(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 |
Page | ||||||||
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As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(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 | |||||||||||
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, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Distributions in excess of accumulated net income | ( | ( | |||||||||
Accumulated comprehensive loss | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
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 (expense) income | |||||||||||
Interest expense, net | ( | ( | |||||||||
Provision for asset impairment | ( | ||||||||||
Gain on sale of investment properties, net | |||||||||||
Equity in earnings of unconsolidated entities | |||||||||||
Other income and expense, net | ( | ||||||||||
Total other (expense) income, net | ( | ( | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Weighted-average number of common shares outstanding, basic | |||||||||||
Weighted-average number of common shares outstanding, diluted | |||||||||||
Net loss per common share, basic and diluted | $ | $ | |||||||||
Distributions declared per common share outstanding | $ | $ | |||||||||
Distributions paid per common share outstanding | $ | $ | |||||||||
Comprehensive income (loss) | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Unrealized gain (loss) on derivatives | ( | ||||||||||
Reclassification to net loss | ( | ||||||||||
Comprehensive income (loss) | $ | $ | ( |
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 | $ | $ | $ | ( | $ | ( | $ |
Number of Shares | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Net Income | Accumulated Comprehensive Loss | Total | ||||||||||||||||||||||||||||||
Beginning balance, January 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Unrealized gain on derivatives | — | — | — | — | |||||||||||||||||||||||||||||||
Reclassification to interest expense, net | — | — | — | — | |||||||||||||||||||||||||||||||
Reclassification to equity in earnings of unconsolidated entities | — | — | — | — | |||||||||||||||||||||||||||||||
Distributions declared | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation, net | — | — | — | — | |||||||||||||||||||||||||||||||
Ending balance, March 31, 2021 | ( | ( |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
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 discounts and financing costs | |||||||||||
Straight-line rent adjustment, net | ( | ( | |||||||||
Provision for estimated credit losses | |||||||||||
Provision for asset impairment | |||||||||||
Gain on sale of investment properties, net | ( | ( | |||||||||
Equity in earnings of unconsolidated entities | ( | ( | |||||||||
Distributions from unconsolidated entities | |||||||||||
Stock-based compensation, net | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts and rents receivable | |||||||||||
Deferred costs and other assets, net | ( | ( | |||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchase of investment properties | ( | ||||||||||
Capital expenditures and tenant improvements | ( | ( | |||||||||
Investment in development and re-development projects | ( | ( | |||||||||
Proceeds from sale of investment properties, net | |||||||||||
Lease commissions and other leasing costs | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Other liabilities | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from distribution reinvestment plan | |||||||||||
Distributions to shareholders | ( | ( | |||||||||
Proceeds from debt | |||||||||||
Payoffs of debt | ( | ( | |||||||||
Principal payments of mortgage debt | ( | ( | |||||||||
Payment of finance lease liabilities | ( | ( | |||||||||
Payment of loan fees and deposits | ( | ||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash at the beginning of the period | |||||||||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | $ | |||||||||
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
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 | $ | $ | |||||||||
Cash refunded for income taxes, net | $ | $ | |||||||||
Distributions payable to shareholders | $ | $ | |||||||||
Accrued capital expenditures and tenant improvements | $ | $ | |||||||||
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 | $ | $ | |||||||||
Gain on sale of investment properties, net | |||||||||||
Proceeds from sale of investment properties, net | |||||||||||
Gross disposition price of investment properties | $ | $ |
Wholly-Owned Retail Properties | Unconsolidated Retail Properties at 100% | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
No. of properties | |||||||||||||||||||||||
Gross Leasable Area |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||||||||||||||||
ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope | ASU 2021-01 is intended to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. 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 2021 | The Company's adoption of ASU No. 2021-01 did not result in any incremental elections under Topic 848 regarding cash flow hedges. The Company is continuing to evaluate the guidance of Topic 848 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 March 31, 2021 | ||||
Remaining 2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Minimum lease payments | $ | $ | |||||||||
Real estate tax recoveries | |||||||||||
Common area maintenance, insurance, and other recoveries | |||||||||||
Amortization of above and below-market leases and lease inducements, net | |||||||||||
Short-term, termination fee and other lease income | |||||||||||
Uncollectible straight-line rent | ( | ( | |||||||||
Uncollectible billed rent and recoveries | ( | ( | |||||||||
Lease income, net | $ | $ |
Timing of Satisfaction of Performance Obligations | Three months ended March 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Property management fees | Over time | $ | $ | ||||||||||||||
Asset management fees | Over time | ||||||||||||||||
Leasing commissions and other fees | Point in time | ||||||||||||||||
