grants to Company employees and directors of incentive and non-qualified options to purchase common shares, rights to receive the appreciation in value of common shares, awards of common shares subject to restrictions on transfer, awards of common shares issuable in the future upon satisfaction of certain conditions and rights to purchase common shares and other awards based on common shares. Under the terms of the plans, 1.7 million common shares were available for grant of future awards as of December 31, 2023. Restricted Share Units The Board of Directors approved grants to officers of the Company of restricted common share units (“RSUs ”) of 0.6 mil lion in 2023 , 0.1 million in 2022 and 0.4 million in 2021 . These grants generally vest in equal annual amounts over a three - to five-year period. RSUs generally receive cash payments which are equivalent to the cash dividends paid on the Company’s common shares. These grants have a weighted-average fair value at the date of grant ranging from $ 7.87 to $ 15.33 , which was equal to the market value of the Company’s common shares at the date of grant. As a component of compensation to the Company’s non-employee directors, the Company issued approximatel y 0.1 mill ion common shares to the non-employee directors for the years ended December 31, 2023 and 2022 and 2021. The grant value was equal to the market value of the Company’s common shares at the date of grant, and these common shares were fully vested upon grant. Performance-Based Restricted Share Units (PRSUs) In 2023 and 2022, the Board of Directors approved grants to the Company’s four named executive officers and one additional officer. In 2021 and 2020, the Board of Directors approved grants to the chief executive officer and the chief financial officer. And in 2019 and 2018, the Board of Directors approved grants to the chief executive officer. These PRSUs cover a “target” number of shares, subject to three-year performance periods beginning on the respective March 1 and ending after a three-year period on the respective February 28. In addition, in 2020 the Board of Directors approved grants to the chief financial officer covering a “target” number of shares, subject to one-year, and two-year performance periods beginning on March 1, 2020. The payout of the PRSUs will vary based on relative total shareholder return performance measured over the applicable performance period, with the ultimate payout ranging from a level of 0 % of target to a maximum level of 200 % of target. In March 2023, the Company issued 559,559 common shares in settlement of PRSUs granted in 2020. In March 2022, the Company issued 519,255 common shares in settlement of certain PRSUs granted in 2019 and 2020. In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020. The 2023 and 2022 grants had a grant date fair value aggregating $ 3.9 million and the 2021 grants had a grant date fair value aggregating $ 3.3 million, all to be amortized ratably over the performance period ending three years from the date of grant. Under the anti-dilution provisions of the Company’s equity incentive plan and the respective PRSU award agreement, the PRSUs issued in March 2018 were adjusted as of the spin-off of RVI, effective July 1, 2018, as determined by the Company’s compensation committee. The number of PRSUs was adjusted so as to retain the same intrinsic value immediately after the spin-off that the PRSU awards had immediately prior to the spin-off. Effective at the date of the spin-off, because these awards were dual-indexed to both the Company’s and RVI’s stock performance, the 2018 PRSU awards were accounted for as liability awards and marked to fair value on a quarterly basis. In 2021, the Company recorded a mark-to-market expense of $ 5.6 million in connection with these awards that were settled in March 2021. Summary of Unvested Share Awards The following table reflects the activity for the unvested awards pursuant to all restricted stock grants: Awards Weighted-Average Unvested at December 31, 2022 733 $ 11.43 Granted 571 12.48 Vested ( 242 ) 12.61 Forfeited ( 13 ) 12.43 Unvested at December 31, 2023 1,049 $ 11.72 As of December 31, 2023, total unrecognized compensation for the restricted awards granted under the plans as summarized above was $ 12.3 million, which is expected to be recognized over a weighted-average 1.7 -year term, which includes the performance-based and time-based vesting periods. Stock Options The Company had 0.2 million, 0.2 million and 0.3 million stock options outstanding at December 31, 2023, 2022 and 2021, respectively, all exercisable, at a weighted-average price of $ 27.36 , $ 27.31 and $ 26.96 , none of which have any intrinsic value. Deferred Compensation Plans The Company maintains a 401(k) defined contribution plan covering substantially all of the officers and employees of the Company in accordance with the provisions of the Code. Also, for certain officers, the Company maintains the Elective Deferred Compensation Plan and Equity Deferred Compensation Plan, both non-qualified plans, which permit the deferral of base salaries, commissions and annual performance-based cash bonuses or receipt of restricted shares. In addition, directors of the Company are permitted to defer all or a portion of their fees pursuant to the Directors’ Deferred Compensation Plan, a non-qualified plan. All of these plans were fully funded at December 31, 2023 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 14. 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). For the Year Ended December 31, 2023 2022 2021 Numerators – Basic and Diluted Net income $ 265,721 $ 168,792 $ 125,416 Income attributable to non-controlling interests ( 18 ) ( 73 ) ( 481 ) Write-off of preferred share original issuance costs — — ( 5,156 ) Preferred dividends ( 11,156 ) ( 11,156 ) ( 13,656 ) Earnings attributable to unvested shares and OP Units ( 606 ) ( 484 ) ( 572 ) Net income attributable to common shareholders after $ 253,941 $ 157,079 $ 105,551 Denominators – Number of Shares Basic – Average shares outstanding 209,459 212,998 208,004 Assumed conversion of dilutive securities: PRSUs 162 744 973 Forward equity — — 25 OP Units — 141 141 Diluted – Average shares outstanding 209,621 213,883 209,143 Earnings Per Share: Basic $ 1.21 $ 0.74 $ 0.51 Diluted $ 1.21 $ 0.73 $ 0.51 Basic average shares outstanding do not include restricted shares totaling 1.0 million, 0.7 million and 0.9 at years ended December 31, 2023, 2022 and 2021, respectively, that were not vested (Note 13). The following potentially dilutive securities were considered in the calculation of EPS: • PRSUs issued to certain executives were considered in the computation of diluted EPS (Note 13) for all years presented. • The exchange into common shares associated with OP Units was included in the computation of diluted EPS for the years ended December 31, 2022 and 2021. The OP Units were redeemed in 2023 (Note 10). • The agreements to offer and sell approximately 2.2 million common shares on a forward basis were considered in the computation of diluted EPS for the year ended December 31, 2021 (Note 10). These agreements were anti-dilutive in 2022 and not outstanding in 2023. • Options to purchase common shares that were outstanding were not considered in the computation of diluted EPS, as the options were anti-dilutive for all years presented (Note 13). |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes The Company elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 1993. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distribute at least 90 % of its taxable income (excluding net capital gains) to its shareholders. It is management’s current intention to adhere to these requirements and maintain the Company’s REIT status. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes to its shareholders. As the Company distributed sufficient taxable income for each of the three years ended December 31, 2023, 2022 and 2021 , no U.S. federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for the four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain foreign, state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. In addition, the Company has a TRS that is subject to federal, state and local income taxes on any taxable income generated from its operational activity. In order to maintain its REIT status, the Company must meet certain income tests to ensure that its gross income consists of passive income and not income from the active conduct of a trade or business. The Company utilizes its TRS to the extent certain fee and other miscellaneous non-real estate-related income cannot be earned by the REIT. For the year ended December 31, 2023, the Company made net state and local tax payments of $ 1.8 million and for both of the years ended December 31, 2022 and 2021, the Company made net payments of $ 0.6 million related to taxes. The following represents the activity of the Company’s TRS (in thousands): For the Year Ended December 31, 2023 2022 2021 Book income (loss) before income taxes $ 6,450 $ 6,374 $ ( 3,420 ) Current $ — $ — $ — Deferred — — — Total income tax expense $ — $ — $ — The differences between total income tax expense and the amount computed by applying the statutory income tax rate to income before taxes with respect to its TRS activity were as follows (in thousands): For the Year Ended December 31, TRS 2023 2022 2021 Statutory Rate 21 % 21 % 21 % Statutory rate applied to pre-tax income (loss) $ 1,355 $ 1,339 $ ( 718 ) Deferred tax impact of contributions of assets — ( 7,542 ) ( 2,410 ) Deferred tax impact of tax rate change 339 261 ( 366 ) Valuation allowance (decrease) increase based on impact ( 339 ) ( 261 ) 366 Valuation allowance (decrease) increase – other deferred ( 1,337 ) 6,094 ( 1,087 ) Expiration of capital loss carryforward — — 3,584 Other ( 18 ) $ 109 631 Total expense $ — $ — $ — Effective tax rate 0.00 % 0.00 % 0.00 % Deferred tax assets and liabilities of the Company’s TRS were as follows (in thousands): For the Year Ended December 31, 2023 2022 Deferred tax assets (A) $ 36,056 $ 37,735 Deferred tax liabilities ( 139 ) ( 142 ) Valuation allowance ( 35,917 ) ( 37,593 ) Net deferred tax asset $ — $ — (A) At December 31, 2023, primarily attributable to $ 20.5 million of net operating losses and $ 9.8 million of book/tax differences in joint venture investments. At December 31, 2022, primarily attributable to $ 21.6 million of net operating losses, $ 10.2 million of book/tax differences in joint venture investments. The TRS net operating loss carryforwards will expire in varying amounts between the years 2024 and 2035 , except for approximately $ 6.8 million and $ 6.1 million in 2023 and 2022, respectively, that does not expire and is limited to 80 % of taxable income. Reconciliation of GAAP net income attributable to SITE Centers to taxable income is as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 GAAP net income attributable to SITE Centers $ 265,703 $ 168,719 $ 124,935 Book/tax differences ( 57,471 ) ( 60,732 ) 476 Taxable income before adjustments 208,232 107,987 125,411 Less: Net operating loss carryforward ( 54,466 ) — ( 28,576 ) Less: Capital gains — ( 7,664 ) — Taxable income subject to the 90 % dividend requirement $ 153,766 $ 100,323 $ 96,835 Cash dividends declared applicable to tax years ended December 31, 2023, 2022 and 2021 , were in excess of taxable income. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events From January 1, 2024 through February 21, 2024, the Company acquired one convenience center for the purchase price of $ 10.7 million and so ld two shopping centers for an aggregate price of $ 82.4 million. On January 12, 2024, the Company paid a special dividend of $ 0.16 per common share to shareholders of record on December 27, 2023. From January 1, 2024 through February 21, 2024, the Company purchased approximately $ 29.1 million aggregate principal amount of its outstanding senior unsecured notes due in 2025 for a total consideration including expenses of $ 28.7 million. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | SITE Centers Corp. Real Estate and Accumulated Depreciation December 31, 2023 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Location Land Improvements Land (2) Improvements (3) Total Depreciation (4) Depreciation Encumbrances (5) Acquisition (A) Chandler, AZ 1,417 3,490 1,417 3,497 4,914 187 4,727 — 2022 (A) Mesa, AZ 1,486 3,202 1,486 3,202 4,688 160 4,528 — 2022 (A) Peoria, AZ 11,048 16,918 11,048 16,918 27,966 — 27,966 — 2023 (A) Phoenix, AZ 18,701 18,929 18,701 26,768 45,469 14,467 31,002 — 1999 (A) Phoenix, AZ 15,352 24,414 15,352 31,287 46,639 20,522 26,117 — 2003 (A) Phoenix, AZ (Peoria) 15,090 36,880 18,399 48,787 67,186 18,672 48,514 — 2012 (A) Scottsdale, AZ 6,424 7,684 6,424 7,697 14,121 547 13,574 — 2022 (A) Scottsdale, AZ 1,756 4,404 1,756 4,404 6,160 240 5,920 — 2022 (A) Tempe, AZ 2,451 4,640 2,451 4,660 7,111 262 6,849 — 2022 (A) Fontana, CA 23,861 57,931 23,861 64,928 88,789 21,122 67,667 — 2014 (A) Lafayette, CA 21,431 36,076 21,432 36,086 57,518 2,170 55,348 — 2022 (A) Lafayette, CA 6,808 32,751 6,808 33,282 40,090 1,990 38,100 — 2022 (A) Long Beach, CA — 147,918 — 200,646 200,646 122,069 78,577 — 2005 (C) Oakland, CA 4,361 33,538 4,361 33,538 37,899 11,787 26,112 — 2013 (A) Roseville, CA 18,400 59,109 18,400 59,886 78,286 18,554 59,732 — 2014 (A) Roseville, CA 5,174 7,923 5,174 8,586 13,760 2,641 11,119 — 2014 (A) Centennial, CO 7,833 35,550 9,075 72,613 81,688 51,774 29,914 — 1997 (C) Colorado Springs, CO 4,890 25,531 4,890 34,325 39,215 15,384 23,831 — 2011 (A) Colorado Springs, CO 4,111 22,140 4,111 28,211 32,322 8,860 23,462 — 2011 (A) Denver, CO 20,733 22,818 20,804 34,203 55,007 18,802 36,205 — 2003 (A) Denver, CO 1,222 4,305 1,223 4,490 5,713 182 5,531 — 2022 (A) Parker, CO 4,233 16,744 4,233 17,982 22,215 5,857 16,358 — 2003 (A) Parker, CO 398 21,512 398 26,027 26,425 8,304 18,121 — 2003 (A) Parker, CO 2,474 7,842 2,456 7,842 10,298 299 9,999 — 2023 (A) Guilford, CT 4,588 41,892 6,457 64,913 71,370 16,463 54,907 — 2015 (C) Boca Raton, FL 23,120 58,982 23,120 62,223 85,343 3,599 81,744 — 2022 (A) Boynton Beach, FL 6,048 9,256 6,048 10,881 16,929 1,163 15,766 — 2021 (A) Brandon, FL — 4,111 — 27,783 27,783 6,140 21,643 — 1972 (C) Brandon, FL 2,938 13,685 2,938 20,448 23,386 5,863 17,523 — 2013 (A) Casselberry, FL 10,336 30,349 10,336 30,788 41,124 2,823 38,301 — 2022 (A) Delray Beach, FL 12,664 26,006 12,664 26,228 38,892 2,404 36,488 16,551 2021 (A) Estero, FL 3,504 13,286 3,504 13,300 16,804 84 16,720 — 2023 (A) Fort Walton Beach, FL 3,643 5,612 3,462 6,244 9,706 1,358 8,348 — 2021 (A) Jupiter, FL 8,764 20,051 8,764 21,873 30,637 2,431 28,206 — 2020 (A) Miami, FL 11,626 30,457 26,743 122,827 149,570 63,939 85,631 — 2006 (C) Naples, FL 10,172 39,342 10,172 44,674 54,846 14,857 39,989 — 2013 (A) Orlando, FL 8,528 56,684 13,057 82,511 95,568 19,734 75,834 — 2016 (C) Orlando, FL 9,451 16,424 9,451 16,906 26,357 1,875 24,482 — 2020 (A) Palm Harbor, FL 1,137 4,089 1,137 5,799 6,936 4,581 2,355 — 1995 (A) Plantation, FL 21,729 37,331 22,112 98,371 120,483 55,988 64,495 — 2007 (A) Tamarac, FL 16,730 22,139 16,730 23,388 40,118 2,561 37,557 — 2021 (A) SCHEDULE III SITE Centers Corp. Real Estate and Accumulated Depreciation December 31, 2023 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Location Land Improvements Land (2) Improvements (3) Total Depreciation (4) Depreciation Encumbrances (5) Acquisition (A) Tampa, FL 10,000 10,907 10,000 11,355 21,355 1,647 19,708 9,100 2019 (A) Winter Garden, FL 38,945 130,382 38,945 141,806 180,751 50,792 129,959 — 2013 (A) Alpharetta, GA 1,370 3,003 1,370 3,007 4,377 202 4,175 — 2022 (A) Alpharetta, GA 1,489 7,489 1,490 7,542 9,032 189 8,843 — 2023 (A) Atlanta, GA 14,078 41,050 14,078 48,529 62,607 22,465 40,142 — 2009 (A) Atlanta, GA 12,358 17,103 12,365 17,590 29,955 1,579 28,376 — 2021 (A) Atlanta, GA 2,719 5,379 2,719 5,406 8,125 301 7,824 — 2022 (A) Cumming, GA 14,249 23,653 14,249 30,366 44,615 18,962 25,653 — 2003 (A) Cumming, GA 6,851 49,659 6,851 53,679 60,530 18,676 41,854 — 2013 (A) Douglasville, GA 2,839 5,511 2,839 7,582 10,421 2,027 8,394 — 2018 (A) Kennesaw, GA 3,819 10,807 3,826 11,007 14,833 293 14,540 — 2023 (A) Roswell, GA 6,566 15,005 7,894 29,833 37,727 15,546 22,181 — 2007 (A) Snellville, GA 4,077 2,217 4,079 2,217 6,296 13 6,283 — 2023 (A) Snellville, GA 10,185 51,815 7,859 53,133 60,992 31,635 29,357 — 2007 (A) Suwanee, GA 13,479 23,923 13,335 39,257 52,592 22,469 30,123 — 2003 (A) Chicago, IL 22,642 82,754 22,642 85,082 107,724 27,404 80,320 — 2014 (A) Chicago, IL 23,588 45,632 23,588 46,026 69,614 12,083 57,531 — 2017 (A) Schaumburg, IL 27,466 84,679 21,736 83,667 105,403 28,716 76,687 — 2013 (A) Timonium, MD 4,380 9,921 4,366 9,957 14,323 363 13,960 — 2023 (A) Framingham, MA 5,173 208 5,173 5,982 11,155 188 10,967 — 2013 (A) Brentwood, MO 10,018 32,053 10,018 41,264 51,282 29,585 21,697 — 1998 (A) East Hanover, NJ 3,847 23,798 3,847 29,961 33,808 16,564 17,244 — 2007 (A) Edgewater, NJ 7,714 30,473 7,714 48,040 55,754 19,562 36,192 — 2007 (A) Freehold, NJ 2,460 2,475 3,166 3,882 7,048 1,826 5,222 — 2005 (C) Hamilton, NJ 8,039 49,896 10,014 99,766 109,780 56,681 53,099 — 2003 (A) Princeton, NJ 17,991 82,063 18,998 124,748 143,746 80,008 63,738 100,000 1997 (A) Voorhees, NJ 1,350 1,837 1,350 6,259 7,609 761 6,848 — 2020 (A) Hempstead, NY 26,487 14,418 26,479 15,068 41,547 1,848 39,699 — 2020 (A) Charlotte, NC 11,224 82,124 11,173 102,096 113,269 37,888 75,381 — 2012 (A) Charlotte, NC 1,808 30,392 6,957 46,732 53,689 15,280 38,409 — 2013 (C) Charlotte, NC 1,792 — 1,792 7,792 9,584 1,289 8,295 — 2017 (A) Charlotte, NC 1,911 6,892 1,904 6,892 8,796 43 8,753 — 2023 (A) Cornelius, NC 4,382 15,184 4,190 29,159 33,349 12,672 20,677 — 2007 (A) Cincinnati, OH 19,572 54,495 19,572 81,230 100,802 26,188 74,614 — 2014 (A) Columbus, OH 12,922 46,006 14,078 73,299 87,377 54,616 32,761 — 1998 (A) Columbus, OH 18,716 64,617 20,666 76,279 96,945 28,930 68,015 — 2011 (A) Stow, OH 993 9,028 993 48,267 49,260 29,824 19,436 — 1969 (C) Portland, OR 20,208 50,738 20,208 66,808 87,016 28,844 58,172 — 2012 (A) Portland, OR 10,122 37,457 10,122 38,455 48,577 5,653 42,924 — 2019 (A) Easton, PA 7,691 20,405 7,691 21,412 29,103 3,280 25,823 — 2020 (A) Brentwood, TN 6,101 25,956 6,101 28,192 34,293 9,931 24,362 — 2013 (A) SCHEDULE III SITE Centers Corp. Real Estate and Accumulated Depreciation December 31, 2023 (In thousands) Total Cost, Initial Cost Total Cost (1) Net of Date of Buildings & Buildings & Accumulated Accumulated Construction (C) Location Land Improvements Land (2) Improvements (3) Total Depreciation (4) Depreciation Encumbrances (5) Acquisition (A) Austin, TX 5,000 8,838 5,521 8,272 13,793 106 13,687 — 2023 (A) Highland Village, TX 5,545 28,365 5,524 30,827 36,351 12,088 24,263 — 2013 (A) Houston, TX 2,743 18,506 2,743 18,458 21,201 1,011 20,190 — 2022 (A) Houston, TX 15,189 6,531 15,204 6,541 21,745 184 21,561 — 2023 (A) Houston, TX 2,141 6,689 2,141 6,881 9,022 62 8,960 — 2023 (A) Round Rock, TX 3,467 8,839 3,467 9,533 13,000 1,421 11,579 — 2019 (A) San Antonio, TX 2,882 37,327 4,280 55,567 59,847 35,474 24,373 — 2002 (C) San Antonio, TX 5,602 39,196 10,158 120,934 131,092 58,868 72,224 — 2007 (C) San Antonio, TX 594 — 594 — 594 — 594 — 2022 (C) Charlottesville, VA 2,181 6,571 2,181 6,657 8,838 593 8,245 — 2021 (A) Charlottesville, VA 1,400 2,537 1,396 2,537 3,933 168 3,765 — 2021 (A) Fairfax, VA 15,681 68,536 15,681 72,131 87,812 24,199 63,613 — 2013 (A) Fairfax, VA 4,377 10,868 4,377 11,357 15,734 592 15,142 — 2022 (A) Fairfax, VA 1,830 6,206 1,830 6,227 8,057 345 7,712 — 2022 (A) Fairfax, VA 4,532 5,221 4,532 5,587 10,119 333 9,786 — 2022 (A) Midlothian, VA 634 3,499 633 3,499 4,132 49 4,083 — 2023 (A) Richmond, VA 7,331 49,278 7,330 52,428 59,758 5,785 53,973 — 2020 (A) Richmond, VA 11,879 34,736 11,879 37,852 49,731 20,251 29,480 — 2007 (A) Springfield, VA 17,016 40,038 17,016 45,448 62,464 24,166 38,298 — 2007 (A) Portfolio Balance 14,915 213,983 14,915 213,983 228,898 117,144 111,754 — $ 901,192 $ 2,979,113 $ 938,794 $ 3,892,365 $ 4,831,159 $ 1,570,377 $ 3,260,782 $ 125,651 (1) The aggregate cost for federal income tax purposes was approximately $ 5.0 billion at December 31, 2023. (2) Includes $ 8.3 million of undeveloped land at December 31, 2023. (3) Includes $ 43.1 million of construction in progress at December 31, 2023. (4) Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, ranging from 30 to 40 years Building improvements and fixtures Useful lives, ranging from 3 to 20 years Tenant improvements Shorter of economic life or lease terms (5) Excludes fair market value of debt adjustments and net loan costs aggregating $ 1.5 million. The changes in Total Real Estate Assets are as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 5,433,159 $ 5,238,881 $ 4,989,388 Acquisitions 156,154 328,898 215,998 Developments, improvements and expansions 105,891 113,876 84,130 Adjustments of property carrying values (Impairments) — ( 2,536 ) ( 7,270 ) Disposals (A) ( 864,045 ) ( 245,960 ) ( 43,365 ) Balance at end of year $ 4,831,159 $ 5,433,159 $ 5,238,881 (A) Includes the write-off of fully amortized tenant improvements. The changes in Accumulated Depreciation and Amortization are as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 1,652,899 $ 1,571,569 $ 1,427,057 Depreciation for year 189,785 176,047 164,200 Disposals ( 272,307 ) ( 94,717 ) ( 19,688 ) Balance at end of year $ 1,570,377 $ 1,652,899 $ 1,571,569 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [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. Amounts relating to the number of properties, joint ventures’ interests and acreage are unaudited. |
