ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TEXAS | 74-1464203 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
2600 Citadel Plaza Drive | |
P.O. Box 924133 | |
Houston, Texas | 77292-4133 |
(Address of principal executive offices) | (Zip Code) |
(713) 866-6000 | ||
(Registrant's telephone number) |
Large accelerated filer ý | Accelerated filer ¨ |
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Emerging growth company ¨ |
PART I. | Financial Information: | Page Number | |
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II. | Other Information: | ||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues: | |||||||||||||||
Rentals, net | $ | 125,261 | $ | 141,064 | $ | 392,510 | $ | 424,845 | |||||||
Other | 3,529 | 3,046 | 10,818 | 8,951 | |||||||||||
Total | 128,790 | 144,110 | 403,328 | 433,796 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 38,042 | 41,509 | 126,558 | 126,115 | |||||||||||
Operating | 22,555 | 27,813 | 69,929 | 83,944 | |||||||||||
Real estate taxes, net | 17,601 | 18,634 | 52,706 | 57,783 | |||||||||||
Impairment loss | 2,398 | — | 2,398 | 15,012 | |||||||||||
General and administrative | 5,971 | 6,450 | 17,715 | 20,252 | |||||||||||
Total | 86,567 | 94,406 | 269,306 | 303,106 | |||||||||||
Operating Income | 42,223 | 49,704 | 134,022 | 130,690 | |||||||||||
Interest Expense, net | (15,996 | ) | (19,850 | ) | (47,685 | ) | (61,405 | ) | |||||||
Interest and Other Income (Expense) | 1,847 | 1,398 | 4,735 | 4,210 | |||||||||||
Benefit (Provision) for Income Taxes | 99 | (577 | ) | (1,368 | ) | 2,035 | |||||||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 8,022 | 5,219 | 19,333 | 17,966 | |||||||||||
Income from Continuing Operations | 36,195 | 35,894 | 109,037 | 93,496 | |||||||||||
Gain on Sale of Property | 17,079 | 38,579 | 173,077 | 86,566 | |||||||||||
Net Income | 53,274 | 74,473 | 282,114 | 180,062 | |||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (10,293 | ) | (1,844 | ) | (14,020 | ) | (12,755 | ) | |||||||
Net Income Attributable to Common Shareholders | $ | 42,981 | $ | 72,629 | $ | 268,094 | $ | 167,307 | |||||||
Earnings Per Common Share - Basic: | |||||||||||||||
Net income attributable to common shareholders | $ | .34 | $ | .57 | $ | 2.10 | $ | 1.31 | |||||||
Earnings Per Common Share - Diluted: | |||||||||||||||
Net income attributable to common shareholders | $ | .34 | $ | .56 | $ | 2.08 | $ | 1.30 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net Income | $ | 53,274 | $ | 74,473 | $ | 282,114 | $ | 180,062 | |||||||
Cumulative effect adjustment of new accounting standards (see Note 2) | — | — | (1,541 | ) | — | ||||||||||
Other Comprehensive Income (Loss): | |||||||||||||||
Net unrealized gain on investments, net of taxes | — | 222 | — | 678 | |||||||||||
Net unrealized gain (loss) on derivatives | — | 77 | 1,379 | (29 | ) | ||||||||||
Reclassification adjustment of derivatives and designated hedges into net income | (224 | ) | (90 | ) | (4,078 | ) | 74 | ||||||||
Retirement liability adjustment | 325 | 365 | 903 | 1,111 | |||||||||||
Total | 101 | 574 | (1,796 | ) | 1,834 | ||||||||||
Comprehensive Income | 53,375 | 75,047 | 278,777 | 181,896 | |||||||||||
Comprehensive Income Attributable to Noncontrolling Interests | (10,293 | ) | (1,844 | ) | (14,020 | ) | (12,755 | ) | |||||||
Comprehensive Income Adjusted for Noncontrolling Interests | $ | 43,082 | $ | 73,203 | $ | 264,757 | $ | 169,141 |
September 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Property | $ | 4,245,514 | $ | 4,498,859 | |||
Accumulated Depreciation | (1,137,548 | ) | (1,166,126 | ) | |||
Property Held for Sale, net | 81,224 | 54,792 | |||||
Property, net * | 3,189,190 | 3,387,525 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net | 344,024 | 317,763 | |||||
Total | 3,533,214 | 3,705,288 | |||||
Unamortized Lease Costs, net | 151,165 | 181,047 | |||||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable (net of allowance for doubtful accounts of $6,354 in 2018 and $7,516 in 2017) * | 94,807 | 104,357 | |||||
Cash and Cash Equivalents * | 24,412 | 13,219 | |||||
Restricted Deposits and Mortgage Escrows | 22,369 | 8,115 | |||||
Other, net | 171,160 | 184,613 | |||||
Total Assets | $ | 3,997,127 | $ | 4,196,639 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net * | $ | 1,793,128 | $ | 2,081,152 | |||
Accounts Payable and Accrued Expenses | 111,691 | 116,463 | |||||
Other, net | 169,587 | 189,182 | |||||
Total Liabilities | 2,074,406 | 2,386,797 | |||||
Commitments and Contingencies | — | — | |||||
Equity: | |||||||
Shareholders’ Equity: | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,325 in 2018 and 128,447 in 2017 | 3,893 | 3,897 | |||||
Additional Paid-In Capital | 1,766,528 | 1,772,066 | |||||
Net Income Less Than Accumulated Dividends | (15,584 | ) | (137,065 | ) | |||
Accumulated Other Comprehensive Loss | (9,507 | ) | (6,170 | ) | |||
Total Shareholders’ Equity | 1,745,330 | 1,632,728 | |||||
Noncontrolling Interests | 177,391 | 177,114 | |||||
Total Equity | 1,922,721 | 1,809,842 | |||||
Total Liabilities and Equity | $ | 3,997,127 | $ | 4,196,639 | |||
* Consolidated variable interest entities' assets and debt included in the above balances (see Note 15): | |||||||
Property, net | $ | 200,276 | $ | 207,969 | |||
Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net | 11,239 | 12,011 | |||||
Cash and Cash Equivalents | 8,989 | 9,025 | |||||
Debt, net | 45,964 | 46,253 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 282,114 | $ | 180,062 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 126,558 | 126,115 | |||||
Amortization of debt deferred costs and intangibles, net | 2,354 | 2,105 | |||||
Impairment loss | 2,398 | 15,012 | |||||
Equity in earnings of real estate joint ventures and partnerships, net | (19,333 | ) | (17,966 | ) | |||
Gain on sale of property | (173,077 | ) | (86,566 | ) | |||
Distributions of income from real estate joint ventures and partnerships | 12,817 | 12,683 | |||||
Changes in accrued rent, accrued contract receivables and accounts receivable, net | 3,459 | (10,142 | ) | ||||
Changes in unamortized lease costs and other assets, net | (10,697 | ) | (15,237 | ) | |||
Changes in accounts payable, accrued expenses and other liabilities, net | (1,858 | ) | 10,664 | ||||
Other, net | (10,133 | ) | 4,529 | ||||
Net cash provided by operating activities | 214,602 | 221,259 | |||||
Cash Flows from Investing Activities: | |||||||
Acquisition of real estate and land | (1,265 | ) | (1,902 | ) | |||
Development and capital improvements | (112,927 | ) | (101,438 | ) | |||
Proceeds from sale of property and real estate equity investments, net | 372,439 | 216,343 | |||||
Real estate joint ventures and partnerships - Investments | (25,731 | ) | (31,053 | ) | |||
Real estate joint ventures and partnerships - Distribution of capital | 4,487 | 5,759 | |||||
Purchase of investments | — | (4,241 | ) | ||||
Proceeds from investments | 1,500 | 4,250 | |||||
Other, net | 5,180 | 3,734 | |||||
Net cash provided by investing activities | 243,683 | 91,452 | |||||
Cash Flows from Financing Activities: | |||||||
Proceeds from issuance of debt | 638 | — | |||||
Principal payments of debt | (255,472 | ) | (23,217 | ) | |||
Changes in unsecured credit facilities | — | (120,000 | ) | ||||
Proceeds from issuance of common shares of beneficial interest, net | 6,729 | 1,115 | |||||
Repurchase of common shares of beneficial interest, net | (18,564 | ) | — | ||||
Common share dividends paid | (152,110 | ) | (148,286 | ) | |||
Debt issuance and extinguishment costs paid | (1,189 | ) | (395 | ) | |||
Distributions to noncontrolling interests | (15,063 | ) | (16,752 | ) | |||
Contributions from noncontrolling interests | 1,324 | — | |||||
Other, net | 869 | (2,236 | ) | ||||
Net cash used in financing activities | (432,838 | ) | (309,771 | ) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents | 25,447 | 2,940 | |||||
Cash, cash equivalents and restricted cash equivalents at January 1 | 21,334 | 41,279 | |||||
Cash, cash equivalents and restricted cash equivalents at September 30 | $ | 46,781 | $ | 44,219 | |||
Interest paid during the period (net of amount capitalized of $5,387 and $3,314, respectively) | $ | 53,890 | $ | 63,564 | |||
Income taxes paid during the period | $ | 1,515 | $ | 1,009 |
Common Shares of Beneficial Interest | Additional Paid-In Capital | Net Income Less Than Accumulated Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | ||||||||||||||||||
Balance, January 1, 2017 | $ | 3,885 | $ | 1,718,101 | $ | (177,647 | ) | $ | (9,161 | ) | $ | 181,718 | $ | 1,716,896 | |||||||||
Net income | 167,307 | 12,755 | 180,062 | ||||||||||||||||||||
Shares issued under benefit plans, net | 11 | 7,767 | 7,778 | ||||||||||||||||||||
Change in classification of deferred compensation plan | 45,377 | 45,377 | |||||||||||||||||||||
Change in redemption value of deferred compensation plan | (619 | ) | (619 | ) | |||||||||||||||||||
Dividends paid – common shares (1) | (148,286 | ) | (148,286 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | (16,752 | ) | (16,752 | ) | |||||||||||||||||||
Other comprehensive income | 1,834 | 1,834 | |||||||||||||||||||||
Other, net | (228 | ) | (703 | ) | (931 | ) | |||||||||||||||||
Balance, September 30, 2017 | $ | 3,896 | $ | 1,771,017 | $ | (159,245 | ) | $ | (7,327 | ) | $ | 177,018 | $ | 1,785,359 | |||||||||
Balance, January 1, 2018 | $ | 3,897 | $ | 1,772,066 | $ | (137,065 | ) | $ | (6,170 | ) | $ | 177,114 | $ | 1,809,842 | |||||||||
Net income | 268,094 | 14,020 | 282,114 | ||||||||||||||||||||
Shares repurchased and cancelled | (20 | ) | (18,544 | ) | (18,564 | ) | |||||||||||||||||
Shares issued under benefit plans, net | 16 | 13,006 | 13,022 | ||||||||||||||||||||
Cumulative effect adjustment of new accounting standards (see Note 2) | 5,497 | (1,541 | ) | 3,956 | |||||||||||||||||||
Dividends paid – common shares (1) | (152,110 | ) | (152,110 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | (15,063 | ) | (15,063 | ) | |||||||||||||||||||
Contributions from noncontrolling interests | 1,324 | 1,324 | |||||||||||||||||||||
Other comprehensive loss | (1,796 | ) | (1,796 | ) | |||||||||||||||||||
Other, net | (4 | ) | (4 | ) | |||||||||||||||||||
Balance, September 30, 2018 | $ | 3,893 | $ | 1,766,528 | $ | (15,584 | ) | $ | (9,507 | ) | $ | 177,391 | $ | 1,922,721 |
(1) | Common dividend per share was $1.19 and $1.16 for the nine months ended September 30, 2018 and 2017, respectively. |
Contract Type | Performance Obligation Description | Elements of Performance Obligations | Payment Timing | |||
Management Agreements | • Management and asset management services • Construction and development services • Marketing fees | • Over time • Right to invoice • Long-term contracts | Typically monthly or quarterly | |||
• Leasing and legal preparation services • Sales commissions | • Point in time • Long-term contracts | |||||
Licensing and Occupancy Agreements | • Rent of non-specific space | • Over time • Right to invoice • Short-term contracts | Typically monthly | |||
• Set-up services | • Point in time • Right to invoice | |||||
Non-tenant Contracts | • Placement of miscellaneous items at our centers that do not qualify as a lease, i.e. advertisements, trash bins, etc. | • Point in time • Long-term contracts | Typically monthly | |||
• Set-up services | • Point in time • Right to invoice |
September 30, 2018 | December 31, 2017 | ||||||
Restricted deposits (1) | $ | 21,909 | $ | 6,291 | |||
Mortgage escrows | 460 | 1,824 | |||||
Total | $ | 22,369 | $ | 8,115 |
(1) | The increase between the periods presented is primarily attributable to $12.4 million placed in a qualified escrow account for the purpose of completing a like-kind exchange transaction. |
Gain on Investments | Gain on Cash Flow Hedges | Defined Benefit Pension Plan-Actuarial Loss | Total | ||||||||||||
Balance, December 31, 2017 | $ | (1,541 | ) | $ | (7,424 | ) | $ | 15,135 | $ | 6,170 | |||||
Cumulative effect adjustment of accounting standards (see Note 2) | 1,541 | 1,541 | |||||||||||||
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,379 | ) | (1,379 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 4,078 | (1) | (903 | ) | (2) | 3,175 | |||||||||
Net other comprehensive loss (income) | — | 2,699 | (903 | ) | 1,796 | ||||||||||
Balance, September 30, 2018 | $ | — | $ | (4,725 | ) | $ | 14,232 | $ | 9,507 | ||||||
Gain on Investments | Gain on Cash Flow Hedges | Defined Benefit Pension Plan-Actuarial Loss | Total | ||||||||||||
Balance, December 31, 2016 | $ | (964 | ) | $ | (6,403 | ) | $ | 16,528 | $ | 9,161 | |||||
Change excluding amounts reclassified from accumulated other comprehensive loss | (678 | ) | 29 | (649 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | (74 | ) | (1) | (1,111 | ) | (2) | (1,185 | ) | |||||||
Net other comprehensive income | (678 | ) | (45 | ) | (1,111 | ) | (1,834 | ) | |||||||
Balance, September 30, 2017 | $ | (1,642 | ) | $ | (6,448 | ) | $ | 15,417 | $ | 7,327 |
• | The transition method in which the application date will be the beginning of the reporting period that we first apply the new guidance. |
• | The practical expedient package which allows an entity not to reassess (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for expired or existing leases; and (3) initial direct costs for any existing leases. |
• | The practical expedient which allows an entity not to reassess whether any existing or expired land easements that were not previously accounted for as a lease or if the contract contains a lease. |
• | As an accounting policy election, a lessor may choose not to separate the nonlease components from the lease components and instead account for both types of components as a single component under certain conditions. |
• | We have ground lease agreements in which we are the lessee for land underneath all or a portion of 12 centers and four administrative office leases that we account for as operating leases. Rental expense associated with these operating leases for the nine months ended September 30, 2018 and 2017 was $2.0 million and $2.2 million, respectively. We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We have also identified several contracts related to office equipment and IT services which are being analyzed. We will record, if applicable, any rights and obligations under these leases as an asset and a liability in our consolidated balance sheets. Additionally, operating leases will be amortized to rent expense while any finance leases will charge a portion to both asset amortization and interest expense. |
• | Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated leasing and legal costs, of which we capitalized internal costs of $7.0 million for the nine months ended September 30, 2018, and $9.5 million for the year ended December 31, 2017. We believe we will be able to continue to capitalize internal leasing commissions that are a direct result of obtaining a lease. |
September 30, 2018 | December 31, 2017 | ||||||
