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.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
(Registrant’s telephone number, including area code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |
☒ | Smaller reporting company | |||
Emerging growth company |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
N/A | N/A | N/A |
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Item 2. | ||
Item 3. | ||
Item 4. | ||
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Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
As of | |||||||
June 30, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investment properties | |||||||
Land | $ | $ | |||||
Building and other improvements | |||||||
Construction in progress | |||||||
Total | |||||||
Less accumulated depreciation | ( | ) | ( | ) | |||
Net investment properties | |||||||
Cash and cash equivalents | |||||||
Restricted cash | |||||||
Investment in unconsolidated entities | |||||||
Intangible assets, net | |||||||
Accounts and rents receivable, net | |||||||
Deferred costs and other assets, net | |||||||
Total assets | $ | $ | |||||
Liabilities | |||||||
Debt, net | $ | $ | |||||
Accounts payable and accrued expenses | |||||||
Distributions payable | |||||||
Intangible liabilities, net | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies | |||||||
Stockholders' Equity | |||||||
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding | |||||||
Common stock, $.001 par value, 1,460,000,000 shares authorized, 718,934,723 shares issued and outstanding as of June 30, 2020 and 720,807,884 shares issued and outstanding as of December 31, 2019. | |||||||
Additional paid-in capital | |||||||
Distributions in excess of accumulated net income | ( | ) | ( | ) | |||
Accumulated comprehensive (loss) income | ( | ) | |||||
Total stockholders' equity | |||||||
Total liabilities and stockholders' equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Income | |||||||||||||||
Lease income, net | $ | $ | $ | $ | |||||||||||
Other property income | |||||||||||||||
Other fee income | |||||||||||||||
Total income | |||||||||||||||
Operating expenses | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Property operating | |||||||||||||||
Real estate taxes | |||||||||||||||
General and administrative | |||||||||||||||
Total operating expenses | |||||||||||||||
Other income (expense) | |||||||||||||||
Interest and other income, net | |||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Loss on extinguishment of debt | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Provision for asset impairment | ( | ) | |||||||||||||
(Loss) gain on sale of investment properties, net | ( | ) | |||||||||||||
Equity in (losses) earnings of unconsolidated entities | ( | ) | ( | ) | ( | ) | |||||||||
Total other expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net (loss) income from continuing operations | ( | ) | ( | ) | |||||||||||
Net loss from discontinued operations | ( | ) | ( | ) | |||||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Weighted-average number of common shares outstanding, basic | |||||||||||||||
Weighted-average number of common shares outstanding, diluted | |||||||||||||||
Net (loss) income per common share, from continuing operations, basic and diluted | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Net loss per common share, from discontinued operations, basic and diluted | ( | ) | ( | ) | |||||||||||
Net loss per common share, basic and diluted | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Distributions declared per common share outstanding | $ | $ | $ | $ | |||||||||||
Distributions paid per common share outstanding | $ | $ | $ | $ | |||||||||||
Comprehensive loss | |||||||||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Unrealized loss on derivatives | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Reclassification to net income | ( | ) | ( | ) | |||||||||||
Comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Number of Shares | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Net Income | Accumulated Comprehensive Income | Total | |||||||||||||||||
Beginning balance, January 1, 2019 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Unrealized loss on derivatives | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | — | ||||||||||||||||||
Ending balance, March 31, 2019 | ( | ) | ||||||||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Unrealized loss on derivatives | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | |||||||||||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | $ |
Number of Shares | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Net Income | Accumulated Comprehensive Income (Loss) | Total | |||||||||||||||||
Beginning balance, January 1, 2020 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Unrealized loss on derivatives | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | — | ||||||||||||||||||
Common stock issuance costs in excess of proceeds from distribution reinvestment plan | — | ( | ) | — | — | ( | ) | |||||||||||||||
Ending balance, March 31, 2020 | ( | ) | ( | ) | ||||||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Unrealized loss on derivatives | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ||||||||||||||||||
Reclassification to equity in (losses) earnings of unconsolidated entities | — | — | — | — | ||||||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | |||||||||||||||||||
Repurchase of common stock under share repurchase plan | ( | ) | ( | ) | ( | ) | — | — | ( | ) | ||||||||||||
Proceeds from distribution reinvestment plan, net | — | — | — | |||||||||||||||||||
Ending balance, June 30, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | $ |
Six months ended June 30, | |||||||
2020 | 2019 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | ( | ) | $ | ( | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | |||||||
Amortization of above and below-market leases and lease inducements, net | ( | ) | ( | ) | |||
Amortization of debt premiums, discounts and financing costs, net | |||||||
Straight-line rent adjustment, net | ( | ) | |||||
Provision for estimated credit losses | |||||||
Provision for asset impairment | |||||||
Gain on sale of investment properties, net | ( | ) | ( | ) | |||
Loss on extinguishment of debt, net | |||||||
Equity in (earnings) losses of unconsolidated entities | ( | ) | |||||
Distributions from unconsolidated entities | |||||||
Stock-based compensation, net | |||||||
Provision for indemnification claims | |||||||
Changes in operating assets and liabilities: | |||||||
Accounts and rents receivable | ( | ) | |||||
Deferred costs and other assets | ( | ) | ( | ) | |||
Accounts payable and accrued expenses | ( | ) | ( | ) | |||
Other liabilities | ( | ) | |||||
Net cash provided by operating activities | |||||||
Cash flows from investing activities: | |||||||
Purchase of investment properties | ( | ) | ( | ) | |||
Acquired in-place and market lease intangibles, net | ( | ) | ( | ) | |||
Capital expenditures and tenant improvements | ( | ) | ( | ) | |||
Investment in development and re-development projects | ( | ) | ( | ) | |||
Proceeds from sale of investment properties, net | |||||||
Indemnification payment related to the sale of investment properties | ( | ) | |||||
Proceeds from the sale of unconsolidated entity | |||||||
Lease commissions and other leasing costs | ( | ) | ( | ) | |||
Other assets | |||||||
Other liabilities | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
Cash flows from financing activities: | |||||||
Common shares repurchased through share repurchase program | ( | ) | |||||
Proceeds from distribution reinvestment plan | |||||||
Distributions to shareholders | ( | ) | ( | ) | |||
Proceeds from debt | |||||||
Payoffs of debt | ( | ) | ( | ) | |||
Debt prepayment penalties | ( | ) | ( | ) | |||
Principal payments of mortgage debt | ( | ) | ( | ) | |||
Payment of finance lease liabilities | ( | ) | ( | ) | |||
Payment of loan fees and deposits | ( | ) | ( | ) | |||
Net cash provided by (used in) financing activities | ( | ) | |||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ) | |||||
Cash, cash equivalents, and restricted cash at the beginning of the period | |||||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | $ | |||||
Six months ended June 30, | |||||||
2020 | 2019 | ||||||
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash | |||||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | $ | |||||
Supplemental disclosure and schedules: | |||||||
Cash flow disclosure, including non-cash activities: | |||||||
Cash paid for interest, net of capitalized interest of $5 and $42, respectively | $ | $ | |||||
Cash paid for income taxes, net | $ | $ | |||||
Distributions payable to shareholders | $ | $ | |||||
Accrued capital expenditures and tenant improvements | $ | $ | |||||
Accrued investment in re-development projects | $ | $ | |||||
Accrued lease commissions and other leasing costs | $ | $ | |||||
Capitalized costs placed in service | $ | $ | |||||
Reclassification of registration statement costs incurred to equity issuance costs | $ | $ | |||||
Purchase of investment properties: | |||||||
Net investment properties | $ | $ | |||||
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | |||||||
Accounts payable and accrued expenses, lease intangibles, and other liabilities | ( | ) | ( | ) | |||
Cash outflow for purchase of investment properties, net | |||||||
Capitalized acquisition costs | ( | ) | ( | ) | |||
Credits and other changes in cash outflow, net | |||||||
Gross acquisition price of investment properties | $ | $ | |||||
Sale of investment properties: | |||||||
Net investment properties | $ | $ | |||||
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | |||||||
Accounts payable and accrued expenses, lease intangibles, and other liabilities | ( | ) | ( | ) | |||
Gain on sale of investment properties, net | |||||||
Proceeds from sale of investment properties, net | |||||||
Credits and other changes in cash inflow, net | |||||||
Gross disposition price of investment properties | $ | $ |
Total Portfolio | Wholly-Owned Retail Properties | Unconsolidated Retail Properties (a) | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
No. of properties | |||||||||||
Square feet |
(a) | Reflects partial ownership of properties owned through the Company's interest in an unconsolidated joint venture. |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement | ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. | January 2020 | The Company adopted the amendments of ASU No. 2018-13 on the applicable basis required, either prospective or retrospective. The standard only impacts fair value measurement disclosures, and therefore did not have an impact on the Company's condensed consolidated financial position, results of operations, or cash flows. | |||
ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | ASU 2020-04 is intended to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation. | January 2020 | The Company adopted ASU No. 2020-04 and has elected to apply, as of January 1, 2020, the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. The Company is continuing to evaluate this guidance and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges. |
Minimum lease payments, by year | As of June 30, 2020 | ||
2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
Thereafter | |||
Total | $ |
• | the total payments required by the amended lease are not substantially the same as or less than the total payments required by the original lease; or |
• | the amended lease results in an increase to the lease term. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Minimum lease payments | $ | $ | $ | $ | |||||||||||
Tax and insurance recoveries | |||||||||||||||
Common area maintenance and other recoveries | |||||||||||||||
Amortization of above and below-market leases and lease inducements, net | |||||||||||||||
Short-term, termination fee and other lease income | |||||||||||||||
Provision for estimated credit losses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Lease income, net | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Property management fees | $ | $ | $ | $ | |||||||||||
Asset management fees | |||||||||||||||
Leasing commissions and other fees | |||||||||||||||
Other fee income | $ | $ | $ | $ |
Acquisition Date | Property | Metropolitan Area | Gross Acquisition Price | Square Feet | |||||||
February 25, 2020 | Trowbridge Crossing | Atlanta, GA | $ | ||||||||
March 10, 2020 | Antoine Town Center (a) | Houston, TX | |||||||||
$ |
(a) | This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities". |
Acquisition Date | Property | Metropolitan Area | Gross Acquisition Price | Square Feet | |||||||
January 31, 2019 | Commons at University Place | Raleigh, NC | $ | ||||||||
March 20, 2019 | Lakeside Winter Park and Lakeside Crossings | Orlando, FL | |||||||||
April 30, 2019 | Scofield Crossing (a) | Austin, TX | |||||||||
May 7, 2019 | Tomball Town Center Kroger | Houston, TX | |||||||||
June 14, 2019 | Sandy Plains Outparcel (b) | Atlanta, GA | |||||||||
June 28, 2019 | Shops at Fairview Town Center | Dallas, TX | |||||||||
$ |
(a) | An adjacent building and tenant improvements were acquired subject to an existing ground lease. |
(b) | The assets, liabilities and operations of the outparcels acquired are combined for presentation purposes with retail properties already owned by the Company. |
Disposition Date | Property | Metropolitan Area | Square Feet | Gross Disposition Price | Gain (Loss) on Sale, net | ||||||||||
February 10, 2020 | University Oaks Shopping Center (a) | Round Rock, TX | N/A | $ | $ | ||||||||||
February 12, 2020 | Centerplace of Greeley (a) | Greeley, CO | N/A | ||||||||||||
May 1, 2020 | Woodlake Crossing | San Antonio, TX | ( | ) | |||||||||||
$ | $ |
(a) | The Company recognized a gain on sale related to the completion of partial condemnations at these retail properties. |
Disposition Date | Property | Metropolitan Area | Square Feet | Gross Disposition Price | Gain on Sale, net | Loss on Debt Extinguishment | |||||||||||||
April 3, 2019 | Brooks Corner | San Antonio, TX | $ | $ | $ | ( | ) | ||||||||||||
May 31, 2019 | Silverlake | Cincinnati, OH | |||||||||||||||||
$ | $ | $ | ( | ) |
As of | |||||||
June 30, 2020 | December 31, 2019 | ||||||
Assets: | |||||||
Real estate assets, net of accumulated depreciation | $ | $ | |||||
Other assets | |||||||
Total assets | |||||||
Liabilities and equity: | |||||||
Mortgages payable, net | |||||||
Other liabilities | |||||||
Equity | |||||||
Total liabilities and equity | |||||||
Company's share of equity | |||||||
Deferred gain, net of accumulated amortization of $11 | ( | ) | |||||
Carrying value of investments in unconsolidated entities | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
IAGM | 2020 | 2019 | 2020 | 2019 | |||||||||||
Total income | $ | $ | $ | $ | |||||||||||
Depreciation and amortization | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Property operating | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Real estate taxes | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
General and administrative | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
(Loss) gain on sale of real estate, net | ( | ) | ( | ) | |||||||||||
Loss on debt extinguishment | ( | ) | |||||||||||||
Provision for asset impairment | ( | ) | ( | ) | |||||||||||
Net (loss) income | ( | ) | ( | ) | ( | ) | |||||||||
Other joint venture interest | |||||||||||||||
Net loss | ( | ) | |||||||||||||
Total net (loss) income of unconsolidated entities | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
Company's share of net (loss) income | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||
Outside basis adjustment for IAGM's sale of real estate | ( | ) | |||||||||||||
Outside basis adjustment for other joint venture's sale of assets | |||||||||||||||
Equity in (losses) earnings of unconsolidated entities | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) |
Scheduled maturities by year: | As of June 30, 2020 | ||
2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
Thereafter | |||
Total | $ |
June 30, 2020 | December 31, 2019 | ||||||
Mortgages payable (a) | $ | $ | |||||
Discount, net of accumulated amortization | ( | ) | ( | ) | |||
Issuance costs, net of accumulated amortization | ( | ) | ( | ) | |||
Total mortgages payable, net | $ | $ |
(a) | Mortgages payable had fixed interest rates ranging from |
Scheduled maturities by year: | As of June 30, 2020 | ||
2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
Thereafter | |||
Total mortgage payable maturities | $ | ||
Debt issuance costs, net of accumulated amortization | ( | ) | |
Discount, net of accumulated amortization | ( | ) | |
Total mortgages payable, net | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||
Principal Balance | Interest Rate | Principal Balance | Interest Rate | Maturity Date | |||||||||
$250.0 million 5 year - swapped to fixed rate | $ | $ | December 21, 2023 | ||||||||||
$250.0 million 5 year - swapped to fixed rate | December 21, 2023 | ||||||||||||
$250.0 million 5 year - variable rate | December 21, 2023 | ||||||||||||
$150.0 million 5.5 year - swapped to fixed rate | June 21, 2024 | ||||||||||||
$150.0 million 5.5 year - swapped to fixed rate | June 21, 2024 | ||||||||||||
$150.0 million 5.5 year - variable rate | June 21, 2024 | ||||||||||||
Total unsecured term loans | |||||||||||||
Issuance costs, net of accumulated amortization | ( | ) | ( | ) | |||||||||
Total unsecured term loans, net | $ | $ |
(a) | As of June 30, 2020, the Company has |
(b) | Interest rate reflects 1-Month LIBOR plus |
(c) | Interest rate reflects 1-Month LIBOR plus |
Fair Value Measurements as of | ||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Cash Flow Hedges: (a) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Derivative interest rate assets (b) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Derivative interest rate liabilities (c) | ( | ) |
(a) | During the twelve months subsequent to June 30, 2020, an estimated $ |
(b) | Recognized as a part of deferred costs and other assets, net, on the condensed consolidated balance sheets. |
(c) | Recognized as a part of other liabilities on the condensed consolidated balance sheets. |
June 30, 2020 | December 31, 2019 | ||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||
Mortgages payable | $ | $ | $ | $ | |||||||||
Term loans | $ | $ | $ | $ | |||||||||
Revolving line of credit | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Numerator: | ||||||||||||||||
Net (loss) income from continuing operations | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Net loss from discontinued operations | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Denominator: | ||||||||||||||||
Weighted average number of common shares outstanding - basic | ||||||||||||||||
Effect of unvested restricted shares (a) | ||||||||||||||||
Weighted average number of common shares outstanding - diluted | ||||||||||||||||
Basic and diluted (loss) income per common share: | ||||||||||||||||
Net (loss) income from continuing operations per common share | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||
Net loss from discontinued operations per common share | ( | ) | ( | ) | ||||||||||||
Net loss per common share | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
(a) | For the three and six months ended June 30, 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares. |
Unvested Time- Based RSUs | Unvested Performance- Based RSUs | Weighted-Average Grant Date Price Per Share (a) | |||||||||
Outstanding as of January 1, 2020 | $ | $ | $ | ||||||||
Shares granted | $ | ||||||||||
Shares vested | ( | ) | $ | ||||||||
Shares forfeited | ( | ) | ( | ) | $ | ||||||
Outstanding as of June 30, 2020 | $ | $ | $ |
Minimum Lease Payments | |||||||
Operating Leases | Finance Leases | ||||||
Remaining 2020 | $ | $ | |||||
2021 | |||||||
2022 | |||||||
2023 | |||||||
2024 | |||||||
Thereafter | |||||||
Total expected minimum lease obligation | |||||||
Less: Amount representing interest (a) | ( | ) | ( | ) | |||
Present value of net minimum lease payments | $ | $ |
(a) | Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate. |
• | the effects of the COVID-19 pandemic in the markets where we own and operate properties, including the effect on our tenants' operations and ability to pay rent; |
• | the duration of the COVID-19 pandemic and the timing and nature of an economic recovery from the pandemic, including the effects of any future resurgence of COVID-19; |
• | market, political and economic volatility experienced by the U.S. economy or real estate industry as a whole, including as a result of the COVID-19 pandemic, and the regional and local political and economic conditions in the markets in which our retail properties are located; |
• | our ability to collect rent from tenants or to rent space on favorable terms or at all; |
• | the consummation of lease amendments on the agreed-upon terms and/or if consummated, payments as required by the terms of the respective agreements; |
• | declaration of bankruptcy by our retail tenants; |
• | the continued impact of the COVID-19 pandemic on our cash flows and our ability to satisfy certain covenants required by our mortgage loans and credit agreements; |
