Document and Entity Information
Document and Entity Information - USD ($) $ / shares in Units, $ in Billions | 12 Months Ended | |||
Dec. 31, 2021 | Feb. 10, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Document Information [Line Items] | ||||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2021 | |||
Document Fiscal Year Focus | 2021 | |||
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 | $ 0.10 | $ 0.10 | ||
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 | 211,235,807 | |||
Entity Public Float | $ 2.7 | |||
Documents Incorporated by Reference | The registrant incorporates by reference in Part III hereof portions of its definitive Proxy Statement for its 2022 Annual Meeting of Shareholders. | |||
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, 2021 | Dec. 31, 2020 |
Assets | ||
Land | $ 1,011,401 | $ 953,556 |
Buildings | 3,624,164 | 3,488,499 |
Fixtures and tenant improvements | 556,056 | 509,866 |
Total real estate rental property | 5,191,621 | 4,951,921 |
Less: Accumulated depreciation | (1,571,569) | (1,427,057) |
Real estate rental property, net | 3,620,052 | 3,524,864 |
Construction in progress and land | 47,260 | 37,467 |
Total real estate assets, net | 3,667,312 | 3,562,331 |
Investments in and advances to joint ventures, net | 64,626 | 77,297 |
Investment in and advances to affiliate | 0 | 190,035 |
Cash and cash equivalents | 41,807 | 69,742 |
Restricted cash | 1,445 | 4,672 |
Accounts receivable | 61,382 | 73,517 |
Other assets, net | 130,479 | 130,690 |
Total assets | 3,967,051 | 4,108,284 |
Unsecured indebtedness: | ||
Senior notes, net | 1,451,768 | 1,449,613 |
Term loan, net | 99,810 | 99,635 |
Revolving credit facilities | 0 | 135,000 |
Total unsecured indebtedness | 1,551,578 | 1,684,248 |
Mortgage indebtedness, net | 125,799 | 249,260 |
Total indebtedness | 1,677,377 | 1,933,508 |
Accounts payable and other liabilities | 218,779 | 215,109 |
Dividends payable | 28,243 | 14,844 |
Total liabilities | 1,924,399 | 2,163,461 |
Commitments and contingencies (Note 11) | 0 | 0 |
SITE Centers Equity | ||
Common shares, with par value, $0.10 stated value; 300,000,000 shares authorized; 211,286,874 and 193,995,499 shares issued at December 31, 2021 and December 31, 2020, respectively | 21,129 | 19,400 |
Additional paid-in capital | 5,934,166 | 5,705,164 |
Accumulated distributions in excess of net income | (4,092,783) | (4,099,534) |
Deferred compensation obligation | 4,695 | 5,479 |
Accumulated other comprehensive loss | 0 | (2,682) |
Less: Common shares in treasury at cost: 287,645 and 898,267 shares at December 31, 2021 and December 31, 2020, respectively | (5,349) | (11,319) |
Total SITE Centers shareholders' equity | 2,036,858 | 1,941,508 |
Non-controlling interests | 5,794 | 3,315 |
Total equity | 2,042,652 | 1,944,823 |
Total liabilities and equity | 3,967,051 | 4,108,284 |
Class A Cumulative Redeemable Preferred Shares [Member] | ||
SITE Centers Equity | ||
Cumulative redeemable preferred shares | 175,000 | 175,000 |
Class K Cumulative Redeemable Preferred Shares [Member] | ||
SITE Centers Equity | ||
Cumulative redeemable preferred shares | $ 0 | $ 150,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common shares, par value | $ 0.10 | $ 0.10 |
Common shares, shares authorized | 300,000,000 | 300,000,000 |
Common shares, shares issued | 211,286,874 | 193,995,499 |
Treasury at cost | 287,645 | 898,267 |
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 | ||
Class K Cumulative Redeemable Preferred Shares [Member] | ||
Cumulative redeemable preferred shares, liquidation value | $ 500 | |
Cumulative redeemable preferred shares, shares authorized | 750,000 | 750,000 |
Cumulative redeemable preferred shares, shares issued | 300,000 | |
Cumulative redeemable preferred shares, shares outstanding | 300,000 | |
Preferred stock dividend rate | 6.25% | |
Cumulative redeemable preferred shares, par value |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues from operations: | |||
Rental income | $ 490,799 | $ 414,864 | $ 443,421 |
Fee and other income | 42,065 | 45,469 | 63,682 |
Business interruption income | 0 | 0 | 885 |
Total revenue from operations | 532,864 | 460,333 | 507,988 |
Rental operation expenses: | |||
Operating and maintenance | 76,716 | 68,801 | 71,355 |
Real estate taxes | 76,071 | 69,601 | 68,308 |
Impairment charges | 7,270 | 5,200 | 3,370 |
General and administrative | 55,052 | 52,881 | 58,384 |
Depreciation and amortization | 185,768 | 170,669 | 165,087 |
Total rental operation expenses | 400,877 | 367,152 | 366,504 |
Other income (expense): | |||
Interest income | 0 | 11,888 | 18,009 |
Interest expense | (76,383) | (77,604) | (84,721) |
Other (expense) income, net | (1,185) | (18,400) | 357 |
Total other income (expense) | (77,568) | (84,116) | (66,355) |
Income before earnings from equity method investments and other items | 54,419 | 9,065 | 75,129 |
Equity in net income of joint ventures | 47,297 | 1,516 | 11,519 |
Reserve of preferred equity interests, net | 0 | (19,393) | (15,544) |
Gain on sale and change in control of interests, net | 19,185 | 45,464 | 0 |
Gain on disposition of real estate, net | 6,065 | 1,069 | 31,380 |
Income before tax expense | 126,966 | 37,721 | 102,484 |
Tax expense of taxable REIT subsidiaries and state franchise and income taxes | (1,550) | (1,131) | (659) |
Net income | 125,416 | 36,590 | 101,825 |
Income attributable to non-controlling interests, net | (481) | (869) | (1,126) |
Net income attributable to SITE Centers | 124,935 | 35,721 | 100,699 |
Write-off of preferred share original issuance costs | (5,156) | 0 | (7,176) |
Preferred dividends | (13,656) | (20,531) | (32,231) |
Net income attributable to common shareholders | $ 106,123 | $ 15,190 | $ 61,292 |
Per share data: | |||
Basic | $ 0.51 | $ 0.08 | $ 0.33 |
Diluted | $ 0.51 | $ 0.08 | $ 0.33 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 125,416 | $ 36,590 | $ 101,825 |
Other comprehensive income: | |||
Foreign currency translation, net | (1) | (3,363) | 421 |
Reclassification adjustment for foreign currency translation included in net income | 2,683 | 0 | 0 |
Change in cash flow hedges reclassed to earnings | 0 | 1,172 | 469 |
Total other comprehensive income (loss) | 2,682 | (2,191) | 890 |
Comprehensive income | 128,098 | 34,399 | 102,715 |
Total comprehensive income attributable to non-controlling interests | (481) | (869) | (1,126) |
Total comprehensive income attributable to SITE Centers | $ 127,617 | $ 33,530 | $ 101,589 |
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 [Member] | Treasury Stock at Cost [Member] | Non-Controlling Interests [Member] |
Beginning Balance at Dec. 31, 2018 | $ 2,073,002 | $ 525,000 | $ 18,471 | $ 5,544,220 | $ (3,980,151) | $ 8,193 | $ (1,381) | $ (44,278) | $ 2,928 |
Beginning Balance, shares at Dec. 31, 2018 | 184,712 | ||||||||
Issuance of common shares related to stock plans | 2,074 | 0 | $ 3 | 145 | 0 | 0 | 0 | 1,926 | 0 |
Issuance of common shares related to stock plans, shares | 30 | ||||||||
Issuance of common shares for cash offering | 194,670 | 0 | $ 908 | 145,048 | 0 | 0 | 0 | 48,714 | 0 |
Issuance of common shares for cash offering, shares | 9,081 | ||||||||
Repurchase of common shares | (14,069) | 0 | $ 0 | 0 | 0 | 0 | 0 | (14,069) | 0 |
Redemption of preferred shares | (200,031) | (200,000) | 0 | 7,145 | (7,176) | 0 | 0 | 0 | 0 |
Stock-based compensation, net | 3,578 | 0 | $ 0 | 3,842 | 0 | (264) | 0 | 0 | 0 |
Stock-based compensation, net, shares | 0 | ||||||||
Distributions to non-controlling interests | (990) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (990) |
Dividends declared- common shares | (147,674) | 0 | 0 | 0 | (147,674) | 0 | 0 | 0 | 0 |
Dividends declared- preferred shares | (31,797) | 0 | 0 | 0 | (31,797) | 0 | 0 | 0 | 0 |
Comprehensive income | 102,715 | 0 | 0 | 0 | 100,699 | 0 | 890 | 0 | 1,126 |
Ending Balance at Dec. 31, 2019 | 1,981,478 | 325,000 | $ 19,382 | 5,700,400 | (4,066,099) | 7,929 | (491) | (7,707) | 3,064 |
Ending Balance, shares at Dec. 31, 2019 | 193,823 | ||||||||
Issuance of common shares related to stock plans | 3,798 | 0 | $ 18 | (108) | 0 | 0 | 0 | 3,888 | 0 |
Issuance of common shares related to stock plans, shares | 172 | ||||||||
Repurchase of common shares | (7,500) | 0 | $ 0 | 0 | 0 | 0 | 0 | (7,500) | 0 |
Stock-based compensation, net | 2,422 | 0 | $ 0 | 4,872 | 0 | (2,450) | 0 | 0 | 0 |
Stock-based compensation, net, shares | 0 | ||||||||
Distributions to non-controlling interests | (618) | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | (618) |
Dividends declared- common shares | (48,625) | 0 | 0 | 0 | (48,625) | 0 | 0 | 0 | 0 |
Dividends declared- preferred shares | (20,531) | 0 | 0 | 0 | (20,531) | 0 | 0 | 0 | 0 |
Comprehensive income | 34,399 | 0 | 0 | 0 | 35,721 | 0 | (2,191) | 0 | 869 |
Ending 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 |
Ending 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 | $ (150,019) | (150,000) | $ 0 | 5,137 | (5,156) | 0 | 0 | 0 | 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 | 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 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities: | |||
Net income | $ 125,416 | $ 36,590 | $ 101,825 |
Adjustments to reconcile net income to net cash flow provided by operating activities: | |||
Depreciation and amortization | 185,768 | 170,669 | 165,087 |
Stock-based compensation | 13,533 | 8,800 | 9,890 |
Amortization and write-off of debt issuance costs and fair market value of debt adjustments | 4,312 | 4,601 | 3,976 |
Loss on debt extinguishment | 0 | 16,568 | 0 |
Equity in net income of joint ventures | (47,297) | (1,516) | (11,519) |
Reserve of preferred equity interests, net | 0 | 19,393 | 15,544 |
Operating cash distributions from joint ventures | 5,103 | 3,258 | 12,168 |
Gain on sale and change in control of interests, net | (19,185) | (45,464) | 0 |
Gain on disposition of real estate, net | (6,065) | (1,069) | (31,380) |
Impairment charges | 7,270 | 5,200 | 3,370 |
Assumption of buildings due to ground lease terminations | 0 | (3,025) | 0 |
Change in notes receivable accrued interest | 0 | 4,128 | 1,348 |
Net change in accounts receivable | 15,873 | (11,654) | 4,361 |
Net change in accounts payable and accrued expenses | (2,986) | (7,749) | (4,771) |
Net change in other operating assets and liabilities | 773 | (8,560) | 255 |
Total adjustments | 157,099 | 153,580 | 168,329 |
Net cash flow provided by operating activities | 282,515 | 190,170 | 270,154 |
Cash flow from investing activities: | |||
Real estate acquired, net of liabilities and cash assumed | (130,570) | 0 | (75,623) |
Real estate developed and improvements to operating real estate | (76,563) | (63,816) | (109,364) |
Proceeds from disposition of real estate | 29,696 | 1,553 | 109,509 |
Proceeds from sale of joint venture interests | 0 | 140,441 | 0 |
Proceeds from distribution of preferred investment | 190,000 | 0 | 0 |
Equity contributions to joint ventures | (4,599) | (1,068) | (64,237) |
Distributions from unconsolidated joint ventures | 65,558 | 17,868 | 22,339 |
Repayment of joint venture advances, net | 929 | 0 | 62,246 |
Repayment of notes receivable | 0 | 7,500 | 11,139 |
Net transactions with RVI | 0 | 0 | 33,596 |
Net cash flow provided by (used for) investing activities | 74,451 | 102,478 | (10,395) |
Cash flow from financing activities: | |||
(Repayment of) proceeds from revolving credit facilities, net | (135,000) | 130,000 | (95,000) |
Repayment of senior notes, including repayment costs | 0 | (216,568) | 0 |
Repayment of term loan and mortgage debt | (215,285) | (41,881) | (2,372) |
Payment of debt issuance costs | 0 | 0 | (4,998) |
Proceeds from mortgage payable and term loan | 0 | 0 | 50,000 |
Redemption of preferred shares | (150,019) | 0 | (200,031) |
Proceeds from issuance of common shares, net of offering expenses | 224,974 | 0 | 194,598 |
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan | (6,056) | (2,425) | (718) |
Repurchase of common shares | 0 | (7,500) | (14,069) |
Acquisition of non-controlling interest | (7,144) | 0 | 0 |
Distributions to non-controlling interests and redeemable operating partnership units | (56) | (641) | (990) |
Dividends paid | (99,541) | (98,348) | (180,698) |
Net cash flow used for financing activities | (388,127) | (237,363) | (254,278) |
Effect of foreign exchange rate changes on cash and cash equivalents | (1) | (4) | 2 |
Net increase in cash, cash equivalents and restricted cash | (31,161) | 55,285 | 5,481 |
Cash, cash equivalents and restricted cash, beginning of year | 74,414 | 19,133 | 13,650 |
Cash, cash equivalents and restricted cash, end of year | $ 43,252 | $ 74,414 | $ 19,133 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 acquiring, owning, developing, redeveloping, leasing, 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 primarily includes national and regional retail chains and local tenants. Consequently, the Company’s credit risk is 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. The Company considered impacts to its estimates related to COVID-19, as appropriate, within its consolidated financial statements, and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the uncertainties surrounding the severity and duration of the COVID-19 pandemic. 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, 2021 2020 2019 Consolidation of the net assets (excluding mortgages as disclosed below) of previously unconsolidated joint ventures $ 132.3 $ 272.6 $ — Acquisition of non-controlling interest 2.1 — — Joint venture investments related to consolidation of net assets 11.6 86.4 — Mortgages assumed, of previously unconsolidated joint ventures 73.9 196.6 — Mortgages assumed, shopping center acquisitions 17.9 — 9.1 Accounts payable related to construction in progress 13.4 6.3 11.0 Tax receivable 2.1 — — Assumption of buildings due to ground lease terminations — 3.0 — Dividends declared, but not paid 28.2 14.8 44.0 Write-off of preferred share original issuance costs 5.1 — 7.2 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 31.5 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 $3.1 million, $3.0 million and $3.8 million in 2021, 2020 and 2019, 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 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. 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 $7.3 million, $5.2 million and $3.4 million, related to consolidated real estate investments, during the years ended December 31, 2021, 2020 and 2019, respectively (Note 14). 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. 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, 2021 and 2020. 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, 2021, 2020 and 2019 aggregated $70.2 million, $76.0 million and $79.5 million, respectively, of which $0.6 million, $0.9 million and $1.3 million, respectively, was capitalized. Investments in and Advances to Joint Ventures and Affiliate 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. The Retail Value Inc. (“RVI”) series A preferred stock (“RVI Preferred Shares”) were classified as Investment in and Advances to Affiliate on the Company’s consolidated balance sheet. The RVI Preferred Shares had a liquidation and dividend preference over the common stock, but did not have any substantive voting rights, with limited exceptions, or conversion rights and did not have a stated coupon. The RVI Preferred Shares were carried at cost, subject to adjustments in certain circumstances, and were periodically evaluated for impairment. In October 2021, the Company received a cash distribution of $190.0 million on the RVI Preferred Shares. In December 2021, RVI repurchased all of the outstanding RVI Preferred Shares from the Company for an aggregate purchase price of $1.00. As a result, the Company no longer maintains an investment in RVI and will not receive any further distributions on account of the RVI Preferred Shares. 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. For purposes 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 Accounts receivable, excluding straight-line rents receivable, do not include estimated amounts not probable of being collected (including contract disputes) of $3.0 million and $4.7 million at December 31, 2021 and 2020, respectively. Accounts receivable are generally expected to be collected within one year. At December 31, 2021 and 2020, straight-line rents receivable, net of a provision for uncollectible amounts of $1.6 million and $2.1 million, respectively, aggregated $29.8 million and $29.3 million, respectively. Deferred Charges 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 facilities 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. Reissuances of the Company’s treasury shares at an amount below cost are 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 standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and is governed by the leasing guidance. Historically, the majority of the Company’s lease commission revenue was recognized 50% upon lease execution and 50% upon tenant rent commencement. Upon adoption of Topic 606, lease commission revenue is generally recognized in its entirety upon lease execution. 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 month 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, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received. Revenues from Contracts with Customers The Company’s revenues from contracts with customers generally relate to asset and property management fees, leasing commissions and development fees. These revenues are derived from the Company’s management agreements with RVI and unconsolidated joint ventures 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. The asset management fee under the RVI external management agreement is paid monthly based on the initial aggregate appraised value of the RVI properties. RVI property management fees are paid monthly generally based on the average gross revenue collected during the three months immediately preceding the most recent December 31 or June 30. The Company received a supplemental fee from RVI for the period July 1, 2020 to June 30, 2021 to negate the adverse impact of the COVID-19 pandemic on revenue collection and the resulting reduction to the property management fee payable to the Company. The fee arrangement was amended and modified beginning January 1, 2022. Property Leasing The Company provides strategic advice and execution to third parties, including RVI and 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. Development Services Development services consist of construction management oversight services such as hiring general contractors, reviewing plans and specifications, performing inspections, reviewing documentation and providing accounting services. These services represent a series of distinct services and are recognized over time as services are rendered. The Company is compensated monthly for services based on percentage of aggregate amount spent on the construction during the month. Disposition Fees The Company receives disposition fees equal to 1% of the gross sales price of each RVI asset sold. The Company is compensated at the time of the closing of the sale transaction. Contract Assets Contract assets represent assets for revenue that have been recognized in advance of billing the customer and for which the right to bill is contingent upon something other than the passage of time. This is common for contingent portions of commissions. The portion of payments retained by the customer until the second contingent event is not considered a significant financing component because the right to payment is expected to become unconditional within one year or less. Contract assets are transferred to receivables when the right to payment becomes unconditional. Leases The Company’s accounting policies include the following: • As a lessee — short-term lease exception for 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 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 $13.0 million, $8.0 million and $9.2 million for the years ended December 31, 2021, 2020 and 2019, 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 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, 2021, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2018 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 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 For the year ended December 31, 2021, the Company had only one reportable operating segment. For the years ended December 31, 2020 and 2019 , t he Company had two reportable operating segments: shopping centers and loan investments. In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in BRE DDR Retail Holding s III (“BRE DDR III”) and BRE DDR Retail Holdings IV ( “BRE DDR IV ,” and together with BRE DDR III, the “BRE DDR Joint Ventures”) in exchange for the acquisition of certain of the underlying assets of t wo joint ventures . 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 shopping center 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. Fair Value Hierarchy The standard Fair Value Measurements • 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 in its entirety 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. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Impact of the COVID-19 Pandemic on Revenue and Receivables Beginning in March 2020, the retail sector was significantly impacted by the COVID‑19 pandemic. Though the impact of the COVID-19 pandemic 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. During the year ended December 31, 2020, tenants on the cash basis of accounting and other related reserves resulted in a reduction of rental income of $31.9 million (the Company’s share of unconsolidated joint ventures was $4.4 million). 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. 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. Fee and Other Income Fee and Other Income on the consolidated statements of operations includes 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, 2021 2020 2019 Revenue from contracts: Asset and property management fees $ 25,798 $ 31,255 $ 42,355 Leasing commissions 3,184 5,528 6,300 Development fees 694 1,428 2,019 RVI disposition fees 9,016 3,142 3,454 RVI credit facility guaranty and refinancing fees 60 60 1,860 Total revenue from contracts with customers 38,752 41,413 55,988 Other property income: Other 3,313 4,056 7,694 Total fee and other income $ 42,065 $ 45,469 $ 63,682 The aggregate amount of receivables from contracts with customers was $1.3 million and $1.4 million as of December 31, 2021 and 2020, respectively. Contract assets Contract assets are included in Other Assets, net on the consolidated balance sheets. The significant changes in the leasing commission balances during the year ended December 31, 2021, are as follows (in thousands): Balance as of January 1, 2021 $ 513 Contract assets recognized 673 Contract assets billed (804 ) Balance as of December 31, 2021 $ 382 All revenue from contracts with customers meets the exemption criteria for variable consideration directly allocable to wholly unsatisfied performance obligations or unsatisfied promise within a series, and therefore, the Company does not disclose the value of transaction price allocated to unsatisfied performance obligations. There is no fixed consideration included in the transaction price for any of these revenues. |
Investments in and Advances to
