QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investment properties: | |||||||||||
Land | $ | $ | |||||||||
Building and other improvements | |||||||||||
Developments in progress | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Net investment properties (includes $ variable interest entities, respectively) | |||||||||||
Cash and cash equivalents | |||||||||||
Accounts receivable, net | |||||||||||
Acquired lease intangible assets, net | |||||||||||
Right-of-use lease assets | |||||||||||
Other assets, net (includes $ variable interest entities, respectively) | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Mortgages payable, net | $ | $ | |||||||||
Unsecured notes payable, net | |||||||||||
Unsecured term loans, net | |||||||||||
Unsecured revolving line of credit | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Distributions payable | |||||||||||
Acquired lease intangible liabilities, net | |||||||||||
Lease liabilities | |||||||||||
Other liabilities (includes $ variable interest entities, respectively) | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Equity: | |||||||||||
Preferred stock, $ | |||||||||||
Class A common stock, $ and December 31, 2020, respectively | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated distributions in excess of earnings | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenues: | |||||||||||
Lease income | $ | $ | |||||||||
Expenses: | |||||||||||
Operating expenses | |||||||||||
Real estate taxes | |||||||||||
Depreciation and amortization | |||||||||||
Provision for impairment of investment properties | |||||||||||
General and administrative expenses | |||||||||||
Total expenses | |||||||||||
Other (expense) income: | |||||||||||
Interest expense | ( | ( | |||||||||
Gain on litigation settlement | |||||||||||
Other income (expense), net | ( | ||||||||||
Net income | |||||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net income attributable to common shareholders | $ | $ | |||||||||
Earnings per common share – basic and diluted: | |||||||||||
Net income per common share attributable to common shareholders | $ | $ | |||||||||
Net income | $ | $ | |||||||||
Other comprehensive income (loss): | |||||||||||
Net unrealized gain (loss) on derivative instruments (Note 8) | ( | ||||||||||
Comprehensive income (loss) attributable to the Company | $ | $ | ( | ||||||||
Weighted average number of common shares outstanding – basic | |||||||||||
Weighted average number of common shares outstanding – diluted |
Class A Common Stock | Additional Paid-in Capital | Accumulated Distributions in Excess of Earnings | Accumulated Other Comprehensive (Loss) Income | Total Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Termination of consolidated joint venture | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders ($ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | ( | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Distributions declared to common shareholders ($ | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Issuance of restricted shares | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | ( | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Provision for impairment of investment properties | |||||||||||
Amortization of loan fees and debt discount, net | |||||||||||
Amortization of stock-based compensation | |||||||||||
Payment of leasing fees and inducements | ( | ( | |||||||||
Changes in accounts receivable, net | |||||||||||
Changes in right-of-use lease assets | |||||||||||
Changes in accounts payable and accrued expenses, net | ( | ( | |||||||||
Changes in lease liabilities | ( | ( | |||||||||
Changes in other operating assets and liabilities, net | ( | ||||||||||
Other, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of investment properties | ( | ||||||||||
Capital expenditures and tenant improvements | ( | ( | |||||||||
Proceeds from sales of investment properties | |||||||||||
Investment in developments in progress | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Principal payments on mortgages payable | ( | ( | |||||||||
Proceeds from unsecured revolving line of credit | |||||||||||
Repayments of unsecured revolving line of credit | ( | ( | |||||||||
Distributions paid | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash, at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash, at end of period | $ | $ | |||||||||
(continued) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental cash flow disclosure, including non-cash activities: | |||||||||||
Cash paid for interest, net of interest capitalized | $ | $ | |||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | |||||||||
Distributions payable | $ | $ | |||||||||
Accrued capital expenditures and tenant improvements | $ | $ | |||||||||
Accrued leasing fees and inducements | $ | $ | |||||||||
Accrued redevelopment costs | $ | $ | |||||||||
Amounts reclassified to developments in progress | $ | $ | |||||||||
Developments in progress placed in service | $ | $ | |||||||||
Change in noncontrolling interest due to termination of joint venture | $ | $ | |||||||||
Lease liabilities arising from obtaining right-of-use lease assets | $ | $ | |||||||||
Purchase of investment properties (after credits at closing): | |||||||||||
Net investment properties | $ | $ | ( | ||||||||
Right-of-use lease assets | |||||||||||
Accounts receivable, acquired lease intangibles and other assets | ( | ||||||||||
Lease liabilities | ( | ||||||||||
Accounts payable, acquired lease intangibles and other liabilities | |||||||||||
Purchase of investment properties (after credits at closing) | $ | $ | ( | ||||||||
Proceeds from sales of investment properties: | |||||||||||
Net investment properties | $ | $ | |||||||||
Accounts receivable, acquired lease intangibles and other assets | |||||||||||
Accounts payable, acquired lease intangibles and other liabilities | ( | ||||||||||
Proceeds from sales of investment properties | $ | $ | |||||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents, at beginning of period | $ | $ | |||||||||
Restricted cash, at beginning of period (included within “Other assets, net”) | |||||||||||
Total cash, cash equivalents and restricted cash, at beginning of period | $ | $ | |||||||||
Cash and cash equivalents, at end of period | $ | $ | |||||||||
Restricted cash, at end of period (included within “Other assets, net”) | |||||||||||
Total cash, cash equivalents and restricted cash, at end of period | $ | $ |
Property Count | |||||
Retail operating properties | |||||
Expansion and redevelopment projects: | |||||
Circle East | |||||
One Loudoun Downtown – Pads G & H (a) | |||||
Carillon | |||||
The Shoppes at Quarterfield | |||||
Total number of properties |
Date | Property Name | Metropolitan Statistical Area (MSA) | Property Type | Square Footage | Acquisition Price | ||||||||||||||||||||||||||||||
February 6, 2020 | Fullerton Metrocenter | Los Angeles | Fee interest (a) | $ | |||||||||||||||||||||||||||||||
$ | (b) |
Three Months Ended | |||||
March 31, 2020 | |||||
Land | $ | ||||
Building and other improvements, net | |||||
Acquired lease intangible assets (a) | |||||
Acquired lease intangible liabilities (b) | ( | ||||
Net assets acquired | $ |
Property Name | MSA | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Expansion and redevelopment projects | ||||||||||||||||||||
Circle East | Baltimore | $ | $ | |||||||||||||||||
One Loudoun Downtown | Washington, D.C. | |||||||||||||||||||
Carillon | Washington, D.C. | |||||||||||||||||||
The Shoppes at Quarterfield | Baltimore | |||||||||||||||||||
Pad development projects | ||||||||||||||||||||
Southlake Town Square | Dallas | |||||||||||||||||||
Land held for future development | ||||||||||||||||||||
One Loudoun Uptown | Washington, D.C. | |||||||||||||||||||
Total developments in progress | $ | $ |
One Loudoun Downtown – Pads G & H | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Net investment properties | $ | $ | |||||||||
Other assets, net | $ | $ | |||||||||
Other liabilities | $ | $ | |||||||||
Noncontrolling interests | $ | $ |
Date | Property Name | Property Type | Square Footage | Consideration | Aggregate Proceeds, Net (a) | Gain | ||||||||||||||||||||||||||||||||
February 13, 2020 | King Philip’s Crossing | Multi-tenant retail | $ | $ | $ | |||||||||||||||||||||||||||||||||
$ | $ | $ |
Unvested Restricted Shares | Weighted Average Grant Date Fair Value per Restricted Share | ||||||||||
Balance as of January 1, 2021 | $ | ||||||||||
Shares granted (a) | $ | ||||||||||
Shares vested | ( | $ | |||||||||
Balance as of March 31, 2021 (b) | $ |
Unvested RSUs | Weighted Average Grant Date Fair Value per RSU | ||||||||||
RSUs eligible for future conversion as of January 1, 2021 | $ | ||||||||||
RSUs granted (a) | $ | ||||||||||
Conversion of RSUs to common stock and restricted shares (b) | ( | $ | |||||||||
RSUs eligible for future conversion as of March 31, 2021 (c) | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Lease income related to fixed and variable lease payments | |||||||||||
Base rent (a) (b) | $ | $ | |||||||||
Percentage and specialty rent (c) | |||||||||||
Tenant recoveries (b) (c) | |||||||||||
Lease termination fee income (c) | |||||||||||
Other lease-related income (c) | |||||||||||
Straight-line rental income, net (d) | |||||||||||
Other | |||||||||||
Uncollectible lease income, net (e) | ( | ||||||||||
Amortization of above and below market lease intangibles and lease inducements | |||||||||||
Lease income | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | Balance | Weighted Average Interest Rate | Weighted Average Years to Maturity | ||||||||||||||||||||||||||||||
Fixed rate mortgages payable (a) | $ | % | $ | % | |||||||||||||||||||||||||||||||
Discount, net of accumulated amortization | ( | ( | |||||||||||||||||||||||||||||||||
Capitalized loan fees, net of accumulated amortization | ( | ( | |||||||||||||||||||||||||||||||||
Mortgages payable, net | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Unsecured Notes Payable | Maturity Date | Balance | Interest Rate/ Weighted Average Interest Rate | Balance | Interest Rate/ Weighted Average Interest Rate | |||||||||||||||||||||||||||
Senior notes – 4.58% due 2024 | June 30, 2024 | $ | % | $ | % | |||||||||||||||||||||||||||
Senior notes – 4.00% due 2025 | March 15, 2025 | % | % | |||||||||||||||||||||||||||||
Senior notes – 4.08% due 2026 | September 30, 2026 | % | % | |||||||||||||||||||||||||||||
Senior notes – 4.24% due 2028 | December 28, 2028 | % | % | |||||||||||||||||||||||||||||
Senior notes – 4.82% due 2029 | June 28, 2029 | % | % | |||||||||||||||||||||||||||||
Senior notes – 4.75% due 2030 | September 15, 2030 | % | % | |||||||||||||||||||||||||||||
% | % | |||||||||||||||||||||||||||||||
Discount, net of accumulated amortization | ( | ( | ||||||||||||||||||||||||||||||
