10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

ý    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2017

OR

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-9876

Weingarten Realty Investors

(Exact name of registrant as specified in its charter)

TEXAS	74-1464203
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2600 Citadel Plaza Drive, Suite 125
Houston, Texas	77008
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code	(713) 866-6000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Shares of Beneficial Interest, $.03 par value	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YESýNO¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.YES¨NOý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YESýNO¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YESýNO¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ý	Accelerated filer  ¨
Non-accelerated filer  ¨ (Do not check if a smaller reporting company)	Smaller reporting company  ¨
	Emerging growth company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES¨NOý

The aggregate market value of the common shares of beneficial interest held by non-affiliates on June 30, 2017 (based upon the most recent closing sale price on the New York Stock Exchange as of such date of $30.10) was $3.6 billion.

As of January 31, 2018, there were 128,456,753 common shares of beneficial interest outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s Proxy Statement relating to its Annual Meeting of Shareholders to be held on April 24, 2018 have been incorporated by reference to Part III of this Form 10-K.

TABLE OF CONTENTS

Item No.		Page No.
	PART I
1.	Business	1
1A.	Risk Factors	3
1B.	Unresolved Staff Comments	14
2.	Properties	14
3.	Legal Proceedings	22
4.	Mine Safety Disclosures	22
	PART II
5.	Market for Registrant’s Common Shares of Beneficial Interest, Related Shareholder Matters and Issuer Purchases of Equity Securities	23
6.	Selected Financial Data	25
7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
7A.	Quantitative and Qualitative Disclosures About Market Risk	43
8.	Financial Statements and Supplementary Data	44
9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	88
9A.	Controls and Procedures	89
9B.	Other Information	91
	PART III
10.	Trust Managers, Executive Officers and Corporate Governance	91
11.	Executive Compensation	91
12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	91
13.	Certain Relationships and Related Transactions, and Trust Manager Independence	92
14.	Principal Accountant Fees and Services	92
	PART IV
15.	Exhibits and Financial Statement Schedules	92
	Signatures	98

Forward-Looking Statements

This annual report on Form 10-K, together with other statements and information publicly disseminated by us, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) disruptions in financial markets, (ii) general economic and local real estate conditions, (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or general downturn in their business, (iv) financing risks, such as the inability to obtain equity, debt, or other sources of financing on favorable terms and changes in LIBOR availability, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates, (vii) the availability of suitable acquisition opportunities, (viii) the ability to dispose of properties, (ix) changes in expected development activity, (x) increases in operating costs, (xi) tax matters, including the effect of changes in tax laws and the failure to qualify as a real estate investment trust, and (xii) investments through real estate joint ventures and partnerships, which involve risks not present in investments in which we are the sole investor. Accordingly, there is no assurance that our expectations will be realized. For further discussion of the factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Item 1A. Risk Factors.”

PART I

ITEM 1. Business

General Development of Business.    Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Item 7 and the Consolidated Financial Statements and Notes thereto included in Item 8 of this Annual Report on Form 10-K for the year ended December 31, 2017, for information on certain recent developments of the Company.

Financial Information about Segments.    We are in the business of owning, managing and developing retail shopping centers. As each of our centers has similar characteristics and amenities, our operations have been aggregated into one reportable segment. See the Consolidated Financial Statements and Notes thereto included in Item 8 of this Annual Report on Form 10-K for further information regarding reportable segments.

Narrative Description of Business.    At December 31, 2017, we owned or operated under long-term leases, either directly or through our interest in real estate joint ventures or partnerships, a total of 204 properties, which are located in 17 states spanning the country from coast to coast. The portfolio of properties contains approximately 41.3 million square feet of gross leasable area that is either owned by us or others.

We also owned interests in 25 parcels of land held for development that totaled approximately 18.0 million square feet.

At December 31, 2017, we employed 281 full-time persons; our principal executive offices are located at 2600 Citadel Plaza Drive, Houston, Texas 77008; and our phone number is (713) 866-6000. We also have 10 regional offices located in various parts of the United States (“U.S.”).

Investment and Operating Strategy.    Our goal is to remain a leader in owning and operating top-tier neighborhood and community shopping centers in certain markets of the U.S. We expect to achieve this goal by:

• raising net asset value and cash flows through quality acquisitions, redevelopments and new developments;

• strategic focus on core operating fundamentals through our decentralized operating platform built on local expertise in leasing and property management;

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• disciplined growth from strategic acquisitions and new developments;

• disposition of assets that no longer meet our ownership criteria, in which proceeds may be recycled by repaying debt, purchasing new assets or reinvesting in currently owned assets or for other corporate purposes; and

• commitment to maintaining a conservatively leveraged balance sheet, strong liquidity, a well-staggered debt maturity schedule and strong credit agency ratings.

We may either purchase, develop or lease income-producing properties in the future, and may also participate with other entities in property ownership through partnerships, joint ventures or similar types of co-ownership.

We may invest in mortgages; however, we have traditionally invested in first mortgages to real estate joint ventures or partnerships in which we own an equity interest or to obtain control over a real estate asset that we desire to own. We may also invest in securities of other issuers for the purpose, among others, of exercising control over such entities, subject to the gross income and asset tests necessary for REIT qualification.

In acquiring and developing properties, we attempt to accumulate enough properties in a geographic area to allow for the establishment of a regional office, which enables us to obtain in-depth knowledge of the market from a leasing perspective and to have easy access to the property and our tenants from a management viewpoint.

We expect to continue our focus on the future growth of the portfolio in neighborhood and community shopping centers in markets where we currently operate throughout the U.S. Our markets of interest reflect high income and job growth, as well as high barriers-to-entry. Our attention is also focused on high quality, supermarket-anchored and necessity-based centers, which may include mixed-use properties containing this type of retail component.

Diversification from both a geographic and tenancy perspective is a critical component of our operating strategy. Our largest markets are located in California, Florida and Texas, which represent 11.2%, 18.0% and 28.4%, respectively, of our total properties' gross leasable area. With respect to tenant diversification, our two largest tenants, The Kroger Co. and TJX Companies, Inc., accounted for 2.8% and 2.3%, respectively, of our total base minimum rental revenues for the year ended December 31, 2017. No other tenant accounted for more than 1.9% of our total base minimum rental revenues. Our anchor tenants are supermarkets, value-oriented apparel/discount stores and other retailers or service providers who generally sell basic necessity-type goods and services. We believe the stability of our anchor tenants, combined with convenient locations, attractive and well-maintained properties, high quality retailers and a strong tenant mix, should ensure the long-term success of our merchants and the viability of our portfolio.

Strategically, we strive to finance our growth and working capital needs in a conservative manner, including managing our debt maturities. Our senior debt credit ratings were BBB with a projected stable outlook from Standard & Poors and Baa1 with a projected stable outlook from Moody’s Investor Services as of December 31, 2017. We intend to maintain a conservative approach to managing our balance sheet, which, in turn, should give us many options for raising debt or equity capital when needed. At December 31, 2017 and 2016, our ratio of earnings to combined fixed charges and preferred dividends as defined by the Securities and Exchange Commission (“SEC”), not based on funds from operations attributable to common shareholders, was 4.74 to 1 and 4.05 to 1, respectively. Our debt to total assets before depreciation ratio was 38.6% and 42.0% at December 31, 2017 and 2016, respectively.

We have a $200 million share repurchase plan under which we may repurchase common shares of beneficial interest ("common shares") from time-to-time in open-market or privately negotiated purchases based on management's evaluation of market conditions and other factors.

Our policies with respect to the investment and operating strategies discussed above are periodically reviewed by our Board of Trust Managers and may be modified without a vote of our shareholders.

Location of Properties.    Our properties are located in 17 states, principally in the South, West Coast and Southeast Coast of the U.S. As of December 31, 2017, we have 204 properties that were owned or operated under long-term leases, either directly or through our interest in real estate joint ventures or partnerships. Total revenues generated by our centers located in Houston and its surrounding areas was 19.6% of total revenue for the year ended December 31, 2017, and an additional 9.2% of total revenue was generated in 2017 from centers that are located in other parts of Texas. An additional 17.5% and 16.7%, respectively, of total revenue was generated in 2017 in Florida and California. As of December 31, 2017, we also had 25 parcels of land held for development, six of which were located in Houston and its surrounding areas and 11 of which were located in other parts of Texas. Because of our investments in Texas, including Houston and its surrounding areas, Florida and California, these economies could affect our business and operations more so than in other geographic areas.

2

Competition.    We compete with numerous other developers and real estate companies (both public and private), financial institutions and other investors engaged in the development, acquisition and operation of shopping centers in our trade areas. This results in competition for the acquisition of both existing income-producing properties and prime development sites.

We also compete for tenants to occupy the space that is developed, acquired and managed by our competitors. The principal competitive factors in attracting tenants in our market areas are location, price, anchor tenants and maintenance of properties. We believe our key competitive advantages include the favorable locations of our properties, the strong demographics surrounding our centers, knowledge of markets and customer bases, our ability to provide a retailer with multiple locations with quality anchor tenants and the practice of continuous maintenance and renovation of our properties.

Qualification as a Real Estate Investment Trust.    As of December 31, 2017, we met the qualification requirements of a REIT under the Internal Revenue Code, as amended. As a result, we will not be subject to federal income tax to the extent we meet certain requirements of the Internal Revenue Code, with the exception of our taxable REIT subsidiary.

Materials Available on Our Website.    Copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, as well as Reports on Forms 3, 4, 5 and SC 13G regarding our officers, trust managers or 10% beneficial owners, filed or furnished pursuant to Section 13(a), 15(d) or 16(a) of the Securities Exchange Act of 1934 are available free of charge through our website (www.weingarten.com) as soon as reasonably practicable after we electronically file the material with, or furnish it to, the SEC. We have also made available on our website copies of our Audit Committee Charter, Executive Committee Charter, Management Development and Executive Compensation Committee Charter, Governance and Nominating Committee Charter, Code of Conduct and Ethics, Code of Ethical Conduct for Officers and Senior Financial Associates and Governance Policies. In the event of any changes to these charters, codes or policies, changed copies will also be made available on our website. You may also read and copy any materials we file with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549 or the SEC’s Internet site at www.sec.gov. Materials on our website are not part of our Annual Report on Form 10-K.

Financial Information.    Additional financial information concerning us is included in the Consolidated Financial Statements located in Item 8 herein.

ITEM 1A. Risk Factors

The risks described below could materially and adversely affect our shareholders and our results of operations, financial condition, liquidity and cash flows. In addition to these risks, our operations may also be affected by additional factors not presently known or that we currently consider immaterial to our operations.

Disruptions in the financial markets could affect our liquidity and have other adverse effects on us and the market price of our common shares of beneficial interest.