Investments in and Advances to Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, are as follows: Unconsolidated Real Estate Ventures Partner Effective Ownership Percentage Operating Properties DDRM Properties Madison International Realty 20.0% 24 Dividend Trust Portfolio JV LP Chinese Institutional Investors 20.0 10 DDR – State of Utah 20.0 11 Other Joint Venture Interests Various 25.75–50.0 2 Condensed combined financial information of the Company’s unconsolidated joint venture investments is as follows (in thousands): December 31, 2021 2020 Condensed Combined Balance Sheets Land $ 378,442 $ 441,412 Buildings 1,092,245 1,258,879 Fixtures and tenant improvements 123,313 137,663 1,594,000 1,837,954 Less: Accumulated depreciation (441,215 ) (492,288 ) 1,152,785 1,345,666 Construction in progress and land 5,778 58,201 Real estate, net 1,158,563 1,403,867 Cash and restricted cash 37,535 35,212 Receivables, net 16,854 25,719 Other assets, net 49,029 61,381 $ 1,261,981 $ 1,526,179 Mortgage debt $ 873,336 $ 1,029,579 Notes and accrued interest payable to the Company 3,331 4,375 Other liabilities 51,473 57,349 928,140 1,091,303 Accumulated equity 333,841 434,876 $ 1,261,981 $ 1,526,179 Company's share of accumulated equity $ 59,286 $ 72,555 Basis differentials 2,946 1,644 Deferred development fees, net of portion related to the Company's interest (937 ) (1,277 ) Amounts payable to the Company 3,331 4,375 Investments in and Advances to Joint Ventures, net $ 64,626 $ 77,297 For the Year Ended December 31, 2021 2020 2019 Condensed Combined Statements of Operations Revenues from operations $ 195,559 $ 252,946 $ 428,281 Expenses from operations: Operating expenses 53,391 77,040 118,412 Impairment charges (A) — 33,240 13,807 Depreciation and amortization 66,618 99,779 149,749 Interest expense 43,379 60,010 93,887 Preferred share expense — 15,708 21,832 Other expense, net 12,074 13,796 20,563 175,462 299,573 418,250 Income (loss) before gain on disposition of real estate 20,097 (46,627 ) 10,031 Gain on disposition of real estate, net 89,935 9,257 67,011 Net income (loss) attributable to unconsolidated joint ventures $ 110,032 $ (37,370 ) $ 77,042 Company's share of equity in net income of joint ventures $ 49,417 $ 1,109 $ 10,743 Basis differential adjustments (B) (2,120 ) 407 776 Equity in net income of joint ventures $ 47,297 $ 1,516 $ 11,519 ( A ) For the years ended December 31, 2020 and 2019, the Company’s proportionate share was $1.9 million and $2.5 million, respectively. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges previously recorded on these investments, as appropriate, as discussed below. ( B ) 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, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. The impact of the COVID-19 pandemic on revenues and receivables for the Company’s joint ventures is more fully described in Note 2. Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests are as follows (in millions): For the Year Ended December 31, 2021 2020 2019 Revenue from contracts: Asset and property management fees $ 10.6 $ 12.8 $ 19.7 Development fees, leasing commissions and other 2.2 4.2 5.2 12.8 17.0 24.9 Other: Interest income (A) — 12.0 16.7 Other 1.7 2.1 3.2 1.7 14.1 19.9 $ 14.5 $ 31.1 $ 44.8 (A) Interest income recorded in 2020 and 2019 related to preferred equity interests in the BRE DDR Joint Ventures, which were transferred or redeemed in the fourth quarter of 2020. 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 Shopping Centers, Undeveloped Land and Joint Venture Interests In 2021, one of the Company’s unconsolidated joint ventures sold its sole asset, which was a parcel of undeveloped land (approximating 70 acres) 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 net proceeds include $6.1 million that are held in escrow, of which $2.1 million is expected to be released to the Company in 2022 after the receipt of certain tax clearance certificates from the Canadian taxing authorities, and the remaining $4.0 million is considered contingent and should be released upon final dissolution of the partnership. 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. Subsequent to the transaction, the Company has no other investments outside the United States. In December 2021, the Company acquired the 80% equity interest in six assets owned by the DDRM Properties Joint Venture (Village Square at Golf, Boynton Beach, Florida; Shoppes at Paradise Point, Fort Walton Beach, Florida; Midway Plaza, Tamarac, Florida; North Point Plaza, Tampa, Florida; The Shoppes at New Tampa, Wesley Chapel, Florida and Paradise Shoppes of Ellenwood, Ellenwood, Georgia) 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 (Note 5). In connection with estimating the fair value of the net assets acquired from the DDRM assets, 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%). 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. Excluding the Richmond Hill and DDRM Properties Joint Venture transactions noted above, the Company’s joint ventures sold six, two and six shopping centers and land parcels for an aggregate sales price of $135.5 million, $27.7 million and $356.3 million, respectively, of which the Company’s share of the gain on sale was $36.6 million, $1.8 million and $4.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. In 2020, the Company sold its 15% interest in the DDRTC Joint Venture to its partner, an affiliate of TIAA-CREF, which resulted in net proceeds to the Company of $140.4 million. The Company recorded a Gain on Sale of Joint Venture Interests of $45.6 million in connection with this sale. In addition, in the fourth quarter of 2020, the Company transferred and redeemed its common and preferred equity interests in the BRE DDR Joint Ventures in exchange for the acquisition of certain of the underlying assets resulting in a Loss on Sale of Joint Venture Interests of $0.2 million. All transactions with the Company’s equity affiliates are described above. |
Investment In and Advances to A
Investment In and Advances to Affiliate | 12 Months Ended |
Dec. 31, 2021 | |
Investments In And Advances To Affiliates [Abstract] | |
Investment In and Advances to Affiliate | 4. Investment In and Advances to Affiliate On July 1, 2018, the Company completed the spin-off of RVI. At the time of the spin-off, RVI owned 48 shopping centers, comprised of 36 continental U.S. assets and 12 of SITE Centers’ shopping centers in Puerto Rico, representing $2.7 billion of gross book asset value and $1.27 billion of mortgage debt. At December 31, 2021, RVI owned one retail shopping center in Gulfport, Mississippi. In connection with the spin-off, on July 1, 2018, the Company and RVI entered into a separation and distribution agreement, pursuant to which, among other things, the Company agreed to transfer the properties and certain related assets, liabilities and obligations to RVI and to distribute 100% of the outstanding common shares of RVI to holders of record of SITE Centers SITE Centers SITE In connection with the spin-off of RVI, RVI issued to the Company, which were noncumulative and had no mandatory dividend rate. The RVI Preferred Shares ranked, with respect to dividend rights, and rights upon liquidation, dissolution or winding up of RVI, senior in preference and priority to RVI’s common shares and any other class or series of RVI’s capital stock. Subject to the requirement that RVI distribute to its common shareholders the minimum amount required to be distributed with respect to any taxable year in order for RVI to maintain its status as a REIT and to avoid U.S. federal income taxes, the RVI Preferred Shares were entitled to a dividend preference for all dividends declared on RVI’s capital stock at any time up to a “preference amount” equal to in the aggregate, which amount could have increased by up to an additional $10 million if the aggregate gross proceeds of RVI asset sales subsequent to the spin-off date exceeded $2.06 billion. On July 1, 2018, the Company and RVI also entered into an external management agreement, which, together with various property management agreements, governed the fees, terms and conditions pursuant to which SITE Centers Revenue from contracts with RVI is included in Fee and Other Income on the consolidated statements of operations and was composed of the following (in millions): For the Year Ended December 31, 2021 2020 2019 Revenue from contracts with RVI: Asset and property management fees $ 15.2 $ 18.4 $ 21.7 Leasing commissions 1.7 2.8 3.1 Disposition fees 9.0 3.1 3.3 Credit facility guaranty and refinancing fees 0.1 0.1 1.9 Total revenue from contracts with RVI $ 26.0 $ 24.4 $ 30.0 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions In 2021 and 2020, the Company acquired the following shopping centers (in millions): Asset Location Date Acquired Purchase Price Face Value of Mortgage Debt Assumed Shoppes at Addison Place Delray Beach, Florida May 2021 $ 40.0 $ 17.9 Emmett Street Station Charlottesville, Virginia May 2021 8.8 — Hammond Springs Atlanta, Georgia September 2021 31.0 — Belgate Shopping Center (land parcel) Charlotte, North Carolina November 2021 1.1 — Emmet Street North Charlottesville, Virginia December 2021 3.9 — At Home (Single Box) Princeton, New Jersey December 2021 15.8 — Village Square at Golf Boynton Beach, Florida December 2021 (A) (A) Shoppes at Paradise Point Fort Walton Beach, Florida December 2021 (A) (A) Midway Plaza Tamarac, Florida December 2021 (A) (A) North Point Plaza Tampa, Florida December 2021 (A) (A) The Shoppes at New Tampa Wesley Chapel, Florida December 2021 (A) (A) Paradise Shoppes of Ellenwood Ellenwood, Georgia December 2021 (A) (A) Paradise Village Gateway Phoenix, Arizona December 2021 (B) (B) Concourse Village Jupiter, Florida October 2020 (C) 13.0 Millenia Crossing Orlando, Florida October 2020 (C) 20.7 Echelon Village Plaza Voorhees, New Jersey October 2020 (C) 5.4 The Hub Hempstead, New York October 2020 (C) 28.0 Larkins Corner Boothwyn, Pennsylvania October 2020 (C) 16.4 Ashbridge Square Downingtown, Pennsylvania October 2020 (C) 32.4 Southmont Plaza Easton, Pennsylvania October 2020 (C) 30.7 Midtowne Park Anderson, South Carolina November 2020 (D) 15.7 White Oak Village Richmond, Virginia November 2020 (D) 34.3 (A) Acquired 80% interest from the DDRM Properties Joint Venture. The purchase price of $134.0 million at 100% (or $107.2 million at 80%) is equal to the estimated fair value of the properties plus transaction costs incurred. Mortgage debt of $73.9 million was repaid at closing (Note 3) (B) Acquired its partner’s 33% interest in a consolidated joint venture, Paradise Village Gateway. The partner’s 33% ownership was previously reflected as non-controlling interest on the Company’s balance sheet. The Company repaid the mortgage debt of $27.6 million at closing. (C) Acquired from the DDR BRE IV joint venture. The purchase price is equal to the estimated fair value of the properties plus transaction costs incurred. (D) Acquired from the DDR BRE III joint venture. The purchase price is equal to the estimated fair value of the properties plus transaction costs incurred. The fair value of acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) 2021 2020 2021 2020 Land $ 75,732 $ 72,991 N/A N/A Buildings 135,537 163,723 (A) (A) Tenant improvements 3,620 2,854 (A) (A) Construction in progress 1,109 — N/A N/A In-place leases (including lease origination costs and fair market value of leases) 27,829 50,167 5.6 5.8 Other assets assumed (including cash and restricted cash) (B) 1,005 10,711 N/A N/A 244,832 300,446 Less: Mortgage debt assumed at fair value (91,833 ) (196,654 ) N/A N/A Less: Below-market leases (8,504 ) (15,890 ) 16.0 14.6 Less: Other liabilities assumed (2,336 ) (1,664 ) N/A N/A Fair value of non-controlling interest 7,144 — N/A N/A Net assets acquired $ 149,303 $ 86,238 (A) Depreciated in accordance with the Company’s policy (Note 1). (B) Cash and restricted cash assumed is reflected as Distributions from Unconsolidated Joint Ventures in the Company’s consolidated statements of cash flows. 2021 2020 Consideration: Cash (including debt repaid at closing) $ 137,714 $ — Gain (loss) on Sale and Change in Control of Interests 7,210 (173 ) Carrying value of previously held common equity interests (A) 4,379 (2,698 ) Transfer and redemption of preferred equity interests — 89,109 Total consideration $ 149,303 $ 86,238 (A) The significant inputs used to value the previously held equity interests were determined to be Level 3 for all of the applicable acquisitions. In 2021 and 2020, the weighted-average discount rate applied to cash flows was approximately 7.3% and 7.9%, respectively, and the weighted-average residual capitalization rate applied was approximately 6.8% and 8.2%, respectively. Included in the Company’s consolidated statements of operations are $3.9 million, $7.3 million and $1.1 million in total revenues from the date of acquisition through December 31, 2021, 2020 and 2019, respectively, for properties acquired during each of the respective years. |
Other Assets and Intangibles, n
Other Assets and Intangibles, net | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets and Intangibles, net | 6. Other Assets and Intangibles, net Other assets and intangibles consist of the following (in thousands): December 31, 2021 2020 Intangible assets: In-place leases, net $ 64,464 $ 56,756 Above-market leases, net 7,390 8,387 Lease origination costs, net 6,636 4,974 Tenant relationships, net 15,569 20,301 Total intangible assets, net (A) 94,059 90,418 Operating lease ROU assets 19,047 20,604 Other assets: Prepaid expenses 7,722 7,416 Other assets 1,708 2,348 Deposits 3,796 3,767 Deferred charges, net 4,147 6,137 Total other assets, net $ 130,479 $ 130,690 Below-market leases, net (other liabilities) $ 59,690 $ 57,348 (A) Operating lease ROU assets are discussed further in Note 7. Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions): Year Expense 2021 $ 21.6 2020 15.8 2019 17.7 Estimated net future amortization associated with the Company’s intangibles is as follows (in millions): Year Income Expense 2022 $ 4.2 $ 23.5 2023 4.2 18.3 2024 4.2 14.3 2025 4.3 9.0 2026 4.3 5.1 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. 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 2029. 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 assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands): December 31, Classification 2021 2020 Operating Lease ROU Assets Other Assets, Net $ 19,047 $ 20,604 Operating Lease Liabilities Accounts Payable and Other Liabilities 38,491 39,794 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 2021 2020 2019 Operating and Maintenance $ 2,645 $ 2,716 $ 3,495 General and Administrative (A) 2,405 2,627 2,837 Total lease costs $ 5,050 $ 5,343 $ 6,332 (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, 2021 2020 Weighted-Average Remaining Lease Term 35.5 years 35.2 years Weighted-Average Discount Rate 7.4 % 7.4 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 4,342 $ 4,414 As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands): Year December 31, 2022 $ 4,113 2023 3,595 2024 3,521 2025 3,577 2026 3,672 Thereafter 110,470 Total lease payments 128,948 Less imputed interest (90,457 ) Total $ 38,491 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, 2022 $ 359,177 2023 314,497 2024 263,152 2025 210,002 2026 163,525 Thereafter 517,852 Total $ 1,828,205 |
Revolving Credit Facilities
Revolving Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facilities | 8. Revolving Credit Facilities The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Amount at December 31, Weighted-Average Interest Rate (A) December 31, Maturity Date at 2021 2020 2021 2020 December 31, 2021 Unsecured Credit Facility $ — $ 135.0 N/A 1.0% January 2024 PNC Facility — — N/A N/A January 2024 (A) Interest rate on variable-rate debt was calculated using the base rate and spreads effective at December 31, 2020. The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings of up to $950 million if certain financial covenants are maintained and 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 a maturity date of January 2024, with two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions). The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 20 basis points on the entire facility at December 31, 2021. The Company maintains a $20 million unsecured revolving credit facility with PNC Bank, National Association (“PNC,” the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”) which includes substantially the same terms as those contained in the Unsecured Credit Facility. Additionally, the Company The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either LIBOR plus a specified spread (0.90% at December 31, 2021 ) or the Alternative Base Rate, as defined in the respective facilit ies , plus a specified spread ( 0 % at December 31, 2021 ). The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service, Inc. , S&P Global Ratings , Fitch Investor Services, Inc. and their successors. The Company is required to comply with certain covenants under the Revolving Credit Facilities 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, 2021 and 2020 . |
Unsecured and Secured Indebtedn
Unsecured and Secured Indebtedness | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Unsecured and Secured Indebtedness | 9. Unsecured and Secured Indebtedness The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions): Carrying Value at December 31, Interest Rate (A) December 31, Maturity Date at 2021 2020 2021 2020 December 31, 2021 Unsecured indebtedness: Senior notes (B) $ 1,460.0 $ 1,460.0 3.375%–4.700% 3.375%–4.700% May 2023– June 2027 Senior notes – (3.1 ) (4.0 ) Net unamortized debt issuance costs (5.1 ) (6.4 ) Total Senior Notes $ 1,451.8 $ 1,449.6 Term Loan $ 100.0 $ 100.0 1.1% 1.1% January 2023 Net unamortized debt issuance costs (0.2 ) (0.4 ) Total Term Loan $ 99.8 $ 99.6 Secured indebtedness: Mortgage indebtedness – $ 126.5 $ 153.8 4.2% 4.4% September 2022– May 2025 Mortgage indebtedness – Variable Rate — 96.5 N/A 2.3% N/A Net unamortized debt issuance costs (0.7 ) (1.0 ) Total Mortgage Indebtedness $ 125.8 $ 249.3 (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 in effect at December 31, 2021 and 2020 . (B) Effective interest rates ranged from 3.5% to 4.8% at December 31, 2021. Senior Notes The Company’s various fixed-rate senior notes have interest coupon rates that averaged 4.1% per annum at December 31, 2021 and 2020. The senior notes may be redeemed prior to maturity based upon a yield maintenance calculation. 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 require 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, 2021 and 2020, the Company was in compliance with all of the financial covenants under the indentures. Term Loan The Company maintains a term loan with Wells Fargo Bank, National Association, as administrative agent, and PNC and KeyBank National Association, as syndication agents (the “Term Loan”). The Term Loan accrues interest at a variable rate based on LIBOR) or the Alternative Base Rate, as defined in the facility, plus a specified spread based on the Company’s long-term senior unsecured debt ratings (1.0% at December 31, 2021). The maturity date is January 2023. The Company may increase the amount of the facility provided that lenders agree to certain terms. The Company is required to comply with covenants similar to those contained in the Revolving Credit Facilities. The Company was in compliance with these financial covenants at December 31, 2021 and 2020. Mortgages Payable Mortgages payable, collateralized by real estate with a net book value of $203.2 million at December 31, 2021, 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 3.6% to 4.9% per annum. Scheduled Principal Repayments The scheduled principal payments of the Revolving Credit Facilities ($0 at December 31, 2021, Note 8) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2021, are as follows (in thousands): Year Amount 2022 $ 36,032 2023 223,573 2024 93,349 2025 481,204 2026 398,556 Thereafter 449,554 1,682,268 Unamortized fair market value of assumed debt 1,165 Net unamortized debt issuance costs (6,056 ) Total indebtedness $ 1,677,377 Total gross fees paid by the Company for the Revolving Credit Facilities and term loans in 2021, 2020 and 2019 aggregated $2.1 million, $2.6 million and $2.5 million, respectively. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 10. Financial Instruments and Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments: Other Fair Value Instruments See discussion of fair value considerations of joint venture investments in Note 14. 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 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, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,451,768 $ 1,559,973 $ 1,449,613 $ 1,549,866 Revolving Credit Facilities and Term Loan 99,810 100,000 234,635 235,000 Mortgage Indebtedness 125,799 127,488 249,260 250,624 $ 1,677,377 $ 1,787,461 $ 1,933,508 $ 2,035,490 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. 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. Separation Charges The Company recorded separation charges aggregating $1.7 million in 2020, which are included in General and Administrative Expenses. Commitments and Guaranties In conjunction with the redevelopment of various shopping centers, the Company has entered into commitments with general contractors for the construction or redevelopment of shopping centers aggregating approximately $16.9 million as of December 31, 2021. These contracts typically can be changed or terminated without penalty. At December 31, 2021, the Company had letters of credit outstanding of $13.2 million. The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for insurance obligations as the Company is self-insured up to certain limits on several policies. |
Non-Controlling Interests, Pref
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury | 12. Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury Non-Controlling Interests In December 2021, the Company acquired its partner’s 33% interest in Paradise Village Gateway (Phoenix, Arizona) for $7.1 million, which is reflected as Additional Paid-in Capital in the Company’s Statement of Shareholder’s Equity (Note 5). The Company had 140,633 Operating Partnership Units (“OP Units”) outstanding to one partnership at December 31, 2021 and 2020. These OP Units are exchangeable at the election of the OP Unit holder and, under certain circumstances at the option of the Company, for an equivalent number of the Company’s common shares or for the equivalent amount of cash. These OP Units are subject to registration rights agreements covering shares equivalent to the number of OP Units held by the holder if the Company elects to settle in its common shares. The OP Units are classified on the Company’s consolidated balance sheets as Non-Controlling Interests. Preferred Shares 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. 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 not redeemable by the Company prior to June 5, 2022, except in certain circumstances relating to the preservation of the Company’s status as a REIT. 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 Common Share Dividends For the Year Ended December 31, 2021 2020 2019 Common share dividends declared per share $ 0.47 $ 0.25 $ 0.80 Common Shares Issuance In 2021, the Company issued and sold 17.25 million common shares resulting in net proceeds of $225.3 million. Common Shares – Continuous Equity Program In 2021, the Company offered and sold 2,225,698 common shares on a forward basis under its $250 million continuous equity program at a weighted-average forward price of $15.77 per share before issuance costs, generating expected gross proceeds before issuance costs of $35.1 million. The actual proceeds to be received by the Company will vary depending upon the settlement date, the number of shares designated for settlement on that settlement date and the method of settlement. The forward price will be subsequently adjusted for a floating interest rate factor equal to a specified daily rate plus a spread and scheduled dividends during the applicable term. The 2021 transactions may be settled at any time before at various dates through December 8, 2022. Under limited circumstances or certain unanticipated events, the forward purchaser also has the ability to require the Company to physically settle the forward equity sale in shares prior to the applicable settlement date. The Company intends to use proceeds received upon settlement of the transactions to fund acquisitions and capital expenditures and for general corporate purposes. As of December 31, 2021, the Company had not settled any portion of the transactions. The agreement to offer and sell shares on a forward basis is accounted for as an equity instrument. The fair value will not be adjusted so long as the Company continues to meet the accounting requirements for equity instruments. Common Shares in Treasury In 2018, the Company’s Board of Directors authorized a $100 million common share repurchase program. In 2020 and 2019, the Company repurchased 0.8 million shares and 1.2 million shares at an aggregate cost of $7.5 million and $14.1 million, respectively. These shares were recorded as Treasury Shares on the Company’s consolidated balance sheets. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | 13. Other Comprehensive The changes in Accumulated OCI by component are as follows (in thousands): Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance, December 31, 2018 $ (1,641 ) $ 260 $ (1,381 ) Other comprehensive income before reclassifications — 421 421 Change in cash flow hedges reclassed to earnings (A) 469 — 469 Net current-period other comprehensive income 469 421 890 Balance, December 31, 2019 (1,172 ) 681 (491 ) Other comprehensive loss before reclassifications — (3,363 ) (3,363 ) Change in cash flow hedges reclassed to earnings (A) 1,172 — 1,172 Net current-period other comprehensive income (loss) 1,172 (3,363 ) (2,191 ) Balance, December 31, 2020 — (2,682 ) (2,682 ) Other comprehensive loss before reclassifications — (1 ) (1 ) Reclassification adjustment for foreign currency translation (B) — 2,683 2,683 Net current-period other comprehensive income — 2,682 2,682 Balance, December 31, 2021 $ — $ — $ — (A) Classified in Interest Expense in the Company’s consolidated statements of operations. For the year ended December 31, 2020, $1.1 million is classified as other expense in the Company’s consolidated statement of operations. (B) 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). |