Capitalized loan fees, net of accumulated amortization | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Maturity Date | Balance | Interest Rate | Balance | Interest Rate | |||||||||||||||||||||||||
Unsecured term loan due 2023 – fixed rate (a) | November 22, 2023 | $ | % | $ | % | ||||||||||||||||||||||||
Unsecured term loan due 2024 – fixed rate (b) | July 17, 2024 | % | % | ||||||||||||||||||||||||||
Unsecured term loan due 2026 – fixed rate (c) | July 17, 2026 | % | % | ||||||||||||||||||||||||||
Subtotal | |||||||||||||||||||||||||||||
Capitalized loan fees, net of accumulated amortization | ( | ( | |||||||||||||||||||||||||||
Term loans, net | $ | $ | |||||||||||||||||||||||||||
Unsecured credit facility revolving line of credit – variable rate (d) | April 22, 2022 | $ | % | $ | % |
Leverage-Based Pricing | Investment Grade Pricing | |||||||||||||||||||||||||||||||||||||
Unsecured Credit Facility | Maturity Date | Extension Option | Extension Fee | Credit Spread | Facility Fee | Credit Spread | Facility Fee | |||||||||||||||||||||||||||||||
$ | 4/22/2022 |
Unsecured Term Loans | Maturity Date | Leverage-Based Pricing Credit Spread | Investment Grade Pricing Credit Spread | |||||||||||||||||||||||||||||
$ | 11/22/2023 | % | – | % | – | |||||||||||||||||||||||||||
$ | 7/17/2024 | % | – | % | – | |||||||||||||||||||||||||||
$ | 7/17/2026 | % | – | % | – |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||
Fixed rate debt: | |||||||||||||||||||||||||||||||||||||||||
Mortgages payable (a) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Fixed rate term loans (b) | |||||||||||||||||||||||||||||||||||||||||
Unsecured notes payable (c) | |||||||||||||||||||||||||||||||||||||||||
Total fixed rate debt | |||||||||||||||||||||||||||||||||||||||||
Variable rate debt: | |||||||||||||||||||||||||||||||||||||||||
Variable rate revolving line of credit | |||||||||||||||||||||||||||||||||||||||||
Total debt (d) | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Weighted average interest rate on debt: | |||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | % | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||||
Variable rate debt (e) | % | % | |||||||||||||||||||||||||||||||||||||||
Total | % | % | % | % | % | % | % |
Number of Instruments | Effective Date | Aggregate Notional | Fixed Interest Rate | Maturity Date | ||||||||||||||||||||||
November 23, 2018 | $ | % | November 22, 2023 | |||||||||||||||||||||||
August 15, 2019 | $ | % | July 17, 2024 | |||||||||||||||||||||||
August 15, 2019 | $ | % | July 17, 2026 |
Number of Instruments | Notional | |||||||||||||||||||||||||
Interest Rate Derivatives | March 31, 2021 | December 31, 2020 | March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Interest rate swaps | $ | $ |
Fair Value | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||
Interest rate swaps | $ | $ |
Derivatives in Cash Flow Hedging Relationships | Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative | Location of Loss Reclassified from Accumulated Other Comprehensive Income (AOCI) into Income | Amount of Loss Reclassified from AOCI into Income | Total Interest Expense Presented in the Statements of Operations in which the Effects of Cash Flow Hedges are Recorded | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | ( | $ | Interest expense | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||
Net income attributable to common shareholders | $ | $ | ||||||||||||
Earnings allocated to unvested restricted shares | ( | ( | ||||||||||||
Net income attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ | $ | ||||||||||||
Denominator: | ||||||||||||||
Denominator for earnings per common share – basic: | ||||||||||||||
Weighted average number of common shares outstanding | (a) | (b) | ||||||||||||
Effect of dilutive securities: | ||||||||||||||
Stock options | (c) | (c) | ||||||||||||
RSUs | (d) | (e) | ||||||||||||
Denominator for earnings per common share – diluted: | ||||||||||||||
Weighted average number of common and common equivalent shares outstanding |
March 31, 2021 | March 31, 2020 | ||||||||||
Number of properties for which indicators of impairment were identified | |||||||||||
Less: number of properties for which an impairment charge was recorded | |||||||||||
Less: number of properties that were held for sale as of the date the analysis was performed for which indicators of impairment were identified but no impairment charge was recorded | |||||||||||
Remaining properties for which indicators of impairment were identified but no impairment charge was considered necessary | |||||||||||
Weighted average percentage by which the projected undiscounted cash flows exceeded its respective carrying value for each of the remaining properties (a) | % | % |
Property Name | Property Type | Impairment Date | Square Footage | Provision for Impairment of Investment Properties | ||||||||||||||||||||||
King Philip’s Crossing (a) | Multi-tenant retail | February 13, 2020 | $ | |||||||||||||||||||||||
$ | ||||||||||||||||||||||||||
Estimated fair value of impaired property as of impairment date | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Mortgages payable, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured notes payable, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured term loans, net | $ | $ | $ | $ | |||||||||||||||||||
Unsecured revolving line of credit | $ | $ | $ | $ | |||||||||||||||||||
Derivative liability | $ | $ | $ | $ |
Fair Value | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Derivative liability | $ | — | $ | $ | — | $ | |||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Derivative liability | $ | — | $ | $ | — | $ |
Fair Value | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Provision for Impairment | |||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Investment property | $ | — | $ | — | $ | (a) | $ | $ |
Fair Value | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||
Mortgages payable, net | $ | — | $ | — | $ | $ | |||||||||||||||||
Unsecured notes payable, net | $ | $ | — | $ | $ | ||||||||||||||||||
Unsecured term loans, net | $ | — | $ | — | $ | $ | |||||||||||||||||
Unsecured revolving line of credit | $ | — | $ | — | $ | $ | |||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Mortgages payable, net | $ | — | $ | — | $ | $ | |||||||||||||||||
Unsecured notes payable, net | $ | $ | — | $ | $ | ||||||||||||||||||
Unsecured term loans, net | $ | — | $ | — | $ | $ | |||||||||||||||||
Unsecured revolving line of credit | $ | — | $ | — | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Mortgages payable, net – range of discount rates used | |||||||||||
Unsecured notes payable, net – weighted average discount rate used | |||||||||||
Unsecured term loans, net – weighted average credit spread portion of discount rate used | |||||||||||
Unsecured revolving line of credit – credit spread portion of discount rate used |
Estimated Net Investment | Net Investment as of March 31, 2021 | |||||||||||||||||||||||||
Project Name | MSA | Low | High | |||||||||||||||||||||||
Circle East (a) | Baltimore | $ | $ | $ | ||||||||||||||||||||||
One Loudoun Downtown – Pads G & H (b) | Washington, D.C. | $ | $ | $ | ||||||||||||||||||||||
The Shoppes at Quarterfield | Baltimore | $ | $ | $ | ||||||||||||||||||||||
Southlake Town Square – Pad | Dallas | $ | $ | $ |
Billed Base Rent Collections as of April 26, 2021 | |||||||||||||||||||||||
Resiliency Category/Tenant Type | 3/31/2021 ABR | % of 3/31/2021 ABR | Q1 2021 Billed Base Rent Collected | ||||||||||||||||||||
Essential | $ | 113,070 | 32 | % | 100 | % | |||||||||||||||||
Office | 23,483 | 7 | % | 96 | % | ||||||||||||||||||
Non-Essential | 158,788 | 45 | % | 94 | % | ||||||||||||||||||
Restaurants | |||||||||||||||||||||||
Restaurants – Full Service | 28,683 | 8 | % | 90 | % | ||||||||||||||||||
Restaurants – Quick Service | 27,662 | 8 | % | 95 | % | ||||||||||||||||||
Total Restaurants | 56,345 | 16 | % | 93 | % | ||||||||||||||||||
Total Retail Operating Portfolio – Billed base rent collected | $ | 351,686 | 100 | % | 96 | % | |||||||||||||||||
Addressed through executed lease amendments | 1 | % | (a) | ||||||||||||||||||||
Total Retail Operating Portfolio – Billed base rent addressed | 97 | % |
Property Type | Number of Properties | GLA (in thousands) | Occupancy | Percent Leased Including Leases Signed (a) | ||||||||||||||||||||||
Retail operating portfolio | ||||||||||||||||||||||||||
Multi-tenant retail: | ||||||||||||||||||||||||||
Neighborhood and community centers | 62 | 10,337 | 92.5 | % | 93.6 | % | ||||||||||||||||||||
Power centers | 22 | 4,784 | 94.8 | % | 95.7 | % | ||||||||||||||||||||
Lifestyle centers and mixed-use properties (b) | 16 | 4,546 | 85.5 | % | 87.1 | % | ||||||||||||||||||||
Total multi-tenant retail | 100 | 19,667 | 91.4 | % | 92.6 | % | ||||||||||||||||||||
Single-user retail | 2 | 261 | 100.0 | % | 100.0 | % | ||||||||||||||||||||
Total retail operating properties | 102 | 19,928 | 91.5 | % | 92.7 | % | ||||||||||||||||||||
Expansion and redevelopment projects: | ||||||||||||||||||||||||||
Circle East | 1 | |||||||||||||||||||||||||
One Loudoun Downtown – Pads G & H (c) | — | |||||||||||||||||||||||||
Carillon | 1 | |||||||||||||||||||||||||
The Shoppes at Quarterfield | 1 | |||||||||||||||||||||||||
Total number of properties | 105 |
Property Name | MSA | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Expansion and redevelopment projects | ||||||||||||||||||||
Circle East | Baltimore | $ | 34,075 | $ | 38,180 | |||||||||||||||
One Loudoun Downtown | Washington, D.C. | 101,493 | 89,103 | |||||||||||||||||
Carillon (a) | Washington, D.C. | 33,393 | 33,463 | |||||||||||||||||
The Shoppes at Quarterfield | Baltimore | 923 | 865 | |||||||||||||||||
Pad development projects | ||||||||||||||||||||
Southlake Town Square | Dallas | 2,119 | 1,495 | |||||||||||||||||
172,003 | 163,106 | |||||||||||||||||||
Land held for future development | ||||||||||||||||||||
One Loudoun Uptown | Washington, D.C. | 25,450 | 25,450 | |||||||||||||||||
Total developments in progress | $ | 197,453 | $ | 188,556 |
Property Type/Market | Number of Properties | ABR (a) | % of Total Multi-Tenant Retail ABR (a) | ABR per Occupied Sq. Ft. | GLA (a) | % of Total Multi-Tenant Retail GLA (a) | Occupancy | % Leased Including Signed | ||||||||||||||||||||||||||||||||||||||||||
Multi-Tenant Retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Top 25 MSAs (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dallas | 19 | $ | 79,898 | 23.1 | % | $ | 23.15 | 3,943 | 20.0 | % | 87.5 | % | 88.1 | % | ||||||||||||||||||||||||||||||||||||
New York | 9 | 36,460 | 10.5 | % | 30.02 | 1,292 | 6.6 | % | 94.0 | % | 96.7 | % | ||||||||||||||||||||||||||||||||||||||
Washington, D.C. | 8 | 35,716 | 10.3 | % | 28.78 | 1,388 | 7.1 | % | 89.4 | % | 90.0 | % | ||||||||||||||||||||||||||||||||||||||