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. |
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 (“VIE”). 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): For the Year Ended December 31, 2023 2022 2021 Consolidation of the net assets (excluding mortgages as disclosed $ — $ 42.8 $ 132.3 Repurchase of Operating Partnership units 4.1 — 2.1 Net assets acquired from unconsolidated joint ventures — 8.5 11.6 Mortgages assumed, of previously unconsolidated joint ventures — — 73.9 Mortgages assumed, shopping center acquisitions — — 17.9 Accrued liabilities for sold properties 5.4 — — Accounts payable related to construction in progress 7.0 12.2 13.4 Dividends declared, but not paid 63.8 30.4 28.2 Tax receivable – investment sale proceeds — — 2.1 Assumption of buildings due to ground lease terminations — 2.9 — Write-off of preferred share original issuance costs — — 5.1 |
Real Estate | Real Estate Real estate assets, which include construction in progress and undeveloped land, are stated at cost less accumulated depreciation. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, ranging from 30 to 40 years Building improvements and fixtures Useful lives, ranging from 3 to 20 years Tenant improvements Shorter of economic life or lease terms The Company periodically assesses the useful lives of its depreciable real estate assets and accounts for any revisions, which are not material for the periods presented, prospectively. Expenditures for maintenance and repairs are charged to operations as incurred. Significant expenditures that improve or extend the life of the asset are capitalized. Construction in Progress and Land includes undeveloped land, as well as construction in progress related to shopping center developments and expansions. The Company capitalized certain direct costs (salaries and related personnel) and incremental internal construction costs of $ 3.2 million, $ 4.0 million and $ 3.1 million in 2023, 2022 and 2021 , respectively. |
Purchase Price Accounting | Purchase Price Accounting The Company’s acquisitions were accounted for as asset acquisitions, and the Company capitalized the acquisition costs incurred. Upon acquisition of properties, the Company estimates the fair value of acquired tangible assets, consisting of land, building and improvements and intangibles, generally including above- and below-market leases and in-place leases. The Company allocates the purchase price to assets acquired and liabilities assumed on a gross basis based on their relative fair values at the date of acquisition. The fair value of land of an acquired property considers the value of land as if the site was unimproved based on comparable market transactions. The fair value of the building is determined as if it were vacant by applying a capitalization rate to property net operating income based upon market leasing assumptions. Above- and below-market lease values are calculated based on the present value (using a discount rate that reflects the risks associated with the leases acquired) of the difference between contractual rents and estimated market rents, measured over a period equal to the remaining term of the lease for above-market leases and the remaining term plus the estimated term of any below-market, renewal options for below-market leases. The capitalized above- and below-market lease values are amortized to base rental revenue over the related lease term plus fixed-rate renewal options, as appropriate. The value of acquired in-place leases is recorded based on the present value of the estimated gross monthly market rental rate for each individual lease multiplied by the estimated period of time it would take to lease the space to a new tenant. Such amounts are amortized to expense over the remaining initial lease term. |
Real Estate Impairment Assessment | Real Estate Impairment Assessment The Company reviews its individual real estate assets, including undeveloped land and construction in progress, and intangibles for potential impairment indicators whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment indicators are primarily related to changes in estimated hold periods and significant, prolonged decreases in projected cash flows; however, other impairment indicators could occur. Decreases in cash flows may be caused by declines in occupancy, projected losses on potential future sales, market factors, significant changes in projected development costs or completion dates and sustainability of development projects. An asset with impairment indicators is considered impaired when the undiscounted future cash flows are not sufficient to recover the asset’s carrying value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. For operational real estate assets, the significant valuation assumptions included the capitalization rate used in the income capitalization valuation, as well as the projected property net operating income. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. If an asset’s carrying value is not recoverable, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company recorded aggregate impairment charges of $ 2.5 million and $ 7.3 million, related to consolidated real estate investments, during the years ended December 31, 2022 and 2021, respectively (Note 12). |
Disposition of Real Estate and Real Estate Investments | Disposition of Real Estate and Real Estate Investments Sales of nonfinancial assets, such as real estate, are recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of, or obtain substantially all of the remaining benefits from, the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the asset. For the years ended December 31, 2023 and 2022, the Company received gross proceeds of $ 854.5 million and $ 213.6 million, respectively, from the sale of 17 and five wholly-owned shopping centers and various outparcels, respectively, resulting in gain on dispositions of $ 219.0 million and $ 46.6 million, respectively. For the year ended December 31, 2021, the Company received gross proceeds of $ 31.2 million from the sale of land and outparcels resulting in gain on disposition of $ 6.1 million. A discontinued operation includes only the disposal of a component of an entity and represents a strategic shift that has (or will have) a major effect on an entity’s financial results. The disposition of the Company’s individual properties did not qualify for discontinued operations presentation, and thus, the results of the properties that have been sold remain in income from continuing operations, and any associated gains or losses from the disposition are included in Gain on Disposition of Real Estate. |
Real Estate Held for Sale | Real Estate Held for Sale The Company generally considers assets to be held for sale when management believes that a sale is probable within a year. This generally occurs when a sales contract is executed with no substantive contingencies and the prospective buyer has significant funds at risk. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell. The Company evaluated its property portfolio and did not identify any properties that would meet the above-mentioned criteria for held for sale as of December 31, 2023 and 2022 . |
Interest and Real Estate Taxes | Interest and Real Estate Taxes Interest and real estate taxes incurred relating to the construction and redevelopment of shopping centers are capitalized and depreciated over the estimated useful life of the building. This includes interest incurred on funds invested in or advanced to unconsolidated joint ventures with qualifying development activities. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Interest paid during the years ended December 31, 2023, 2022 and 2021 aggregated $ 76.3 million, $ 71.3 million and $ 70.2 million, respectively, of which $ 1.2 million, $ 1.1 million and $ 0.6 million, respectively, was capitalized. |
Investments in and Advances to Joint Ventures | Investments in and Advances to Joint Ventures To the extent that the Company’s cost basis in an unconsolidated joint venture is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of the joint venture and, if the related asset is sold, the basis difference is written off. Periodically, management assesses whether there are any indicators that the value of the Company’s investments in unconsolidated joint ventures may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such difference is deemed to be other than temporary. Investment impairment charges create a basis difference between the Company’s share of accumulated equity as compared to the investment balance of the respective unconsolidated joint venture. The Company allocates the aggregate impairment charge to each of the respective properties owned by the joint venture on a relative fair value basis and amortizes this basis differential as an adjustment to the equity in net income (loss) recorded by the Company over the estimated remaining useful lives of the underlying assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains cash deposits with major financial institutions, which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of these institutions and believes that the risk of loss is minimal. |
Restricted Cash | Restricted Cash Restricted cash represents amounts on deposit with financial institutions primarily for debt service payments, real estate taxes, capital improvements and operating reserves as required pursuant to the respective loan agreement. Included in restricted cash was cash generated from asset sale proceeds that is available to fund future qualifying acquisitions as part of a forward like-kind exchange transaction. For p urposes of the Company’s consolidated statements of cash flows, changes in restricted cash are aggregated with cash and cash equivalents. |
Accounts Receivable | Accounts Receivable The Company makes estimates of the collectability of its accounts receivable related to base rents, including straight-line rentals, expense reimbursements and other revenue or income. Rental income has been reduced for amounts the Company believes are not probable of being collected. The Company analyzes tenant credit worthiness, as well as current economic and tenant-specific sector trends when evaluating the probability of collection of accounts receivable. In evaluating tenant credit worthiness, the Company’s assessment may include a review of payment history, tenant sales performance and financial position. For larger national tenants, the Company also evaluates projected liquidity, as well as the tenant’s access to capital and the overall health of the particular sector. In addition, with respect to tenants in bankruptcy, the Company makes estimates of the expected recovery of pre-petition and post-petition claims in assessing the probability of collection of the related receivable. The time to resolve these claims may exceed one year. These estimates have a direct impact on the Company’s earnings because once the amount is not considered probable of being collected, earnings are reduced by a corresponding amount until the receivable is collected. See discussion below under Revenue Recognition regarding cash-basis tenants. Accounts receivable, excluding straight-line rents receivable, do not include estimated amounts not probable of being collected (including contract disputes) of $ 0.7 million and $ 1.5 million at December 31, 2023 and 2022, respectively. Accounts receivable are generally expected to be collected within one year. At December 31, 2023 and 2022, straight-line rents receivable, net of a provision for uncollectible amounts of $ 1.4 million and $ 1.7 million, respectively, aggregated $ 29.2 million and $ 31.9 million, respectively. |
Deferred Charges | Deferred Charge s External costs and fees incurred in obtaining indebtedness are included in the Company’s consolidated balance sheets as a direct deduction from the related debt liability. Debt issuance costs related to the Company’s revolving credit facility remain classified as an asset on the consolidated balance sheets as these costs are, at the outset, not associated with an outstanding borrowing. The aggregate costs are amortized over the terms of the related debt agreements. Such amortization is reflected in Interest Expense in the Company’s consolidated statements of operations. |
Treasury Shares | Treasury Shares The Company’s share repurchases are reflected as treasury shares utilizing the cost method of accounting and are presented as a reduction to consolidated shareholders’ equity. Reissuance of the Company’s treasury shares at an amount below cost is recorded as a charge to paid-in capital due to the Company’s cumulative distributions in excess of net income. |
Revenue Recognition | Revenue Recognition For the real estate industry, leasing transactions are not within the scope of the revenue standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and is governed by the leasing guidance. Lease commission revenue is generally recognized in its entirety upon lease execution. Impact of the COVID-19 Pandemic on Revenue During 2022 and 2021, the Company continued to experience an impact on its rental income related to the COVID-19 pandemic primarily and the benefit associated with the receipt of rental income in the respective years related to prior periods. During the year ended December 31, 2022, the Company recorded net uncollectible revenue that resulted in rental income of $ 1.4 million primarily due to rental income paid in 2022 related to outstanding amounts owed for prior periods from tenants on the cash basis of accounting. During the year ended December 31, 2021, the Company recorded net uncollectible revenue that resulted in rental income of $ 9.4 million (the Company’s share of unconsolidated joint ventures was $ 1.6 million), primarily due to rental income paid in 2021 related to outstanding amounts owed from tenants on the cash basis of accounting that were contractually due in 2020. These amounts also include reductions in contractual rental payments due from tenants as compared to pre-modification payments due to the impact of lease modifications, with a partial increase in straight-line rent to offset a portion of the impact on net income. Rental Income Rental Income on the consolidated statements of operations includes contractual lease payments that generally consist of the following: • Fixed-lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers and are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one mon th to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income, and parking income, which are recognized in the period earned. For those tenants where the Company is unable to assert that collection of amounts due over the lease term is probable, regardless if the Company has entered into a deferral agreement to extend the payment terms, the Company has categorized these tenants on the cash basis of accounting. As a result, all existing accounts receivable relating to these tenants have been reserved in full, including straight-line rental income, and no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received. The Company will remove the cash basis designation and resume recording rental income from such tenants on a straight-line basis at such time it believes collection from the tenants is probable based upon a demonstrated payment history, improved liquidity, the addition of credit-worthy guarantors or a recapitalization event. Revenues from Contracts with Customers The Company’s revenues from contracts with customers generally relate to asset and property management fees, leasing commissions, development fees and disposition fees generated from asset sales at Retail Value Inc. (“RVI”). These revenues are derived from the Company’s management agreements with unconsolidated joint ventures and RVI, and in the case of unconsolidated joint ventures, are recognized to the extent attributable to the unaffiliated ownership in the unconsolidated joint venture to which it relates. Termination rights under these contracts vary by contract but generally include termination for cause by either party, or generally due to sale of the property. Asset and Property Management Fees Asset and property management services include property maintenance, tenant coordination, accounting and financial services. Asset and property management services represent a series of distinct daily services. Accordingly, the Company satisfies the performance obligation as services are rendered over time. The Company is compensated for property management services through a