Land | $ | 957,362 | $ | 1,068,022 | |||
Land held for development | 57,736 | 69,205 | |||||
Land under development | 53,570 | 48,985 | |||||
Buildings and improvements | 3,045,537 | 3,232,074 | |||||
Construction in-progress | 131,309 | 80,573 | |||||
Total | $ | 4,245,514 | $ | 4,498,859 |
September 30, 2018 | December 31, 2017 | ||||||
Combined Condensed Balance Sheets | |||||||
ASSETS | |||||||
Property | $ | 1,254,846 | $ | 1,241,004 | |||
Accumulated depreciation | (300,201 | ) | (285,033 | ) | |||
Property, net | 954,645 | 955,971 | |||||
Other assets, net | 123,247 | 115,743 | |||||
Total Assets | $ | 1,077,892 | $ | 1,071,714 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net (primarily mortgages payable) | $ | 270,443 | $ | 298,124 | |||
Amounts payable to Weingarten Realty Investors and Affiliates | 11,740 | 12,017 | |||||
Other liabilities, net | 29,597 | 24,759 | |||||
Total Liabilities | 311,780 | 334,900 | |||||
Equity | 766,112 | 736,814 | |||||
Total Liabilities and Equity | $ | 1,077,892 | $ | 1,071,714 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Combined Condensed Statements of Operations | |||||||||||||||
Revenues, net | $ | 33,626 | $ | 33,383 | $ | 100,322 | $ | 104,182 | |||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 7,925 | 8,595 | 24,164 | 26,399 | |||||||||||
Interest, net | 2,974 | 2,851 | 9,478 | 8,928 | |||||||||||
Operating | 6,001 | 5,727 | 18,074 | 17,655 | |||||||||||
Real estate taxes, net | 4,728 | 4,775 | 14,861 | 14,494 | |||||||||||
General and administrative | 253 | (139 | ) | 573 | 523 | ||||||||||
Provision for income taxes | 33 | 30 | 106 | 77 | |||||||||||
Total | 21,914 | 21,839 | 67,256 | 68,076 | |||||||||||
Gain on dispositions | 4,052 | 67 | 9,491 | 3,963 | |||||||||||
Net income | $ | 15,764 | $ | 11,611 | $ | 42,557 | $ | 40,069 |
September 30, 2018 | December 31, 2017 | ||||||
Debt payable, net to 2038 (1) | $ | 1,707,983 | $ | 1,996,007 | |||
Debt service guaranty liability | 64,145 | 64,145 | |||||
Obligations under capital leases | 21,000 | 21,000 | |||||
Total | $ | 1,793,128 | $ | 2,081,152 |
(1) | At September 30, 2018, interest rates ranged from 3.3% to 7.0% at a weighted average rate of 4.0%. At December 31, 2017, interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0%. |
September 30, 2018 | December 31, 2017 | ||||||
As to interest rate (including the effects of interest rate contracts): | |||||||
Fixed-rate debt | $ | 1,775,381 | $ | 2,063,263 | |||
Variable-rate debt | 17,747 | 17,889 | |||||
Total | $ | 1,793,128 | $ | 2,081,152 | |||
As to collateralization: | |||||||
Unsecured debt | $ | 1,455,225 | $ | 1,667,462 | |||
Secured debt | 337,903 | 413,690 | |||||
Total | $ | 1,793,128 | $ | 2,081,152 |
September 30, 2018 | December 31, 2017 | ||||||
Unsecured revolving credit facility: | |||||||
Balance outstanding | $ | — | $ | — | |||
Available balance | 497,946 | 493,610 | |||||
Letters of credit outstanding under facility | 2,054 | 6,390 | |||||
Variable interest rate (excluding facility fee) | — | % | — | % | |||
Unsecured short-term facility: | |||||||
Balance outstanding | $ | — | $ | — | |||
Variable interest rate (excluding facility fee) | — | % | — | % | |||
Both facilities: | |||||||
Maximum balance outstanding during the period | $ | 26,500 | $ | 245,000 | |||
Weighted average balance | 1,373 | 133,386 | |||||
Year-to-date weighted average interest rate (excluding facility fee) | 2.8 | % | 1.8 | % |
2018 remaining | $ | 1,599 | |
2019 | 72,962 | ||
2020 | 5,296 | ||
2021 | 18,434 | ||
2022 | 307,922 | ||
2023 | 347,815 | ||
2024 | 252,153 | ||
2025 | 293,807 | ||
2026 | 277,291 | ||
2027 | 38,288 | ||
Thereafter | 102,594 | ||
Total | $ | 1,718,161 |
Assets | Liabilities | ||||||||||
Balance Sheet Location | Amount | Balance Sheet Location | Amount | ||||||||
Designated Hedges: | |||||||||||
September 30, 2018 | Other Assets, net | $ | — | Other Liabilities, net | $ | — | |||||
December 31, 2017 | Other Assets, net | 2,035 | Other Liabilities, net | — |
Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||
September 30, 2018 | |||||||||||||||||||||||
Assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
December 31, 2017 | |||||||||||||||||||||||
Assets | 2,035 | — | 2,035 | — | — | 2,035 |
Derivatives in Cash Flow Hedging Relationships | Amount of (Gain) Loss Recognized in Other Comprehensive Income (Loss) on Derivative | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring | Total Amount of Interest Expense, net Presented in the Condensed Consolidated Statement of Operations | ||||||||||||||
Three Months Ended September 30, 2018 | $ | — | Interest expense, net | $ | 224 | Interest expense, net | $ | — | $ | (15,996 | ) | |||||||||
Nine Months Ended September 30, 2018 | (1,379 | ) | Interest expense, net | 688 | Interest expense, net | 3,390 | (47,685 | ) | ||||||||||||
Three Months Ended September 30, 2017 | (77 | ) | Interest expense, net | 90 | Interest expense, net | — | (19,850 | ) | ||||||||||||
Nine Months Ended September 30, 2017 | 29 | Interest expense, net | (74 | ) | Interest expense, net | — | (61,405 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Continuing operations: | |||||||||||||||
Properties held for sale, under contract for sale or sold (1) | $ | 2,398 | $ | — | $ | 2,398 | $ | 12,198 | |||||||
Land held for development and undeveloped land (1) | — | — | — | 2,719 | |||||||||||
Other | — | — | — | 95 | |||||||||||
Total impairment charges | 2,398 | — | 2,398 | 15,012 | |||||||||||
Other financial statement captions impacted by impairment: | |||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | 24 | |||||||||||
Net impact of impairment charges | $ | 2,398 | $ | — | $ | 2,398 | $ | 15,036 |
(1) | Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions. |
September 30, 2018 | September 30, 2017 | ||||||
Cash and cash equivalents | $ | 24,412 | $ | 39,246 | |||
Restricted deposits and mortgage escrows (see Note 1) | 22,369 | 4,973 | |||||
Total | $ | 46,781 | $ | 44,219 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Accrued property construction costs | $ | 9,081 | $ | 5,367 | |||
Increase in equity associated with deferred compensation plan | — | 44,758 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Numerator: | |||||||||||||||
Income from continuing operations | $ | 36,195 | $ | 35,894 | $ | 109,037 | $ | 93,496 | |||||||
Gain on sale of property | 17,079 | 38,579 | 173,077 | 86,566 | |||||||||||
Net income attributable to noncontrolling interests | (10,293 | ) | (1,844 | ) | (14,020 | ) | (12,755 | ) | |||||||
Net income attributable to common shareholders - basic | 42,981 | 72,629 | 268,094 | 167,307 | |||||||||||
Income attributable to operating partnership units | — | 515 | 1,584 | 1,567 | |||||||||||
Net income attributable to common shareholders - diluted | $ | 42,981 | $ | 73,144 | $ | 269,678 | $ | 168,874 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding – basic | 127,525 | 127,801 | 127,651 | 127,734 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 792 | 844 | 809 | 877 | |||||||||||
Operating partnership units | — | 1,432 | 1,432 | 1,450 | |||||||||||
Weighted average shares outstanding – diluted | 128,317 | 130,077 | 129,892 | 130,061 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Share options (1) | — | 207 | — | — | |||||||
Operating partnership units | 1,432 | — | — | — | |||||||
Total anti-dilutive securities | 1,432 | 207 | — | — |
(1) | Exclusion results as exercise prices were greater than the average market price for each respective period. |
Nine Months Ended September 30, 2018 | |||||
Minimum | Maximum | ||||
Dividend yield | 0.0 | % | 5.5 | % | |
Expected volatility (1) | 18.5 | % | 20.4 | % | |
Expected life (in years) | N/A | 3 | |||
Risk-free interest rate | 1.8 | % | 2.4 | % |
Unvested Share Awards | Weighted Average Grant Date Fair Value | |||||
Outstanding, January 1, 2018 | 619,606 | $ | 33.81 | |||
Granted: | ||||||
Service-based awards | 133,125 | 28.12 | ||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index | 60,909 | 29.69 | ||||
Market-based awards relative to three-year absolute TSR | 60,908 | 13.68 | ||||
Trust manager awards | 34,328 | 27.95 | ||||
Vested | (226,448 | ) | 33.63 | |||
Forfeited | (9,605 | ) | 32.40 | |||
Outstanding, September 30, 2018 | 672,823 | $ | 30.27 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Service cost | $ | 319 | $ | 278 | $ | 976 | $ | 926 | |||||||
Interest cost | 666 | 482 | 1,505 | 1,527 | |||||||||||
Expected return on plan assets | (1,192 | ) | (760 | ) | (2,605 | ) | (2,323 | ) | |||||||
Amortization of net loss | 325 | 365 | 903 | 1,111 | |||||||||||
Total | $ | 118 | $ | 365 | $ | 779 | $ | 1,241 |
September 30, 2018 | December 31, 2017 | ||||||
Assets Held by VIEs | $ | 227,164 | $ | 235,713 | |||
Assets Held as Collateral for Debt (1) | 40,665 | 42,979 | |||||
Maximum Risk of Loss (1) | 29,784 | 29,784 |
(1) | Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. |
September 30, 2018 | December 31, 2017 | ||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | $ | 63,408 | $ | 36,784 | |||
Other Liabilities, net (2) | 5,656 | 5,799 | |||||
Maximum Risk of Loss (3) | 34,000 | 34,000 |
(1) | The carrying amount of the investment represents our contributions to a real estate joint venture, net of any distributions made and our portion of the equity in earnings of the real estate joint venture. The increase between periods represents new development funding of a mixed-use project. |
(2) | Includes the carrying amount of an investment where distributions have exceeded our contributions and our portion of the equity in earnings for a real estate joint venture. |
(3) | The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. Additionally, our investment, including contributions and distributions, associated with a mixed-use project is disclosed in (1) above. |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at September 30, 2018 | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents, primarily money market funds (1) | $ | 16,842 | $ | 16,842 | |||||||||||
Restricted cash, primarily commercial paper and mutual funds (1) | 6,939 | 6,939 | |||||||||||||
Investments, mutual funds held in a grantor trust (1) | 33,191 | 33,191 | |||||||||||||
Investments, mutual funds (1) | 7,783 | 7,783 | |||||||||||||
Total | $ | 64,755 | $ | — | $ | — | $ | 64,755 | |||||||
Liabilities: | |||||||||||||||
Deferred compensation plan obligations | $ | 33,191 | $ | 33,191 | |||||||||||
Total | $ | 33,191 | $ | — | $ | — | $ | 33,191 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2017 | ||||||||||||
Assets: | |||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 31,497 | $ | 31,497 | |||||||||||
Investments, mutual funds | 7,206 | 7,206 | |||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 2,035 | 2,035 | ||||||||||||
Total | $ | 38,703 | $ | 2,035 | $ | — | $ | 40,738 | |||||||
Liabilities: | |||||||||||||||
Deferred compensation plan obligations | $ | 31,497 | $ | 31,497 | |||||||||||
Total | $ | 31,497 | $ | — | $ | — | $ | 31,497 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Total Gains (Losses) | |||||||||||||||
Property (1) | $ | 9,292 | $ | 9,292 | $ | (1,950 | ) | ||||||||||||
Property held for sale (2) | 39,193 | 39,193 | (448 | ) | |||||||||||||||
Total | $ | — | $ | 48,485 | $ | — | $ | 48,485 | $ | (2,398 | ) |
(1) | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $11.3 million was written down to a fair value of $9.3 million, resulting in a loss of $2.0 million, which was included in earnings for the period. Management’s estimate of fair value of this property was determined using a bona fide purchase offer for the Level 2 inputs. |
(2) | Property held for sale with a carrying amount of $39.6 million was written down to a fair value of $39.2 million, net of costs to sell, resulting in a loss of $.4 million, which was included in earnings for the period. Management's estimate of the fair value of this property was determined using a bona fide purchase offer for the Level 2 inputs. |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Total Gains (Losses) (1) | |||||||||||||||
Property (2) | $ | 12,901 | $ | 4,184 | $ | 17,085 | $ | (7,828 | ) | ||||||||||
Total | $ | — | $ | 12,901 | $ | 4,184 | $ | 17,085 | $ | (7,828 | ) |
(1) | Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. |
(2) | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $24.9 million was written down to a fair value of $17.1 million, resulting in a loss of $7.8 million, which was included in earnings for the first quarter of 2017. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. |
September 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
Carrying Value | Fair Value Using Significant Other Observable Inputs (Level 2) | Fair Value Using Significant Unobservable Inputs (Level 3) | Carrying Value | Fair Value Using Significant Other Observable Inputs (Level 2) | Fair Value Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Other Assets: | |||||||||||||||||||||||
Tax increment revenue bonds (1) | $ | 22,097 | $ | 25,000 | $ | 22,097 | $ | 25,000 | |||||||||||||||
Investments, held to maturity (2) | 3,000 | $ | 2,984 | 4,489 | $ | 4,479 | |||||||||||||||||
Debt: | |||||||||||||||||||||||
Fixed-rate debt | 1,775,381 | 1,760,863 | 2,063,263 | 2,109,658 | |||||||||||||||||||
Variable-rate debt | 17,747 | 18,303 | 17,889 | 16,393 |
(1) | At September 30, 2018 and December 31, 2017, the credit loss balance on our tax increment revenue bonds was $31.0 million. |
(2) | Investments held to maturity are recorded at cost. As of September 30, 2018 and December 31, 2017, these investments had unrealized losses of $16 thousand and $10 thousand, respectively. |
Description | Fair Value at | Valuation Technique | Unobservable Inputs | Range | ||||||||||||
December 31, 2017 | Minimum | Maximum | ||||||||||||||
(in thousands) | 2017 | 2017 | ||||||||||||||
Property | $ | 4,184 | Discounted cash flows | Discount rate | 10.5 | % | 12.0 | % | ||||||||
Capitalization rate | 8.8 | % | 10.0 | % | ||||||||||||
Holding period (years) | 5 | 10 | ||||||||||||||
Expected future inflation rate (1) | 2.0 | % | ||||||||||||||
Market rent growth rate (1) | 3.0 | % | ||||||||||||||
Expense growth rate (1) | 2.0 | % | ||||||||||||||
Vacancy rate (1) | 20.0 | % | ||||||||||||||
Renewal rate (1) | 70.0 | % | ||||||||||||||
Average market rent rate (1) | $ | 11.00 | $ | 16.00 | ||||||||||||
Average leasing cost per square foot (1) | $ | 10.00 | $ | 35.00 |
(1) | Only applies to one property valuation. |
• | occupancy of 94.4% at September 30, 2018; |
• | an increase of 2.2% in SPNOI that includes redevelopments for the three months ended September 30, 2018 over the same period of 2017; and |
• | rental rate increases of 12.7% for new leases and 5.9% for renewals during the three months ended September 30, 2018. |
September 30, | |||||
2018 | 2017 | ||||
Anchor (space of 10,000 square feet or greater) | 96.6 | % | 97.7 | % | |
Non-Anchor | 91.0 | % | 90.4 | % | |