Chicago | 8 | 27,346 | 7.9 | % | 23.58 | 1,358 | 6.9 | % | 85.4 | % | 85.9 | % | ||||||||||||||||||||||||||||||||||||||
Seattle | 9 | 23,690 | 6.9 | % | 16.46 | 1,516 | 7.7 | % | 94.9 | % | 95.9 | % | ||||||||||||||||||||||||||||||||||||||
Baltimore | 4 | 22,669 | 6.6 | % | 16.08 | 1,542 | 7.9 | % | 91.4 | % | 93.2 | % | ||||||||||||||||||||||||||||||||||||||
Atlanta | 9 | 20,908 | 6.0 | % | 14.09 | 1,513 | 7.7 | % | 98.1 | % | 98.5 | % | ||||||||||||||||||||||||||||||||||||||
Houston | 9 | 14,169 | 4.1 | % | 13.19 | 1,141 | 5.8 | % | 94.2 | % | 94.4 | % | ||||||||||||||||||||||||||||||||||||||
San Antonio | 3 | 12,373 | 3.6 | % | 17.67 | 722 | 3.7 | % | 97.0 | % | 97.0 | % | ||||||||||||||||||||||||||||||||||||||
Phoenix | 3 | 10,384 | 3.0 | % | 17.71 | 632 | 3.2 | % | 92.8 | % | 94.8 | % | ||||||||||||||||||||||||||||||||||||||
Los Angeles | 1 | 6,894 | 2.0 | % | 17.97 | 396 | 2.0 | % | 96.9 | % | 97.2 | % | ||||||||||||||||||||||||||||||||||||||
Riverside | 1 | 4,663 | 1.3 | % | 16.26 | 292 | 1.5 | % | 98.1 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
Charlotte | 1 | 4,181 | 1.2 | % | 13.97 | 319 | 1.6 | % | 93.8 | % | 97.5 | % | ||||||||||||||||||||||||||||||||||||||
St. Louis | 1 | 4,067 | 1.2 | % | 9.72 | 453 | 2.3 | % | 92.3 | % | 92.3 | % | ||||||||||||||||||||||||||||||||||||||
Tampa | 1 | 2,339 | 0.7 | % | 19.19 | 126 | 0.6 | % | 97.0 | % | 97.0 | % | ||||||||||||||||||||||||||||||||||||||
Subtotal | 86 | 305,757 | 88.4 | % | 20.02 | 16,633 | 84.6 | % | 91.8 | % | 92.7 | % | ||||||||||||||||||||||||||||||||||||||
Non-Top 25 MSAs (b) | 14 | 40,065 | 11.6 | % | 14.78 | 3,034 | 15.4 | % | 89.4 | % | 92.0 | % | ||||||||||||||||||||||||||||||||||||||
Total Multi-Tenant Retail | 100 | 345,822 | 100.0 | % | 19.23 | 19,667 | 100.0 | % | 91.4 | % | 92.6 | % | ||||||||||||||||||||||||||||||||||||||
Single-User Retail | 2 | 5,864 | 22.49 | 261 | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Retail Operating Portfolio (c) | 102 | $ | 351,686 | $ | 19.28 | 19,928 | 91.5 | % | 92.7 | % |
Number of Leases Signed | GLA Signed (in thousands) | New Contractual Rent per Square Foot (PSF) (a) | Prior Contractual Rent PSF (a) | % Change over Prior ABR (a) | Weighted Average Lease Term | Tenant Allowances PSF (b) | ||||||||||||||||||||||||||||||||||||||
Comparable Renewal Leases | 59 | 320 | $ | 22.08 | $ | 21.44 | 3.0 | % | 3.6 | $ | 0.82 | |||||||||||||||||||||||||||||||||
Comparable New Leases | 17 | 47 | $ | 31.60 | $ | 26.05 | 21.3 | % | 7.3 | $ | 41.41 | |||||||||||||||||||||||||||||||||
Non-Comparable New and Renewal Leases (c) | 37 | 320 | $ | 16.58 | N/A | N/A | 7.2 | $ | 11.09 | |||||||||||||||||||||||||||||||||||
Total | 113 | 687 | $ | 23.30 | $ | 22.03 | 5.8 | % | 5.4 | $ | 8.25 |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Revenues: | |||||||||||||||||
Lease income | $ | 119,380 | $ | 118,695 | $ | 685 | |||||||||||
Expenses: | |||||||||||||||||
Operating expenses | 18,065 | 16,414 | 1,651 | ||||||||||||||
Real estate taxes | 18,934 | 18,533 | 401 | ||||||||||||||
Depreciation and amortization | 47,867 | 40,173 | 7,694 | ||||||||||||||
Provision for impairment of investment properties | — | 346 | (346) | ||||||||||||||
General and administrative expenses | 11,118 | 9,165 | 1,953 | ||||||||||||||
Total expenses | 95,984 | 84,631 | 11,353 | ||||||||||||||
Other (expense) income: | |||||||||||||||||
Interest expense | (18,752) | (17,046) | (1,706) | ||||||||||||||
Gain on litigation settlement | — | 6,100 | (6,100) | ||||||||||||||
Other income (expense), net | 69 | (761) | 830 | ||||||||||||||
Net income | 4,713 | 22,357 | (17,644) | ||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | ||||||||||||||
Net income attributable to common shareholders | $ | 4,713 | $ | 22,357 | $ | (17,644) |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Net income attributable to common shareholders | $ | 4,713 | $ | 22,357 | $ | (17,644) | |||||||||||
Adjustments to reconcile to Same Store NOI: | |||||||||||||||||
Gain on litigation settlement | — | (6,100) | 6,100 | ||||||||||||||
Depreciation and amortization | 47,867 | 40,173 | 7,694 | ||||||||||||||
Provision for impairment of investment properties | — | 346 | (346) | ||||||||||||||
General and administrative expenses | 11,118 | 9,165 | 1,953 | ||||||||||||||
Interest expense | 18,752 | 17,046 | 1,706 | ||||||||||||||
Straight-line rental income, net | (420) | (341) | (79) | ||||||||||||||
Amortization of acquired above and below market lease intangibles, net | (1,225) | (976) | (249) | ||||||||||||||
Amortization of lease inducements | 423 | 419 | 4 | ||||||||||||||
Lease termination fees, net | (679) | (124) | (555) | ||||||||||||||
Non-cash ground rent expense, net | 212 | 333 | (121) | ||||||||||||||
Other (income) expense, net | (69) | 761 | (830) | ||||||||||||||
NOI | 80,692 | 83,059 | (2,367) | ||||||||||||||
NOI from Other Investment Properties | (326) | (811) | 485 | ||||||||||||||
Same Store NOI | $ | 80,366 | $ | 82,248 | $ | (1,882) |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Same Store NOI: | |||||||||||||||||
Base rent | $ | 85,003 | $ | 89,370 | $ | (4,367) | |||||||||||
Percentage and specialty rent | 521 | 864 | (343) | ||||||||||||||
Tenant recoveries | 26,112 | 25,549 | 563 | ||||||||||||||
Other lease-related income | 1,285 | 1,468 | (183) | ||||||||||||||
Uncollectible lease income, net | 3,758 | (822) | 4,580 | ||||||||||||||
Property operating expenses | (17,190) | (15,802) | (1,388) | ||||||||||||||
Real estate taxes | (19,123) | (18,379) | (744) | ||||||||||||||
Same Store NOI | $ | 80,366 | $ | 82,248 | $ | (1,882) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net income attributable to common shareholders | $ | 4,713 | $ | 22,357 | |||||||
Depreciation and amortization of real estate (a) | 47,540 | 39,838 | |||||||||
Provision for impairment of investment properties | — | 346 | |||||||||
FFO attributable to common shareholders | $ | 52,253 | $ | 62,541 | |||||||
FFO attributable to common shareholders per common share outstanding – diluted | $ | 0.24 | $ | 0.29 | |||||||
FFO attributable to common shareholders | $ | 52,253 | $ | 62,541 | |||||||
Impact on earnings from the early extinguishment of debt, net (b) | 64 | — | |||||||||
Gain on litigation settlement | — | (6,100) | |||||||||
Other (c) | 28 | 1,011 | |||||||||
Operating FFO attributable to common shareholders | $ | 52,345 | $ | 57,452 | |||||||
Operating FFO attributable to common shareholders per common share outstanding – diluted | $ | 0.24 | $ | 0.27 |
SOURCES | USES | ||||||||||
▪ | Operating cash flow | ▪ | Tenant allowances and leasing costs | ||||||||
▪ | Cash and cash equivalents | ▪ | Improvements made to individual properties, certain of which are not | ||||||||
▪ | Available borrowings under our unsecured revolving | recoverable through common area maintenance charges to tenants | |||||||||
line of credit | ▪ | Debt repayments | |||||||||
▪ | Proceeds from capital markets transactions | ▪ | Distribution payments | ||||||||
▪ | Proceeds from asset dispositions | ▪ | Redevelopment, expansion and pad development activities | ||||||||
▪ | Proceeds from the sales of air rights | ▪ | Acquisitions | ||||||||
▪ | New development | ||||||||||
▪ | Repurchases of our common stock |
Debt | Aggregate Principal Amount | Weighted Average Interest Rate | Maturity Date | Weighted Average Years to Maturity | ||||||||||||||||||||||
Fixed rate mortgages payable (a) | $ | 91,558 | 4.36 | % | Various | 3.8 years | ||||||||||||||||||||
Unsecured notes payable: | ||||||||||||||||||||||||||
Senior notes – 4.58% due 2024 | 150,000 | 4.58 | % | June 30, 2024 | 3.3 years | |||||||||||||||||||||
Senior notes – 4.00% due 2025 | 350,000 | 4.00 | % | March 15, 2025 | 4.0 years | |||||||||||||||||||||
Senior notes – 4.08% due 2026 | 100,000 | 4.08 | % | September 30, 2026 | 5.5 years | |||||||||||||||||||||
Senior notes – 4.24% due 2028 | 100,000 | 4.24 | % | December 28, 2028 | 7.8 years | |||||||||||||||||||||
Senior notes – 4.82% due 2029 | 100,000 | 4.82 | % | June 28, 2029 | 8.2 years | |||||||||||||||||||||
Senior notes – 4.75% due 2030 | 400,000 | 4.75 | % | September 15, 2030 | 9.5 years | |||||||||||||||||||||
Total unsecured notes payable (a) | 1,200,000 | 4.42 | % | 6.5 years | ||||||||||||||||||||||
Unsecured credit facility: | ||||||||||||||||||||||||||
Revolving line of credit – variable rate | — | 1.21 | % | April 22, 2022 (b) | 1.1 years | |||||||||||||||||||||
Unsecured term loans: | ||||||||||||||||||||||||||
Term Loan Due 2023 – fixed rate (c) | 200,000 | 4.10 | % | November 22, 2023 | 2.6 years | |||||||||||||||||||||
Term Loan Due 2024 – fixed rate (d) | 120,000 | 2.88 | % | July 17, 2024 | 3.3 years | |||||||||||||||||||||
Term Loan Due 2026 – fixed rate (e) | 150,000 | 3.37 | % | July 17, 2026 | 5.3 years | |||||||||||||||||||||
Total unsecured term loans (a) | 470,000 | 3.56 | % | 3.7 years | ||||||||||||||||||||||
Total consolidated indebtedness | $ | 1,761,558 | 4.19 | % | 5.6 years |
Leverage-Based Pricing | Investment Grade Pricing | |||||||||||||||||||||||||||||||||||||
Unsecured Credit Facility | Maturity Date | Extension Option | Extension Fee | Credit Spread | Facility Fee | Credit Spread | Facility Fee | |||||||||||||||||||||||||||||||
$850,000 unsecured revolving line of credit | 4/22/2022 | 2 six-month | 0.075% | 1.05%–1.50% | 0.15%–0.30% | 0.825%–1.55% | 0.125%–0.30% |
Unsecured Term Loans | Maturity Date | Leverage-Based Pricing Credit Spread | Investment Grade Pricing Credit Spread | |||||||||||||||||
$200,000 unsecured term loan due 2023 | 11/22/2023 | 1.20% – 1.85% | 0.85% – 1.65% | |||||||||||||||||
$120,000 unsecured term loan due 2024 | 7/17/2024 | 1.20% – 1.70% | 0.80% – 1.65% | |||||||||||||||||
$150,000 unsecured term loan due 2026 | 7/17/2026 | 1.50% – 2.20% | 1.35% – 2.25% |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgages payable (a) | $ | 1,811 | $ | 26,641 | $ | 31,758 | $ | 1,737 | $ | 1,809 | $ | 27,802 | $ | 91,558 | $ | 93,180 | |||||||||||||||||||||||||||||||
Fixed rate term loans (b) | — | — | 200,000 | 120,000 | — | 150,000 | 470,000 | 468,294 | |||||||||||||||||||||||||||||||||||||||
Unsecured notes payable (c) | — | — | — | 150,000 | 350,000 | 700,000 | 1,200,000 | 1,272,721 | |||||||||||||||||||||||||||||||||||||||
Total fixed rate debt | 1,811 | 26,641 | 231,758 | 271,737 | 351,809 | 877,802 | 1,761,558 | 1,834,195 | |||||||||||||||||||||||||||||||||||||||
Variable rate debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Variable rate revolving line of credit | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total debt (d) | $ | 1,811 | $ | 26,641 | $ | 231,758 | $ | 271,737 | $ | 351,809 | $ | 877,802 | $ | 1,761,558 | $ | 1,834,195 | |||||||||||||||||||||||||||||||