Impairment Charges and Reserves
Impairment Charges and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges and Reserves | 14. Impairment Charges and Reserves The Company recorded impairment charges and reserves 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, 2021 2020 2019 Reserve of preferred equity interests (A) $ — $ 19.4 $ 15.5 Assets marketed for sale (B) 7.3 3.2 0.6 Undeveloped land (B) — 2.0 2.8 Total impairment charges $ 7.3 $ 24.6 $ 18.9 (A) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures that were transferred or redeemed in the fourth quarter of 2020. (B) In 2021, the impairment charges recorded were triggered by a change in the hold period assumptions. In 2020 and 2019, impairments recorded were triggered by indicative bids received. Items Measured at Fair Value For the valuation of the preferred equity interests, prior to the closing of the transactions with Blackstone, the significant assumptions used in the discounted cash flow analysis included the discount rate, projected net operating income, the timing of the expected redemption and the exit capitalization rates. 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. For projects under development or not at stabilization, the significant assumptions included the discount rate, the timing and the estimated costs for the construction completion and project stabilization, projected net operating income and the exit capitalization rate. These valuations were calculated based on market conditions and assumptions made by management at the time the valuation adjustments and impairments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change. 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, for the years ended December 31, 2021, 2020 and 2019. 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 Impairment Charges December 31, 2021 Long-lived assets held and used $ — $ — $ 10.0 $ 10.0 $ 7.3 December 31, 2020 Long-lived assets held and used — — 11.5 11.5 5.2 Preferred equity interests — — 94.2 94.2 19.4 December 31, 2019 Long-lived assets held and used — — 5.0 5.0 3.4 Preferred equity interests — — 108.5 108.5 15.5 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the year ended December 31, 2021 (in millions): Quantitative Information About Level 3 Fair Value Measurements Valuation Weighted Description Fair Value Technique Unobservable Inputs Range Average Impairment of consolidated assets $ 10.0 Indicative Bid (A) Indicative Bid (A) N/A N/A The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the year ended December 31, 2020 (in millions): Quantitative Information About Level 3 Fair Value Measurements Valuation Weighted Description Fair Value Technique Unobservable Inputs Range Average Impairment of consolidated assets $ 11.5 Indicative Bid (A) Indicative Bid (A) N/A N/A Preferred equity interests 94.2 Discounted Cash Flow Discount Rate 6.6%–10.6% 7.9% Terminal Capitalization Rate 6.6%–10.5% 8.2% NOI Growth Rate 0% 0% (A) Fair value measurements 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans and Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Stock-Based Compensation Plans and Employee Benefits | 15. 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, 1.8 million common shares were available for grant under future awards as of December 31, 2021. Stock Options Stock options may be granted at per-share prices not less than fair market value at the date of grant and must be exercised within the maximum contractual term of 10 years thereof. The fair values for option awards granted were estimated at the date of grant using the Black-Scholes option pricing model. No option awards have been granted since December 31, 2017. The following table reflects the stock option activity: Weighted- Weighted- Average Aggregate Number of Options (Thousands) Average Exercise Price Remaining Contractual Term (Years) Intrinsic Value (Thousands) Balance December 31, 2018 446 $ 25.71 Exercised (12 ) 9.73 Forfeited (84 ) 25.04 Balance December 31, 2019 350 26.42 Forfeited (27 ) 22.20 Balance December 31, 2020 323 26.77 Forfeited (50 ) 25.71 Balance December 31, 2021 273 $ 26.96 3.1 $ — Options exercisable at December 31, 2021 273 $ 26.96 3.1 $ — 2020 323 26.77 4.0 — 2019 333 26.58 4.7 — As of December 31, 2021, all stock option compensation cost was recognized. For the year ended December 31, 2019, cash received for employee stock option exercises that were primarily settled with newly issued common shares or with treasury shares was $0.1 million. Restricted Share Units The Board of Directors approved grants to officers of the Company of restricted common share units (“RSUs”) of 0.4 million in 2021, 0.5 million in 2020 and 0.3 million in 2019. These grants generally vest in equal annual amounts over a three- to four-year Performance-Based Restricted Share Units (PRSUs) In 2021, the Board of Directors approved grants to the chief executive officer and the chief financial officer, and in 2020, 2019 and 2018, the Board of Directors approved grants to the chief executive officer of PRSUs covering a “target” number of shares, subject to three-year performance periods beginning on March 1, 2021, March 1, 2020, March 1, 2019 and March 1, 2018, and ending on February 28, 2024, February 28, 2023, February 28, 2022 and February 28, 2021, respectively. 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, two-year and three-year performance periods beginning on March 1, 2020. In 2017, the Board of Directors approved grants to the chief executive officer and the former chief operating officer of PRSUs covering a “target” number of shares, subject to one-year, two-year and three-year performance periods beginning on March 1, 2017. 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 the case of PRSUs issued prior to 2021, subject to reduction by one-third in the event that SITE Centers’ absolute total shareholder return during the applicable performance period is negative). In March 2021, the Company issued 570,295 common shares in settlement of certain PRSUs granted in 2018 and 2020. In December 2020, in connection with the termination without cause of the chief operating officer, a settlement of the PRSUs granted in 2020 , 2019 and 2018 resulted in the issuance of 257,168 common shares. For the PRSUs in which the performance period ended in February 2020 and February 2019, no shares were granted. The 202 1 , 20 20 and 201 9 grants ha d a grant date fair value aggregating $ 3.3 million, $ 4.5 million and $ 5.6 million, respectively, 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 2017 and 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. In particular, upon consummation of the spin-off of RVI, the 2017 and 2018 PRSU awards were adjusted to: (1) retain the original SITE Centers’ relative total shareholder return (“RTSR”) peer group; (2) retain the SITE Centers’ beginning share price used for RTSR purposes and (3) measure ending share price as SITE Centers’ ending price plus RVI’s split-adjusted ending price (with any dividends paid during the performance period deemed reinvested into additional SITE Centers shares). Effective at the date of the spin-off, because these awards are dual-indexed to both the Company’s and RVI’s stock performance, the 2017 and 2018 PRSU awards are accounted for as liability awards and marked to fair value on a quarterly basis. In 2021, 2020 and 2019, the Company recorded a mark-to-market adjustment of $5.6 million as expense, $0.7 million as income and $1.9 million as expense, respectively, in connection with the PRSUs granted primarily in March 2018. Summary of Unvested Share Awards The following table reflects the activity for the unvested awards pursuant to all restricted stock grants: Awards (Thousands) Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 902 $ 11.35 Granted 405 13.12 Vested (419 ) 13.37 Forfeited (26 ) 13.20 Unvested at December 31, 2021 862 $ 11.14 As of December 31, 2021, total unrecognized compensation for the restricted awards granted under the plans as summarized above was $9.7 million, which is expected to be recognized over a weighted-average 1.6-year term, which includes the performance-based and time-based vesting periods. 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, 2021. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. 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, 2021 2020 2019 Numerators – Basic and Diluted Net income $ 125,416 $ 36,590 $ 101,825 Income attributable to non-controlling interests (481 ) (869 ) (1,126 ) Write-off of preferred share original issuance costs (5,156 ) — (7,176 ) Preferred dividends (13,656 ) (20,531 ) (32,231 ) Earnings attributable to unvested shares and OP Units (572 ) (204 ) (687 ) Net income attributable to common shareholders after allocation to participating securities $ 105,551 $ 14,986 $ 60,605 Denominators – Number of Shares Basic – Average shares outstanding 208,004 193,336 183,026 Assumed conversion of dilutive securities: PRSUs 973 441 228 Forward equity 25 — — OP units 141 — — Diluted – Average shares outstanding 209,143 193,777 183,254 Earnings Per Share: Basic $ 0.51 $ 0.08 $ 0.33 Diluted $ 0.51 $ 0.08 $ 0.33 Basic average shares outstanding do not include restricted shares totaling 0.9 million, 0.9 million and 0.7 million that were not vested at December 31, 2021, 2020 and 2019, respectively (Note 15). The following potentially dilutive securities were considered in the calculation of EPS: • For the year ended December 31, 2021, PRSUs issued to certain executives in March 2021, March 2020 and March 2019 were considered in the computation of dilutive EPS. For the year ended December 31, 2020, PRSUs issued to certain executives in March 2020, March 2019 and March 2018 were considered in the computation of dilutive EPS. For the year ended December 31, 2019, the PRSUs issued in March 2019 and March 2018 were considered in the computation of dilutive EPS and the PRSUs issued in March 2017 were not considered in the computation of dilutive EPS, as the calculation was anti-dilutive. • The agreements to offer and sell shares on a forward basis for approximately 2.2 million common shares were considered in the computation of diluted EPS for the year ended December 31, 2021 (Note 12). These agreements were not outstanding in 2020 or 2019. • The exchange into common shares associated with OP Units was included in the computation of diluted EPS for the year ending December 31, 2021. The exchange into common shares associated with OP Units was not included in the computation of diluted EPS for December 31, 2020 and 2019, because the effect of assuming conversion was anti-dilutive (Note 12). • Options to purchase 0.3 million common shares were outstanding for each of the years ending December 31, 2021, 2020 and 2019 (Note 15). These outstanding options were not considered in the computation of diluted EPS, as the options were anti-dilutive. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. 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 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, 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 years ended December 31, 2021, 2020 and 2019, the Company made a net payment of $0.6 million, $0.7 million and $0.7 million, respectively, related to taxes. The following represents the combined activity of the Company’s TRS (in thousands): For the Year Ended December 31, 2021 2020 2019 Book (loss) income before income taxes $ (3,420 ) $ (240 ) $ 7,258 Current $ — $ 39 $ 34 Deferred — — — Total income tax expense $ — $ 39 $ 34 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 2021 2020 2019 Statutory Rate 21 % 21 % 21 % Statutory rate applied to pre-tax (loss) income $ (718 ) $ (50 ) $ 1,524 State tax expense net of federal income tax — 33 27 Deferred tax impact of contributions of assets (2,410 ) (3,617 ) — Deferred tax impact of tax rate change (366 ) (300 ) (89 ) Valuation allowance decrease based on impact of tax rate change 366 300 89 Valuation allowance (decrease) increase – (1,087 ) 3,854 (1,608 ) Expiration of capital loss carryforward 3,584 Other 631 (181 ) 91 Total expense $ — $ 39 $ 34 Effective tax rate — % (16.20 %) 0.47 % Deferred tax assets and liabilities of the Company’s TRS were as follows (in thousands): For the Year Ended December 31, 2021 2020 Deferred tax assets (A) $ 31,844 $ 32,651 Deferred tax liabilities (84 ) (170 ) Valuation allowance (31,760 ) (32,481 ) Net deferred tax asset $ — $ — (A) At December 31, 2021, primarily attributable to $20.5 million of net operating losses and $3.8 million of book/tax differences in joint venture investments. At December 31, 2020, primarily attributable to $14.8 million of net operating losses, $9.3 million of book/tax differences in joint venture investments and $3.7 million of capital loss carryforward. The TRS net operating loss carryforwards will expire in varying amounts between the years 2024 and 2035, except for approximately $5.0 million that was generated in 2021 and does not expire. Reconciliation of GAAP net income attributable to SITE Centers to taxable income is as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 GAAP net income attributable to SITE Centers $ 124,935 $ 35,721 $ 100,699 Plus: Book depreciation and amortization (A) 162,342 154,051 152,707 Less: Tax depreciation and amortization (A) (115,735 ) (105,385 ) (107,830 ) Book/tax differences on losses from capital transactions (28,114 ) (45,808 ) (52,733 ) Joint venture equity (earnings) loss, net (A) (15,480 ) 10,572 (9,189 ) Deferred income (1,158 ) (13,197 ) (417 ) Compensation expense 11,534 4,031 6,608 Impairment charges 7,270 24,593 18,914 Miscellaneous book/tax differences, net (20,183 ) 549 1,020 Taxable income before adjustments 125,411 65,127 109,779 Less: Net operating loss carryforward (28,576 ) — — Taxable income subject to the 90% dividend requirement $ 96,835 $ 65,127 $ 109,779 (A) Depreciation expense from majority-owned subsidiaries and affiliates, which is consolidated for financial reporting purposes but not for tax reporting purposes, is included in the reconciliation item “Joint venture equity (earnings) loss, net.” Reconciliation between cash and stock dividends paid and the dividends paid deduction is as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 Dividends paid $ 96,835 $ 98,073 $ 180,092 Less: Dividends designated to prior year (5,133 ) (5,133 ) (8,383 ) Plus: Dividends designated from the following year 5,133 5,133 5,133 Less: Return of capital — (32,946 ) (67,063 ) Dividends paid deduction $ 96,835 $ 65,127 $ 109,779 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 18. Segment Information In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in the BRE DDR Joint Ventures in exchange for the acquisition of certain of the underlying assets of the two joint ventures. As such, beginning on January 1, 2021, the Company has one reportable operating segment. The tables below present information about the Company’s reportable operating segments (in thousands): For the Year Ended December 31, 2020 Shopping Centers Loan Investments Other Total Rental income $ 414,864 $ — $ 414,864 Other income 45,456 13 45,469 Total revenues 460,320 13 460,333 Rental operation expenses (138,402 ) — (138,402 ) Net operating income 321,918 13 321,931 Impairment charges (5,200 ) (5,200 ) Depreciation and amortization (170,669 ) (170,669 ) Interest income 11,888 11,888 Other expense, net $ (18,400 ) (18,400 ) Unallocated expenses (A) (130,485 ) (130,485 ) Equity in net income of joint ventures 1,516 1,516 Reserve of preferred equity interests, net (19,393 ) (19,393 ) Gain on sale and change in control of interests, net 45,464 45,464 Gain on disposition of real estate, net 1,069 1,069 Income before tax expense $ 37,721 As of December 31, 2020: Total gross real estate assets $ 4,989,388 $ 4,989,388 For the Year Ended December 31, 2019 Shopping Centers Loan Investments Other Total Rental income $ 443,421 $ — $ 443,421 Other income 63,632 50 63,682 Business interruption income 885 — 885 Total revenues 507,938 50 507,988 Rental operation expenses (139,653 ) (10 ) (139,663 ) Net operating income 368,285 40 368,325 Impairment charges (3,370 ) (3,370 ) Depreciation and amortization (165,087 ) (165,087 ) Interest income 18,009 18,009 Other expense, net $ 357 357 Unallocated expenses (A) (143,105 ) (143,105 ) Equity in net income of joint ventures 11,519 11,519 Reserve of preferred equity interests (15,544 ) (15,544 ) Gain on disposition of real estate, net 31,380 31,380 Income before tax expense $ 102,484 As of December 31, 2019: Total gross real estate assets $ 4,709,812 $ 4,709,812 Notes receivable, net (B) $ 120,130 $ (112,589 ) $ 7,541 (A) Unallocated expenses consist of General and Administrative Expenses and Interest Expense as listed in the Company’s consolidated statements of operations. (B) In 2019, amount includes BRE DDR Joint Venture preferred investment interests. This note receivable was used as part of the consideration paid to acquire certain of the underlying assets of two joint ventures. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events In the first quarter of 2022, the Company acquired Artesia Village (Scottsdale, Arizona) for $14.5 million . The Company also acquired its partner’s 80% interest in Casselberry Commons (Casselberry, Florida) owned by the DDRM Properties Joint Venture for $35.6 million ($44.5 million at 100%) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | SCHEDULE II SITE Centers Corp. Valuation and Qualifying Accounts and Reserves For the Years Ended December 31, 2021, 2020 and 2019 (In thousands) Balance at Beginning of Year Charged to Expense Deductions Balance at End of Year Year ended December 31, 2021 Allowance for uncollectible accounts (A) $ 7,402 $ 1,051 $ 3,733 $ 4,720 Valuation allowance for deferred tax assets (B) $ 32,481 $ — $ 721 $ 31,760 Year ended December 31, 2020 Allowance for uncollectible accounts (A) $ 109,710 $ 25,605 $ 127,913 $ 7,402 Valuation allowance for deferred tax assets (B) $ 28,413 $ 4,068 $ — $ 32,481 Year ended December 31, 2019 Allowance for uncollectible accounts (A) $ 88,814 $ 21,448 $ 552 $ 109,710 Valuation allowance for deferred tax assets (B) $ 29,846 $ — $ 1,433 $ 28,413 (A) Includes allowances on straight-line rents and reserve of preferred equity interests and accrued interest ($105.3 million at December 31, 2019). (B) Amounts charged to expense are discussed further in Note 17. |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | SCHEDULE III SITE Centers Corp. Real Estate and Accumulated Depreciation December 31, 2021 (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) Phoenix, AZ $ 18,701 $ 18,929 $ 18,701 $ 24,597 $ 43,298 $ 12,002 $ 31,296 $ — 1999 (A) Phoenix, AZ 15,352 24,414 15,352 29,130 44,482 18,887 25,595 — 2003 (A) Phoenix, AZ 15,090 36,880 18,399 42,553 60,952 15,039 45,913 — 2012 (A) Buena Park, CA 27,269 21,427 27,269 27,405 54,674 6,300 48,374 — 2015 (A) Fontana, CA 23,861 57,931 23,861 64,180 88,041 16,120 71,921 — 2014 (A) Long Beach, CA — 147,918 — 197,363 197,363 104,791 92,572 — 2005 (C) Oakland, CA 4,361 33,538 4,361 33,538 37,899 9,612 28,287 — 2013 (A) Roseville, CA 23,574 67,031 23,574 68,854 92,428 17,165 75,263 — 2014 (A) San Francisco, CA 10,464 25,730 10,464 31,146 41,610 14,730 26,880 — 2002 (A) Centennial, CO 7,833 35,550 9,075 68,789 77,864 47,401 30,463 — 1997 (C) Colorado Springs, CO 9,001 47,671 9,001 60,890 69,891 18,778 51,113 — 2011 (A) Denver, CO 20,733 22,818 20,804 30,343 51,147 17,811 33,336 — 2003 (A) Parker, CO 4,632 38,256 4,632 42,830 47,462 10,940 36,522 — 2013 (A) Guilford, CT 4,588 41,892 6,457 64,406 70,863 12,122 58,741 — 2015 (C) Windsor Court, CT 6,090 11,745 6,090 12,616 18,706 6,085 12,621 — 2007 (A) Boynton Beach, FL 6,048 9,256 6,048 9,256 15,304 — 15,304 — 2021 (A) Brandon, FL — 4,111 — 27,484 27,484 3,836 23,648 — 1972 (C) Brandon, FL 4,775 13,117 4,775 19,400 24,175 8,571 15,604 — 2009 (A) Brandon, FL 2,938 13,685 2,938 18,884 21,822 4,313 17,509 — 2013 (A) Delray Beach, FL 12,664 26,006 12,664 26,006 38,670 602 38,068 17,578 2021 (A) Fort Walton Beach, FL 3,643 5,612 3,643 5,612 9,255 — 9,255 — 2021 (A) Jupiter, FL 8,764 20,051 8,764 20,310 29,074 903 28,171 12,721 2020 (A) Melbourne, FL 3,111 7,325 3,111 12,557 15,668 1,235 14,433 — 2018 (A) Miami, FL 11,626 30,457 26,743 121,805 148,548 55,003 93,545 — 2006 (C) Naples, FL 10,172 39,342 10,172 43,609 53,781 11,461 42,320 — 2013 (A) Orlando, FL 8,528 56,684 13,057 82,233 95,290 14,166 81,124 — 2016 (C) Orlando, FL 9,451 16,424 9,451 16,480 25,931 734 25,197 20,018 2020 (A) Palm Harbor, FL 1,137 4,089 1,137 5,342 6,479 4,119 2,360 — 1995 (A) Plantation, FL 21,729 37,331 22,112 96,247 118,359 50,138 68,221 — 2007 (A) Tamarac, FL 16,730 22,139 16,730 22,139 38,869 — 38,869 — 2021 (A) Tampa, FL 10,000 10,907 10,000 11,090 21,090 868 20,222 9,100 2019 (A) Tampa, FL 6,800 15,874 6,800 15,874 22,674 — 22,674 — 2021 (A) Wesley Chapel, FL 8,080 21,567 8,080 21,567 29,647 — 29,647 — 2021 (A) Winter Garden, FL 38,945 130,382 38,945 139,688 178,633 40,675 137,958 — 2013 (A) Atlanta, GA 14,078 41,050 14,078 48,077 62,155 18,825 43,330 — 2009 (A) Atlanta, GA 12,358 17,103 12,358 17,103 29,461 229 29,232 — 2021 (A) Cumming, GA 14,249 23,653 14,249 29,242 43,491 16,567 26,924 — 2003 (A) Cumming, GA 6,851 49,659 6,851 50,752 57,603 14,922 42,681 — 2013 (A) Cumming, GA 3,391 8,218 3,391 8,754 12,145 1,113 11,032 — 2018 (A) SCHEDULE III SITE Centers Corp. Real Estate and Accumulated Depreciation December 31, 2021 (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) Douglasville, GA 2,839 5,511 2,839 7,333 10,172 1,118 9,054 — 2018 (A) Ellenwood, GA 1,285 4,841 1,285 4,841 6,126 — 6,126 — 2021 (A) Roswell, GA 6,566 15,005 7,894 29,180 37,074 13,398 23,676 — 2007 (A) Snellville, GA 10,185 51,815 10,342 61,386 71,728 29,090 42,638 — 2007 (A) Suwanee, GA 13,479 23,923 13,335 34,873 48,208 19,745 28,463 — 2003 (A) Chicago, IL 22,642 82,754 22,642 83,275 105,917 21,464 84,453 — 2014 (A) Chicago, IL 23,588 45,632 23,588 45,954 69,542 8,603 60,939 — 2017 (A) Schaumburg, IL 27,466 84,679 24,646 92,209 116,855 25,986 90,869 — 2013 (A) Merriam, KS 15,043 55,028 9,601 50,350 59,951 13,196 46,755 — 2013 (A) Everett, MA 9,311 44,647 9,462 60,446 69,908 37,109 32,799 — 2001 (C) Framingham, MA 75,675 191,594 75,675 204,956 280,631 56,382 224,249 — 2013 (A) Brentwood, MO 10,018 32,053 10,018 41,035 51,053 26,195 24,858 — 1998 (A) East Hanover, NJ 3,847 23,798 3,847 29,551 33,398 13,887 19,511 — 2007 (A) Edgewater, NJ 7,714 30,473 7,714 38,453 46,167 15,662 30,505 — 2007 (A) Freehold, NJ 2,460 2,475 3,166 3,766 6,932 1,548 5,384 — 2005 (C) Hamilton, NJ 8,039 49,896 10,014 92,699 102,713 49,999 52,714 — 2003 (A) Princeton, NJ 17,991 82,063 18,998 122,850 141,848 72,156 69,692 — 1997 (A) Voorhees, NJ 1,350 1,837 1,350 4,960 6,310 135 6,175 — 2020 (A) West Long Branch, NJ 14,131 51,982 14,131 82,553 96,684 41,151 55,533 — 2004 (A) Hempstead, NY 26,487 14,418 26,479 14,651 41,130 731 40,399 — 2020 (A) Charlotte, NC 27,707 45,021 27,707 51,938 79,645 18,839 60,806 — 2011 (A) Charlotte, NC 11,224 82,124 11,224 99,612 110,836 30,551 80,285 — 2012 (A) Charlotte, NC 3,600 30,392 8,463 54,782 63,245 12,822 50,423 — 2013 (C) Cornelius, NC 4,382 15,184 4,382 21,669 26,051 11,391 14,660 — 2007 (A) Cincinnati, OH 19,572 54,495 19,572 78,245 97,817 19,365 78,452 — 2014 (A) Columbus, OH 12,922 46,006 14,078 72,976 87,054 49,461 37,593 — 1998 (A) Columbus, OH 18,716 64,617 20,666 72,158 92,824 24,132 68,692 — 2011 (A) Dublin, OH 3,609 11,546 3,609 15,957 19,566 11,380 8,186 — 1998 (A) Mason, OH 2,032 23,788 2,032 28,009 30,041 7,282 22,759 — 2014 (A) Stow, OH 993 9,028 993 42,895 43,888 26,089 17,799 — 1969 (C) Westlake, OH 424 4,004 424 30,357 30,781 6,312 24,469 — 1974 (C) Portland, OR 20,208 50,738 20,208 65,338 85,546 22,950 62,596 — 2012 (A) Portland, OR 10,122 37,457 10,122 37,895 48,017 2,950 45,067 — 2019 (A) Boothwyn, PA 6,370 16,931 6,370 17,013 23,383 951 22,432 15,979 2020 (A) Downingtown, PA 4,175 15,678 4,175 15,925 20,100 932 19,168 — 2020 (A) Easton, PA 7,691 20,405 7,691 20,772 28,463 1,202 27,261 — 2020 (A) SCHEDULE III SITE Centers Corp. Real Estate and Accumulated Depreciation December 31, 2021 (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) Anderson, SC 1,372 11,656 1,372 11,756 13,128 466 12,662 15,736 2020 (A) Mount Pleasant, SC 2,430 10,470 2,341 31,164 33,505 17,421 16,084 — 1995 (A) Brentwood, TN 6,101 25,956 6,101 28,234 34,335 8,227 26,108 — 2013 (A) Highland Village, TX 5,545 28,365 5,545 30,742 36,287 10,010 26,277 — 2013 (A) Round Rock, TX 3,467 8,839 3,467 8,804 12,271 722 11,549 — 2019 (A) San Antonio, TX 3,475 37,327 4,873 53,641 58,514 30,566 27,948 — 2002 (C) San Antonio, TX 5,602 39,196 10,158 115,143 125,301 50,053 75,248 — 2007 (C) San Antonio, TX 2,381 6,487 2,381 24,567 26,948 12,635 14,313 — 2007 (A) Charlottesville, VA 2,181 6,571 2,181 6,571 8,752 133 8,619 — 2021 (A) Charlottesville, VA 1,400 2,537 1,400 2,537 3,937 7 3,930 — 2021 (A) Fairfax, VA 15,681 68,536 15,681 71,587 87,268 19,338 67,930 — 2013 (A) Richmond, VA 11,879 34,736 11,879 37,302 49,181 17,528 31,653 — 2007 (A) Richmond, VA 7,331 49,278 7,330 51,034 58,364 1,908 56,456 34,250 2020 (A) Springfield, VA 17,016 40,038 17,016 44,931 61,947 20,790 41,157 — 2007 (A) Portfolio Balance (SITE) 15,051 202,200 15,051 202,200 217,251 111,538 105,713 — $ 982,392 $ 3,249,802 $ 1,019,655 $ 4,219,226 $ 5,238,881 $ 1,571,569 $ 3,667,312 $ 125,382 (1) The aggregate cost for federal income tax purposes was approximately $5.5 billion at December 31, 2021. (2) Includes $8.3 million of undeveloped land at December 31, 2021. (3) Includes $39.0 million of construction in progress at December 31, 2021. (4) Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the assets as follows: Buildings Useful lives, 31.5 to 40 years Building improvements and fixtures Useful lives, ranging from 3 Tenant improvements Shorter of economic life or lease terms (5) Excludes fair market value of debt adjustments and net loan costs aggregating $0.4 million. SCHEDULE III The changes in Total Real Estate Assets are as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 Balance at beginning of year $ 4,989,388 $ 4,709,812 $ 4,627,866 Acquisitions 215,998 242,593 80,771 Developments, improvements and expansions 84,130 59,126 109,830 Adjustments of property carrying values (Impairments) (7,270 ) (5,200 ) (3,370 ) Disposals (A) (43,365 ) (16,943 ) (105,285 ) Balance at end of year $ 5,238,881 $ 4,989,388 $ 4,709,812 (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, 2021 2020 2019 Balance at beginning of year $ 1,427,057 $ 1,289,148 $ 1,172,357 Depreciation for year 164,200 154,906 147,372 Disposals (19,688 ) (16,997 ) (30,581 ) Balance at end of year $ 1,571,569 $ 1,427,057 $ 1,289,148 |