• | our ability to execute on a potential strategic transaction intended to enhance stockholder value and provide investment liquidity to stockholders, and the impact of the COVID-19 pandemic on our ability to execute on, and the timing of such a potential strategic transaction; |
• | our ability to identify, execute and complete disposition opportunities and at expected valuations; |
• | our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties; |
• | our ability to manage the risks of expanding, developing or re-developing our retail properties; |
• | loss of members of our senior management team or other key personnel; |
• | changes in governmental regulations and U.S. accounting standards or interpretations thereof; |
• | our ability to access capital for development, re-development and acquisitions on terms and at times that are acceptable to us; |
• | changes in the competitive environment in the leasing market and any other market in which we operate; |
• | shifts in consumer retail shopping from brick and mortar stores to e-commerce; |
• | forthcoming expirations of certain of our leases, our ability to re-lease such properties, and increasing costs associated with leasing activities; |
• | the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants; |
• | events beyond our control, such as war, terrorist attacks, including acts of domestic terrorism, civil unrest, natural disasters and severe weather incidents, and any uninsured or under-insured loss resulting therefrom; |
• | actions or failures by our joint venture partner, including development partners; |
• | the cost of compliance with and liabilities under environmental, health and safety laws; |
• | changes in real estate and zoning laws and increases in real property tax rates; |
• | the economic success and viability of our anchor retail tenants; |
• | our debt financing, including risk of default, loss and other restrictions placed on us; |
• | our ability to refinance or repay maturing debt or to obtain new financing on attractive terms; |
• | future increases in interest rates; |
• | the availability of cash flow from operating activities to fund capital and other expenditures, service our debt and other obligations, and to fund distributions; |
• | our status as a real estate investment trust ("REIT") for federal tax purposes; and |
• | changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs. |
• | Modified NOI, a supplemental measure not determined in accordance with generally accepted accounting principles in the United States ("GAAP"), which excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, interest and other income, net, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in (losses) earnings from unconsolidated entities, lease termination income and expense, and GAAP rent adjustments (such as straight-line rent, above/below-market lease amortization, and amortization of lease incentives); |
• | Funds From Operations ("FFO") Applicable to Common Shares and Dilutive Securities, a supplemental non-GAAP measure; |
• | Adjusted Funds From Operations ("AFFO") Applicable to Common Shares, a supplemental non-GAAP measure; |
• | Cash flow from operations as determined in accordance with GAAP; |
• | Economic and physical occupancy and rental rates; |
• | Leasing activity and lease rollover; |
• | Operating expense levels and trends; |
• | General and administrative expense levels and trends; |
• | Debt maturities and leverage ratios; and |
• | Liquidity levels. |
Disaggregation of Gross Rent Billed | |||||||||||||||||||
Gross Rent Billed | Collected | Payment Deferral Plan | Estimated Credit Loss | Remaining Accounts Receivable | |||||||||||||||
April 30, 2020 | $ | 17,794 | $ | 14,201 | $ | 261 | $ | 1,581 | $ | 1,751 | |||||||||
May 31, 2020 | 17,666 | 12,777 | 950 | 1,793 | 2,146 | ||||||||||||||
June 30, 2020 | 17,947 | 13,361 | 582 | 1,780 | 2,224 | ||||||||||||||
Total | $ | 53,407 | $ | 40,339 | $ | 1,793 | $ | 5,154 | $ | 6,121 |
Disaggregation of Gross Rent Billed | |||||||||
Gross Rent Billed | Collected | Payment Deferral Plan | Estimated Credit Loss | Remaining Accounts Receivable | |||||
April 30, 2020 | 100% | 79.8% | 1.5% | 8.9% | 9.8% | ||||
May 31, 2020 | 100% | 72.4% | 5.4% | 10.1% | 12.1% | ||||
June 30, 2020 | 100% | 74.5% | 3.2% | 9.9% | 12.4% | ||||
Total | 100% | 75.4% | 3.4% | 9.7% | 11.5% |
• | For general corporate purposes and to increase our financial flexibility in light of the COVID-19 pandemic, we drew $150.0 million on the Revolving Credit Agreement on March 27, 2020; |
• | We have implemented a work from home policy and have restricted all air travel until further notice. Our existing focus on providing remote-work IT solutions for our employees has enabled our workforce to transition smoothly to working from home with minimal disruption to our core operations. We remain committed to the safety of our employees as they execute on our operational needs and provide support to our tenants; |
• | We did not publish an estimated share value in May 2020 as a result of the potential financial impact of the COVID-19 pandemic and the sharp drop in property transactions leading to limited visibility on property valuations; |
• | On June 11, 2020, we announced that our Board of Directors (the "Board") voted to suspend the Second Amended and Restated Share Repurchase Program ("SRP") and the Amended and Restated Distribution Reinvestment Plan ("DRP") until further notice; and |
• | The Board will continue to evaluate our distribution rate and policy and, if the Board deems appropriate, adjust the distribution to take into account the ongoing effects of the COVID-19 pandemic on our financial condition and results of operations. |
Disposition Date | Property | Metropolitan Area | Center Type | Square Feet | Gross Disposition Price | |||||||
May 1, 2020 | Woodlake Crossing | San Antonio, TX | Power Center | 160,000 | $ | 5,500 |
Total Portfolio | Wholly-Owned Retail Properties | IAGM Retail Properties | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
No. of properties | 65 | 71 | 55 | 59 | 10 | 12 | |||||
GLA (square feet) | 10,798,909 | 12,112,475 | 8,328,775 | 9,535,631 | 2,470,134 | 2,576,844 | |||||
Economic occupancy (a) | 95.2% | 94.3% | 96.0% | 94.5% | 92.4% | 93.4% | |||||
ABR PSF (b) | $18.47 | $17.82 | $18.75 | $17.92 | $17.44 | $17.43 |
(a) | Economic occupancy is defined as the percentage of total GLA for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. |
(b) | Annualized Base Rent ("ABR") is computed as revenue for the last month of the period multiplied by 12 months. ABR includes the effect of rent abatements, lease inducements, straight-line rent GAAP adjustments and ground rent income. ABR per square foot ("ABR PSF") is computed as ABR divided by the total leased square footage at the end of the period. Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR PSF. |
• | Community and neighborhood centers are generally open-air and designed for tenants that offer a wide array of merchandise and services, including groceries, soft goods and convenience-oriented offerings. Our community centers contain large anchor stores and a significant presence of national retail tenants. Our neighborhood centers are generally smaller open-air centers with a grocery store anchor and/or drugstore and other small service-type retailers. |
• | Power centers are generally larger and consist of several anchors, such as discount department stores, off-price stores, specialty grocers and warehouse clubs. Typically, the number of specialty tenants is limited and most are national or regional in scope. |
Total Portfolio | Wholly-Owned Retail Properties | IAGM Retail Properties | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
No. of properties | 49 | 48 | 44 | 41 | 5 | 7 | |||||
GLA (square feet) | 6,372,472 | 6,108,028 | 4,986,164 | 4,615,010 | 1,386,308 | 1,493,018 | |||||
Economic occupancy | 95.3% | 95.3% | 95.7% | 95.1% | 93.6% | 95.9% | |||||
ABR PSF | $19.39 | $18.94 | $19.93 | $19.51 | $17.42 | $17.20 |
Total Portfolio | Wholly-Owned Retail Properties | IAGM Retail Properties | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
No. of properties | 16 | 23 | 11 | 18 | 5 | 5 | |||||
GLA (square feet) | 4,426,437 | 6,004,447 | 3,342,611 | 4,920,621 | 1,083,826 | 1,083,826 | |||||
Economic occupancy | 95.1% | 93.3% | 96.4% | 94.0% | 90.9% | 89.8% | |||||
ABR PSF | $17.07 | $16.63 | $16.96 | $16.39 | $17.47 | $17.80 |
Same-property results for the three months ended June 30, 2020 and 2019 | |||||||||||
Total Portfolio | Wholly-Owned Retail Properties | IAGM Retail Properties | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
No. of properties | 58 | 58 | 48 | 48 | 10 | 10 | |||||
GLA (square feet) | 9,890,333 | 9,879,072 | 7,420,199 | 7,412,658 | 2,470,134 | 2,466,414 | |||||
Economic occupancy | 95.2% | 94.3% | 96.1% | 94.7% | 92.4% | 93.2% | |||||
ABR PSF | $18.37 | $18.23 | $18.66 | $18.44 | $17.44 | $17.56 |
Same-property results for the six months ended June 30, 2020 and 2019 | |||||||||||
Total Portfolio | Wholly-Owned Retail Properties | IAGM Retail Properties | |||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||
No. of properties | 56 | 56 | 46 | 46 | 10 | 10 | |||||
GLA (square feet) | 9,722,587 | 9,711,327 | 7,252,453 | 7,244,912 | 2,470,134 | 2,466,415 | |||||
Economic occupancy | 95.1% | 94.3% | 96.1% | 94.7% | 92.4% | 93.2% | |||||
ABR PSF | $18.17 | $18.07 | $18.41 | $18.23 | $17.44 | $17.56 |
State | Region | No. of Properties | GLA (square feet) | % of Total GLA | ||||
Texas | Southwest | 25 | 4,866,775 | 45.2% | ||||
Florida | South Atlantic | 10 | 1,981,550 | 18.3% | ||||
Georgia | South Atlantic | 10 | 1,058,095 | 9.8% | ||||
California | West | 7 | 1,050,533 | 9.7% | ||||
North Carolina | South Atlantic | 7 | 1,015,870 | 9.4% | ||||
Colorado | West | 3 | 465,827 | 4.3% | ||||
Maryland | East | 2 | 183,348 | 1.7% | ||||
Virginia | South Atlantic | 1 | 176,911 | 1.6% | ||||
65 | 10,798,909 | 100.0% |
Lease Expiration Year | No. of Expiring Leases | GLA of Expiring Leases (square feet) | Percent of Total GLA of Expiring Leases | ABR of Expiring Leases | Percent of Total ABR | Expiring ABR PSF | |||||||||||
2020 | 70 | 198,145 | 1.9% | $ | 5,093 | 2.7% | $ | 25.70 | |||||||||
2021 | 215 | 1,097,254 | 10.7% | 20,379 | 11.0% | 18.57 | |||||||||||
2022 | 226 | 1,436,614 | 14.0% | 26,289 | 14.2% | 18.30 | |||||||||||
2023 | 200 | 992,963 | 9.7% | 18,594 | 10.0% | 18.73 | |||||||||||
2024 | 188 | 1,300,782 | 12.7% | 23,116 | 12.4% | 17.77 | |||||||||||
2025 | 141 | 1,121,923 | 10.9% | 18,145 | 9.8% | 16.17 | |||||||||||
2026 | 81 | 406,487 | 4.0% | 9,395 | 5.1% | 23.11 | |||||||||||
2027 | 109 | 862,478 | 8.4% | 17,832 | 9.6% | 20.68 | |||||||||||
2028 | 79 | 477,093 | 4.6% | 9,719 | 5.2% | 20.37 | |||||||||||
2029 | 90 | 584,898 | 5.7% | 11,262 | 6.1% | 19.25 | |||||||||||