Weighted average interest rate on debt: | |||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | 4.08 | % | 4.81 | % | 4.10 | % | 3.83 | % | 4.00 | % | 4.37 | % | 4.19 | % | |||||||||||||||||||||||||||||||||
Variable rate debt (e) | — | 1.21 | % | — | — | — | — | 1.21 | % | ||||||||||||||||||||||||||||||||||||||
Total | 4.08 | % | 4.81 | % | 4.10 | % | 3.83 | % | 4.00 | % | 4.37 | % | 4.19 | % |
Number of Properties Sold | Square Footage | Consideration | Aggregate Proceeds, Net (a) | Debt Extinguished | ||||||||||||||||||||||||||||
2020 Disposition | 1 | 105,900 | $ | 13,900 | $ | 12,695 | $ | — |
Number of Assets Acquired | Square Footage | Acquisition Price | Mortgage Debt | |||||||||||||||||||||||
2020 Acquisition (a) | 1 | 154,700 | $ | 55,000 | $ | — |
Three Months Ended March 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Net cash provided by operating activities | $ | 36,131 | $ | 35,042 | $ | 1,089 | |||||||||||
Net cash used in investing activities | (25,229) | (70,507) | 45,278 | ||||||||||||||
Net cash (used in) provided by financing activities | (14,714) | 795,382 | (810,096) | ||||||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (3,812) | 759,917 | (763,729) | ||||||||||||||
Cash, cash equivalents and restricted cash, at beginning of period | 45,329 | 14,447 | |||||||||||||||
Cash, cash equivalents and restricted cash, at end of period | $ | 41,517 | $ | 774,364 |
Notional Amount | Maturity Date | Fair Value of Derivative Liability | |||||||||||||||
Term Loan Due 2023 | $ | 200,000 | November 22, 2023 | $ | 13,030 | ||||||||||||
Term Loan Due 2024 | 120,000 | July 17, 2024 | 4,586 | ||||||||||||||
Term Loan Due 2026 | 150,000 | July 17, 2026 | 5,995 | ||||||||||||||
$ | 470,000 | $ | 23,611 |
Period | Total number of shares of Class A common stock purchased | Average price paid per share of Class A common stock | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs (a) | ||||||||||||||||||||||
January 1, 2021 to January 31, 2021 | 35 | $ | 8.33 | N/A | $ | 189,105 | ||||||||||||||||||||
February 1, 2021 to February 28, 2021 | 50 | $ | 9.78 | N/A | $ | 189,105 | ||||||||||||||||||||
March 1, 2021 to March 31, 2021 | 44 | $ | 10.91 | N/A | $ | 189,105 | ||||||||||||||||||||
Total | 129 | $ | 9.77 | N/A | $ | 189,105 |
Exhibit No. | Description | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith). | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith). | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) (filed herewith). |
By: | /s/ STEVEN P. GRIMES | ||||
Steven P. Grimes | |||||
Chief Executive Officer | |||||
(Principal Executive Officer) | |||||
Date: | May 5, 2021 | ||||
By: | /s/ JULIE M. SWINEHART | ||||
Julie M. Swinehart | |||||
Executive Vice President, | |||||
Chief Financial Officer and Treasurer | |||||
(Principal Financial Officer and | |||||
Principal Accounting Officer) | |||||
Date: | May 5, 2021 |
By: | /s/ STEVEN P. GRIMES | ||||
Steven P. Grimes | |||||
Chief Executive Officer | |||||
Date: | May 5, 2021 |
By: | /s/ JULIE M. SWINEHART | ||||
Julie M. Swinehart | |||||
Executive Vice President, | |||||
Chief Financial Officer and Treasurer | |||||
Date: | May 5, 2021 |
By: | /s/ STEVEN P. GRIMES | ||||
Steven P. Grimes | |||||
Chief Executive Officer | |||||
Date: | May 5, 2021 | ||||
By: | /s/ JULIE M. SWINEHART | ||||
Julie M. Swinehart | |||||
Executive Vice President, | |||||
Chief Financial Officer and Treasurer | |||||
Date: | May 5, 2021 |
Condensed Consolidated Balance Sheets (parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Net investment properties (in dollars) | $ 3,319,780 | $ 3,339,648 |
Other assets, net (in dollars) | 68,838 | 72,220 |
Other liabilities (in dollars) | $ 64,130 | $ 72,127 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
VIEs | ||
Net investment properties (in dollars) | $ 84,278 | $ 74,314 |
Other assets, net (in dollars) | 423 | 354 |
Other liabilities (in dollars) | $ 4,067 | $ 3,890 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 475,000 | 475,000 |
Common stock, shares issued | 214,733 | 214,168 |
Common stock, shares outstanding | 214,733 | 214,168 |
Condensed Consolidated Statements of Equity (parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Distributions declared to common shareholders (in dollars per share) | $ 0.07 | $ 0.165625 |
Organization and Basis of Presentation |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Retail Properties of America, Inc. (the Company) was formed on March 5, 2003 and its primary purpose is to own and operate high quality, strategically located open-air shopping centers, including properties with a mixed-use component. As of March 31, 2021, the Company owned 102 retail operating properties in the United States. The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it qualifies for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company has one wholly owned subsidiary that has jointly elected to be treated as a taxable REIT subsidiary (TRS) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The income tax expense incurred by the TRS did not have a material impact on the Company’s accompanying condensed consolidated financial statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to (i) the reserve for uncollectible lease income, (ii) provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), and (iii) initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions and initial recognition of right-of-use lease assets and lease liabilities. Actual results could differ from these estimates. All dollar amounts and share amounts in this Quarterly Report on Form 10-Q, including the condensed consolidated financial statements and notes thereto, are stated in thousands with the exception of per share, per square foot and per unit amounts. The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and consolidated variable interest entities (VIEs). All intercompany balances and transactions have been eliminated in consolidation. Wholly owned subsidiaries generally consist of limited liability companies, limited partnerships and statutory trusts. The Company’s property ownership as of March 31, 2021 is summarized below:
(a)The operating portion of this property is included within the property count for retail operating properties.
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Summary of Significant Accounting Policies |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESRefer to the Company’s 2020 Annual Report on Form 10-K for a summary of its significant accounting policies. There have been no changes to the Company’s significant accounting policies in the three months ended March 31, 2021. |
Acquisitions and Developments in Progress |
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Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Developments in Progress | ACQUISITIONS AND DEVELOPMENTS IN PROGRESS Acquisitions The Company did not acquire any properties during the three months ended March 31, 2021. The Company closed on the following acquisition during the three months ended March 31, 2020:
(a)The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor. (b)Acquisition price does not include capitalized closing costs and adjustments totaling $240. The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisition discussed above:
(a)The weighted average amortization period for acquired lease intangible assets is 17 years for the acquisition completed during the three months ended March 31, 2020. (b)The weighted average amortization period for acquired lease intangible liabilities is 17 years for the acquisition completed during the three months ended March 31, 2020. The acquisition was funded using a combination of available cash on hand, proceeds from dispositions and proceeds from the Company’s unsecured revolving line of credit. The acquisition completed during 2020 was considered an asset acquisition and, as such, transaction costs were capitalized upon closing. In addition, the Company capitalized $716 and $626 of internal salaries and related benefits of personnel directly involved in capital upgrades and tenant improvements during the three months ended March 31, 2021 and 2020, respectively. The Company also capitalized $57 and $60 of internal leasing incentives, all of which were incremental to signed leases, during the three months ended March 31, 2021 and 2020, respectively. Developments in Progress The carrying amount of the Company’s developments in progress are as follows:
In response to macroeconomic conditions related to the novel coronavirus (COVID-19) pandemic, the Company halted plans for vertical construction at its Carillon redevelopment during 2020 and materially reduced the planned scope and spend for the project. As of March 31, 2021, the Company continues to evaluate scenarios in anticipation of restarting future development. The Company capitalized $1,811 and $1,316 of indirect project costs related to redevelopment projects during the three months ended March 31, 2021 and 2020, respectively, including, among other costs, $409 and $372 of internal salaries and related benefits of personnel directly involved in the redevelopment projects and $1,292 and $785 of interest, respectively. Variable Interest Entities As of March 31, 2021, the Company had one joint venture related to the development, ownership and operation of the multi-family rental portion of the expansion project at One Loudoun Downtown – Pads G & H, of which joint venture the Company owns 90%. The joint venture is considered a VIE primarily because the Company’s joint venture partner does not have substantive kick-out rights or substantive participating rights. The Company is considered the primary beneficiary as it has a controlling financial interest in the joint venture. As such, the Company has consolidated the joint venture and presented the joint venture partner’s interest as noncontrolling interests. As of March 31, 2021 and December 31, 2020, the Company recorded the following related to the One Loudoun Downtown – Pads G & H consolidated joint venture:
As of March 31, 2021, the Company has funded $3,556 of the partner’s development costs related to One Loudoun Downtown – Pads G & H through a loan provided by the Company to the joint venture. The loan, secured by the joint venture project, is required to be repaid subsequent to the completion of construction and stabilization of the project and is eliminated upon consolidation. Under terms defined in the joint venture agreement, after construction completion and stabilization of the development project, the Company has the ability to call, and the joint venture partner has the ability to put to the Company, subject to certain conditions, the joint venture partner’s interest in the joint venture at fair value. There was no income from the joint venture project during the three months ended March 31, 2021 and 2020 and, as such, no income was attributed to the noncontrolling interests.