Mortgage Loans on Real Estate
Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2021 | |
Mortgage Loans On Real Estate [Abstract] | |
Mortgage Loans on Real Estate | SCHEDULE IV SITE Centers Corp. Mortgage Loans on Real Estate December 31, 2021 (In thousands) The Company did not have any mortgage loans outstanding at December 31, 2021 and 2020. Changes in mortgage loans are summarized below (in thousands): For the Year Ended December 31, 2020 2019 Balance at beginning of period $ 120,130 $ 209,566 Additions during period: Interest 12,150 18,285 Deductions during period: Provision for loan loss reserve (19,393 ) (15,544 ) Collections of principal and interest (112,887 ) (92,177 ) Balance at close of period $ — $ 120,130 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 acquiring, owning, developing, redeveloping, leasing, 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 primarily includes national and regional retail chains and local tenants. Consequently, the Company’s credit risk is 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. The Company considered impacts to its estimates related to COVID-19, as appropriate, within its consolidated financial statements, and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the uncertainties surrounding the severity and duration of the COVID-19 pandemic. 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, 2021 2020 2019 Consolidation of the net assets (excluding mortgages as disclosed below) of previously unconsolidated joint ventures $ 132.3 $ 272.6 $ — Acquisition of non-controlling interest 2.1 — — Joint venture investments related to consolidation of net assets 11.6 86.4 — Mortgages assumed, of previously unconsolidated joint ventures 73.9 196.6 — Mortgages assumed, shopping center acquisitions 17.9 — 9.1 Accounts payable related to construction in progress 13.4 6.3 11.0 Tax receivable 2.1 — — Assumption of buildings due to ground lease terminations — 3.0 — Dividends declared, but not paid 28.2 14.8 44.0 Write-off of preferred share original issuance costs 5.1 — 7.2 |
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 31.5 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 $3.1 million, $3.0 million and $3.8 million in 2021, 2020 and 2019, 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 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. 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 $7.3 million, $5.2 million and $3.4 million, related to consolidated real estate investments, during the years ended December 31, 2021, 2020 and 2019, respectively (Note 14). |
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. 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, 2021 and 2020. |
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, 2021, 2020 and 2019 aggregated $70.2 million, $76.0 million and $79.5 million, respectively, of which $0.6 million, $0.9 million and $1.3 million, respectively, was capitalized. |
Investments in and Advances to Joint Ventures and Affiliate | Investments in and Advances to Joint Ventures and Affiliate 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. The Retail Value Inc. (“RVI”) series A preferred stock (“RVI Preferred Shares”) were classified as Investment in and Advances to Affiliate on the Company’s consolidated balance sheet. The RVI Preferred Shares had a liquidation and dividend preference over the common stock, but did not have any substantive voting rights, with limited exceptions, or conversion rights and did not have a stated coupon. The RVI Preferred Shares were carried at cost, subject to adjustments in certain circumstances, and were periodically evaluated for impairment. In October 2021, the Company received a cash distribution of $190.0 million on the RVI Preferred Shares. In December 2021, RVI repurchased all of the outstanding RVI Preferred Shares from the Company for an aggregate purchase price of $1.00. As a result, the Company no longer maintains an investment in RVI and will not receive any further distributions on account of the RVI Preferred Shares. |
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. For purposes 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 Accounts receivable, excluding straight-line rents receivable, do not include estimated amounts not probable of being collected (including contract disputes) of $3.0 million and $4.7 million at December 31, 2021 and 2020, respectively. Accounts receivable are generally expected to be collected within one year. At December 31, 2021 and 2020, straight-line rents receivable, net of a provision for uncollectible amounts of $1.6 million and $2.1 million, respectively, aggregated $29.8 million and $29.3 million, respectively. |
Deferred Charges | Deferred Charges 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 facilities 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. Reissuances of the Company’s treasury shares at an amount below cost are 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 standard. A majority of the Company’s tenant-related revenue is recognized pursuant to lease agreements and is governed by the leasing guidance. Historically, the majority of the Company’s lease commission revenue was recognized 50% upon lease execution and 50% upon tenant rent commencement. Upon adoption of Topic 606, lease commission revenue is generally recognized in its entirety upon lease execution. 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 month 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, the Company has categorized these tenants on the cash basis of accounting. As a result, no rental income is recognized from such tenants once they have been placed on the cash basis of accounting until payments are received. Revenues from Contracts with Customers The Company’s revenues from contracts with customers generally relate to asset and property management fees, leasing commissions and development fees. These revenues are derived from the Company’s management agreements with RVI and unconsolidated joint ventures 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. The asset management fee under the RVI external management agreement is paid monthly based on the initial aggregate appraised value of the RVI properties. RVI property management fees are paid monthly generally based on the average gross revenue collected during the three months immediately preceding the most recent December 31 or June 30. The Company received a supplemental fee from RVI for the period July 1, 2020 to June 30, 2021 to negate the adverse impact of the COVID-19 pandemic on revenue collection and the resulting reduction to the property management fee payable to the Company. The fee arrangement was amended and modified beginning January 1, 2022. Property Leasing The Company provides strategic advice and execution to third parties, including RVI and 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. Development Services Development services consist of construction management oversight services such as hiring general contractors, reviewing plans and specifications, performing inspections, reviewing documentation and providing accounting services. These services represent a series of distinct services and are recognized over time as services are rendered. The Company is compensated monthly for services based on percentage of aggregate amount spent on the construction during the month. Disposition Fees The Company receives disposition fees equal to 1% of the gross sales price of each RVI asset sold. The Company is compensated at the time of the closing of the sale transaction. Contract Assets Contract assets represent assets for revenue that have been recognized in advance of billing the customer and for which the right to bill is contingent upon something other than the passage of time. This is common for contingent portions of commissions. The portion of payments retained by the customer until the second contingent event is not considered a significant financing component because the right to payment is expected to become unconditional within one year or less. Contract assets are transferred to receivables when the right to payment becomes unconditional. Leases The Company’s accounting policies include the following: • As a lessee — short-term lease exception for 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 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 $13.0 million, $8.0 million and $9.2 million for the years ended December 31, 2021, 2020 and 2019, 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 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, 2021, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2021, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2018 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 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 For the year ended December 31, 2021, the Company had only one reportable operating segment. For the years ended December 31, 2020 and 2019 , t he Company had two reportable operating segments: shopping centers and loan investments. In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in BRE DDR Retail Holding s III (“BRE DDR III”) and BRE DDR Retail Holdings IV ( “BRE DDR IV ,” and together with BRE DDR III, the “BRE DDR Joint Ventures”) in exchange for the acquisition of certain of the underlying assets of t wo joint ventures . 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 shopping center 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. |
Fair Value Hierarchy | Fair Value Hierarchy The standard Fair Value Measurements • 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 in its entirety 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, 2021 | |
Accounting Policies [Abstract] | |
Non-cash Investing and Financing Activities | Non-cash investing and financing activities are summarized as follows (in millions): For the Year Ended December 31, 2021 2020 2019 Consolidation of the net assets (excluding mortgages as disclosed below) of previously unconsolidated joint ventures $ 132.3 $ 272.6 $ — Acquisition of non-controlling interest 2.1 — — Joint venture investments related to consolidation of net assets 11.6 86.4 — Mortgages assumed, of previously unconsolidated joint ventures 73.9 196.6 — Mortgages assumed, shopping center acquisitions 17.9 — 9.1 Accounts payable related to construction in progress 13.4 6.3 11.0 Tax receivable 2.1 — — Assumption of buildings due to ground lease terminations — 3.0 — Dividends declared, but not paid 28.2 14.8 44.0 Write-off of preferred share original issuance costs 5.1 — 7.2 |
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 31.5 to 40 years Building improvements and fixtures Useful lives, ranging from 3 to 20 years Tenant improvements Shorter of economic life or lease terms |
Revenue Recognition (Tables)
Revenue Recognition (Tables) - Adoption of Topic 606 [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Fee and Other Income | Fee and Other Income on the consolidated statements of operations includes 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, 2021 2020 2019 Revenue from contracts: Asset and property management fees $ 25,798 $ 31,255 $ 42,355 Leasing commissions 3,184 5,528 6,300 Development fees 694 1,428 2,019 RVI disposition fees 9,016 3,142 3,454 RVI credit facility guaranty and refinancing fees 60 60 1,860 Total revenue from contracts with customers 38,752 41,413 55,988 Other property income: Other 3,313 4,056 7,694 Total fee and other income $ 42,065 $ 45,469 $ 63,682 |
Schedule of Significant Changes in Leasing Commission Balances | Contract assets are included in Other Assets, net on the consolidated balance sheets. The significant changes in the leasing commission balances during the year ended December 31, 2021, are as follows (in thousands): Balance as of January 1, 2021 $ 513 Contract assets recognized 673 Contract assets billed (804 ) Balance as of December 31, 2021 $ 382 |
Investments in and Advances t_2
Investments in and Advances to Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 Ownership Percentage Operating Properties DDRM Properties Madison International Realty 20.0% 24 Dividend Trust Portfolio JV LP Chinese Institutional Investors 20.0 10 DDR – State of Utah 20.0 11 Other Joint Venture Interests Various 25.75–50.0 2 |
Unconsolidated Joint Ventures [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
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, 2021 2020 Condensed Combined Balance Sheets Land $ 378,442 $ 441,412 Buildings 1,092,245 1,258,879 Fixtures and tenant improvements 123,313 137,663 1,594,000 1,837,954 Less: Accumulated depreciation (441,215 ) (492,288 ) 1,152,785 1,345,666 Construction in progress and land 5,778 58,201 Real estate, net 1,158,563 1,403,867 Cash and restricted cash 37,535 35,212 Receivables, net 16,854 25,719 Other assets, net 49,029 61,381 $ 1,261,981 $ 1,526,179 Mortgage debt $ 873,336 $ 1,029,579 Notes and accrued interest payable to the Company 3,331 4,375 Other liabilities 51,473 57,349 928,140 1,091,303 Accumulated equity 333,841 434,876 $ 1,261,981 $ 1,526,179 Company's share of accumulated equity $ 59,286 $ 72,555 Basis differentials 2,946 1,644 Deferred development fees, net of portion related to the Company's interest (937 ) (1,277 ) Amounts payable to the Company 3,331 4,375 Investments in and Advances to Joint Ventures, net $ 64,626 $ 77,297 |
Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments | For the Year Ended December 31, 2021 2020 2019 Condensed Combined Statements of Operations Revenues from operations $ 195,559 $ 252,946 $ 428,281 Expenses from operations: Operating expenses 53,391 77,040 118,412 Impairment charges (A) — 33,240 13,807 Depreciation and amortization 66,618 99,779 149,749 Interest expense 43,379 60,010 93,887 Preferred share expense — 15,708 21,832 Other expense, net 12,074 13,796 20,563 175,462 299,573 418,250 Income (loss) before gain on disposition of real estate 20,097 (46,627 ) 10,031 Gain on disposition of real estate, net 89,935 9,257 67,011 Net income (loss) attributable to unconsolidated joint ventures $ 110,032 $ (37,370 ) $ 77,042 Company's share of equity in net income of joint ventures $ 49,417 $ 1,109 $ 10,743 Basis differential adjustments (B) (2,120 ) 407 776 Equity in net income of joint ventures $ 47,297 $ 1,516 $ 11,519 ( A ) For the years ended December 31, 2020 and 2019, the Company’s proportionate share was $1.9 million and $2.5 million, respectively. The Company’s share of the impairment charges was reduced by the impact of the other than temporary impairment charges previously recorded on these investments, as appropriate, as discussed below. ( B ) 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, unrecognized preferred PIK, the recognition of deferred gains, differences in gain (loss) on sale of certain assets recognized due to the basis differentials and other than temporary impairment charges. |
Schedule of Fee and Other Income | Revenues earned by the Company related to all of the Company’s unconsolidated joint ventures and interest income on its preferred interests are as follows (in millions): For the Year Ended December 31, 2021 2020 2019 Revenue from contracts: Asset and property management fees $ 10.6 $ 12.8 $ 19.7 Development fees, leasing commissions and other 2.2 4.2 5.2 12.8 17.0 24.9 Other: Interest income (A) — 12.0 16.7 Other 1.7 2.1 3.2 1.7 14.1 19.9 $ 14.5 $ 31.1 $ 44.8 (A) Interest income recorded in 2020 and 2019 related to preferred equity interests in the BRE DDR Joint Ventures, which were transferred or redeemed in the fourth quarter of 2020. |
Investment In and Advances to_2
Investment In and Advances to Affiliate (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retail Value Inc. [Member] | |
Schedule of Fee and Other Income | Revenue from contracts with RVI is included in Fee and Other Income on the consolidated statements of operations and was composed of the following (in millions): For the Year Ended December 31, 2021 2020 2019 Revenue from contracts with RVI: Asset and property management fees $ 15.2 $ 18.4 $ 21.7 Leasing commissions 1.7 2.8 3.1 Disposition fees 9.0 3.1 3.3 Credit facility guaranty and refinancing fees 0.1 0.1 1.9 Total revenue from contracts with RVI $ 26.0 $ 24.4 $ 30.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Company Acquired Shopping Centers | In 2021 and 2020, the Company acquired the following shopping centers (in millions): Asset Location Date Acquired Purchase Price Face Value of Mortgage Debt Assumed Shoppes at Addison Place Delray Beach, Florida May 2021 $ 40.0 $ 17.9 Emmett Street Station Charlottesville, Virginia May 2021 8.8 — Hammond Springs Atlanta, Georgia September 2021 31.0 — Belgate Shopping Center (land parcel) Charlotte, North Carolina November 2021 1.1 — Emmet Street North Charlottesville, Virginia December 2021 3.9 — At Home (Single Box) Princeton, New Jersey December 2021 15.8 — Village Square at Golf Boynton Beach, Florida December 2021 (A) (A) Shoppes at Paradise Point Fort Walton Beach, Florida December 2021 (A) (A) Midway Plaza Tamarac, Florida December 2021 (A) (A) North Point Plaza Tampa, Florida December 2021 (A) (A) The Shoppes at New Tampa Wesley Chapel, Florida December 2021 (A) (A) Paradise Shoppes of Ellenwood Ellenwood, Georgia December 2021 (A) (A) Paradise Village Gateway Phoenix, Arizona December 2021 (B) (B) Concourse Village Jupiter, Florida October 2020 (C) 13.0 Millenia Crossing Orlando, Florida October 2020 (C) 20.7 Echelon Village Plaza Voorhees, New Jersey October 2020 (C) 5.4 The Hub Hempstead, New York October 2020 (C) 28.0 Larkins Corner Boothwyn, Pennsylvania October 2020 (C) 16.4 Ashbridge Square Downingtown, Pennsylvania October 2020 (C) 32.4 Southmont Plaza Easton, Pennsylvania October 2020 (C) 30.7 Midtowne Park Anderson, South Carolina November 2020 (D) 15.7 White Oak Village Richmond, Virginia November 2020 (D) 34.3 |
Schedule of Acquisition Cost of Shopping Centers | The fair value of acquisitions was allocated as follows (in thousands): Weighted-Average Amortization Period (in Years) 2021 2020 2021 2020 Land $ 75,732 $ 72,991 N/A N/A Buildings 135,537 163,723 (A) (A) Tenant improvements 3,620 2,854 (A) (A) Construction in progress 1,109 — N/A N/A In-place leases (including lease origination costs and fair market value of leases) 27,829 50,167 5.6 5.8 Other assets assumed (including cash and restricted cash) (B) 1,005 10,711 N/A N/A 244,832 300,446 Less: Mortgage debt assumed at fair value (91,833 ) (196,654 ) N/A N/A Less: Below-market leases (8,504 ) (15,890 ) 16.0 14.6 Less: Other liabilities assumed (2,336 ) (1,664 ) N/A N/A Fair value of non-controlling interest 7,144 — N/A N/A Net assets acquired $ 149,303 $ 86,238 (A) Depreciated in accordance with the Company’s policy (Note 1). (B) Cash and restricted cash assumed is reflected as Distributions from Unconsolidated Joint Ventures in the Company’s consolidated statements of cash flows. |
Consideration | 2021 2020 Consideration: Cash (including debt repaid at closing) $ 137,714 $ — Gain (loss) on Sale and Change in Control of Interests 7,210 (173 ) Carrying value of previously held common equity interests (A) 4,379 (2,698 ) Transfer and redemption of preferred equity interests — 89,109 Total consideration $ 149,303 $ 86,238 |
Other Assets and Intangibles,_2
Other Assets and Intangibles, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets [Abstract] | |
Components of Other Assets and Intangibles | Other assets and intangibles consist of the following (in thousands): December 31, 2021 2020 Intangible assets: In-place leases, net $ 64,464 $ 56,756 Above-market leases, net 7,390 8,387 Lease origination costs, net 6,636 4,974 Tenant relationships, net 15,569 20,301 Total intangible assets, net (A) 94,059 90,418 Operating lease ROU assets 19,047 20,604 Other assets: Prepaid expenses 7,722 7,416 Other assets 1,708 2,348 Deposits 3,796 3,767 Deferred charges, net 4,147 6,137 Total other assets, net $ 130,479 $ 130,690 Below-market leases, net (other liabilities) $ 59,690 $ 57,348 (A) Operating lease ROU assets are discussed further in Note 7. |
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 2021 $ 21.6 2020 15.8 2019 17.7 |
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 2022 $ 4.2 $ 23.5 2023 4.2 18.3 2024 4.2 14.3 2025 4.3 9.0 2026 4.3 5.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating Lease ROU Assets and Operating Lease Liabilities | Operating lease ROU assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands): December 31, Classification 2021 2020 Operating Lease ROU Assets Other Assets, Net $ 19,047 $ 20,604 Operating Lease Liabilities Accounts Payable and Other Liabilities 38,491 39,794 |
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 2021 2020 2019 Operating and Maintenance $ 2,645 $ 2,716 $ 3,495 General and Administrative (A) 2,405 2,627 2,837 Total lease costs $ 5,050 $ 5,343 $ 6,332 (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, 2021 2020 Weighted-Average Remaining Lease Term 35.5 years 35.2 years Weighted-Average Discount Rate 7.4 % 7.4 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 4,342 $ 4,414 |
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, 2022 $ 4,113 2023 3,595 2024 3,521 2025 3,577 2026 3,672 Thereafter 110,470 Total lease payments 128,948 Less imputed interest (90,457 ) Total $ 38,491 |
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, 2022 $ 359,177 2023 314,497 2024 263,152 2025 210,002 2026 163,525 Thereafter 517,852 Total $ 1,828,205 |
Revolving Credit Facilities (Ta
Revolving Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Information Regarding Company's Revolving Credit Facilities | The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions): Carrying Amount at December 31, Weighted-Average Interest Rate (A) December 31, Maturity Date at 2021 2020 2021 2020 December 31, 2021 Unsecured Credit Facility $ — $ 135.0 N/A 1.0% January 2024 PNC Facility — — N/A N/A January 2024 (A) Interest rate on variable-rate debt was calculated using the base rate and spreads effective at December 31, 2020. |
Unsecured and Secured Indebte_2