monthly management fee, which is typically earned based on a specified percentage of the monthly rental receipts generated from the property under management. The Company is compensated for asset management services through a fee that is billed to the customer monthly and recognized as revenue monthly as the services are rendered, based on a percentage of aggregate asset value or capital contributions for assets under management at the end of the quarter. In 2023, 2022 and 2021, the asset management fees earned under the RVI external management agreement were $ 0.2 million, $ 0.5 million an d $ 6.8 mil lion, respectively. Property Leasing The Company provides strategic advice and execution to third parties, including certain joint ventures, in connection with the leasing of retail space. The Company is compensated for services in the form of a commission. The commission is paid upon the occurrence of certain contractual events that may be contingent. For example, a portion of the commission may be paid upon execution of the lease by the tenant, with the remaining paid upon occurrence of another future contingent event (e.g., payment of first month’s rent or tenant move-in). The Company typically satisfies its performance obligation at a point in time when control is transferred, generally at the time of the first contractual event where there is a present right to payment. The Company looks to history, experience with a customer and deal-specific considerations to support its judgment that the second contingency will be met. Therefore, the Company typically accelerates the recognition of revenue associated with the second contingent event (if any) to the point in time when control of its service is transferred. Fees from RVI Through mid-2022 and prior to the sale of the remaining asset, pursuant to management agreements with RVI, the Company provided RVI with day-to-day management, subject to supervision and certain discretionary limits and authorities granted by the RVI Board of Directors. RVI does not have any employees. Fee and Other Income Revenue from contracts with customers and other property-related income and is recognized in the period earned as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Revenue from contracts: Asset and property management fees from joint ventures $ 5,692 $ 7,720 $ 10,560 Leasing commissions and development fees 430 1,856 2,191 Disposition, asset and property management fees from RVI 150 980 26,001 Total revenue from contracts with customers 6,272 10,556 38,752 Other property income 2,937 4,691 3,313 Total fee and other income $ 9,209 $ 15,247 $ 42,065 Leases The Company’s accounting policies include the following: • As a lessee — short-term lease exception for certain of the Company’s office leases; • As a lessor — to include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • As a lessor — to exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue-producing activity and collected by the lessor from the lessee (e.g., sales tax). ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not include an implicit rate, the Company used its incremental borrowing rate based on the information available at the commencement date of the standard in determining the present value of lease payments. For each lease, the Company utilized a market-based approach to estimate the incremental borrowing rate (“IBR”), which required significant judgment. The Company estimated base IBRs based on an analysis of (i) yields on the Company’s outstanding public debt, as well as that of comparable companies, (ii) observable mortgage rates and (iii) unlevered property yields and discount rates. The Company applied adjustments to the base IBRs to account for full collateralization and lease term. Operating lease ROU assets also include any lease payments made. The Company has options to extend certain of the ground and office leases; however, these options were not considered as part of the lease term when calculating the lease liability, as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses include certain internal leasing and legal salaries and related expenses associated with the re-leasing of existing space, which are charged to operations as incurred. |
Equity-Based Plans | Equity-Based Plans Compensation cost relating to stock-based payment transactions classified as equity is recognized in the financial statements based upon the grant date fair value. The forfeiture rate is based on actual experience. Stock-based compensation cost recognized by the Company was $ 7.1 million, $ 6.8 million and $ 13.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Income Taxes | Income Taxes The Company has made an election to qualify, and believes it is operating so as to qualify, as a real estate investment trust (“REIT”) for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that it makes distributions to its shareholders equal to at least the amount of its REIT taxable income as defined under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and continues to satisfy certain other requirements. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable REIT subsidiaries (a “TRS”) under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local tax jurisdictions, as well as certain jurisdictions outside the United States, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2023, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2023 , the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2020 and forward. |
Deferred Tax Assets | Deferred Tax Assets The Company accounts for income taxes related to its TRS under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the income statement in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. A valuation allowance is recorded against the deferred tax assets when the Company determines that an uncertainty exists regarding their realization, which would eliminate the benefit of deferred tax assets or increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and must be consistent with the plans and estimates that the Company is utilizing to manage its business. As a result, to the extent facts and circumstances change, an assessment of the need for a valuation allowance should be made. |
Segment | Segments The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate among properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each consolidated property is considered a separate operating segment; however, each shopping center, on a stand-alone basis, represents less than 10 % of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). The following summarizes the fair value hierarchy: Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices for identical assets and liabilities in markets that are inactive, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly, such as interest rates and yield curves that are observable at commonly quoted intervals and Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): For the Year Ended December 31, 2023 2022 2021 Consolidation of the net assets (excluding mortgages as disclosed $ — $ 42.8 $ 132.3 Repurchase of Operating Partnership units 4.1 — 2.1 Net assets acquired from unconsolidated joint ventures — 8.5 11.6 Mortgages assumed, of previously unconsolidated joint ventures — — 73.9 Mortgages assumed, shopping center acquisitions — — 17.9 Accrued liabilities for sold properties 5.4 — — Accounts payable related to construction in progress 7.0 12.2 13.4 Dividends declared, but not paid 63.8 30.4 28.2 Tax receivable – investment sale proceeds — — 2.1 Assumption of buildings due to ground lease terminations — 2.9 — Write-off of preferred share original issuance costs — — 5.1 |
Estimated Useful Lives of Assets | Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, ranging from 30 to 40 years Building improvements and fixtures Useful lives, ranging from 3 to 20 years Tenant improvements Shorter of economic life or lease terms |
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): For the Year Ended December 31, 2023 2022 2021 Revenue from contracts: Asset and property management fees $ 5.7 $ 7.7 $ 10.6 Leasing commissions and development fees 0.4 1.9 2.2 6.1 9.6 12.8 Other 0.7 1.0 1.7 $ 6.8 $ 10.6 $ 14.5 |
Accounting Standards Update 2014-09 [Member] | |
Schedule of Fee and Other Income | Revenue from contracts with customers and other property-related income and is recognized in the period earned as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 Revenue from contracts: Asset and property management fees from joint ventures $ 5,692 $ 7,720 $ 10,560 Leasing commissions and development fees 430 1,856 2,191 Disposition, asset and property management fees from RVI 150 980 26,001 Total revenue from contracts with customers 6,272 10,556 38,752 Other property income 2,937 4,691 3,313 Total fee and other income $ 9,209 $ 15,247 $ 42,065 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Company Acquired Shopping Centers | In 2023, the Company acquired the following convenience centers (in millions): Asset Location Date Purchase Foxtail Center Timonium, Maryland January 2023 $ 15.1 Parker Keystone Denver, Colorado January 2023 11.0 Barrett Corners Kennesaw, Georgia April 2023 15.6 Alpha Soda Center Alpharetta, Georgia May 2023 9.4 Briarcroft Center Houston, Texas May 2023 23.5 Towne Crossing Shops Midlothian, Virginia July 2023 4.2 Oaks at Slaughter Austin, Texas August 2023 14.1 Marketplace at 249 Houston, Texas September 2023 9.8 Point at University Charlotte, North Carolina October 2023 8.9 Estero Crossing Estero, Florida October 2023 17.1 Presidential Plaza North Snellville, Georgia November 2023 7.4 Shops at Lake Pleasant Peoria, Arizona December 2023 29.0 $ 165.1 In 2022, the Company acquired the following convenience centers (in millions): Asset Location Date Purchase Artesia Village Scottsdale, Arizona January 2022 $ 14.5 Casselberry Commons (A) Casselberry, Florida February 2022 35.6 Shops at Boca Center Boca Raton, Florida March 2022 90.0 Shoppes of Crabapple Alpharetta, Georgia April 2022 4.4 La Fiesta Square Lafayette, California May 2022 60.8 Lafayette Mercantile Lafayette, California May 2022 43.0 Shops at Tanglewood Houston, Texas June 2022 22.2 Boulevard at Marketplace Fairfax, Virginia June 2022 10.4 Fairfax Marketplace Fairfax, Virginia June 2022 16.0 Fairfax Pointe Fairfax, Virginia June 2022 8.4 Parkwood Shops Atlanta, Georgia July 2022 8.4 Chandler Center Chandler, Arizona August 2022 5.3 Shops at Power and Baseline Mesa, Arizona August 2022 4.6 Northsight Plaza Scottsdale, Arizona August 2022 6.1 Broadway Center Tempe, Arizona August 2022 7.0 Shops on Montview Denver, Colorado November 2022 5.8 $ 342.5 (A) Acquired its joint venture partner's 80 % equity interest from the DDRM Joint Venture. This asset included a convenience center component. The purchase price was $ 44.5 million at 100 % (or $ 35.6 million at 80 %). |
Schedule of Acquisition Cost of Shopping Centers | The fair value of the acquisitions was allocated as follows (in thousands): Weighted-Average 2023 2022 2023 2022 Land $ 56,174 $ 94,014 N/A N/A Buildings 94,260 227,354 (A) (A) Tenant improvements 5,720 4,612 (A) (A) In-place leases (including lease origination costs and fair 16,480 29,972 7.1 6.4 Other assets assumed — 503 N/A N/A 172,634 356,455 Less: Below-market leases ( 8,330 ) ( 9,907 ) 16.0 13.9 Less: Other liabilities assumed ( 881 ) ( 2,957 ) N/A N/A Net assets acquired $ 163,423 $ 343,591 (A) Depreciated in accordance with the Company’s policy (Note 1). |
Consideration | 2023 2022 Consideration: Cash (including debt repaid at closing) $ 163,423 $ 335,100 Gain on Change in Control of Interests — 3,319 Carrying value of previously held common equity interests (A) — 5,172 Total consideration $ 163,423 $ 343,591 (A) The significant inputs used to value the previously held equity interests were determined to be Level 3. In 2022, the weighted-average discount rate applied to cash flows was approximately 8.0 %, and the weighted-average residual capitalization rate applied was approximately 6.0 %. |
Investments in and Advances t_2
Investments in and Advances to Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule Of Equity Method Investments [Line Items] | |
Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances | Unconsolidated Real Estate Ventures Partner Effective Operating Dividend Trust Portfolio JV LP Chinese Institutional Investors 20.0 % 10 DDRM Joint Venture Madison International Realty 20.0 2 RVIP IIIB, Deer Park, IL Prudential 25.75 1 |
Condensed Combined Financial Information of Company's Unconsolidated Joint Venture Investments | Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): December 31, 2023 2022 Condensed Combined Balance Sheets Land $ 180,588 $ 212,326 Buildings 558,585 643,334 Fixtures and tenant improvements 58,626 70,636 797,799 926,296 Less: Accumulated depreciation ( 187,557 ) ( 220,642 ) 610,242 705,654 Construction in progress and land 1,616 1,965 Real estate, net 611,858 707,619 Cash and restricted cash 41,250 44,809 Receivables, net 9,847 11,671 Other assets, net 25,498 36,272 $ 688,453 $ 800,371 Mortgage debt $ 464,255 $ 535,093 Notes and accrued interest payable to the Company 2,627 2,972 Other liabilities 36,279 41,588 503,161 579,653 Accumulated equity 185,292 220,718 $ 688,453 $ 800,371 Company's share of accumulated equity $ 35,782 $ 42,644 Basis differentials 1,099 ( 707 ) Deferred development fees, net of portion related to the Company's interest ( 136 ) ( 301 ) Amounts payable to the Company 2,627 2,972 Investments in and Advances to Joint Ventures, net $ 39,372 $ 44,608 |
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): For the Year Ended December 31, 2023 2022 2021 Revenue from contracts: Asset and property management fees $ 5.7 $ 7.7 $ 10.6 Leasing commissions and development fees 0.4 1.9 2.2 6.1 9.6 12.8 Other 0.7 1.0 1.7 $ 6.8 $ 10.6 $ 14.5 |
Unconsolidated Joint Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | For the Year Ended December 31, 2023 2022 2021 Condensed Combined Statements of Operations Revenues from operations $ 92,479 $ 132,494 $ 195,559 Expenses from operations: Operating expenses 23,903 35,319 53,391 Impairment charges — 17,550 — Depreciation and amortization 32,578 46,518 66,618 Interest expense 25,601 34,055 43,379 Other (income) expense, net 10,467 12,303 12,074 92,549 145,745 175,462 (Loss) income before gain on disposition of real estate ( 70 ) ( 13,251 ) 20,097 Gain on disposition of real estate, net 21,316 120,097 89,935 Net income attributable to unconsolidated joint ventures $ 21,246 $ 106,846 $ 110,032 Company's share of equity in net income of joint ventures $ 4,581 $ 22,262 $ 49,417 Basis differential adjustments (A) 1,996 5,630 ( 2,120 ) Equity in net income of joint ventures $ 6,577 $ 27,892 $ 47,297 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. |
Other Assets and Intangibles,_2
Other Assets and Intangibles, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Components of Other Assets and Intangibles | Other assets and intangibles consist of the following (in thousands): December 31, 2023 2022 Intangible assets, net: In-place leases $ 50,282 $ 61,918 Above-market leases 3,593 6,206 Lease origination costs 8,249 8,093 Tenant relationships 6,866 11,531 Total intangible assets 68,990 87,748 Operating lease ROU assets (A) 17,373 18,197 Other assets: Loan commitment fee (B) 13,485 — Prepaid expenses 5,104 6,721 Swap receivable 11,115 8,138 Other assets 2,294 3,491 Deposits 2,857 3,188 Deferred charges, net 5,325 7,526 Total other assets, net $ 126,543 $ 135,009 Below-market leases, net (other liabilities) (C) $ 46,096 $ 59,825 (A) Operating lease ROU assets are discussed further in Note 5. (B) Fees related to a commitment in October 2023 for a lender to provide a $ 1.1 billion mortgage facility secured by 40 properties (the “Mortgage Facility”). At December 31, 2023, the fees paid are recorded as a deferred fee as the facility has not closed and therefore no amounts have been drawn. The Company may proceed to close and draw all or a portion of the Mortgage Facility on any date prior to October 25, 2024, subject to the satisfaction of various closing conditions. Once amounts are drawn on the facility, the fees will be classified as a contra asset to the borrowings and amortized over the life of the facility. If it becomes probable that the debt, or a portion of the debt, will not be drawn upon, the commitment fees, or a portion of the commitment fees will be expensed. (C) Change as a result of the write-off of unamortized below-market lease intangibles due to the early termination of tenant leases of $ 8.6 million for the year ended December 31, 2023. |
Summary of Amortization Expense Related to the Intangibles, Excluding Above and Below-Market Leases | Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions): Year Expense 2023 $ 22.7 2022 27.5 2021 21.6 |
Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases | Estimated net future amortization associated with the Company’s intangibles is as follows (in millions): Year Income Expense 2024 $ 4.0 $ 18.1 2025 4.0 12.7 2026 3.8 8.8 2027 3.7 6.3 2028 3.5 4.8 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease ROU Assets and Operating Lease Liabilities | Operating lease ROU (“right of use”) assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands): December 31, Classification 2023 2022 Operating Lease ROU Assets Other Assets, Net $ 17,373 $ 18,197 Operating Lease Liabilities Accounts Payable and Other Liabilities 37,108 37,777 |
Schedule of Operating Lease Expenses | Operating lease expenses, including straight-line expense, included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative expense for its office leases are as follows (in thousands): December 31, Classification 2023 2022 2021 Operating and Maintenance $ 2,209 $ 2,596 $ 2,645 General and Administrative (A) 2,303 2,213 2,405 Total lease costs $ 4,512 $ 4,809 $ 5,050 (A) Includes short-term leases and variable lease costs, which are immaterial. |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases was as follows: December 31, 2023 2022 Weighted-Average Remaining Lease Term 35.1 years 35.4 years Weighted-Average Discount Rate 7.5 % 7.4 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 3,598 $ 4,227 |
Schedule of Maturities of Lease Liabilities | As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands): Year December 31, 2024 $ 3,737 2025 3,801 2026 3,902 2027 3,832 2028 3,869 Thereafter 103,662 Total lease payments 122,803 Less imputed interest ( 85,695 ) Total $ 37,108 |
Schedule of Future Minimum Rental Income from Rental Properties under Terms of Non-Cancelable Tenant Leases | The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases (including those on the cash basis), assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the years ending December 31, were as follows (in thousands): Year December 31, 2024 $ 336,005 2025 298,194 2026 262,979 2027 221,243 2028 163,889 Thereafter 443,476 Total $ 1,725,786 |
Unsecured and Secured Indebte_2