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 | ||||||||||||||||||||||||
$ |
Disposition Date | Property | Metropolitan Area | Gross Disposition Price | Gain (Loss) on Sale | ||||||||||||||||||||||
February 28, 2021 | Sonterra Village | San Antonio, TX | $ | $ | ||||||||||||||||||||||
March 14, 2021 | Eldridge Town Center | Houston, TX | ||||||||||||||||||||||||
March 31, 2021 | Windward Commons | Alpharetta, GA | ( | |||||||||||||||||||||||
$ | $ |
Disposition Date | Property | Metropolitan Area | Gross Disposition Price | Gain on Sale | ||||||||||||||||||||||
February 10, 2020 | University Oaks Shopping Center | Round Rock, TX | $ | $ | ||||||||||||||||||||||
February 12, 2020 | Centerplace of Greeley | Greeley, CO | ||||||||||||||||||||||||
$ | $ |
As of | |||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets: | |||||||||||
Net investment properties | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | |||||||||||
Liabilities and equity: | |||||||||||
Mortgages debt, net | |||||||||||
Other liabilities | |||||||||||
Equity | |||||||||||
Total liabilities and equity | |||||||||||
Company's share of equity | |||||||||||
Outside basis difference, net (a) | ( | ( | |||||||||
Carrying value of investments in unconsolidated entities | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Total income | $ | $ | |||||||||
Depreciation and amortization | ( | ( | |||||||||
Property operating | ( | ( | |||||||||
Real estate taxes | ( | ( | |||||||||
Asset management fees | ( | ( | |||||||||
Interest expense, net | ( | ( | |||||||||
Other (expense) and income, net | ( | ( | |||||||||
Loss on debt extinguishment | ( | ( | |||||||||
Gain on sale of real estate | |||||||||||
Net income | $ | $ | |||||||||
Company's share of net income | $ | $ | |||||||||
Outside basis adjustment for investee's sale of real estate, net | ( | ||||||||||
Equity in earnings of unconsolidated entities | $ | $ |
Scheduled maturities by year: | As of March 31, 2021 | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Mortgages payable (a) | $ | $ | |||||||||
Discount, net of accumulated amortization | ( | ( | |||||||||
Issuance costs, net of accumulated amortization | ( | ( | |||||||||
Total mortgages payable, net | $ | $ |
Scheduled maturities by year: | As of March 31, 2021 | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total mortgage payable maturities | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
Principal Balance | Interest Rate | Principal Balance | Interest Rate | Maturity Date | |||||||||||||||||||||||||
$ | $ | $ | December 21, 2023 | ||||||||||||||||||||||||||
$ | December 21, 2023 | ||||||||||||||||||||||||||||
$ | December 21, 2023 | ||||||||||||||||||||||||||||
$ | June 21, 2024 | ||||||||||||||||||||||||||||
$ | June 21, 2024 | ||||||||||||||||||||||||||||
$ | June 21, 2024 | ||||||||||||||||||||||||||||
Total unsecured term loans | |||||||||||||||||||||||||||||
Issuance costs, net of accumulated amortization | ( | ( | |||||||||||||||||||||||||||
Total unsecured term loans, net | $ | $ |
Fair Value Measurements as of | ||||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Cash Flow Hedges: (a) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Derivative interest rate liabilities (b) | $ | $ | ( | $ | $ | $ | ( | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||||
Mortgages payable | $ | $ | $ | $ | |||||||||||||
Term loans | $ | $ | $ | $ | |||||||||||||
Revolving line of credit | $ | $ | $ | $ |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Earnings allocated to unvested restricted shares (a) | ||||||||||||||
Net loss attributed to common shareholders | $ | ( | $ | ( | ||||||||||
Denominator: | ||||||||||||||
Weighted average number of common shares outstanding - basic | ||||||||||||||
Effect of unvested restricted shares (b) | ||||||||||||||
Weighted average number of common shares outstanding - diluted | ||||||||||||||
Basic and diluted earnings per common share: | ||||||||||||||
Net loss per common share | $ | $ |
Unvested Time- Based RSUs | Unvested Performance- Based RSUs | Weighted-Average Grant Date Price Per Share | |||||||||||||||
Outstanding as of January 1, 2021 | $ | ||||||||||||||||
Shares granted | $ | ||||||||||||||||
Shares forfeited | ( | $ | |||||||||||||||
Outstanding as of March 31, 2021 | $ |
Minimum Lease Payments | |||||||||||
Operating Leases | Finance Leases | ||||||||||
Remaining 2021 | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
Thereafter | |||||||||||
Total expected minimum lease obligation | |||||||||||
Less: Amount representing interest (a) | ( | ( | |||||||||
Present value of net minimum lease payments | $ | $ |
Disaggregation of Gross Rent Billed | |||||||||||||||||||||||||||||
Gross Rent Billed | Collected | Payment Deferral Plan | Estimated Credit Loss | Remaining Accounts Receivable | |||||||||||||||||||||||||
Quarter end June 30, 2020 | $ | 52,387 | $ | 45,149 | $ | 3,100 | $ | 4,062 | $ | 76 | |||||||||||||||||||
Quarter end Sept. 30, 2020 | $ | 52,522 | $ | 49,596 | $ | 828 | $ | 1,891 | $ | 207 | |||||||||||||||||||
Quarter end Dec. 31, 2020 | $ | 53,562 | $ | 52,901 | $ | (1,053) | $ | 1,393 | $ | 321 | |||||||||||||||||||
Quarter end Mar. 31, 2021 | $ | 52,217 | $ | 50,863 | $ | (1,161) | $ | 1,587 | $ | 928 |
Disaggregation of Gross Rent Billed | |||||||||||||||||||||||||||||
Gross Rent Billed | Collected | Payment Deferral Plan | Estimated Credit Loss | Remaining Accounts Receivable | |||||||||||||||||||||||||
Quarter end June 30, 2020 | 100% | 86.2% | 5.9% | 7.8% | 0.1% | ||||||||||||||||||||||||
Quarter end Sept. 30, 2020 | 100% | 94.4% | 1.6% | 3.6% | 0.4% | ||||||||||||||||||||||||
Quarter end Dec. 31, 2020 | 100% | 98.8% | (2.0)% | 2.6% | 0.6% | ||||||||||||||||||||||||
Quarter end Mar. 31, 2021 | 100% | 97.4% | (2.2)% | 3.0% | 1.8% |
Wholly-Owned Retail Properties | IAGM Retail Properties | IAGM Retail Properties (at share) | Pro Rata Combined Retail Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
No. of properties | 55 | 56 | 10 | 10 | 10 | 10 | 65 | 66 | |||||||||||||||||||||||||||||||||||||||