Unsecured and Secured Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, Interest Rate (A) December 31, Maturity Date at 2021 2020 2021 2020 December 31, 2021 Unsecured indebtedness: Senior notes (B) $ 1,460.0 $ 1,460.0 3.375%–4.700% 3.375%–4.700% May 2023– June 2027 Senior notes – (3.1 ) (4.0 ) Net unamortized debt issuance costs (5.1 ) (6.4 ) Total Senior Notes $ 1,451.8 $ 1,449.6 Term Loan $ 100.0 $ 100.0 1.1% 1.1% January 2023 Net unamortized debt issuance costs (0.2 ) (0.4 ) Total Term Loan $ 99.8 $ 99.6 Secured indebtedness: Mortgage indebtedness – $ 126.5 $ 153.8 4.2% 4.4% September 2022– May 2025 Mortgage indebtedness – Variable Rate — 96.5 N/A 2.3% N/A Net unamortized debt issuance costs (0.7 ) (1.0 ) Total Mortgage Indebtedness $ 125.8 $ 249.3 (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 in effect at December 31, 2021 and 2020 . (B) Effective interest rates ranged from 3.5% to 4.8% at December 31, 2021. |
Schedule Principal Payments | The scheduled principal payments of the Revolving Credit Facilities ($0 at December 31, 2021, Note 8) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2021, are as follows (in thousands): Year Amount 2022 $ 36,032 2023 223,573 2024 93,349 2025 481,204 2026 398,556 Thereafter 449,554 1,682,268 Unamortized fair market value of assumed debt 1,165 Net unamortized debt issuance costs (6,056 ) Total indebtedness $ 1,677,377 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
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, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Senior Notes $ 1,451,768 $ 1,559,973 $ 1,449,613 $ 1,549,866 Revolving Credit Facilities and Term Loan 99,810 100,000 234,635 235,000 Mortgage Indebtedness 125,799 127,488 249,260 250,624 $ 1,677,377 $ 1,787,461 $ 1,933,508 $ 2,035,490 |
Non-Controlling Interests, Pr_2
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Common Shares [Member] | |
Redeemable Noncontrolling Interest [Line Items] | |
Common Share Dividends Declared | For the Year Ended December 31, 2021 2020 2019 Common share dividends declared per share $ 0.47 $ 0.25 $ 0.80 |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Changes in Accumulated OCI by Component | The changes in Accumulated OCI by component are as follows (in thousands): Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance, December 31, 2018 $ (1,641 ) $ 260 $ (1,381 ) Other comprehensive income before reclassifications — 421 421 Change in cash flow hedges reclassed to earnings (A) 469 — 469 Net current-period other comprehensive income 469 421 890 Balance, December 31, 2019 (1,172 ) 681 (491 ) Other comprehensive loss before reclassifications — (3,363 ) (3,363 ) Change in cash flow hedges reclassed to earnings (A) 1,172 — 1,172 Net current-period other comprehensive income (loss) 1,172 (3,363 ) (2,191 ) Balance, December 31, 2020 — (2,682 ) (2,682 ) Other comprehensive loss before reclassifications — (1 ) (1 ) Reclassification adjustment for foreign currency translation (B) — 2,683 2,683 Net current-period other comprehensive income — 2,682 2,682 Balance, December 31, 2021 $ — $ — $ — (A) Classified in Interest Expense in the Company’s consolidated statements of operations. For the year ended December 31, 2020, $1.1 million is classified as other expense in the Company’s consolidated statement of operations. (B) 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). |
Impairment Charges and Reserv_2
Impairment Charges and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Impairment Charges [Abstract] | |
Impairment Charges and Reserves on Assets or Investments | The Company recorded impairment charges and reserves 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, 2021 2020 2019 Reserve of preferred equity interests (A) $ — $ 19.4 $ 15.5 Assets marketed for sale (B) 7.3 3.2 0.6 Undeveloped land (B) — 2.0 2.8 Total impairment charges $ 7.3 $ 24.6 $ 18.9 (A) As a result of an aggregate valuation allowance on its preferred equity interests in the BRE DDR Joint Ventures that were transferred or redeemed in the fourth quarter of 2020. (B) In 2021, the impairment charges recorded were triggered by a change in the hold period assumptions. In 2020 and 2019, impairments recorded were triggered by indicative bids received. |
Impairment Charges and Reserves 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, for the years ended December 31, 2021, 2020 and 2019. 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 Impairment Charges December 31, 2021 Long-lived assets held and used $ — $ — $ 10.0 $ 10.0 $ 7.3 December 31, 2020 Long-lived assets held and used — — 11.5 11.5 5.2 Preferred equity interests — — 94.2 94.2 19.4 December 31, 2019 Long-lived assets held and used — — 5.0 5.0 3.4 Preferred equity interests — — 108.5 108.5 15.5 |
Summary of Significant Unobservable Inputs | The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the year ended December 31, 2021 (in millions): Quantitative Information About Level 3 Fair Value Measurements Valuation Weighted Description Fair Value Technique Unobservable Inputs Range Average Impairment of consolidated assets $ 10.0 Indicative Bid (A) Indicative Bid (A) N/A N/A The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value for the year ended December 31, 2020 (in millions): Quantitative Information About Level 3 Fair Value Measurements Valuation Weighted Description Fair Value Technique Unobservable Inputs Range Average Impairment of consolidated assets $ 11.5 Indicative Bid (A) Indicative Bid (A) N/A N/A Preferred equity interests 94.2 Discounted Cash Flow Discount Rate 6.6%–10.6% 7.9% Terminal Capitalization Rate 6.6%–10.5% 8.2% NOI Growth Rate 0% 0% (A) Fair value measurements 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. |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans and Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Stock Option Activity | The following table reflects the stock option activity: Weighted- Weighted- Average Aggregate Number of Options (Thousands) Average Exercise Price Remaining Contractual Term (Years) Intrinsic Value (Thousands) Balance December 31, 2018 446 $ 25.71 Exercised (12 ) 9.73 Forfeited (84 ) 25.04 Balance December 31, 2019 350 26.42 Forfeited (27 ) 22.20 Balance December 31, 2020 323 26.77 Forfeited (50 ) 25.71 Balance December 31, 2021 273 $ 26.96 3.1 $ — Options exercisable at December 31, 2021 273 $ 26.96 3.1 $ — 2020 323 26.77 4.0 — 2019 333 26.58 4.7 — |
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 (Thousands) Weighted-Average Grant Date Fair Value Unvested at December 31, 2020 902 $ 11.35 Granted 405 13.12 Vested (419 ) 13.37 Forfeited (26 ) 13.20 Unvested at December 31, 2021 862 $ 11.14 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 Numerators – Basic and Diluted Net income $ 125,416 $ 36,590 $ 101,825 Income attributable to non-controlling interests (481 ) (869 ) (1,126 ) Write-off of preferred share original issuance costs (5,156 ) — (7,176 ) Preferred dividends (13,656 ) (20,531 ) (32,231 ) Earnings attributable to unvested shares and OP Units (572 ) (204 ) (687 ) Net income attributable to common shareholders after allocation to participating securities $ 105,551 $ 14,986 $ 60,605 Denominators – Number of Shares Basic – Average shares outstanding 208,004 193,336 183,026 Assumed conversion of dilutive securities: PRSUs 973 441 228 Forward equity 25 — — OP units 141 — — Diluted – Average shares outstanding 209,143 193,777 183,254 Earnings Per Share: Basic $ 0.51 $ 0.08 $ 0.33 Diluted $ 0.51 $ 0.08 $ 0.33 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Combined Activity and Taxable Activity | The following represents the combined activity of the Company’s TRS (in thousands): For the Year Ended December 31, 2021 2020 2019 Book (loss) income before income taxes $ (3,420 ) $ (240 ) $ 7,258 Current $ — $ 39 $ 34 Deferred — — — Total income tax expense $ — $ 39 $ 34 |
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 2021 2020 2019 Statutory Rate 21 % 21 % 21 % Statutory rate applied to pre-tax (loss) income $ (718 ) $ (50 ) $ 1,524 State tax expense net of federal income tax — 33 27 Deferred tax impact of contributions of assets (2,410 ) (3,617 ) — Deferred tax impact of tax rate change (366 ) (300 ) (89 ) Valuation allowance decrease based on impact of tax rate change 366 300 89 Valuation allowance (decrease) increase – (1,087 ) 3,854 (1,608 ) Expiration of capital loss carryforward 3,584 Other 631 (181 ) 91 Total expense $ — $ 39 $ 34 Effective tax rate — % (16.20 %) 0.47 % |
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, 2021 2020 Deferred tax assets (A) $ 31,844 $ 32,651 Deferred tax liabilities (84 ) (170 ) Valuation allowance (31,760 ) (32,481 ) Net deferred tax asset $ — $ — (A) At December 31, 2021, primarily attributable to $20.5 million of net operating losses and $3.8 million of book/tax differences in joint venture investments. At December 31, 2020, primarily attributable to $14.8 million of net operating losses, $9.3 million of book/tax differences in joint venture investments and $3.7 million of capital loss carryforward. The TRS net operating loss carryforwards will expire in varying amounts between the years 2024 and 2035, except for approximately $5.0 million that was generated in 2021 and does not expire. |
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, 2021 2020 2019 GAAP net income attributable to SITE Centers $ 124,935 $ 35,721 $ 100,699 Plus: Book depreciation and amortization (A) 162,342 154,051 152,707 Less: Tax depreciation and amortization (A) (115,735 ) (105,385 ) (107,830 ) Book/tax differences on losses from capital transactions (28,114 ) (45,808 ) (52,733 ) Joint venture equity (earnings) loss, net (A) (15,480 ) 10,572 (9,189 ) Deferred income (1,158 ) (13,197 ) (417 ) Compensation expense 11,534 4,031 6,608 Impairment charges 7,270 24,593 18,914 Miscellaneous book/tax differences, net (20,183 ) 549 1,020 Taxable income before adjustments 125,411 65,127 109,779 Less: Net operating loss carryforward (28,576 ) — — Taxable income subject to the 90% dividend requirement $ 96,835 $ 65,127 $ 109,779 (A) Depreciation expense from majority-owned subsidiaries and affiliates, which is consolidated for financial reporting purposes but not for tax reporting purposes, is included in the reconciliation item “Joint venture equity (earnings) loss, net.” |
Reconciliation Between Cash and Stock Dividends Paid and Dividends Paid Deduction | Reconciliation between cash and stock dividends paid and the dividends paid deduction is as follows (in thousands): For the Year Ended December 31, 2021 2020 2019 Dividends paid $ 96,835 $ 98,073 $ 180,092 Less: Dividends designated to prior year (5,133 ) (5,133 ) (8,383 ) Plus: Dividends designated from the following year 5,133 5,133 5,133 Less: Return of capital — (32,946 ) (67,063 ) Dividends paid deduction $ 96,835 $ 65,127 $ 109,779 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Information about Company's Reportable Operating Segments | In the fourth quarter of 2020, the Company transferred and redeemed its loan investments (preferred equity interests) in the BRE DDR Joint Ventures in exchange for the acquisition of certain of the underlying assets of the two joint ventures. As such, beginning on January 1, 2021, the Company has one reportable operating segment. The tables below present information about the Company’s reportable operating segments (in thousands): For the Year Ended December 31, 2020 Shopping Centers Loan Investments Other Total Rental income $ 414,864 $ — $ 414,864 Other income 45,456 13 45,469 Total revenues 460,320 13 460,333 Rental operation expenses (138,402 ) — (138,402 ) Net operating income 321,918 13 321,931 Impairment charges (5,200 ) (5,200 ) Depreciation and amortization (170,669 ) (170,669 ) Interest income 11,888 11,888 Other expense, net $ (18,400 ) (18,400 ) Unallocated expenses (A) (130,485 ) (130,485 ) Equity in net income of joint ventures 1,516 1,516 Reserve of preferred equity interests, net (19,393 ) (19,393 ) Gain on sale and change in control of interests, net 45,464 45,464 Gain on disposition of real estate, net 1,069 1,069 Income before tax expense $ 37,721 As of December 31, 2020: Total gross real estate assets $ 4,989,388 $ 4,989,388 For the Year Ended December 31, 2019 Shopping Centers Loan Investments Other Total Rental income $ 443,421 $ — $ 443,421 Other income 63,632 50 63,682 Business interruption income 885 — 885 Total revenues 507,938 50 507,988 Rental operation expenses (139,653 ) (10 ) (139,663 ) Net operating income 368,285 40 368,325 Impairment charges (3,370 ) (3,370 ) Depreciation and amortization (165,087 ) (165,087 ) Interest income 18,009 18,009 Other expense, net $ 357 357 Unallocated expenses (A) (143,105 ) (143,105 ) Equity in net income of joint ventures 11,519 11,519 Reserve of preferred equity interests (15,544 ) (15,544 ) Gain on disposition of real estate, net 31,380 31,380 Income before tax expense $ 102,484 As of December 31, 2019: Total gross real estate assets $ 4,709,812 $ 4,709,812 Notes receivable, net (B) $ 120,130 $ (112,589 ) $ 7,541 (A) Unallocated expenses consist of General and Administrative Expenses and Interest Expense as listed in the Company’s consolidated statements of operations. (B) In 2019, amount includes BRE DDR Joint Venture preferred investment interests. This note receivable was used as part of the consideration paid to acquire certain of the underlying assets of two joint ventures. |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Significant Noncash Transactions [Line Items] | |||
Consolidation of the net assets (excluding mortgages as disclosed below) of previously unconsolidated joint ventures | $ 132,300 | $ 272,600 | $ 0 |
Acquisition of non-controlling interest | 2,100 | 0 | 0 |
Joint venture investments related to consolidation of net assets | 11,600 | 86,400 | 0 |
Mortgages assumed, of previously unconsolidated joint ventures | 73,900 | 196,600 | 0 |
Mortgages assumed, shopping center acquisitions | 17,900 | 0 | 9,100 |
Accounts payable related to construction in progress | 13,400 | 6,300 | 11,000 |
Tax receivable | 2,100 | 0 | 0 |
Dividends declared, but not paid | 28,243 | 14,844 | 44,000 |
Write-off of preferred share original issuance costs | 5,100 | 0 | 7,200 |
Building [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Assumption of buildings due to ground lease terminations | $ 0 | $ 3,000 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Tenant improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | Shorter of economic life or lease terms |
Minimum [Member] | Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 31 years 6 months |
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) | Jan. 01, 2021Segment | Dec. 31, 2021USD ($) | Oct. 31, 2021USD ($) | Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($)Segment |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Capitalized costs | $ 3,100,000 | $ 3,000,000 | $ 3,800,000 | |||
Impairment charges related to consolidated real estate investment | 7,270,000 | 5,200,000 | 3,370,000 | |||
Interest paid | 70,200,000 | 76,000,000 | 79,500,000 | |||
Capitalized interest paid | 600,000 | 900,000 | 1,300,000 | |||
Accounts receivable, not probable of being collected amount | $ 3,000,000 | 3,000,000 | 4,700,000 | |||
Allowance for straight line rent | 1,600,000 | 1,600,000 | 2,100,000 | |||
Straight line rent receivable, net | $ 29,800,000 | $ 29,800,000 | 29,300,000 | |||
Contract asset, explanation of change | The portion of payments retained by the customer until the second contingent event is not considered a significant financing component because the right to payment is expected to become unconditional within one year or less. Contract assets are transferred to receivables when the right to payment becomes unconditional | |||||
Stock-based compensation cost recognized by the company | $ 13,000,000 | $ 8,000,000 | $ 9,200,000 | |||
Number of reportable segments | Segment | 1 | 1 | 2 | 2 | ||
Transferred And Redeemed Loan Investments | the Company transferred and redeemed its loan investments (preferred equity interests) in BRE DDR Retail Holdings III (“BRE DDR III”) and BRE DDR Retail Holdings IV (“BRE DDR IV,” and together with BRE DDR III, the “BRE DDR Joint Ventures”) in exchange for the acquisition of certain of the underlying assets of two joint ventures | |||||
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 shopping center 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. | |||||
Retail Value Inc. [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Aggregate purchase price | $ 1 | |||||
Property Management Fees Description | RVI property management fees are paid monthly generally based on the average gross revenue collected during the three months immediately preceding the most recent December 31 or June 30. The Company received a supplemental fee from RVI for the period July 1, 2020 to June 30, 2021 to negate the adverse impact of the COVID-19 pandemic on revenue collection and the resulting reduction to the property management fee payable to the Company. The fee arrangement was amended and modified beginning January 1, 2022. | |||||
Disposition fees equal to percentage of gross sale price | 1.00% | |||||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease term | 1 month | 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 | 10.00% | |||||
Minimum [Member] | Tenant [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease term | 1 month | 1 month | ||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease term | 30 years | 30 years | ||||
Maximum [Member] | Retail Value Inc. [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Distribution Received | $ 190,000,000 | |||||
Maximum [Member] | Tenant [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Operating lease term | 30 years | 30 years | ||||
Adoption of Topic 606 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Revenue recognized percentage upon lease execution | 50.00% | |||||
Revenue recognized percentage upon tenant rent commencement | 50.00% | |||||
Spin-off [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Distribution Received | $ 190,000,000 | |||||
Aggregate purchase price | $ 1 | |||||
Real Estate Investment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Impairment charges related to consolidated real estate investment | $ 7,300,000 | $ 5,200,000 | $ 3,400,000 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 61,382 | $ 73,517 |
Revenue performance obligation payment description | 0 | |
Adoption of Topic 606 [Member] | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Accounts receivable, net | $ 1,300 | 1,400 |
Covid19 | ||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||
Rent receivable from tenants | 200 | 13,100 |
Rental income | 9,400 | |
Share of unconsolidated joint ventures in rental income | $ 1,600 | |
Reduction in rental income | 31,900 | |
Share of unconsolidated joint ventures reduction in rental income | $ 4,400 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Fee and Other Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 38,752 | $ 41,413 | $ 55,988 |
Other property income: | |||
Other | 3,313 | 4,056 | 7,694 |
Total fee and other income | 42,065 | 45,469 | 63,682 |
Asset and Property Management Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with customers | 25,798 | 31,255 | 42,355 |
Leasing Commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with customers | 3,184 | 5,528 | 6,300 |
Development Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with customers | 694 | 1,428 | 2,019 |
RVI Disposition Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with customers | 9,016 | 3,142 | 3,454 |
RVI Credit Facility Guaranty and Refinancing Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with customers | $ 60 | $ 60 | $ 1,860 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Significant Changes in Leasing Commission Balances (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Contract assets, Beginning balance | $ 513 |
Contract assets recognized | 673 |
Contract assets billed | (804) |
Contract assets, Ending balance | $ 382 |
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, 2021Property | |
DDRM Properties [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | Madison International Realty |
Effective Ownership Percentage | 20.00% |
Operating Properties | 24 |
Dividend Trust Portfolio JV LP [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | Chinese Institutional Investors |
Effective Ownership Percentage | 20.00% |
Operating Properties | 10 |
DDR-SAU Retail Fund LLC [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | State of Utah |
Effective Ownership Percentage | 20.00% |
Operating Properties | 11 |
Other Joint Venture Interests [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Partner | Various |
Operating Properties | 2 |
Minimum [Member] | Other Joint Venture Interests [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 25.75% |
Maximum [Member] | Other Joint Venture Interests [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Effective Ownership Percentage | 50.00% |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Combined Balance Sheets | ||||
Land | $ 1,011,401 | $ 953,556 | ||
Buildings | 3,624,164 | 3,488,499 | ||
Fixtures and tenant improvements | 556,056 | 509,866 | ||
Total real estate rental property | 5,191,621 | 4,951,921 | ||
Less: Accumulated depreciation | (1,571,569) | (1,427,057) | ||
Real estate rental property, net | 3,620,052 | 3,524,864 | ||
Construction in progress and land | 47,260 | 37,467 | ||
Total real estate assets, net | 3,667,312 | 3,562,331 | ||
Other assets, net | 130,479 | 130,690 | ||
Total assets | 3,967,051 | 4,108,284 | ||
Mortgage indebtedness, net | 125,799 | 249,260 | ||
Total liabilities | 1,924,399 | 2,163,461 | ||
Accumulated equity | 2,042,652 | 1,944,823 | $ 1,981,478 | $ 2,073,002 |
Total liabilities and equity | 3,967,051 | 4,108,284 | ||
Company's share of accumulated equity | 59,286 | 72,555 | ||
Basis differentials | 2,946 | 1,644 | ||
Deferred development fees, net of portion related to the Company's interest | (937) | (1,277) | ||
Amounts payable to the Company | 3,331 | 4,375 | ||
Investments in and Advances to Joint Ventures, net | 64,626 | 77,297 | ||
Unconsolidated Joint Ventures [Member] | ||||
Condensed Combined Balance Sheets | ||||
Land | 378,442 | 441,412 | ||
Buildings | 1,092,245 | 1,258,879 | ||
Fixtures and tenant improvements | 123,313 | 137,663 | ||
Total real estate rental property | 1,594,000 | 1,837,954 | ||
Less: Accumulated depreciation | (441,215) | (492,288) | ||
Real estate rental property, net | 1,152,785 | 1,345,666 | ||
Construction in progress and land | 5,778 | 58,201 | ||
Total real estate assets, net | 1,158,563 | 1,403,867 | ||
Cash and restricted cash | 37,535 | 35,212 | ||
Receivables, net | 16,854 | 25,719 | ||
Other assets, net | 49,029 | 61,381 | ||
Total assets | 1,261,981 | 1,526,179 | ||
Mortgage indebtedness, net | 873,336 | 1,029,579 | ||
Notes and accrued interest payable to the Company | 3,331 | 4,375 | ||
Other liabilities | 51,473 | 57,349 | ||
Total liabilities | 928,140 | 1,091,303 | ||
Accumulated equity | 333,841 | 434,876 | ||
Total liabilities and equity | $ 1,261,981 | $ 1,526,179 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Combined Statements of Operations | |||
Revenues from operations | $ 532,864 | $ 460,333 | $ 507,988 |
Expenses from operations: | |||
Operating expenses | 400,877 | 367,152 | 366,504 |
Impairment charges | 7,270 | 5,200 | 3,370 |
Depreciation and amortization | 185,768 | 170,669 | 165,087 |
Interest expense | 76,383 | 77,604 | 84,721 |
Other expense, net | 1,185 | 18,400 | (357) |
Net income | 125,416 | 36,590 | 101,825 |
Equity in net income of joint ventures | 47,297 | 1,516 | 11,519 |
Unconsolidated Joint Ventures [Member] | |||
Condensed Combined Statements of Operations | |||
Revenues from operations | 195,559 | 252,946 | 428,281 |
Expenses from operations: | |||
Operating expenses | 53,391 | 77,040 | 118,412 |
Impairment charges | 0 | 33,240 | 13,807 |
Depreciation and amortization | 66,618 | 99,779 | 149,749 |
Interest expense | 43,379 | 60,010 | 93,887 |
Preferred share expense | 0 | 15,708 | 21,832 |
Other expense, net | 12,074 | 13,796 | 20,563 |
Total expenses | 175,462 | 299,573 | 418,250 |
Income (loss) before gain on disposition of real estate | 20,097 | (46,627) | 10,031 |
Gain on disposition of real estate, net | 89,935 | 9,257 | 67,011 |
Net income | 110,032 | (37,370) | 77,042 |
Company's share of equity in net income of joint ventures | 49,417 | 1,109 | 10,743 |
Basis differential adjustments(B) | (2,120) | 407 | 776 |
Equity in net income of joint ventures | $ 47,297 | $ 1,516 | $ 11,519 |
Investments in and Advances t_6
Investments in and Advances to Joint Ventures - Condensed Combined Statements of Operations of Unconsolidated Joint Venture Investments (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Company's proportionate share of the impairment charges | $ 1.9 | $ 2.5 |
Investments in and Advances t_7
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from contracts: | |||
Total revenue from contracts with customers | $ 38,752 | $ 41,413 | $ 55,988 |
Other: | |||