Unsecured and Secured Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Unsecured and Secured Indebtedness | The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions): Carrying Value at Interest Rate (A) at Maturity Date at 2023 2022 2023 2022 December 31, 2023 Unsecured indebtedness: Senior notes (B) $ 1,307.1 $ 1,460.0 3.625 %– 4.700 % 3.375 %– 4.700 % February 2025 – June 2027 Senior notes – discount, net ( 1.4 ) ( 2.3 ) Net unamortized debt issuance costs ( 2.5 ) ( 3.8 ) Total Senior Notes $ 1,303.2 $ 1,453.9 Term Loan $ 200.0 $ 200.0 4.0 % (C) 4.0 % (C) June 2027 Net unamortized debt issuance costs ( 1.1 ) ( 1.5 ) Total Term Loan $ 198.9 $ 198.5 Secured indebtedness: Mortgage Indebtedness – Fixed Rate $ 125.9 $ 54.9 6.2 % 4.5 % February 2025 – November 2028 Net unamortized debt issuance costs ( 1.7 ) ( 0.3 ) Total Mortgage Indebtedness $ 124.2 $ 54.6 (A) The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads effective December 31, 2023 and 2022. (B) Effective interest rates ranged from 3.8 % to 4.8 % as of December 31, 2023 and from 3.5 % to 4.8 % as of December 31, 2022. (C) Reflects the utilization of a swap, which caps the variable-rate (SOFR) interest rate at 2.75 %, plus a 10-basis point credit spread adjustment plus the applicable margin (0.95% at both December 31, 2023 and 2022), which is based on the Company’s long-term unsecured debt rating as described below. |
Schedule Principal Repayments | The schedul ed principal repayments of the Revolving Credit Facility ($ 0 at December 31, 2023, Note 6) and unsec ured and secured indebtedness, excluding extension options, as of December 31, 2023, were as follows (in thousands): Year Amount 2024 $ 684 2025 483,508 2026 401,003 2027 651,581 2028 94,633 1,631,409 Unamortized fair market value of assumed debt 201 Net unamortized debt issuance costs ( 5,335 ) Total indebtedness $ 1,626,275 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2023 Derivative Financial Instruments $ — $ 11.1 $ — $ 11.1 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): December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Senior Notes $ 1,303,243 $ 1,278,186 $ 1,453,923 $ 1,378,485 Revolving Credit Facility and Term Loan 198,856 200,000 198,521 200,000 Mortgage Indebtedness 124,176 127,749 54,577 51,936 $ 1,626,275 $ 1,605,935 $ 1,707,021 $ 1,630,421 |
Preferred Shares, Common Shar_2
Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Common Shares [Member] | |
Common Share Dividends Declared | For the Year Ended December 31, 2023 2022 2021 Common share dividends declared per share $ 0.68 $ 0.52 $ 0.47 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Changes in Accumulated OCI by Component | The changes in Accumulated OCI by component are as follows (in thousands): Gains and Losses Foreign Total Balance, December 31, 2020 $ — $ ( 2,682 ) $ ( 2,682 ) Other comprehensive loss before reclassifications — ( 1 ) ( 1 ) Reclassification adjustment for foreign currency translation (A) — 2,683 2,683 Net current-period other comprehensive income (loss) — 2,682 2,682 Balance, December 31, 2021 — — — Change in cash flow hedges 9,415 — 9,415 Amounts reclassified from accumulated other comprehensive income (B) ( 377 ) — ( 377 ) Net current-period other comprehensive income 9,038 — 9,038 Balance, December 31, 2022 (C) 9,038 — 9,038 Change in cash flow hedges 416 — 416 Amounts reclassified from accumulated other comprehensive income (B) ( 3,333 ) — ( 3,333 ) Balance, December 31, 2023 (C) $ 6,121 $ — $ 6,121 (A) Represents the release of foreign currency translation related to the sale of a parcel of undeveloped land in Richmond Hill, Ontario, owned by one of the Company’s joint ventures (Note 3). (B) Classified in Interest Expense in the Company’s consolidated statements of operations. (C) Includes derivative financial instruments entered into by the Company on its Term Loan (Note 8) and an unconsolidated joint venture. |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges on Assets or Investments | The Company recorded impairment charges based on the difference between the carrying value of the assets or investments and the estimated fair market value as follows (in millions): For the Year Ended December 31, 2022 2021 Assets marketed for sale (A) $ — $ 7.3 Sale of building to tenant (B) 2.5 — Total impairment charges $ 2.5 $ 7.3 (A) The impairment charges recorded were triggered by a change in the hold period assumptions. (B) Recorded as a result of a tenant exercising a $ 7.0 million fixed-price purchase option on their building pursuant to the lease agreement. This asset was sold in the fourth quarter of 2022. |
Impairment Charges Measured at Fair Value of Real Estate on Non-Recurring Basis | The following table presents information about the fair value of real estate that was impaired, and therefore, measured on a fair value basis, along with the related impairment charge. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total December 31, 2022 Long-lived assets held and used — — 7.0 7.0 2.5 December 31, 2021 Long-lived assets held and used — — 10.0 10.0 7.3 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
VSEP Grants [Member] | |
Activities for Unvested Restricted Stock Awards | The following table reflects the activity for the unvested awards pursuant to all restricted stock grants: Awards Weighted-Average Unvested at December 31, 2022 733 $ 11.43 Granted 571 12.48 Vested ( 242 ) 12.61 Forfeited ( 13 ) 12.43 Unvested at December 31, 2023 1,049 $ 11.72 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Net Income (Loss) 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). For the Year Ended December 31, 2023 2022 2021 Numerators – Basic and Diluted Net income $ 265,721 $ 168,792 $ 125,416 Income attributable to non-controlling interests ( 18 ) ( 73 ) ( 481 ) Write-off of preferred share original issuance costs — — ( 5,156 ) Preferred dividends ( 11,156 ) ( 11,156 ) ( 13,656 ) Earnings attributable to unvested shares and OP Units ( 606 ) ( 484 ) ( 572 ) Net income attributable to common shareholders after $ 253,941 $ 157,079 $ 105,551 Denominators – Number of Shares Basic – Average shares outstanding 209,459 212,998 208,004 Assumed conversion of dilutive securities: PRSUs 162 744 973 Forward equity — — 25 OP Units — 141 141 Diluted – Average shares outstanding 209,621 213,883 209,143 Earnings Per Share: Basic $ 1.21 $ 0.74 $ 0.51 Diluted $ 1.21 $ 0.73 $ 0.51 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Combined Activity and Taxable Activity | The following represents the activity of the Company’s TRS (in thousands): For the Year Ended December 31, 2023 2022 2021 Book income (loss) before income taxes $ 6,450 $ 6,374 $ ( 3,420 ) Current $ — $ — $ — Deferred — — — Total income tax expense $ — $ — $ — |
Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate | The differences between total income tax expense and the amount computed by applying the statutory income tax rate to income before taxes with respect to its TRS activity were as follows (in thousands): For the Year Ended December 31, TRS 2023 2022 2021 Statutory Rate 21 % 21 % 21 % Statutory rate applied to pre-tax income (loss) $ 1,355 $ 1,339 $ ( 718 ) Deferred tax impact of contributions of assets — ( 7,542 ) ( 2,410 ) Deferred tax impact of tax rate change 339 261 ( 366 ) Valuation allowance (decrease) increase based on impact ( 339 ) ( 261 ) 366 Valuation allowance (decrease) increase – other deferred ( 1,337 ) 6,094 ( 1,087 ) Expiration of capital loss carryforward — — 3,584 Other ( 18 ) $ 109 631 Total expense $ — $ — $ — Effective tax rate 0.00 % 0.00 % 0.00 % |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities of the Company’s TRS were as follows (in thousands): For the Year Ended December 31, 2023 2022 Deferred tax assets (A) $ 36,056 $ 37,735 Deferred tax liabilities ( 139 ) ( 142 ) Valuation allowance ( 35,917 ) ( 37,593 ) Net deferred tax asset $ — $ — (A) At December 31, 2023, primarily attributable to $ 20.5 million of net operating losses and $ 9.8 million of book/tax differences in joint venture investments. At December 31, 2022, primarily attributable to $ 21.6 million of net operating losses, $ 10.2 million of book/tax differences in joint venture investments. The TRS net operating loss carryforwards will expire in varying amounts between the years 2024 and 2035 , except for approximately $ 6.8 million and $ 6.1 million in 2023 and 2022, respectively, that does not expire and is limited to 80 % of taxable income. |
Reconciliation of GAAP Net Income (Loss) Attributable to Taxable Income | Reconciliation of GAAP net income attributable to SITE Centers to taxable income is as follows (in thousands): For the Year Ended December 31, 2023 2022 2021 GAAP net income attributable to SITE Centers $ 265,703 $ 168,719 $ 124,935 Book/tax differences ( 57,471 ) ( 60,732 ) 476 Taxable income before adjustments 208,232 107,987 125,411 Less: Net operating loss carryforward ( 54,466 ) — ( 28,576 ) Less: Capital gains — ( 7,664 ) — Taxable income subject to the 90 % dividend requirement $ 153,766 $ 100,323 $ 96,835 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Non-cash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Significant Noncash Transactions [Line Items] | |||
Consolidation of the net assets (excluding mortgages as disclosed below) of previously unconsolidated joint ventures | $ 0 | $ 42,800 | $ 132,300 |
Repurchase of Operating Partnership units | 4,100 | 0 | 2,100 |
Net assets acquired from unconsolidated joint ventures | 0 | 8,500 | 11,600 |
Mortgages assumed, of previously unconsolidated joint ventures | 0 | 0 | 73,900 |
Mortgages assumed, shopping center acquisitions | 0 | 0 | 17,900 |
Accrued liabilities for sold properties | 5,400 | 0 | 0 |
Accounts payable related to construction in progress | 7,000 | 12,200 | 13,400 |
Dividends declared, but not paid | 63,806 | 30,389 | 28,200 |
Tax receivable - investment sale proceeds | 0 | 0 | 2,100 |
Write-off of preferred share original issuance costs | 0 | 0 | 5,100 |
Building [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Assumption of buildings due to ground lease terminations | $ 0 | $ 2,900 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | Dec. 31, 2023 |
Tenant improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember |
Minimum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 30 years |
Minimum [Member] | Building improvements and fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Maximum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 40 years |
Maximum [Member] | Building improvements and fixtures [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ShoppingCenter | Dec. 31, 2022 USD ($) ShoppingCenter | Dec. 31, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Capitalized costs | $ 3,200 | $ 4,000 | $ 3,100 |
Impairment charges related to consolidated real estate investment | 0 | 2,536 | 7,270 |
Interest paid | 76,300 | 71,300 | 70,200 |
Capitalized interest paid | 1,200 | 1,100 | 600 |
Accounts receivable, not probable of being collected amount | 700 | 1,500 | |
Allowance for straight line rent | 1,400 | 1,700 | |
Straight line rent receivable, net | 29,200 | 31,900 | |
Gross proceeds from sale of real estate assets | $ 854,500 | $ 213,600 | 31,200 |
Number of shopping centers and various outparcels sold | ShoppingCenter | 17 | 5 | |
Gain on dispositions | $ 219,000 | $ 46,600 | 6,100 |
Gain on disposition | 219,026 | 46,644 | 6,065 |
Annual Asset Management Fee Earned | 200 | 500 | 6,800 |
Stock-based compensation cost recognized by the company | $ 7,100 | 6,800 | 13,000 |
Quantitative threshold of revenues, profit or loss and assets for identifying reportable segments | The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate among properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each consolidated property is considered a separate operating segment; however, each shopping center, on a stand-alone basis, represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard. | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 1 month | ||
Minimum [Member] | Geographic Concentration Risk [Member] | Revenues [Member] | Shopping Center [Member] | Stand-Alone Shopping Center [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Percentage of revenues | 10% | ||
Minimum [Member] | Tenant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 1 month | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 30 years | ||
Maximum [Member] | Tenant [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Operating lease term | 30 years | ||
Real Estate Investment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment charges related to consolidated real estate investment | 2,500 | 7,300 | |
Covid19 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Rental income | $ 1,400 | 9,400 | |
Share of unconsolidated joint ventures reduction in rental income | $ 1,600 |
Summary of Signinficant Account
Summary of Signinficant Accounting Policies - Schedule of Fee and Other Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 6,272 | $ 10,556 | $ 38,752 |
Other property income | 2,937 | 4,691 | 3,313 |
Total fee and other income | 9,209 | 15,247 | 42,065 |
Asset and Property Management Fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 5,692 | 7,720 | 10,560 |
Leasing commission and development fees [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | 430 | 1,856 | 2,191 |
Disposition, asset and property management fees from RVI [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 150 | $ 980 | $ 26,001 |
Acquisitions - Schedule of Comp
Acquisitions - Schedule of Company Acquired Shopping Centers (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 165.1 | $ 342.5 |
Foxtail Center [Member] | Timonium, Maryland [Member[ | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-01 | |
Purchase Price | $ 15.1 | |
Parker Keystone [Member] | Denver, Colorado [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-01 | |
Purchase Price | $ 11 | |
Barrett Corners [Member] | Kennesaw, Georgia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-04 | |
Purchase Price | $ 15.6 | |
Alpha Soda Center [Member] | Alpharetta, 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 | |
Towne Crossing [Member] | Midlothian, Virginia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-07 | |
Purchase Price | $ 4.2 | |
Oaks at Slaughter[Member] | Austin Texas [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-08 | |
Purchase Price | $ 14.1 | |
Marketplace at 249 [Member] | Houston, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-09 | |
Purchase Price | $ 9.8 | |
Point at University [Member] | Charlotte, North Carolina [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-10 | |
Purchase Price | $ 8.9 | |
Estero Crossing [Member] | Estero, Florida [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-10 | |
Purchase Price | $ 17.1 | |
Presidential Plaza North [Member] | Snellville, Georgia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-11 | |
Purchase Price | $ 7.4 | |
Shops at Lake Pleasant [Member] | Peoria Arizona [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2023-12 | |
Purchase Price | $ 29 | |
Artesia Village [Member] | Scottsdale, Arizona [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-01 | |
Purchase Price | $ 14.5 | |
Casselberry Commons [Member] | Casselberry, Florida [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-02 | |
Purchase Price | $ 35.6 | |
Shops at Boca Center [Member] | Boca Raton, Florida [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-03 | |
Purchase Price | $ 90 | |
Shoppes of Crabapple [Member] | Alpharetta, Georgia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-04 | |
Purchase Price | $ 4.4 | |
La Fiesta Square [Member] | Lafayette, California [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-05 | |
Purchase Price | $ 60.8 | |
Lafayette Mercantile [Member] | Lafayette, California [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-05 | |
Purchase Price | $ 43 | |
Shops at Tanglewood [Member] | Houston, Texas [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-06 | |
Purchase Price | $ 22.2 | |
Boulevard at Marketplace [Member] | Fairfax, Virginia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-06 | |
Purchase Price | $ 10.4 | |
Fairfax, Marketplace [Member] | Fairfax, Virginia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-06 | |
Purchase Price | $ 16 | |
Fairfax, Pointe [Member] | Fairfax, Virginia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-06 | |
Purchase Price | $ 8.4 | |
Parkwood, Shops [Member] | Atlanta, Georgia [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-07 | |
Purchase Price | $ 8.4 | |
Chandler Center [Member] | Chandler, Arizona [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-08 | |
Purchase Price | $ 5.3 | |
Shops at Power and Baseline [Member] | Mesa, Arizona [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-08 | |
Purchase Price | $ 4.6 | |
Northsight Plaza [Member] | Scottsdale, Arizona [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-08 | |
Purchase Price | $ 6.1 | |
Broadway Center [Member] | Tempe, Arizona [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-08 | |
Purchase Price | $ 7 | |
Shops on Montview [Member] | Denver, Colorado [Member] | ||
Business Acquisition [Line Items] | ||
Date Acquired | 2022-11 | |
Purchase Price | $ 5.8 |
Acquisitions - Schedule of Co_2
Acquisitions - Schedule of Company Acquired Shopping Centers (Parenthetical) (Detail) - DDRM Properties [Member] $ in Millions | Feb. 28, 2022 USD ($) |
Business Acquisition [Line Items] | |
Acquired partner's interest | 80% |
Purchase price of assets at full share | $ 44.5 |
Purchase price of assets full share percent | 100% |
Purchase price of assets at company share | $ 35.6 |
Purchase price of assets company share percent | 80% |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Less: Below-market leases | $ (46,096) | $ (59,825) | |
Gain on sale and change in control of interests, net | 3,749 | 45,581 | $ 19,185 |
Acquisition Related Costs [Member] | |||
Business Acquisition [Line Items] | |||
Cash (including debt repaid at closing) | 163,423 | 335,100 | |
Gain on sale and change in control of interests, net | 0 | 3,319 | |
Carrying value of previously held common equity interests | 0 | 5,172 | |
Total consideration | 163,423 | 343,591 | |
Shopping Center Acquired [Member] | |||
Business Acquisition [Line Items] | |||
Land | 56,174 | 94,014 | |
Buildings | 94,260 | 227,354 | |
Tenant improvements | 5,720 | 4,612 | |
Other assets assumed | 0 | 503 | |
Assets acquired | 172,634 | 356,455 | |
Less: Below-market leases | (8,330) | (9,907) | |
Less: Other liabilities assumed | (881) | (2,957) | |
Net assets acquired | 163,423 | 343,591 | |
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 | $ 16,480 | $ 29,972 | |
Weighted Average Amortization Period | 7 years 1 month 6 days | 6 years 4 months 24 days | |
Shopping Center Acquired [Member] | Below-Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Weighted Average Amortization Period | 16 years | 13 years 10 months 24 days |
Acquisitions - Schedule of Ac_2
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Weighted-average discount rates applied to cash flows | 8% |