GLA (square feet) | 8,394,757 | 8,488,479 | 2,470,193 | 2,470,134 | 1,358,606 | 1,358,573 | 9,753,363 | 9,847,052 | |||||||||||||||||||||||||||||||||||||||
Economic occupancy (a) | 95.0% | 95.9% | 86.5% | 92.3% | 86.5% | 92.3% | 93.8% | 95.4% | |||||||||||||||||||||||||||||||||||||||
ABR PSF (b) | $18.63 | $18.73 | $17.10 | $17.44 | $17.10 | $17.44 | $18.44 | $18.56 |
Community and neighborhood centers | |||||||||||||||||||||||||||||||||||||||||||||||
Wholly-Owned Retail Properties | IAGM Retail Properties | IAGM Retail Properties (at share) | Pro Rata Combined Retail Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
No. of properties | 44 | 44 | 5 | 5 | 5 | 5 | 49 | 49 | |||||||||||||||||||||||||||||||||||||||
GLA (square feet) | 5,051,334 | 4,986,165 | 1,386,308 | 1,386,308 | 762,469 | 762,469 | 5,813,803 | 5,748,634 | |||||||||||||||||||||||||||||||||||||||
Economic occupancy | 95.0% | 95.7% | 88.5% | 94.4% | 88.5% | 94.4% | 94.1% | 95.5% | |||||||||||||||||||||||||||||||||||||||
ABR PSF | $19.67 | $19.90 | $16.64 | $17.48 | $16.64 | $17.48 | $19.30 | $19.58 |
Power centers | |||||||||||||||||||||||||||||||||||||||||||||||
Wholly-Owned Retail Properties | IAGM Retail Properties | IAGM Retail Properties (at share) | Pro Rata Combined Retail Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
No. of properties | 11 | 12 | 5 | 5 | 5 | 5 | 16 | 17 | |||||||||||||||||||||||||||||||||||||||
GLA (square feet) | 3,343,423 | 3,502,314 | 1,083,885 | 1,083,826 | 596,137 | 596,104 | 3,939,560 | 4,098,418 | |||||||||||||||||||||||||||||||||||||||
Economic occupancy | 95.0% | 96.2% | 83.8% | 89.5% | 83.8% | 89.5% | 93.3% | 95.2% | |||||||||||||||||||||||||||||||||||||||
ABR PSF | $17.01 | $17.01 | $17.74 | $17.37 | $17.74 | $17.37 | $17.11 | $17.06 |
Wholly-Owned Retail Properties | IAGM Retail Properties | IAGM Retail Properties (at share) | Pro Rata Combined Retail Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
No. of properties | 53 | 53 | 10 | 10 | 10 | 10 | 63 | 63 | |||||||||||||||||||||||||||||||||||||||
GLA (square feet) | 8,156,109 | 8,155,739 | 2,470,193 | 2,470,134 | 1,358,606 | 1,358,573 | 9,514,715 | 9,514,312 | |||||||||||||||||||||||||||||||||||||||
Economic occupancy | 94.9% | 96.3% | 86.5% | 92.3% | 86.5% | 92.3% | 93.7% | 95.7% | |||||||||||||||||||||||||||||||||||||||
ABR PSF | $18.85 | $18.85 | $17.10 | $17.44 | $17.10 | $17.44 | $18.62 | $18.67 |
GLA | ||||||||||||||||||||||||||||||||||||||
State | Region | No. of Properties | Wholly-Owned Retail Properties | IAGM Retail Properties | IAGM Retail Properties (at share) | Pro Rata Combined Retail Portfolio | ||||||||||||||||||||||||||||||||
Texas | Southwest | 25 | 2,462,252 | 2,470,193 | 1,358,606 | 3,820,858 | ||||||||||||||||||||||||||||||||
Florida | South Atlantic | 10 | 1,981,512 | — | — | 1,981,512 | ||||||||||||||||||||||||||||||||
Georgia | South Atlantic | 10 | 1,057,602 | — | — | 1,057,602 | ||||||||||||||||||||||||||||||||
California | West | 7 | 1,050,623 | — | — | 1,050,623 | ||||||||||||||||||||||||||||||||
North Carolina | South Atlantic | 7 | 1,015,870 | — | — | 1,015,870 | ||||||||||||||||||||||||||||||||
Colorado | West | 3 | 466,639 | — | — | 466,639 | ||||||||||||||||||||||||||||||||
Maryland | East | 2 | 183,348 | — | — | 183,348 | ||||||||||||||||||||||||||||||||
Virginia | South Atlantic | 1 | 176,911 | — | — | 176,911 | ||||||||||||||||||||||||||||||||
65 | 8,394,757 | 2,470,193 | 1,358,606 | 9,753,363 |
Lease Expiration Year | No. of Expiring Leases (a) | GLA of Expiring Leases (square feet) | Percent of Total GLA of Expiring Leases | ABR of Expiring Leases | Percent of Total ABR | Expiring ABR PSF | ||||||||||||||||||||||||||||||||
2021 | 98 | 211,404 | 2.3% | $ | 5,712 | 3.4% | $ | 27.02 | ||||||||||||||||||||||||||||||
2022 | 218 | 1,347,036 | 14.7% | 22,877 | 13.7% | 16.98 | ||||||||||||||||||||||||||||||||
2023 | 207 | 954,827 | 10.4% | 17,520 | 10.6% | 18.35 | ||||||||||||||||||||||||||||||||
2024 | 191 | 1,061,434 | 11.6% | 20,269 | 12.1% | 19.10 | ||||||||||||||||||||||||||||||||
2025 | 182 | 1,104,179 | 12.1% | 18,817 | 11.3% | 17.04 | ||||||||||||||||||||||||||||||||
2026 | 146 | 705,758 | 7.7% | 14,622 | 8.7% | 20.72 | ||||||||||||||||||||||||||||||||
2027 | 117 | 900,940 | 9.9% | 18,466 | 11.0% | 20.50 | ||||||||||||||||||||||||||||||||
2028 | 82 | 446,442 | 4.9% | 9,061 | 5.4% | 20.30 | ||||||||||||||||||||||||||||||||
2029 | 90 | 509,290 | 5.6% | 10,177 | 6.1% | 19.98 | ||||||||||||||||||||||||||||||||
2030 | 72 | 364,674 | 4.0% | 8,350 | 5.0% | 22.90 | ||||||||||||||||||||||||||||||||
Thereafter | 86 | 1,376,920 | 15.1% | 20,482 | 12.2% | 14.88 | ||||||||||||||||||||||||||||||||
Other (b) | 261 | 155,278 | 1.7% | 858 | 0.5% | 22.60 | ||||||||||||||||||||||||||||||||
1,750 | 9,138,182 | 100.0% | $ | 167,211 | 100.0% | $ | 18.30 |
No. of Leases Executed for the Quarter Ended Mar. 31, 2021 | 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 | 199,364 | $19.62 | $19.86 | (1.2)% | 5.9 | $0.23 | $— | |||||||||||||||||||||||||||||||||||||||
Comparable New Leases (a) | 7 | 10,592 | $31.35 | $31.30 | 0.2% | 7.9 | $25.14 | $10.67 | |||||||||||||||||||||||||||||||||||||||
Non-Comparable Renewal and New Leases | 18 | 128,860 | $17.33 | N/A | N/A | 11.7 | $9.92 | $3.72 | |||||||||||||||||||||||||||||||||||||||
Total | 70 | 338,816 | $20.15 | $20.37 | (1.1)% | 8.1 | $4.70 | $1.75 | |||||||||||||||||||||||||||||||||||||||
Anchor Tenants (leases over 10,000 square feet) | |||||||||||||||||||||||||||||||||||||||||||||||
Comparable Renewal Leases (a) | 4 | 105,848 | $13.77 | $13.31 | 3.5% | 7.1 | $— | $— | |||||||||||||||||||||||||||||||||||||||
Comparable New Leases (a) | — | — | $— | $— | —% | — | $— | $— | |||||||||||||||||||||||||||||||||||||||
Non-Comparable Renewal and New Leases | 2 | 84,387 | $12.12 | N/A | N/A | 14.1 | $6.40 | $1.56 | |||||||||||||||||||||||||||||||||||||||
Total | 6 | 190,235 | $13.77 | $13.31 | 3.5% | 10.2 | $2.84 | $0.69 | |||||||||||||||||||||||||||||||||||||||
Small Shop Tenants (leases under 10,000 square feet) | |||||||||||||||||||||||||||||||||||||||||||||||