The U.S. and global equity and credit markets have experienced and may in the future experience significant price volatility, dislocations and liquidity disruptions, which could cause market prices of many stocks to fluctuate substantially and the spreads on prospective debt financings to widen considerably. These circumstances could materially impact liquidity in the financial markets, making terms for certain financings less attractive, and in certain cases result in the unavailability of certain types of financing. Uncertainties in the equity and credit markets may negatively impact our ability to access additional financing at reasonable terms or at all, which may negatively affect our ability to complete dispositions, form joint ventures or refinance our debt. A prolonged downturn in the equity or credit markets could cause us to seek alternative sources of potentially less attractive financing, and require us to adjust our business plan accordingly. In addition, these factors may make it more difficult for us to sell properties or adversely affect the price we receive for properties that we do sell, as prospective buyers may experience increased costs of financing or difficulties in obtaining financing. These events in the equity and credit markets may make it more difficult or costly for us to raise capital through the issuance of our common shares or preferred shares. These disruptions in the financial markets also may have a material adverse effect on the market value of our common shares and other adverse effects on us or the economy generally. There can be no assurances that government responses to any disruptions in the financial markets would restore consumer confidence, maintain stabilized markets or provide the availability of equity or credit financing.

3

Among the market conditions that may affect the value of our common shares and access to the capital markets are the following:

• The attractiveness of REIT securities as compared to other securities, including securities issued by other real estate companies, fixed income equity securities and debt securities;

• Changes in revenues or earnings estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to our securities or those of other REITs;

• The degree of interest held by institutional investors;

• The market's perception of the quality of our assets and our growth potential;

• The ability of our tenants to pay rent to us and meet their other obligations to us under current lease terms;

• Our ability to re-lease space as leases expire;

• Our ability to refinance our indebtedness as it matures;

• Actual or anticipated quarterly fluctuations in our operating results and financial condition;

• Any changes in our dividend policy;

• Any future issuances of equity securities;

• Strategic actions by us or our competitors, such as acquisitions or restructurings;

• General market conditions and, in particular, developments related to market conditions for the real estate industry; and

• Domestic and international economic and political factors unrelated to our performance.

The volatility in the stock market can create price and volume fluctuations that may not necessarily be comparable to operating performance.

The economic performance and value of our shopping centers depend on many factors, each of which could have an adverse impact on our cash flows and operating results.

The economic performance and value of our properties can be affected by many factors, including the following:

• Changes in the national, regional and local economic climate;

• Changes in existing laws and regulations, including environmental regulatory requirements including, but not limited to, legislation on global warming, trade reform, health care reform, employment laws and immigration laws;

• Local conditions such as an oversupply of space or a reduction in demand for real estate in the area;

• The attractiveness of the properties to tenants;

• Competition from other available space;

• Competition for our tenants from Internet sales and shifts in consumer shopping patterns;

• Our ability to provide adequate management services and to maintain our properties;

• Increased operating costs, if these costs cannot be passed through to tenants;

• The cost of periodically renovating, repairing and releasing spaces;

• The consequences of any armed conflict involving, or terrorist attack against, the U.S.;

• Our ability to secure adequate insurance;

• Fluctuations in interest rates;

• Changes in real estate taxes and other expenses; and

• Availability of financing on acceptable terms or at all.

4

Our properties consist primarily of neighborhood and community shopping centers and, therefore, our performance is linked to general economic conditions in the market for retail space. The market for retail space has been and could in the future be adversely affected by weakness in the national, regional and local economies where our properties are located, the adverse financial condition of some large retail companies, the ongoing consolidation in the retail sector, the excess amount of retail space in a number of markets and increasing consumer purchases through the Internet. To the extent that any of these conditions exist, they are likely to affect market rents for retail space. In addition, we may face challenges in the management and maintenance of the properties or encounter increased operating costs, such as real estate taxes, insurance and utilities, which may make our properties unattractive to tenants. A significant decrease in rental revenue and an inability to replace such revenues may adversely affect our profitability, the ability to meet debt and other financial obligations and pay dividends to shareholders.

We have properties that are geographically concentrated, and adverse economic or other conditions in that area could have a material adverse effect on us.

We are particularly susceptible to adverse economic or other conditions in markets where our properties are concentrated, including California, Florida and Texas. These adverse conditions include increased unemployment, industry slowdowns, including declining oil prices, business layoffs or downsizing, decreases in consumer confidence, relocations of businesses, changes in demographics, increases in real estate and other taxes, increases in regulations and natural disasters, any of which could have an increased material adverse effect on us than if our portfolio was more geographically diverse.

Our acquisition activities may not produce the cash flows that we expect and may be limited by competitive pressures or other factors.

We intend to acquire existing commercial properties to the extent that suitable acquisitions can be made on advantageous terms. Acquisitions of commercial properties involve risks such as:

• We may have difficulty identifying acquisition opportunities that fit our investment strategy;

• Our estimates on expected occupancy and rental rates may differ from actual conditions;

• Our estimates of the costs of any redevelopment or repositioning of acquired properties may prove to be inaccurate;

• We may be unable to operate successfully in new markets where acquired properties are located, due to a lack of market knowledge or understanding of local economies;

• We may be unable to successfully integrate new properties into our existing operations; or

• We may have difficulty obtaining financing on acceptable terms or paying the operating expenses and debt service associated with acquired properties prior to sufficient occupancy.

In addition, we may not be in a position or have the opportunity in the future to make suitable property acquisitions on advantageous terms due to competition for such properties with others engaged in real estate investment. Our inability to successfully acquire new properties may have an adverse effect on our results of operations.

Turmoil in capital markets could adversely impact acquisition activities and pricing of real estate assets.

Volatility in the capital markets could impact the availability of debt financing due to numerous factors, including the tightening of underwriting standards by lenders and credit rating agencies. These factors directly affect a lender’s ability to provide debt financing as well as increase the cost of available debt financing. As a result, we may not be able to obtain debt financing on favorable terms or at all. This may result in future acquisitions generating lower overall economic returns, which may adversely affect our results of operations and dividends paid to shareholders. Furthermore, any turmoil in the capital markets could adversely impact the overall amount of capital available to invest in real estate, which may result in price or value decreases of real estate assets.

5

Our real estate assets may be subject to impairment charges.

Periodically, we assess whether there are any indicators that the value of our real estate assets, including any capitalized costs and any identifiable intangible assets, may be impaired. A property's value is impaired only if the estimate of the aggregate future undiscounted cash flows without interest charges to be generated by the property are less than the carrying value of the property. In estimating cash flows, we consider factors such as expected future operating income, trends and prospects, the effects of demand, competition and other factors. If we are evaluating the potential sale of an asset or development/redevelopment alternatives, the undiscounted future cash flows consider the most likely course of action at the balance sheet date based on current plans, intended holding periods and available market information. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future, and any future impairment could have a material adverse effect on our results of operations in the period in which the charge is taken.

Reduction of rental income would adversely affect our profitability, our ability to meet our debt obligations and our ability to pay dividends to our shareholders.

The substantial majority of our income is derived from rental income from real property. As a result, our performance depends on our ability to collect rent from tenants. Our income and funds to pay dividends would be negatively affected if a significant number of our tenants, or any of our major tenants (as discussed in more detail below):

• Delay lease commencements;

• Decline to extend or renew leases upon expiration;

• Fail to make rental payments when due; or

• Close stores or declare bankruptcy.

Any of these actions could result in the termination of the tenants’ lease and the loss of rental income attributable to the terminated leases. In addition, lease terminations by an anchor tenant or a failure by that anchor tenant to occupy the premises could also result in lease terminations or reductions in rent by other tenants in the same shopping center under the terms of some leases. In these events, we cannot be sure that any tenant whose lease expires will renew that lease or that we will be able to re-lease space on economically advantageous terms. Furthermore, certain costs remain fixed even though a property may not be fully occupied. The loss of rental revenues from a number of our tenants and our inability to replace such tenants, particularly in the case of a substantial tenant with leases in multiple locations, may adversely affect our profitability, our ability to meet debt and other financial obligations and our ability to pay dividends to the shareholders.

Adverse effects on the success and stability of our anchor tenants, could lead to reductions of rental income.

Our rental income could be adversely affected in the event of a downturn in the business, or the bankruptcy or insolvency of, any anchor store or anchor tenant. Anchor tenants generally occupy large amounts of square footage, pay a significant portion of the total rents at a property and contribute to the success of other tenants by drawing significant numbers of customers to a property. The closing of one or more anchor stores at a property could adversely affect that property and result in lease terminations or reductions in rent from other tenants, whose leases may permit termination or rent reduction in those circumstances or whose own operations may suffer as a result. Furthermore, tenant demand for certain of our anchor spaces may decrease, and as a result, we may see an increase in vacancy and/or a decrease in rents for those spaces, which could have a negative impact to our rental income.

Adverse effects resulting from a shift in retail shopping from brick and mortar stores to online shopping may impact our operating results.

Online sales for many retailers has become a fundamental part of their business in addition to operating brick and mortar stores. Additionally, online sales from companies without physical stores has increased significantly. Although many of the retailers operating in our properties sell groceries, value-oriented apparel and other necessity-based type goods or provide services, including entertainment and dining, the shift to online shopping may cause certain of our tenants to reduce the size or number of their retail locations in the future. As a result, this could negatively affect our ability to lease space and our operating results.

6

We face significant competition in the leasing market, which may decrease or prevent increases in the occupancy and rental rates of our properties.

We compete with numerous developers, owners and operators of retail properties, many of which own properties similar to, and in the same market sectors as, our properties. If our competitors offer space at rental rates below current market rates, or below the rental rates we currently charge our tenants, we may lose existing or potential tenants, or we may be forced to reduce rental rates in order to attract new tenants and retain existing tenants when their leases expire.

Also, if our competitors develop additional retail properties in locations near our properties, there may be increased competition for customer traffic and creditworthy tenants, which may result in fewer tenants or decreased cash flows from tenants, or both, and may require us to make capital improvements to properties that we would not have otherwise made. Our tenants also face increasing competition from other forms of marketing of goods, such as direct mail and Internet marketing, which may decrease cash flow from such tenants. As a result, our financial condition and our ability to pay dividends to our shareholders may be adversely affected.

We may be unable to collect balances due from tenants in bankruptcy.

A tenant that files for bankruptcy protection may not continue to pay us rent. A bankruptcy filing by or relating to one of our tenants or a lease guarantor would bar all efforts by us to collect pre-bankruptcy debts from the tenant or the lease guarantor, or their property, unless the bankruptcy court permits us to do so. A tenant or lease guarantor bankruptcy could delay our efforts to collect past due balances under the relevant leases and could ultimately preclude collection of these sums. If a lease is rejected by a tenant in bankruptcy, we would have only a general unsecured claim for damages. As a result, it is likely that we would recover substantially less than the full value of any unsecured claims it holds, if at all.

Our development, redevelopment and construction activities could adversely affect our operating results.

We intend to continue the selective development, redevelopment and construction of retail properties in accordance with our development and underwriting policies as opportunities arise. Our development, redevelopment and construction activities include risks that:

• We may abandon development opportunities after expending resources to determine feasibility;

• Construction costs of a project may exceed our original estimates;

• Occupancy rates and rents at a newly completed or redeveloped property may not be sufficient to make the property profitable;

• Rental rates could be less than projected;

• Project completion may be delayed because of a number of factors, including weather, labor disruptions, construction delays or delays in receipt of zoning or other regulatory approvals, adverse economic conditions, acts of terror or other acts of violence, or acts of God (such as fires, earthquakes or floods);

• Financing may not be available to us on favorable terms for development or redevelopment of a property; and

• We may not complete construction and lease-up on schedule, resulting in increased debt service expense and construction costs.