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Dispositions |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | DISPOSITIONS The Company did not sell any properties during the three months ended March 31, 2021. The Company closed on the following disposition during the three months ended March 31, 2020:
(a)Aggregate proceeds are net of transaction costs. The disposition completed during the three months ended March 31, 2020 did not qualify for discontinued operations treatment and is not considered individually significant. As of March 31, 2021 and December 31, 2020, no properties qualified for held for sale accounting treatment.
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Equity Compensation Plans |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Compensation Plans | EQUITY COMPENSATION PLANS The Company’s Amended and Restated 2014 Long-Term Equity Compensation Plan, subject to certain conditions, authorizes the issuance of incentive and non-qualified stock options, restricted stock and restricted stock units, stock appreciation rights and other similar awards to the Company’s employees, non-employee directors, consultants and advisors in connection with compensation and incentive arrangements that may be established by the Company’s board of directors or executive management. The following table summarizes the Company’s unvested restricted shares as of and for the three months ended March 31, 2021:
(a)Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements. (b)As of March 31, 2021, total unrecognized compensation expense related to unvested restricted shares was $3,772, which is expected to be amortized over a weighted average term of 1.5 years. The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the three months ended March 31, 2021:
(a)Assumptions and inputs as of the grant date included a risk-free interest rate of 0.16%, the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s projected common stock dividend yield of 4.08%. Subject to continued employment, in 2024, following the performance period which concludes on December 31, 2023, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. (b)On February 8, 2021, 260 RSUs converted into 102 shares of common stock and 197 restricted shares that will vest on December 31, 2021, subject to continued employment through such date, after applying a conversion rate of 115% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies for the performance period that concluded on December 31, 2020. An additional 49 shares of common stock were also issued, representing the dividends that would have been paid on the earned awards during the performance period. (c)As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs was $8,169, which is expected to be amortized over a weighted average term of 2.3 years. During the three months ended March 31, 2021 and 2020, the Company recorded compensation expense of $2,806 and $2,233, respectively, related to the amortization of unvested restricted shares and RSUs. The total fair value of restricted shares that vested during the three months ended March 31, 2021 was $2,514. In addition, the total fair value of RSUs that converted into common stock during the three months ended March 31, 2021 was $1,002. Prior to 2013, non-employee directors had been granted options to acquire shares under the Company’s Third Amended and Restated Independent Director Stock Option and Incentive Plan. As of March 31, 2021 and 2020, options to purchase 10 and 16 shares of common stock, respectively, remained outstanding and exercisable. The Company did not grant any options in 2021 or 2020 and no compensation expense related to stock options was recorded during the three months ended March 31, 2021 and 2020.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES Leases as Lessor Lease income related to the Company’s operating leases is comprised of the following:
(a)Base rent primarily consists of fixed lease payments; however, it also includes the net impact of variable lease payments related to lease concessions granted as relief due to COVID-19 in accordance with the Company’s policy elections related to the accounting treatment of such lease concessions. The impact of these lease concessions includes an increase of $1,230 and $0 for the three months ended March 31, 2021 and 2020, respectively, in base rent related to the repayment of amounts previously deferred under lease concessions that did not meet deferral accounting treatment; as a result, lease income was reduced for the deferral in previous periods, however recognized as variable lease income upon receipt of payment, more than offset by a decrease of $2,609 and $0 for the three months ended March 31, 2021 and 2020, respectively, in base rent related to lease concession agreements executed during the period that did not meet deferral accounting treatment and for which payment has not been received. The aggregate $2,609 decrease from lease concession agreements was associated with billed base rent of $1,254 from the three months ended March 31, 2021 and $1,355 from prior periods. (b)Base rent and tenant recoveries are presented gross of any uncollected amounts related to cash-basis tenants. Such uncollected amounts are reflected within “Uncollectible lease income, net.” (c)Represents lease income related to variable lease payments. (d)Represents lease income related to fixed lease payments. Straight-line rental income, net includes changes in the reserve for straight-line receivables related to tenants accounted for on a cash basis of $(2,610) and $(1,035) for the three months ended March 31, 2021 and 2020, respectively. (e)Uncollectible lease income, net is comprised of (i) collection of amounts related to previous periods from tenants accounted for on the cash basis of accounting, (ii) the impact of executed lease concessions that did not meet deferral accounting treatment, however, were agreed in previous periods; as a result, the impact of these anticipated concessions was included within the reserve for uncollectible lease income until executed, and (iii) a decrease in the general reserve due to collections from accrual-basis tenants, partially offset by (iv) the uncollected portion of current period charges related to cash-basis tenants, and (v) the impact of lease concessions we have agreed in principle of $454 and $0 for the three months ended March 31, 2021 and 2020, respectively, that are not expected to meet deferral accounting treatment, however, such agreements have not been executed as of March 31, 2021; as a result, the impact of these anticipated concessions are included within the reserve for uncollectible lease income until executed. In response to COVID-19 and its related impact on many of the Company’s tenants, the Company reached agreements with tenants regarding lease concessions. The majority of the amounts addressed by the lease concessions are base rent, although certain concessions also address tenant recoveries and other charges. The majority of these concessions were agreed to and, in the majority of these circumstances, executed during the year ended December 31, 2020. As of March 31, 2021, the Company has agreed in principle and/or executed additional lease concessions to defer, without an extension of the lease term, $36 of previously uncollected base rent charges and to address an additional $1,877 of previously uncollected base rent charges through abatement, a combination of deferral and abatement or a concession with the extension of the lease term. As of March 31, 2021, $7,063 of executed lease concessions to defer rental payment without an extension of the lease term, net of related reserves, remain outstanding within “Accounts receivable, net” in the accompanying condensed consolidated balance sheets. Further, as of March 31, 2021, the amounts that have been deferred to future periods under executed lease concessions, on a weighted average basis, will be received over a period of approximately nine months.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | DEBT The Company has the following types of indebtedness: (i) mortgages payable, (ii) unsecured notes payable, (iii) unsecured term loans and (iv) an unsecured revolving line of credit. Mortgages Payable The following table summarizes the Company’s mortgages payable:
(a)The fixed rate mortgages had interest rates ranging from 3.75% to 4.82% as of March 31, 2021 and December 31, 2020. During the three months ended March 31, 2021, the Company made scheduled principal payments of $598 related to amortizing loans. Unsecured Notes Payable The following table summarizes the Company’s unsecured notes payable:
Unsecured Term Loans and Revolving Line of Credit The following table summarizes the Company’s term loans and revolving line of credit:
(a)$200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.25% as of March 31, 2021 and December 31, 2020. (b)$120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of March 31, 2021 and December 31, 2020. (c)$150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.60% as of March 31, 2021 and December 31, 2020. (d)Excludes capitalized loan fees, which are included within “Other assets, net” in the accompanying condensed consolidated balance sheets. The revolving line of credit has two -month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity. Unsecured Credit Facility On April 23, 2018, the Company entered into its fifth amended and restated credit agreement with a syndicate of financial institutions to provide for an unsecured credit facility aggregating $1,100,000, consisting of an $850,000 unsecured revolving line of credit that matures on April 22, 2022 and a $250,000 unsecured term loan that was scheduled to mature on January 5, 2021 and was repaid during 2020 (Unsecured Credit Facility). The unsecured revolving line of credit is priced on a leverage grid at a rate of LIBOR plus a credit spread. In accordance with the unsecured credit agreement, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end, and the Company has the option to make an irrevocable election to convert to an investment grade pricing grid. As of March 31, 2021, making such an election would have resulted in a higher interest rate and, as such, the Company has not made the election to convert to an investment grade pricing grid. The following table summarizes the key terms of the unsecured revolving line of credit:
The Unsecured Credit Facility has a $500,000 accordion option that allows the Company, at its election, to increase the total Unsecured Credit Facility up to $1,350,000, subject to (i) customary fees and conditions including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) the Company’s ability to obtain additional lender commitments. Unsecured Term Loans As of March 31, 2021, the Company has the following unsecured term loans: (i) a -year $200,000 unsecured term loan (Term Loan Due 2023), (ii) a -year $120,000 unsecured term loan (Term Loan Due 2024) and (iii) a -year $150,000 unsecured term loan (Term Loan Due 2026), each of which bears interest at a rate of LIBOR plus a credit spread based on a leverage grid. In accordance with the respective term loan agreements, the credit spread set forth in the leverage grid resets quarterly based on the Company’s leverage, as calculated at the previous quarter end, and the Company has the option to make an irrevocable election to convert to an investment grade pricing grid. As of March 31, 2021, making such an election would not have changed the interest rate for the Term Loan Due 2023 and would have resulted in higher interest rates for the Term Loan Due 2024 and Term Loan Due 2026 and, as such, the Company has not made the election to convert to an investment grade pricing grid. The following table summarizes the key terms of the unsecured term loans:
The Term Loan Due 2023 has a $100,000 accordion option that allows the Company, at its election, to increase the Term Loan Due 2023 up to $300,000, subject to (i) customary fees and conditions, including the absence of an event of default as defined in the amended term loan agreement and (ii) the Company’s ability to obtain additional lender commitments. The Term Loan Due 2024 has a $130,000 accordion option and the Term Loan Due 2026 has a $100,000 accordion option that, collectively, allow the Company, at its election, to increase the total of the Term Loan Due 2024 and Term Loan Due 2026 up to $500,000, subject to (i) customary fees and conditions, including the absence of an event of default as defined in the term loan agreement and (ii) the Company’s ability to obtain additional lender commitments. Debt Maturities The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of March 31, 2021 for the remainder of 2021, each of the next four years and thereafter, and the weighted average interest rates by year.