Weighted-average residual capitalization rates | 6% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combinations [Abstract] | |||
Revenues from the date of acquisition | $ 6.3 | $ 18.4 | $ 3.9 |
Investments in and Advances t_3
Investments in and Advances to Joint Ventures - Summary of Company's Equity Method Joint Ventures Included in Investments in and Advances (Detail) | 12 Months Ended |
Dec. 31, 2023 Property | |
Dividend Trust Portfolio JV LP [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | Chinese Institutional Investors |
Effective Ownership Percentage | 20% |
Operating Properties | 10 |
DDRM Joint Venture [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | Madison International Realty |
Effective Ownership Percentage | 20% |
Operating Properties | 2 |
RVIP IIIB, Deer Park, IL [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | Prudential |
Effective Ownership Percentage | 25.75% |
Operating Properties | 1 |
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Combined Balance Sheets | ||||
Land | $ 930,540 | $ 1,066,852 | ||
Buildings | 3,311,368 | 3,733,805 | ||
Fixtures and tenant improvements | 537,872 | 576,036 | ||
Total real estate rental property | 4,779,780 | 5,376,693 | ||
Less: Accumulated depreciation | (1,570,377) | (1,652,899) | ||
Real estate rental property, net | 3,209,403 | 3,723,794 | ||
Construction in progress and land | 51,379 | 56,466 | ||
Total real estate assets, net | 3,260,782 | 3,780,260 | ||
Other assets, net | 126,543 | 135,009 | ||
Total assets | 4,061,351 | 4,045,017 | ||
Mortgage debt | 124,176 | 54,577 | ||
Total liabilities | 1,885,808 | 1,952,395 | ||
Accumulated equity | 2,175,543 | 2,092,622 | $ 2,042,652 | $ 1,944,823 |
Total liabilities and equity | 4,061,351 | 4,045,017 | ||
Company's share of accumulated equity | 35,782 | 42,644 | ||
Basis differentials | 1,099 | (707) | ||
Deferred development fees, net of portion related to the Company's interest | (136) | (301) | ||
Investments in and Advances to Joint Ventures, net | 39,372 | 44,608 | ||
Related Party [Member] | ||||
Condensed Combined Balance Sheets | ||||
Amounts payable to the Company | 2,627 | 2,972 | ||
Unconsolidated Joint Ventures [Member] | ||||
Condensed Combined Balance Sheets | ||||
Land | 180,588 | 212,326 | ||
Buildings | 558,585 | 643,334 | ||
Fixtures and tenant improvements | 58,626 | 70,636 | ||
Total real estate rental property | 797,799 | 926,296 | ||
Less: Accumulated depreciation | (187,557) | (220,642) | ||
Real estate rental property, net | 610,242 | 705,654 | ||
Construction in progress and land | 1,616 | 1,965 | ||
Total real estate assets, net | 611,858 | 707,619 | ||
Cash and restricted cash | 41,250 | 44,809 | ||
Receivables, net | 9,847 | 11,671 | ||
Other assets, net | 25,498 | 36,272 | ||
Total assets | 688,453 | 800,371 | ||
Mortgage debt | 464,255 | 535,093 | ||
Other liabilities | 36,279 | 41,588 | ||
Total liabilities | 503,161 | 579,653 | ||
Accumulated equity | 185,292 | 220,718 | ||
Total liabilities and equity | 688,453 | 800,371 | ||
Unconsolidated Joint Ventures [Member] | Related Party [Member] | ||||
Condensed Combined Balance Sheets | ||||
Other liabilities | $ 2,627 | $ 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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Combined Statements of Operations | |||
Revenues from operations | $ 546,275 | $ 552,353 | $ 532,864 |
Expenses from operations: | |||
Operating expenses | 429,048 | 422,630 | 400,877 |
Impairment charges | 0 | 2,536 | 7,270 |
Depreciation and amortization | 212,460 | 203,546 | 185,768 |
Interest expense | 82,002 | 77,692 | 76,383 |
Other (income) expense, net | (3,189) | 2,540 | 1,185 |
Net income | 265,721 | 168,792 | 125,416 |
Company's share of equity in net income of joint ventures | 4,581 | 22,262 | 49,417 |
Basis differential adjustments(A) | 1,996 | 5,630 | (2,120) |
Equity in net income of joint ventures | 6,577 | 27,892 | 47,297 |
Unconsolidated Joint Ventures [Member] | |||
Condensed Combined Statements of Operations | |||
Revenues from operations | 92,479 | 132,494 | 195,559 |
Expenses from operations: | |||
Operating expenses | 23,903 | 35,319 | 53,391 |
Impairment charges | 0 | 17,550 | 0 |
Depreciation and amortization | 32,578 | 46,518 | 66,618 |
Interest expense | 25,601 | 34,055 | 43,379 |
Other (income) expense, net | 10,467 | 12,303 | 12,074 |
Total expenses | 92,549 | 145,745 | 175,462 |
Income (loss) before gain on disposition of real estate | (70) | (13,251) | 20,097 |
Gain on disposition of real estate, net | 21,316 | 120,097 | 89,935 |
Net income | $ 21,246 | $ 106,846 | $ 110,032 |
Investments in and Advances t_6
Investments in and Advances to Joint Ventures - Revenues Earned by Company's Unconsolidated Joint Ventures and Interest Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from contracts: | |||
Total revenue from contracts with customers | $ 6,272 | $ 10,556 | $ 38,752 |
Other | 700 | 1,000 | 1,700 |
Revenue and other income | 6,800 | 10,600 | 14,500 |
Asset and Property Management Fees [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | 5,692 | 7,720 | 10,560 |
Unconsolidated Joint Ventures [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | 6,100 | 9,600 | 12,800 |
Unconsolidated Joint Ventures [Member] | Asset and Property Management Fees [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | 5,700 | 7,700 | 10,600 |
Unconsolidated Joint Ventures [Member] | Leasing Commissions And Development Fees[Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | $ 400 | $ 1,900 | $ 2,200 |
Investments in and Advances t_7
Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ShoppingCenter | Dec. 31, 2022 USD ($) ShoppingCenter Property | Dec. 31, 2021 USD ($) ShoppingCenter Property | |
Schedule Of Equity Method Investments [Line Items] | |||
Number of properties sold | ShoppingCenter | 2 | ||
Gain on sale and change in control of interests, net | $ 3,749 | $ 45,581 | $ 19,185 |
Company's proportionate share of gain on sale of joint venture assets | $ 6,700 | $ 27,000 | $ 36,600 |
Unconsolidated Joint Ventures [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Number of properties sold | ShoppingCenter | 5 | 16 | 6 |
Gain on sale and change in control of interests, net | $ 3,300 | ||
Sales price of joint venture assets | $ 112,200 | 439,200 | $ 135,500 |
Acquisition Related Costs [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Gain on sale and change in control of interests, net | 0 | $ 3,319 | |
Richmond Hill [Member] | Acquisition Related Costs [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Gain on sale and change in control of interests, net | $ 3,700 | ||
Richmond Hill [Member] | Undeveloped Land [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Gain (loss) on sale of joint venture interest | 12,100 | ||
Net proceeds after closing costs and foreign currency translation | 22,100 | ||
Aggregate gain on transaction | 14,900 | ||
Gain reported by the joint venture | 2,800 | ||
SAU Joint Venture [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity interest percentage sold | 20% | ||
Gross asset value used for sale of interest | $ 155,700 | ||
Share of gross asset value used for sale of interest percent | 100% | ||
Lennox Town Center Joint Venture [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity interest percentage sold | 50% | ||
Gross asset value used for sale of interest | $ 77,000 | ||
Share of gross asset value used for sale of interest percent | 100% | ||
SAU and Lennox Town Center Joint Venture [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Gain (loss) on sale of joint venture interest | $ 42,200 | ||
D D R M Properties Joint Venture | |||
Schedule Of Equity Method Investments [Line Items] | |||
Gross fair value of properties acquired | $ 134,000 | ||
Estimated fair value of properties percentage | 100% | ||
Acquisition of equity interest percentage | 80% | 80% | |
Number of properties existing for mortgage loans | Property | 6 | ||
Previous ownership interest stepped up due to change in control | 20% | 20% | |
Purchase price of assets at company share | $ 35,600 | $ 107,200 | |
Mortgage debt repaid at closing | 73,900 | ||
Number of properties acquired | Property | 1 | ||
Gain on sale and change in control of interests, net | $ 7,200 |
Other Assets and Intangibles,_3
Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible assets, net: | ||
Total intangible assets | $ 68,990 | $ 87,748 |
Operating lease ROU assets | 17,373 | 18,197 |
Other assets: | ||
Loan commitment fee | 13,485 | 0 |
Prepaid expenses | 5,104 | 6,721 |
Swap Receivable | 11,115 | 8,138 |
Other assets | 2,294 | 3,491 |
Deposits | 2,857 | 3,188 |
Deferred charges, net | 5,325 | 7,526 |
Total other assets, net | 126,543 | 135,009 |
Below-market leases, net (other liabilities) | 46,096 | 59,825 |
In-Place Leases [Member] | ||
Intangible assets, net: | ||
Total intangible assets | 50,282 | 61,918 |
Above-Market Leases [Member] | ||
Intangible assets, net: | ||
Total intangible assets | 3,593 | 6,206 |
Lease origination costs [Member] | ||
Intangible assets, net: | ||
Total intangible assets | 8,249 | 8,093 |
Tenant Relationships [Member] | ||
Intangible assets, net: | ||
Total intangible assets | $ 6,866 | $ 11,531 |
Other Assets and Intangibles,_4
Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Parenthetical) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended |
Oct. 31, 2023 USD ($) Property | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | ||
Write off of below market lease termination | $ 8.6 | |
Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage facility | $ 1,100 | |
Number of properties | Property | 40 |
Other Assets and Intangibles,_5
Other Assets and Intangibles, net - Summary of Amortization Expense Related to the Intangibles, Excluding Above and Below-Market Leases (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amortization expense | $ 22.7 | $ 27.5 | $ 21.6 |
Other Assets and Intangibles,_6
Other Assets and Intangibles, net - Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Future amortization income, 2024 | $ 4 |
Future amortization income, 2025 | 4 |
Future amortization income, 2026 | 3.8 |
Future amortization income, 2027 | 3.7 |
Future amortization income, 2028 | $ 3.5 |
Other Assets and Intangibles,_7
Other Assets and Intangibles, net - Summary of Estimated Future Amortization Expense Associated with Intangible Assets, Excluding Above and Below-Market Leases (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Future amortization expense, 2024 | $ 18.1 |
Future amortization expense, 2025 | 12.7 |
Future amortization expense, 2026 | 8.8 |
Future amortization expense, 2027 | 6.3 |
Future amortization expense, 2028 | $ 4.8 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease ROU Assets and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease ROU Assets | $ 17,373 | $ 18,197 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Operating Lease Liabilities | $ 37,108 | $ 37,777 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and other liabilities | Accounts payable and other liabilities |
Leases - Schedule of Operatin_2
Leases - Schedule of Operating Lease Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | |||
Total lease costs | $ 4,512 | $ 4,809 | $ 5,050 |
Operating and Maintenance [Member] | |||
Lessee Lease Description [Line Items] | |||
Total lease costs | 2,209 | 2,596 | 2,645 |
General and Administrative [Member] | |||
Lessee Lease Description [Line Items] | |||
Total lease costs | $ 2,303 | $ 2,213 | $ 2,405 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Weighted-Average Remaining Lease Term | 35 years 1 month 6 days | 35 years 4 months 24 days |
Weighted-Average Discount Rate | 7.50% | 7.40% |
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) | $ 3,598 | $ 4,227 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 3,737 | |
2025 | 3,801 | |
2026 | 3,902 | |
2027 | 3,832 | |
2028 | 3,869 | |
Thereafter | 103,662 | |
Total lease payments | 122,803 | |
Less imputed interest | (85,695) | |
Total | $ 37,108 | $ 37,777 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2023 |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 1 month |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease term | 30 years |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Income from Rental Properties under Terms of Non-Cancelable Tenant Leases (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 336,005 |
2025 | 298,194 |
2026 | 262,979 |
2027 | 221,243 |
2028 | 163,889 |
Thereafter | 443,476 |
Total | $ 1,725,786 |
Revolving Credit Facility - Add
Revolving Credit Facility - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 0 | $ 0 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding borrowings | $ 0 | $ 0 |
Revolving Credit Facility [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
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 December 31, 2023 and 2022. | |
Unsecured Debt [Member] | Revolving Credit Facility [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Specified spread line of credit facility | 0.85% | |
Unsecured Debt [Member] | Revolving Credit Facility [Member] | Alternative Base Rate [Member] | ||
Debt Instrument [Line Items] | ||
Specified spread line of credit facility | 0% | |
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 | 0.20% | |
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 |
Unsecured and Secured Indebte_3
Unsecured and Secured Indebtedness - Summary of Unsecured and Secured Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (5,335) | |
Total Senior Notes | 1,303,243 | $ 1,453,923 |
Total Term Loan | 198,856 | 198,521 |
Mortgage Indebtedness | 124,176 | 54,577 |
Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | 1,307,100 | 1,460,000 |
Senior notes – discount, net | (1,400) | (2,300) |
Net unamortized debt issuance costs | (2,500) | (3,800) |
Total Senior Notes | $ 1,303,200 | $ 1,453,900 |
Debt Instrument Maturity Date, Start | 2025-02 | |
Debt Instrument Maturity Date, End | 2027-06 | |
Unsecured Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate | 3.625% | 3.375% |
Unsecured Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate | 4.70% | 4.70% |
Mortgages | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (1,700) | $ (300) |
Mortgage Indebtedness | 124,200 | 54,600 |
Mortgage indebtedness Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 125,900 | $ 54,900 |
Weighted average discount rate percent | 6.20% | 4.50% |
Debt Instrument Maturity Date, Start | 2025-02 | |
Debt Instrument Maturity Date, End | 2028-11 | |
Wells Fargo Bank National Association [Member] | Term Loan [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 200,000 | $ 200,000 |
Net unamortized debt issuance costs | (1,100) | (1,500) |
Total Term Loan | $ 198,900 | $ 198,500 |
Term Loan interest rates | 4% | 4% |
Debt Instrument Maturity Date | 2027-06 |
Unsecured and Secured Indebte_4
Unsecured and Secured Indebtedness - Summary of Unsecured and Secured Indebtedness (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Term Loan [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Derivative, cap interest rate | 2.75% | |
Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 3.80% | 3.50% |
Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.80% | 4.80% |
Unsecured Debt [Member] | Term Loan [Member] | Wells Fargo Bank National Association [Member] | SOFR [Member] | ||
Debt Instrument [Line Items] | ||
Specified spread line of credit | 10-basis point | |
Basis spread on variable rate, percent | 0.95% |
Unsecured and Secured Indebte_5
Unsecured and Secured Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Covenant terms | The fixed-rate senior notes were issued pursuant to indentures that contain certain covenants, including limitations on incurrence of debt, maintenance of unencumbered real estate assets and debt service coverage. The covenants also provide that the cumulative dividends declared or paid from December 31, 1993, through the end of the current period cannot exceed Funds From Operations (as defined in the agreement) plus an additional $20.0 million for the same period unless required to maintain REIT status. Interest is paid semiannually in arrears. At December 31, 2023 and 2022, the Company was in compliance with all of the financial covenants under the indentures. | |||
Covenant compliance | At December 31, 2023 and 2022, the Company was in compliance with all of the financial covenants under the indentures. | |||
Revolving credit facility | $ 0 | $ 0 | ||
Gross fees paid for revolving credit facilities and term loans | 2,100 | 2,200 | $ 2,100 | |
Mortgage Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Net book value of investments and real estate collateralizing mortgages payable | $ 119,900 | |||
Mortgage Payable [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate | 3.80% | |||
Mortgage Payable [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate | 6.70% | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 200,000 | $ 200,000 | ||
Fixed interest rate | 3.80% | 3.80% | ||
Term Loan [Member] | SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | $ 200,000 | |||
Percentage of converted fixed interest rate | 2.75% | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Revolving credit facility | $ 0 | $ 0 | ||
Revolving Credit Facility [Member] | SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Specified spread line of credit | 10 basis-point | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes, Weighted Average Interest Rate | 4.20% | 4.10% | ||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Covenant compliance | The Company was in compliance with these financial covenants at December 31, 2023 and 2022. | |||
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% | |||
Unsecured Debt [Member] | Wells Fargo Bank National Association [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, maximum increasable amount | $ 800,000 | |||
Term loan maturity date | 2027-06 | |||
Delayed draw feature amount | $ 100,000 | |||
Amount of term loan amended and restated | $ 100,000 | |||
Covenant compliance | Company was in compliance with these financial covenants at December 31, 2023 and 2022 | |||
Unsecured Debt [Member] | Wells Fargo Bank National Association [Member] | Term Loan [Member] | Alternative Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Specified spread line of credit facility | 0% | |||
Unsecured Debt [Member] | Wells Fargo Bank National Association [Member] | Term Loan [Member] | SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Specified spread line of credit facility | 0.95% | |||
Specified spread line of credit | 10-basis point |
Unsecured and Secured Indebte_6
Unsecured and Secured Indebtedness - Schedule of Principal Repayments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 684 | |
2025 | 483,508 | |
2026 | 401,003 | |
2027 | 651,581 | |
2028 | 94,633 | |
Long-term Debt | 1,631,409 | |
Unamortized fair market value of assumed debt | 201 | |
Net unamortized debt issuance costs | (5,335) | |
Total indebtedness | $ 1,626,275 | $ 1,707,021 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | $ 11.1 | $ 8.1 |
Level 1[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Financial Instruments | 11.1 | 8.1 |