Additionally, the time frame required for development, redevelopment, construction and lease-up of these properties means that we may have to wait years for a significant cash return. If any of the above events occur, the development and redevelopment of properties may hinder our growth and have an adverse effect on our results of operations, including additional impairment charges. Also, new development activities, regardless of whether or not they are ultimately successful, typically require substantial time and attention from management.

7

There is a lack of operating history with respect to any recent acquisitions and redevelopment or development of properties, and we may not succeed in the integration or management of additional properties.

These properties may have characteristics or deficiencies currently unknown to us that affect their value or revenue potential. It is also possible that the operating performance of these properties may decline under our management. We also may not have the experience in developing and managing mixed-use properties and may need to rely on external resources which may not perform as we expected. As we acquire additional properties, we will be subject to risks associated with managing new properties, including lease-up and tenant retention. In addition, our ability to manage our growth effectively will require us to successfully integrate any new acquisitions into our existing management structure. We may not succeed with this integration or effectively manage additional properties. Also, newly acquired properties may not perform as expected.

Real estate property investments are illiquid, and therefore, we may not be able to dispose of properties when desirable or on favorable terms.

Real estate property investments generally cannot be disposed of quickly. In addition, the Internal Revenue Code imposes restrictions on the ability of a REIT to dispose of properties that are not applicable to other types of real estate companies. Our ability to dispose of properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers of our properties, and we cannot predict the various market conditions affecting real estate investments that will exist at any particular time in the future. Therefore, we may not be able to quickly vary our portfolio in response to economic or other conditions promptly or on favorable terms, which could cause us to incur extended losses and reduce our cash flows and adversely affect dividends paid to shareholders.

As part of our capital recycling program, we intend to sell our non-core assets and may not be able to recover our investments, which may result in losses to us.

There can be no assurance that we will be able to recover the current carrying amount of all of our owned and partially owned non-core properties and investments in the future. Our failure to do so would require us to recognize impairment charges in the period in which we reached that conclusion, which could adversely affect our business, financial condition, operating results and cash flows.

Credit ratings may not reflect all the risks of an investment in our debt or equity securities and rating changes could adversely effect our revolving credit facility.

Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt. Credit ratings may be revised or withdrawn at any time by the rating agency at its sole discretion. Additionally, our revolving credit facility fees are based on our credit ratings. We do not undertake any obligation to maintain the ratings or to advise holders of our debt of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating.

There can be no assurance that we will be able to maintain our current credit ratings. Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all, and could significantly reduce the market price of our publicly-traded securities.

Our cash flows and operating results could be adversely affected by required payments of debt or related interest and other risks of our debt financing.

We are generally subject to risks associated with debt financing. These risks include:

• Our cash flow may not satisfy required payments of principal and interest;

• We may not be able to refinance existing indebtedness on our properties as necessary or the terms of the refinancing may be less favorable to us than the terms of existing debt;

• Required debt payments are not reduced if the economic performance of any property declines;

• Debt service obligations could reduce funds available for dividends to our shareholders and funds available for capital investment;

• Any default on our indebtedness could result in acceleration of those obligations and possible loss of property to foreclosure; and

8

• The risk that capital expenditures necessary for purposes such as re-leasing space cannot be financed on favorable terms.

If a property is mortgaged to secure payment of indebtedness and we cannot make the mortgage payments, we may have to surrender the property to the lender with a consequent loss of any prospective income and equity value from such property. Any of these risks can place strains on our cash flows, reduce our ability to grow and adversely affect our results of operations.

We may be adversely affected by changes in LIBOR reporting practices or the method in which LIBOR is determined.

As of December 31, 2017, we had outstanding approximately $217.9 million of debt that was indexed to the London Interbank Offered Rate (“LIBOR”); however, we have swapped $200 million of that amount to a fixed rate. On July 27, 2017, the Financial Conduct Authority (the “FCA”) announced its intention to phase out LIBOR rates by the end of 2021. It is not possible to predict the further effect of the rules of the FCA, any changes in the methods by which LIBOR is determined, or any other reforms to LIBOR that may be enacted in the United Kingdom, the European Union or elsewhere. Any such developments may cause LIBOR to perform differently than in the past, or cease to exist. In addition, any other legal or regulatory changes made by the FCA, ICE Benchmark Administration Limited, the European Money Markets Institute (formerly Euribor-EBF), the European Commission or any other successor governance or oversight body, or future changes adopted by such body, in the method by which LIBOR is determined or the transition from LIBOR to a successor benchmark may result in, among other things, a sudden or prolonged increase or decrease in LIBOR, a delay in the publication of LIBOR, and changes in the rules or methodologies in LIBOR, which may discourage market participants from continuing to administer or to participate in LIBOR’s determination, and, in certain situations, could result in LIBOR no longer being determined and published. If a published U.S. dollar LIBOR rate is unavailable after 2021, the interest rates on our debt which is indexed to LIBOR will be determined using various alternative methods, any of which may result in interest obligations which are more than or do not otherwise correlate over time with the payments that would have been made on such debt if U.S. dollar LIBOR was available in its current form. Further, the same costs and risks that may lead to the discontinuation or unavailability of U.S. dollar LIBOR may make one or more of the alternative methods impossible or impracticable to determine. Any of these proposals or consequences could have a material adverse effect on our financing costs.

Rising interest rates could increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for dividends to our shareholders, and decrease our share price, if investors seek higher yields through other investments.

We have indebtedness with interest rates that vary depending on market indices. Also, our credit facilities bear interest at variable rates. We may incur variable-rate debt in the future. Increases in interest rates on variable-rate debt would increase our interest expense, which would negatively affect net income and cash available for payment of our debt obligations and dividends to shareholders. In addition, an increase in interest rates could adversely affect the market value of our outstanding debt, as well as increase the cost of refinancing and the issuance of new debt or securities. An environment of rising interest rates could also lead holders of our securities to seek higher yields through other investments, which could adversely affect the market price of our shares. One of the factors which may influence the price of our shares in public markets is the annual dividend rate we pay as compared with the yields on alternative investments.

Our financial condition could be adversely affected by financial covenants.

Our credit facilities and public debt indentures under which our indebtedness is, or may be, issued contain certain financial and operating covenants, including, among other things, certain coverage ratios, as well as limitations on our ability to incur secured and unsecured indebtedness, restrictions on our ability to sell all or substantially all of our assets and engage in mergers and consolidations and certain acquisitions. These covenants could limit our ability to obtain additional funds needed to address cash shortfalls or pursue growth opportunities or transactions that would provide substantial return to our shareholders. In addition, a breach of these covenants could cause a default under or accelerate some or all of our indebtedness, which could have a material adverse effect on our financial condition.

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Property ownership through real estate partnerships and joint ventures could limit our control of those investments and reduce our expected return.

Real estate partnership or joint venture investments may involve risks not otherwise present for investments made solely by us, including the possibility that our partner or co-venturer might become bankrupt, that our partner or co-venturer might at any time have different interests or goals than us, and that our partner or co-venturer may take action contrary to our instructions, requests, policies or objectives. Other risks of joint venture investments could include impasse on decisions, such as a sale or refinance, because neither our partner or co-venturer nor we would have full control over the partnership or joint venture. These factors could limit the return that we receive from those investments or cause our cash flows to be lower than our estimates.

Volatility in market and economic conditions may impact our partners’ ability to perform in accordance with our real estate joint venture and partnership agreements resulting in a change in control or the liquidation plans of its underlying properties.

Changes in control of our investments could result if any reconsideration events occur, such as amendments to our real estate joint venture and partnership agreements, changes in debt guarantees or changes in ownership due to required capital contributions. Any changes in control will result in the revaluation of our investments to fair value, which could lead to an impairment. We are unable to predict whether, or to what extent, a change in control may result or the impact of adverse market and economic conditions may have to our partners.

If we fail to qualify as a REIT in any taxable year, we will be subject to U.S. federal income tax as a regular corporation and could have significant tax liability.

We intend to operate in a manner that allows us to qualify as a REIT for U.S. federal income tax purposes. However, REIT qualification requires us to satisfy numerous requirements (some on an annual or quarterly basis) established under highly technical and complex provisions of the Internal Revenue Code, for which there are a limited number of judicial or administrative interpretations. Our status as a REIT requires an analysis of various factual matters and circumstances that are not entirely within our control. Accordingly, it is not certain we will be able to qualify and remain qualified as a REIT for U.S. federal income tax purposes. Even a technical or inadvertent violation of the REIT requirements could jeopardize our REIT qualification. If we fail to qualify as a REIT in any tax year, then:

• We would be taxed as a regular domestic corporation, which, among other things, means that we would be unable to deduct dividends paid to our shareholders in computing our taxable income and would be subject to U.S. federal income tax on our taxable income at regular corporate rates;

• Any resulting tax liability could be substantial and would reduce the amount of cash available for dividends to shareholders, and could force us to liquidate assets or take other actions that could have a detrimental effect on our operating results; and

• Unless we were entitled to relief under applicable statutory provisions, we would be disqualified from treatment as a REIT for the four taxable years following the year during which we lost our qualification, and our cash available for dividends to our shareholders would, therefore, be reduced for each of the years in which we do not qualify as a REIT.

Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow. We may also be subject to certain U.S. federal, state and local taxes on our income and property either directly or at the level of our subsidiaries. Any of these taxes would decrease cash available for dividends to our shareholders.

Tax laws have recently changed and may continue to change at any time, and any such legislative or other actions could have a negative effect on us.

The Tax Cuts and Jobs Act of 2017 ("Tax Act") was signed into law on December 22, 2017. The law includes significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21% for non-REIT "C" corporations, which may cause investors to perceive investments in REITs to be less attractive than investments in the stock of non-REIT “C” corporations. The law also includes limitations on the deductibility of executive compensation, which may result in our being required to pay higher dividends to continue to qualify as a REIT at a time and in an amount that otherwise may not be in our and our shareholders’ best interests.

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In addition, tax laws remain under constant review by persons involved in the legislative process, at the Internal Revenue Service ("IRS") and the U.S. Department of the Treasury, and by various state and local tax authorities. Changes to tax laws, regulations, or administrative interpretations, which may be applied retroactively, could adversely affect us in a number of additional ways, including making it more difficult or more costly for us to qualify as a REIT or decreasing real estate values generally.

We cannot predict the full impact of the Tax Act or whether, when, in what forms, or with what effective dates, the tax laws, regulations, and administrative interpretations applicable to us or our shareholders may be further changed.

Compliance with REIT requirements may negatively affect our operating decisions.

To maintain our status as a REIT for U.S. federal income tax purposes, we must meet certain requirements, on an ongoing basis, including requirements regarding our sources of income, the nature and diversification of our assets, the amounts we distribute to our shareholders and the ownership of our common shares. We may also be required to pay dividends to our shareholders when we do not have funds readily available for distribution or at times when our funds are otherwise needed to fund capital expenditures or debt service obligations.