Comparable Renewal Leases (a) | 41 | 93,516 | $26.35 | $27.39 | (3.8)% | 4.5 | $0.49 | $— | |||||||||||||||||||||||||||||||||||||||
Comparable New Leases (a) | 7 | 10,592 | $31.35 | $31.30 | 0.2% | 7.9 | $25.14 | $10.67 | |||||||||||||||||||||||||||||||||||||||
Non-Comparable Renewal and New Leases | 16 | 44,473 | $28.27 | N/A | N/A | 7.1 | $16.61 | $7.80 | |||||||||||||||||||||||||||||||||||||||
Total | 64 | 148,581 | $26.81 | $27.75 | (3.4)% | 5.5 | $7.07 | $3.10 |
Three months ended March 31, | Composition of Total Decrease, net | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Total Increase (Decrease), net | Acquisition Increase | Disposition Decrease | Same Property Increase (Decrease), net | ||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||
Lease income, net | $ | 49,926 | $ | 51,284 | $ | (1,358) | $ | 724 | $ | (395) | $ | (1,687) | |||||||||||||||||||||||
Other property income | 182 | 191 | (9) | 3 | (23) | 11 | |||||||||||||||||||||||||||||
Other fee income | 1,013 | 963 | 50 | — | — | 50 | |||||||||||||||||||||||||||||
Total income | $ | 51,121 | $ | 52,438 | $ | (1,317) | $ | 727 | $ | (418) | $ | (1,626) |
Three months ended March 31, | Composition of Total Decrease, net | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Total Increase (Decrease), net | Acquisition Increase | Disposition Decrease | Same Property Increase (Decrease), net | ||||||||||||||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 21,687 | $ | 22,122 | $ | (435) | $ | 420 | $ | (190) | $ | (665) | |||||||||||||||||||||||
Property operating | 8,009 | 7,108 | 901 | 131 | (138) | 908 | |||||||||||||||||||||||||||||
Real estate taxes | 8,133 | 8,489 | (356) | 69 | (130) | (295) | |||||||||||||||||||||||||||||
General and administrative | 10,351 | 7,195 | 3,156 | — | — | 3,156 | |||||||||||||||||||||||||||||
Total operating expenses | $ | 48,180 | $ | 44,914 | $ | 3,266 | $ | 620 | $ | (458) | $ | 3,104 |
Three months ended March 31, | |||||||||||||||||
2021 | 2020 | Change, net | |||||||||||||||
Other (expense) income | |||||||||||||||||
Interest expense, net | $ | (3,985) | $ | (4,809) | $ | 824 | |||||||||||
Provision for asset impairment | — | (9,002) | 9,002 | ||||||||||||||
Gain on sale of investment properties, net | 519 | 457 | 62 | ||||||||||||||
Equity in earnings of unconsolidated entities | 620 | 789 | (169) | ||||||||||||||
Other income and expense, net | (195) | 1,555 | (1,750) | ||||||||||||||
Total other (expense) income, net | $ | (3,041) | $ | (11,010) | $ | 7,969 |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net loss | $ | (100) | $ | (3,486) | |||||||
Adjustments to reconcile to non-GAAP metrics: | |||||||||||
Other income and expense, net | 195 | (1,555) | |||||||||
Equity in earnings of unconsolidated entities | (620) | (789) | |||||||||
Interest expense, net | 3,985 | 4,809 | |||||||||
Gain on sale of investment properties, net | (519) | (457) | |||||||||
Provision for asset impairment | — | 9,002 | |||||||||
Depreciation and amortization | 21,687 | 22,122 | |||||||||
General and administrative | 10,351 | 7,195 | |||||||||
Other fee income | (1,013) | (963) | |||||||||
Adjustments to NOI (a) | (1,880) | (2,006) | |||||||||
NOI | 32,086 | 33,872 | |||||||||
NOI from other investment properties | (645) | (300) | |||||||||
Same-property NOI | $ | 31,441 | $ | 33,572 |
Three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | Change | Var. | ||||||||||||||||||||
Lease income, net | $ | 47,165 | $ | 48,650 | $ | (1,485) | (3.1) | % | |||||||||||||||
Other property income | 183 | 173 | 10 | 5.8 | % | ||||||||||||||||||
47,348 | 48,823 | (1,475) | (3.0) | % | |||||||||||||||||||
Property operating | 7,870 | 6,920 | 950 | 13.7 | % | ||||||||||||||||||
Real estate taxes | 8,037 | 8,331 | (294) | (3.5) | % | ||||||||||||||||||
15,907 | 15,251 | 656 | 4.3 | % | |||||||||||||||||||
Same-property NOI | $ | 31,441 | $ | 33,572 | $ | (2,131) | (6.3) | % |
Three months ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net loss | $ | (100) | $ | (3,486) | ||||||||||
Depreciation and amortization related to investment properties | 21,447 | 21,546 | ||||||||||||
Provision for asset impairment | — | 9,002 | ||||||||||||
Gain on sale of investment properties, net | (519) | (457) | ||||||||||||
Our share of IAGM's depreciation and amortization related to investment properties | 2,070 | 2,388 | ||||||||||||
FFO Applicable to Common Shares and Dilutive Securities | $ | 22,898 | $ | 28,993 | ||||||||||
Amortization of debt discounts and financing costs | 383 | 467 | ||||||||||||
Amortization of above and below-market leases and lease inducements, net | (1,243) | (1,542) | ||||||||||||
Depreciation and amortization related to corporate assets | 240 | 576 | ||||||||||||
Straight-line rent adjustment, net | (640) | (541) | ||||||||||||
Uncollectible straight-line rent | 123 | 163 | ||||||||||||
Non-operating income and expense, net (a) | 196 | 118 | ||||||||||||
Our share of IAGM's loss on extinguishment of debt | 8 | 5 | ||||||||||||
Our share of IAGM's amortization of financing costs | 75 | 75 | ||||||||||||
Our share of IAGM's amortization of above and below-market leases and lease inducements, net | 120 | 61 | ||||||||||||
Our share of IAGM's straight-line rent adjustment, net | (29) | 12 | ||||||||||||
Our share of IAGM's non-operating income and expense, net (a) | (6) | 44 | ||||||||||||
AFFO Applicable to Common Shares and Dilutive Securities | $ | 22,125 | $ | 28,431 | ||||||||||
Weighted average number of common shares outstanding - basic | 719,462,786 | 720,825,864 | ||||||||||||
Effect of unvested restricted shares (b) | — | — | ||||||||||||
Weighted average number of common shares outstanding - diluted | 719,462,786 | 720,825,864 | ||||||||||||
Net loss per common share, diluted | $ | — | $ | — | ||||||||||
Per share adjustments for FFO Applicable to Common Shares and Dilutive Securities | 0.03 | 0.04 | ||||||||||||
FFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.03 | $ | 0.04 | ||||||||||
Per share adjustments for AFFO Applicable to Common Shares and Dilutive Securities | — | — | ||||||||||||