Total Occupancy | 94.4 | % | 94.8 | % |
Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||
SPNOI Growth (including Redevelopments) (1) | 2.2 | % | 2.2 | % |
(1) | See Non-GAAP Financial Measures for a definition of the measurement of SPNOI and a reconciliation to operating income within this section of Item 2. |
Number of Leases | Square Feet ('000's) | Average New Rent per Square Foot ($) | Average Prior Rent per Square Foot ($) | Average Cost of Tenant Improvements per Square Foot ($) | Change in Base Rent on Cash Basis | |||||||||||||||
Leasing Activity: | ||||||||||||||||||||
Three Months Ended September 30, 2018 | ||||||||||||||||||||
New leases (1) | 36 | 77 | $ | 28.22 | $ | 25.04 | $ | 26.78 | 12.7 | % | ||||||||||
Renewals | 156 | 550 | 19.03 | 17.97 | .07 | 5.9 | % | |||||||||||||
Not comparable spaces | 23 | 52 | ||||||||||||||||||
Total | 215 | 679 | $ | 20.16 | $ | 18.84 | $ | 3.34 | 7.0 | % | ||||||||||
Nine Months Ended September 30, 2018 | ||||||||||||||||||||
New leases (1) | 139 | 349 | $ | 25.26 | $ | 22.31 | $ | 39.27 | 13.2 | % | ||||||||||
Renewals | 456 | 2,055 | 18.08 | 17.01 | .05 | 6.3 | % | |||||||||||||
Not comparable spaces | 74 | 237 | ||||||||||||||||||
Total | 669 | 2,641 | $ | 19.13 | $ | 17.78 | $ | 5.75 | 7.6 | % |
(1) | Average external lease commissions per square foot for the three and nine months ended September 30, 2018 were $6.45 and $5.45, respectively. |
Three Months Ended September 30, | ||||||||||||||
2018 | 2017 | Change | % Change | |||||||||||
Revenues | $ | 128,790 | $ | 144,110 | $ | (15,320 | ) | (10.6 | )% | |||||
Depreciation and amortization | 38,042 | 41,509 | (3,467 | ) | (8.4 | ) | ||||||||
Operating expenses | 22,555 | 27,813 | (5,258 | ) | (18.9 | ) | ||||||||
Impairment loss | 2,398 | — | 2,398 | NA | ||||||||||
Interest expense, net | 15,996 | 19,850 | (3,854 | ) | (19.4 | ) | ||||||||
Equity in earnings of real estate joint ventures and partnerships, net | 8,022 | 5,219 | 2,803 | 53.7 |
Three Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Gross interest expense | $ | 17,492 | $ | 20,577 | |||
Amortization of debt deferred costs, net | 869 | 985 | |||||
Over-market mortgage adjustment | (81 | ) | (301 | ) | |||
Capitalized interest | (2,284 | ) | (1,411 | ) | |||
Total | $ | 15,996 | $ | 19,850 |
Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | Change | % Change | |||||||||||
Revenues | $ | 403,328 | $ | 433,796 | $ | (30,468 | ) | (7.0 | )% | |||||
Operating expenses | 69,929 | 83,944 | (14,015 | ) | (16.7 | ) | ||||||||
Real estate taxes, net | 52,706 | 57,783 | (5,077 | ) | (8.8 | ) | ||||||||
Impairment loss | 2,398 | 15,012 | (12,614 | ) | (84.0 | ) | ||||||||
General and administrative expenses | 17,715 | 20,252 | (2,537 | ) | (12.5 | ) | ||||||||
Interest expense, net | 47,685 | 61,405 | (13,720 | ) | (22.3 | ) | ||||||||
(Provision) benefit for income taxes | (1,368 | ) | 2,035 | (3,403 | ) | 167.2 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Gross interest expense | $ | 54,477 | $ | 62,614 | |||
Gain on extinguishment of debt including related swap activity | (3,759 | ) | — | ||||
Amortization of debt deferred costs, net | 2,672 | 2,903 | |||||
Over-market mortgage adjustment | (318 | ) | (798 | ) | |||
Capitalized interest | (5,387 | ) | (3,314 | ) | |||
Total | $ | 47,685 | $ | 61,405 |
2018 remaining | $ | 1.6 | |
2019 | 5.8 | ||
2020 | 71.0 | ||
2021 | 173.0 | ||
2022 | 2.1 | ||
Thereafter | 17.8 | ||
Total | $ | 271.3 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
New Development | $ | 71,326 | $ | 75,232 | |||
Redevelopment | 27,069 | 24,322 | |||||
Tenant Improvements | 20,805 | 16,779 | |||||
Capital Improvements | 16,696 | 15,298 | |||||
Other | 4,027 | 2,762 | |||||
Total | $ | 139,923 | $ | 134,393 |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Acquisition of real estate and land | $ | 1,265 | $ | 1,902 | |||
Development and capital improvements | 112,927 | 101,438 | |||||
Real estate joint ventures and partnerships - Investments | 25,731 | 31,053 | |||||
Total | $ | 139,923 | $ | 134,393 |
Covenant | Restriction | Actual | ||
Debt to Asset Ratio | Less than 60.0% | 36.4% | ||
Secured Debt to Asset Ratio | Less than 40.0% | 6.8% | ||
Fixed Charge Ratio | Greater than 1.5 | 4.8 | ||
Unencumbered Asset Test | Greater than 150% | 299.8% |
Payments due by period | |||||||||||||||||||
Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | |||||||||||||||
Mortgages and Notes Payable (1) | |||||||||||||||||||
Unsecured Debt | $ | 1,727,111 | $ | 27,486 | $ | 106,750 | $ | 106,750 | $ | 1,486,125 | |||||||||
Secured Debt | 422,348 | 5,372 | 102,264 | 49,623 | 265,089 | ||||||||||||||
Lease Payments | 111,357 | 680 | 4,990 | 4,314 | 101,373 | ||||||||||||||
Other Obligations (2) | 64,421 | 30,695 | 33,726 | ||||||||||||||||
Total Contractual Obligations | $ | 2,325,237 | $ | 64,233 | $ | 247,730 | $ | 160,687 | $ | 1,852,587 |
(1) | Includes principal and interest with interest on variable-rate debt calculated using rates at September 30, 2018. Also, excludes a $64.1 million debt service guaranty liability. See Note 5 for additional information. |
(2) | Other obligations include income and real estate tax payments and commitments associated with our secured debt. Contributions to our retirement plan were fully funded for 2018, and therefore are excluded from the above table. See Note 12 for additional information. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income attributable to common shareholders | $ | 42,981 | $ | 72,629 | $ | 268,094 | $ | 167,307 | |||||||
Depreciation and amortization of real estate | 37,784 | 41,240 | 125,659 | 125,379 | |||||||||||
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships | 3,035 | 3,453 | 9,480 | 10,640 | |||||||||||
Impairment of operating properties and real estate equity investments | 2,398 | — | 2,398 | 12,007 | |||||||||||
Gain on sale of property and interests in real estate equity investments | (16,541 | ) | (38,548 | ) | (172,280 | ) | (86,266 | ) | |||||||
Gain on dispositions of unconsolidated real estate joint ventures and partnerships | (2,714 | ) | (28 | ) | (6,296 | ) | (1,978 | ) | |||||||
Provision (benefit) for income taxes (1) | 1,296 | 71 | 1,779 | (1,943 | ) | ||||||||||
Noncontrolling interests and other (2) | 7,723 | (451 | ) | 8,848 | 5,955 | ||||||||||
NAREIT FFO – basic | 75,962 | 78,366 | 237,682 | 231,101 | |||||||||||
Income attributable to operating partnership units | 528 | 515 | 1,584 | 1,567 | |||||||||||
NAREIT FFO – diluted | 76,490 | 78,881 | 239,266 | 232,668 | |||||||||||
Adjustments to Core FFO: | |||||||||||||||
Other impairment loss | — | — | — | 3,029 | |||||||||||
(Benefit) provision for income taxes (3) | (1,494 | ) | — | (1,494 | ) | (952 | ) | ||||||||
Loss (gain) on extinguishment of debt including related swap activity | 368 | — | (3,090 | ) | — | ||||||||||
Lease terminations | — | — | (10,023 | ) | — | ||||||||||
Storm damage costs | — | 804 | — | 804 | |||||||||||
Other | (535 | ) | — | (775 | ) | 2,904 | |||||||||
Core FFO – diluted | $ | 74,829 | $ | 79,685 | $ | 223,884 | $ | 238,453 | |||||||
FFO weighted average shares outstanding – basic | 127,525 | 127,801 | 127,651 | 127,734 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 792 | 844 | 809 | 877 | |||||||||||
Operating partnership units | 1,432 | 1,432 | 1,432 | 1,450 | |||||||||||
FFO weighted average shares outstanding – diluted | 129,749 | 130,077 | 129,892 | 130,061 | |||||||||||
NAREIT FFO per common share – basic | $ | .60 | $ | .61 | $ | 1.86 | $ | 1.81 | |||||||
NAREIT FFO per common share – diluted | $ | .59 | $ | .61 | $ | 1.84 | $ | 1.79 | |||||||
Core FFO per common share – diluted | $ | .58 | $ | .61 | $ | 1.72 | $ | 1.83 |
Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||
Beginning of the period | 179 | 183 | |||
Properties added: | |||||
Acquisitions | — | 6 | |||
New Developments | — | 1 | |||
Redevelopments | 2 | 4 | |||
Properties removed: | |||||
Dispositions | (4 | ) | (17 | ) | |
Other | (1 | ) | (1 | ) | |
End of the period | 176 | 176 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income attributable to common shareholders | $ | 42,981 | $ | 72,629 | $ | 268,094 | $ | 167,307 | |||||||
Add: | |||||||||||||||
Net income attributable to noncontrolling interests | 10,293 | 1,844 | 14,020 | 12,755 | |||||||||||
(Benefit) provision for income taxes | (99 | ) | 577 | 1,368 | (2,035 | ) | |||||||||
Interest expense, net | 15,996 | 19,850 | 47,685 | 61,405 | |||||||||||
Less: | |||||||||||||||
Gain on sale of property | (17,079 | ) | (38,579 | ) | (173,077 | ) | (86,566 | ) | |||||||
Equity in earnings of real estate joint ventures and partnership interests | (8,022 | ) | (5,219 | ) | (19,333 | ) | (17,966 | ) | |||||||
Interest and other income/expense | (1,847 | ) | (1,398 | ) | (4,735 | ) | (4,210 | ) | |||||||
Operating Income | 42,223 | 49,704 | 134,022 | 130,690 | |||||||||||
Less: | |||||||||||||||
Revenue adjustments (1) | (3,945 | ) | (4,349 | ) | (21,985 | ) | (12,569 | ) | |||||||
Add: | |||||||||||||||
Property management fees | 722 | 672 | 2,219 | 2,252 | |||||||||||
Depreciation and amortization | 38,042 | 41,509 | 126,558 | 126,115 | |||||||||||
Impairment loss | 2,398 | — | 2,398 | 15,012 | |||||||||||
General and administrative | 5,971 | 6,450 | 17,715 | 20,252 | |||||||||||
Acquisition costs | — | — | — | 1 | |||||||||||
Other (2) | 279 | 1,103 | (33 | ) | 4,384 | ||||||||||
Net Operating Income | 85,690 | 95,089 | 260,894 | 286,137 | |||||||||||
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests | (2,866 | ) | (14,131 | ) | (13,148 | ) | (44,733 | ) | |||||||
Add: Pro rata share of unconsolidated entities defined as same property | 8,685 | 8,551 | 25,424 | 25,837 | |||||||||||
Same Property Net Operating Income | 91,509 | 89,509 | 273,170 | 267,241 | |||||||||||
Less: Redevelopment Net Operating Income | (8,411 | ) | (8,166 | ) | (25,819 | ) | (24,576 | ) | |||||||
Same Property Net Operating Income excluding Redevelopments | $ | 83,098 | $ | 81,343 | $ | 247,351 | $ | 242,665 |
(1) | Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships. |
(2) | Other includes items such as environmental abatement costs, demolition expenses and lease termination fees. |
(a) | (b) | (c) | (d) | ||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Dollar Value of Shares that May Yet be Purchased Under the Program | |||||||
July 1, 2018 to July 31, 2018 | 28 | $ | 30.32 | ||||||||
August 1, 2018 to August 31, 2018 | 13 | 31.08 | |||||||||
Total | 41 | $ | 30.56 |
WEINGARTEN REALTY INVESTORS | ||
(Registrant) | ||
By: | /s/ Andrew M. Alexander | |
Andrew M. Alexander | ||
President and Chief Executive Officer | ||
By: | /s/ Joe D. Shafer | |
Joe D. Shafer | ||
Senior Vice President/Chief Accounting Officer | ||
(Principal Accounting Officer) |
(a) | Exhibits: | |
10.1* | — | |
10.2* | — | |
31.1* | — | |
31.2* | — | |
32.1** | — | |
32.2** | — | |
101.INS** | — | XBRL Instance Document |
101.SCH** | — | XBRL Taxonomy Extension Schema Document |
101.CAL** | — | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF** | — | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB** | — | XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE** | — | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed with this report. | |
** | Furnished with this report. |
WEINGARTEN REALTY INVESTORS | |
By: | /s/ Stephen C. Richter |
Name: | Stephen C. Richter |
Title: | Executive Vice President/CFO |
Weingarten Realty Investors | |
By: | /s/ Stephen C. Richter |
Name: | Stephen C. Richter |
Title: | Executive Vice President /CFO |
BY: | /s/ Andrew M. Alexander | |
Andrew M. Alexander | ||
President/Chief Executive Officer |
BY: | /s/ Stephen C. Richter | |
Stephen C. Richter | ||
Executive Vice President/Chief Financial Officer |
BY: | /s/ Andrew M. Alexander | |
Andrew M. Alexander | ||
President/Chief Executive Officer |
BY: | /s/ Stephen C. Richter | |
Stephen C. Richter | ||
Executive Vice President/Chief Financial Officer |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Oct. 26, 2018 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2018 | |
Entity Registrant Name | WEINGARTEN REALTY INVESTORS /TX/ | |
Entity Central Index Key | 0000828916 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 128,324,766 | |
Emerging Growth Company | false | |
Smaller Reporting Company | false |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Revenues: | ||||
Rentals, net | $ 125,261 | $ 141,064 | $ 392,510 | $ 424,845 |
Other | 3,529 | 3,046 | 10,818 | 8,951 |
Total | 128,790 | 144,110 | 403,328 | 433,796 |
Expenses: | ||||
Depreciation and amortization | 38,042 | 41,509 | 126,558 | 126,115 |
Operating | 22,555 | 27,813 | 69,929 | 83,944 |
Real estate taxes, net | 17,601 | 18,634 | 52,706 | 57,783 |
Impairment loss | 2,398 | 0 | 2,398 | 15,012 |
General and administrative | 5,971 | 6,450 | 17,715 | 20,252 |
Total | 86,567 | 94,406 | 269,306 | 303,106 |
Operating Income | 42,223 | 49,704 | 134,022 | 130,690 |
Interest Expense, net | (15,996) | (19,850) | (47,685) | (61,405) |
Interest and Other Income (Expense) | 1,847 | 1,398 | 4,735 | 4,210 |
Benefit (Provision) for Income Taxes | 99 | (577) | (1,368) | 2,035 |
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 8,022 | 5,219 | 19,333 | 17,966 |
Income from Continuing Operations | 36,195 | 35,894 | 109,037 | 93,496 |
Gain on Sale of Property | 17,079 | 38,579 | 173,077 | 86,566 |
Net Income | 53,274 | 74,473 | 282,114 | 180,062 |
Less: Net Income Attributable to Noncontrolling Interests | (10,293) | (1,844) | (14,020) | (12,755) |
Net Income Attributable to Common Shareholders | $ 42,981 | $ 72,629 | $ 268,094 | $ 167,307 |
Earnings Per Common Share - Basic: | ||||
Net income attributable to common shareholders (dollars per share) | $ 0.34 | $ 0.57 | $ 2.10 | $ 1.31 |
Earnings Per Common Share - Diluted: | ||||
Net income attributable to common shareholders (dollars per share) | $ 0.34 | $ 0.56 | $ 2.08 | $ 1.30 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 53,274 | $ 74,473 | $ 282,114 | $ 180,062 |
Cumulative effect adjustment of new accounting standards (see Note 2) | 0 | 0 | (1,541) | 0 |
Other Comprehensive Income (Loss): | ||||
Net unrealized gain on investments, net of taxes | 0 | 222 | 0 | 678 |
Net unrealized gain (loss) on derivatives | 0 | 77 | 1,379 | (29) |
Reclassification adjustment of derivatives and designated hedges into net income | (224) | (90) | (4,078) | 74 |
Retirement liability adjustment | 325 | 365 | 903 | 1,111 |
Total | 101 | 574 | (1,796) | 1,834 |
Comprehensive Income | 53,375 | 75,047 | 278,777 | 181,896 |
Comprehensive Income Attributable to Noncontrolling Interests | (10,293) | (1,844) | (14,020) | (12,755) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 43,082 | $ 73,203 | $ 264,757 | $ 169,141 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,354 | $ 7,516 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,325 in 2018 and 128,447 in 2017 | ||