As a REIT, we must distribute at least 90% of our annual net taxable income (excluding net capital gains) to our shareholders. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal corporate income tax on our undistributed taxable income. From time to time, we may generate taxable income greater than our income for financial reporting purposes, or our net taxable income may be greater than our cash flow available for distribution to our shareholders. If we do not have other funds available in these situations, we could be required to borrow funds, sell a portion of our securities at unfavorable prices or find other sources of funds in order to meet the REIT distribution requirements.

Our common shares dividend policy may change in the future.

The timing, amount and composition of any future dividends to our common shareholders will be at the sole discretion of our Board of Trust Managers and will depend upon a variety of factors as to which no assurance can be given. Our ability to make dividends to our common shareholders depends, in part, upon our operating results, overall financial condition, the performance of our portfolio (including occupancy levels and rental rates), our capital requirements, access to capital, our ability to qualify for taxation as a REIT and general business and market conditions. Any change in our dividend policy could have an adverse effect on the market price of our common shares.

Our declaration of trust contains certain limitations associated with share ownership.

To maintain our status as a REIT, our declaration of trust prohibits any individual from owning more than 9.8% of our outstanding common shares. This restriction is likely to discourage third parties from acquiring control without the consent of our Board of Trust Managers, even if a change in control were in the best interests of our shareholders.

Also, our declaration of trust requires the approval of the holders of 80% of our outstanding common shares and the approval by not less than 50% of the outstanding common shares not owned by any related person (a person owning more than 50% of our common shares) to consummate a business transaction such as a merger. There are certain exceptions to this requirement; however, the 80% approval requirement could make it difficult for us to consummate a business transaction even if it is in the best interests of our shareholders.

There may be future dilution of our common shares.

Our declaration of trust authorizes our Board of Trust Managers to, among other things, issue additional common or preferred shares or securities convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The issuance of any additional common or preferred shares or convertible securities could be substantially dilutive to holders of our common shares. Moreover, to the extent that we issue restricted shares, options, or warrants to purchase our common shares in the future and those options or warrants are exercised or the restricted shares vest, our shareholders may experience further dilution. Holders of our common shares have no preemptive rights that entitle them to purchase a pro rata share of any offering of shares of any class or series and, therefore, such sales or offerings could result in increased dilution to our shareholders.

We may issue debt and equity securities or securities convertible into equity securities, any of which may be senior to our common shares as to distributions and in liquidation, which could negatively affect the value of our common shares.

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In the future, we may attempt to increase our capital resources by entering into unsecured or secured debt or debt-like financings, or by issuing additional debt or equity securities, which could include issuances of medium-term notes, senior notes, subordinated notes, secured debt, guarantees, preferred shares, hybrid securities, or securities convertible into or exchangeable for equity securities. In the event of our liquidation, our lenders and holders of our debt and, if any, preferred securities would receive distributions of our available assets before distributions to the holders of our common shares. Because any decision to incur debt and issue securities in future offerings may be influenced by market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing, or nature of our future financings. Further, market conditions could require us to accept less favorable terms for the issuance of our securities in the future.

Our declaration of trust contains certain limitations that make removal of our Trust Managers difficult, which could limit our shareholders ability to effect changes to our management.

Our declaration of trust provides that a Trust Manager may only be removed for cause upon the affirmative vote of holders of two-thirds of the total votes authorized to be cast by shares outstanding and entitled to be voted. Vacancies may be filled by either a majority of the remaining Trust Managers or elected by the vote of holders of at least two-thirds of the outstanding shares at the Annual Meeting or a special meeting of the shareholders. These requirements provide limitations to make changes in our management by removing and replacing Trust Managers and may prevent a change of control that is in the best interests of our shareholders.

Loss of our key personnel could adversely affect the value of our common shares and operations.

We are dependent on the efforts of our key executive personnel. A significant number of persons in our management group are eligible for retirement. Although we believe qualified replacements could be found for these key executives and other members of our management group, the loss of their services could adversely affect the value of our common shares and operations.

Changes in accounting standards may adversely impact our reported financial condition and results of operations.

The Financial Accounting Standards Board (“FASB”), in conjunction with the SEC, continually engages in projects to evaluate additions or changes to current accounting standards which could impact how we currently account for our material transactions. We believe that these and other potential proposals could have varying degrees of impact on us ranging from minimal to material. At this time, we are unable to predict with certainty which, if any, proposals may be passed or what level of impact any such proposal could have on us, except as disclosed in Item 8.

We could be subject to litigation that may negatively impact our cash flows, financial condition and results of operations.

From time to time, we may be a defendant in lawsuits and regulatory proceedings relating to our business. Due to the inherent uncertainties of litigation and regulatory proceedings, we cannot accurately predict the ultimate outcome of any such litigation or proceedings. We could experience a negative impact to our cash flows, financial condition and results of operations due to an unfavorable outcome.

Compliance with certain laws and governmental rules and regulations may require us to make unintended expenditures that adversely affect our cash flows.

All of our properties are required to comply with certain laws and governmental rules and regulations, including the Americans with Disabilities Act, fire and safety regulations, building codes and other land use regulations, as they may be in effect or adopted by governmental agencies and bodies and become applicable to our properties. We may be required to make substantial capital expenditures to comply with those requirements, and these expenditures could have a material adverse effect on our ability to meet the financial obligations and pay dividends to our shareholders.

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An uninsured loss or a loss that exceeds the policies on our properties could subject us to lost capital or revenue on those properties.

Under the terms and conditions of the leases currently in force on our properties, tenants generally are required to indemnify and hold us harmless from liabilities resulting from injury to persons, air, water, land or property, on or off the premises, due to activities conducted on the properties, except for claims arising from our negligence or intentional misconduct or that of our agents. Tenants are generally required, at the tenant’s expense, to obtain and keep in full force during the term of the lease, liability and tenant's property damage insurance policies. We have obtained comprehensive liability, casualty, property, flood, earthquake, environmental and rental loss insurance policies on our properties. All of these policies may involve substantial deductibles and certain exclusions. In addition, we cannot assure the shareholders that the tenants will properly maintain their insurance policies or have the ability to pay the deductibles. Should a loss occur that is uninsured or in an amount exceeding the combined aggregate limits for the policies noted above, or in the event of a loss that is subject to a substantial deductible under an insurance policy, we could lose all or part of our capital invested in, and anticipated revenue from, one or more of the properties, which could have a material adverse effect on our operating results and financial condition, as well as our ability to pay dividends to the shareholders.

We may be subject to liability under environmental laws, ordinances and regulations.

Under various federal, state and local laws, ordinances and regulations, we may be considered an owner or operator of real property or have arranged for the disposal or treatment of hazardous or toxic substances. As a result, we may become liable for the costs of disposal or treatment of hazardous or toxic substances released on or in our property. We may also be liable for certain other potential costs that could relate to hazardous or toxic substances (including governmental fines and injuries to persons and property). We may incur such liability whether or not we knew of, or were responsible for, the presence of such hazardous or toxic substances.

Natural disasters and severe weather conditions could have an adverse effect on our cash flow and operating results.

Changing weather patterns and climatic conditions, such as global warming, may have added to the unpredictability and frequency of natural disasters in some parts of the world and created additional uncertainty as to future trends and exposures. Our operations are located in many areas that have experienced and may in the future experience natural disasters and severe weather conditions such as hurricanes, tornadoes, earthquakes, droughts, floods and fires. The occurrence of natural disasters or severe weather conditions can delay new development and redevelopment projects, increase investment costs to repair or replace damaged properties, increase future property insurance costs, and negatively impact the tenant demand for lease space. Additionally, theseweather conditions may also disrupt our tenants business, which could affect the ability of some tenants to pay rent and may reduce the willingness of residents to remain in or move to the affected area. Intense weather conditions during the last decade have caused our cost of property insurance to increase significantly. If insurance is unavailable to us or is unavailable on acceptable terms, or if our insurance is not adequate to cover business interruption or losses from these events, our earnings, liquidity or capital resources could be adversely affected.

Our business and operations would suffer in the event of system failures.

Despite the implementation of security measures and the existence of a disaster recovery and business continuity plans for our internal information technology systems, our systems are vulnerable to damages from any number of sources, including computer viruses, unauthorized access, energy blackouts, natural disasters, terrorism, war and telecommunication failures. Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business. We may also incur additional costs to remedy damages caused by such disruptions.

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We face risks relating to cybersecurity attacks, loss of confidential information and other business disruptions.

Our business is at risk from and may be impacted by cybersecurity attacks, including attempts to gain unauthorized access to our confidential data and other electronic security breaches. Such cybersecurity attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. In addition to our own information technology systems, third parties have been engaged to provide information technology services relating to several key business functions, such as payroll, human resources, electronic communications and certain finance functions. While we and such third parties employ a number of measures to prevent, detect and mitigate these threats including a defense in depth strategy of firewalls, intrusion sensors, malware detection, password protection, backup servers, user training and periodic penetration testing, there is no guarantee such efforts will be successful in preventing a cybersecurity attack. As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced. Cybersecurity incidents could compromise the confidential information of our tenants, employees and third-party vendors and disrupt and affect the efficiency of our business operations.

ITEM 1B. Unresolved Staff Comments

None.

ITEM 2. Properties

At December 31, 2017, we owned or operated under long-term leases, either directly or through our interest in real estate joint ventures or partnerships, a total of 204 centers, primarily neighborhood, community and power shopping centers, which are located in 17 states spanning the country from coast to coast with approximately 41.3 million square feet of gross leasable area. Our centers are located principally in the South, West Coast and Southeast Coast of the U.S. with concentrations in California, Florida, and Texas. We also owned interests in 25 parcels of land that totaled approximately 18.0 million square feet at December 31, 2017 of which approximately 17.7 million square feet of land may be used for new development or sold, and the remaining is adjacent to our existing operating centers, which may be used for expansion of those centers.

In 2017, no single center accounted for more than 7.3% of our total assets or 3.3% of base minimum rental revenues. The five largest centers, in the aggregate, represented approximately 11.1% of our base minimum rental revenues for the year ended December 31, 2017; otherwise, none of the remaining centers accounted for more than 1.8% of our base minimum rental revenues during the same period.

Our centers are designed to attract local area customers and are typically anchored by a supermarket or other national tenants (such as Kroger, HEB or T.J. Maxx). The centers are primarily neighborhood and community shopping centers that often include discounters, value-oriented retailers and specialty grocers as additional anchors or tenants, and typically range in size from 50,000 to 600,000 square feet of building area. Very few of the centers have climate-controlled common areas, but are designed to allow retail customers to park their automobiles in close proximity to any retailer in the center. Our centers are customarily constructed of masonry, steel and glass, and all have lighted, paved parking areas, which are typically landscaped with berms, trees and shrubs. They are generally located at major intersections in close proximity to neighborhoods that have existing populations sufficient to support retail activities of the types conducted in our centers.