AFFO Applicable to Common Shares and Dilutive Securities per share | $ | 0.03 | $ | 0.04 |
Development and Re-development | Capital Expenditures | Leasing | Total | ||||||||||||||||||||
Direct costs | $ | 398 | (a) | $ | 1,213 | $ | 1,380 | (c) | $ | 2,991 | |||||||||||||
Indirect costs | 146 | (b) | 360 | — | 506 | ||||||||||||||||||
Total | $ | 544 | $ | 1,573 | $ | 1,380 | $ | 3,497 |
Three months ended March 31, | Change | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Cash provided by operating activities | $ | 20,846 | $ | 16,898 | $ | 3,948 | |||||||||||
Cash used in investing activities | (4,490) | (38,499) | 34,009 | ||||||||||||||
Cash (used in) provided by financing activities | (64,087) | 95,215 | (159,302) | ||||||||||||||
(Decrease) increase in cash, cash equivalents, and restricted cash | (47,731) | 73,614 | (121,345) | ||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 223,770 | 260,748 | (36,978) | ||||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 176,039 | $ | 334,362 | $ | (158,323) |
Payments due by year ending December 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||||||||||||
Fixed rate debt, principal (a) | $ | — | $ | 22,723 | $ | 239,879 | $ | 115,700 | $ | 28,630 | $ | — | $ | 406,932 | |||||||||||||||||||||||||||
Variable-rate debt, principal | — | — | 50,000 | 50,000 | — | — | 100,000 | ||||||||||||||||||||||||||||||||||
Interest | 10,466 | 13,358 | 11,769 | 3,253 | 744 | — | 39,590 | ||||||||||||||||||||||||||||||||||
Total long-term debt | 10,466 | 36,081 | 301,648 | 168,953 | 29,374 | — | 546,522 | ||||||||||||||||||||||||||||||||||
Operating lease obligations (b) | 383 | 522 | 536 | 550 | 53 | — | 2,044 | ||||||||||||||||||||||||||||||||||
Finance lease obligations (c) | 291 | 279 | 21 | — | — | — | 591 | ||||||||||||||||||||||||||||||||||
Grand total | $ | 11,140 | $ | 36,882 | $ | 302,205 | $ | 169,503 | $ | 29,427 | $ | — | $ | 549,157 |
Interest Rate Swap | Effective Date | Termination Date | Bank Pays Variable Rate of | InvenTrust Pays Fixed Rate of | Notional Amount | Fair Value as of | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
5 year, fixed portion | Dec 2, 2019 | Dec 21, 2023 | 1-Month LIBOR | 1.4795% | $ | 100,000 | $ | (3,066) | $ | (3,856) | ||||||||||||||||||||||||||||||||||
5 year, fixed portion | Dec 2, 2019 | Dec 21, 2023 | 1-Month LIBOR | 1.4795% | 100,000 | (3,066) | (3,856) | |||||||||||||||||||||||||||||||||||||
5.5 year, fixed portion | Dec 2, 2019 | June 21, 2024 | 1-Month LIBOR | 1.4915% | 50,000 | (1,635) | (2,217) | |||||||||||||||||||||||||||||||||||||
5.5 year, fixed portion | Dec 2, 2019 | June 21, 2024 | 1-Month LIBOR | 1.4990% | 50,000 | (1,647) | (2,231) | |||||||||||||||||||||||||||||||||||||
Total fixed of unsecured term loan | $ | 300,000 | $ | (9,414) | $ | (12,160) |
Interest Rate Swap | Effective Date | Termination Date | Bank Pays Variable Rate of | InvenTrust Pays Fixed Rate of | Notional Amount | Fair Value as of | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Secured term loan | Apr 1, 2020 | Nov 2, 2023 | 1-Month LIBOR | 0.4290% | $ | 45,000 | $ | (113) | $ | (327) | ||||||||||||||||||||||||||||||||||
Secured term loan | Apr 1, 2020 | Nov 2, 2023 | 1-Month LIBOR | 0.4060% | 30,000 | $ | (58) | $ | (198) | |||||||||||||||||||||||||||||||||||
Total fixed of secured term loan | $ | 75,000 | $ | (171) | $ | (525) |
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) | ||||||||
Separation and Consulting Agreement, by and between InvenTrust Properties Corp. and Thomas McGuinness, dated as of February 18, 2021 (incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K, as filed by the Registrant with the SEC on February 23, 2021) | ||||||||
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 March 31, 2021, filed with the SEC on May 7, 2021, 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: | May 7, 2021 | ||||
By: | /s/ Thomas P. McGuinness | ||||
Name: | Thomas P. McGuinness | ||||
Title: | Chief Executive Officer (Principal Executive Officer) | ||||
Date: | May 7, 2021 | ||||
By: | /s/ Daniel J. Busch | ||||
Name: | Daniel J. Busch | ||||
Title: | President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Date: | May 7, 2021 | ||||
By: | /s/ Thomas P. McGuinness | ||||
Name: | Thomas P. McGuinness | ||||
Title: | Chief Executive Officer (Principal Executive Officer) |
Date: | May 7, 2021 | ||||
By: | /s/ Daniel J. Busch | ||||
Name: | Daniel J. Busch | ||||
Title: | President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Date: | May 7, 2021 | ||||
By: | /s/ Thomas P. McGuinness | ||||
Name: | Thomas P. McGuinness | ||||
Title: | Chief Executive Officer (Principal Executive Officer) |
Date: | May 7, 2021 | ||||
By: | /s/ Daniel J. Busch | ||||
Name: | Daniel J. Busch | ||||
Title: | President, Chief Financial Officer and Treasurer (Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
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) | 719,462,786 | 719,462,786 |
Common stock, shares outstanding (in shares) | 719,462,786 | 719,462,786 |
Organization |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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. Each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 6. Investment in Unconsolidated Entities". As of March 31, 2021 and 2020, the Company had an investment in one unconsolidated real estate joint venture, as disclosed in "Note 6. Investment in Unconsolidated Entities". 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 retail portfolio as of March 31, 2021 and 2020:
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. During the three months ended March 31, 2021, deferred rental payments of $2,899 became due; the Company has collected $2,655 of such deferred rental payments as of March 31, 2021. During the year ended December 31, 2020 and the three months ended March 31, 2021, the Company granted approximately $6,460 and $129, respectively, of rental payment deferrals, with contractual payment terms through the year ending December 31, 2023.