Interest income | 0 | 12,000 | 16,700 |
Other | 1,700 | 2,100 | 3,200 |
Other, Total | 1,700 | 14,100 | 19,900 |
Revenue and other income | 14,500 | 31,100 | 44,800 |
Asset and Property Management Fees [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | 25,798 | 31,255 | 42,355 |
Unconsolidated Joint Ventures [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | 12,800 | 17,000 | 24,900 |
Unconsolidated Joint Ventures [Member] | Asset and Property Management Fees [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | 10,600 | 12,800 | 19,700 |
Unconsolidated Joint Ventures [Member] | Development Fees, Leasing Commissions and Other [Member] | |||
Revenue from contracts: | |||
Total revenue from contracts with customers | $ 2,200 | $ 4,200 | $ 5,200 |
Investments in and Advances t_8
Investments in and Advances to Joint Ventures - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($)aProperty | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)aPropertyShoppingcenter | Dec. 31, 2020USD ($)Shoppingcenter | Dec. 31, 2019USD ($)Shoppingcenter | |
Schedule Of Equity Method Investments [Line Items] | |||||
Company's proportionate share of gain on sale of joint venture assets | $ 36,600 | $ 1,800 | $ 4,200 | ||
Proceeds from sale of joint venture interests | $ 0 | $ 140,441 | $ 0 | ||
Unconsolidated Joint Ventures [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of properties sold | Shoppingcenter | 6 | 2 | 6 | ||
Proceeds from sale of joint venture assets | $ 135,500 | $ 27,700 | $ 356,300 | ||
DDRM Properties Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gross fair value of properties acquired | $ 134,000 | $ 134,000 | |||
Estimated fair value of properties percentage | 100.00% | 100.00% | |||
DDRM Properties Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Acquisition of equity interest percentage | 80.00% | ||||
Number of properties existing for mortgage loans | Property | 6 | 6 | |||
Previous ownership interest stepped up due to change in control | 20.00% | ||||
Purchase price of assets at company share | $ 107,200 | $ 107,200 | |||
Mortgage debt repaid at closing | 73,900 | 73,900 | |||
Gain (loss) on sale of joint venture interest | $ 7,200 | $ 7,200 | |||
DDRTC Joint Venture [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gain (loss) on sale of joint venture interest | $ 45,600 | ||||
Percentage of joint venture sold | 15.00% | 15.00% | |||
Proceeds from sale of joint venture interests | $ 140,400 | ||||
BRE DDR Joint Ventures | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gain (loss) on sale of joint venture interest | $ (200) | ||||
Richmond Hill [Member] | Undeveloped Land [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Area of Land | a | 70 | 70 | |||
Net proceeds after closing costs and foreign currency translation | $ 22,100 | ||||
Amounts held in escrow | $ 6,100 | 6,100 | |||
Aggregate gain on transaction | 14,900 | ||||
Gain reported by the joint venture | 2,800 | ||||
Gain (loss) on sale of joint venture interest | 12,100 | ||||
Richmond Hill [Member] | Undeveloped Land [Member] | Amount Of Funds In Escrow Was Received From Canadian Taxing Authority In2022 After Receipt Of Certain Tax Certificates | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amounts held in escrow | 2,100 | 2,100 | |||
Richmond Hill [Member] | Undeveloped Land [Member] | Amount Of Funds In Escrow To Be Released Upon Final Dissolution Of Partnership | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Amounts held in escrow | $ 4,000 | $ 4,000 |
Investment In and Advances to_3
Investment In and Advances to Affiliate - Additional Information (Detail) | Jul. 01, 2018USD ($)ShoppingCentershares | Dec. 31, 2021USD ($)ShoppingCenter | Oct. 31, 2021USD ($) | Dec. 31, 2021USD ($)ShoppingCenter | Dec. 31, 2020USD ($) | Jun. 26, 2018 |
Investments In And Advances To Affiliates [Line Items] | ||||||
Mortgage indebtedness | $ 125,799,000 | $ 125,799,000 | $ 249,260,000 | |||
Mortgages | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Mortgage indebtedness | 125,800,000 | 125,800,000 | $ 249,300,000 | |||
Spin-off [Member] | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Distribution Received | $ 190,000,000 | |||||
Aggregate purchase price | $ 1 | |||||
Retail Value Inc. [Member] | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Preferred stock, number of shares issued | shares | 1,000 | |||||
Disposition of sales relative value to threshold | 2,060,000,000 | |||||
Aggregate purchase price | $ 1 | |||||
Retail Value Inc. [Member] | Scenario One | Series A Preferred Stock | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Preferred stock, value | $ 190,000,000 | |||||
Maximum increase in preferred stock amount | 10,000,000 | |||||
Threshold limit for proceeds from sale of real estate investment property | $ 2,060,000,000 | |||||
Retail Value Inc. [Member] | Maximum [Member] | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Distribution Received | $ 190,000,000 | |||||
Retail Value Inc. [Member] | Gulfport | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Number of retail shopping centers | ShoppingCenter | 1 | 1 | ||||
Retail Value Inc. [Member] | Spin-off [Member] | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Number of shopping centers in connection with spinoff | ShoppingCenter | 48 | |||||
Gross asset value | $ 2,700,000,000 | |||||
Percentage of distribution of outstanding common shares rights to holders | 100.00% | |||||
Spin off distribution description | On the spin-off date, holders of SITE Centers’ common shares received one common share of RVI for every ten shares of SITE Centers’ common stock held on the record date. | |||||
Retail Value Inc. [Member] | Spin-off [Member] | Mortgages | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Mortgage indebtedness | $ 1,270,000,000 | |||||
Retail Value Inc. [Member] | Spin-off [Member] | UNITED STATES | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Number of shopping centers in connection with spinoff | ShoppingCenter | 36 | |||||
Retail Value Inc. [Member] | Spin-off [Member] | PUERTO RICO | ||||||
Investments In And Advances To Affiliates [Line Items] | ||||||
Number of shopping centers in connection with spinoff | ShoppingCenter | 12 |
Investment In and Advances to_4
Investment In and Advances to Affiliate - Schedule of Revenue From Contracts With Customers Included in Fee and Other Income on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | $ 38,752 | $ 41,413 | $ 55,988 |
Retail Value Inc. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | 26,000 | 24,400 | 30,000 |
Asset and Property Management Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | 25,798 | 31,255 | 42,355 |
Asset and Property Management Fees [Member] | Retail Value Inc. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | 15,200 | 18,400 | 21,700 |
Leasing Commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | 3,184 | 5,528 | 6,300 |
Leasing Commissions [Member] | Retail Value Inc. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | 1,700 | 2,800 | 3,100 |
Disposition Fees [Member] | Retail Value Inc. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | 9,000 | 3,100 | 3,300 |
Credit Facility Guaranty and Refinancing Fees [Member] | Retail Value Inc. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue from contracts with RVI | $ 100 | $ 100 | $ 1,900 |
Acquisitions - Schedule of Comp
Acquisitions - Schedule of Company Acquired Shopping Centers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Shoppes at Addison Place [Member] | Delray Beach, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-05 | ||
Purchase Price | $ 40 | ||
Face Value of Mortgage Debt Assumed | $ 17.9 | ||
Emmet Street Station [Member] | Charlottesville, Virginia [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-05 | ||
Purchase Price | $ 8.8 | ||
Face Value of Mortgage Debt Assumed | $ 0 | ||
Hammond Springs [Member] | Atlanta, Georgia [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-09 | ||
Purchase Price | $ 31 | ||
Face Value of Mortgage Debt Assumed | $ 0 | ||
Emmet Street North [Member] | Charlottesville, Virginia [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | $ 3.9 | ||
Face Value of Mortgage Debt Assumed | $ 0 | ||
At Home Single Box [Member] | Princeton New Jersey [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | $ 15.8 | ||
Face Value of Mortgage Debt Assumed | $ 0 | ||
Belgate Shopping Center Land Parcel [Member] | Charlotte North Carolina [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-11 | ||
Purchase Price | $ 1.1 | ||
Face Value of Mortgage Debt Assumed | $ 0 | ||
Concourse Village [Member] | Jupiter, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 13 | ||
Village Square At Golf [Member] | Boynton Beach Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [2] | $ 0 | |
Face Value of Mortgage Debt Assumed | [2] | $ 0 | |
Millenia Crossing [Member] | Orlando, Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 20.7 | ||
Shoppes At Paradise Point [Member] | Fort Walton Beach Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [2] | $ 0 | |
Face Value of Mortgage Debt Assumed | [2] | $ 0 | |
Echelon Village Plaza [Member] | Voorhees, New Jersey [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 5.4 | ||
Midway Plaza [Member] | Tamarac Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [2] | $ 0 | |
Face Value of Mortgage Debt Assumed | [2] | $ 0 | |
The Hub [Member] | Hempstead, New York [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 28 | ||
North Point Plaza [Member] | Tampa Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [2] | $ 0 | |
Face Value of Mortgage Debt Assumed | [2] | $ 0 | |
Larkins Corner [Member] | Boothwyn, Pennsylvania [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 16.4 | ||
The Shoppes At New Tampa [Member] | Wesley Chapel Florida [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [2] | $ 0 | |
Face Value of Mortgage Debt Assumed | [2] | $ 0 | |
Ashbridge Square [Member] | Downingtown, Pennsylvania [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 32.4 | ||
Paradise Shoppes Of Ellenwood [Member] | Ellenwood Georgia [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [2] | $ 0 | |
Face Value of Mortgage Debt Assumed | [2] | $ 0 | |
Southmont Plaza [Member] | Easton, Pennsylvania [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-10 | ||
Purchase Price | [1] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 30.7 | ||
Paradise Village Gateway [Member] | Phoenix Arizona [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2021-12 | ||
Purchase Price | [3] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 0 | ||
Midtowne Park [Member] | Anderson, South Carolina [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-11 | ||
Purchase Price | [4] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 15.7 | ||
White Oak Village [Member] | Richmond, Virginia [Member] | |||
Business Acquisition [Line Items] | |||
Date Acquired | 2020-11 | ||
Purchase Price | [4] | $ 0 | |
Face Value of Mortgage Debt Assumed | $ 34.3 | ||
[1] | Acquired from the DDR BRE IV joint venture. The purchase price is equal to the estimated fair value of the properties plus transaction costs incurred. | ||
[2] | Acquired 80% interest from the DDRM Properties Joint Venture. The purchase price of $134.0 million at 100% (or $107.2 million at 80%) is equal to the estimated fair value of the properties plus transaction costs incurred. Mortgage debt of $73.9 million was repaid at closing (Note 3) | ||
[3] | Acquired its partner’s 33% interest in a consolidated joint venture, Paradise Village Gateway. The partner’s 33% ownership was previously reflected as non-controlling interest on the Company’s balance sheet. The Company repaid the mortgage debt of $27.6 million at closing. | ||
[4] | Acquired from the DDR BRE III joint venture. The purchase price is equal to the estimated fair value of the properties plus transaction costs incurred. |
Acquisitions - Schedule of Co_2
Acquisitions - Schedule of Company Acquired Shopping Centers (Parenthetical) (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Paradise Village Gateway [Member] | |
Business Acquisition [Line Items] | |
Mortgage debt repaid at closing | $ 27.6 |
Percentage of acquired partners interest | 33.00% |
Partners ownership interest. percentage | 33.00% |
DDRM Properties [Member] | |
Business Acquisition [Line Items] | |
Acquired interest | 80.00% |
Purchase price of assets at full share | $ 134 |
Purchase price of assets full share percent | 100.00% |
Purchase price of assets at company share | $ 107.2 |
Purchase price of assets company share percent | 80.00% |
Mortgage debt repaid at closing | $ 73.9 |
Acquisitions - Schedule of Acqu
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Less: Below-market leases | $ (59,690) | $ (57,348) | |
Gain on sale and change in control of interests, net | 19,185 | 45,464 | $ 0 |
Acquisition Related Costs [Member] | |||
Business Acquisition [Line Items] | |||
Cash (including debt repaid at closing) | 137,714 | 0 | |
Gain on sale and change in control of interests, net | 7,210 | (173) | |
Carrying value of previously held common equity interests | 4,379 | (2,698) | |
Transfer and redemption of preferred equity interests | 0 | 89,109 | |
Total consideration | 149,303 | 86,238 | |
Shopping Center Acquired [Member] | |||
Business Acquisition [Line Items] | |||
Land | 75,732 | 72,991 | |
Buildings | 135,537 | 163,723 | |
Tenant improvements | 3,620 | 2,854 | |
Construction in progress | 1,109 | 0 | |
Other assets assumed (including cash and restricted cash) | 1,005 | 10,711 | |
Assets acquired | 244,832 | 300,446 | |
Less: Mortgage debt assumed at fair value | (91,833) | (196,654) | |
Less: Below-market leases | (8,504) | (15,890) | |
Less: Other liabilities assumed | (2,336) | (1,664) | |
Fair value of non-controlling interest | 7,144 | 0 | |
Net assets acquired | 149,303 | 86,238 | |
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 | $ 27,829 | $ 50,167 | |
Weighted Average Amortization Period | 5 years 7 months 6 days | 5 years 9 months 18 days | |
Shopping Center Acquired [Member] | Below-Market Leases [Member] | |||
Business Acquisition [Line Items] | |||
Weighted Average Amortization Period | 16 years | 14 years 7 months 6 days |
Acquisitions - Schedule of Ac_2
Acquisitions - Schedule of Acquisition Cost of Shopping Centers (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combinations [Abstract] | ||
Weighted-average discount rates applied to cash flows | 7.30% | 7.90% |
Weighted-average residual capitalization rates | 6.80% | 8.20% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Abstract] | |||
Revenues from the date of acquisition | $ 3.9 | $ 7.3 | $ 1.1 |
Other Assets and Intangibles,_3
Other Assets and Intangibles, net - Components of Other Assets and Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Intangible assets: | ||
Total intangible assets, net | $ 94,059 | $ 90,418 |
Operating lease ROU assets | 19,047 | 20,604 |
Other assets: | ||
Prepaid expenses | 7,722 | 7,416 |
Other assets | 1,708 | 2,348 |
Deposits | 3,796 | 3,767 |
Deferred charges, net | 4,147 | 6,137 |
Total other assets, net | 130,479 | 130,690 |
Below-market leases, net (other liabilities) | 59,690 | 57,348 |
In-Place Leases, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 64,464 | 56,756 |
Above-Market Leases, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 7,390 | 8,387 |
Lease origination costs, net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | 6,636 | 4,974 |
Tenant Relationships, Net [Member] | ||
Intangible assets: | ||
Total intangible assets, net | $ 15,569 | $ 20,301 |
Other Assets and Intangibles,_4
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |||
Amortization expense | $ 21.6 | $ 15.8 | $ 17.7 |
Other Assets and Intangibles,_5
Other Assets and Intangibles, net - Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases (Detail) $ in Millions | Dec. 31, 2021USD ($) |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Future amortization income, 2022 | $ 4.2 |
Future amortization income, 2023 | 4.2 |
Future amortization income, 2024 | 4.2 |
Future amortization income, 2025 | 4.3 |
Future amortization income, 2026 | $ 4.3 |
Other Assets and Intangibles,_6
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, 2021USD ($) |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Future amortization expense, 2022 | $ 23.5 |
Future amortization expense, 2023 | 18.3 |
Future amortization expense, 2024 | 14.3 |
Future amortization expense, 2025 | 9 |
Future amortization expense, 2026 | $ 5.1 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease ROU Assets and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease ROU Assets | $ 19,047 | $ 20,604 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net |
Operating Lease Liabilities | $ 38,491 | $ 39,794 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | |||
Total lease costs | $ 5,050 | $ 5,343 | $ 6,332 |
Operating and Maintenance [Member] | |||
Lessee Lease Description [Line Items] | |||
Total lease costs | 2,645 | 2,716 | 3,495 |
General and Administrative [Member] | |||
Lessee Lease Description [Line Items] | |||
Total lease costs | $ 2,405 | $ 2,627 | $ 2,837 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Weighted-Average Remaining Lease Term | 35 years 6 months | 35 years 2 months 12 days |
Weighted-Average Discount Rate | 7.40% | 7.40% |
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) | $ 4,342 | $ 4,414 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 4,113 | |
2023 | 3,595 | |
2024 | 3,521 | |
2025 | 3,577 | |
2026 | 3,672 | |
Thereafter | 110,470 | |
Total lease payments | 128,948 | |
Less imputed interest | (90,457) | |
Total | $ 38,491 | $ 39,794 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2021 |
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, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 359,177 |
2023 | 314,497 |
2024 | 263,152 |
2025 | 210,002 |
2026 | 163,525 |
Thereafter | 517,852 |
Total | $ 1,828,205 |
Revolving Credit Facilities - I
Revolving Credit Facilities - Information Regarding Company's Revolving Credit Facilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | $ 135,000 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 0 | |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | Citizens Bank, N.A. , RBC Capital Markets and U.S. Bank National AssociationJ.P. , Morgan Chase Bank, N.A. and Wells Fargo Securities, LLC [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | $ 135,000 |
Weighted-Average Interest Rate | 0.00% | 1.00% |
Lines of Credit Maturity Date | 2024-01 | |
Revolving Credit Facility [Member] | Unsecured Debt [Member] | PNC Bank National Association [Member] | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | $ 0 |
Weighted-Average Interest Rate | 0.00% | 0.00% |
Lines of Credit Maturity Date | 2024-01 |
Revolving Credit Facilities - A
Revolving Credit Facilities - Additional Information (Detail) - Unsecured Debt [Member] - Revolving Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Debt Instrument [Line Items] | |
Covenant compliance | The Company was in compliance with these financial covenants at December 31, 2021 and 2020. |
LIBOR [Member] | |
Debt Instrument [Line Items] | |
Specified spread line of credit facility | 0.90% |
Alternative Base Rate [Member] | |
Debt Instrument [Line Items] | |
Specified spread line of credit facility | 0.00% |
Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association [Member] | |
Debt Instrument [Line Items] | |
Lines of Credit Maturity Date | 2024-01 |
Line of credit options to extended maturity date | 2025-01 |
Line of credit facility competitive bid option on periodic interest rates | up to 50% of the facility |
Facility fee | 0.20% |
Revolving credit facility maturity extension option | and a maturity date of January 2024, with two six-month options to extend the maturity to January 2025 upon the Company’s request (subject to satisfaction of certain conditions) |
Wells Fargo Securities, LLC, J.P. Morgan Chase Bank, N.A., Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Unsecured revolving credit facility borrowing capacity | $ 950,000,000 |
Accordion feature | $ 1,450,000,000 |
PNC Bank National Association [Member] | |
Debt Instrument [Line Items] | |
Lines of Credit Maturity Date | 2024-01 |
Unsecured revolving credit facility | $ 20,000,000 |
PNC Bank National Association [Member] | Retail Value Inc. [Member] | |
Debt Instrument [Line Items] | |
Terminated guaranty borrowing capacity | $ 30,000,000 |
Unsecured and Secured Indebte_3
Unsecured and Secured Indebtedness - Summary of Unsecured and Secured Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (6,056) | |
Total Senior Notes | 1,451,768 | $ 1,449,613 |
Total Term Loan | 99,810 | 99,635 |
Mortgage indebtedness | 125,799 | 249,260 |
Unsecured Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | 1,460,000 | 1,460,000 |
Senior notes – discount, net | (3,100) | (4,000) |
Net unamortized debt issuance costs | (5,100) | (6,400) |
Total Senior Notes | $ 1,451,800 | $ 1,449,600 |
Debt Instrument Maturity Date, Start | 2023-05 | |
Debt Instrument Maturity Date, End | 2027-06 | |
Unsecured Senior Notes [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate | 3.375% | 3.375% |
Unsecured Senior Notes [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate | 4.70% | 4.70% |
Mortgage indebtedness-Variable Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 0 | $ 96,500 |
Weighted average discount rate percent | 2.30% | |
Mortgage indebtedness-Fixed Rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | $ 126,500 | $ 153,800 |
Weighted average discount rate percent | 4.20% | 4.40% |
Debt Instrument Maturity Date, Start | 2022-09 | |
Debt Instrument Maturity Date, End | 2025-05 | |
Mortgages | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (700) | $ (1,000) |
Mortgage indebtedness | 125,800 | 249,300 |
Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Carrying Amount | 100,000 | 100,000 |
Net unamortized debt issuance costs | (200) | (400) |
Total Term Loan | $ 99,800 | $ 99,600 |
Term Loan interest rates | 1.10% | 1.10% |
Debt Instrument Maturity Date | 2023-01 |
Unsecured and Secured Indebte_4
Unsecured and Secured Indebtedness - Summary of Unsecured and Secured Indebtedness (Parenthetical) (Detail) - Senior Notes [Member] | Dec. 31, 2021 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 3.50% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Effective interest rate | 4.80% |
Unsecured and Secured Indebte_5
Unsecured and Secured Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 require 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, 2021 and 2020, the Company was in compliance with all of the financial covenants under the indentures. | ||
Covenant compliance | At December 31, 2021 and 2020, the Company was in compliance with all of the financial covenants under the indentures. | ||
Revolving credit facilities | $ 0 | $ 135,000 | |
Gross fees paid for revolving credit facilities and term loans | 2,100 | $ 2,600 | $ 2,500 |
Mortgage Payable [Member] | |||
Debt Instrument [Line Items] | |||
Net book value of investments and real estate collateralizing mortgages payable | $ 203,200 | ||
Mortgage Payable [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | 3.60% | ||
Mortgage Payable [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate | 4.90% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facilities | $ 0 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes, Weighted Average Interest Rate | 4.10% | 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, 2021 and 2020. | ||
Unsecured Debt [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Specified spread line of credit facility | 0.90% | ||
Unsecured Debt [Member] | Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Term loan maturity date | 2023-01 | ||
Covenant compliance | Company was in compliance with these financial covenants at December 31, 2021 and 2020 | ||
Unsecured Debt [Member] | Wells Fargo Bank National Association and PNC Bank National Association [Member] | Term Loan [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Specified spread line of credit facility | 1.00% |
Unsecured and Secured Indebte_6
Unsecured and Secured Indebtedness - Schedule of Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 36,032 | |
2023 | 223,573 | |
2024 | 93,349 | |
2025 | 481,204 | |
2026 | 398,556 | |
Thereafter | 449,554 | |
Long-term Debt | 1,682,268 | |
Unamortized fair market value of assumed debt | 1,165 | |
Net unamortized debt issuance costs | (6,056) | |
Total indebtedness | $ 1,677,377 | $ 1,933,508 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Carrying Values Different from Estimated Fair Values (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | $ 1,451,768 | $ 1,449,613 |