Common Shares of Beneficial Interest; par value (dollars per share) | $ 0.03 | $ 0.03 |
Common Shares of Beneficial Interest - shares authorized (shares) | 275,000,000 | 275,000,000 |
Common Shares of Beneficial Interest - shares issued (shares) | 128,325,000 | 128,447,000 |
Common Shares of Beneficial Interest - shares outstanding (shares) | 128,325,000 | 128,447,000 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Cash Flows from Operating Activities: | ||
Net Income | $ 282,114 | $ 180,062 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 126,558 | 126,115 |
Amortization of debt deferred costs and intangibles, net | 2,354 | 2,105 |
Impairment loss | 2,398 | 15,012 |
Equity in earnings of real estate joint ventures and partnerships, net | (19,333) | (17,966) |
Gain on sale of property | (173,077) | (86,566) |
Distributions of income from real estate joint ventures and partnerships | 12,817 | 12,683 |
Changes in accrued rent, accrued contract receivables and accounts receivable, net | 3,459 | (10,142) |
Changes in unamortized lease costs and other assets, net | (10,697) | (15,237) |
Changes in accounts payable, accrued expenses and other liabilities, net | (1,858) | 10,664 |
Other, net | (10,133) | 4,529 |
Net cash provided by operating activities | 214,602 | 221,259 |
Cash Flows from Investing Activities: | ||
Acquisition of real estate and land | (1,265) | (1,902) |
Development and capital improvements | (112,927) | (101,438) |
Proceeds from sale of property and real estate equity investments, net | 372,439 | 216,343 |
Real estate joint ventures and partnerships - Investments | (25,731) | (31,053) |
Real estate joint ventures and partnerships - Distribution of capital | 4,487 | 5,759 |
Purchase of investments | 0 | (4,241) |
Proceeds from investments | 1,500 | 4,250 |
Other, net | 5,180 | 3,734 |
Net cash provided by investing activities | 243,683 | 91,452 |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of debt | 638 | 0 |
Principal payments of debt | (255,472) | (23,217) |
Changes in unsecured credit facilities | 0 | (120,000) |
Proceeds from issuance of common shares of beneficial interest, net | 6,729 | 1,115 |
Repurchase of common shares of beneficial interest, net | (18,564) | 0 |
Common share dividends paid | (152,110) | (148,286) |
Debt issuance and extinguishment costs paid | (1,189) | (395) |
Distributions to noncontrolling interests | (15,063) | (16,752) |
Contributions from noncontrolling interests | 1,324 | 0 |
Other, net | 869 | (2,236) |
Net cash used in financing activities | (432,838) | (309,771) |
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents | 25,447 | 2,940 |
Cash, cash equivalents and restricted cash equivalents at January 1 | 21,334 | 41,279 |
Cash, cash equivalents and restricted cash equivalents at September 30 | 46,781 | 44,219 |
Interest paid during the period (net of amount capitalized of $5,387 and $3,314, respectively) | 53,890 | 63,564 |
Income taxes paid during the period | $ 1,515 | $ 1,009 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Cash Flows [Abstract] | ||
Capitalized interest paid | $ 5,387 | $ 3,314 |
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Shares of Beneficial Interest |
Additional Paid-In Capital |
Net Income Less Than Accumulated Dividends |
Accumulated Other Comprehensive Loss |
Noncontrolling Interests |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2016 | $ 1,716,896 | $ 3,885 | $ 1,718,101 | $ (177,647) | $ (9,161) | $ 181,718 | |||
Increase (Decrease) in Equity [Roll Forward] | |||||||||
Net Income | 180,062 | 167,307 | 12,755 | ||||||
Shares issued under benefit plans, net | 7,778 | 11 | 7,767 | ||||||
Change in classification of deferred compensation plan | 45,377 | 45,377 | |||||||
Change in redemption value of deferred compensation plan | (619) | (619) | |||||||
Dividends paid - common shares | [1] | (148,286) | (148,286) | ||||||
Distributions to noncontrolling interests | (16,752) | (16,752) | |||||||
Other comprehensive income (loss) | 1,834 | 1,834 | |||||||
Other, net | (931) | (228) | (703) | ||||||
Ending Balance at Sep. 30, 2017 | 1,785,359 | 3,896 | 1,771,017 | (159,245) | (7,327) | 177,018 | |||
Beginning Balance at Dec. 31, 2017 | 1,809,842 | 3,897 | 1,772,066 | (137,065) | (6,170) | 177,114 | |||
Increase (Decrease) in Equity [Roll Forward] | |||||||||
Net Income | 282,114 | 268,094 | 14,020 | ||||||
Shares issued under benefit plans, net | 13,022 | 16 | 13,006 | ||||||
Dividends paid - common shares | [1] | (152,110) | (152,110) | ||||||
Distributions to noncontrolling interests | (15,063) | (15,063) | |||||||
Other comprehensive income (loss) | (1,796) | (1,796) | |||||||
Other, net | (4) | (4) | |||||||
Shares repurchased and cancelled | (18,564) | (20) | (18,544) | ||||||
Contributions from noncontrolling interests | 1,324 | 1,324 | |||||||
Ending Balance at Sep. 30, 2018 | 1,922,721 | $ 3,893 | $ 1,766,528 | (15,584) | (9,507) | $ 177,391 | |||
Increase (Decrease) in Equity [Roll Forward] | |||||||||
Cumulative effect adjustment of new accounting standards (see Note 2) | $ 3,956 | $ 5,497 | $ (1,541) | ||||||
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Condensed Consolidated Statements of Equity (Unaudited) - (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common dividend per share (in dollars per share) | $ 1.19 | $ 1.16 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Business Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT. We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners. We operate a portfolio of neighborhood and community shopping centers, totaling approximately 37.4 million square feet of gross leaseable area that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 2.6% of base minimum rental revenues during the first nine months of 2018. Total revenues generated by our centers located in Houston and its surrounding areas was 18.8% of total revenue for the nine months ended September 30, 2018, and an additional 8.6% of total revenue was generated during this period from centers that are located in other parts of Texas. Also, in Florida and California, an additional 20.8% and 16.9%, respectively, of total revenue was generated during the first nine months of 2018. Basis of Presentation Our condensed consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2017 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes for the year ended December 31, 2017. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. Revenue Recognition Rentals, net Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Both of these revenues have been recognized under Accounting Standards Codification No. 840, “Leases.” Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other Other revenue consists of both customer contract revenue and income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which do not meet the definition of a lease or a customer contract. Revenues which do not meet the definition of a lease or customer contract are recognized as the related services are performed under the respective agreements. We have identified primarily three types of customer contract revenue; (1) management contracts with partially-owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. At contract inception, we assess the services provided in these contracts and identify any performance obligations that are distinct. To identify the performance obligation, we consider all services whether explicitly stated or implied by customary business practices. We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations:
We also assess collectability of the customer contract revenue prior to recognition. None of these customer contracts include a significant financing component. Customer contract revenue for the nine months ended September 30, 2018 does not include any amounts that were from obligations satisfied (or partially satisfied) in prior periods, or was a contract liability at January 1, 2018. Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables include base rents, tenant reimbursements, amounts billed and currently due from customer contracts and receivables attributable to straight-line rental commitments. Accrued contract receivables includes amounts due from customers for contracts that do not qualify as a lease in which we earned the right to the consideration through the satisfaction of the performance obligation, but before the customer pays consideration or before payment is due. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectability of the related receivables. Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. Sales of Real Estate Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate. These sales primarily fall under two types of contracts (1) sales of nonfinancial assets and (2) sales of investments in real estate joint ventures and partnerships. We review the sale contract to determine appropriate accounting guidance. Profits on sales of real estate are primarily not recognized until (a) a contract exists including: each party’s rights are identifiable along with the payment terms, the contract has commercial substance and the collection of consideration is probable; and (b) the performance obligation to transfer control of the asset has occurred; including transfer to the buyer of the usual risks and rewards of ownership. We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP. Impairment Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable. If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy. We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future. Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change. Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. Accrued contract receivables are reviewed for impairment based on changes in events or circumstances effecting our customers that may indicate that the carrying value of the asset may not be recoverable. An impairment charge will be recorded if we determine that the decline in the asset value is other than temporary or recovery of the cost basis is uncertain. Factors to be considered include current economic trends such as bankruptcy and market conditions affecting our investments in partially owned real estate joint ventures and partnerships. Restricted Deposits and Mortgage Escrows Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted deposits that are held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. Our restricted deposits and mortgage escrows consist of the following (in thousands):
_______________
Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component consists of the following (in thousands):
_______________ (1) This reclassification component is included in interest expense (see Note 6 for additional information). (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 12 for additional information). Retrospective Application of Accounting Standard Update The retrospective application of adopting Accounting Standard Update ("ASU") No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost" on prior year's Condensed Consolidated Statements of Operations was made to conform to the current year presentation (see Note 2 for additional information). Also, the retrospective application of adopting ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" and ASU No. 2016-18, "Restricted Cash" as of December 31, 2017 on prior year's Condensed Consolidated Statement of Cash Flows was made to conform to the current year presentation. The adoption of these ASUs in the Condensed Consolidated Statement of Cash Flow for the nine months ended September 30, 2017, resulted in a retrospective reclassification of $11.1 million from cash flows from investing activities to cash flows from operating activities, and cash flows from investing activities no longer reflect the change in restricted deposits and mortgage escrows totaling $20.2 million. |
Newly Issued Accounting Pronouncements |
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Sep. 30, 2018 | |||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||||||||||||||
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, were effective for us on January 1, 2018. We adopted this guidance as of January 1, 2018 and applied it on a modified retrospective approach upon adoption. The adoption resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. We will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption, we recognized the cumulative effect for these fees which has increased retained earnings and accrued rent, accrued contract receivables and accounts receivable, net each by $.3 million. In addition, we evaluated controls around the implementation of this ASU and have concluded there was no significant impact on our control structure. We have included our customer contract revenues under the caption Other revenues in the Condensed Consolidated Statements of Operations and have expanded our disclosures related to this ASU in Note 1. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 were effective for us as of January 1, 2018 and are required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 were effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types and for contracts considered not completed. We recognized the cumulative effect for in substance nonfinancial assets in which gains would have been realized and have increased each of retained earnings and other assets by $3.6 million at January 1, 2018. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 were effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. The adoption of this ASU did not have a material impact to our consolidated financial statements. We have elected to use the practical expedient in determining estimates for applying the retrospective presentation requirements. For the three and nine months ended September 30, 2017, net periodic benefit cost, excluding the service cost component, of $.1 million and $.3 million, respectively, was included in Interest and Other Income/Expense in our Condensed Consolidated Statements of Operations. For the year ended December 31, 2017, net periodic benefit cost, excluding the service cost component, was $.4 million. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which required the modified retrospective transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We adopted this ASU along with the adoption of ASU No. 2016-01 on January 1, 2018. Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU was further updated by ASU 2018-01, "Land Easement Practical Expedient for Transition for Topic 842", ASU 2018-10, "Codification Improvements to Topic 842" and ASU 2018-11, "Targeted Improvements for Topic 842." The ASUs set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASUs require lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under these ASUs is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. A practical expedient was added for lessors to elect by class of underlying assets, to account for lease and non-lease components as a single lease component if certain criteria are met. The provisions of these ASUs are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach or to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Early adoption is permitted. Upon adoption, we plan to apply the following practical expedients:
We are in the process of evaluating the impact to our 5,100 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a non-lease component, which may need to be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above) if certain criteria has not been met or if the non-lease component is predominate to the combined components within a contract. We have currently identified some areas we believe may be impacted by these ASUs.
In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." This ASU amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU No. 2018-07 are effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for us as of January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU clarifies current disclosures and removes several disclosures requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. The ASU also requires additional disclosures for the weighted-average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. The provisions of ASU No. 2018-14 are effective for us as of December 31, 2020 using a retrospective basis for all periods presented, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. |
Property |
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Property Our property consists of the following (in thousands):
During the nine months ended September 30, 2018, we sold 17 centers and other property. Aggregate gross sales proceeds from these transactions approximated $381.7 million and generated gains of approximately $173.1 million, including properties previously classified as held for sale. Also, during the nine months ended September 30, 2018, we invested $54.7 million in new development projects. At September 30, 2018, two centers, totaling $111.3 million before accumulated depreciation, were classified as held for sale. At December 31, 2017, three centers, totaling $78.7 million before accumulated depreciation, were classified as held for sale. None of these centers qualified to be reported in discontinued operations. |
Investment In Real Estate Joint Ventures And Partnerships |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment In Real Estate Joint Ventures And Partnerships | Investment in Real Estate Joint Ventures and Partnerships We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests ranged for the periods presented from 20% to 90% in 2018 and 2017. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):
Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $4.4 million and $2.2 million at September 30, 2018 and December 31, 2017, respectively, are generally amortized over the useful lives of the related assets. For the nine months ended September 30, 2018, a center was sold through a series of partial sales with gross sales proceeds of approximately $33.9 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $6.3 million. During 2017, two centers were sold with aggregate gross sales proceeds of approximately $19.6 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $6.2 million. In June 2017, a venture acquired land with a gross purchase price of $23.5 million for a mixed-use development project, and we simultaneously increased our ownership interest to 90% (See Note 15 for additional information). |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Our debt consists of the following (in thousands):
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The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):
We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016. This facility expires in March 2020, provides for two consecutive six-month extensions upon our request, and borrowing rates that float at a margin over LIBOR plus a facility fee. At both September 30, 2018 and December 31, 2017, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million. Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2018, that we maintain for cash management purposes, which matures in March 2019. At both September 30, 2018 and December 31, 2017, the facility provided for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):
Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both September 30, 2018 and December 31, 2017, we had $64.1 million outstanding for the debt service guaranty liability. During the nine months ended September 30, 2018, we prepaid, without penalty, our $200 million unsecured variable-rate term loan, swapped to a fixed rate of 2.5%, and terminated the associated interest rate swap contracts (see Note 6 for additional information). Additionally during the nine months ended September 30, 2018, we paid at par $51.0 million of outstanding debt. These transactions resulted in a net gain upon their extinguishment of $.4 million, excluding the effect of the swap termination (see Note 6 for additional information). Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At September 30, 2018 and December 31, 2017, the carrying value of such assets aggregated $.6 billion and $.7 billion, respectively. Additionally at September 30, 2018, investments of $5.2 million are held as collateral for letters of credit totaling $5.0 million. Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(4.8) million net premium/(discount) on debt, $(7.2) million of deferred debt costs, $1.9 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands):
Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of September 30, 2018. |
Derivatives and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging | Derivatives and Hedging The fair value of all our interest rate swap contracts was reported as follows (in thousands):
The gross presentation, the effects of offsetting for derivatives with the right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):
Cash Flow Hedges As of September 30, 2018, we had no active interest rate swap contracts. During the nine months ended September 30, 2018, associated with the prepayment of an unsecured note, we terminated three interest rate swap contracts that had an aggregate notional amount of $200 million, and we recognized a $3.4 million gain due to the probability that the related hedged forecasted transactions would no longer occur. As of December 31, 2017, we had three interest rate swap contracts, maturing through March 1, 2020, with an aggregate notional amount of $200 million that were designated as cash flow hedges and fixed the LIBOR component of the interest rates at 1.5%. As of September 30, 2018 and December 31, 2017, the net gain balance in accumulated other comprehensive loss relating to previously terminated cash flow interest rate swap contracts was $4.7 million and $7.4 million, respectively, which will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, approximately $.9 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts. A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):
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Common Shares of Beneficial Interest |
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Equity [Abstract] | |
Common Shares of Beneficial Interest | Common Shares of Beneficial Interest We have a $200 million share repurchase plan where we may repurchase common shares of beneficial interest ("common shares") from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. During the nine months ended September 30, 2018, we repurchased .7 million common shares at an average price of $27.10 per share. At September 30, 2018 and as of the date of this filing, $181.5 million of common shares remained available to be repurchased under this plan. |
Impairment |
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Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 16 for additional fair value information) (in thousands):
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands):
Non-cash investing and financing activities are summarized as follows (in thousands):
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):
Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):
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Share Options and Awards |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Options and Awards | Share Options and Awards During 2018, we granted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends from the date of grant. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested share awards are forfeited upon the termination of the participant’s employment with us. The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:
_______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. A summary of the status of unvested share awards for the nine months ended September 30, 2018 is as follows:
As of September 30, 2018 and December 31, 2017, there was approximately $2.3 million and $2.2 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.7 years at both September 30, 2018 and December 31, 2017. |
Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands):
The components of net periodic benefit cost other than the service cost component are included in Interest and Other Income/Expense in the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2018 and 2017, we contributed $1.0 million and $2.5 million to the qualified retirement plan, respectively. Currently, we do not anticipate making any additional contributions to this plan during 2018. Defined Contribution Plans Compensation expense related to our defined contribution plans was $.9 million for both the three months ended September 30, 2018 and 2017, and $2.8 million and $3.0 million for the nine months ended September 30, 2018 and 2017, respectively. |
Related Parties |
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Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $.7 million and $2.0 million outstanding as of September 30, 2018 and December 31, 2017, respectively. We also had accounts payable and accrued expenses of $.3 million and $.4 million outstanding as of September 30, 2018 and December 31, 2017, respectively. We recorded joint venture fee income included in Other Revenue for the three months ended September 30, 2018 and 2017 of $1.3 million and $1.4 million, respectively, and $4.6 million and $4.4 million for the nine months ended September 30, 2018 and 2017, respectively. |
Commitments and Contingencies |
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Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments and Contingencies As of September 30, 2018 and December 31, 2017, we participated in two real estate ventures structured as DownREIT partnerships that have centers in Arkansas, North Carolina and Texas. We have operating and financial control over these ventures and consolidate them in our condensed consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. The aggregate redemption value of these interests was approximately $43 million and $47 million as of September 30, 2018 and December 31, 2017, respectively. As of September 30, 2018, we have entered into commitments aggregating $211.0 million comprised principally of construction contracts which are generally due in 12 to 36 months. We issue letters of intent signifying a willingness to negotiate for acquisitions, dispositions or joint ventures, as well as other types of potential transactions, during the ordinary course of our business. Such letters of intent and other arrangements are non-binding to all parties unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the acquisition or disposition of property are entered into, these contracts generally provide the purchaser a time period to evaluate the property and conduct due diligence. The purchaser, during this time, will have the ability to terminate a contract without penalty or forfeiture of any deposit or earnest money. No assurance can be provided that any definitive contracts will be entered into with respect to any matter covered by letters of intent, or that we will consummate any transaction contemplated by a definitive contract. Additionally, due diligence periods for property transactions are frequently extended as needed. An acquisition or disposition of property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. Our risk is then generally extended only to any earnest money deposits associated with property acquisition contracts, and our obligation to sell under a property sales contract. We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our condensed consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. Litigation We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our condensed consolidated financial statements. |
Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At both September 30, 2018 and December 31, 2017, nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 21 and 22 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities' activities without any substantive kick-out or participating rights. A summary of our consolidated VIEs is as follows (in thousands):
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Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures on our condensed consolidated financial statements have primarily been positive as demonstrated by the generation of net income and operating cash flows, as well as the receipt of cash distributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls, development expenditures and unplanned capital expenditures. For both the nine months ended September 30, 2018 and 2017, we made $.1 million in additional contributions primarily to fund an operating shortfall, and no additional contributions are currently anticipated to be made during the remainder of 2018. Unconsolidated VIEs: At both September 30, 2018 and December 31, 2017, two unconsolidated real estate joint ventures were determined to be VIEs. We have determined that one entity was a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. Based on the associated agreements for the future development of a mixed-use project, we concluded that the other entity was a VIE, but we are not the primary beneficiary as the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. Our analysis considered that all major decisions require unanimous member consent and those decisions include significant activities such as development, financing, leasing and operations of the entity. A summary of our unconsolidated VIEs is as follows (in thousands):
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We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate future funding of approximately $69 million through 2020. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements: Assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
___________________ (1) For the three and nine months ended September 30, 2018, a gain of $1.2 million and $3.9 million, respectively, was included in Interest and Other Income/Expense, of which $.8 million and $.4 million represented an unrealized gain, respectively.