Level 3 [Member] | ||
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 1,303,243 | $ 1,453,923 |
Revolving Credit Facilities and Term Loan | 198,856 | 198,521 |
Mortgage Indebtedness | 124,176 | 54,577 |
Total indebtedness | 1,626,275 | 1,707,021 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 1,278,186 | 1,378,485 |
Revolving Credit Facilities and Term Loan | 200,000 | 200,000 |
Mortgage Indebtedness | 127,749 | 51,936 |
Total indebtedness | $ 1,605,935 | $ 1,630,421 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of swap | $ 200 | $ 200 |
Fixed rate of debt | 2.75% | 2.75% |
Expiration date of swap | 2027-06 | |
Gain (loss) on derivative instruments, net | $ 3.8 | |
Swaption [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount of swap | 450 | |
Non cash income | $ 2.1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) ShoppingCenter | |
Contingencies And Commitments [Line Items] | |
Agreements entered into with general contractors for the construction or redevelopment of shopping centers | $ 6.7 |
Number of properties sold | ShoppingCenter | 2 |
Purchase order obligations for the maintenance and general expenses of shopping centers | $ 3.4 |
Outstanding letters of credit | 12.9 |
Construction and deferred maintenace obligations sold properties | $ 5.4 |
Preferred Shares, Common Shar_3
Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 20, 2022 | Dec. 31, 2018 | |
Schedule Of Equity [Line Items] | |||||||
Operating partnership units outstanding | 140,633 | 140,633 | |||||
Operating Partnership Units Redemption value | $ 1,735,000 | ||||||
Write-off of preferred share original issuance costs | $ 0 | $ 0 | $ 5,100,000 | ||||
Common share dividends declared per share | $ 0.68 | $ 0.52 | $ 0.47 | ||||
Special cash dividend declared per share | $ 0.16 | ||||||
Common shares, issued | 17,250,000 | ||||||
Weighted average common share price per share | $ 13.06 | ||||||
Net proceeds from issuance of common shares | $ 225,300,000 | ||||||
Stock repurchase program authorized amount | $ 100,000,000 | $ 100,000,000 | |||||
Shares repurchased | 500,000 | 1,500,000 | 3,200,000 | ||||
Shares Repurchased Value At Cost | $ 6,600,000 | $ 20,000,000 | $ 42,300,000 | ||||
Shares repurchased at cost | $ 26,611,000 | $ 42,256,000 | |||||
Share repurchase, price per share | $ 13.44 | $ 13.04 | |||||
Continuous Equity Program [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Dollar Value of Continuous Equity Program | $ 250,000,000 | ||||||
Forward Sale Agreement [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Common shares, issued | 2,400,000 | ||||||
Weighted-average price | $ 15.79 | ||||||
Gross proceeds from issuance of common stock | $ 38,300,000 | ||||||
Class K Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred stock, liquidation preference, value | $ 150,000,000 | ||||||
Preferred stock dividend rate | 6.25% | ||||||
Cumulative redeemable preferred shares, liquidation value | $ 500 | ||||||
Per share price of depositary share | 25 | ||||||
Redeemable preferred stock dividend per share prorated to redemption date | 7.2049 | ||||||
Redeemable preferred stock dividend per depositary share prorated to redemption date | $ 0.3602 | ||||||
Write-off of preferred share original issuance costs | $ 5,100,000 | ||||||
Class A Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Cumulative redeemable preferred shares, liquidation value | $ 500 | ||||||
Class A Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred stock dividend rate | 6.375% | 6.375% | |||||
Cumulative redeemable preferred shares, liquidation value | $ 500 | $ 500 | $ 500 | ||||
Preferred Shares, without par value | 750,000 | 750,000 | 750,000 | ||||
Class B Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class C Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class D Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class E Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class F Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class G Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class H Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class I Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class J Cumulative Redeemable Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Class K Cumulative Redeemable Preferred Stock [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Non-Cumulative Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 750,000 | ||||||
Cumulative Voting Preferred Shares [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Preferred Shares, without par value | 2,000,000 | ||||||
Paradise Village Gateway [Member] | |||||||
Schedule Of Equity [Line Items] | |||||||
Percentage of acquired partners interest | 33% | ||||||
Non controlling Interests | $ (2,100,000) | ||||||
Remaining interest acquired | $ 1,400,000 | $ 1,400,000 | $ 7,100,000 |
Preferred Shares, Common Shar_4
Preferred Shares, Common Shares and Common Shares in Treasury and Non-Controlling Interests - Common Share Dividends Declared (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Common share dividends declared per share | $ 0.68 | $ 0.52 | $ 0.47 |
Other Comprehensive Income - Ch
Other Comprehensive Income - Changes in Accumulated OCI by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 2,092,622 | $ 2,042,652 | $ 1,944,823 |
Reclassification adjustment for foreign currency translation | 0 | 0 | 2,683 |
Other comprehensive loss before reclassifications | (1) | ||
Change in cash flow hedges | 416 | 9,415 | |
Amounts reclassified from accumulated other comprehensive income to interest expense | (3,333) | (377) | |
Net current-period other comprehensive income (loss) | 9,038 | 2,682 | |
Ending Balance | 2,175,543 | 2,092,622 | 2,042,652 |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 9,038 | 0 | 0 |
Reclassification adjustment for foreign currency translation | 0 | ||
Other comprehensive loss before reclassifications | 0 | ||
Change in cash flow hedges | 416 | 9,415 | |
Amounts reclassified from accumulated other comprehensive income to interest expense | (3,333) | (377) | |
Net current-period other comprehensive income (loss) | 9,038 | 0 | |
Ending Balance | 6,121 | 9,038 | 0 |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 0 | 0 | (2,682) |
Reclassification adjustment for foreign currency translation | 2,683 | ||
Other comprehensive loss before reclassifications | (1) | ||
Change in cash flow hedges | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income to interest expense | 0 | 0 | |
Net current-period other comprehensive income (loss) | 0 | 2,682 | |
Ending Balance | 0 | 0 | 0 |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 9,038 | 0 | (2,682) |
Ending Balance | $ 6,121 | $ 9,038 | $ 0 |
Impairment Charges - Impairment
Impairment Charges - Impairment Charges on Assets or Investments (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | ||
Assets marketed for sale | $ 0 | $ 7.3 |
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | Asset Impairment Charges |
Sale of building to tenant | $ 2.5 | $ 0 |
Total impairment charges | $ 2.5 | $ 7.3 |
Impairment Charges - Impairme_2
Impairment Charges - Impairment Charges on Assets or Investments (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Offsetting Assets [Line Items] | |
Fixed price purchase option pursuant to lease agreement | $ 7 |
Impairment Charges - Impairme_3
Impairment Charges - Impairment Charges Measured at Fair Value of Real Estate on Non-Recurring Basis (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used, Total Impairment Charges | $ 0 | $ 7.3 |
Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used | 7 | 10 |
Long-lived assets held and used, Total Impairment Charges | 2.5 | 7.3 |
Fair Value Measurements [Member] | Level 1[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used | 0 | 0 |
Fair Value Measurements [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used | 0 | 0 |
Fair Value Measurements [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets held and used | $ 7 | $ 10 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans and Employee Benefits - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||||||
Share-based payments award, number of shares available for grant | 1,700,000 | |||||
Common shares issued | 100,000 | 100,000 | 100,000 | |||
Stock options outstanding | 200,000 | 200,000 | 300,000 | |||
Stock options weighted-average price | $ 27.36 | $ 27.31 | $ 26.96 | |||
RSUs [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, shares granted | 600,000 | 100,000 | 400,000 | |||
Restricted Stock [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, shares granted | 571,000 | |||||
Weighted-average fair value of the restricted stock | $ 12.48 | |||||
Total unrecognized compensation cost granted | $ 12.3 | |||||
Term of recognition of unrecognized stock option compensation cost | 1 year 8 months 12 days | |||||
Restricted Stock [Member] | Minimum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Vesting period | 3 years | |||||
Weighted-average fair value of the restricted stock | $ 7.87 | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Vesting period | 5 years | |||||
Weighted-average fair value of the restricted stock | $ 15.33 | |||||
Performance-Based Restricted Share Units (PRSUs) [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Common shares issued | 559,559 | 519,255 | 570,295 | |||
Performance-based restricted share units, description | In 2023 and 2022, the Board of Directors approved grants to the Company’s four named executive officers and one additional officer. In 2021 and 2020, the Board of Directors approved grants to the chief executive officer and the chief financial officer. And in 2019 and 2018, the Board of Directors approved grants to the chief executive officer. These PRSUs cover a “target” number of shares, subject to three-year performance periods beginning on the respective March 1 and ending after a three-year period on the respective February 28. In addition, in 2020 the Board of Directors approved grants to the chief financial officer covering a “target” number of shares, subject to one-year, and two-year performance periods beginning on March 1, 2020. | |||||
Performance-based restricted share units, fair value equity and liability awards | $ 3.9 | $ 3.9 | $ 3.3 | |||
Share based compensation arrangement by share based payment award, mark to market adjustment | $ 5.6 | |||||
Performance-Based Restricted Share Units (PRSUs) [Member] | Minimum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, target | 0% | |||||
Performance-Based Restricted Share Units (PRSUs) [Member] | Maximum [Member] | ||||||
Class Of Stock [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, target threshold | 200% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans and Employee Benefits - Activities for Unvested Restricted Stock Awards (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of awards unvested, beginning balance | shares | 733 |
Number of awards, Granted | shares | 571 |
Number of awards, Vested | shares | (242) |
Number of awards, Forfeited | shares | (13) |
Number of awards unvested, ending balance | shares | 1,049 |
Weighted-Average Grant Date Fair Value unvested, beginning balance | $ / shares | $ 11.43 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 12.48 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 12.61 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 12.43 |
Weighted-Average Grant Date Fair Value unvested, ending balance | $ / shares | $ 11.72 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Net Income (Loss) and Number of Common Shares Used in Computations of "Basic" EPS and "Diluted" EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net income | $ 265,721 | $ 168,792 | $ 125,416 |
Income attributable to non-controlling interests | (18) | (73) | (481) |
Write-off of preferred share original issuance costs | 0 | 0 | (5,156) |
Preferred dividends | (11,156) | (11,156) | (13,656) |
Earnings attributable to unvested shares and OP Units | (606) | (484) | (572) |
Net income attributable to common shareholders after allocation to participating securities | $ 253,941 | $ 157,079 | $ 105,551 |
Denominators – Number of Shares | |||
Basic – Average shares outstanding | 209,459 | 212,998 | 208,004 |
PRSUs | 162 | 744 | 973 |
Forward equity | 0 | 0 | 25 |
OP units | 0 | 141 | 141 |
Diluted – Average shares outstanding | 209,621 | 213,883 | 209,143 |
Earnings Per Share: | |||
Basic | $ 1.21 | $ 0.74 | $ 0.51 |
Diluted | $ 1.21 | $ 0.73 | $ 0.51 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Earnings Per Share [Line Items] | |||
Forward equity agreement | 2.2 | ||
Restricted Stock Awards [Member] | |||
Schedule Of Earnings Per Share [Line Items] | |||
Options to purchase common shares not included in the computation of diluted EPS | 1 | 0.7 | 0.9 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Percentage of distributed taxable income to qualify as a REIT | 90% | ||
Number of years the Company distributed sufficient taxable income in order to meet REIT distribution requirements | 3 years | ||
U.S. federal income taxes | $ 0 | $ 0 | $ 0 |
U.S. federal excise taxes | $ 0 | 0 | 0 |
Number of subsequent taxable years | 4 years | ||
Net tax payment | $ 1,800,000 | $ 600,000 | $ 600,000 |
Income Taxes - Summary of Combi
Income Taxes - Summary of Combined Activity and Taxable Activity (Detail) - TRS [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Before Income Taxes [Line Items] | |||
Book income (loss) before income taxes | $ 6,450 | $ 6,374 | $ (3,420) |
Current | 0 | 0 | 0 |
Deferred | 0 | 0 | 0 |
Total income tax expense | $ 0 | $ 0 | $ 0 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate (Detail) - TRS [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense Benefit [Line Items] | |||
Statutory Rate | 21% | 21% | 21% |
Statutory rate applied to pre-tax income (loss) | $ 1,355 | $ 1,339 | $ (718) |
Deferred tax impact of contributions of assets | 0 | (7,542) | (2,410) |
Deferred tax impact of tax rate change | 339 | 261 | (366) |
Valuation allowance (decrease) increase based on impact of tax rate change | (339) | (261) | 366 |
Valuation allowance (decrease) increase - other deferred | (1,337) | 6,094 | (1,087) |
Expiration of capital loss carryforward | 0 | 0 | 3,584 |
Other | (18) | 109 | 631 |
Total expense | $ 0 | $ 0 | $ 0 |
Effective tax rate | 0% | 0% | 0% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - TRS [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Expense Benefit [Line Items] | ||
Deferred tax assets | $ 36,056 | $ 37,735 |
Deferred tax liabilities | (139) | (142) |
Valuation allowance | (35,917) | (37,593) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Summary of Def_2
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - TRS [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense Benefit [Line Items] | ||
Net operating loss carryforwards | $ 20.5 | $ 21.6 |
Book or tax differences in joint venture investments | $ 9.8 | 10.2 |
Expiry of net operating loss carryforwards | 2024 and 2035 | |
Deferred tax assets operating loss carryforwards not expiring | $ 6.8 | $ 6.1 |
Maximum [Member] | ||
Income Tax Expense Benefit [Line Items] | ||
Deferred tax assets operating loss carryforwards taxable income limit, percentage | 80% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of GAAP Net Income (Loss) Attributable to Taxable Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
GAAP net income attributable to SITE Centers | $ 265,703 | $ 168,719 | $ 124,935 |
Book/tax differences | (57,471) | (60,732) | 476 |
Taxable income before adjustments | 208,232 | 107,987 | 125,411 |
Less: Net operating loss carryforward | (54,466) | 0 | (28,576) |
Less: Capital gains | 0 | (7,664) | 0 |
Taxable income subject to the 90% dividend requirement | $ 153,766 | $ 100,323 | $ 96,835 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of GAAP Net Income (Loss) Attributable to Taxable Income (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Percentage of distributed taxable income to qualify as a REIT | 90% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ / shares in Units, $ in Millions | 2 Months Ended | |
Jan. 12, 2024 $ / shares | Feb. 21, 2024 USD ($) ConvenienceCenter ShoppingCenter | |
Subsequent Event [Line Items] | ||
Acquisition purchase price | $ 10.7 | |
Disposal group, consideration price | 82.4 | |
Common share special dividends paid per share | $ / shares | $ 0.16 | |
Unsecured debt purchased. | 29.1 | |
Consideration paid for unsecured notes | $ 28.7 | |
Acquisition | ||
Subsequent Event [Line Items] | ||
Number of convenience shopping centers acquired | ConvenienceCenter | 1 | |
Disposition | ||
Subsequent Event [Line Items] | ||
Number of shopping centers sold | ShoppingCenter | 2 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for uncollectible accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 3,486 | $ 4,720 | $ 7,402 |
Charged to Expense | (413) | 257 | 1,051 |
Deductions | 645 | 1,491 | 3,733 |
Balance at End of Year | 2,428 | 3,486 | 4,720 |
Valuation allowance for deferred tax assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 37,593 | 31,760 | 32,481 |
Charged to Expense | 0 | 5,833 | 0 |
Deductions | 1,676 | 0 | 721 |
Balance at End of Year | $ 35,917 | $ 37,593 | $ 31,760 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 901,192 | ||
Buildings & Improvements, Initial Cost | 2,979,113 | ||
Land, Total Cost | 938,794 | ||
Buildings & Improvements, Total Cost | 3,892,365 | ||
Total Cost | 4,831,159 | ||
Accumulated Depreciation | 1,570,377 | ||
Total Cost, Net of Accumulated Depreciation | 3,260,782 | ||
Encumbrances | 125,651 | ||
The changes in Total Real Estate Assets for the three years ended December 31, are as follows: | |||
Balance at beginning of year | 5,433,159 | $ 5,238,881 | $ 4,989,388 |
Acquisitions | 156,154 | 328,898 | 215,998 |
Developments, improvements and expansions | 105,891 | 113,876 | 84,130 |
Adjustments of property carrying values (Impairments) | 0 | (2,536) | (7,270) |
Disposals(A) | (864,045) | (245,960) | (43,365) |
Balance at end of year | 4,831,159 | 5,433,159 | 5,238,881 |
The changes in Accumulated Depreciation and Amortization for the three years ended December 31, are as follows: | |||
Balance at beginning of year | 1,652,899 | 1,571,569 | 1,427,057 |
Depreciation for year | 189,785 | 176,047 | 164,200 |
Disposals | (272,307) | (94,717) | (19,688) |
Balance at end of year | 1,570,377 | $ 1,652,899 | $ 1,571,569 |
Chandler, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | 1,417 | ||
Buildings & Improvements, Initial Cost | 3,490 | ||
Land, Total Cost | 1,417 | ||
Buildings & Improvements, Total Cost | 3,497 | ||
Total Cost | 4,914 | ||
Accumulated Depreciation | 187 | ||
Total Cost, Net of Accumulated Depreciation | 4,727 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Mesa, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,486 | ||
Buildings & Improvements, Initial Cost | 3,202 | ||
Land, Total Cost | 1,486 | ||
Buildings & Improvements, Total Cost | 3,202 | ||
Total Cost | 4,688 | ||
Accumulated Depreciation | 160 | ||