Thereafter | 94 | 1,572,054 | 15.3% | 23,934 | 12.9% | 15.22 | |||||||||||
Other (a) | 262 | 218,378 | 2.1% | 1,927 | 1.0% | 26.74 | |||||||||||
1,755 | 10,269,069 | 100.0% | $ | 185,685 | 100.0% | $ | 18.08 |
(a) | Other lease expirations include the GLA, ABR and ABR PSF of month-to-month leases and the GLA of specialty leases. Specialty leasing, which is included in other property income, represents leases of less than one year in duration for inline space and includes any term length for a common area space. Examples include retail holiday stores, storage, and short-term clothing and furniture consignment stores. Specialty leasing includes, but is not limited to, any term length for a common area space, including by not limited to, tent sales, automated teller machines, cell towers, billboards, and vending. |
No. of Leases Executed for the Quarter Ended June 30, 2020 | GLA SF | New Contractual Rent ($PSF) (b) | Prior Contractual Rent ($PSF) (b) | % Change over Prior Contract Rent (b) | Weighted Average Lease Term (Years) | Tenant Improvement Allowance ($PSF) | Lease Commissions ($PSF) | ||||||||
All Tenants | |||||||||||||||
Comparable Renewal Leases (a) | 45 | 169,210 | $20.99 | $20.57 | 2.0% | 5.2 | $0.67 | $0.31 | |||||||
Comparable New Leases (a) | 5 | 9,811 | $35.21 | $38.04 | (7.4)% | 9.9 | $16.74 | $7.09 | |||||||
Non-Comparable Renewal and New Leases | 20 | 107,893 | $18.83 | N/A | N/A | 10.0 | $25.18 | $8.76 | |||||||
Total | 70 | 286,914 | $21.77 | $21.53 | 1.1% | 7.2 | $10.44 | $3.72 | |||||||
Anchor Tenants (leases over 10,000 square feet) | |||||||||||||||
Comparable Renewal Leases (a) | 3 | 84,312 | $10.20 | $10.20 | —% | 4.6 | $— | $— | |||||||
Comparable New Leases (a) | — | — | $— | $— | —% | — | $— | $— | |||||||
Non-Comparable Renewal and New Leases | 2 | 58,577 | $9.76 | N/A | N/A | 11.1 | $20.24 | $4.24 | |||||||
Total | 5 | 142,889 | $10.20 | $10.20 | —% | 7.2 | $8.30 | $1.74 | |||||||
Non-anchor Tenants (leases under 10,000 square feet) | |||||||||||||||
Comparable Renewal Leases (a) | 42 | 84,898 | $31.71 | $30.86 | 2.8% | 5.8 | $1.33 | $0.62 | |||||||
Comparable New Leases (a) | 5 | 9,811 | $35.21 | $38.04 | (7.4)% | 9.9 | $16.74 | $7.09 | |||||||
Non-Comparable Renewal and New Leases | 18 | 49,316 | $30.62 | N/A | N/A | 8.8 | $31.05 | $14.11 | |||||||
Total | 65 | 144,025 | $32.07 | $31.60 | 1.5% | 7.1 | $12.55 | $5.68 |
(a) | Comparable leases are leases that meet all of the following criteria: terms greater than one year, unit was vacant one year or less prior to occupancy, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant. |
(b) | Non-comparable leases are not included in totals. |
Three months ended June 30, | Composition of Total Decrease, net | ||||||||||||||||||||||
2020 | 2019 | Total Decrease, net | Acquisition Increase | Disposition Decrease | Same Property Decrease | ||||||||||||||||||
Income | |||||||||||||||||||||||
Lease income, net | $ | 40,718 | $ | 55,613 | $ | (14,895 | ) | $ | 4,446 | $ | (9,190 | ) | $ | (10,151 | ) | ||||||||
Other property income | 208 | 821 | (613 | ) | 9 | (268 | ) | (354 | ) | ||||||||||||||
Other fee income | 713 | 860 | (147 | ) | — | — | (147 | ) | |||||||||||||||
Total income | $ | 41,639 | $ | 57,294 | $ | (15,655 | ) | $ | 4,455 | $ | (9,458 | ) | $ | (10,652 | ) |
Six months ended June 30, | Composition of Total Decrease, net | ||||||||||||||||||||||
2020 | 2019 | Total Decrease, net | Acquisition Increase | Disposition Decrease | Same Property Decrease | ||||||||||||||||||
Income | |||||||||||||||||||||||
Lease income, net | $ | 92,002 | $ | 111,112 | $ | (19,110 | ) | $ | 10,634 | $ | (19,381 | ) | $ | (10,363 | ) | ||||||||
Other property income | 399 | 1,272 | (873 | ) | 22 | (566 | ) | (329 | ) | ||||||||||||||
Other fee income | 1,676 | 1,765 | (89 | ) | — | — | (89 | ) | |||||||||||||||
Total income | $ | 94,077 | $ | 114,149 | $ | (20,072 | ) | $ | 10,656 | $ | (19,947 | ) | $ | (10,781 | ) |
Three months ended June 30, | Composition of Total Decrease, net | ||||||||||||||||||||||
2020 | 2019 | Total Decrease, net | Acquisition Increase | Disposition Decrease | Same Property Decrease | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | $ | 22,405 | $ | 24,692 | $ | (2,287 | ) | $ | 3,005 | $ | (3,968 | ) | $ | (1,324 | ) | ||||||||
Property operating | 6,184 | 7,139 | (955 | ) | 1,206 | (1,768 | ) | (393 | ) | ||||||||||||||
Real estate taxes | 7,218 | 8,958 | (1,740 | ) | 884 | (1,367 | ) | (1,257 | ) | ||||||||||||||
General and administrative | 8,387 | 8,886 | (499 | ) | — | — | (499 | ) | |||||||||||||||
Total operating expenses | $ | 44,194 | $ | 49,675 | $ | (5,481 | ) | $ | 5,095 | $ | (7,103 | ) | $ | (3,473 | ) |
Six months ended June 30, | Composition of Total Decrease, net | ||||||||||||||||||||||
2020 | 2019 | Total Decrease, net | Acquisition Increase | Disposition Decrease | Same Property Decrease | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | $ | 44,527 | $ | 47,554 | $ | (3,027 | ) | $ | 6,342 | $ | (7,373 | ) | $ | (1,996 | ) | ||||||||
Property operating | 13,292 | 15,077 | (1,785 | ) | 2,313 | (3,531 | ) | (567 | ) | ||||||||||||||
Real estate taxes | 15,707 | 18,009 | (2,302 | ) | 1,969 | (3,003 | ) | (1,268 | ) | ||||||||||||||
General and administrative | 15,582 | 17,409 | (1,827 | ) | — | — | (1,827 | ) | |||||||||||||||
Total operating expenses | $ | 89,108 | $ | 98,049 | $ | (8,941 | ) | $ | 10,624 | $ | (13,907 | ) | $ | (5,658 | ) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2020 | 2019 | Total Increase (Decrease), net | 2020 | 2019 | Total Increase (Decrease), net | ||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Interest and other income, net | $ | 773 | $ | 512 | $ | 261 | $ | 2,328 | $ | 1,051 | $ | 1,277 | |||||||||||
Interest expense, net | (4,924 | ) | (5,627 | ) | 703 | (9,733 | ) | (11,105 | ) | 1,372 | |||||||||||||
Loss on extinguishment of debt | (2,543 | ) | (809 | ) | (1,734 | ) | (2,543 | ) | (809 | ) | (1,734 | ) | |||||||||||
Provision for asset impairment | — | — | — | (9,002 | ) | — | (9,002 | ) | |||||||||||||||
(Loss) gain on sale of investment properties, net | (213 | ) | 5,662 | (5,875 | ) | 244 | 5,662 | (5,418 | ) | ||||||||||||||
Equity in (losses) earnings of unconsolidated entities | (149 | ) | (1,079 | ) | 930 | 640 | (620 | ) | 1,260 | ||||||||||||||
Total other expense, net | $ | (7,056 | ) | $ | (1,341 | ) | $ | (5,715 | ) | $ | (18,066 | ) | $ | (5,821 | ) | $ | (12,245 | ) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net loss | $ | (9,611 | ) | $ | (5,722 | ) | $ | (13,097 | ) | $ | (15,221 | ) | |||
Adjustments to reconcile to non-GAAP metrics: | |||||||||||||||
Net loss from discontinued operations | — | 12,000 | — | 25,500 | |||||||||||
Equity in losses (earnings) of unconsolidated entities | 149 | 1,079 | (640 | ) | 620 | ||||||||||
Interest expense, net | 4,924 | 5,627 | 9,733 | 11,105 | |||||||||||
Loss on extinguishment of debt | 2,543 | 809 | 2,543 | 809 | |||||||||||
Loss (gain) on sale of investment properties, net | 213 | (5,662 | ) | (244 | ) | (5,662 | ) | ||||||||
Interest and other income, net | (773 | ) | (512 | ) | (2,328 | ) | (1,051 | ) | |||||||
Provision for asset impairment | — | — | 9,002 | — | |||||||||||
Depreciation and amortization | 22,405 | 24,692 | 44,527 | 47,554 | |||||||||||
General and administrative | 8,387 | 8,886 | 15,582 | 17,409 | |||||||||||
Other fee income | (713 | ) | (860 | ) | (1,676 | ) | (1,765 | ) | |||||||
Adjustments to modified NOI (a) | 730 | (2,722 | ) | (1,278 | ) | (5,532 | ) | ||||||||
Modified NOI | 28,254 | 37,615 | 62,124 | 73,766 | |||||||||||
Modified NOI from other investment properties | (2,819 | ) | (6,574 | ) | (7,986 | ) | (15,316 | ) | |||||||
Same-property modified NOI | $ | 25,435 | $ | 31,041 | $ | 54,138 | $ | 58,450 |
(a) | Adjustments to modified NOI include termination fee income and expense and GAAP rent adjustments (such as straight-line rent, above/below-market lease amortization, and amortization of lease incentives). |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||||
2020 | 2019 | Change | Var. | 2020 | 2019 | Change | Var. | ||||||||||||||||||||||
Lease income, net | $ | 36,596 | $ | 43,671 | $ | (7,075 | ) | (16.2 | )% | $ | 77,903 | $ | 84,079 | $ | (6,176 | ) | (7.3 | )% | |||||||||||
Other property income | 196 | 550 | (354 | ) | (64.4 | )% | 353 | 685 | (332 | ) | (48.5 | )% | |||||||||||||||||
36,792 | 44,221 | (7,429 | ) | (16.8 | )% | 78,256 | 84,764 | (6,508 | ) | (7.7 | )% | ||||||||||||||||||
Property operating expenses | 5,063 | 5,628 | (565 | ) | (10.0 | )% | 10,850 | 11,778 | (928 | ) | (7.9 | )% | |||||||||||||||||
Real estate taxes | 6,294 | 7,552 | (1,258 | ) | (16.7 | )% | 13,268 | 14,536 | (1,268 | ) | (8.7 | )% | |||||||||||||||||
11,357 | 13,180 | (1,823 | ) | (13.8 | )% | 24,118 | 26,314 | (2,196 | ) | (8.3 | )% | ||||||||||||||||||
Same-property Modified NOI | $ | 25,435 | $ | 31,041 | $ | (5,606 | ) | (18.1 | )% | $ | 54,138 | $ | 58,450 | $ | (4,312 | ) | (7.4 | )% |
• | an increase in estimated credit losses of $5.2 million, |
• | a decrease in real estate tax recoveries of $1.8 million, |
• | a decrease in recovery income of $0.3 million, |
• | a decrease in other income, net of other expenses, of $0.2 million, and was offset by |
• | a decrease in real estate taxes of $1.3 million, |
• | a decrease in property operating expenses of $0.6 million. |
• | an increase in estimated credit losses of $5.4 million, |
• | a decrease in real estate tax recoveries of $1.6 million, |
• | a decrease in recovery income of $0.3 million, and was offset by |
• | a decrease in real estate taxes of $1.3 million, |
• | a decrease in property operating expenses of $0.9 million, and |
• | an increase in other income, net of other expenses, of $0.8 million. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net loss | $ | (9,611 | ) | $ | (5,722 | ) | $ | (13,097 | ) | $ | (15,221 | ) | |||
Depreciation and amortization related to investment properties | 22,015 | 23,834 | 43,561 | 45,888 | |||||||||||
Provision for asset impairment | — | — | 9,002 | — | |||||||||||
Loss (gain) on sale of investment properties, net | 213 | (5,662 | ) | (244 | ) | (5,662 | ) | ||||||||
Provision for indemnification claims (a) | — | 12,000 | — | 25,500 | |||||||||||
Our share of IAGM's depreciation and amortization related to investment properties | 2,372 | 3,119 | 4,760 | 6,021 | |||||||||||
Our share of IAGM's provision for asset impairment | — | 793 | — | 793 | |||||||||||
Our share of IAGM's gain on sale of investment properties, net | — | 307 | — | 307 | |||||||||||
FFO Applicable to Common Shares and Dilutive Securities | $ | 14,989 | $ | 28,669 | $ | 43,982 | $ | 57,626 | |||||||
Loss on extinguishment of debt | 2,543 | 809 | 2,543 | 809 | |||||||||||