Revolving Credit Facilities and Term Loan | 99,810 | 234,635 |
Mortgage Indebtedness | 125,799 | 249,260 |
Total indebtedness | 1,677,377 | 1,933,508 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 1,559,973 | 1,549,866 |
Revolving Credit Facilities and Term Loan | 100,000 | 235,000 |
Mortgage Indebtedness | 127,488 | 250,624 |
Total indebtedness | $ 1,787,461 | $ 2,035,490 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | |
Contingencies And Commitments [Line Items] | ||
Agreements entered into with general contractors for the construction or redevelopment of shopping centers | $ 16.9 | |
Outstanding letters of credit | $ 13.2 | |
Employee Severance [Member] | General and Administrative [Member] | ||
Contingencies And Commitments [Line Items] | ||
Separation charge | $ 1.7 |
Non-Controlling Interests, Pr_3
Non-Controlling Interests, Preferred Shares, Common Shares and Common Shares in Treasury - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity [Line Items] | ||||
Operating partnership units outstanding | 140,633 | 140,633 | ||
Write-off of preferred share original issuance costs | $ 5,100 | $ 0 | $ 7,200 | |
Common shares, issued | 17,250,000 | |||
Net proceeds from issuance of common shares | $ 225,300 | |||
Common shares, par value | $ 0.10 | $ 0.10 | ||
Stock repurchase program authorized amount | $ 100,000 | |||
Shares repurchased | 800,000 | 1,200,000 | ||
Shares repurchased at cost | $ 7,500 | $ 14,069 | ||
Continuous Equity Program [Member] | ||||
Schedule Of Equity [Line Items] | ||||
Sale of common shares, value | $ 250,000 | |||
Forward Sale Agreement [Member] | ||||
Schedule Of Equity [Line Items] | ||||
Sale of common shares | 2,225,698 | |||
Weighted-average price | $ 15.77 | |||
Sale of common shares, value | $ 35,100 | |||
Forward contract, equity, settlement date | Dec. 8, 2022 | |||
Class K Cumulative Redeemable Preferred Shares [Member] | ||||
Schedule Of Equity [Line Items] | ||||
Preferred stock, liquidation preference, value | $ 150,000 | |||
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 | |||
Class A Depositary Share [Member] | ||||
Schedule Of Equity [Line Items] | ||||
Redemption date restrictions for depositary shares | Jun. 5, 2022 | |||
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 | ||
Preferred Shares, without par value | 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 Shares [Member] | ||||
Schedule Of Equity [Line Items] | ||||
Preferred stock dividend rate | 6.25% | |||
Cumulative redeemable preferred shares, liquidation value | $ 500 | |||
Preferred Shares, without par value | 750,000 | 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 | 33.00% | |||
Remaining interest acquired | $ 7,100 |
Non-Controlling Interests, Comm
Non-Controlling Interests, Common Shares and Common Shares in Treasury and Preferred Shares - Common Share Dividends Declared (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Common share dividends declared per share | $ 0.47 | $ 0.25 | $ 0.80 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Changes in Accumulated OCI by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 1,944,823 | $ 1,981,478 | $ 2,073,002 |
Other comprehensive income (loss) before reclassifications | (1) | (3,363) | 421 |
Change in cash flow hedges reclassed to earnings | 1,172 | 469 | |
Reclassification adjustment for foreign currency translation included in net income | 2,683 | 0 | 0 |
Net current-period other comprehensive income (loss) | 2,682 | (2,191) | 890 |
Ending Balance | 2,042,652 | 1,944,823 | 1,981,478 |
Gains and Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 0 | (1,172) | (1,641) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Change in cash flow hedges reclassed to earnings | 1,172 | 469 | |
Reclassification adjustment for foreign currency translation included in net income | 0 | ||
Net current-period other comprehensive income (loss) | 0 | 1,172 | 469 |
Ending Balance | 0 | 0 | (1,172) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (2,682) | 681 | 260 |
Other comprehensive income (loss) before reclassifications | (1) | (3,363) | 421 |
Change in cash flow hedges reclassed to earnings | 0 | 0 | |
Reclassification adjustment for foreign currency translation included in net income | 2,683 | ||
Net current-period other comprehensive income (loss) | 2,682 | (3,363) | 421 |
Ending Balance | 0 | (2,682) | 681 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (2,682) | (491) | (1,381) |
Ending Balance | $ 0 | $ (2,682) | $ (491) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in Accumulated OCI by Component (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Change in cash flow hedges reclassed to earnings | $ 1,172 | $ 469 |
Other Expense [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Change in cash flow hedges reclassed to earnings | $ 1,100 |
Impairment Charges and Reserv_3
Impairment Charges and Reserves - Impairment Charges on Assets or Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | |||
Reserve of preferred equity interests | $ 0 | $ 19,393 | $ 15,544 |
Assets marketed for sale | 7,300 | 3,200 | 600 |
Total impairment charges | 7,300 | 24,600 | 18,900 |
Undeveloped Land [Member] | |||
Impairment Charges And Impairment Of Joint Venture Investments [Abstract] | |||
Assets marketed for sale | $ 0 | $ 2,000 | $ 2,800 |
Impairment Charges and Reserv_4
Impairment Charges and Reserves - Impairment Charges and Reserves Measured at Fair Value of Real Estate on Non-Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held and used, Total Impairment Charges | $ 7,300 | $ 3,200 | $ 600 |
Preferred equity interests, Total Impairment Charges | 0 | 19,393 | 15,544 |
Fair Value Measurements [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets held and used | 10,000 | 11,500 | 5,000 |
Preferred equity interests | 94,200 | 108,500 | |
Long-lived assets held and used, Total Impairment Charges | 7,300 | 5,200 | 3,400 |
Preferred equity interests, Total Impairment Charges | 19,400 | 15,500 | |
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 | 0 |
Preferred equity interests | 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 | 0 |
Preferred equity interests | 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 | $ 10,000 | 11,500 | 5,000 |
Preferred equity interests | $ 94,200 | $ 108,500 |
Impairment Charges and Reserv_5
Impairment Charges and Reserves - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Consolidated Assets, Fair Value | $ 11.5 | $ 10 | $ 5 |
Preferred equity interests, Fair Value | 94.2 | 108.5 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Consolidated Assets, Fair Value | 11.5 | 10 | 5 |
Preferred equity interests, Fair Value | 94.2 | $ 108.5 | |
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Preferred equity interests, Fair Value | $ 94.2 | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Discount Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 7.90% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Discount Rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 6.60% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Discount Rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 10.60% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Terminal Capitalization Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 8.20% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Terminal Capitalization Rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 6.60% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | Terminal Capitalization Rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 10.50% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | NOI Growth Rate [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 0.00% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | NOI Growth Rate [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 0.00% | ||
Preferred Equity Interests | Level 3 [Member] | Valuation Technique, Discounted Cash Flow | NOI Growth Rate [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unobservable inputs rate | 0.00% | ||
Impairment of Consolidated Assets [Member] | Level 3 [Member] | Indicative Bid [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Consolidated Assets, Fair Value | $ 11.5 | $ 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, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | |||||
Share-based payments award, number of shares available for grant | 1,800,000 | ||||
Common shares issued | 100,000 | 100,000 | |||
Black-Scholes Option Pricing Model [Member] | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares granted | 0 | 0 | 0 | 0 | |
Stock options [Member] | |||||
Class Of Stock [Line Items] | |||||
Contractual term of stock options, Maximum | 10 years | ||||
Cash received for exercise price | $ 0.1 | ||||
RSUs [Member] | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares granted | 400,000 | 500,000 | 300,000 | ||
Restricted Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares granted | 405,000 | ||||
Weighted-average fair value of the restricted stock | $ 13.12 | ||||
Total unrecognized compensation cost granted | $ 9.7 | ||||
Term of recognition of unrecognized stock option compensation cost | 1 year 7 months 6 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 | 4 years | ||||
Weighted-average fair value of the restricted stock | $ 22.47 | ||||
Performance-Based Restricted Share Units (PRSUs) [Member] | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, shares granted | 0 | 0 | |||
Common shares issued | 570,295 | 257,168 | |||
Performance-based restricted share units, description | In 2021, the Board of Directors approved grants to the chief executive officer and the chief financial officer, and in 2020, 2019 and 2018, the Board of Directors approved grants to the chief executive officer of PRSUs covering a “target” number of shares, subject to three-year performance periods beginning on March 1, 2021, March 1, 2020, March 1, 2019 and March 1, 2018, and ending on February 28, 2024, February 28, 2023, February 28, 2022 and February 28, 2021, respectively. 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, two-year and three-year performance periods beginning on March 1, 2020. In 2017, the Board of Directors approved grants to the chief executive officer and the former chief operating officer of PRSUs covering a “target” number of shares, subject to one-year, two-year and three-year performance periods beginning on March 1, 2017. | ||||
Performance-based restricted share units, fair value equity and liability awards | $ 3.3 | $ 4.5 | $ 5.6 | ||
Share based compensation arrangement by share based payment award, mark to market adjustment | $ 5.6 | $ (0.7) | $ 1.9 | ||
Performance-Based Restricted Share Units (PRSUs) [Member] | Minimum [Member] | |||||
Class Of Stock [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, target | 0.00% | ||||
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 | 200.00% |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans and Employee Benefits - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Options Outstanding, Beginning Balance | 323 | 350 | 446 |
Number of Options, Exercised | (12) | ||
Number of Options, Forfeited | (50) | (27) | (84) |
Number of Options Outstanding, Ending Balance | 273 | 323 | 350 |
Number of Options exercisable | 273 | 323 | 333 |
Weighted Average Exercise Price, Beginning balance | $ 26.77 | $ 26.42 | $ 25.71 |
Weighted Average Exercise Price, Exercised | 9.73 | ||
Weighted Average Exercise Price, Forfeited | 25.71 | 22.20 | 25.04 |
Weighted Average Exercise Price, Ending balance | 26.96 | 26.77 | 26.42 |
Weighted Average Exercise Price, Options exercisable | $ 26.96 | $ 26.77 | $ 26.58 |
Weighted-Average Remaining Contractual Term (Years), Ending Balance | 3 years 1 month 6 days | ||
Weighted-Average Remaining Contractual Term (Years), Options exercisable | 3 years 1 month 6 days | 4 years | 4 years 8 months 12 days |
Aggregate Intrinsic Value, Options, Ending balance | $ 0 | ||
Aggregate Intrinsic Value, Options exercisable | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation Plan_5
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, 2021$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of awards unvested, beginning balance | shares | 902 |
Number of awards, Granted | shares | 405 |
Number of awards, Vested | shares | (419) |
Number of awards, Forfeited | shares | (26) |
Number of awards unvested, ending balance | shares | 862 |
Weighted-Average Grant Date Fair Value unvested, beginning balance | $ / shares | $ 11.35 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 13.12 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 13.37 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 13.20 |
Weighted-Average Grant Date Fair Value unvested, ending balance | $ / shares | $ 11.14 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 125,416 | $ 36,590 | $ 101,825 |
Income attributable to non-controlling interests | (481) | (869) | (1,126) |
Write-off of preferred share original issuance costs | (5,156) | 0 | (7,176) |
Preferred dividends | (13,656) | (20,531) | (32,231) |
Earnings attributable to unvested shares and OP Units | (572) | (204) | (687) |
Net income attributable to common shareholders after allocation to participating securities | $ 105,551 | $ 14,986 | $ 60,605 |
Denominators – Number of Shares | |||
Basic – Average shares outstanding | 208,004 | 193,336 | 183,026 |
OP units | 141 | 0 | 0 |
Diluted – Average shares outstanding | 209,143 | 193,777 | 183,254 |
PRSUs | 973 | 441 | 228 |
Forward equity | 25 | 0 | 0 |
Earnings Per Share: | |||
Basic | $ 0.51 | $ 0.08 | $ 0.33 |
Diluted | $ 0.51 | $ 0.08 | $ 0.33 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 0.9 | 0.9 | 0.7 |
Stock options [Member] | |||
Schedule Of Earnings Per Share [Line Items] | |||
Options to purchase common shares not included in the computation of diluted EPS | 0.3 | 0.3 | 0.3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Percentage of distributed taxable income to qualify as a REIT | 90.00% | ||
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 payment | $ 600,000 | $ 700,000 | $ 700,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Before Income Taxes [Line Items] | |||
Book (loss) income before income taxes | $ (3,420) | $ (240) | $ 7,258 |
Current | 0 | 39 | 34 |
Deferred | 0 | 0 | 0 |
Total income tax expense | $ 0 | $ 39 | $ 34 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences Between Total Income Tax Expense Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense Benefit [Line Items] | |||
Other | $ 20,183 | $ (549) | $ (1,020) |
TRS [Member] | |||
Income Tax Expense Benefit [Line Items] | |||
Statutory Rate | 21.00% | 21.00% | 21.00% |
Statutory rate applied to pre-tax (loss) income | $ (718) | $ (50) | $ 1,524 |
State tax expense net of federal income tax | 0 | 33 | 27 |
Deferred tax impact of contributions of assets | (2,410) | (3,617) | 0 |
Deferred tax impact of tax rate change | (366) | (300) | (89) |
Valuation allowance decrease based on impact of tax rate change | 366 | 300 | 89 |
Valuation allowance (decrease) increase – other deferred | (1,087) | 3,854 | (1,608) |
Expiration of capital loss carryforward | 3,584 | 0 | 0 |
Other | 631 | (181) | 91 |
Total expense | $ 0 | $ 39 | $ 34 |
Effective tax rate | 0.00% | (16.20%) | 0.47% |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - TRS [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Expense Benefit [Line Items] | ||
Deferred tax assets | $ 31,844 | $ 32,651 |
Deferred tax liabilities | (84) | (170) |
Valuation allowance | (31,760) | (32,481) |
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, 2021 | Dec. 31, 2020 | |
Income Tax Expense Benefit [Line Items] | ||
Net operating loss carryforwards | $ 20.5 | $ 14.8 |
Book or tax differences in joint venture investments | $ 3.8 | 9.3 |
Capital loss carryforward | $ 3.7 | |
Expiry of net operating loss carryforwards | 2024 and 2035 | |
Deferred tax assets operating loss carryforwards not expiring | $ 5 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
GAAP net income attributable to SITE Centers | $ 124,935 | $ 35,721 | $ 100,699 |
Plus: Book depreciation and amortization | 162,342 | 154,051 | 152,707 |
Less: Tax depreciation and amortization | (115,735) | (105,385) | (107,830) |
Book/tax differences on losses from capital transactions | (28,114) | (45,808) | (52,733) |
Joint venture equity (earnings) loss, net(A) | (15,480) | 10,572 | (9,189) |
Deferred income | (1,158) | (13,197) | (417) |
Compensation expense | 11,534 | 4,031 | 6,608 |
Impairment charges | 7,270 | 24,593 | 18,914 |
Miscellaneous book/tax differences, net | (20,183) | 549 | 1,020 |
Taxable income before adjustments | 125,411 | 65,127 | 109,779 |
Less: Net operating loss carryforward | (28,576) | 0 | 0 |
Taxable income subject to the 90% dividend requirement | $ 96,835 | $ 65,127 | $ 109,779 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of GAAP Net Income (Loss) Attributable to Taxable Income (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Percentage of distributed taxable income to qualify as a REIT | 90.00% |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Cash and Stock Dividends Paid and Dividends Paid Deduction (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Dividends paid | $ 96,835 | $ 98,073 | $ 180,092 |
Less: Dividends designated to prior year | (5,133) | (5,133) | (8,383) |
Plus: Dividends designated from the following year | 5,133 | 5,133 | 5,133 |
Less: Return of capital | 0 | (32,946) | (67,063) |
Dividends paid deduction | $ 96,835 | $ 65,127 | $ 109,779 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | Jan. 01, 2021Segment | Dec. 31, 2020JointVenture | Dec. 31, 2021Segment | Dec. 31, 2020Segment | Dec. 31, 2019Segment |
Segment Reporting [Abstract] | |||||
Number of reportable segments | Segment | 1 | 1 | 2 | 2 | |
Number of joint ventures | JointVenture | 2 |
Segment Information - Summary o
Segment Information - Summary of Information about Company's Reportable Operating Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Rental income | $ 490,799 | $ 414,864 | $ 443,421 |
Other income | 45,469 | 63,682 | |
Business interruption income | 0 | 0 | 885 |
Total revenue from operations | 532,864 | 460,333 | 507,988 |
Rental operation expenses | (138,402) | (139,663) | |
Net operating income | 321,931 | 368,325 | |
Impairment charges | (7,270) | (5,200) | (3,370) |
Depreciation and amortization | (185,768) | (170,669) | (165,087) |
Interest income | 0 | 11,888 | 18,009 |
Other expense, net | (1,185) | (18,400) | 357 |
Unallocated expenses | (130,485) | (143,105) | |
Equity in net income of joint ventures | 47,297 | 1,516 | 11,519 |
Reserve of preferred equity interests, net | 0 | (19,393) | (15,544) |
Gain on sale and change in control of interests, net | 19,185 | 45,464 | 0 |
Gain on disposition of real estate, net | 6,065 | 1,069 | 31,380 |
Income before tax expense | 126,966 | 37,721 | 102,484 |
Total gross real estate assets | $ 5,238,881 | 4,989,388 | 4,709,812 |
Notes receivable, net | 7,541 | ||
Operating Segments [Member] | Shopping Center [Member] | |||
Segment Reporting Information [Line Items] | |||
Rental income | 414,864 | 443,421 | |
Other income | 45,456 | 63,632 | |
Business interruption income | 885 | ||
Total revenue from operations | 460,320 | 507,938 | |
Rental operation expenses | (138,402) | (139,653) | |
Net operating income | 321,918 | 368,285 | |
Impairment charges | (5,200) | (3,370) | |
Depreciation and amortization | (170,669) | (165,087) | |
Interest income | 0 | 0 | |
Other expense, net | 0 | 0 | |
Unallocated expenses | 0 | 0 | |
Equity in net income of joint ventures | 1,516 | 11,519 | |
Reserve of preferred equity interests, net | 0 | 0 | |
Gain on sale and change in control of interests, net | 45,464 | ||
Gain on disposition of real estate, net | 1,069 | 31,380 | |
Income before tax expense | 0 | 0 | |
Total gross real estate assets | 4,989,388 | 4,709,812 | |
Notes receivable, net | 0 | ||
Operating Segments [Member] | Loan Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Rental income | 0 | 0 | |
Other income | 13 | 50 | |
Business interruption income | 0 | ||
Total revenue from operations | 13 | 50 | |
Rental operation expenses | 0 | (10) | |
Net operating income | 13 | 40 | |
Impairment charges | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Interest income | 11,888 | 18,009 | |
Other expense, net | 0 | 0 | |
Unallocated expenses | 0 | 0 | |
Equity in net income of joint ventures | 0 | 0 | |
Reserve of preferred equity interests, net | (19,393) | (15,544) | |
Gain on sale and change in control of interests, net | 0 | ||
Gain on disposition of real estate, net | 0 | 0 | |
Income before tax expense | 0 | 0 | |
Total gross real estate assets | 0 | 0 | |
Notes receivable, net | 120,130 | ||
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Rental income | 0 | 0 | |
Other income | 0 | 0 | |
Business interruption income | 0 | ||
Total revenue from operations | 0 | 0 | |
Rental operation expenses | 0 | 0 | |
Net operating income | 0 | 0 | |
Impairment charges | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Interest income | 0 | 0 | |
Other expense, net | (18,400) | 357 | |
Unallocated expenses | (130,485) | (143,105) | |
Equity in net income of joint ventures | 0 | 0 | |
Reserve of preferred equity interests, net | 0 | 0 | |
Gain on sale and change in control of interests, net | 0 | ||
Gain on disposition of real estate, net | 0 | 0 | |
Income before tax expense | 0 | 0 | |
Total gross real estate assets | $ 0 | 0 | |
Notes receivable, net | $ (112,589) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Forecast $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Artesia Village And Shoppes At Crabapple | |
Subsequent Event [Line Items] | |
Purchase Price | $ 14.5 |
Casselberry Commons | |
Subsequent Event [Line Items] | |
Purchase Price | $ 35.6 |
Interest Acquired | 80.00% |
Purchase price of assets full share percent | 100.00% |
Purchase price of assets at full share | $ 44.5 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for uncollectible accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 7,402 | $ 109,710 | $ 88,814 |
Charged to Expense | 1,051 | 25,605 | 21,448 |
Deductions | 3,733 | 127,913 | 552 |
Balance at End of Year | 4,720 | 7,402 | 109,710 |
Valuation allowance for deferred tax assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 32,481 | 28,413 | 29,846 |
Charged to Expense | 0 | 4,068 | 0 |
Deductions | 721 | 0 | 1,433 |
Balance at End of Year | $ 31,760 | $ 32,481 | $ 28,413 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts and Reserves (Parenthetical) (Detail) $ in Millions | Dec. 31, 2019USD ($) |
Accounting Standards Update 2016-02 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Reserve of preferred equity interests and accrued interest | $ 105.3 |
Real Estate and Accumulated D_2
Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 982,392 | ||
Buildings & Improvements, Initial Cost | 3,249,802 | ||
Land, Total Cost | 1,019,655 | ||
Buildings & Improvements, Total Cost | 4,219,226 | ||
Total Cost | 5,238,881 | $ 4,989,388 | $ 4,709,812 |
Accumulated Depreciation | 1,571,569 | ||
Total Cost, Net of Accumulated Depreciation | 3,667,312 | ||
Encumbrances | 125,382 | ||
The changes in Total Real Estate Assets for the three years ended December 31, are as follows: | |||
Balance at beginning of year | 4,989,388 | 4,709,812 | 4,627,866 |
Acquisitions | 215,998 | 242,593 | 80,771 |
Developments, improvements and expansions | 84,130 | 59,126 | 109,830 |
Adjustments of property carrying values (Impairments) | (7,270) | (5,200) | (3,370) |
Disposals(A) | (43,365) | (16,943) | (105,285) |
Balance at end of year | 5,238,881 | 4,989,388 | 4,709,812 |
The changes in Accumulated Depreciation and Amortization for the three years ended December 31, are as follows: | |||
Balance at beginning of year | 1,427,057 | 1,289,148 | 1,172,357 |
Depreciation for year | 164,200 | 154,906 | 147,372 |
Disposals | (19,688) | (16,997) | (30,581) |
Balance at end of year | 1,571,569 | $ 1,427,057 | $ 1,289,148 |
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 | 24,597 | ||
Total Cost | 43,298 | ||
Accumulated Depreciation | 12,002 | ||
Total Cost, Net of Accumulated Depreciation | 31,296 | ||
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 | 29,130 | ||
Total Cost | 44,482 | ||
Accumulated Depreciation | 18,887 | ||
Total Cost, Net of Accumulated Depreciation | 25,595 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Phoenix, AZ [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 | 42,553 | ||
Total Cost | 60,952 | ||
Accumulated Depreciation | 15,039 | ||
Total Cost, Net of Accumulated Depreciation | 45,913 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2012 | ||
Buena Park, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 27,269 | ||
Buildings & Improvements, Initial Cost | 21,427 | ||