(a)Excludes mortgage discount of $(439) and capitalized loan fees of $(176), net of accumulated amortization, as of March 31, 2021. (b)Excludes capitalized loan fees of $(2,273), net of accumulated amortization, as of March 31, 2021. The following variable rate term loans have been swapped to fixed rate debt: (i) $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (ii) $120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iii) $150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of March 31, 2021, the applicable credit spread for (i) 1.25%, for (ii) was 1.20% and for (iii) was 1.60%. (c)Excludes discount of $(6,258) and capitalized loan fees of $(7,220), net of accumulated amortization, as of March 31, 2021. (d)The weighted average years to maturity of consolidated indebtedness was 5.6 years as of March 31, 2021. (e)Represents interest rate as of March 31, 2021, however, the revolving line of credit was not drawn as of March 31, 2021. The Company’s unsecured debt agreements, consisting of the (i) unsecured credit agreement, as amended, governing the Unsecured Credit Facility, (ii) term loan agreement, as amended, governing the Term Loan Due 2023, (iii) term loan agreement, as amended, governing the Term Loan Due 2024 and Term Loan Due 2026, (iv) note purchase agreement governing the 4.58% senior unsecured notes due 2024 (Notes Due 2024), (v) indenture, as supplemented, governing the 4.00% senior unsecured notes due 2025 (Notes Due 2025), (vi) note purchase agreement governing the 4.08% senior unsecured notes due 2026 and the 4.24% senior unsecured notes due 2028 (Notes Due 2026 and 2028), (vii) note purchase agreement governing the 4.82% senior unsecured notes due 2029 (Notes Due 2029) and (viii) indenture, as supplemented, governing the 4.75% senior unsecured notes due 2030 (Notes Due 2030), contain customary representations, warranties and covenants, and events of default. These include financial covenants such as (i) maximum unencumbered, secured and consolidated leverage ratios; (ii) minimum interest coverage ratios; (iii) minimum fixed charge coverage ratios; (iv) minimum unencumbered interest coverage ratios; (v) a minimum debt service coverage ratio; and (vi) a minimum unencumbered assets to unsecured debt ratio. All financial covenants that include operating results, or derivations thereof, in their calculations are based on the most recent four fiscal quarters of activity. As of March 31, 2021, the Company believes it was in compliance with the financial covenants and default provisions under the unsecured debt agreements. The Company plans on addressing its debt maturities through a combination of (i) cash flows generated from operations, (ii) working capital, (iii) capital markets transactions and (iv) its unsecured revolving line of credit.
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | DERIVATIVES The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreement without exchange of the underlying notional amount. As of March 31, 2021, the Company has eight interest rate swaps to hedge the variable cash flows associated with variable rate debt. Changes in fair value of the derivatives that are designated and that qualify as cash flow hedges are recorded within “Accumulated other comprehensive loss” and are reclassified into interest expense as interest payments are made on the Company’s variable rate debt. Over the next 12 months, the Company estimates that an additional $9,728 will be reclassified as an increase to interest expense. The following table summarizes the Company’s interest rate swaps as of March 31, 2021, which effectively convert one-month floating rate LIBOR to a fixed rate:
The Company previously had three interest rate swaps with notional amounts totaling $250,000 and a maturity date of January 5, 2021 that were terminated during 2020 in conjunction with the repayment of the Company’s $250,000 unsecured term loan due 2021. At termination, these interest rate swaps were in a liability position and had a fair value of $1,699. The associated other comprehensive income was amortized into expense through the original maturity date. As a result, the Company recognized $64 of interest expense, which is included within “Interest expense” in the accompanying condensed consolidated statements of operations and other comprehensive income (loss), in connection with the termination of these swaps during the three months ended March 31, 2021. The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk:
The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques used are described in Note 12 to the condensed consolidated financial statements.
The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three months ended March 31, 2021 and 2020:
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Equity |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | EQUITY The Company has an existing common stock repurchase program under which it may repurchase, from time to time, up to a maximum of $500,000 of shares of its Class A common stock. The shares may be repurchased in the open market or in privately negotiated transactions and are canceled upon repurchase. The timing and actual number of shares repurchased will depend on a variety of factors, including price in absolute terms and in relation to the value of the Company’s assets, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The common stock repurchase program may be suspended or terminated at any time without prior notice. The Company did not repurchase any shares during the three months ended March 31, 2021 and 2020. As of March 31, 2021, $189,105 remained available for repurchases of shares of the Company’s common stock under its common stock repurchase program. On April 1, 2021, the Company established an at-the-market (ATM) equity program under which it may issue and sell shares of its Class A common stock, having an aggregate offering price of up to $250,000, from time to time. Actual sales may depend on a variety of factors, including, among others, market conditions and the trading price of the Company’s Class A common stock. Any net proceeds are expected to be used for general corporate purposes, which may include funding acquisitions and redevelopment activities and repaying debt.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | EARNINGS PER SHARE The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS):
(a)Excludes 970 shares of unvested restricted common stock as of March 31, 2021, which equate to 879 shares for the three months ended March 31, 2021 on a weighted average basis. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b)Excludes 815 shares of unvested restricted common stock as of March 31, 2020, which equate to 677 shares for the three months ended March 31, 2020 on a weighted average basis. These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c)There were outstanding options to purchase 10 and 16 shares of common stock as of March 31, 2021 and 2020, respectively, at a weighted average exercise price of $15.12 and $15.87, respectively. Of these totals, outstanding options to purchase 10 and 16 shares of common stock as of March 31, 2021 and 2020, respectively, at a weighted average exercise price of $15.12 and $15.87, respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (d)As of March 31, 2021, there were 1,166 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 1,159 RSUs for the three months ended March 31, 2021 on a weighted average basis. These contingently issuable shares are a component of calculating diluted EPS. (e)As of March 31, 2020, there were 974 RSUs eligible for future conversion upon completion of the performance periods, which equate to 969 RSUs for the three months ended March 31, 2020 on a weighted average basis. These contingently issuable shares have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive.
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Provision for Impairment of Investment Properties |
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Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Impairment of Investment Properties | PROVISION FOR IMPAIRMENT OF INVESTMENT PROPERTIES As of March 31, 2021 and 2020, the Company identified indicators of impairment at certain of its properties and took into consideration the most current information available and expectations at the time of the assessment. Such indicators included a low occupancy rate, expected sustained difficulty in leasing space and related cost of re-leasing, significant exposure to financially troubled tenants or reduced anticipated holding periods. The following table summarizes the results of these analyses as of March 31, 2021 and 2020:
(a)Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed. The Company did not record any investment property impairment charges during the three months ended March 31, 2021. The Company recorded the following investment property impairment charge during the three months ended March 31, 2020:
(a)The Company recorded an impairment charge on December 31, 2019 based upon the terms and conditions of an executed sales contract. This property was sold on February 13, 2020, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract. The extent to which COVID-19 impacts the Company and its tenants will depend, in part, on future developments, which are highly uncertain. If the effects of COVID-19 cause economic and market conditions to continue to deteriorate, which, consequently, result in deterioration of operating conditions, and/or if the Company’s expected holding period for assets change, subsequent tests for impairment could result in impairment charges in the future. Indications of a tenant’s inability to continue as a going concern, changes in the Company’s view or strategy relative to a tenant’s business or industry, or changes in the Company’s long-term hold strategies could change in future periods. The Company will continue to monitor circumstances and events in future periods and can provide no assurance that material impairment charges with respect to its investment properties will not occur in future periods.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The following table presents the carrying value and estimated fair value of the Company’s financial instruments:
The carrying value of the derivative liability is included within “Other liabilities” in the accompanying condensed consolidated balance sheets. Recurring Fair Value Measurements The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table.
Derivatives: The fair value of the derivative liability is determined using a discounted cash flow analysis on the expected future cash flows of each derivative. This analysis uses observable market data including forward yield curves and implied volatilities to determine the market’s expectation of the future cash flows of the variable component. The fixed and variable components of the derivative are then discounted using calculated discount factors developed based on the LIBOR swap rate and are aggregated to arrive at a single valuation for the period. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives use Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2021 and December 31, 2020, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered any applicable credit enhancements. The Company’s derivative instruments are further described in Note 8 to the condensed consolidated financial statements. Nonrecurring Fair Value Measurements The Company did not remeasure any assets to fair value on a nonrecurring basis as of March 31, 2021. The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2020, aggregated by the level within the fair value hierarchy in which those measurements fall. The table includes information related to a properties remeasured to fair value as a result of impairment charges recorded during the year ended December 31, 2020, except for those properties sold prior to December 31, 2020. Methods and assumptions used to estimate the fair value of this asset is described after the table.
(a)Represents the fair value of the Company’s Streets of Yorktown investment property as of September 30, 2020, the date the asset was measured at fair value. The estimated fair value of Streets of Yorktown was based upon third-party comparable sales prices, derived from property-specific information, market transactions and other industry data and are considered significant unobservable inputs. Fair Value Disclosures The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which those measurements fall.
The Company estimates the fair value of its Level 3 financial liabilities using a discounted cash flow model that incorporates future contractual principal and interest payments. The Company estimates the fair value of its mortgages payable, net and Level 3 unsecured notes payable, net by discounting the anticipated future cash flows of each instrument at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. The Company estimates the fair value of its unsecured term loans, net and unsecured revolving line of credit by discounting the anticipated future cash flows at a reference rate, currently one-month LIBOR, plus an applicable credit spread currently offered to the Company by its lenders for similar instruments of comparable maturities. The following rates were used in the discounted cash flow model to calculate the fair value of the Company’s Level 3 financial liabilities:
There were no transfers between the levels of the fair value hierarchy during the three months ended March 31, 2021 and the year ended December 31, 2020.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES As of March 31, 2021, the Company had letters of credit outstanding totaling $291 that serve as collateral for certain capital improvements at one of its properties and reduce the available borrowings on its unsecured revolving line of credit. The following table summarizes the Company’s active expansion and redevelopment projects as of March 31, 2021:
(a)Investment amounts are net of proceeds of $11,820 received from the sale of air rights. (b)Investment amounts are net of expected contributions from the Company’s joint venture partner.
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Litigation |
3 Months Ended |
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Mar. 31, 2021 | |
Litigation Settlement [Abstract] | |
Legal Matters and Contingencies | LITIGATIONThe Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of such matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material effect on the Company’s condensed consolidated financial statements. During the three months ended March 31, 2020, the Company entered into a settlement agreement related to litigation with a former tenant and received $6,100 in proceeds. |
Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Subsequent to March 31, 2021, the Company paid the cash dividend for the first quarter of 2021 of $0.07 per share on its outstanding Class A common stock, which was paid on April 9, 2021 to Class A common shareholders of record at the close of business on March 26, 2021. On April 1, 2021, the Company established an ATM equity program under which it may issue and sell shares of its Class A common stock, having an aggregate offering price of up to $250,000, from time to time. Actual sales may depend on a variety of factors, including, among others, market conditions and the trading price of the Company’s Class A common stock. Any net proceeds are expected to be used for general corporate purposes, which may include funding acquisitions and redevelopment activities and repaying debt.