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Basis of Presentation and Recently Issued Accounting Pronouncements |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 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 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:
The table above includes payments from tenants who have taken possession of their space and tenants who have been moved to the cash basis of accounting for revenue recognition purposes. The remaining lease terms range from less than one year to seventy-seven years. 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 had receivables of $329 and $327 as of March 31, 2021 and December 31, 2020, respectively, which are included in deferred costs and other assets, net on the condensed consolidated balance sheets.
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Acquired Properties |
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Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Properties | Acquired Properties There were no retail properties acquired during the three months ended March 31, 2021. The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2020:
(a)This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities". Transaction costs of $63 were capitalized during the three months ended March 31, 2020.
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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 completion of partial condemnations at three retail properties and the related gain or loss on sale recognized for each during the three months ended March 31, 2021:
The following table reflects the completion of partial condemnations at two retail properties and the related gain on sale recognized for each during the three months ended March 31, 2020:
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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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the carrying value of the Company's investment in IAGM was $106,566 and $109,051, respectively. During the three months ended March 31, 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 began amortizing the gain over 30 years as an increase to equity in earnings of unconsolidated entities. Subsequent to purchasing Antoine Town Center, the Company completed a sale of an outparcel at this retail property to an unrelated third party which resulted in recognizing $54 of previously deferred gain. During the three months ended March 31, 2021 and 2020, IAGM prepaid mortgages payable of $23,150 and $14,872, respectively, with cash on hand. During the three months ended March 31, 2020, IAGM entered into two interest rate swap agreements to achieve fixed interest rates on its senior secured term loan facility previously subject to variability in the London Inter-bank Offered Rate ("LIBOR"). 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 March 31, 2021, the interest rate swaps were recorded as a liability with a fair value of $171 on IAGM's condensed consolidated balance sheet, of which the Company's share was $94. Condensed Financial Information The following table presents condensed balance sheet information for IAGM:
(a)The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center. The following table presents condensed income statement information of IAGM:
The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2021, for the remainder of 2021, each of the next four years and thereafter:
As of March 31, 2021 and December 31, 2020, 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 March 31, 2021, the Company's total debt, net was $504,965, which consists of mortgages payable, net, of $106,437, and unsecured term loans, net, of $398,528. 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 March 31, 2021 and December 31, 2020, the Company was in compliance with all loan covenants. Mortgages Payable As of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020. The following table summarizes the scheduled maturities of the Company's mortgages payable as of March 31, 2021 for the remainder of 2021, 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"). As of March 31, 2021 and December 31, 2020, the Company had no outstanding borrowings and $50,000 of outstanding borrowings under the Revolving Credit Agreement, respectively, and a facility fee of 0.15%. As of March 31, 2021 and December 31, 2020, $350,000 and $300,000 of the facility was undrawn, respectively. For general corporate purposes and to increase its financial flexibility in light of the COVID-19 pandemic, the Company drew $150,000 on the Revolving Credit Agreement at an interest rate reflecting 1-Month LIBOR plus 1.05% during the second quarter of 2020. The Company subsequently repaid $100,000 and $50,000 of that draw during the fourth quarter of 2020 and the first quarter of 2021, respectively. The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022 with two six-month extension options. Unsecured term loans As of March 31, 2021 and December 31, 2020, the Company had the following unsecured term loan tranches outstanding:
(a)As of March 31, 2021, the Company has four interest rate swap agreements, of which two each have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%. (b)Interest rate reflects 1-Month LIBOR plus 1.20% effective March 1, 2021. (c)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2020.
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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:
(a)During the twelve months subsequent to March 31, 2021, an estimated $4,179 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings. (b)The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's condensed consolidated balance sheets. Level 1 At March 31, 2021 and December 31, 2020, the Company had no Level 1 recurring fair value measurements. Level 2 As of March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020, the Company had no Level 3 recurring fair value measurements. Nonrecurring Measurements Investment Properties During the three months ended March 31, 2021, the Company had no Level 3 nonrecurring fair value measurements. During the three months ended March 31, 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 income (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. 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 March 31, 2021 and December 31, 2020:
The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 4.52% and 4.25% as of March 31, 2021 and December 31, 2020, 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 1.68% and 1.36% as of March 31, 2021 and December 31, 2020, 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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Earnings Per Share and Equity Transactions |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share and Equity Transactions | Earnings Per Share and Equity Transactions Basic earnings per share ("EPS") is computed using the two-class method by dividing net income by the weighted average number of common shares outstanding for the period (the "common shares") and participating securities. The restricted share awards issued pursuant to the InvenTrust Properties Corp. 2015 Incentive Award Plan (as amended, the "Incentive Award Plan") are deemed to be participating securities. Diluted EPS is generally computed using the treasury-stock method by dividing net income by the common shares plus potential common shares resulting from restricted share awards. The following table reconciles the amounts used in calculating basic and diluted earnings per share:
(a)For the three months ended March 31, 2021 and 2020, there were no undistributed earnings to be allocated. (b)For the three months ended March 31, 2021 and 2020, the anti-dilutive effect of unvested restricted shares has been excluded. 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. 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 was equal to a 25% discount to the most recent estimated Net Asset Value ('"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 months ended March 31, 2020, no 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 were able to 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 were able to 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 months ended March 31, 2020, 21,249 shares were issued pursuant to the DRP. Effective July 11, 2020, the Company suspended the SRP and the DRP. On April 12, 2021, the Company announced the reinstatement of the SRP, effective May 14, 2021, for qualifying shareholders through the Third Amended and Restated Share Repurchase Program authorizing redemption of the Company's shares of common stock, subject to certain conditions and limitations. The Company's obligation to repurchase any shares under the SRP is conditioned upon having sufficient funds available to complete the repurchase. The repurchase price per share of $2.17 for eligible 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, which was $2.89 per share as of December 21, 2020. The DRP remains suspended.