Land, Total Cost | 27,269 | ||
Buildings & Improvements, Total Cost | 27,405 | ||
Total Cost | 54,674 | ||
Accumulated Depreciation | 6,300 | ||
Total Cost, Net of Accumulated Depreciation | 48,374 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2015 | ||
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 | 64,180 | ||
Total Cost | 88,041 | ||
Accumulated Depreciation | 16,120 | ||
Total Cost, Net of Accumulated Depreciation | 71,921 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
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 | 197,363 | ||
Total Cost | 197,363 | ||
Accumulated Depreciation | 104,791 | ||
Total Cost, Net of Accumulated Depreciation | 92,572 | ||
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 | 9,612 | ||
Total Cost, Net of Accumulated Depreciation | 28,287 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Roseville, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 23,574 | ||
Buildings & Improvements, Initial Cost | 67,031 | ||
Land, Total Cost | 23,574 | ||
Buildings & Improvements, Total Cost | 68,854 | ||
Total Cost | 92,428 | ||
Accumulated Depreciation | 17,165 | ||
Total Cost, Net of Accumulated Depreciation | 75,263 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
San Francisco, CA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,464 | ||
Buildings & Improvements, Initial Cost | 25,730 | ||
Land, Total Cost | 10,464 | ||
Buildings & Improvements, Total Cost | 31,146 | ||
Total Cost | 41,610 | ||
Accumulated Depreciation | 14,730 | ||
Total Cost, Net of Accumulated Depreciation | 26,880 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2002 | ||
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 | 68,789 | ||
Total Cost | 77,864 | ||
Accumulated Depreciation | 47,401 | ||
Total Cost, Net of Accumulated Depreciation | 30,463 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1997 | ||
Colorado Springs, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,001 | ||
Buildings & Improvements, Initial Cost | 47,671 | ||
Land, Total Cost | 9,001 | ||
Buildings & Improvements, Total Cost | 60,890 | ||
Total Cost | 69,891 | ||
Accumulated Depreciation | 18,778 | ||
Total Cost, Net of Accumulated Depreciation | 51,113 | ||
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 | 30,343 | ||
Total Cost | 51,147 | ||
Accumulated Depreciation | 17,811 | ||
Total Cost, Net of Accumulated Depreciation | 33,336 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2003 | ||
Parker, CO [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,632 | ||
Buildings & Improvements, Initial Cost | 38,256 | ||
Land, Total Cost | 4,632 | ||
Buildings & Improvements, Total Cost | 42,830 | ||
Total Cost | 47,462 | ||
Accumulated Depreciation | 10,940 | ||
Total Cost, Net of Accumulated Depreciation | 36,522 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
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 | 64,406 | ||
Total Cost | 70,863 | ||
Accumulated Depreciation | 12,122 | ||
Total Cost, Net of Accumulated Depreciation | 58,741 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2015 | ||
Windsor Court, CT [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,090 | ||
Buildings & Improvements, Initial Cost | 11,745 | ||
Land, Total Cost | 6,090 | ||
Buildings & Improvements, Total Cost | 12,616 | ||
Total Cost | 18,706 | ||
Accumulated Depreciation | 6,085 | ||
Total Cost, Net of Accumulated Depreciation | 12,621 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
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 | 9,256 | ||
Total Cost | 15,304 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 15,304 | ||
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 | 27,484 | ||
Total Cost | 27,484 | ||
Accumulated Depreciation | 3,836 | ||
Total Cost, Net of Accumulated Depreciation | 23,648 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1972 | ||
Brandon, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,775 | ||
Buildings & Improvements, Initial Cost | 13,117 | ||
Land, Total Cost | 4,775 | ||
Buildings & Improvements, Total Cost | 19,400 | ||
Total Cost | 24,175 | ||
Accumulated Depreciation | 8,571 | ||
Total Cost, Net of Accumulated Depreciation | 15,604 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2009 | ||
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 | 18,884 | ||
Total Cost | 21,822 | ||
Accumulated Depreciation | 4,313 | ||
Total Cost, Net of Accumulated Depreciation | 17,509 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
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 | 26,006 | ||
Total Cost | 38,670 | ||
Accumulated Depreciation | 602 | ||
Total Cost, Net of Accumulated Depreciation | 38,068 | ||
Encumbrances | $ 17,578 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
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 | 3,643 | ||
Buildings & Improvements, Total Cost | 5,612 | ||
Total Cost | 9,255 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 9,255 | ||
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 | 20,310 | ||
Total Cost | 29,074 | ||
Accumulated Depreciation | 903 | ||
Total Cost, Net of Accumulated Depreciation | 28,171 | ||
Encumbrances | $ 12,721 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Melbourne, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,111 | ||
Buildings & Improvements, Initial Cost | 7,325 | ||
Land, Total Cost | 3,111 | ||
Buildings & Improvements, Total Cost | 12,557 | ||
Total Cost | 15,668 | ||
Accumulated Depreciation | 1,235 | ||
Total Cost, Net of Accumulated Depreciation | 14,433 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2018 | ||
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 | 121,805 | ||
Total Cost | 148,548 | ||
Accumulated Depreciation | 55,003 | ||
Total Cost, Net of Accumulated Depreciation | 93,545 | ||
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 | 43,609 | ||
Total Cost | 53,781 | ||
Accumulated Depreciation | 11,461 | ||
Total Cost, Net of Accumulated Depreciation | 42,320 | ||
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 | 82,233 | ||
Total Cost | 95,290 | ||
Accumulated Depreciation | 14,166 | ||
Total Cost, Net of Accumulated Depreciation | 81,124 | ||
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 | 16,480 | ||
Total Cost | 25,931 | ||
Accumulated Depreciation | 734 | ||
Total Cost, Net of Accumulated Depreciation | 25,197 | ||
Encumbrances | $ 20,018 | ||
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 | 5,342 | ||
Total Cost | 6,479 | ||
Accumulated Depreciation | 4,119 | ||
Total Cost, Net of Accumulated Depreciation | 2,360 | ||
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 | 96,247 | ||
Total Cost | 118,359 | ||
Accumulated Depreciation | 50,138 | ||
Total Cost, Net of Accumulated Depreciation | 68,221 | ||
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 | 22,139 | ||
Total Cost | 38,869 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 38,869 | ||
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 | 11,090 | ||
Total Cost | 21,090 | ||
Accumulated Depreciation | 868 | ||
Total Cost, Net of Accumulated Depreciation | 20,222 | ||
Encumbrances | $ 9,100 | ||
Date of Construction (C) Acquisition (A) | 2019 | ||
Tampa, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,800 | ||
Buildings & Improvements, Initial Cost | 15,874 | ||
Land, Total Cost | 6,800 | ||
Buildings & Improvements, Total Cost | 15,874 | ||
Total Cost | 22,674 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 22,674 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Wesley Chapel, FL [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 8,080 | ||
Buildings & Improvements, Initial Cost | 21,567 | ||
Land, Total Cost | 8,080 | ||
Buildings & Improvements, Total Cost | 21,567 | ||
Total Cost | 29,647 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 29,647 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
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 | 139,688 | ||
Total Cost | 178,633 | ||
Accumulated Depreciation | 40,675 | ||
Total Cost, Net of Accumulated Depreciation | 137,958 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
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 | 48,077 | ||
Total Cost | 62,155 | ||
Accumulated Depreciation | 18,825 | ||
Total Cost, Net of Accumulated Depreciation | 43,330 | ||
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 | 12,358 | ||
Buildings & Improvements, Total Cost | 17,103 | ||
Total Cost | 29,461 | ||
Accumulated Depreciation | 229 | ||
Total Cost, Net of Accumulated Depreciation | 29,232 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
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 | 29,242 | ||
Total Cost | 43,491 | ||
Accumulated Depreciation | 16,567 | ||
Total Cost, Net of Accumulated Depreciation | 26,924 | ||
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 | 50,752 | ||
Total Cost | 57,603 | ||
Accumulated Depreciation | 14,922 | ||
Total Cost, Net of Accumulated Depreciation | 42,681 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Cumming, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,391 | ||
Buildings & Improvements, Initial Cost | 8,218 | ||
Land, Total Cost | 3,391 | ||
Buildings & Improvements, Total Cost | 8,754 | ||
Total Cost | 12,145 | ||
Accumulated Depreciation | 1,113 | ||
Total Cost, Net of Accumulated Depreciation | 11,032 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2018 | ||
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 | 7,333 | ||
Total Cost | 10,172 | ||
Accumulated Depreciation | 1,118 | ||
Total Cost, Net of Accumulated Depreciation | 9,054 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2018 | ||
Ellenwood, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,285 | ||
Buildings & Improvements, Initial Cost | 4,841 | ||
Land, Total Cost | 1,285 | ||
Buildings & Improvements, Total Cost | 4,841 | ||
Total Cost | 6,126 | ||
Accumulated Depreciation | 0 | ||
Total Cost, Net of Accumulated Depreciation | 6,126 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2021 | ||
Roswell, GA | |||
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 | 29,180 | ||
Total Cost | 37,074 | ||
Accumulated Depreciation | 13,398 | ||
Total Cost, Net of Accumulated Depreciation | 23,676 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Snellville, GA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 10,185 | ||
Buildings & Improvements, Initial Cost | 51,815 | ||
Land, Total Cost | 10,342 | ||
Buildings & Improvements, Total Cost | 61,386 | ||
Total Cost | 71,728 | ||
Accumulated Depreciation | 29,090 | ||
Total Cost, Net of Accumulated Depreciation | 42,638 | ||
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 | 34,873 | ||
Total Cost | 48,208 | ||
Accumulated Depreciation | 19,745 | ||
Total Cost, Net of Accumulated Depreciation | 28,463 | ||
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 | 83,275 | ||
Total Cost | 105,917 | ||
Accumulated Depreciation | 21,464 | ||
Total Cost, Net of Accumulated Depreciation | 84,453 | ||
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 | 45,954 | ||
Total Cost | 69,542 | ||
Accumulated Depreciation | 8,603 | ||
Total Cost, Net of Accumulated Depreciation | 60,939 | ||
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 | 24,646 | ||
Buildings & Improvements, Total Cost | 92,209 | ||
Total Cost | 116,855 | ||
Accumulated Depreciation | 25,986 | ||
Total Cost, Net of Accumulated Depreciation | 90,869 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Merriam, KS [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,043 | ||
Buildings & Improvements, Initial Cost | 55,028 | ||
Land, Total Cost | 9,601 | ||
Buildings & Improvements, Total Cost | 50,350 | ||
Total Cost | 59,951 | ||
Accumulated Depreciation | 13,196 | ||
Total Cost, Net of Accumulated Depreciation | 46,755 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Everett, MA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 9,311 | ||
Buildings & Improvements, Initial Cost | 44,647 | ||
Land, Total Cost | 9,462 | ||
Buildings & Improvements, Total Cost | 60,446 | ||
Total Cost | 69,908 | ||
Accumulated Depreciation | 37,109 | ||
Total Cost, Net of Accumulated Depreciation | 32,799 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2001 | ||
Framingham, MA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 75,675 | ||
Buildings & Improvements, Initial Cost | 191,594 | ||
Land, Total Cost | 75,675 | ||
Buildings & Improvements, Total Cost | 204,956 | ||
Total Cost | 280,631 | ||
Accumulated Depreciation | 56,382 | ||
Total Cost, Net of Accumulated Depreciation | 224,249 | ||
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 | 41,035 | ||
Total Cost | 51,053 | ||
Accumulated Depreciation | 26,195 | ||
Total Cost, Net of Accumulated Depreciation | 24,858 | ||
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 | 29,551 | ||
Total Cost | 33,398 | ||
Accumulated Depreciation | 13,887 | ||
Total Cost, Net of Accumulated Depreciation | 19,511 | ||
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 | 38,453 | ||
Total Cost | 46,167 | ||
Accumulated Depreciation | 15,662 | ||
Total Cost, Net of Accumulated Depreciation | 30,505 | ||
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 | 3,766 | ||
Total Cost | 6,932 | ||
Accumulated Depreciation | 1,548 | ||
Total Cost, Net of Accumulated Depreciation | 5,384 | ||
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 | 92,699 | ||
Total Cost | 102,713 | ||
Accumulated Depreciation | 49,999 | ||
Total Cost, Net of Accumulated Depreciation | 52,714 | ||
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 | 122,850 | ||
Total Cost | 141,848 | ||
Accumulated Depreciation | 72,156 | ||
Total Cost, Net of Accumulated Depreciation | 69,692 | ||
Encumbrances | $ 0 | ||
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 | 4,960 | ||
Total Cost | 6,310 | ||
Accumulated Depreciation | 135 | ||
Total Cost, Net of Accumulated Depreciation | 6,175 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
West Long Branch, NJ [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 14,131 | ||
Buildings & Improvements, Initial Cost | 51,982 | ||
Land, Total Cost | 14,131 | ||
Buildings & Improvements, Total Cost | 82,553 | ||
Total Cost | 96,684 | ||
Accumulated Depreciation | 41,151 | ||
Total Cost, Net of Accumulated Depreciation | 55,533 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2004 | ||
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 | 14,651 | ||
Total Cost | 41,130 | ||
Accumulated Depreciation | 731 | ||
Total Cost, Net of Accumulated Depreciation | 40,399 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 27,707 | ||
Buildings & Improvements, Initial Cost | 45,021 | ||
Land, Total Cost | 27,707 | ||
Buildings & Improvements, Total Cost | 51,938 | ||
Total Cost | 79,645 | ||
Accumulated Depreciation | 18,839 | ||
Total Cost, Net of Accumulated Depreciation | 60,806 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2011 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 11,224 | ||
Buildings & Improvements, Initial Cost | 82,124 | ||
Land, Total Cost | 11,224 | ||
Buildings & Improvements, Total Cost | 99,612 | ||
Total Cost | 110,836 | ||
Accumulated Depreciation | 30,551 | ||
Total Cost, Net of Accumulated Depreciation | 80,285 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2012 | ||
Charlotte, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,600 | ||
Buildings & Improvements, Initial Cost | 30,392 | ||
Land, Total Cost | 8,463 | ||
Buildings & Improvements, Total Cost | 54,782 | ||
Total Cost | 63,245 | ||
Accumulated Depreciation | 12,822 | ||
Total Cost, Net of Accumulated Depreciation | 50,423 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
Cornelius, NC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,382 | ||
Buildings & Improvements, Initial Cost | 15,184 | ||
Land, Total Cost | 4,382 | ||
Buildings & Improvements, Total Cost | 21,669 | ||
Total Cost | 26,051 | ||
Accumulated Depreciation | 11,391 | ||
Total Cost, Net of Accumulated Depreciation | 14,660 | ||
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 | 78,245 | ||
Total Cost | 97,817 | ||
Accumulated Depreciation | 19,365 | ||
Total Cost, Net of Accumulated Depreciation | 78,452 | ||
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 | 72,976 | ||
Total Cost | 87,054 | ||
Accumulated Depreciation | 49,461 | ||
Total Cost, Net of Accumulated Depreciation | 37,593 | ||
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 | 72,158 | ||
Total Cost | 92,824 | ||
Accumulated Depreciation | 24,132 | ||
Total Cost, Net of Accumulated Depreciation | 68,692 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2011 | ||
Dublin, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,609 | ||
Buildings & Improvements, Initial Cost | 11,546 | ||
Land, Total Cost | 3,609 | ||
Buildings & Improvements, Total Cost | 15,957 | ||
Total Cost | 19,566 | ||
Accumulated Depreciation | 11,380 | ||
Total Cost, Net of Accumulated Depreciation | 8,186 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1998 | ||
Mason, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,032 | ||
Buildings & Improvements, Initial Cost | 23,788 | ||
Land, Total Cost | 2,032 | ||
Buildings & Improvements, Total Cost | 28,009 | ||
Total Cost | 30,041 | ||
Accumulated Depreciation | 7,282 | ||
Total Cost, Net of Accumulated Depreciation | 22,759 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2014 | ||
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 | 42,895 | ||
Total Cost | 43,888 | ||
Accumulated Depreciation | 26,089 | ||
Total Cost, Net of Accumulated Depreciation | 17,799 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1969 | ||
Westlake, OH [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 424 | ||
Buildings & Improvements, Initial Cost | 4,004 | ||
Land, Total Cost | 424 | ||
Buildings & Improvements, Total Cost | 30,357 | ||
Total Cost | 30,781 | ||
Accumulated Depreciation | 6,312 | ||
Total Cost, Net of Accumulated Depreciation | 24,469 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1974 | ||
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 | 65,338 | ||
Total Cost | 85,546 | ||
Accumulated Depreciation | 22,950 | ||
Total Cost, Net of Accumulated Depreciation | 62,596 | ||
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 | 37,895 | ||
Total Cost | 48,017 | ||
Accumulated Depreciation | 2,950 | ||
Total Cost, Net of Accumulated Depreciation | 45,067 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2019 | ||
Boothwyn, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 6,370 | ||
Buildings & Improvements, Initial Cost | 16,931 | ||
Land, Total Cost | 6,370 | ||
Buildings & Improvements, Total Cost | 17,013 | ||
Total Cost | 23,383 | ||
Accumulated Depreciation | 951 | ||
Total Cost, Net of Accumulated Depreciation | 22,432 | ||
Encumbrances | $ 15,979 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Downingtown, PA [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 4,175 | ||
Buildings & Improvements, Initial Cost | 15,678 | ||
Land, Total Cost | 4,175 | ||
Buildings & Improvements, Total Cost | 15,925 | ||
Total Cost | 20,100 | ||
Accumulated Depreciation | 932 | ||
Total Cost, Net of Accumulated Depreciation | 19,168 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
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 | 20,772 | ||
Total Cost | 28,463 | ||
Accumulated Depreciation | 1,202 | ||
Total Cost, Net of Accumulated Depreciation | 27,261 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Anderson, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 1,372 | ||
Buildings & Improvements, Initial Cost | 11,656 | ||
Land, Total Cost | 1,372 | ||
Buildings & Improvements, Total Cost | 11,756 | ||
Total Cost | 13,128 | ||
Accumulated Depreciation | 466 | ||
Total Cost, Net of Accumulated Depreciation | 12,662 | ||
Encumbrances | $ 15,736 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
Mount Pleasant, SC [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,430 | ||
Buildings & Improvements, Initial Cost | 10,470 | ||
Land, Total Cost | 2,341 | ||
Buildings & Improvements, Total Cost | 31,164 | ||
Total Cost | 33,505 | ||
Accumulated Depreciation | 17,421 | ||
Total Cost, Net of Accumulated Depreciation | 16,084 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 1995 | ||
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 | 28,234 | ||
Total Cost | 34,335 | ||
Accumulated Depreciation | 8,227 | ||
Total Cost, Net of Accumulated Depreciation | 26,108 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
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 | 5,545 | ||
Buildings & Improvements, Total Cost | 30,742 | ||
Total Cost | 36,287 | ||
Accumulated Depreciation | 10,010 | ||
Total Cost, Net of Accumulated Depreciation | 26,277 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
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 | 8,804 | ||
Total Cost | 12,271 | ||
Accumulated Depreciation | 722 | ||
Total Cost, Net of Accumulated Depreciation | 11,549 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2019 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 3,475 | ||
Buildings & Improvements, Initial Cost | 37,327 | ||
Land, Total Cost | 4,873 | ||
Buildings & Improvements, Total Cost | 53,641 | ||
Total Cost | 58,514 | ||
Accumulated Depreciation | 30,566 | ||
Total Cost, Net of Accumulated Depreciation | 27,948 | ||
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 | 115,143 | ||
Total Cost | 125,301 | ||
Accumulated Depreciation | 50,053 | ||
Total Cost, Net of Accumulated Depreciation | 75,248 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
San Antonio, TX [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 2,381 | ||
Buildings & Improvements, Initial Cost | 6,487 | ||
Land, Total Cost | 2,381 | ||
Buildings & Improvements, Total Cost | 24,567 | ||
Total Cost | 26,948 | ||
Accumulated Depreciation | 12,635 | ||
Total Cost, Net of Accumulated Depreciation | 14,313 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
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 | 6,571 | ||
Total Cost | 8,752 | ||
Accumulated Depreciation | 133 | ||
Total Cost, Net of Accumulated Depreciation | 8,619 | ||
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 | 1,400 | ||
Buildings & Improvements, Total Cost | 2,537 | ||
Total Cost | 3,937 | ||
Accumulated Depreciation | 7 | ||
Total Cost, Net of Accumulated Depreciation | 3,930 | ||
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 | 71,587 | ||
Total Cost | 87,268 | ||
Accumulated Depreciation | 19,338 | ||
Total Cost, Net of Accumulated Depreciation | 67,930 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2013 | ||
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 | 37,302 | ||
Total Cost | 49,181 | ||
Accumulated Depreciation | 17,528 | ||
Total Cost, Net of Accumulated Depreciation | 31,653 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
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 | 51,034 | ||
Total Cost | 58,364 | ||
Accumulated Depreciation | 1,908 | ||
Total Cost, Net of Accumulated Depreciation | 56,456 | ||
Encumbrances | $ 34,250 | ||
Date of Construction (C) Acquisition (A) | 2020 | ||
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 | 44,931 | ||
Total Cost | 61,947 | ||
Accumulated Depreciation | 20,790 | ||
Total Cost, Net of Accumulated Depreciation | 41,157 | ||
Encumbrances | $ 0 | ||
Date of Construction (C) Acquisition (A) | 2007 | ||
Portfolio Balance (SITE) [Member] | |||
Real Estate And Accumulated Depreciation [Line Items] | |||
Land, Initial Cost | $ 15,051 | ||
Buildings & Improvements, Initial Cost | 202,200 | ||
Land, Total Cost | 15,051 | ||
Buildings & Improvements, Total Cost | 202,200 | ||
Total Cost | 217,251 | ||
Accumulated Depreciation | 111,538 | ||
Total Cost, Net of Accumulated Depreciation | 105,713 | ||
Encumbrances | $ 0 |
Real Estate and Accumulated D_3
Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Tax cost basis of assets | $ 5,500 |
Real estate undeveloped land | 8.3 |
Real estate construction in progress | 39 |
Fair market value of debt adjustments and unamortized debt issuance costs | $ 0.4 |
Tenant improvements [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | Shorter of economic life or lease terms |
Minimum [Member] | Building [Member] | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of the assets | 31 years 6 months |
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 |
Changes in Mortgage Loans (Deta
Changes in Mortgage Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans On Real Estate [Abstract] | ||
Balance at beginning of period | $ 120,130 | $ 209,566 |
Additions during period: | ||
Interest | 12,150 | 18,285 |
Deductions during period: | ||
Provision for loan loss reserve | (19,393) | (15,544) |
Collections of principal and interest | (112,887) | (92,177) |
Balance at close of period | $ 0 | $ 120,130 |