Nonrecurring Fair Value Measurements: Property and Property Held for Sale Impairments Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. Assets measured at fair value on a nonrecurring basis at September 30, 2018 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
____________
Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
____________
Fair Value Disclosures: Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments. Schedule of our fair value disclosures is as follows (in thousands):
_______________
The quantitative information about the significant unobservable inputs used for our Level 3 nonrecurring fair value measurements as of December 31, 2017 reported in the above table, is as follows:
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Summary of Significant Accounting Policies (Policy) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation Our condensed consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2017 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes thereto has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes for the year ended December 31, 2017. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. |
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Revenue Recognition | Revenue Recognition Rentals, net Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Both of these revenues have been recognized under Accounting Standards Codification No. 840, “Leases.” Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other Other revenue consists of both customer contract revenue and income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which do not meet the definition of a lease or a customer contract. Revenues which do not meet the definition of a lease or customer contract are recognized as the related services are performed under the respective agreements. We have identified primarily three types of customer contract revenue; (1) management contracts with partially-owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. At contract inception, we assess the services provided in these contracts and identify any performance obligations that are distinct. To identify the performance obligation, we consider all services whether explicitly stated or implied by customary business practices. We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations:
We also assess collectability of the customer contract revenue prior to recognition. None of these customer contracts include a significant financing component. Customer contract revenue for the nine months ended September 30, 2018 does not include any amounts that were from obligations satisfied (or partially satisfied) in prior periods, or was a contract liability at January 1, 2018. Accrued Rent, Accrued Contract Receivables and Accounts Receivable, net Receivables include base rents, tenant reimbursements, amounts billed and currently due from customer contracts and receivables attributable to straight-line rental commitments. Accrued contract receivables includes amounts due from customers for contracts that do not qualify as a lease in which we earned the right to the consideration through the satisfaction of the performance obligation, but before the customer pays consideration or before payment is due. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectability of the related receivables. Management’s estimate of the collectability of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation. |
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Sales of Real Estate | Sales of Real Estate Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate. These sales primarily fall under two types of contracts (1) sales of nonfinancial assets and (2) sales of investments in real estate joint ventures and partnerships. We review the sale contract to determine appropriate accounting guidance. Profits on sales of real estate are primarily not recognized until (a) a contract exists including: each party’s rights are identifiable along with the payment terms, the contract has commercial substance and the collection of consideration is probable; and (b) the performance obligation to transfer control of the asset has occurred; including transfer to the buyer of the usual risks and rewards of ownership. We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP. |
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Impairment | Impairment Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable. If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy. We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future. Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change. Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. Accrued contract receivables are reviewed for impairment based on changes in events or circumstances effecting our customers that may indicate that the carrying value of the asset may not be recoverable. An impairment charge will be recorded if we determine that the decline in the asset value is other than temporary or recovery of the cost basis is uncertain. Factors to be considered include current economic trends such as bankruptcy and market conditions affecting our investments in partially owned real estate joint ventures and partnerships. |
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Restricted Deposits And Mortgage Escrows | Restricted Deposits and Mortgage Escrows Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted deposits that are held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. |
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Retrospective Application of Accounting Standard Update | Retrospective Application of Accounting Standard Update The retrospective application of adopting Accounting Standard Update ("ASU") No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost" on prior year's Condensed Consolidated Statements of Operations was made to conform to the current year presentation (see Note 2 for additional information). |
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Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, were effective for us on January 1, 2018. We adopted this guidance as of January 1, 2018 and applied it on a modified retrospective approach upon adoption. The adoption resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. We will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption, we recognized the cumulative effect for these fees which has increased retained earnings and accrued rent, accrued contract receivables and accounts receivable, net each by $.3 million. In addition, we evaluated controls around the implementation of this ASU and have concluded there was no significant impact on our control structure. We have included our customer contract revenues under the caption Other revenues in the Condensed Consolidated Statements of Operations and have expanded our disclosures related to this ASU in Note 1. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 were effective for us as of January 1, 2018 and are required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 were effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types and for contracts considered not completed. We recognized the cumulative effect for in substance nonfinancial assets in which gains would have been realized and have increased each of retained earnings and other assets by $3.6 million at January 1, 2018. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 were effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. The adoption of this ASU did not have a material impact to our consolidated financial statements. We have elected to use the practical expedient in determining estimates for applying the retrospective presentation requirements. For the three and nine months ended September 30, 2017, net periodic benefit cost, excluding the service cost component, of $.1 million and $.3 million, respectively, was included in Interest and Other Income/Expense in our Condensed Consolidated Statements of Operations. For the year ended December 31, 2017, net periodic benefit cost, excluding the service cost component, was $.4 million. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which required the modified retrospective transition method upon adoption. The adoption of this ASU did not have a material impact to our consolidated financial statements. In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Cuts and Jobs Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We adopted this ASU along with the adoption of ASU No. 2016-01 on January 1, 2018. Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases." This ASU was further updated by ASU 2018-01, "Land Easement Practical Expedient for Transition for Topic 842", ASU 2018-10, "Codification Improvements to Topic 842" and ASU 2018-11, "Targeted Improvements for Topic 842." The ASUs set out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASUs require lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under these ASUs is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. A practical expedient was added for lessors to elect by class of underlying assets, to account for lease and non-lease components as a single lease component if certain criteria are met. The provisions of these ASUs are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach or to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Early adoption is permitted. Upon adoption, we plan to apply the following practical expedients:
We are in the process of evaluating the impact to our 5,100 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). These ASUs have defined CAM reimbursement revenue as a non-lease component, which may need to be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above) if certain criteria has not been met or if the non-lease component is predominate to the combined components within a contract. We have currently identified some areas we believe may be impacted by these ASUs.
In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, "Improvements to Nonemployee Share-Based Payment Accounting." This ASU amends prior employee share-based payment guidance to include nonemployee share-based payment transactions for acquiring services or property. This ASU now aligns the determination of the measurement date, the accounting for performance conditions, and the accounting for share-based payments after vesting in addition to other items. The provisions of ASU No. 2018-07 are effective for us as of January 1, 2019 using a modified transition method upon adoption, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, "Changes to the Disclosure Requirements for Fair Value Measurement." This ASU amends and removes several disclosure requirements including the valuation processes for Level 3 fair value measurements. The ASU also modifies some disclosure requirements and requires additional disclosures for changes in unrealized gains and losses included in other comprehensive income for recurring Level 3 fair value measurements and requires the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The provisions of ASU No. 2018-13 are effective for us as of January 1, 2020 using a prospective transition method for amendments effecting changes in unrealized gains and losses, significant unobservable inputs used to develop Level 3 fair value measurements and narrative description on uncertainty of measurements. The remaining provisions of the ASU are to be applied retrospectively, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, "Changes to the Disclosure Requirements for Defined Benefit Plans." This ASU clarifies current disclosures and removes several disclosures requirements including accumulated other comprehensive income expected to be recognized over the next fiscal year and amount and timing of plan assets expected to be returned to the employer. The ASU also requires additional disclosures for the weighted-average interest crediting rates for cash balance plans and explanations for significant gains and losses related to changes in the benefit plan obligation. The provisions of ASU No. 2018-14 are effective for us as of December 31, 2020 using a retrospective basis for all periods presented, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Each Contract Type, that Represent Performance Obligations | We have identified the following substantive services, which may or may not be included in each contract type, that represent performance obligations:
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Schedule Of Restricted Deposits And Mortgage Escrows | Our restricted deposits and mortgage escrows consist of the following (in thousands):
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Schedule Of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component consists of the following (in thousands):
_______________ (1) This reclassification component is included in interest expense (see Note 6 for additional information). (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 12 for additional information). |
Property (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property | Our property consists of the following (in thousands):
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Investment In Real Estate Joint Ventures And Partnerships (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Combined Condensed Balance Sheets | Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):
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Schedule Of Combined Condensed Statements Of Operations |
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Debt (Tables) |
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Schedule Of Debt | Our debt consists of the following (in thousands):
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Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured | The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):
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Schedule Of Credit Facilities | The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):
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Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(4.8) million net premium/(discount) on debt, $(7.2) million of deferred debt costs, $1.9 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands):
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Derivatives and Hedging (Tables) |
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Schedule Of Interest Rate Contracts Reported At Fair Value | The fair value of all our interest rate swap contracts was reported as follows (in thousands):
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Schedule Of Offsetting Derivative Assets | The gross presentation, the effects of offsetting for derivatives with the right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):
|
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Summary Of Cash Flow Interest Rate Contract Hedging Activity | A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):
|
Impairment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Impairment Charges | The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 16 for additional fair value information) (in thousands):
___________________
|
Supplemental Cash Flow Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are summarized as follows (in thousands):
|
Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Earnings Per Common Share - Basic and Diluted | Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):
|
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Schedule Of Anti-Dilutive Securities Of Common Shares | Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):
_______________
|
Share Options and Awards (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Market-Based Share Awards Assumptions | The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:
_______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Status Of Unvested Share Awards | A summary of the status of unvested share awards for the nine months ended September 30, 2018 is as follows:
|
Employee Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost for this plan are as follows (in thousands):
|
Variable Interest Entities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Variable Interest Entities | A summary of our consolidated VIEs is as follows (in thousands):
___________________
|
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Unconsolidated Variable Interest Entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Variable Interest Entities | A summary of our unconsolidated VIEs is as follows (in thousands):
___________________
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
___________________ (1) For the three and nine months ended September 30, 2018, a gain of $1.2 million and $3.9 million, respectively, was included in Interest and Other Income/Expense, of which $.8 million and $.4 million represented an unrealized gain, respectively.