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Effective as of June 19, 2015, the Company's Board adopted the Incentive Award Plan, under which the Company may grant cash and equity incentive awards to eligible employees, directors, and consultants. Time-based restricted stock units ("RSU") awards granted to employees vest equally on each of the first anniversaries of the applicable vesting commencement date, subject to the employees' continued service to the Company. The time-based RSU awards granted to directors vest on the earlier of the one-year anniversary of the applicable grant date or the date of the Company's next annual meeting of its shareholders following the grant date, subject to the directors' continued service to the Company. Performance-based RSU awards granted to employees vest at the conclusion of the performance period, subject to the recipients' continued service to the Company and achievement of the specified performance levels. Under the Incentive Award Plan, the Company is authorized to grant up to 30,000,000 shares of the Company's common stock pursuant to awards under the Incentive Award Plan. As of March 31, 2021, 15,192,719 shares were available for future issuance under the Incentive Award Plan. On February 18, 2021, the Board approved grants of time-based and performance-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $2.89 as of December 1, 2020. On February 23, 2021, the Company announced the expected retirement of its President and Chief Executive Officer in August 2021, which resulted in the acceleration of certain stock-based compensation expenses. The Company also announced the appointment of certain executives in establishing a plan of succession. In connection with the appointments, the Board approved grants of time-based RSUs under the Company's Incentive Award Plan at the most recent estimated NAV per share of $2.89 as of December 1, 2020. The following table summarizes the Company's RSU activity during the three months ended March 31, 2021:
As of March 31, 2021, there was $9,755 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2023. The Company recognized stock-based compensation expense of $2,496 and $528 for the three months ended March 31, 2021 and 2020, respectively.
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Commitments and Contingencies |
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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. 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 March 31, 2021, 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 |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsIn preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after March 31, 2021, through the date the financial statements were issued for recognition and disclosure purposes. |
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) |
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Recently Issued Accounting Pronouncements Adopted | 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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Organization (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Multi-Tenant Retail Portfolio | The following table summarizes the Company's retail portfolio as of March 31, 2021 and 2020:
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Basis of Presentation and Recently Issued Accounting Pronouncements (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recently Issued Accounting Pronouncements Adopted | Recently Issued Accounting Pronouncements Adopted
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Revenue Recognition (Tables) |
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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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Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Acquisitions | The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the three months ended March 31, 2020:
(a)This retail property was acquired from the Company's unconsolidated joint venture, as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities".
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Disposed Properties (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity | The following table reflects the completion of partial condemnations at three retail properties and the related gain or loss on sale recognized for each during the three months ended March 31, 2021:
The following table reflects the completion of partial condemnations at two retail properties and the related gain on sale recognized for each during the three months ended March 31, 2020:
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Investment in Unconsolidated Entities (Tables) |
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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:
(a)The outside basis difference relates to the unamortized deferred gain on sale of Antoine Town Center. The following table presents condensed income statement information of IAGM:
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Contractual Obligation, Fiscal Year Maturity Schedule | The following table summarizes the scheduled maturities of IAGM's mortgages payable as of March 31, 2021, for the remainder of 2021, 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, the Company had the following unsecured term loan tranches outstanding:
(a)As of March 31, 2021, the Company has four interest rate swap agreements, of which two each have a notional amount of $100,000, an effective date of December 2, 2019, a termination date of December 21, 2023, and achieve a fixed interest rate of 2.68%. The other two interest rate swap agreements each have a notional amount of $50,000, an effective date of December 2, 2019, a termination date of June 21, 2024, and achieve fixed interest rates of 2.69% and 2.70%. (b)Interest rate reflects 1-Month LIBOR plus 1.20% effective March 1, 2021. (c)Interest rate reflects 1-Month LIBOR plus 1.20% effective December 1, 2020.
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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 March 31, 2021 for the remainder of 2021, each of the next four years and thereafter.
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Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
(a)During the twelve months subsequent to March 31, 2021, an estimated $4,179 of derivative interest rate liabilities recognized in accumulated comprehensive loss will be reclassified into earnings. (b)The Company's and IAGM's derivative liabilities are recognized as a part of other liabilities and investment in unconsolidated entities, respectively, on the Company's 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 March 31, 2021 and December 31, 2020:
|
Earnings Per Share and Equity Transactions (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles the amounts used in calculating basic and diluted earnings per share:
(a)For the three months ended March 31, 2021 and 2020, there were no undistributed earnings to be allocated. (b)For the three months ended March 31, 2021 and 2020, the anti-dilutive effect of unvested restricted shares has been excluded.
|
Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Restricted Stock Unit Activity | The following table summarizes the Company's RSU activity during the three months ended March 31, 2021:
|
Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Lease, Liability, Maturity | Future minimum lease obligations as of March 31, 2021, 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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Finance Lease, Liability, Maturity | Future minimum lease obligations as of March 31, 2021, 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.