Total Cost, Net of Accumulated Depreciation | 4,528 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Peoria, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,048 | ||
Buildings & Improvements, Initial Cost | 16,918 | ||
Land, Total Cost | 11,048 | ||
Buildings & Improvements, Total Cost | 16,918 | ||
Total Cost | 27,966 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 27,966 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Phoenix, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,701 | ||
Buildings & Improvements, Initial Cost | 18,929 | ||
Land, Total Cost | 18,701 | ||
Buildings & Improvements, Total Cost | 26,768 | ||
Total Cost | 45,469 | ||
Accumulated Depreciation | 14,467 | ||
Total Cost, Net of Accumulated Depreciation | 31,002 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1999 | ||
Phoenix, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,352 | ||
Buildings & Improvements, Initial Cost | 24,414 | ||
Land, Total Cost | 15,352 | ||
Buildings & Improvements, Total Cost | 31,287 | ||
Total Cost | 46,639 | ||
Accumulated Depreciation | 20,522 | ||
Total Cost, Net of Accumulated Depreciation | 26,117 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Phoenix, AZ (Peoria) [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,090 | ||
Buildings & Improvements, Initial Cost | 36,880 | ||
Land, Total Cost | 18,399 | ||
Buildings & Improvements, Total Cost | 48,787 | ||
Total Cost | 67,186 | ||
Accumulated Depreciation | 18,672 | ||
Total Cost, Net of Accumulated Depreciation | 48,514 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2012 | ||
Scottsdale, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,424 | ||
Buildings & Improvements, Initial Cost | 7,684 | ||
Land, Total Cost | 6,424 | ||
Buildings & Improvements, Total Cost | 7,697 | ||
Total Cost | 14,121 | ||
Accumulated Depreciation | 547 | ||
Total Cost, Net of Accumulated Depreciation | 13,574 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Scottsdale, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,756 | ||
Buildings & Improvements, Initial Cost | 4,404 | ||
Land, Total Cost | 1,756 | ||
Buildings & Improvements, Total Cost | 4,404 | ||
Total Cost | 6,160 | ||
Accumulated Depreciation | 240 | ||
Total Cost, Net of Accumulated Depreciation | 5,920 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Tempe, AZ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,451 | ||
Buildings & Improvements, Initial Cost | 4,640 | ||
Land, Total Cost | 2,451 | ||
Buildings & Improvements, Total Cost | 4,660 | ||
Total Cost | 7,111 | ||
Accumulated Depreciation | 262 | ||
Total Cost, Net of Accumulated Depreciation | 6,849 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Fontana, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,861 | ||
Buildings & Improvements, Initial Cost | 57,931 | ||
Land, Total Cost | 23,861 | ||
Buildings & Improvements, Total Cost | 64,928 | ||
Total Cost | 88,789 | ||
Accumulated Depreciation | 21,122 | ||
Total Cost, Net of Accumulated Depreciation | 67,667 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
Lafayette, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 21,431 | ||
Buildings & Improvements, Initial Cost | 36,076 | ||
Land, Total Cost | 21,432 | ||
Buildings & Improvements, Total Cost | 36,086 | ||
Total Cost | 57,518 | ||
Accumulated Depreciation | 2,170 | ||
Total Cost, Net of Accumulated Depreciation | 55,348 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Lafayette, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,808 | ||
Buildings & Improvements, Initial Cost | 32,751 | ||
Land, Total Cost | 6,808 | ||
Buildings & Improvements, Total Cost | 33,282 | ||
Total Cost | 40,090 | ||
Accumulated Depreciation | 1,990 | ||
Total Cost, Net of Accumulated Depreciation | 38,100 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Long Beach, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 147,918 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 200,646 | ||
Total Cost | 200,646 | ||
Accumulated Depreciation | 122,069 | ||
Total Cost, Net of Accumulated Depreciation | 78,577 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2005 | ||
Oakland, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,361 | ||
Buildings & Improvements, Initial Cost | 33,538 | ||
Land, Total Cost | 4,361 | ||
Buildings & Improvements, Total Cost | 33,538 | ||
Total Cost | 37,899 | ||
Accumulated Depreciation | 11,787 | ||
Total Cost, Net of Accumulated Depreciation | 26,112 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Roseville, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,400 | ||
Buildings & Improvements, Initial Cost | 59,109 | ||
Land, Total Cost | 18,400 | ||
Buildings & Improvements, Total Cost | 59,886 | ||
Total Cost | 78,286 | ||
Accumulated Depreciation | 18,554 | ||
Total Cost, Net of Accumulated Depreciation | 59,732 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
Roseville, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,174 | ||
Buildings & Improvements, Initial Cost | 7,923 | ||
Land, Total Cost | 5,174 | ||
Buildings & Improvements, Total Cost | 8,586 | ||
Total Cost | 13,760 | ||
Accumulated Depreciation | 2,641 | ||
Total Cost, Net of Accumulated Depreciation | 11,119 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
Centennial, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,833 | ||
Buildings & Improvements, Initial Cost | 35,550 | ||
Land, Total Cost | 9,075 | ||
Buildings & Improvements, Total Cost | 72,613 | ||
Total Cost | 81,688 | ||
Accumulated Depreciation | 51,774 | ||
Total Cost, Net of Accumulated Depreciation | 29,914 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1997 | ||
Colorado Springs, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,890 | ||
Buildings & Improvements, Initial Cost | 25,531 | ||
Land, Total Cost | 4,890 | ||
Buildings & Improvements, Total Cost | 34,325 | ||
Total Cost | 39,215 | ||
Accumulated Depreciation | 15,384 | ||
Total Cost, Net of Accumulated Depreciation | 23,831 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2011 | ||
Colorado Springs, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,111 | ||
Buildings & Improvements, Initial Cost | 22,140 | ||
Land, Total Cost | 4,111 | ||
Buildings & Improvements, Total Cost | 28,211 | ||
Total Cost | 32,322 | ||
Accumulated Depreciation | 8,860 | ||
Total Cost, Net of Accumulated Depreciation | 23,462 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2011 | ||
Denver, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 20,733 | ||
Buildings & Improvements, Initial Cost | 22,818 | ||
Land, Total Cost | 20,804 | ||
Buildings & Improvements, Total Cost | 34,203 | ||
Total Cost | 55,007 | ||
Accumulated Depreciation | 18,802 | ||
Total Cost, Net of Accumulated Depreciation | 36,205 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Denver, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,222 | ||
Buildings & Improvements, Initial Cost | 4,305 | ||
Land, Total Cost | 1,223 | ||
Buildings & Improvements, Total Cost | 4,490 | ||
Total Cost | 5,713 | ||
Accumulated Depreciation | 182 | ||
Total Cost, Net of Accumulated Depreciation | 5,531 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Parker, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,233 | ||
Buildings & Improvements, Initial Cost | 16,744 | ||
Land, Total Cost | 4,233 | ||
Buildings & Improvements, Total Cost | 17,982 | ||
Total Cost | 22,215 | ||
Accumulated Depreciation | 5,857 | ||
Total Cost, Net of Accumulated Depreciation | 16,358 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Parker, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 398 | ||
Buildings & Improvements, Initial Cost | 21,512 | ||
Land, Total Cost | 398 | ||
Buildings & Improvements, Total Cost | 26,027 | ||
Total Cost | 26,425 | ||
Accumulated Depreciation | 8,304 | ||
Total Cost, Net of Accumulated Depreciation | 18,121 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Parker, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,474 | ||
Buildings & Improvements, Initial Cost | 7,842 | ||
Land, Total Cost | 2,456 | ||
Buildings & Improvements, Total Cost | 7,842 | ||
Total Cost | 10,298 | ||
Accumulated Depreciation | 299 | ||
Total Cost, Net of Accumulated Depreciation | 9,999 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Guilford, CT [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,588 | ||
Buildings & Improvements, Initial Cost | 41,892 | ||
Land, Total Cost | 6,457 | ||
Buildings & Improvements, Total Cost | 64,913 | ||
Total Cost | 71,370 | ||
Accumulated Depreciation | 16,463 | ||
Total Cost, Net of Accumulated Depreciation | 54,907 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2015 | ||
Boca Raton, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,120 | ||
Buildings & Improvements, Initial Cost | 58,982 | ||
Land, Total Cost | 23,120 | ||
Buildings & Improvements, Total Cost | 62,223 | ||
Total Cost | 85,343 | ||
Accumulated Depreciation | 3,599 | ||
Total Cost, Net of Accumulated Depreciation | 81,744 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Boynton Beach, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,048 | ||
Buildings & Improvements, Initial Cost | 9,256 | ||
Land, Total Cost | 6,048 | ||
Buildings & Improvements, Total Cost | 10,881 | ||
Total Cost | 16,929 | ||
Accumulated Depreciation | 1,163 | ||
Total Cost, Net of Accumulated Depreciation | 15,766 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Brandon, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 0 | ||
Buildings & Improvements, Initial Cost | 4,111 | ||
Land, Total Cost | 0 | ||
Buildings & Improvements, Total Cost | 27,783 | ||
Total Cost | 27,783 | ||
Accumulated Depreciation | 6,140 | ||
Total Cost, Net of Accumulated Depreciation | 21,643 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1972 | ||
Brandon, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,938 | ||
Buildings & Improvements, Initial Cost | 13,685 | ||
Land, Total Cost | 2,938 | ||
Buildings & Improvements, Total Cost | 20,448 | ||
Total Cost | 23,386 | ||
Accumulated Depreciation | 5,863 | ||
Total Cost, Net of Accumulated Depreciation | 17,523 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Casselberry, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,336 | ||
Buildings & Improvements, Initial Cost | 30,349 | ||
Land, Total Cost | 10,336 | ||
Buildings & Improvements, Total Cost | 30,788 | ||
Total Cost | 41,124 | ||
Accumulated Depreciation | 2,823 | ||
Total Cost, Net of Accumulated Depreciation | 38,301 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Delray Beach, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,664 | ||
Buildings & Improvements, Initial Cost | 26,006 | ||
Land, Total Cost | 12,664 | ||
Buildings & Improvements, Total Cost | 26,228 | ||
Total Cost | 38,892 | ||
Accumulated Depreciation | 2,404 | ||
Total Cost, Net of Accumulated Depreciation | 36,488 | ||
Encumbrances | $ 16,551 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Estero, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,504 | ||
Buildings & Improvements, Initial Cost | 13,286 | ||
Land, Total Cost | 3,504 | ||
Buildings & Improvements, Total Cost | 13,300 | ||
Total Cost | 16,804 | ||
Accumulated Depreciation | 84 | ||
Total Cost, Net of Accumulated Depreciation | 16,720 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Fort Walton Beach, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,643 | ||
Buildings & Improvements, Initial Cost | 5,612 | ||
Land, Total Cost | 3,462 | ||
Buildings & Improvements, Total Cost | 6,244 | ||
Total Cost | 9,706 | ||
Accumulated Depreciation | 1,358 | ||
Total Cost, Net of Accumulated Depreciation | 8,348 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Jupiter, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,764 | ||
Buildings & Improvements, Initial Cost | 20,051 | ||
Land, Total Cost | 8,764 | ||
Buildings & Improvements, Total Cost | 21,873 | ||
Total Cost | 30,637 | ||
Accumulated Depreciation | 2,431 | ||
Total Cost, Net of Accumulated Depreciation | 28,206 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Miami, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,626 | ||
Buildings & Improvements, Initial Cost | 30,457 | ||
Land, Total Cost | 26,743 | ||
Buildings & Improvements, Total Cost | 122,827 | ||
Total Cost | 149,570 | ||
Accumulated Depreciation | 63,939 | ||
Total Cost, Net of Accumulated Depreciation | 85,631 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2006 | ||
Naples, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,172 | ||
Buildings & Improvements, Initial Cost | 39,342 | ||
Land, Total Cost | 10,172 | ||
Buildings & Improvements, Total Cost | 44,674 | ||
Total Cost | 54,846 | ||
Accumulated Depreciation | 14,857 | ||
Total Cost, Net of Accumulated Depreciation | 39,989 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Orlando, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,528 | ||
Buildings & Improvements, Initial Cost | 56,684 | ||
Land, Total Cost | 13,057 | ||
Buildings & Improvements, Total Cost | 82,511 | ||
Total Cost | 95,568 | ||
Accumulated Depreciation | 19,734 | ||
Total Cost, Net of Accumulated Depreciation | 75,834 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2016 | ||
Orlando, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,451 | ||
Buildings & Improvements, Initial Cost | 16,424 | ||
Land, Total Cost | 9,451 | ||
Buildings & Improvements, Total Cost | 16,906 | ||
Total Cost | 26,357 | ||
Accumulated Depreciation | 1,875 | ||
Total Cost, Net of Accumulated Depreciation | 24,482 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Palm Harbor, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,137 | ||
Buildings & Improvements, Initial Cost | 4,089 | ||
Land, Total Cost | 1,137 | ||
Buildings & Improvements, Total Cost | 5,799 | ||
Total Cost | 6,936 | ||
Accumulated Depreciation | 4,581 | ||
Total Cost, Net of Accumulated Depreciation | 2,355 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1995 | ||
Plantation, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 21,729 | ||
Buildings & Improvements, Initial Cost | 37,331 | ||
Land, Total Cost | 22,112 | ||
Buildings & Improvements, Total Cost | 98,371 | ||
Total Cost | 120,483 | ||
Accumulated Depreciation | 55,988 | ||
Total Cost, Net of Accumulated Depreciation | 64,495 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Tamarac, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 16,730 | ||
Buildings & Improvements, Initial Cost | 22,139 | ||
Land, Total Cost | 16,730 | ||
Buildings & Improvements, Total Cost | 23,388 | ||
Total Cost | 40,118 | ||
Accumulated Depreciation | 2,561 | ||
Total Cost, Net of Accumulated Depreciation | 37,557 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Tampa, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,000 | ||
Buildings & Improvements, Initial Cost | 10,907 | ||
Land, Total Cost | 10,000 | ||
Buildings & Improvements, Total Cost | 11,355 | ||
Total Cost | 21,355 | ||
Accumulated Depreciation | 1,647 | ||
Total Cost, Net of Accumulated Depreciation | 19,708 | ||
Encumbrances | $ 9,100 | ||
Date of Construction (C) Acquisition (A) | 2019 | ||
Winter Garden, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 38,945 | ||
Buildings & Improvements, Initial Cost | 130,382 | ||
Land, Total Cost | 38,945 | ||
Buildings & Improvements, Total Cost | 141,806 | ||
Total Cost | 180,751 | ||
Accumulated Depreciation | 50,792 | ||
Total Cost, Net of Accumulated Depreciation | 129,959 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Alpharetta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,370 | ||
Buildings & Improvements, Initial Cost | 3,003 | ||
Land, Total Cost | 1,370 | ||
Buildings & Improvements, Total Cost | 3,007 | ||
Total Cost | 4,377 | ||
Accumulated Depreciation | 202 | ||
Total Cost, Net of Accumulated Depreciation | 4,175 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Alpharetta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,489 | ||
Buildings & Improvements, Initial Cost | 7,489 | ||
Land, Total Cost | 1,490 | ||
Buildings & Improvements, Total Cost | 7,542 | ||
Total Cost | 9,032 | ||
Accumulated Depreciation | 189 | ||
Total Cost, Net of Accumulated Depreciation | 8,843 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Atlanta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,078 | ||
Buildings & Improvements, Initial Cost | 41,050 | ||
Land, Total Cost | 14,078 | ||
Buildings & Improvements, Total Cost | 48,529 | ||
Total Cost | 62,607 | ||
Accumulated Depreciation | 22,465 | ||
Total Cost, Net of Accumulated Depreciation | 40,142 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2009 | ||
Atlanta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,358 | ||
Buildings & Improvements, Initial Cost | 17,103 | ||
Land, Total Cost | 12,365 | ||
Buildings & Improvements, Total Cost | 17,590 | ||
Total Cost | 29,955 | ||
Accumulated Depreciation | 1,579 | ||
Total Cost, Net of Accumulated Depreciation | 28,376 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Atlanta, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,719 | ||
Buildings & Improvements, Initial Cost | 5,379 | ||
Land, Total Cost | 2,719 | ||
Buildings & Improvements, Total Cost | 5,406 | ||
Total Cost | 8,125 | ||
Accumulated Depreciation | 301 | ||
Total Cost, Net of Accumulated Depreciation | 7,824 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Cumming, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,249 | ||
Buildings & Improvements, Initial Cost | 23,653 | ||
Land, Total Cost | 14,249 | ||
Buildings & Improvements, Total Cost | 30,366 | ||
Total Cost | 44,615 | ||
Accumulated Depreciation | 18,962 | ||
Total Cost, Net of Accumulated Depreciation | 25,653 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Cumming, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,851 | ||
Buildings & Improvements, Initial Cost | 49,659 | ||
Land, Total Cost | 6,851 | ||
Buildings & Improvements, Total Cost | 53,679 | ||
Total Cost | 60,530 | ||
Accumulated Depreciation | 18,676 | ||
Total Cost, Net of Accumulated Depreciation | 41,854 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Douglasville, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,839 | ||
Buildings & Improvements, Initial Cost | 5,511 | ||
Land, Total Cost | 2,839 | ||
Buildings & Improvements, Total Cost | 7,582 | ||
Total Cost | 10,421 | ||
Accumulated Depreciation | 2,027 | ||
Total Cost, Net of Accumulated Depreciation | 8,394 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2018 | ||
Kennesaw, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,819 | ||
Buildings & Improvements, Initial Cost | 10,807 | ||
Land, Total Cost | 3,826 | ||
Buildings & Improvements, Total Cost | 11,007 | ||
Total Cost | 14,833 | ||
Accumulated Depreciation | 293 | ||
Total Cost, Net of Accumulated Depreciation | 14,540 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Roswell, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,566 | ||
Buildings & Improvements, Initial Cost | 15,005 | ||
Land, Total Cost | 7,894 | ||
Buildings & Improvements, Total Cost | 29,833 | ||
Total Cost | 37,727 | ||
Accumulated Depreciation | 15,546 | ||