We actively embrace various initiatives that support the future of environmentally friendly shopping centers. Our primary areas of focus include energy efficiency, waste recycling, water conservation and construction/development best practices. We recognize there are economic, environmental and social implications associated with the full range of our sustainability efforts, and that a commitment to incorporating sustainable practices will add long-term value to our centers.

As of December 31, 2017, the weighted average occupancy rate for our centers was 94.8% compared to 94.3% as of December 31, 2016. The average base rent per square foot was approximately $18.69 in 2017, $17.93 in 2016, $16.92 in 2015, $16.24 in 2014 and $15.66 in 2013 for our centers.

We have approximately 5,400 separate leases with 3,700 different tenants. Included among our top revenue-producing tenants are: The Kroger Co., TJX Companies, Inc., Ross Stores, Inc., H-E-B Grocery Company, LP, Albertsons Companies, Inc., Office Depot, Inc., PetSmart, Inc., Bed, Bath & Beyond Inc., 24 Hour Fitness Worldwide, Inc. and Whole Foods Market, Inc. The diversity of our tenant base is also evidenced by the fact that our largest tenant, The Kroger Co., accounted for only 2.8% of base minimum rental revenues during 2017.

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Tenant Lease Expirations

As of December 31, 2017, lease expirations for the next 10 years, assuming tenants do not exercise renewal options, are as follows:

					Annual Rent of Expiring Leases
Year	Number of Expiring Leases	Square Feet of Expiring Leases (000’s)	Percentage of Leaseable Square Feet		Total (000’s)		Per Square Foot		Percentage of Total Annual Net Rent
2018	526	2,177	5.27	%	$	41,359	$	19.00	10.41	%
2019	589	3,094	7.50	%	52,449		16.95		13.20	%
2020	615	3,177	7.70	%	56,813		17.88		14.29	%
2021	581	3,237	7.84	%	56,774		17.54		14.28	%
2022	523	3,304	8.00	%	59,896		18.13		15.07	%
2023	200	1,858	4.50	%	28,751		15.47		7.23	%
2024	126	1,330	3.22	%	21,087		15.85		5.31	%
2025	96	783	1.90	%	14,746		18.83		3.71	%
2026	105	753	1.82	%	15,741		20.90		3.96	%
2027	110	1,217	2.95	%	20,001		16.43		5.03	%

New Development

At December 31, 2017, we had three projects in various stages of development that were partially or wholly owned. We have funded $140.4 million through December 31, 2017 on these projects. We estimate our aggregate net investment upon completion to be $363.1 million. These projects are forecasted to have an average stabilized return on investment of approximately 5.5% when completed. Effective January 1, 2017, we stabilized a development in White Marsh, Maryland, moving it to our operating property portfolio, which added 136,000 square feet to the portfolio at an estimated cost per square foot of $337.52. This development was 100% leased with an investment of $46 million and an 8% yield.

Upon completion, the estimated costs and square footage to be added to the portfolio for the three projects are as follows:

Project	City, State	Project Type	Retail/Office Square Feet (000’s)	Residential Units	Net Estimated Costs (1) (000's)	Estimated Year of Completion
The Whitaker	Seattle, Washington	Retail only portion of mixed-use	63	—	$29,700 - $32,900	2018
West Alex	Alexandria, Virginia	Mixed-Use	123	278	187,100 - 206,900	2022
Centro Arlington (2)	Arlington, Virginia	Mixed-Use	72	366	128,000 - 141,600	2020

___________________

(1) Net estimated costs represents WRI's share of capital expenditures net of any forecasted sales of land pads.

(2) Represents an unconsolidated joint venture where we have funded $36.8 million as of December 31, 2017, and we anticipate funding an additional $93 million in equity and debt through 2020.

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Property Listing

The following table is a list of centers, summarized by state and includes our share of both consolidated and unconsolidated real estate partnerships and joint ventures as of December 31, 2017:

ALL PROPERTIES BY STATE	Number of Properties	Gross Leasable Area (GLA)	% of Total GLA
Arizona	21	3,488,748	8.5	%
Arkansas	1	180,200	0.4	%
California	23	4,625,509	11.2	%
Colorado	8	2,261,320	5.5	%
Florida	29	7,429,237	18.0	%
Georgia	13	2,500,439	6.1	%
Kentucky	4	759,569	1.8	%
Maryland	2	212,111	0.5	%
Nevada	11	3,516,707	8.5	%
New Mexico	1	144,796	0.4	%
North Carolina	14	2,327,431	5.6	%
Oregon	3	276,924	0.7	%
Tennessee	4	662,218	1.6	%
Texas	60	11,729,001	28.4	%
Utah	1	304,899	0.7	%
Virginia	3	250,811	0.6	%
Washington	6	609,488	1.5	%
Total	204	41,279,408	100	%

___________________

GLA includes 4.5 million square feet of our partners’ ownership interest in these properties and 10.4 million square feet not owned or managed by us. Additionally, encumbrances on our properties total $.4 billion. See Schedule III for additional information.

The following table is a detailed list of centers by state and includes our share of both consolidated and unconsolidated real estate partnerships and joint ventures as of December 31, 2017:

Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Operating Properties
Arizona
Broadway Marketplace	Phoenix-Mesa-Scottsdale, AZ	100.0	%		87,379		Office Max, Ace Hardware
Camelback Village Square	Phoenix-Mesa-Scottsdale, AZ	100.0	%		240,951	Fry’s Supermarket	Office Max
Desert Village Shopping Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		107,071	AJ Fine Foods	CVS
Fountain Plaza	Phoenix-Mesa-Scottsdale, AZ	100.0	%		305,588	Fry’s Supermarket	Dollar Tree, (Lowe's)
Laveen Village Marketplace	Phoenix-Mesa-Scottsdale, AZ	100.0	%		318,805	(Fry’s Supermarket)	(Home Depot)
Monte Vista Village Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		108,551	(Safeway)
Palmilla Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		178,219	(Fry’s Supermarket)	Office Max, PetSmart, Dollar Tree
Phoenix Office Building	Phoenix-Mesa-Scottsdale, AZ	100.0	%		21,122		Weingarten Realty Regional Office, Endurance Rehab
Pueblo Anozira Shopping Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		157,607	Fry’s Supermarket	Petco, Dollar Tree
Raintree Ranch Center	Phoenix-Mesa-Scottsdale, AZ	100.0	%		133,020	Whole Foods
Red Mountain Gateway	Phoenix-Mesa-Scottsdale, AZ	100.0	%		205,013		(Target), Bed Bath & Beyond, Famous Footwear
Scottsdale Horizon	Phoenix-Mesa-Scottsdale, AZ	100.0	%		155,093	Safeway	CVS
Scottsdale Waterfront	Phoenix-Mesa-Scottsdale, AZ	100.0	%		93,334		Olive & Ivy, P.F. Chang's, David's Bridal, Urban Outfitters

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Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Squaw Peak Plaza	Phoenix-Mesa-Scottsdale, AZ	100.0	%		60,728	Sprouts Farmers Market
Summit at Scottsdale	Phoenix-Mesa-Scottsdale, AZ	51.0	%	(1)(3)	322,993	Safeway	(Target), CVS, OfficeMax, PetSmart
The Shoppes at Parkwood Ranch	Phoenix-Mesa-Scottsdale, AZ	100.0	%		106,738		Hobby Lobby, Dollar Tree
Entrada de Oro Plaza Shopping Center	Tucson, AZ	100.0	%		109,075	Walmart Neighborhood Market
Madera Village Shopping Center	Tucson, AZ	100.0	%		106,858	Safeway	Dollar Tree
Oracle Crossings	Tucson, AZ	100.0	%		261,194	Sprouts Farmers Market	Kohl's, HomeGoods
Oracle Wetmore Shopping Center	Tucson, AZ	100.0	%		343,278		(Home Depot), (Nordstrom Rack), Jo Ann Fabric, Cost Plus, PetSmart, Walgreens, Ulta Beauty
Shoppes at Bears Path	Tucson, AZ	100.0	%		66,131		(CVS Drug)
Arizona Total:					3,488,748
Arkansas
Markham West Shopping Center	Little Rock-North Little Rock-Conway, AR	100.0	%		180,200		Academy, Office Depot, Michaels, Dollar Tree
Arkansas Total:					180,200
California
8000 Sunset Strip Shopping Center	Los Angeles-Long Beach-Anaheim, CA	100.0	%		169,775	Trader Joe's	CVS, Crunch, AMC Theaters, CB2
Centerwood Plaza	Los Angeles-Long Beach-Anaheim, CA	100.0	%		75,486	Superior Grocers	Dollar Tree
The Westside Center	Los Angeles-Long Beach-Anaheim, CA	100.0	%		36,540		Guitar Center
Westminster Center	Los Angeles-Long Beach-Anaheim, CA	100.0	%		440,437	Albertsons	Home Depot, Ross Dress for Less, Petco, Rite Aid, Dollar Tree, 24 Hour Fitness
Chino Hills Marketplace	Riverside-San Bernardino-Ontario, CA	100.0	%		310,913	Smart & Final Stores	Dollar Tree, 24 Hour Fitness, Rite Aid
Jess Ranch Marketplace	Riverside-San Bernardino-Ontario, CA	100.0	%		307,826	(Winco Foods)	Burlington Coat Factory, PetSmart, Rite Aid, Big 5
Jess Ranch Marketplace Phase III	Riverside-San Bernardino-Ontario, CA	100.0	%		194,342	(Winco Foods)	Best Buy, Cinemark Theatres, Bed Bath & Beyond, 24 Hour Fitness
Menifee Town Center	Riverside-San Bernardino-Ontario, CA	100.0	%		258,734	Ralph's	Ross Dress for Less, Dollar Tree
Stoneridge Town Centre	Riverside-San Bernardino-Ontario, CA	67.0	%	(1)(3)	434,450	(Super Target)	(Kohl's)
Prospector's Plaza	Sacramento--Roseville--Arden-Arcade, CA	100.0	%		252,524	SaveMart	Kmart, CVS, Ross Dress for Less
Valley Shopping Center	Sacramento--Roseville--Arden-Arcade, CA	100.0	%		107,191	Food 4 Less
El Camino Promenade	San Diego-Carlsbad, CA	100.0	%		129,676		T.J. Maxx, Staples, Dollar Tree, BevMo
Rancho San Marcos Village	San Diego-Carlsbad, CA	100.0	%		134,628	Vons	24 Hour Fitness
San Marcos Plaza	San Diego-Carlsbad, CA	100.0	%		81,086	(Albertsons)
580 Market Place	San Francisco-Oakland-Hayward, CA	100.0	%		100,097	Safeway	24 Hour Fitness, Petco
Gateway Plaza	San Francisco-Oakland-Hayward, CA	100.0	%		352,778	Raley’s	24 Hour Fitness
Greenhouse Marketplace	San Francisco-Oakland-Hayward, CA	100.0	%		236,864	(Safeway)	(CVS), Jo-Ann Fabrics, 99 Cents Only, Factory 2 U, Petco
Cambrian Park Plaza	San Jose-Sunnyvale-Santa Clara, CA	100.0	%		170,449		Beverages & More, Dollar Tree
Silver Creek Plaza	San Jose-Sunnyvale-Santa Clara, CA	100.0	%		202,820		Walgreens, (Orchard Supply)
Freedom Centre	Santa Cruz-Watsonville, CA	100.0	%		150,865	Safeway	Rite Aid, Big Lots
Stony Point Plaza	Santa Rosa, CA	100.0	%		200,011	Food Maxx	Ross Dress for Less, Fallas Paredes
Creekside Center	Vallejo-Fairfield, CA	100.0	%		115,991	Raley’s
Southampton Center	Vallejo-Fairfield, CA	100.0	%		162,026	Raley’s	Ace Hardware, Dollar Tree
California Total:					4,625,509
Colorado
Aurora City Place	Denver-Aurora-Lakewood, CO	50.0	%	(1)(3)	542,956	(Super Target)	Barnes & Noble, Ross Dress For Less, PetSmart, Michael's, Conn's
Cherry Creek Retail Center	Denver-Aurora-Lakewood, CO	100.0	%		272,658	(Super Target)	PetSmart, Bed Bath & Beyond
CityCenter Englewood	Denver-Aurora-Lakewood, CO	100.0	%		307,255		(Walmart), Ross Dress for Less, Petco, Office Depot, 24 Hour Fitness
Crossing at Stonegate	Denver-Aurora-Lakewood, CO	100.0	%		109,079	King Sooper’s
Edgewater Marketplace	Denver-Aurora-Lakewood, CO	100.0	%		270,548	King Sooper's	Ace Hardware, (Target)
Green Valley Ranch - AutoZone	Denver-Aurora-Lakewood, CO	100.0	%		7,381	(King Sooper’s)