Amortization of debt premiums, discounts and financing costs, net | 459 | 427 | 926 | 844 | |||||||||||
Amortization of above and below-market leases and lease inducements, net | (1,307 | ) | (1,326 | ) | (2,848 | ) | (2,917 | ) | |||||||
Depreciation and amortization related to corporate assets | 390 | 858 | 966 | 1,666 | |||||||||||
Straight-line rent adjustment, net | 1,746 | (661 | ) | 1,368 | (1,787 | ) | |||||||||
Non-operating income and expense, net (b) | (640 | ) | (173 | ) | (565 | ) | (142 | ) | |||||||
Our share of IAGM's loss on extinguishment of debt | — | — | 5 | — | |||||||||||
Our share of IAGM's amortization of financing costs | 75 | 76 | 150 | 153 | |||||||||||
Our share of IAGM's amortization of above and below-market leases and lease inducements, net | 372 | 43 | 433 | 85 | |||||||||||
Our share of IAGM's straight-line rent adjustment, net | 354 | 33 | 366 | (4 | ) | ||||||||||
Our share of IAGM's non-operating income and expense, net (b) | (42 | ) | 85 | 2 | (18 | ) | |||||||||
AFFO Applicable to Common Shares and Dilutive Securities | $ | 18,939 | $ | 28,840 | $ | 47,328 | $ | 56,315 | |||||||
Weighted average number of common shares outstanding - basic | 720,849,620 | 728,654,374 | 720,837,742 | 728,606,945 | |||||||||||
Effect of unvested restricted shares (c) | — | 633,289 | — | 16,392 | |||||||||||
Weighted average number of common shares outstanding - diluted | 720,849,620 | 729,287,663 | 720,837,742 | 728,623,337 | |||||||||||
Net loss per common share, diluted | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) | |||
Per share adjustments for FFO Applicable to Common Shares and Dilutive Securities | 0.03 | 0.05 | 0.08 | 0.10 | |||||||||||
FFO Applicable to Common Shares and Dilutive Securities per share, diluted | $ | 0.02 | $ | 0.04 | $ | 0.06 | $ | 0.08 | |||||||
Per share adjustments for AFFO Applicable to Common Shares and Dilutive Securities | 0.01 | — | 0.01 | — | |||||||||||
AFFO Applicable to Common Shares and Dilutive Securities per share, diluted | $ | 0.03 | $ | 0.04 | $ | 0.07 | $ | 0.08 |
(a) | The provision for indemnification claims of $12.0 million and $25.5 million recognized during the three and six months ended June 30, 2019, respectively, was an adjustment to the gain on disposition of our discontinued operation (student housing business). We exclude disposition gains and losses from FFO. |
(b) | Non-operating income and expense, net, includes other non-operating revenue and expense items which are not pertinent to measuring on-going operating performance, such as termination fee expense, miscellaneous income, and settlement income. |
(c) | For purposes of calculating non-GAAP per share metrics, the same denominator is used as that which would be used in calculating earnings per share under GAAP. For the three and six months ended June 30, 2020, the effects of unvested restricted shares have been excluded from the denominator in the diluted net loss per share calculations under GAAP as they were antidilutive. |
Development and Re-development | Capital Expenditures | Leasing | Total | ||||||||||||
Direct costs | $ | 1,039 | (a) | $ | 2,026 | $ | 3,935 | (c) | $ | 7,000 | |||||
Indirect costs | 488 | (b) | 916 | — | 1,404 | ||||||||||
Total | $ | 1,527 | $ | 2,942 | $ | 3,935 | $ | 8,404 |
(a) | Direct development and re-development costs relate to construction of buildings at our retail properties. |
(b) | Indirect development and re-development costs relate to capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties. |
(c) | Direct leasing costs relate to improvements to a tenant space that are either paid directly by or reimbursed to the tenants. |
• | Operating cash flows from our real estate investments, which consists of our retail properties; |
• | Distributions from our joint venture investment; |
• | Proceeds from sales of properties; |
• | Proceeds from mortgage loan borrowings on properties; |
• | Proceeds from corporate borrowings; and |
• | Proceeds from interest earned on cash and cash equivalents. |
• | To pay our operating expenses; |
• | To make distributions to our stockholders; |
• | To service or pay down our debt; |
• | To fund development, re-development, maintenance and capital expenditures or leasing investments; and |
• | To fund other general corporate uses. |
Six months ended June 30, | Change | ||||||||||
2020 | 2019 | ||||||||||
Cash provided by operating activities | $ | 40,333 | $ | 52,957 | $ | (12,624 | ) | ||||
Cash used in investing activities | (37,426 | ) | (124,030 | ) | 86,604 | ||||||
Cash provided by (used in) financing activities | 47,126 | (41,071 | ) | 88,197 | |||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | 50,033 | (112,144 | ) | 162,177 | |||||||
Cash, cash equivalents, and restricted cash at beginning of period | 260,748 | 264,853 | (4,105 | ) | |||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 310,781 | $ | 152,709 | $ | 158,072 |
• | $32.4 million for acquisitions of investment properties, |
• | $6.9 million for capital expenditures and tenant improvements, |
• | $1.5 million for investment in development projects, |
• | $1.0 million for lease commissions and other leasing costs, |
• | $1.3 million for cash outflows from other investing activities, partially offset by cash provided of |
• | $5.7 million from net proceeds received from the sale of investment properties. |
• | $140.5 million for acquisitions of investment properties, |
• | $10.0 million for capital expenditures and tenant improvements, |
• | $3.7 million for investment in development projects, |
• | $1.6 million for lease commissions and other leasing costs, |
• | $30.0 million to settle the UHC claims as described in "Note 11. Commitments and Contingencies" of the condensed consolidated financial statements, partially offset by cash provided of |
• | $31.8 million from net proceeds received from the sale of investment properties, and |
• | $30.0 million received from the sale of an unconsolidated entity. |
• | $150.0 million of proceeds received from our unsecured revolving credit agreement, partially offset by cash used in |
• | $67.3 million for pay-offs of debt, |
• | $26.9 million to pay distributions, |
• | $5.2 million for the common shares repurchased through share repurchase program, |
• | $2.5 million for debt prepayment penalties, and |
• | $1.0 million for principal payments of mortgage debt, payment of finance lease liabilities, and payment of loan fees and other deposits. |
• | $26.4 million to pay distributions, |
• | $12.5 million for pay-offs of debt, |
• | $0.8 million for debt prepayment penalties, |
• | $0.9 million for principal payments of mortgage debt, and, |
• | $0.5 million for payment of finance lease liabilities, and payment of loan fees and other deposits. |
Payments due by year ending December 31, | |||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total | |||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||
Fixed rate debt, principal (a) | $ | — | $ | — | $ | 23,042 | $ | 240,519 | $ | 115,700 | $ | 28,630 | $ | 407,891 | |||||||||||||
Variable-rate debt, principal | — | — | 150,000 | 50,000 | 50,000 | — | 250,000 | ||||||||||||||||||||
Interest | 7,974 | 15,664 | 14,954 | 11,318 | 3,055 | 744 | 53,709 | ||||||||||||||||||||
Total long-term debt | 7,974 | 15,664 | 187,996 | 301,837 | 168,755 | 29,374 | 711,600 | ||||||||||||||||||||
Operating lease obligations (b) | 310 | 547 | 522 | 536 | 550 | 53 | 2,518 | ||||||||||||||||||||
Finance lease obligations (c) | 225 | 408 | 279 | 21 | — | — | 933 | ||||||||||||||||||||
Grand total | $ | 8,509 | $ | 16,619 | $ | 188,797 | $ | 302,394 | $ | 169,305 | $ | 29,427 | $ | 715,051 |
(a) | Includes $300.0 million of variable-rate unsecured term loans that have been swapped to a fixed rate. |
(b) | Includes leases on corporate office spaces. |
(c) | Includes contracts for property improvements that have been deemed to contain finance leases. |
Interest Rate Swap | Effective Date | Termination Date | Bank Pays Variable Rate of | InvenTrust Pays Fixed Rate of | Notional Amount | Fair Value as of | ||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||
5 year, fixed portion | Dec 2, 2019 | Dec 21, 2023 | 1-Month LIBOR | 1.4795% | $ | 100,000 | $ | (4,603 | ) | $ | 341 | |||||||||
5 year, fixed portion | Dec 2, 2019 | Dec 21, 2023 | 1-Month LIBOR | 1.4795% | 100,000 | (4,603 | ) | 199 | ||||||||||||
5.5 year, fixed portion | Dec 2, 2019 | June 21, 2024 | 1-Month LIBOR | 1.4915% | 50,000 | (2,609 | ) | 342 | ||||||||||||
5.5 year, fixed portion | Dec 2, 2019 | June 21, 2024 | 1-Month LIBOR | 1.4990% | 50,000 | (2,623 | ) | 175 | ||||||||||||
Total fixed of unsecured term loan | $ | 300,000 | $ | (14,438 | ) | $ | 1,057 |
• | continuing or additional closures of, or other operational issues at, our properties resulting from government or tenant action; |
• | reduced economic activity impacting our tenants' ability to meet their rental and other obligations to us in full or at all; |
• | the ability of our tenants who have been granted rent deferrals to timely pay deferred rent; |
• | any inability to renew leases or lease vacant space on favorable terms, or at all; |
• | a potentially prolonged recession and high unemployment negatively impacting consumer discretionary spending; |
• | continued changes in consumer behavior in favor of e-commerce; |
• | tenant bankruptcies; |
• | liquidity issues resulting from reduced cash flows from operations; |
• | negative impacts to the credit and/or capital markets making it difficult to access capital on favorable terms or at all; |
• | impairment in value of our tangible or intangible assets; |
• | a general decline in business activity and demand for real estate transactions adversely affecting our ability to grow our portfolio of properties and service our indebtedness; |
• | supply chain disruptions adversely affecting our tenants' operations; and |
• | impacts on the health of our personnel and a disruption in the continuity of our business. |
Exhibit No. | Description | |
Master Modification Agreement, dated as of March 12, 2014, by and among Inland American Real Estate Trust, Inc., Inland American Business Manager & Advisor, Inc., Inland American Lodging Corporation, Inland American Holdco Management LLC, Inland American Retail Management LLC, Inland American Office Management LLC, Inland American Industrial Management LLC and Eagle I Financial Corp. (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on March 13, 2014) | ||
Asset Acquisition Agreement, dated as of March 12, 2014, by and among Inland American Real Estate Trust, Inc., Inland American Holdco Management LLC, Inland American Retail Management LLC, Inland American Office Management LLC, Inland American Industrial Management LLC and Eagle I Financial Corp. (incorporated by reference to Exhibit 2.2 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on March 13, 2014) | ||