|
Organization (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
ft²
property
joint_venture
|
Mar. 31, 2020
ft²
property
joint_venture
|
Dec. 31, 2020
USD ($)
|
|
Entity Information [Line Items] | |||
Number of joint ventures | joint_venture | 1 | 1 | |
Deferred rental payments | $ 2,899 | ||
Proceeds from rents received | 2,655 | ||
Deferred rental payments receivable | $ 129 | $ 6,460 | |
Unconsolidated Retail Properties at 100% | |||
Entity Information [Line Items] | |||
Number of managed retail properties | property | 10 | 10 | |
Gross Leasable Area (square feet) | ft² | 2,470,193 | 2,470,134 | |
Wholly-Owned Retail Properties | |||
Entity Information [Line Items] | |||
Number of retail properties | property | 55 | 56 | |
Gross Leasable Area (square feet) | ft² | 8,394,757 | 8,488,479 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Minimum Lease Payments: | |||
Remaining 2021 | $ 109,270 | ||
2022 | 129,682 | ||
2023 | 115,896 | ||
2024 | 100,499 | ||
2025 | 83,365 | ||
Thereafter | 288,175 | ||
Total | 826,887 | ||
Disaggregation of Revenue [Line Items] | |||
Receivables | 329 | $ 327 | |
Property management fees | |||
Disaggregation of Revenue [Line Items] | |||
Other fee income | 587 | $ 577 | |
Asset management fees | |||
Disaggregation of Revenue [Line Items] | |||
Other fee income | 271 | 285 | |
Leasing commissions and other fees | |||
Disaggregation of Revenue [Line Items] | |||
Other fee income | 155 | 101 | |
Other fee income | |||
Disaggregation of Revenue [Line Items] | |||
Other fee income | $ 1,013 | $ 963 | |
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Remaining lease term | 77 years |
Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | ||
Minimum lease payments | $ 34,886 | $ 36,177 |
Lease income, net | 49,926 | 51,284 |
Real estate tax recoveries | ||
Disaggregation of Revenue [Line Items] | ||
Lease income, net | 6,994 | 7,884 |
Common area maintenance, insurance, and other recoveries | ||
Disaggregation of Revenue [Line Items] | ||
Lease income, net | 5,938 | 5,396 |
Amortization of above and below-market leases and lease inducements, net | ||
Disaggregation of Revenue [Line Items] | ||
Lease income, net | 1,243 | 1,542 |
Short-term, termination fee and other lease income | ||
Disaggregation of Revenue [Line Items] | ||
Lease income, net | 1,056 | 1,048 |
Uncollectible straight-line rent | ||
Disaggregation of Revenue [Line Items] | ||
Lease income, net | (123) | (163) |
Uncollectible billed rent and recoveries | ||
Disaggregation of Revenue [Line Items] | ||
Lease income, net | $ (68) | $ (600) |
Acquired Properties - Summary of Retail Properties Acquired (Details) - Retail $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
ft²
| |
Real Estate Properties [Line Items] | |
Gross Acquisition Price | $ | $ 33,204 |
Square Feet | ft² | 173,100 |
Trowbridge Crossing | |
Real Estate Properties [Line Items] | |
Gross Acquisition Price | $ | $ 10,950 |
Square Feet | ft² | 62,600 |
Antoine Town Center | |
Real Estate Properties [Line Items] | |
Gross Acquisition Price | $ | $ 22,254 |
Square Feet | ft² | 110,500 |
Acquired Properties - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Asset Acquisition [Abstract] | ||
Transaction costs capitalized | $ 0 | $ 63 |
Investment in Unconsolidated Entities - Unconsolidated Entities (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Schedule of Debt Maturities of the Unconsolidated Entities | |
2021 | $ 0 |
2022 | 0 |
2023 | 180,125 |
2024 | 0 |
2025 | 22,880 |
Thereafter | 17,800 |
Total | $ 220,805 |
Debt - Mortgages Payable (Details) - Mortgages - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Mortgages payable | $ 106,932 | $ 107,261 |
Discount, net of accumulated amortization | (74) | (84) |
Issuance costs, net of accumulated amortization | (421) | (449) |
Total mortgages payable, net | $ 106,437 | $ 106,728 |
Weighted average interest rate (percent) | 4.07% | 4.07% |
Minimum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 3.49% | 3.49% |
Maximum | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 4.58% | 4.58% |
Debt - Mortgage Maturities (Details) - Mortgages Payable - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of maturities for outstanding mortgage indebtedness | ||
2021 | $ 0 | |
2022 | 22,723 | |
2023 | 39,879 | |
2024 | 15,700 | |
2025 | 28,630 | |
Thereafter | 0 | |
Total mortgage payable maturities | $ 106,932 | $ 107,261 |
Fair Value Measurements - Recurring Measurements (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Cash Flow Hedges: | ||
Deferred amounts in accumulated comprehensive income (loss) that will be reclassified into earnings | $ 4,179 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Cash Flow Hedges: | ||
Derivative interest rate liabilities | 0 | $ 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Cash Flow Hedges: | ||
Derivative interest rate liabilities | (9,508) | (12,449) |
Fair Value, Measurements, Recurring | Level 3 | ||
Cash Flow Hedges: | ||
Derivative interest rate liabilities | $ 0 | $ 0 |
Earnings Per Share and Equity Transactions - Reconciliation of Basic and Diluted Income per Share (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Numerator: | ||
Net loss | $ (100,000) | $ (3,486,000) |
Earnings allocated to unvested restricted shares | 0 | 0 |
Net loss attributed to common shareholders | $ (100,000) | $ (3,486,000) |
Denominator: | ||
Weighted average number of common shares outstanding - basic (in shares) | 719,462,786 | 720,825,864 |
Effect of unvested restricted shares (in shares) | 0 | 0 |
Weighted average number of common shares outstanding - diluted (in shares) | 719,462,786 | 720,825,864 |
Basic and diluted earnings per common share: | ||
Net loss per common share, basic and diluted (in dollars per share) | $ 0 | $ 0 |
Earnings Per Share and Equity Transactions - Narrative (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
Dec. 21, 2020 |
May 01, 2019 |
Mar. 31, 2020 |
|
Class of Stock [Line Items] | |||
Stock repurchase program, discount percentage | 25.00% | ||
Distribution reinvestment plan, discount percent | 25.00% | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Stock repurchase program, discount percentage | 25.00% | ||
Purchase price (usd per share) | $ 2.17 | $ 3.14 | |
Repurchase of common stock (in shares) | 0 | ||
Issuance of common stock under dividend reinvestment plan (in shares) | 21,249 | ||
Net asset value (in dollars per share) | $ 2.89 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Dec. 01, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | $ 9,755 | |||
Stock-based compensation expense | $ 2,496 | $ 528 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Weighted average price per share (in dollars per share) | $ 3.01 | $ 3.14 | $ 2.89 | |
Restricted Stock Units (RSUs) | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Restricted Stock Units (RSUs) | 2015 Incentive Award Plan | 2015 Incentive Award Plan approved on June 19, 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (shares) | 30,000,000 | |||
Number of shares available for grant (shares) | 15,192,719 |
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Operating Leases | |
Remaining 2021 | $ 383 |
2022 | 522 |
2023 | 536 |
2024 | 550 |
2025 | 53 |
Thereafter | 0 |
Total expected minimum lease obligation | 2,044 |
Less: Amount representing interest | (198) |
Present value of net minimum lease payments | 1,846 |
Finance Leases | |
Remaining 2021 | 291 |
2022 | 279 |
2023 | 21 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total expected minimum lease obligation | 591 |
Less: Amount representing interest | (34) |
Present value of net minimum lease payments | $ 557 |
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