Total Cost, Net of Accumulated Depreciation | 22,181 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Snellville, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,077 | ||
Buildings & Improvements, Initial Cost | 2,217 | ||
Land, Total Cost | 4,079 | ||
Buildings & Improvements, Total Cost | 2,217 | ||
Total Cost | 6,296 | ||
Accumulated Depreciation | 13 | ||
Total Cost, Net of Accumulated Depreciation | 6,283 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Snellville, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,185 | ||
Buildings & Improvements, Initial Cost | 51,815 | ||
Land, Total Cost | 7,859 | ||
Buildings & Improvements, Total Cost | 53,133 | ||
Total Cost | 60,992 | ||
Accumulated Depreciation | 31,635 | ||
Total Cost, Net of Accumulated Depreciation | 29,357 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Suwanee, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 13,479 | ||
Buildings & Improvements, Initial Cost | 23,923 | ||
Land, Total Cost | 13,335 | ||
Buildings & Improvements, Total Cost | 39,257 | ||
Total Cost | 52,592 | ||
Accumulated Depreciation | 22,469 | ||
Total Cost, Net of Accumulated Depreciation | 30,123 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Chicago, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 22,642 | ||
Buildings & Improvements, Initial Cost | 82,754 | ||
Land, Total Cost | 22,642 | ||
Buildings & Improvements, Total Cost | 85,082 | ||
Total Cost | 107,724 | ||
Accumulated Depreciation | 27,404 | ||
Total Cost, Net of Accumulated Depreciation | 80,320 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
Chicago, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,588 | ||
Buildings & Improvements, Initial Cost | 45,632 | ||
Land, Total Cost | 23,588 | ||
Buildings & Improvements, Total Cost | 46,026 | ||
Total Cost | 69,614 | ||
Accumulated Depreciation | 12,083 | ||
Total Cost, Net of Accumulated Depreciation | 57,531 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2017 | ||
Schaumburg, IL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 27,466 | ||
Buildings & Improvements, Initial Cost | 84,679 | ||
Land, Total Cost | 21,736 | ||
Buildings & Improvements, Total Cost | 83,667 | ||
Total Cost | 105,403 | ||
Accumulated Depreciation | 28,716 | ||
Total Cost, Net of Accumulated Depreciation | 76,687 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Timonium, MD [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,380 | ||
Buildings & Improvements, Initial Cost | 9,921 | ||
Land, Total Cost | 4,366 | ||
Buildings & Improvements, Total Cost | 9,957 | ||
Total Cost | 14,323 | ||
Accumulated Depreciation | 363 | ||
Total Cost, Net of Accumulated Depreciation | 13,960 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Framingham, MA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,173 | ||
Buildings & Improvements, Initial Cost | 208 | ||
Land, Total Cost | 5,173 | ||
Buildings & Improvements, Total Cost | 5,982 | ||
Total Cost | 11,155 | ||
Accumulated Depreciation | 188 | ||
Total Cost, Net of Accumulated Depreciation | 10,967 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Brentwood, MO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,018 | ||
Buildings & Improvements, Initial Cost | 32,053 | ||
Land, Total Cost | 10,018 | ||
Buildings & Improvements, Total Cost | 41,264 | ||
Total Cost | 51,282 | ||
Accumulated Depreciation | 29,585 | ||
Total Cost, Net of Accumulated Depreciation | 21,697 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1998 | ||
East Hanover, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,847 | ||
Buildings & Improvements, Initial Cost | 23,798 | ||
Land, Total Cost | 3,847 | ||
Buildings & Improvements, Total Cost | 29,961 | ||
Total Cost | 33,808 | ||
Accumulated Depreciation | 16,564 | ||
Total Cost, Net of Accumulated Depreciation | 17,244 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Edgewater, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,714 | ||
Buildings & Improvements, Initial Cost | 30,473 | ||
Land, Total Cost | 7,714 | ||
Buildings & Improvements, Total Cost | 48,040 | ||
Total Cost | 55,754 | ||
Accumulated Depreciation | 19,562 | ||
Total Cost, Net of Accumulated Depreciation | 36,192 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Freehold, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,460 | ||
Buildings & Improvements, Initial Cost | 2,475 | ||
Land, Total Cost | 3,166 | ||
Buildings & Improvements, Total Cost | 3,882 | ||
Total Cost | 7,048 | ||
Accumulated Depreciation | 1,826 | ||
Total Cost, Net of Accumulated Depreciation | 5,222 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2005 | ||
Hamilton, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,039 | ||
Buildings & Improvements, Initial Cost | 49,896 | ||
Land, Total Cost | 10,014 | ||
Buildings & Improvements, Total Cost | 99,766 | ||
Total Cost | 109,780 | ||
Accumulated Depreciation | 56,681 | ||
Total Cost, Net of Accumulated Depreciation | 53,099 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Princeton, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 17,991 | ||
Buildings & Improvements, Initial Cost | 82,063 | ||
Land, Total Cost | 18,998 | ||
Buildings & Improvements, Total Cost | 124,748 | ||
Total Cost | 143,746 | ||
Accumulated Depreciation | 80,008 | ||
Total Cost, Net of Accumulated Depreciation | 63,738 | ||
Encumbrances | $ 100,000 | ||
Date of Construction (C) Acquisition (A) | 1997 | ||
Voorhees, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,350 | ||
Buildings & Improvements, Initial Cost | 1,837 | ||
Land, Total Cost | 1,350 | ||
Buildings & Improvements, Total Cost | 6,259 | ||
Total Cost | 7,609 | ||
Accumulated Depreciation | 761 | ||
Total Cost, Net of Accumulated Depreciation | 6,848 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Hempstead, NY [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 26,487 | ||
Buildings & Improvements, Initial Cost | 14,418 | ||
Land, Total Cost | 26,479 | ||
Buildings & Improvements, Total Cost | 15,068 | ||
Total Cost | 41,547 | ||
Accumulated Depreciation | 1,848 | ||
Total Cost, Net of Accumulated Depreciation | 39,699 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,224 | ||
Buildings & Improvements, Initial Cost | 82,124 | ||
Land, Total Cost | 11,173 | ||
Buildings & Improvements, Total Cost | 102,096 | ||
Total Cost | 113,269 | ||
Accumulated Depreciation | 37,888 | ||
Total Cost, Net of Accumulated Depreciation | 75,381 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2012 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,808 | ||
Buildings & Improvements, Initial Cost | 30,392 | ||
Land, Total Cost | 6,957 | ||
Buildings & Improvements, Total Cost | 46,732 | ||
Total Cost | 53,689 | ||
Accumulated Depreciation | 15,280 | ||
Total Cost, Net of Accumulated Depreciation | 38,409 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,792 | ||
Buildings & Improvements, Initial Cost | 0 | ||
Land, Total Cost | 1,792 | ||
Buildings & Improvements, Total Cost | 7,792 | ||
Total Cost | 9,584 | ||
Accumulated Depreciation | 1,289 | ||
Total Cost, Net of Accumulated Depreciation | 8,295 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2017 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,911 | ||
Buildings & Improvements, Initial Cost | 6,892 | ||
Land, Total Cost | 1,904 | ||
Buildings & Improvements, Total Cost | 6,892 | ||
Total Cost | 8,796 | ||
Accumulated Depreciation | 43 | ||
Total Cost, Net of Accumulated Depreciation | 8,753 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Cornelius, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,382 | ||
Buildings & Improvements, Initial Cost | 15,184 | ||
Land, Total Cost | 4,190 | ||
Buildings & Improvements, Total Cost | 29,159 | ||
Total Cost | 33,349 | ||
Accumulated Depreciation | 12,672 | ||
Total Cost, Net of Accumulated Depreciation | 20,677 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Cincinnati, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 19,572 | ||
Buildings & Improvements, Initial Cost | 54,495 | ||
Land, Total Cost | 19,572 | ||
Buildings & Improvements, Total Cost | 81,230 | ||
Total Cost | 100,802 | ||
Accumulated Depreciation | 26,188 | ||
Total Cost, Net of Accumulated Depreciation | 74,614 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
Columbus, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 12,922 | ||
Buildings & Improvements, Initial Cost | 46,006 | ||
Land, Total Cost | 14,078 | ||
Buildings & Improvements, Total Cost | 73,299 | ||
Total Cost | 87,377 | ||
Accumulated Depreciation | 54,616 | ||
Total Cost, Net of Accumulated Depreciation | 32,761 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1998 | ||
Columbus, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 18,716 | ||
Buildings & Improvements, Initial Cost | 64,617 | ||
Land, Total Cost | 20,666 | ||
Buildings & Improvements, Total Cost | 76,279 | ||
Total Cost | 96,945 | ||
Accumulated Depreciation | 28,930 | ||
Total Cost, Net of Accumulated Depreciation | 68,015 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2011 | ||
Stow, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 993 | ||
Buildings & Improvements, Initial Cost | 9,028 | ||
Land, Total Cost | 993 | ||
Buildings & Improvements, Total Cost | 48,267 | ||
Total Cost | 49,260 | ||
Accumulated Depreciation | 29,824 | ||
Total Cost, Net of Accumulated Depreciation | 19,436 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1969 | ||
Portland, OR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 20,208 | ||
Buildings & Improvements, Initial Cost | 50,738 | ||
Land, Total Cost | 20,208 | ||
Buildings & Improvements, Total Cost | 66,808 | ||
Total Cost | 87,016 | ||
Accumulated Depreciation | 28,844 | ||
Total Cost, Net of Accumulated Depreciation | 58,172 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2012 | ||
Portland, OR [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,122 | ||
Buildings & Improvements, Initial Cost | 37,457 | ||
Land, Total Cost | 10,122 | ||
Buildings & Improvements, Total Cost | 38,455 | ||
Total Cost | 48,577 | ||
Accumulated Depreciation | 5,653 | ||
Total Cost, Net of Accumulated Depreciation | 42,924 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2019 | ||
Easton, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,691 | ||
Buildings & Improvements, Initial Cost | 20,405 | ||
Land, Total Cost | 7,691 | ||
Buildings & Improvements, Total Cost | 21,412 | ||
Total Cost | 29,103 | ||
Accumulated Depreciation | 3,280 | ||
Total Cost, Net of Accumulated Depreciation | 25,823 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Brentwood, TN [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,101 | ||
Buildings & Improvements, Initial Cost | 25,956 | ||
Land, Total Cost | 6,101 | ||
Buildings & Improvements, Total Cost | 28,192 | ||
Total Cost | 34,293 | ||
Accumulated Depreciation | 9,931 | ||
Total Cost, Net of Accumulated Depreciation | 24,362 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Austin, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,000 | ||
Buildings & Improvements, Initial Cost | 8,838 | ||
Land, Total Cost | 5,521 | ||
Buildings & Improvements, Total Cost | 8,272 | ||
Total Cost | 13,793 | ||
Accumulated Depreciation | 106 | ||
Total Cost, Net of Accumulated Depreciation | 13,687 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Highland Village, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,545 | ||
Buildings & Improvements, Initial Cost | 28,365 | ||
Land, Total Cost | 5,524 | ||
Buildings & Improvements, Total Cost | 30,827 | ||
Total Cost | 36,351 | ||
Accumulated Depreciation | 12,088 | ||
Total Cost, Net of Accumulated Depreciation | 24,263 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Houston, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,743 | ||
Buildings & Improvements, Initial Cost | 18,506 | ||
Land, Total Cost | 2,743 | ||
Buildings & Improvements, Total Cost | 18,458 | ||
Total Cost | 21,201 | ||
Accumulated Depreciation | 1,011 | ||
Total Cost, Net of Accumulated Depreciation | 20,190 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Houston, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,189 | ||
Buildings & Improvements, Initial Cost | 6,531 | ||
Land, Total Cost | 15,204 | ||
Buildings & Improvements, Total Cost | 6,541 | ||
Total Cost | 21,745 | ||
Accumulated Depreciation | 184 | ||
Total Cost, Net of Accumulated Depreciation | 21,561 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Houston, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,141 | ||
Buildings & Improvements, Initial Cost | 6,689 | ||
Land, Total Cost | 2,141 | ||
Buildings & Improvements, Total Cost | 6,881 | ||
Total Cost | 9,022 | ||
Accumulated Depreciation | 62 | ||
Total Cost, Net of Accumulated Depreciation | 8,960 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Round Rock, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,467 | ||
Buildings & Improvements, Initial Cost | 8,839 | ||
Land, Total Cost | 3,467 | ||
Buildings & Improvements, Total Cost | 9,533 | ||
Total Cost | 13,000 | ||
Accumulated Depreciation | 1,421 | ||
Total Cost, Net of Accumulated Depreciation | 11,579 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2019 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,882 | ||
Buildings & Improvements, Initial Cost | 37,327 | ||
Land, Total Cost | 4,280 | ||
Buildings & Improvements, Total Cost | 55,567 | ||
Total Cost | 59,847 | ||
Accumulated Depreciation | 35,474 | ||
Total Cost, Net of Accumulated Depreciation | 24,373 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2002 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 5,602 | ||
Buildings & Improvements, Initial Cost | 39,196 | ||
Land, Total Cost | 10,158 | ||
Buildings & Improvements, Total Cost | 120,934 | ||
Total Cost | 131,092 | ||
Accumulated Depreciation | 58,868 | ||
Total Cost, Net of Accumulated Depreciation | 72,224 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 594 | ||
Buildings & Improvements, Initial Cost | 0 | ||
Land, Total Cost | 594 | ||
Buildings & Improvements, Total Cost | 0 | ||
Total Cost | 594 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 594 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Charlottesville, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,181 | ||
Buildings & Improvements, Initial Cost | 6,571 | ||
Land, Total Cost | 2,181 | ||
Buildings & Improvements, Total Cost | 6,657 | ||
Total Cost | 8,838 | ||
Accumulated Depreciation | 593 | ||
Total Cost, Net of Accumulated Depreciation | 8,245 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Charlottesville, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,400 | ||
Buildings & Improvements, Initial Cost | 2,537 | ||
Land, Total Cost | 1,396 | ||
Buildings & Improvements, Total Cost | 2,537 | ||
Total Cost | 3,933 | ||
Accumulated Depreciation | 168 | ||
Total Cost, Net of Accumulated Depreciation | 3,765 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Fairfax, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,681 | ||
Buildings & Improvements, Initial Cost | 68,536 | ||
Land, Total Cost | 15,681 | ||
Buildings & Improvements, Total Cost | 72,131 | ||
Total Cost | 87,812 | ||
Accumulated Depreciation | 24,199 | ||
Total Cost, Net of Accumulated Depreciation | 63,613 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Fairfax, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,377 | ||
Buildings & Improvements, Initial Cost | 10,868 | ||
Land, Total Cost | 4,377 | ||
Buildings & Improvements, Total Cost | 11,357 | ||
Total Cost | 15,734 | ||
Accumulated Depreciation | 592 | ||
Total Cost, Net of Accumulated Depreciation | 15,142 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Fairfax, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,830 | ||
Buildings & Improvements, Initial Cost | 6,206 | ||
Land, Total Cost | 1,830 | ||
Buildings & Improvements, Total Cost | 6,227 | ||
Total Cost | 8,057 | ||
Accumulated Depreciation | 345 | ||
Total Cost, Net of Accumulated Depreciation | 7,712 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Fairfax, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,532 | ||
Buildings & Improvements, Initial Cost | 5,221 | ||
Land, Total Cost | 4,532 | ||
Buildings & Improvements, Total Cost | 5,587 | ||
Total Cost | 10,119 | ||
Accumulated Depreciation | 333 | ||
Total Cost, Net of Accumulated Depreciation | 9,786 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2022 | ||
Midlothian, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 634 | ||
Buildings & Improvements, Initial Cost | 3,499 | ||
Land, Total Cost | 633 | ||
Buildings & Improvements, Total Cost | 3,499 | ||
Total Cost | 4,132 | ||
Accumulated Depreciation | 49 | ||
Total Cost, Net of Accumulated Depreciation | 4,083 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2023 | ||
Richmond, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 7,331 | ||
Buildings & Improvements, Initial Cost | 49,278 | ||
Land, Total Cost | 7,330 | ||
Buildings & Improvements, Total Cost | 52,428 | ||
Total Cost | 59,758 | ||
Accumulated Depreciation | 5,785 | ||
Total Cost, Net of Accumulated Depreciation | 53,973 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Richmond, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,879 | ||
Buildings & Improvements, Initial Cost | 34,736 | ||
Land, Total Cost | 11,879 | ||
Buildings & Improvements, Total Cost | 37,852 | ||
Total Cost | 49,731 | ||
Accumulated Depreciation | 20,251 | ||
Total Cost, Net of Accumulated Depreciation | 29,480 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Springfield, VA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 17,016 | ||
Buildings & Improvements, Initial Cost | 40,038 | ||
Land, Total Cost | 17,016 | ||
Buildings & Improvements, Total Cost | 45,448 | ||
Total Cost | 62,464 | ||
Accumulated Depreciation | 24,166 | ||
Total Cost, Net of Accumulated Depreciation | 38,298 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Portfolio Balance [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,915 | ||
Buildings & Improvements, Initial Cost | 213,983 | ||
Land, Total Cost | 14,915 | ||
Buildings & Improvements, Total Cost | 213,983 | ||
Total Cost | 228,898 | ||
Accumulated Depreciation | 117,144 | ||
Total Cost, Net of Accumulated Depreciation | 111,754 | ||
Encumbrances | $ 0 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Tax cost basis of assets | $ 5,000 |
Real estate undeveloped land | 8.3 |
Real estate construction in progress | 43.1 |
Fair market value of debt adjustments and unamortized debt issuance costs | $ 1.5 |
Tenant improvements [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Property Plant and Equipment Estimated Useful Lives 1 | Shorter of economic life or lease terms |
Minimum [Member] | Building [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 30 years |
Minimum [Member] | Building Improvements And Fixtures | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 3 years |
Maximum [Member] | Building [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 40 years |
Maximum [Member] | Building Improvements And Fixtures | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 20 years |