Separation and Distribution Agreement by and between Inland American Real Estate Trust, Inc. and Xenia Hotels & Resorts, Inc., dated as of January 20, 2015 (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on January 23, 2015) | ||
Separation and Distribution Agreement by and between InvenTrust Properties Corp. and Highlands REIT, Inc., dated as of April 14, 2016 (incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on April 14, 2016) | ||
Stock Purchase Agreement by and among InvenTrust Properties Corp., University House Communities Group, Inc. and UHC Acquisition Sub LLC, dated as of January 3, 2016 (incorporated by reference to Exhibit 2.1 to the Registrant's Form 10-Q, as filed by the Registrant on May 10, 2016) | ||
Amendment No. 1 to Stock Purchase Agreement, dated as of May 30, 2016, by and among InvenTrust Properties Corp., University House Communities Group, Inc. and UHC Acquisition Sub LLC (incorporated by reference to Exhibit 2.2 to the Registrant's Form 8-K, as filed by the Registrant on June 27, 2016) | ||
Amendment No. 2 to Stock Purchase Agreement, dated as of June 20, 2016, by and among InvenTrust Properties Corp., University House Communities Group, Inc. and UHC Acquisition Sub LLC (incorporated by reference to Exhibit 2.3 to the Registrant's Form 8-K, as filed by the Registrant on June 27, 2016) | ||
Seventh Articles of Amendment and Restatement of InvenTrust Properties Corp., as amended (incorporated by reference to Exhibit 3.1 to the Registrant’s Form 10-Q, as filed by the Registrant with the SEC on May 14, 2015) | ||
Second Amended and Restated Bylaws of the Company, dated as of November 9, 2017 (incorporated by reference to Exhibit 10.2 to the Registrant’s Form 10-Q, as filed by the Registrant on November 9, 2017) | ||
Form of Director Restricted Stock Unit Agreement for Annual Awards | ||
Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101 | The following financial information from our Quarterly Report on Form 10-Q for the period ended June 30, 2020, filed with the SEC on August 7, 2020, is formatted in Extensible Business Reporting Language ("XBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive Loss, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text). | |
* Filed as part of this Quarterly Report on Form 10-Q |
Date: | August 7, 2020 |
By: | /s/ Thomas P. McGuinness |
Name: | Thomas P. McGuinness |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
Date: | August 7, 2020 |
By: | /s/ Daniel J. Busch |
Name: | Daniel J. Busch |
Title: | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 7, 2020 |
By: | /s/ Thomas P. McGuinness |
Name: | Thomas P. McGuinness |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 7, 2020 |
By: | /s/ Daniel J. Busch |
Name: | Daniel J. Busch |
Title: | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 7, 2020 |
By: | /s/ Thomas P. McGuinness |
Name: | Thomas P. McGuinness |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 7, 2020 |
By: | /s/ Daniel J. Busch |
Name: | Daniel J. Busch |
Title: | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,460,000,000 | 1,460,000,000 |
Common stock, shares issued (in shares) | 718,934,723 | 720,807,884 |
Common stock, shares outstanding (in shares) | 718,934,723 | 720,807,884 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
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Statement of Cash Flows [Abstract] | ||
Interest capitalized | $ 5 | $ 42 |
Organization |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization | Organization On October 4, 2004, InvenTrust Properties Corp. (the "Company") was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, managing, acquiring and developing a multi-tenant retail platform. The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure. The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries. Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated. Each retail property is owned by a separate legal entity that maintains its own books and financial records, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 7. Debt." The Company determined it has a single reportable segment, multi-tenant retail, for disclosure purposes in accordance with GAAP. The following table summarizes the Company's multi-tenant retail portfolio as of June 30, 2020 and 2019:
Impact of the COVID-19 Pandemic on the Company's Financial Statements The Company's business has been, and continues to be, disrupted by the coronavirus disease 2019 ("COVID-19") pandemic. The Company continues to assess the ongoing impact of the COVID-19 pandemic on all aspects of its business, including the impact on its tenants and their ability to make future rental payments in a timely fashion or at all and the possible impairment in value of our investment properties. Under the federal legislation enacted on March 27, 2020, known as the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), certain limitations on the deductibility of net operating losses ("NOLs") enacted under prior federal tax legislation have been temporarily rolled back. In particular, the CARES Act permits businesses to carryback NOLs generated in taxable years beginning after December 31, 2017 and before January 1, 2021 to the previous five years and temporarily suspends, until taxable years beginning after December 31, 2020, the annual limit of the 80% on the amount of taxable income that NOLs generated in taxable years beginning after December 31, 2017 may offset. As a result of the anticipated NOL carryback claims for the Company's taxable REIT subsidiaries, total additional tax benefits of $1,172 have been recognized as part of interest and other income, net, on the condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2020.
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Basis of Presentation and Recently Issued Accounting Pronouncements |
6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||
Basis of Presentation and Recently Issued Accounting Pronouncements | Basis of Presentation and Recently Issued Accounting Pronouncements The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that 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. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired retail properties, determining the fair value of debt and evaluating the collectibility of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates. FASB Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic In April 2020, the Financial Accounting Standards Board ("FASB") issued a document titled Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Q&A document"). The FASB Q&A document provides an election whereby an entity is not required to evaluate whether certain relief provided by a lessor in response to the COVID-19 pandemic is a lease modification (the "COVID-19 election"). An entity that makes this election can then either apply the modification guidance to that relief or account for the concession as if it were contemplated as part of the existing contract. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company's adoption and application of the COVID-19 election has been included in "Note 3. Revenue Recognition". Recently Issued Accounting Pronouncements Adopted Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Operating Leases The majority of revenue recognized from the Company's retail properties is comprised of fixed and variable consideration received from tenants under long-term operating leases with varying terms. Fixed consideration generally consists of minimum lease payments for the rental of retail space while the variable consideration generally consists of reimbursements of the tenant's pro-rata share of certain operating expenses incurred by the Company, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company. Remaining lease terms range from less than one year to forty years. Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
COVID-19 Election In response to receiving numerous rent relief requests, the Company has adopted a COVID-19 election, under which lease amendments providing tenants with COVID-19 related rent relief are not treated as lease modifications unless:
Rent relief has most frequently been requested in the form of deferral of rental payments. A deferral affects the timing of cash receipts, but the amount of consideration is substantially the same as that required by the original lease. Under the Company's COVID-19 election, deferrals are accounted for as if no changes to the lease contract were made. Under that accounting, the Company continues to recognize rental income and increase lease receivables during the deferral period. Rent abatements or other reductions in total payments are treated as negative variable rent in the period to which the rent relates. Credit Losses The Company continues to evaluate the impact of the COVID-19 pandemic on the Company's ability to collect future lease payments under the terms of the respective leases. As the duration and severity of the COVID-19 pandemic are still uncertain and continue to evolve, significant uncertainty exists regarding the Company's provision for estimated credit losses. The Company reviews the collectibility of amounts due from its tenants on a regular basis; such reviews consider the tenant's financial condition and payment history and other economic conditions impacting the tenant. Changes in collectibility occur when the Company no longer believes it is probable that substantially all the lease payments will be collected over the term of the lease. If collection is not probable, regardless of whether the Company has entered into an amendment to provide the tenant with COVID-19 related rent relief, the lease payments will be accounted for on a cash basis, and revenue will be recorded as cash is received. If reassessed, and the collection of substantially all the lease payments from the tenant becomes probable, the accrual basis of revenue recognition is reestablished. The provision for estimated credit losses resulting from changes in the collectibility of lease payments, including variable payments, is recognized as a direct adjustment to lease income on the condensed consolidated statements of operations and comprehensive loss, and a direct write-off of the operating lease receivables, including straight-line rent receivable, on the condensed consolidated balance sheets. The following table reflects the disaggregation of lease income, net:
Other Fee Income The following table reflects the disaggregation of other fee income:
The Company has other fee income receivables of $301 and $460 as of June 30, 2020 and December 31, 2019, respectively.