|
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Assets Measured on a Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis at September 30, 2018 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
____________
Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
____________
|
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Schedule Of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands):
_______________
|
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Quantitative Information About Significant Unobservable Inputs (Level 3) Used | The quantitative information about the significant unobservable inputs used for our Level 3 nonrecurring fair value measurements as of December 31, 2017 reported in the above table, is as follows:
_______________
|
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands, ft² in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2018
USD ($)
ft²
|
Sep. 30, 2017
USD ($)
|
|
Significant Accounting Policies [Line Items] | ||
Square footage of operating properties (in square feet) | ft² | 37.4 | |
Net cash used in investing activities | $ 243,683 | $ 91,452 |
Net cash provided by operating activities | $ 214,602 | 221,259 |
Base Minimum Rental Revenue [Member] | Tenant Base [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 2.60% | |
Base Minimum Rental Revenue [Member] | Houston, Texas Geographic Concentration [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 18.80% | |
Base Minimum Rental Revenue [Member] | Other Parts of Texas Geographic Concentration [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 8.60% | |
FLORIDA | Base Minimum Rental Revenue [Member] | Geographic Concentration Risk [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 20.80% | |
CALIFORNIA | Base Minimum Rental Revenue [Member] | Geographic Concentration Risk [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 16.90% | |
Accounting Standards Update 2016-15 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Net cash used in investing activities | (11,100) | |
Net cash provided by operating activities | 11,100 | |
Accounting Standards Update 2016-18 [Member] | ||
Significant Accounting Policies [Line Items] | ||
Increase (decrease) in restricted cash | $ 20,200 |
Summary of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
|
Accounting Policies [Abstract] | |||
Restricted deposits | $ 21,909 | $ 6,291 | |
Mortgage escrows | 460 | 1,824 | |
Total | 22,369 | $ 8,115 | $ 4,973 |
Qualified escrow for like-kind exchange, payments (proceeds) | $ (12,400) |
Summary of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (1,809,842) | $ (1,716,896) | ||
Cumulative effect adjustment of accounting standards (see Note 2) | $ 0 | $ 0 | 1,541 | 0 |
Net other comprehensive loss (income) | (101) | (574) | 1,796 | (1,834) |
Ending Balance | (1,922,721) | (1,785,359) | (1,922,721) | (1,785,359) |
Gain on Investments [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (1,541) | (964) | ||
Cumulative effect adjustment of accounting standards (see Note 2) | 1,541 | |||
Change excluding amounts reclassified from accumulated other comprehensive loss | (678) | |||
Amounts reclassified from accumulated other comprehensive loss | ||||
Net other comprehensive loss (income) | 0 | (678) | ||
Ending Balance | 0 | (1,642) | 0 | (1,642) |
Gain on Cash Flow Hedges [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (7,424) | (6,403) | ||
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,379) | 29 | ||
Amounts reclassified from accumulated other comprehensive loss | 4,078 | (74) | ||
Net other comprehensive loss (income) | 2,699 | (45) | ||
Ending Balance | (4,725) | (6,448) | (4,725) | (6,448) |
Defined Benefit Pension Plan [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 15,135 | 16,528 | ||
Amounts reclassified from accumulated other comprehensive loss | (903) | (1,111) | ||
Net other comprehensive loss (income) | (903) | (1,111) | ||
Ending Balance | 14,232 | 15,417 | 14,232 | 15,417 |
Accumulated Other Comprehensive Loss [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 6,170 | 9,161 | ||
Cumulative effect adjustment of accounting standards (see Note 2) | 1,541 | |||
Change excluding amounts reclassified from accumulated other comprehensive loss | (1,379) | (649) | ||
Amounts reclassified from accumulated other comprehensive loss | 3,175 | (1,185) | ||
Net other comprehensive loss (income) | 1,796 | (1,834) | ||
Ending Balance | $ 9,507 | $ 7,327 | $ 9,507 | $ 7,327 |
New Issued Accounting Pronouncements (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
center
capital_lease
administrative_office
lease
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Jan. 01, 2018
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Number of lessor leases | lease | 5,100 | ||||
Number of properties with ground lease agreements | center | 12 | ||||
Number of administrative office leases | administrative_office | 4 | ||||
Operating leases, rent expense, net | $ 2,000 | $ 2,200 | |||
Number of capital leases | capital_lease | 1 | ||||
Capital leases assets, number of units | center | 2 | ||||
Obligations under capital leases | $ 21,000 | $ 21,000 | |||
Capitalized internal costs | $ 7,000 | 9,500 | |||
Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change on equity or net assets | $ 300 | ||||
Accounting Standards Update 2016-01 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change on equity or net assets | 1,500 | ||||
Accounting Standards Update 2017-05 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of change on equity or net assets | $ 3,600 | ||||
Accounting Standards Update 2017-07 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net periodic benefit cost, excluding the service cost component | $ 100 | $ 300 | $ 400 |
Property (Narrative) (Details) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
property
|
|
Real Estate [Abstract] | |||
Number of centers sold | property | 17 | ||
Proceeds from sale and disposition of property | $ 381,700 | ||
Gain on sale of property | 173,077 | $ 86,566 | |
Investment in new development | $ 54,700 | ||
Number of centers classified as held for sale | property | 2 | 3 | |
Center held for sale | $ 111,300 | $ 78,700 |
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Real Estate [Abstract] | ||
Land | $ 957,362 | $ 1,068,022 |
Land held for development | 57,736 | 69,205 |
Land under development | 53,570 | 48,985 |
Buildings and improvements | 3,045,537 | 3,232,074 |
Construction in-progress | 131,309 | 80,573 |
Total | $ 4,245,514 | $ 4,498,859 |
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands |
1 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
property
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
property
|
|
Schedule of Equity Method Investments [Line Items] | ||||
Net basis differentials for equity method investments | $ 4,400 | $ 2,200 | ||
Number of centers sold | property | 17 | |||
Proceeds from sale and disposition of property | $ 381,700 | |||
Gain on sale of property | $ 173,077 | $ 86,566 | ||
Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage in joint ventures | 20.00% | 20.00% | ||
Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage in joint ventures | 90.00% | 90.00% | ||
Unconsolidated Real Estate Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage in joint ventures | 90.00% | |||
Number of centers sold | property | 2 | |||
Proceeds from sale and disposition of property | $ 33,900 | $ 19,600 | ||
Gain on sale of property | $ 6,300 | $ 6,200 | ||
Gross acquisition purchase price | $ 23,500 |
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
ASSETS | ||
Property | $ 1,254,846 | $ 1,241,004 |
Accumulated depreciation | (300,201) | (285,033) |
Property, net | 954,645 | 955,971 |
Other assets, net | 123,247 | 115,743 |
Total Assets | 1,077,892 | 1,071,714 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 270,443 | 298,124 |
Amounts payable to Weingarten Realty Investors and Affiliates | 11,740 | 12,017 |
Other liabilities, net | 29,597 | 24,759 |
Total Liabilities | 311,780 | 334,900 |
Equity | 766,112 | 736,814 |
Total Liabilities and Equity | $ 1,077,892 | $ 1,071,714 |
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Schedule of Equity Method Investments [Line Items] | ||||
Revenues, net | $ 33,626 | $ 33,383 | $ 100,322 | $ 104,182 |
Expenses: | ||||
Depreciation and amortization | 7,925 | 8,595 | 24,164 | 26,399 |
Interest, net | 2,974 | 2,851 | 9,478 | 8,928 |
Operating | 6,001 | 5,727 | 18,074 | 17,655 |
Real estate taxes, net | 4,728 | 4,775 | 14,861 | 14,494 |
General and administrative | 253 | (139) | 573 | 523 |
Provision for income taxes | 33 | 30 | 106 | 77 |
Total | 21,914 | 21,839 | 67,256 | 68,076 |
Gain on dispositions | 17,079 | 38,579 | 173,077 | 86,566 |
Net income | 15,764 | 11,611 | 42,557 | 40,069 |
Equity Method Investments [Member] | ||||
Expenses: | ||||
Gain on dispositions | $ 4,052 | $ 67 | $ 9,491 | $ 3,963 |
Debt (Narrative) (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 30, 2016
USD ($)
debt_extension
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Mar. 27, 2018
USD ($)
|
|
Debt Instrument [Line Items] | |||||
Debt service guaranty liability | $ 64,145 | $ 64,145 | |||
Principal payments of debt | 255,472 | $ 23,217 | |||
Gain (loss) on extinguishment of debt | 400 | ||||
Debt instruments collateral value | 600,000 | 700,000 | |||
Obligations under capital leases | 21,000 | $ 21,000 | |||
Net premium/(discount) on debt | (4,800) | ||||
Deferred finance costs, net | (7,200) | ||||
Non-cash debt | 1,900 | ||||
Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 500,000 | ||||
Number of credit facility 6-month extensions | debt_extension | 2 | ||||
Line of credit facility, extension period | 6 months | ||||
Bids amount (up to) | 250,000 | ||||
Maximum increase in credit facility amount (up to) | $ 850,000 | ||||
Debt Service Guaranty [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt coverage ratio | 1.4 | ||||
Par Value Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal payments of debt | $ 51,000 | ||||
Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity under credit facility | $ 10,000 | ||||
Fixed interest rate loan period (in days) | 30 days | 30 days | |||
Unsecured Variable-Rate Term Loan [Member] | Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, repurchased face amount | $ 200,000 | ||||
Debt instrument, interest rate, effective percentage | 2.50% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowing Margin - basis points | 0.90% | 0.90% | |||
Facility Fee - basis points | 0.15% | 0.15% | |||
London Interbank Offered Rate (LIBOR) [Member] | Short-Term Unsecured Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowing Margin - basis points | 1.25% | 1.25% | |||
Facility Fee - basis points | 0.10% | 0.10% | |||
Unused Facility Fee - basis points | 0.05% | 0.05% | |||
Financial Standby Letter of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Securities pledged as collateral | $ 5,200 | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 5,000 |
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Debt payable, net to 2038 | $ 1,707,983 | $ 1,996,007 | ||
Debt service guaranty liability | 64,145 | 64,145 | ||
Obligations under capital leases | 21,000 | 21,000 | ||
Total | [1] | $ 1,793,128 | $ 2,081,152 | |
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate | 3.30% | 2.60% | ||
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate | 7.00% | 7.90% | ||
Debt Payable Due Date Two Thousand Thirty Eight [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt stated interest rate | 4.00% | 4.00% | ||
|
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Total | [1] | $ 1,793,128 | $ 2,081,152 | |
As To Interest Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed-rate debt | 1,775,381 | 2,063,263 | ||
Variable-rate debt | 17,747 | 17,889 | ||
Total | 1,793,128 | 2,081,152 | ||
As To Collateralization [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured debt | 1,455,225 | 1,667,462 | ||
Secured debt | 337,903 | 413,690 | ||
Total | $ 1,793,128 | $ 2,081,152 | ||
|
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Line of Credit Facility [Line Items] | ||
Maximum balance outstanding during the period | $ 26,500 | $ 245,000 |
Weighted average balance | $ 1,373 | $ 133,386 |
Year-to-date weighted average interest rate (excluding facility fee) | 2.80% | 1.80% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 0 |
Available balance | $ 497,946 | $ 493,610 |
Variable interest rate (excluding facility fee) | 0.00% | 0.00% |
Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding under facility | $ 2,054 | $ 6,390 |
Unsecured And Uncommitted Overnight Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 0 | $ 0 |
Variable interest rate (excluding facility fee) | 0.00% | 0.00% |
Debt (Principal Payments Of Debt) (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2018 remaining | $ 1,599 |
2019 | 72,962 |
2020 | 5,296 |
2021 | 18,434 |
2022 | 307,922 |
2023 | 347,815 |
2024 | 252,153 |
2025 | 293,807 |
2026 | 277,291 |
2027 | 38,288 |
Thereafter | 102,594 |
Total | $ 1,718,161 |
Derivatives and Hedging (Narrative) (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
derivative_contract
|
Dec. 31, 2017
USD ($)
derivative_contract
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Derivatives, Fair Value [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,922,721 | $ 1,809,842 | $ 1,785,359 | $ 1,716,896 |
Gain (Loss) On Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,725 | $ 7,424 | $ 6,448 | $ 6,403 |
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of active interest rate contracts held | derivative_contract | 0 | 3 | ||
Number of interest rate derivatives terminated | derivative_contract | 3 | |||
Notional amount of interest rate fair value hedge derivatives | $ 200,000 | $ 200,000 | ||
Gain due to the probability that the related hedged forecasted transactions would no longer occur | 3,400 | |||
Derivative, fixed Interest rate | 1.50% | |||
Cash flow hedge gain (loss) to be amortized within 12 months | $ 900 |
Derivatives and Hedging (Schedule Of Interest Rate Contracts Reported At Fair Value) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 0 | $ 2,035 |
Designated as Hedging Instrument [Member] | Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 2,035 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0 | $ 0 |
Derivatives and Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross amounts recognized, assets | $ 0 | $ 2,035 |
Gross amounts offset in balance sheet, assets | 0 | 0 |
Net amounts presented in Balance Sheet | 0 | 2,035 |
Gross amount not offset in balance sheet, financial instruments, assets | 0 | 0 |
Gross amount not offset in balance sheet, cash collateral received, assets | 0 | 0 |
Net amount, assets | $ 0 | $ 2,035 |
Derivatives and Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Other Comprehensive Income (Loss) on Derivative | $ 0 | $ (77) | $ (1,379) | $ 29 |
Interest Expense, net | (15,996) | (19,850) | (47,685) | (61,405) |
Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Other Comprehensive Income (Loss) on Derivative | 0 | (77) | (1,379) | 29 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income as a Result That a Forecasted Transaction is No Longer Probable of Occurring | 0 | 0 | 3,390 | 0 |
Interest Expense, net | $ 224 | $ 90 | $ 688 | $ (74) |
Common Shares of Beneficial Interest (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018 |
Oct. 01, 2018 |
Dec. 31, 2017 |
|
Class of Stock [Line Items] | |||
Value of shares approved to be repurchased | $ 200.0 | ||
Common shares of beneficial interest; par value (dollars per share) | $ 0.03 | $ 0.03 | |
Stock repurchase program, remaining authorized repurchase amount | $ 181.5 | ||