17

Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Lowry Town Center	Denver-Aurora-Lakewood, CO	100.0	%		127,717	(Safeway)
River Point at Sheridan	Denver-Aurora-Lakewood, CO	100.0	%		623,726		(Target), (Costco), Regal Cinema, Michaels, Conn's, PetSmart
Colorado Total:					2,261,320
Florida
Argyle Village Shopping Center	Jacksonville, FL	100.0	%		306,461	Publix	Bed Bath & Beyond, T.J. Maxx, Babies “R” Us, Jo-Ann’s Fabrics, Michaels
Atlantic West	Jacksonville, FL	50.0	%	(1)(3)	180,578	(Walmart Supercenter)	T.J. Maxx, HomeGoods, Dollar Tree, Shoe Carnival, (Kohl's)
Epic Village St. Augustine	Jacksonville, FL	70.0	%	(1)	64,180		(Epic Theaters)
Kernan Village	Jacksonville, FL	50.0	%	(1)(3)	288,780	(Walmart Supercenter)	Ross Dress for Less, Petco
Boca Lyons Plaza	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		117,423	Aroma Market & Catering	Ross Dress for Less
Deerfield	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		404,944	Publix	T.J. Maxx, Marshalls, Cinépolis, YouFit, Ulta
Embassy Lakes Shopping Center	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		142,751	Winn Dixie	Tuesday Morning, Dollar Tree
Flamingo Pines	Miami-Fort Lauderdale-West Palm Beach, FL	20.0	%	(1)(3)	148,840	Publix
Hollywood Hills Plaza	Miami-Fort Lauderdale-West Palm Beach, FL	20.0	%	(1)(3)	416,767	Publix	Target, CVS
Northridge	Miami-Fort Lauderdale-West Palm Beach, FL	20.0	%	(1)(3)	236,628	Publix	Petco, Ross Dress for Less, Dollar Tree
Pembroke Commons	Miami-Fort Lauderdale-West Palm Beach, FL	20.0	%	(1)(3)	323,679	Publix	Marshalls, Office Depot, LA Fitness, Dollar Tree
Sea Ranch Centre	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		99,029	Publix	CVS, Dollar Tree
Tamiami Trail Shops	Miami-Fort Lauderdale-West Palm Beach, FL	20.0	%	(1)(3)	132,564	Publix	CVS
The Palms at Town & County	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		657,592	Publix	Kohl's, Marshalls, HomeGoods, Dick's Sporting Goods, Toys R Us, 24 Hour Fitness, Nordstrom Rack, CVS
TJ Maxx Plaza	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		161,429	Fresco Y Mas	T.J. Maxx, Dollar Tree
Vizcaya Square Shopping Center	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		110,081	Winn Dixie
Wellington Green Commons	Miami-Fort Lauderdale-West Palm Beach, FL	100.0	%		143,854	Whole Foods Market
Clermont Landing	Orlando-Kissimmee-Sanford, FL	75.0	%	(1)(3)	354,418		(J.C. Penney), (Epic Theater), T.J. Maxx, Ross Dress for Less, Michaels
Colonial Plaza	Orlando-Kissimmee-Sanford, FL	100.0	%		498,761		Staples, Ross Dress for Less, Marshalls, Old Navy, Stein Mart, Barnes & Noble, Petco, Big Lots, Hobby Lobby
Marketplace at Seminole Towne	Orlando-Kissimmee-Sanford, FL	100.0	%		496,953	(Super Target)	Marshalls, Ross Dress for Less, Old Navy, Petco
Phillips Crossing	Orlando-Kissimmee-Sanford, FL	100.0	%		145,644	Whole Foods	Golf Galaxy, Michaels
Shoppes of South Semoran	Orlando-Kissimmee-Sanford, FL	100.0	%		101,611	Walmart Neighborhood Market	Dollar Tree
The Marketplace at Dr. Phillips	Orlando-Kissimmee-Sanford, FL	20.0	%	(1)(3)	326,868	Publix	Stein Mart, HomeGoods, Morton's of Chicago, Office Depot
Winter Park Corners	Orlando-Kissimmee-Sanford, FL	100.0	%		83,161	Sprouts Farmers Market
Pineapple Commons	Port St. Lucie, FL	20.0	%	(1)(3)	269,451		Ross Dress for Less, Best Buy, PetSmart, Marshalls, (CVS)
Countryside Centre	Tampa-St. Petersburg-Clearwater, FL	100.0	%		245,958		T.J. Maxx, HomeGoods, Dick's Sporting Goods, Ross Dress for Less
East Lake Woodlands	Tampa-St. Petersburg-Clearwater, FL	20.0	%	(1)(3)	104,431	Walmart Neighborhood Market	Walgreens
Largo Mall	Tampa-St. Petersburg-Clearwater, FL	100.0	%		610,080	(Safeway)	Bealls, Marshalls, PetSmart, Bed Bath & Beyond, Staples, Michaels, (Target)
Sunset 19 Shopping Center	Tampa-St. Petersburg-Clearwater, FL	100.0	%		256,321		Bed Bath & Beyond, Barnes & Noble, Old Navy, Hobby Lobby, Cost Plus World Market
Florida Total:					7,429,237
Georgia
Brookwood Marketplace	Atlanta-Sandy Springs-Roswell, GA	100.0	%		397,295	(Super Target)	Home Depot, Bed Bath & Beyond, Office Max
Brownsville Commons	Atlanta-Sandy Springs-Roswell, GA	100.0	%		81,913	(Kroger)
Camp Creek Marketplace II	Atlanta-Sandy Springs-Roswell, GA	100.0	%		228,003		DSW, LA Fitness, Shopper's World, American Signature
Dallas Commons Shopping Center	Atlanta-Sandy Springs-Roswell, GA	100.0	%		95,262	(Kroger)
Grayson Commons	Atlanta-Sandy Springs-Roswell, GA	100.0	%		76,611	Kroger
Lakeside Marketplace	Atlanta-Sandy Springs-Roswell, GA	100.0	%		332,889	(Super Target)	Ross Dress for Less, Petco

18

Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Mansell Crossing	Atlanta-Sandy Springs-Roswell, GA	20.0	%	(1)(3)	102,931		buybuy BABY, Ross Dress for Less, Party City
Perimeter Village	Atlanta-Sandy Springs-Roswell, GA	100.0	%		381,738	Walmart Supercenter	Cost Plus World Market, DSW, Hobby Lobby
Publix at Princeton Lakes	Atlanta-Sandy Springs-Roswell, GA	20.0	%	(1)(3)	72,207	Publix
Reynolds Crossing	Atlanta-Sandy Springs-Roswell, GA	100.0	%		115,983	(Kroger)
Roswell Corners	Atlanta-Sandy Springs-Roswell, GA	100.0	%		318,261	(Super Target), Fresh Market	T.J. Maxx
Roswell Crossing Shopping Center	Atlanta-Sandy Springs-Roswell, GA	100.0	%		201,759	Trader Joe's	Office Max, PetSmart, Walgreens
Thompson Bridge Commons	Gainesville, GA	100.0	%		95,587	(Kroger)
Georgia Total:					2,500,439
Kentucky
Millpond Center	Lexington-Fayette, KY	100.0	%		151,498	Kroger
Regency Centre	Lexington-Fayette, KY	100.0	%		188,826	(Kroger)	T.J. Maxx, Michaels
Tates Creek Centre	Lexington-Fayette, KY	100.0	%		201,138	Kroger	Rite Aid
Festival on Jefferson Court	Louisville/Jefferson County, KY-IN	100.0	%		218,107	Kroger	(PetSmart), (T.J. Maxx), Staples, Party City
Kentucky Total:					759,569
Maryland
Nottingham Commons	Baltimore-Columbia-Towson, MD	100.0	%		131,270	MOM's Organic Market	T.J. Maxx, DSW, Petco
Pike Center	Washington-Arlington-Alexandria, DC-VA-MD-WV	100.0	%		80,841		Pier 1, DXL Mens Apparel
Maryland Total:					212,111
Nevada
Best in the West	Las Vegas-Henderson-Paradise, NV	100.0	%		428,066		Best Buy, T. J. Maxx, Babies "R" Us, Bed Bath & Beyond, PetSmart, Office Depot
Charleston Commons Shopping Center	Las Vegas-Henderson-Paradise, NV	100.0	%		366,952	Walmart	Ross Dress for Less, Office Max, 99 Cents Only, PetSmart
College Park Shopping Center	Las Vegas-Henderson-Paradise, NV	100.0	%		195,367	El Super	Factory 2 U, CVS
Decatur 215	Las Vegas-Henderson-Paradise, NV	100.0	%		345,720	(WinCo Foods)	(Target), Hobby Lobby, Ross Dress for Less
Eastern Commons	Las Vegas-Henderson-Paradise, NV	100.0	%		356,673	Trader Joe's
Francisco Center	Las Vegas-Henderson-Paradise, NV	100.0	%		148,815	La Bonita Grocery	(Ross Dress for Less)
Paradise Marketplace	Las Vegas-Henderson-Paradise, NV	100.0	%		152,672	(Smith’s Food)	Dollar Tree
Rancho Towne & Country	Las Vegas-Henderson-Paradise, NV	100.0	%		161,837	Smith’s Food
Tropicana Beltway Center	Las Vegas-Henderson-Paradise, NV	100.0	%		617,821	(Walmart Supercenter)	(Lowe’s), Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only
Tropicana Marketplace	Las Vegas-Henderson-Paradise, NV	100.0	%		144,571	(Smith’s Food)	Family Dollar
Westland Fair	Las Vegas-Henderson-Paradise, NV	100.0	%		598,213	(Walmart Supercenter)	(Lowe’s), PetSmart, Office Depot, Michaels, Smart & Final
Nevada Total:					3,516,707
New Mexico
North Towne Plaza	Albuquerque, NM	100.0	%		144,796	Whole Foods Market	HomeGoods
New Mexico Total:					144,796
North Carolina
Galleria Shopping Center	Charlotte-Concord-Gastonia, NC-SC	100.0	%		324,704	(Walmart Supercenter)	Off Broadway Shoes
Bull City Market	Durham-Chapel Hill, NC	100.0	%		40,875	Whole Foods Market
Hope Valley Commons	Durham-Chapel Hill, NC	100.0	%		81,371	Harris Teeter
Avent Ferry Shopping Center	Raleigh, NC	100.0	%		119,652	Food Lion	Family Dollar
Capital Square	Raleigh, NC	100.0	%		143,063	Food Lion
Falls Pointe Shopping Center	Raleigh, NC	100.0	%		198,549	Harris Teeter	(Kohl’s)
High House Crossing	Raleigh, NC	100.0	%		90,155
Leesville Towne Centre	Raleigh, NC	100.0	%		127,106	Harris Teeter	Rite Aid
Northwoods Shopping Center	Raleigh, NC	100.0	%		77,803	Walmart Neighborhood Market	Dollar Tree