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Acquired Properties |
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Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Properties | Acquired Properties The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2020:
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2019:
Transaction costs of $63 were capitalized during the three and six months ended June 30, 2020, and $310 and $918 were capitalized during the three and six months ended June 30, 2019, respectively.
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Disposed Properties |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposed Properties | Disposed Properties The following table reflects the real property disposed of during the six months ended June 30, 2020:
The following table reflects the real property disposed of during the six months ended June 30, 2019:
In aggregate, the Company recognized net proceeds of $5,737 and $31,842 from the sale of real property on the condensed consolidated statement of cash flows during the six months ended June 30, 2020 and 2019, respectively.
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Investment in Unconsolidated Entities |
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Investment in Partially Owned Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Joint Venture Interests IAGM Retail Fund I, LLC As of June 30, 2020 and December 31, 2019, the Company owned a 55% interest in one unconsolidated entity, IAGM Retail Fund I, LLC ("IAGM"), a retail joint venture partnership between the Company and PGGM Private Real Estate Fund ("PGGM"). As of June 30, 2020 and December 31, 2019, the carrying value of the Company's investment in IAGM was $116,824 and $118,861, respectively. During the six months ended June 30, 2020, IAGM prepaid a $14,872 mortgage payable on one retail property with cash on hand. During the six months ended June 30, 2020, the Company purchased Antoine Town Center from IAGM for $22,254, a fair value determined by independent appraisal, which resulted in IAGM recognizing a gain on sale of $1,741. The Company deferred its share of IAGM's gain on sale of $958 and will amortize the gain over 30 years as an increase to equity in (losses) earnings of unconsolidated entities. During the six months ended June 30, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on debt with a variable rate of 1-Month LIBOR plus 1.55%. Each of the interest rate swaps have an effective date of April 1, 2020 and a termination date of November 2, 2023. One interest rate swap has a notional amount of $45,000 and achieves a fixed interest rate of 1.979%. The other interest rate swap has a notional amount of $30,000 and achieves a fixed interest rate of 1.956%. The Company recognizes its share of gains or losses resulting from IAGM's interest rate swaps as an adjustment to the Company's investment in IAGM and an increase or decrease in comprehensive income. As of June 30, 2020, the interest rate swaps were deemed to be liabilities of $687 on a fair value basis, of which the Company's share was $378. Combined Condensed Financial Information As of June 30, 2020 and December 31, 2019, the Company's sole joint venture interest is in IAGM. Another joint venture was disposed of in 2019. The following table presents condensed balance sheet information for IAGM and separate condensed income statement information of IAGM and the other joint venture which was disposed in late 2019.
The following table summarizes the scheduled maturities of IAGM's mortgages payable as of June 30, 2020, for the remainder of 2020, each of the next four years and thereafter.
As of June 30, 2020 and December 31, 2019, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.
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Debt |
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Notes and Loans Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt As of June 30, 2020, the Company's total debt, net was $655,261, which consists of mortgages payable, net, of $107,282 and credit agreements, net of $547,979. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term. The Company's credit agreements and mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of June 30, 2020 and December 31, 2019, the Company was in compliance with all loan covenants. Mortgages Payable As of June 30, 2020 and December 31, 2019, the Company's mortgages payable, net were as follows:
During the three and six months ended June 30, 2020, the Company repaid $26,349 and $67,349, respectively, of mortgages payable on three retail properties with cash on hand. The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2020 for the remainder of 2020, each of the next four years and thereafter.
Credit Agreements Revolving Credit Agreement On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amended and restated the Company's prior unsecured revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). During the six months ended June 30, 2020, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate of 1.22% reflecting 1-Month LIBOR plus 1.05% for general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with two six-month extension options. As of June 30, 2020 and December 31, 2019, the Company had a total of $150,000 and no outstanding borrowings, respectively, under the Revolving Credit Agreement, and a facility fee of 0.15% based on the Company's total leverage ratio. As of June 30, 2020, the remaining capacity on the Revolving Credit Agreement was $200,000. Unsecured term loans As of June 30, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding:
(c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Recurring Measurements The following financial instruments are remeasured at fair value on a recurring basis:
Level 1 At June 30, 2020 and December 31, 2019, the Company had no Level 1 recurring fair value measurements. Level 2 As of June 30, 2020 and December 31, 2019, the Company determined that the credit valuation adjustments associated with nonperformance risk are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Level 3 At June 30, 2020 and December 31, 2019, the Company had no Level 3 recurring fair value measurements. Nonrecurring Measurements Investment Properties During the six months ended June 30, 2020, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $9,002 on the condensed consolidated statement of operations and comprehensive loss as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. This property was disposed of on May 1, 2020. During the three and six months ended June 30, 2019, the Company had no Level 3 nonrecurring fair value measurements. Financial Instruments Not Measured at Fair Value The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of June 30, 2020 and December 31, 2019:
The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 4.08% and 3.71% as of June 30, 2020 and December 31, 2019, respectively. The fair value estimate of the term loans and line of credit approximate the carrying value. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company used a weighted-average interest rate of 1.30% and 2.77% as of June 30, 2020 and December 31, 2019, respectively, to estimate the fair value of its term loans. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.
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(Loss) Earnings per Share and Equity Transactions |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) Earnings per Share and Equity Transactions | (Loss) Earnings per Share and Equity Transactions The following table reconciles the amounts used in calculating basic and diluted (loss) income per share:
On November 1, 2019, the Company adopted a Second Amended and Restated Share Repurchase Program ("SRP"), authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations, to provide limited liquidity to stockholders. The Company's obligation to repurchase any shares under the SRP was conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share for all stockholders is equal to a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Company's Board of Directors (the "Board"), which was $3.14 per share as of May 1, 2019. During the three and six months ended June 30, 2020, 2,136,119 shares were repurchased in connection with the SRP. On November 1, 2019, the Company began offering shares of the Company's common stock to existing stockholders pursuant to the Company's Amended and Restated Distribution Reinvestment Plan ("DRP"). Under the DRP, stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock into additional shares of the Company's common stock in lieu of receiving cash distributions. In accordance with the DRP, participants may acquire shares of common stock at a 25% discount to the most recent estimated NAV per share of the Company's common stock established by the Board, which was $3.14 per share as of May 1, 2019. During the three and six months ended June 30, 2020, 57,791 and 79,040 shares, respectively, were issued pursuant to the DRP. Effective July 11, 2020, the Company suspended the SRP and the DRP until further notice.
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Stock-Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The following table presents the Company's restricted stock unit ("RSU") activity for the six months ended June 30, 2020:
On May 8, 2020, the board of directors approved a grant of time-based and performance-based RSUs under the Company's 2015 Incentive Award Plan at the most recent estimated NAV per share of $3.14 on May 1, 2019. As of June 30, 2020, there was $9,967 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2022. The Company recognized stock-based compensation expense of $1,420 and $1,948 for the three and six months ended June 30, 2020, respectively, and $1,320 and $2,165 for the three and six months ended June 30, 2019, respectively.
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Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company is subject, from time to time, to various types of third-party legal claims or litigation that arise in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company's properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, based on currently available information, management does not expect that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. University House Communities Group, Inc., Indemnity Claims The Company received an indemnity notice from UHC Acquisition Sub LLC ("UHC") regarding certain matters under the Stock Purchase Agreement, dated January 3, 2016, for University House Communities Group, Inc., which was sold in June 2016. The notice set forth various items for which UHC believed they were entitled to indemnification from the Company. On June 14, 2019, UHC and the Company, through various negotiations, reached a final settlement for the claims in the amount of $30,000, which was paid by the Company on June 24, 2019. During the three and six months ended June 30, 2019, the Company recognized losses from discontinued operations of $12,000 and $25,500, respectively, related to these claims. Operating and Finance Lease Commitments The Company has non-cancelable contracts of property improvements that have been deemed to contain finance leases. In addition, the Company has non-cancelable operating leases for office space used in its business. Future minimum lease obligations as of June 30, 2020, were as follows:
(a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after June 30, 2020, through the date the financial statements were issued for recognition and disclosure purposes.
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Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements Adopted | FASB Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic In April 2020, the Financial Accounting Standards Board ("FASB") issued a document titled Staff Q&A, Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic ("FASB Q&A document"). The FASB Q&A document provides an election whereby an entity is not required to evaluate whether certain relief provided by a lessor in response to the COVID-19 pandemic is a lease modification (the "COVID-19 election"). An entity that makes this election can then either apply the modification guidance to that relief or account for the concession as if it were contemplated as part of the existing contract. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company's adoption and application of the COVID-19 election has been included in "Note 3. Revenue Recognition". Recently Issued Accounting Pronouncements Adopted Other recently issued accounting standards or pronouncements not disclosed in the foregoing table have been excluded because they are either not relevant to the Company, or are not expected to have, or did not have, a material effect on the condensed consolidated financial statements of the Company.
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Revenue Recognition, Operating Leases | Revenue Recognition Operating Leases The majority of revenue recognized from the Company's retail properties is comprised of fixed and variable consideration received from tenants under long-term operating leases with varying terms. Fixed consideration generally consists of minimum lease payments for the rental of retail space while the variable consideration generally consists of reimbursements of the tenant's pro-rata share of certain operating expenses incurred by the Company, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company.
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Organization (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Multi-Tenant Retail Portfolio | The following table summarizes the Company's multi-tenant retail portfolio as of June 30, 2020 and 2019:
(a) Reflects partial ownership of properties owned through the Company's interest in an unconsolidated joint venture.