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Organization and Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Income taxes | The Company has elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended (the Code). The Company believes it qualifies for taxation as a REIT and, as such, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income, property or net worth and U.S. federal income and excise taxes on its undistributed income. The Company has one wholly owned subsidiary that has jointly elected to be treated as a taxable REIT subsidiary (TRS) and is subject to U.S. federal, state and local income taxes at regular corporate tax rates. The income tax expense incurred by the TRS did not have a material impact on the Company’s accompanying condensed consolidated financial statements. |
Use of estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. For example, significant estimates and assumptions have been made with respect to (i) the reserve for uncollectible lease income, (ii) provision for impairment, including estimates of holding periods, capitalization rates and discount rates (where applicable), and (iii) initial valuations and related amortization periods of deferred costs and intangibles, particularly with respect to property acquisitions and initial recognition of right-of-use lease assets and lease liabilities. Actual results could differ from these estimates. |
Consolidation | The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly owned subsidiaries and consolidated variable interest entities (VIEs). All intercompany balances and transactions have been eliminated in consolidation. Wholly owned subsidiaries generally consist of limited liability companies, limited partnerships and statutory trusts. |
Organization and Basis of Presentation (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of property ownership | The Company’s property ownership as of March 31, 2021 is summarized below:
(a)The operating portion of this property is included within the property count for retail operating properties.
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Acquisitions and Developments in Progress (Tables) |
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Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of acquisitions | The Company closed on the following acquisition during the three months ended March 31, 2020:
(a)The Company acquired the fee interest in an existing multi-tenant retail operating property. In connection with this acquisition, the Company also assumed the lessor position in a ground lease with a shadow anchor. (b)Acquisition price does not include capitalized closing costs and adjustments totaling $240.
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Schedule of acquisition date fair values | The following table summarizes the acquisition date values, before prorations, the Company recorded in conjunction with the acquisition discussed above:
(a)The weighted average amortization period for acquired lease intangible assets is 17 years for the acquisition completed during the three months ended March 31, 2020. (b)The weighted average amortization period for acquired lease intangible liabilities is 17 years for the acquisition completed during the three months ended March 31, 2020.
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Schedule of developments in progress | The carrying amount of the Company’s developments in progress are as follows:
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Schedule of variable interest entities | As of March 31, 2021 and December 31, 2020, the Company recorded the following related to the One Loudoun Downtown – Pads G & H consolidated joint venture:
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Dispositions (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property dispositions | The Company closed on the following disposition during the three months ended March 31, 2020:
(a)Aggregate proceeds are net of transaction costs.
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Equity Compensation Plans (Tables) |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of unvested restricted shares and restricted stock units | The following table summarizes the Company’s unvested restricted shares as of and for the three months ended March 31, 2021:
(a)Shares granted vest over periods ranging from 0.9 years to three years in accordance with the terms of applicable award agreements. (b)As of March 31, 2021, total unrecognized compensation expense related to unvested restricted shares was $3,772, which is expected to be amortized over a weighted average term of 1.5 years. The following table summarizes the Company’s unvested performance restricted stock units (RSUs) as of and for the three months ended March 31, 2021:
(a)Assumptions and inputs as of the grant date included a risk-free interest rate of 0.16%, the Company’s historical common stock performance relative to the peer companies within the National Association of Real Estate Investment Trusts (NAREIT) Shopping Center Index and the Company’s projected common stock dividend yield of 4.08%. Subject to continued employment, in 2024, following the performance period which concludes on December 31, 2023, one-third of the RSUs that are earned will convert into shares of common stock and two-thirds will convert into restricted shares with a one year vesting term. (b)On February 8, 2021, 260 RSUs converted into 102 shares of common stock and 197 restricted shares that will vest on December 31, 2021, subject to continued employment through such date, after applying a conversion rate of 115% based upon the Company’s Total Shareholder Return (TSR) relative to the TSRs of its peer companies for the performance period that concluded on December 31, 2020. An additional 49 shares of common stock were also issued, representing the dividends that would have been paid on the earned awards during the performance period. (c)As of March 31, 2021, total unrecognized compensation expense related to unvested RSUs was $8,169, which is expected to be amortized over a weighted average term of 2.3 years.
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of lease income | Lease income related to the Company’s operating leases is comprised of the following:
(a)Base rent primarily consists of fixed lease payments; however, it also includes the net impact of variable lease payments related to lease concessions granted as relief due to COVID-19 in accordance with the Company’s policy elections related to the accounting treatment of such lease concessions. The impact of these lease concessions includes an increase of $1,230 and $0 for the three months ended March 31, 2021 and 2020, respectively, in base rent related to the repayment of amounts previously deferred under lease concessions that did not meet deferral accounting treatment; as a result, lease income was reduced for the deferral in previous periods, however recognized as variable lease income upon receipt of payment, more than offset by a decrease of $2,609 and $0 for the three months ended March 31, 2021 and 2020, respectively, in base rent related to lease concession agreements executed during the period that did not meet deferral accounting treatment and for which payment has not been received. The aggregate $2,609 decrease from lease concession agreements was associated with billed base rent of $1,254 from the three months ended March 31, 2021 and $1,355 from prior periods. (b)Base rent and tenant recoveries are presented gross of any uncollected amounts related to cash-basis tenants. Such uncollected amounts are reflected within “Uncollectible lease income, net.” (c)Represents lease income related to variable lease payments. (d)Represents lease income related to fixed lease payments. Straight-line rental income, net includes changes in the reserve for straight-line receivables related to tenants accounted for on a cash basis of $(2,610) and $(1,035) for the three months ended March 31, 2021 and 2020, respectively. (e)Uncollectible lease income, net is comprised of (i) collection of amounts related to previous periods from tenants accounted for on the cash basis of accounting, (ii) the impact of executed lease concessions that did not meet deferral accounting treatment, however, were agreed in previous periods; as a result, the impact of these anticipated concessions was included within the reserve for uncollectible lease income until executed, and (iii) a decrease in the general reserve due to collections from accrual-basis tenants, partially offset by (iv) the uncollected portion of current period charges related to cash-basis tenants, and (v) the impact of lease concessions we have agreed in principle of $454 and $0 for the three months ended March 31, 2021 and 2020, respectively, that are not expected to meet deferral accounting treatment, however, such agreements have not been executed as of March 31, 2021; as a result, the impact of these anticipated concessions are included within the reserve for uncollectible lease income until executed.
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of mortgages payable | The following table summarizes the Company’s mortgages payable:
(a)The fixed rate mortgages had interest rates ranging from 3.75% to 4.82% as of March 31, 2021 and December 31, 2020.
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Summary of unsecured notes payable | The following table summarizes the Company’s unsecured notes payable:
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Summary of term loans and revolving line of credit | The following table summarizes the Company’s term loans and revolving line of credit:
(a)$200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid ranging from 1.20% to 1.85% through November 22, 2023. The applicable credit spread was 1.25% as of March 31, 2021 and December 31, 2020. (b)$120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid ranging from 1.20% to 1.70% through July 17, 2024. The applicable credit spread was 1.20% as of March 31, 2021 and December 31, 2020. (c)$150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid ranging from 1.50% to 2.20% through July 17, 2026. The applicable credit spread was 1.60% as of March 31, 2021 and December 31, 2020. (d)Excludes capitalized loan fees, which are included within “Other assets, net” in the accompanying condensed consolidated balance sheets. The revolving line of credit has two -month extension options that the Company can exercise, at its election, subject to (i) customary representations and warranties, including, but not limited to, the absence of an event of default as defined in the unsecured credit agreement and (ii) payment of an extension fee equal to 0.075% of the revolving line of credit capacity.
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Summary of unsecured revolving line of credit | The following table summarizes the key terms of the unsecured revolving line of credit:
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Summary of unsecured term loans | The following table summarizes the key terms of the unsecured term loans:
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Summary of scheduled maturities and principal amortization of indebtedness | The following table summarizes the scheduled maturities and principal amortization of the Company’s indebtedness as of March 31, 2021 for the remainder of 2021, each of the next four years and thereafter, and the weighted average interest rates by year.
(a)Excludes mortgage discount of $(439) and capitalized loan fees of $(176), net of accumulated amortization, as of March 31, 2021. (b)Excludes capitalized loan fees of $(2,273), net of accumulated amortization, as of March 31, 2021. The following variable rate term loans have been swapped to fixed rate debt: (i) $200,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 2.85% plus a credit spread based on a leverage grid through November 22, 2023; (ii) $120,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.68% plus a credit spread based on a leverage grid through July 17, 2024; and (iii) $150,000 of LIBOR-based variable rate debt has been swapped to a fixed rate of 1.77% plus a credit spread based on a leverage grid through July 17, 2026. As of March 31, 2021, the applicable credit spread for (i) 1.25%, for (ii) was 1.20% and for (iii) was 1.60%. (c)Excludes discount of $(6,258) and capitalized loan fees of $(7,220), net of accumulated amortization, as of March 31, 2021. (d)The weighted average years to maturity of consolidated indebtedness was 5.6 years as of March 31, 2021. (e)Represents interest rate as of March 31, 2021, however, the revolving line of credit was not drawn as of March 31, 2021.
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Derivatives (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative instruments | The following table summarizes the Company’s interest rate swaps as of March 31, 2021, which effectively convert one-month floating rate LIBOR to a fixed rate:
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Schedule of interest rate swaps designated as cash flow hedges | The following table summarizes the Company’s interest rate swaps that were designated as cash flow hedges of interest rate risk:
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Schedule of estimated fair value of derivative instruments | The table below presents the estimated fair value of the Company’s derivative financial instruments, which are presented within “Other liabilities” in the accompanying condensed consolidated balance sheets. The valuation techniques used are described in Note 12 to the condensed consolidated financial statements.
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Schedule of effect of derivative instruments on the consolidated statements of operations | The following table presents the effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations and other comprehensive income (loss) for the three months ended March 31, 2021 and 2020:
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Earnings per Share (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components used in the calculation of basic and diluted EPS | The following table summarizes the components used in the calculation of basic and diluted earnings per share (EPS):
(a)Excludes 970 shares of unvested restricted common stock as of March 31, 2021, which equate to 879 shares for the three months ended March 31, 2021 on a weighted average basis. These shares will continue to be excluded from the computation of basic EPS until contingencies are resolved and the shares are released. (b)Excludes 815 shares of unvested restricted common stock as of March 31, 2020, which equate to 677 shares for the three months ended March 31, 2020 on a weighted average basis. These shares were excluded from the computation of basic EPS as the contingencies remained and the shares had not been released as of the end of the reporting period. (c)There were outstanding options to purchase 10 and 16 shares of common stock as of March 31, 2021 and 2020, respectively, at a weighted average exercise price of $15.12 and $15.87, respectively. Of these totals, outstanding options to purchase 10 and 16 shares of common stock as of March 31, 2021 and 2020, respectively, at a weighted average exercise price of $15.12 and $15.87, respectively, have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive. (d)As of March 31, 2021, there were 1,166 RSUs eligible for future conversion upon completion of the performance periods (see Note 5 to the condensed consolidated financial statements), which equate to 1,159 RSUs for the three months ended March 31, 2021 on a weighted average basis. These contingently issuable shares are a component of calculating diluted EPS. (e)As of March 31, 2020, there were 974 RSUs eligible for future conversion upon completion of the performance periods, which equate to 969 RSUs for the three months ended March 31, 2020 on a weighted average basis. These contingently issuable shares have been excluded from the common shares used in calculating diluted EPS as including them would be anti-dilutive.