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Stock repurchased during period (in shares) | 0.7 | ||
Common shares of beneficial interest; par value (dollars per share) | $ 27.10 | ||
Subsequent Event [Member] | |||
Class of Stock [Line Items] | |||
Stock repurchase program, remaining authorized repurchase amount | $ 181.5 |
Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Asset Impairment [Line Items] | |||||
Impairment losses related to property | $ 2,000 | $ 7,800 | |||
Other | $ 0 | $ 0 | 0 | $ 95 | |
Total impairment charges | 2,398 | 0 | 2,398 | 15,012 | |
Net impact of impairment charges | 2,398 | 0 | 2,398 | 15,036 | |
Properties Held for Sale, Under Contract for Sale or Sold [Member] | |||||
Asset Impairment [Line Items] | |||||
Impairment losses related to property | 2,398 | 0 | 2,398 | 12,198 | |
Land Held For Development And Undeveloped Land [Member] | |||||
Asset Impairment [Line Items] | |||||
Impairment losses related to property | 0 | 0 | 0 | 2,719 | |
Impairment in Net Income Attributable to Noncontrolling Interest [Member] | |||||
Asset Impairment [Line Items] | |||||
Net income attributable to noncontrolling interests | $ 0 | $ 0 | $ 0 | $ 24 |
Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Dec. 31, 2016 |
||||
---|---|---|---|---|---|---|---|---|
Supplemental Cash Flow Elements [Abstract] | ||||||||
Cash and Cash Equivalents | $ 24,412 | [1] | $ 13,219 | [1] | $ 39,246 | |||
Restricted Deposits and Mortgage Escrows | 22,369 | 8,115 | 4,973 | |||||
Total | $ 46,781 | $ 21,334 | $ 44,219 | $ 41,279 | ||||
|
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Accrued property construction costs | $ 9,081 | $ 5,367 |
Increase in equity associated with deferred compensation plan | $ 0 | $ 44,758 |
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Continuing Operations: | ||||
Income from continuing operations | $ 36,195 | $ 35,894 | $ 109,037 | $ 93,496 |
Gain on Sale of Property | 17,079 | 38,579 | 173,077 | 86,566 |
Net income attributable to noncontrolling interests | (10,293) | (1,844) | (14,020) | (12,755) |
Net income attributable to common shareholders - basic | 42,981 | 72,629 | 268,094 | 167,307 |
Income attributable to operating partnership units | 0 | 515 | 1,584 | 1,567 |
Net income attributable to common shareholders - diluted | $ 42,981 | $ 73,144 | $ 269,678 | $ 168,874 |
Denominator: | ||||
Weighted average shares outstanding – basic (in shares) | 127,525 | 127,801 | 127,651 | 127,734 |
Effect of dilutive securities: | ||||
Share options and awards (in shares) | 792 | 844 | 809 | 877 |
Operating partnership units (in shares) | 0 | 1,432 | 1,432 | 1,450 |
Weighted average shares outstanding – diluted (in shares) | 128,317 | 130,077 | 129,892 | 130,061 |
Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 1,432 | 207 | 0 | 0 |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 0 | 207 | 0 | 0 |
Operating Partnership Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (in shares) | 1,432 | 0 | 0 | 0 |
Share Options and Awards (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 2.3 | $ 2.2 |
Weighted average expected amortization period for unrecognized compensation cost (in years) | 1 year 8 months | 1 year 8 months |
Share Options and Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) - Restricted Shares [Member] |
9 Months Ended |
---|---|
Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 18.50% |
Expected volatility, maximum | 20.40% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 1.80% |
Risk-free interest rate, maximum | 2.40% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 5.50% |
Share Options and Awards (Summary Of The Status Of Unvested Share Awards) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
$ / shares
shares
| |
Service-Based Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 133,125 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 28.12 |
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 60,909 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 29.69 |
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 60,908 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 13.68 |
Trust Manager Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, granted (in shares) | shares | 34,328 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (in dollars per share) | $ / shares | $ 27.95 |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested share awards, outstanding, January 1, 2018 (in shares) | shares | 619,606 |
Unvested share awards, vested (in shares) | shares | (226,448) |
Unvested share awards, forfeited (in shares) | shares | (9,605) |
Unvested share awards, outstanding, September 30, 2018 (in shares) | shares | 672,823 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, outstanding, January 1, 2018 (in dollars per share) | $ / shares | $ 33.81 |
Weighted average grant date fair value, vested (in dollars per share) | $ / shares | 33.63 |
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares | 32.40 |
Weighted average grant date fair value, outstanding, September 30, 2018 (in dollars per share) | $ / shares | $ 30.27 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Retirement Benefits [Abstract] | ||||
Defined benefit plan, employer contributions | $ 1,000 | $ 2,500 | ||
Defined benefit plan, expected future employer contributions, remainder of fiscal year | $ 0 | 0 | ||
Defined contribution plan, compensation expense | $ 900 | $ 900 | $ 2,800 | $ 3,000 |
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Retirement Benefits [Abstract] | ||||
Service cost | $ 319 | $ 278 | $ 976 | $ 926 |
Interest cost | 666 | 482 | 1,505 | 1,527 |
Expected return on plan assets | (1,192) | (760) | (2,605) | (2,323) |
Amortization of net loss | 325 | 365 | 903 | 1,111 |
Total | $ 118 | $ 365 | $ 779 | $ 1,241 |
Related Parties (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Related Party Transactions [Abstract] | |||||
Net accounts receivable, related parties | $ 0.7 | $ 0.7 | $ 2.0 | ||
Accounts payable and accrued expenses, related parties | 0.3 | 0.3 | $ 0.4 | ||
Joint venture fee income | $ 1.3 | $ 1.4 | $ 4.6 | $ 4.4 |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018
USD ($)
partnership
|
Dec. 31, 2017
USD ($)
partnership
|
|
Capital Additions [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase contract, commitment | $ 211.0 | |
Capital Additions [Member] | Minimum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Construction contract, period (in months) | 12 months | |
Capital Additions [Member] | Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Construction contract, period (in months) | 36 months | |
DownREIT [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of real estate joint ventures | partnership | 2 | 2 |
Aggregate redemption value | $ 43.0 | $ 47.0 |
Variable Interest Entities (Narrative) (Details) $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
property
joint_venture
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
property
joint_venture
|
|
Variable Interest Entity [Line Items] | ||||
Number of VIE real estate joint ventures guaranteed by company | 1 | 1 | ||
Consolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of VIE real estate joint ventures | 9 | 9 | ||
Number of real estate properties | property | 21 | 22 | ||
Variable Interest Entity, Financial or Other Support, Amount | $ | $ 0.1 | $ 0.1 | ||
Unconsolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of VIE real estate joint ventures | 2 | 2 | ||
Number of joint venture arrangements | 1 | |||
Variable interest entity, nonconsolidated, additional future funding | $ | $ 69.0 | |||
Scenario, Forecast [Member] | Consolidated Variable Interest Entities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Variable Interest Entity, Financial or Other Support, Amount | $ | $ 0.0 |
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018
USD ($)
joint_venture
|
Dec. 31, 2017
USD ($)
joint_venture
|
|
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures guaranteed by company | joint_venture | 1 | 1 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets Held by VIEs | $ 227,164 | $ 235,713 |
Assets Held as Collateral for Debt | 40,665 | 42,979 |
Maximum Risk of Loss | $ 29,784 | $ 29,784 |
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018
USD ($)
joint_venture
|
Dec. 31, 2017
USD ($)
|
|
Variable Interest Entity [Line Items] | ||
Investment in real estate joint ventures and partnerships, net | $ 63,408 | $ 36,784 |
Maximum risk of loss | $ 34,000 | 34,000 |
Number of joint venture arrangements | joint_venture | 1 | |
Other Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in real estate joint ventures and partnerships, net | $ 5,656 | $ 5,799 |
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Assets: | |||
Restricted cash, primarily commercial paper and mutual funds (1) | $ 21,909 | $ 21,909 | $ 6,291 |
Liabilities: | |||
Gain included in interest and other income/expense | 1,200 | 3,900 | |
Equity securities, unrealized gain | 800 | 400 | |
Recurring [Member] | |||
Assets: | |||
Assets, fair value disclosure | 64,755 | 64,755 | 40,738 |
Liabilities: | |||
Deferred compensation plan obligations | 33,191 | 33,191 | 31,497 |
Total | 33,191 | 33,191 | 31,497 |
Recurring [Member] | Money Market Funds [Member] | |||
Assets: | |||
Cash equivalents, primarily money market funds (1) | 16,842 | 16,842 | |
Recurring [Member] | Commercial Paper And Mutual Fund [Member] | |||
Assets: | |||
Restricted cash, primarily commercial paper and mutual funds (1) | 6,939 | 6,939 | |
Recurring [Member] | Grantor Trusts [Member] | |||
Assets: | |||
Investments | 33,191 | 33,191 | 31,497 |
Recurring [Member] | Mutual Funds [Member] | |||
Assets: | |||
Investments | 7,783 | 7,783 | 7,206 |
Recurring [Member] | Interest Rate Contracts [Member] | |||
Assets: | |||
Derivative assets | 2,035 | ||
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | |||
Assets: | |||
Assets, fair value disclosure | 64,755 | 64,755 | 38,703 |
Liabilities: | |||
Deferred compensation plan obligations | 33,191 | 33,191 | 31,497 |
Total | 33,191 | 33,191 | 31,497 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Money Market Funds [Member] | |||
Assets: | |||
Cash equivalents, primarily money market funds (1) | 16,842 | 16,842 | |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Commercial Paper And Mutual Fund [Member] | |||
Assets: | |||
Restricted cash, primarily commercial paper and mutual funds (1) | 6,939 | 6,939 | |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | |||
Assets: | |||
Investments | 33,191 | 33,191 | 31,497 |
Recurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds [Member] | |||
Assets: | |||
Investments | 7,783 | 7,783 | 7,206 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Assets, fair value disclosure | 0 | 0 | 2,035 |
Liabilities: | |||
Total | 0 | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | |||
Assets: | |||
Derivative assets | 2,035 | ||
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Assets, fair value disclosure | 0 | 0 | 0 |
Liabilities: | |||
Total | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Assets Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property and property held for sale gains (losses) | $ (2,000) | $ (7,800) | |||
Property held for sale, impairment | (400) | ||||
Impairment loss | $ (2,398) | $ 0 | (2,398) | $ (15,012) | |
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant, and equipment, fair value disclosure | 9,292 | 9,292 | 17,085 | ||
Property held for sale, fair value disclosure | 39,193 | 39,193 | |||
Assets at fair value disclosure | 48,485 | 48,485 | 17,085 | ||
Property and property held for sale gains (losses) | (1,950) | (7,828) | |||
Property held for sale, impairment | (448) | ||||
Impairment loss | (2,398) | (7,828) | |||
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets at fair value disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant, and equipment, fair value disclosure | 9,292 | 9,292 | 12,901 | ||
Property held for sale, fair value disclosure | 39,193 | 39,193 | |||
Assets at fair value disclosure | 48,485 | 48,485 | 12,901 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant, and equipment, fair value disclosure | 4,184 | ||||
Assets at fair value disclosure | 0 | 0 | 4,184 | ||
Carrying Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant, and equipment, fair value disclosure | 11,300 | 11,300 | 24,900 | ||
Property held for sale, fair value disclosure | 39,600 | 39,600 | |||
Fair Value [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property, plant, and equipment, fair value disclosure | 9,300 | 9,300 | $ 17,100 | ||
Property held for sale, fair value disclosure | $ 39,200 | $ 39,200 |
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Tax Increment Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit loss recognized | $ 31,000 | $ 31,000 |
Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Held-to-maturity securities, accumulated unrecognized holding loss | (16) | (10) |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,775,381 | 2,063,263 |
Carrying Value [Member] | Variable-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 17,747 | 17,889 |
Carrying Value [Member] | Tax Increment Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 22,097 | 22,097 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 3,000 | 4,489 |
Fair Value [Member] | Fixed-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,760,863 | 2,109,658 |
Fair Value [Member] | Variable-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 18,303 | 16,393 |
Fair Value [Member] | Tax Increment Revenue Bonds [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 25,000 | 25,000 |
Fair Value [Member] | Investments, Held To Maturity [Member] | Fair Value Using Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 2,984 | $ 4,479 |
Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2017
USD ($)
$ / ft²
|
Sep. 30, 2018
USD ($)
|
|
Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Holding period (years) | 5 years | |
Average market rent rate | $ / ft² | 11.00 | |
Average leasing cost per square foot | $ / ft² | 10.00 | |
Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Holding period (years) | 10 years | |
Average market rent rate | $ / ft² | 16.00 | |
Average leasing cost per square foot | $ / ft² | 35.00 | |
Measurement Input, Discount Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 10.50% | |
Measurement Input, Discount Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 12.00% | |
Measurement Input, Capitalization Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 8.80% | |
Measurement Input, Capitalization Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 10.00% | |
Measurement Input, Price Volatility [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 2.00% | |
Measurement Input, Long-term Revenue Growth Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 3.00% | |
Measurement Input, Expense Growth Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 2.00% | |
Measurement Input, Vacancy Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 20.00% | |
Measurement Input, Renewal Rate [Member] | Significant Unobservable Inputs (Level 3) [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Non-financial asset, measurement input | 70.00% | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value disclosure | $ 17,085 | $ 48,485 |
Property, plant, and equipment, fair value disclosure | 17,085 | 9,292 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets at fair value disclosure | 4,184 | 0 |
Property, plant, and equipment, fair value disclosure | 4,184 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Property, plant, and equipment, fair value disclosure | $ 17,100 | $ 9,300 |
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