19

Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Six Forks Shopping Center	Raleigh, NC	100.0	%		468,414	Food Lion	Kmart, Home Depot, Bed Bath & Beyond, PetSmart
Stonehenge Market	Raleigh, NC	100.0	%		188,437	Harris Teeter	Stein Mart, Rite Aid
Wake Forest Crossing II	Raleigh, NC	100.0	%		296,037	(Lowes Foods)	(Kohl's), (T.J. Maxx), (Michaels), (Ross Dress for Less), (Petco)
Surf City Crossing	Wilmington, NC	100.0	%		63,016	Harris Teeter
Waterford Village	Wilmington, NC	100.0	%		108,249	Harris Teeter
North Carolina Total:					2,327,431
Oregon
Clackamas Square	Portland-Vancouver-Hillsboro, OR-WA	20.0	%	(1)(3)	140,227	(Winco Foods)	T.J. Maxx
Oak Grove Market Center	Portland-Vancouver-Hillsboro, OR-WA	100.0	%		97,177
Raleigh Hills Plaza	Portland-Vancouver-Hillsboro, OR-WA	20.0	%	(1)(3)	39,520	New Seasons Market	Walgreens
Oregon Total:					276,924
Tennessee
Highland Square	Memphis, TN-MS-AR	100.0	%		14,490		Walgreens
Mendenhall Commons	Memphis, TN-MS-AR	100.0	%		88,108	Kroger
Ridgeway Trace	Memphis, TN-MS-AR	100.0	%		314,224		(Target), Best Buy, PetSmart
The Commons at Dexter Lake	Memphis, TN-MS-AR	100.0	%		245,396	Kroger	Stein Mart, Marshalls, HomeGoods
Tennessee Total:					662,218
Texas
Mueller Regional Retail Center	Austin-Round Rock, TX	100.0	%		351,099		Marshalls, PetSmart, Bed Bath & Beyond, Home Depot, Best Buy
North Park Plaza	Beaumont-Port Arthur, TX	50.0	%	(1)(3)	281,255		(Target), (Toys “R” Us), Spec's, Kirkland's
North Towne Plaza	Brownsville-Harlingen, TX	100.0	%		145,000		(Lowe's)
Rock Prairie Marketplace	College Station-Bryan, TX	100.0	%		18,163		Corner Store
Moore Plaza	Corpus Christi, TX	100.0	%		599,415	(H-E-B)	Office Depot, Marshalls, (Target), Old Navy, Hobby Lobby, Stein Mart
Horne Street Market	Dallas-Fort Worth-Arlington, TX	100.0	%		51,918		(24 Hour Fitness)
Overton Park Plaza	Dallas-Fort Worth-Arlington, TX	100.0	%		462,150	Sprouts Farmers Market	PetSmart, T.J. Maxx, (Home Depot), Goody Goody Wines, buybuy BABY
Preston Shepard Place	Dallas-Fort Worth-Arlington, TX	20.0	%	(1)(3)	363,337		Stein Mart, Nordstrom, Marshalls, Office Depot, Petco
10-Federal Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	132,472	Sellers Bros.	Palais Royal, Harbor Freight Tools
1919 North Loop West	Houston-The Woodlands-Sugar Land, TX	100.0	%		138,028		State of Texas
Alabama Shepherd Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		59,120	Trader Joe's	PetSmart
Baybrook Gateway	Houston-The Woodlands-Sugar Land, TX	100.0	%		237,195		Ashley Furniture, Cost Plus World Market, Barnes & Noble, Michaels
Bellaire Blvd. Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		43,891	Randall’s
Blalock Market at I-10	Houston-The Woodlands-Sugar Land, TX	100.0	%		97,277	99 Ranch Market
Braeswood Square Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		99,078	Belden’s	Walgreens
Citadel Building	Houston-The Woodlands-Sugar Land, TX	100.0	%		121,000		Weingarten Realty Investors Corporate Office
Cullen Plaza Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	84,517	Fiesta	Family Dollar
Cypress Pointe	Houston-The Woodlands-Sugar Land, TX	100.0	%		283,381	Kroger	Babies “R” Us
Galveston Place	Houston-The Woodlands-Sugar Land, TX	100.0	%		210,370	Randall’s	Office Depot, Palais Royal, Spec's
Griggs Road Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	80,091		Family Dollar, Citi Trends
Harrisburg Plaza	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	93,438		dd's Discount
HEB - Dairy Ashford & Memorial	Houston-The Woodlands-Sugar Land, TX	100.0	%		36,874	H-E-B
Heights Plaza Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		71,277	Kroger	Goodwill
I45/Telephone Rd.	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	171,599	Sellers Bros.	Famsa, Fallas Paredes, Harbor Freight Tools
League City Plaza	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	129,500		Spec’s

20

Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Market at Westchase Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		84,084
Northbrook Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		174,181	Randall’s	Office Depot, Citi Trends, Dollar Tree
Oak Forest Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		157,669	Kroger	Ross Dress for Less, Dollar Tree, PetSmart
Randalls Center/Kings Crossing	Houston-The Woodlands-Sugar Land, TX	100.0	%		126,997	Randall’s	CVS
Richmond Square	Houston-The Woodlands-Sugar Land, TX	100.0	%		92,657		Best Buy, Cost Plus
River Oaks Shopping Center - East	Houston-The Woodlands-Sugar Land, TX	100.0	%		71,265	Kroger
River Oaks Shopping Center - West	Houston-The Woodlands-Sugar Land, TX	100.0	%		247,673	Kroger	Barnes & Noble, Talbots, Ann Taylor, GAP, JoS. A. Bank
Shoppes at Memorial Villages	Houston-The Woodlands-Sugar Land, TX	100.0	%		185,974		Gulf Coast Veterinary Specialists
Shops at Kirby Drive	Houston-The Woodlands-Sugar Land, TX	100.0	%		55,460		(Toys R Us), Freebirds Burrito
Shops at Three Corners	Houston-The Woodlands-Sugar Land, TX	70.0	%	(1)	277,603	Fiesta	Ross Dress for Less, PetSmart, Office Depot, Big Lots
Southgate Shopping Center	Houston-The Woodlands-Sugar Land, TX	15.0	%	(1)	124,454	Food-A-Rama	CVS, Family Dollar, Palais Royal
Stella Link Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		21,605		Spec’s
The Centre at Post Oak	Houston-The Woodlands-Sugar Land, TX	100.0	%		183,940		Marshalls, Old Navy, Grand Lux Café, Nordstrom Rack, Arhaus
Tomball Marketplace	Houston-The Woodlands-Sugar Land, TX	100.0	%		311,820		(Academy), (Kohl's), Ross Dress For Less, Marshalls
Village Plaza at Bunker Hill	Houston-The Woodlands-Sugar Land, TX	57.8	%	(1)(3)	490,634	H-E-B	PetSmart, Babies "R" Us, Academy, Nordstrom Rack
West Gray	Houston-The Woodlands-Sugar Land, TX	100.0	%		37,278		Pier 1
Westchase Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		350,320	Whole Foods Market	(Target), Ross Dress for Less, Palais Royal, Petco
Westhill Village Shopping Center	Houston-The Woodlands-Sugar Land, TX	100.0	%		130,851		Ross Dress for Less, Office Depot, 99 Cents Only
Independence Plaza	Laredo, TX	100.0	%		347,302	H-E-B	T.J. Maxx, Ross Dress for Less, Hobby Lobby, Petco, Ulta Beauty
North Creek Plaza	Laredo, TX	100.0	%		485,463	(H-E-B)	(Target), Marshalls, Old Navy, Best Buy, Bed Bath & Beyond
Plantation Centre	Laredo, TX	100.0	%		143,015	H-E-B
Las Tiendas Plaza	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	500,084		(Target), Dick's Sporting Goods, Conn's, Ross Dress for Less, Marshalls, Office Depot
Market at Nolana	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	244,602	(Walmart Supercenter)
Market at Sharyland Place	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	301,174	(Walmart Supercenter)	Kohl's, Dollar Tree
North Sharyland Crossing	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	—		Raising Cane's
Northcross	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	75,288		Barnes & Noble
Old Navy Building	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	15,000		Old Navy
Sharyland Towne Crossing	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	487,724	H-E-B	(Target), T.J. Maxx, Petco, Office Depot, Ross Dress for Less
South 10th St. HEB	McAllen-Edinburg-Mission, TX	50.0	%	(1)(3)	103,702	H-E-B
Trenton Crossing	McAllen-Edinburg-Mission, TX	100.0	%		569,881		(Target), Hobby Lobby, Ross Dress for Less, Marshalls, PetSmart
Starr Plaza	Rio Grande City, TX	50.0	%	(1)(3)	176,693	H-E-B	Bealls
Fiesta Trails	San Antonio-New Braunfels, TX	100.0	%		485,370	(H-E-B)	Act III Theatres, Marshalls, Office Max, Stein Mart, Petco
Parliament Square II	San Antonio-New Braunfels, TX	100.0	%		54,541		Incredible Pizza
Thousand Oaks Shopping Center	San Antonio-New Braunfels, TX	15.0	%	(1)	161,806	H-E-B	Bealls, Tuesday Morning
Valley View Shopping Center	San Antonio-New Braunfels, TX	100.0	%		91,446		Marshalls, Dollar Tree
Texas Total:					11,729,001
Utah
West Jordan Town Center	Salt Lake City, UT	100.0	%		304,899		(Target), Petco
Utah Total:					304,899
Virginia
Hilltop Village Center	Washington-Arlington-Alexandria, DC-VA-MD-WV	100.0	%	(4)	250,811	Wegmans	L.A. Fitness
Virginia Total:					250,811

21

Center	CBSA (5)	Owned %		Foot Notes	GLA	Grocer Anchor ( ) indicates owned by others	Other Anchors ( ) indicates owned by others
Washington
2200 Westlake	Seattle-Tacoma-Bellevue, WA	69.4	%	(1)(3)	87,014	Whole Foods
Meridian Town Center	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	143,237	(Safeway)	Jo-Ann Fabric & Craft Store, Tuesday Morning
Queen Anne Marketplace	Seattle-Tacoma-Bellevue, WA	51.0	%	(1)(3)	81,385	Metropolitan Market	Bartell's Drug
Rainer Square Plaza	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	111,736	Safeway	Ross Dress for Less
South Hill Center	Seattle-Tacoma-Bellevue, WA	20.0	%	(1)(3)	134,010		Bed Bath & Beyond, Ross Dress for Less, Best Buy
Washington Total:					557,382
Total Operating Properties					41,227,302
New Development
Virginia
Centro Arlington	Washington-Arlington-Alexandria, DC-VA-MD-WV	90.0	%	(1)(2)(3)	—	Harris Teeter
West Alex	Washington-Arlington-Alexandria, DC-VA-MD-WV	100.0	%	(2)	—	Harris Teeter
Virginia Total:					—
Washington
The Whittaker	Seattle-Tacoma-Bellevue, WA	100.0	%	(2)	52,106	Whole Foods
Washington Total:					52,106
Total New Developments					52,106
Operating & New Development Properties					41,279,408

___________________

(1) Denotes property is held by a real estate joint venture or partnership; however, the gross leasable area square feet figures include our partners’ ownership interest in the property and property owned by others.