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Basis of Presentation and Recently Issued Accounting Pronouncements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Recently Issued Accounting Pronouncements Adopted | Recently Issued Accounting Pronouncements Adopted
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Minimum Lease Payments to be Received | Minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
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Disaggregation of Lease Income, Net | The following table reflects the disaggregation of lease income, net:
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Disaggregation of Other Fee Income | The following table reflects the disaggregation of other fee income:
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Acquired Properties (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Asset Acquisitions | The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2020:
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2019:
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Disposed Properties (Tables) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity | The following table reflects the real property disposed of during the six months ended June 30, 2020:
The following table reflects the real property disposed of during the six months ended June 30, 2019:
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Investment in Unconsolidated Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investment in Partially Owned Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Combined Financial Information of Investment in Unconsolidated Entities | The following table presents condensed balance sheet information for IAGM and separate condensed income statement information of IAGM and the other joint venture which was disposed in late 2019.
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Contractual Obligation, Fiscal Year Maturity Schedule | The following table summarizes the scheduled maturities of IAGM's mortgages payable as of June 30, 2020, for the remainder of 2020, each of the next four years and thereafter.
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Debt (Tables) |
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Notes and Loans Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | As of June 30, 2020 and December 31, 2019, the Company's mortgages payable, net were as follows:
(a) Mortgages payable had fixed interest rates ranging from 3.49% to 4.58%, with a weighted average interest rate of 4.07% as of June 30, 2020, and 3.49% to 5.49%, with a weighted average interest rate of 4.34% as of December 31, 2019. As of June 30, 2020 and December 31, 2019, the Company had the following unsecured term loan tranches outstanding:
(c) Interest rate reflects 1-Month LIBOR plus 1.20% effective December 2, 2019.
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Schedule of Maturities for Outstanding Mortgage Indebtedness | The following table summarizes the scheduled maturities of the Company's mortgages payable as of June 30, 2020 for the remainder of 2020, each of the next four years and thereafter.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities | The following financial instruments are remeasured at fair value on a recurring basis:
(c) Recognized as a part of other liabilities on the condensed consolidated balance sheets.
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Fair Value of Financial Instruments Presented at Carrying Values | The table below summarizes the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of June 30, 2020 and December 31, 2019:
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(Loss) Earnings per Share and Equity Transactions (Tables) |
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the amounts used in calculating basic and diluted (loss) income per share:
(a) For the three and six months ended June 30, 2020, the Company has excluded the anti-dilutive effect of unvested restricted shares.
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table presents the Company's restricted stock unit ("RSU") activity for the six months ended June 30, 2020:
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Operating Lease Obligations | Future minimum lease obligations as of June 30, 2020, were as follows:
(a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.
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Schedule of Future Minimum Finance Lease Obligations | Future minimum lease obligations as of June 30, 2020, were as follows:
(a) Interest includes the amount necessary to reduce to present value the total expected minimum lease obligations calculated at the Company's incremental borrowing rate.
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Organization (Details) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
ft²
property
|
Jun. 30, 2019
ft²
property
|
|
Entity Information [Line Items] | ||
Number of retail properties | property | 65 | 71 |
Square Feet | ft² | 10,798,909 | 12,112,475 |
Income tax benefit related to the CARES Act | $ | $ 1,172 | |
Corporate Joint Venture | ||
Entity Information [Line Items] | ||
Number of managed assets | property | 10 | 12 |
Square Feet | ft² | 2,470,134 | 2,576,844 |
Wholly-Owned Retail Properties | ||
Entity Information [Line Items] | ||
Number of retail properties | property | 55 | 59 |
Square Feet | ft² | 8,328,775 | 9,535,631 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Lessor, Lease, Description [Line Items] | ||
Receivables from customers | $ 301 | $ 460 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Remaining term of lease | 1 year | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Remaining term of lease | 40 years |
Revenue Recognition - Minimum Lease Payments to be Received (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
As of June 30, 2020 | |
2020 | $ 73,296 |
2021 | 136,695 |
2022 | 116,904 |
2023 | 102,276 |
2024 | 86,361 |
Thereafter | 311,125 |
Total | $ 826,657 |
Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Minimum lease payments | $ 33,835 | $ 39,059 | $ 70,012 | $ 78,466 |
Lease income, net | 40,718 | 55,613 | 92,002 | 111,112 |
Provision for estimated credit losses | (5,995) | (316) | (6,758) | (521) |
Tax and insurance recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 6,384 | 8,717 | 14,514 | 16,975 |
Common area maintenance and other recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 4,652 | 5,348 | 9,802 | 11,125 |
Amortization of above and below-market leases and lease inducements, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 1,306 | 1,327 | 2,848 | 2,918 |
Short-term, termination fee and other lease income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | $ 536 | $ 1,478 | $ 1,584 | $ 2,149 |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Property management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 436 | $ 588 | $ 1,013 | $ 1,226 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 271 | 272 | 556 | 517 |
Leasing commissions and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 6 | 0 | 107 | 22 |
Other fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 713 | $ 860 | $ 1,676 | $ 1,765 |
Disposed Properties - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Discontinued Operations and Disposal Groups [Abstract] | ||
Proceeds from sale of investment properties, net | $ 5,737 | $ 31,842 |
Investment in Unconsolidated Entities - Unconsolidated Entities (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Schedule of Debt Maturities of the Unconsolidated Entities | |
2020 | $ 0 |
2021 | 23,150 |
2022 | 0 |
2023 | 180,125 |
2024 | 0 |
Thereafter | 40,680 |
Total | $ 243,955 |
Debt - Mortgages Payable (Details) - Mortgages Payable - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Total mortgage payable maturities | $ 107,891 | $ 176,051 |
Discount, net of accumulated amortization | (102) | (121) |
Issuance costs, net of accumulated amortization | (507) | (609) |
Total debt, net | $ 107,282 | $ 175,321 |
Weighted average interest rate (percent) | 4.07% | 4.34% |
Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 3.49% | 3.49% |
Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 4.58% | 5.49% |
Debt - Mortgage Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of maturities for outstanding mortgage indebtedness | ||
2020 | $ 0 | |
2021 | 0 | |
2022 | 23,042 | |
2023 | 40,519 | |
2024 | 15,700 | |
Thereafter | 28,630 | |
Total mortgage payable maturities | 107,891 | $ 176,051 |
Debt issuance costs, net of accumulated amortization | (507) | (609) |
Discount, net of accumulated amortization | (102) | |
Total debt, net | $ 107,282 | $ 175,321 |
Fair Value Measurements - Quantitative Disclosure of the Fair Value for Each Major Category of Assets and Liabilities (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Deferred amounts in accumulated comprehensive income (loss) into earnings | $ 4,147 | |
Recurring | Level 1 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate assets | 0 | $ 0 |
Derivative interest rate liabilities | 0 | 0 |
Recurring | Level 2 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate assets | 0 | 1,057 |
Derivative interest rate liabilities | (14,816) | 0 |
Recurring | Level 3 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate assets | 0 | 0 |
Derivative interest rate liabilities | $ 0 | $ 0 |
Fair Value Measurements - Fair Value of Financial Instruments Presented at Carrying Values (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Carrying Value | ||
Debt Instrument [Line Items] | ||
Mortgages payable | $ 107,891 | $ 176,051 |
Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 107,682 | 178,937 |
Unsecured Debt | Unsecured Term Loan | Carrying Value | ||
Debt Instrument [Line Items] | ||
Term loans | 400,000 | 400,000 |
Unsecured Debt | Unsecured Term Loan | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Term loans | 400,017 | 400,020 |
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | Carrying Value | ||
Debt Instrument [Line Items] | ||
Term loans | 150,000 | 0 |
Revolving Credit Facility | Revolving Credit Facility, Amended and Restated | Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Term loans | $ 150,260 | $ 0 |
(Loss) Earnings per Share and Equity Transactions - Narrative (Details) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
May 01, 2019 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2020 |
|
Class of Stock [Line Items] | ||||
Stock repurchase program, discount (percent) | 25.00% | |||
NAV (in dollars per share) | $ 3.14 | |||
Distribution reinvestment plan, discount (percent) | 25.00% | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Stock repurchased during the period (in shares) | 2,136,119 | 2,136,119 | ||
Issuance of common stock under dividend reinvestment plan (in shares) | 57,791 | 21,249 | 79,040 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
May 01, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense not yet recognized | $ 9,967 | $ 9,967 | ||||
Stock-based compensation expense | $ 1,420 | $ 1,320 | $ 1,948 | $ 2,165 | ||
Unvested Time- Based RSUs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average price per share (in dollars per share) | $ 3.14 | $ 3.14 | $ 3.14 | $ 3.14 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 24, 2019 |
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Loss Contingencies [Line Items] | |||
Losses from discontinued operations related to these claims | $ 12,000 | $ 25,500 | |
Settled Litigation | University House Communities Group, Inc | |||
Loss Contingencies [Line Items] | |||
Litigation settlement, amount awarded to other party | $ 30,000 |
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Operating Leases | |
Remaining 2020 | $ 310 |
2021 | 547 |
2022 | 522 |
2023 | 536 |
2024 | 550 |
Thereafter | 53 |
Total expected minimum lease obligation | 2,518 |
Less: Amount representing interest | (275) |
Operating lease liabilities | 2,243 |
Finance Leases | |
Remaining 2020 | 225 |
2021 | 408 |
2022 | 279 |
2023 | 21 |
2024 | 0 |
Thereafter | 0 |
Total expected minimum lease obligation | 933 |
Less: Amount representing interest | (72) |
Present value of net minimum lease payments | $ 861 |
Label | Element | Value |
---|---|---|
Disposition, Accounts Payable, Acquired Lease Intangibles, and Other Liabilities | ivtp_DispositionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities | $ (893,000) |
Disposition, Accounts Payable, Acquired Lease Intangibles, and Other Liabilities | ivtp_DispositionAccountsPayableAcquiredLeaseIntangiblesandOtherLiabilities | (323,000) |
Business Combination, Contingent Consideration, Liability | us-gaap_BusinessCombinationContingentConsiderationLiability | 1,367,000 |
Business Combination, Contingent Consideration, Liability | us-gaap_BusinessCombinationContingentConsiderationLiability | $ 3,151,000 |
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