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Provision for Impairment of Investment Properties (Tables) |
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Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of identified impairment indicators | The following table summarizes the results of these analyses as of March 31, 2021 and 2020:
(a)Based upon the estimated holding period for each asset where an undiscounted cash flow analysis was performed.
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Schedule of investment property impairment charges | The Company recorded the following investment property impairment charge during the three months ended March 31, 2020:
(a)The Company recorded an impairment charge on December 31, 2019 based upon the terms and conditions of an executed sales contract. This property was sold on February 13, 2020, at which time additional impairment was recognized pursuant to the terms and conditions of an executed sales contract.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of carrying value and estimated fair value of financial instruments | The following table presents the carrying value and estimated fair value of the Company’s financial instruments:
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Schedule of financial instruments measured at fair value on a recurring basis | The following table presents the Company’s financial instruments, which are measured at fair value on a recurring basis, by the level in the fair value hierarchy within which those measurements fall. Methods and assumptions used to estimate the fair value of these instruments are described after the table.
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Schedule of assets measured at fair value on a nonrecurring basis | The following table presents the Company’s assets measured at fair value on a nonrecurring basis as of December 31, 2020, aggregated by the level within the fair value hierarchy in which those measurements fall. The table includes information related to a properties remeasured to fair value as a result of impairment charges recorded during the year ended December 31, 2020, except for those properties sold prior to December 31, 2020. Methods and assumptions used to estimate the fair value of this asset is described after the table.
(a)Represents the fair value of the Company’s Streets of Yorktown investment property as of September 30, 2020, the date the asset was measured at fair value. The estimated fair value of Streets of Yorktown was based upon third-party comparable sales prices, derived from property-specific information, market transactions and other industry data and are considered significant unobservable inputs.
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Schedule of financial liabilities measured at fair value for disclosure purposes | The following table presents the Company’s financial liabilities, which are measured at fair value for disclosure purposes, by the level in the fair value hierarchy within which those measurements fall.
The Company estimates the fair value of its Level 3 financial liabilities using a discounted cash flow model that incorporates future contractual principal and interest payments. The Company estimates the fair value of its mortgages payable, net and Level 3 unsecured notes payable, net by discounting the anticipated future cash flows of each instrument at rates currently offered to the Company by its lenders for similar debt instruments of comparable maturities. The Company estimates the fair value of its unsecured term loans, net and unsecured revolving line of credit by discounting the anticipated future cash flows at a reference rate, currently one-month LIBOR, plus an applicable credit spread currently offered to the Company by its lenders for similar instruments of comparable maturities. The following rates were used in the discounted cash flow model to calculate the fair value of the Company’s Level 3 financial liabilities:
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of expansion and redevelopment projects | The following table summarizes the Company’s active expansion and redevelopment projects as of March 31, 2021:
(a)Investment amounts are net of proceeds of $11,820 received from the sale of air rights. (b)Investment amounts are net of expected contributions from the Company’s joint venture partner.
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Acquisitions and Developments in Progress - Summary of Acquisitions (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 06, 2020
USD ($)
ft²
|
Mar. 31, 2020
USD ($)
ft²
|
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Fullerton Metrocenter - Fee Interest | ||
Asset Acquisition [Line Items] | ||
Square footage | ft² | 154,700 | |
Purchase price of asset acquisition | $ 55,000 | |
2020 acquisitions | ||
Asset Acquisition [Line Items] | ||
Square footage | ft² | 154,700 | |
Purchase price of asset acquisition | $ 55,000 | |
Capitalized closing costs and adjustments | $ 240 |
Acquisitions and Developments in Progress - Acquisition Date Fair Values (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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2020 acquisitions | ||
Acquisition Date Fair Values | ||
Land | $ 57,137 | |
Building and other improvements, net | 1,623 | |
Acquired lease intangible assets | 2,014 | |
Acquired lease intangible liabilities | (5,534) | |
Net assets acquired | $ 55,240 | |
Weighted average amortization period, acquired lease intangible assets | 17 years | |
Weighted average amortization period, acquired lease intangible liabilities | 17 years | |
Building and associated improvements | ||
Asset Acquisition [Line Items] | ||
Capitalized internal salaries and related benefits | $ 716 | $ 626 |
Internal leasing incentives | ||
Asset Acquisition [Line Items] | ||
Capitalized internal leasing incentives | $ 57 | $ 60 |
Acquisitions and Developments in Progress - Variable Interest Entities (Details) - One Loudoun Downtown - Pads G & H $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
agreements
|
Dec. 31, 2020
USD ($)
|
|
Variable Interest Entity [Line Items] | ||
Development costs funded by the Company through a loan to the joint venture | $ 3,556 | |
Multi-family | ||
Variable Interest Entity [Line Items] | ||
Number of joint venture agreements | agreements | 1 | |
Multi-family | RPAI | ||
Variable Interest Entity [Line Items] | ||
Noncontrolling interest, ownership percentage by parent | 90.00% | |
Net investment properties | ||
Variable Interest Entity [Line Items] | ||
Development costs incurred | $ 84,278 | $ 74,314 |
Other assets, net | ||
Variable Interest Entity [Line Items] | ||
Development costs incurred | 423 | 354 |
Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Development costs incurred | 4,067 | 3,890 |
Noncontrolling interests | ||
Variable Interest Entity [Line Items] | ||
Development costs incurred | $ 4,507 | $ 4,507 |
Dispositions - Summary of Dispositions (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Feb. 13, 2020
USD ($)
ft²
|
Mar. 31, 2021
USD ($)
property
|
Mar. 31, 2020
USD ($)
ft²
|
Dec. 31, 2020
property
|
|
Property Dispositions [Line Items] | ||||
Aggregate proceeds, net | $ 0 | $ 11,343 | ||
King Philip's Crossing | ||||
Property Dispositions [Line Items] | ||||
Square footage | ft² | 105,900 | |||
Consideration | $ 13,900 | |||
Aggregate proceeds, net | 11,343 | |||
Gain | $ 0 | |||
2020 dispositions | ||||
Property Dispositions [Line Items] | ||||
Square footage | ft² | 105,900 | |||
Consideration | $ 13,900 | |||
Aggregate proceeds, net | 11,343 | |||
Gain | $ 0 | |||
Investment properties held for sale | ||||
Property Dispositions [Line Items] | ||||
Number of properties classified as held for sale | property | 0 | 0 |
Derivatives - Interest Rate Swaps Designated as Cash Flow Hedges (Details) - Interest rate swaps - Cash flow hedges $ in Thousands |
Mar. 31, 2021
USD ($)
instrument
|
Dec. 31, 2020
USD ($)
instrument
|
---|---|---|
Derivative [Line Items] | ||
Number of instruments | instrument | 8 | 8 |
Notional | $ | $ 470,000 | $ 470,000 |
Derivatives - Estimated Fair Value (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Interest rate swaps | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liability | $ 23,611 | $ 31,666 |
Derivatives - Effect on Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
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Derivative Instruments, (Gain) Loss [Line Items] | ||
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded | $ 18,752 | $ 17,046 |
Interest rate swaps | Cash flow hedges | ||
Derivative Instruments, (Gain) Loss [Line Items] | ||
Amount of (gain) loss recognized in other comprehensive income on derivative | (5,606) | 28,653 |
Amount of loss reclassified from AOCI into income | 2,513 | 1,071 |
Interest expense presented in the Statements of Operations in which the effects of cash flow hedges are recorded | $ 18,752 | $ 17,046 |
Equity (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Apr. 01, 2021 |
|
2015 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Maximum authorized amount for stock repurchases | $ 500,000 | ||
Number of common shares repurchased | 0 | 0 | |
Remaining authorized repurchase amount | $ 189,105 | ||
Subsequent events | 2021 ATM Equity Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Maximum aggregate offering price | $ 250,000 |
Provision for Impairment of Investment Properties - Impairment Indicators (Details) - property |
Mar. 31, 2021 |
Mar. 31, 2020 |
---|---|---|
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Number of properties for which indicators of impairment were identified | 5 | 2 |
Number of properties for which an impairment charge was recorded | 0 | 0 |
Number of properties held for sale with impairment indicators but not impaired | 0 | 0 |
Remaining properties with impairment indicators but not impaired | 5 | 2 |
Weighted average percentage by which projected undiscounted cash flows exceeded carrying value for remaining properties | 134.00% | 58.00% |
Provision for Impairment of Investment Properties - Impairment Charges (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021
USD ($)
|
Mar. 31, 2020
USD ($)
ft²
|
Dec. 31, 2020
USD ($)
|
|
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Provision for impairment of investment properties | $ 0 | $ 346 | $ 2,279 |
Estimated fair value of impaired property as of impairment date | $ 11,644 | ||
King Philip's Crossing | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Square footage | ft² | 105,900 | ||
Provision for impairment of investment properties | $ 346 |
Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Financial liabilities: | ||
Mortgages payable, net | $ 90,943 | $ 91,514 |
Unsecured notes payable, net | 1,186,522 | 1,186,000 |
Unsecured term loans, net | 467,727 | 467,559 |
Unsecured revolving line of credit | 0 | 0 |
Carrying Value | ||
Financial liabilities: | ||
Mortgages payable, net | 90,943 | 91,514 |
Unsecured notes payable, net | 1,186,522 | 1,186,000 |
Unsecured term loans, net | 467,727 | 467,559 |
Unsecured revolving line of credit | 0 | 0 |
Derivative liability | 23,611 | 31,666 |
Fair Value | ||
Financial liabilities: | ||
Mortgages payable, net | 93,180 | 93,664 |
Unsecured notes payable, net | 1,272,721 | 1,253,928 |
Unsecured term loans, net | 468,294 | 464,072 |
Unsecured revolving line of credit | 0 | 0 |
Derivative liability | $ 23,611 | $ 31,666 |
Fair Value Measurements - Recurring Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 23,611 | $ 31,666 |
Fair value, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 23,611 | $ 31,666 |
Fair Value Measurements - Nonrecurring Fair Value Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Provision for impairment | $ 0 | $ 346 | $ 2,279 |
Nonrecurring Fair Value Measurements | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investment property | 2,500 | ||
Nonrecurring Fair Value Measurements | Fair Value, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investment property | $ 2,500 |
Litigation (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Litigation Settlement [Abstract] | ||
Gain on litigation settlement | $ 0 | $ 6,100 |
Subsequent Events (Details) - Subsequent events - USD ($) $ / shares in Units, $ in Thousands |
Apr. 09, 2021 |
Apr. 01, 2021 |
---|---|---|
Class A common stock | ||
Subsequent Event [Line Items] | ||
Dividends paid to common shareholders (in dollars per share) | $ 0.07 | |
2021 ATM Equity Program | ||
Subsequent Event [Line Items] | ||
Maximum aggregate offering price | $ 250,000 |