(2) Denotes property currently under development.

(3) Denotes properties that are not consolidated under generally accepted accounting principles.

(4) Denotes Hilltop Village Center, a 50/50 Joint Venture reflecting current 100% economics to WRI.

(5) CBSA represents the Core Based Statistical Area.

ITEM 3. Legal Proceedings

We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel believe that when such litigation is resolved, our resulting liability, if any, will not have a material effect on our consolidated financial statements.

ITEM 4. Mine Safety Disclosures

Not applicable.

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PART II

ITEM 5. Market for Registrant’s Common Shares of Beneficial Interest, Related Shareholder Matters and Issuer Purchases of Equity Securities

Our common shares are listed and traded on the New York Stock Exchange under the symbol “WRI.” As of January 31, 2018, the number of holders of record of our common shares was 1,784. The closing high and low sale prices per common share as reported on the New York Stock Exchange, and dividends per share paid for the fiscal quarters indicated were as follows:

	High		Low		Dividends
2017:
Fourth	$	33.60	$	30.45	$	1.135	(1)
Third	33.46		29.48		.385
Second	35.27		29.37		.385
First	36.70		31.37		.385
2016:
Fourth	$	38.25	$	34.17	$	.365
Third	43.44		38.53		.365
Second	40.82		36.54		.365
First	37.84		32.48		.365

___________________

(1) Comprised of a regular dividend of $.385 per common share and a special dividend of $.75 per common share.

The following table summarizes the equity compensation plans under which our common shares may be issued as of December 31, 2017:

Plan category	Number of  shares to be issued  upon  exercise of outstanding options, warrants and rights	Weighted  average exercise price of outstanding options, warrants and rights	Number of  shares remaining available for future issuance
Equity compensation plans approved by shareholders	828,354	$23.58	546,530
Equity compensation plans not approved by shareholders	—	—	—
Total	828,354	$23.58	546,530

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Performance Graph

The graph and table below provides an indicator of cumulative total shareholder returns for us as compared with the S&P 500 Stock Index and the FTSE NAREIT Equity Shopping Centers Index, weighted by market value at each measurement point. The graph assumes that on December 31, 2012, $100 was invested in our common shares and that all dividends were reinvested by the shareholder.

Comparison of Five Year Cumulative Return

*$100 invested on December 31, 2012 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Source: SNL Financial LC

	2013		2014		2015		2016		2017
Weingarten Realty Investors	$	106.73	$	142.40	$	146.93	$	158.07	$	155.79
S&P 500 Index	132.39		150.51		152.59		170.84		208.14
FTSE NAREIT Equity Shopping Centers Index	104.99		136.45		142.89		148.14		131.31

There can be no assurance that our share performance will continue into the future with the same or similar trends depicted in the graph above. We do not make or endorse any predications as to future share performance.

In October 2015, our Board of Trust Managers approved a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.

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ITEM 6. Selected Financial Data

The following table sets forth our selected consolidated financial data and should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the Consolidated Financial Statements and accompanying Notes in “Item 8. Financial Statements and Supplementary Data” and the financial schedules included elsewhere in this Form 10-K.

	(Amounts in thousands, except per share amounts) Year Ended December 31,
	2017			2016			2015			2014			2013
Operating Data:
Revenues (primarily real estate rentals)	$	573,163		$	549,555		$	512,844		$	514,406		$	489,195
Depreciation and Amortization	167,101			162,535			145,940			150,356			146,763
Operating Income	177,424			194,443			184,694			182,038			159,868
Interest Expense, net	80,326			83,003			87,783			94,725			96,312
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests	—			48,322			879			1,718			33,670
Benefit (Provision) for Income Taxes	17			(6,856		)	(52		)	1,261			(7,046		)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	27,074			20,642			19,300			22,317			35,112
Income from Continuing Operations	132,104			176,117			121,601			116,365			132,977
Gain on Sale of Property	218,611			100,714			59,621			146,290			762
Net Income	350,715			276,831			181,222			307,579			265,156
Net Income Adjusted for Noncontrolling Interests	335,274			238,933			174,352			288,008			220,262
Net Income Attributable to Common Shareholders	$	335,274		$	238,933		$	160,835		$	277,168		$	184,145
Per Share Data - Basic:
Income from Continuing Operations Attributable to Common Shareholders	$	2.62		$	1.90		$	1.31		$	1.91		$	.76
Net Income Attributable to Common Shareholders	$	2.62		$	1.90		$	1.31		$	2.28		$	1.52
Weighted Average Number of Shares - Basic	127,755			126,048			123,037			121,542			121,269
Per Share Data - Diluted:
Income from Continuing Operations Attributable to Common Shareholders	$	2.60		$	1.87		$	1.29		$	1.89		$	.75
Net Income Attributable to Common Shareholders	$	2.60		$	1.87		$	1.29		$	2.25		$	1.50
Weighted Average Number of Shares - Diluted	130,071			128,569			124,329			124,370			122,460
Balance Sheet Data:
Property (at cost)	$	4,498,859		$	4,789,145		$	4,262,959		$	4,076,094		$	4,289,276
Total Assets	4,196,639			4,426,928			3,901,945			3,805,915			4,212,520
Debt, net	$	2,081,152		$	2,356,528		$	2,113,277		$	1,930,009		$	2,288,435
Other Data:
Cash Flows from Operating Activities (1)	$	269,758		$	252,411		$	245,435		$	240,674		$	233,478
Cash Flows from Investing Activities (1)	298,992			(366,172		)	(197,132		)	293,990			96,409
Cash Flows from Financing Activities (1)	(588,695		)	129,798			(126,248		)	(527,555		)	(297,509		)
Cash Dividends per Common Share	2.29			1.46			1.38			1.55			1.22
Funds from Operations Attributable to Common Shareholders- Basic (2)	$	308,517		$	291,656		$	258,126		$	254,518		$	222,732

___________________

(1) The retrospective application of adopting certain Accounting Standard Updates on prior years' Consolidated Statements of Cash Flows to the consolidated financial statements were made to conform to the current year presentation (see Notes 1 and 2 for additional information).

(2) See Item 7 for the National Association of Real Estate Investment Trusts definition of funds from operations attributable to common shareholders for this non-GAAP measure.

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ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and notes thereto and the comparative summary of selected financial data appearing elsewhere in this report. Historical results and trends which might appear should not be taken as indicative of future operations. Our results of operations and financial condition, as reflected in the accompanying consolidated financial statements and related footnotes, are subject to management’s evaluation and interpretation of business conditions, retailer performance, changing capital market conditions and other factors which could affect the ongoing viability of our tenants.

Executive Overview

Weingarten Realty Investors is a REIT organized under the Texas Business Organizations Code. We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

We operate a portfolio of rental properties, primarily neighborhood and community shopping centers, totaling approximately 41.3 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base with our largest tenant comprising only 2.8% of base minimum rental revenues during 2017.

At December 31, 2017, we owned or operated under long-term leases, either directly or through our interest in real estate joint ventures or partnerships, a total of 204 properties, which are located in 17 states spanning the country from coast to coast.

We also owned interests in 25 parcels of land held for development that totaled approximately 18.0 million square feet at December 31, 2017.

We had approximately 5,400 leases with 3,700 different tenants at December 31, 2017. Leases for our properties range from less than a year for smaller spaces to over 25 years for larger tenants. Rental revenues generally include minimum lease payments, which often increase over the lease term, reimbursements of property operating expenses, including real estate taxes, and additional rent payments based on a percentage of the tenants’ sales. Our anchor tenants are supermarkets, value-oriented apparel/discount stores and other retailers or service providers who generally sell basic necessity-type goods and services. Although there is a broad shift in shopping patterns, including Internet shopping that continues to affect our tenants, we believe our anchor tenants drive foot traffic, combined with convenient locations, attractive and well-maintained properties, high quality retailers and a strong tenant mix, should lessen the effects of these conditions and maintain the viability of our portfolio.

Our goal is to remain a leader in owning and operating top-tier neighborhood and community shopping centers in certain markets of the United States. Our strategic initiatives include: (1) raising net asset value and cash flow through quality acquisitions, redevelopments and new developments, (2) maintaining a strong, flexible consolidated balance sheet and a well-managed debt maturity schedule, (3) growing net operating income from our existing portfolio by increasing occupancy and rental rates and (4) owning quality shopping centers in preferred locations that attract strong tenants. We believe these initiatives will keep our portfolio of properties among the strongest in our sector. Due to current capitalization rates in the market along with the uncertainty of the impact of increasing interest rates and various other market conditions, we will continue to be very prudent in our evaluation of all new investment opportunities. We believe the pricing of assets that we would like to sell remains reasonably firm at the same time that the pricing of our common shares has dropped well below our net asset value. If this market phenomenon continues, our disposition activity could increase accordingly.

In late August 2017, the Texas Gulf Coast, including the Houston metropolitan area, was subjected to extensive flooding by Hurricane Harvey. Additionally in September 2017, much of Florida was faced with the damaging winds of Hurricane Irma. We have assessed the impact of both hurricanes, which caused nominal damage to our properties within the affected areas and temporarily interrupted the operations of some of our tenants. As of December 31, 2017, we have recorded $1.8 million in costs related to the storms in operating expense. Although most of our tenants' operations have resumed and repairs are almost completed, we will continue to monitor and adjust earnings as needed for storm damage estimates related to insurance claims in future periods.

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We intend to recycle non-core operating centers that no longer meet our ownership criteria and that will provide capital for growth opportunities. During 2017, we disposed of real estate assets, which were owned by us either directly or through our interest in real estate joint ventures or partnerships, with our share of aggregate gross sales proceeds totaling $444.1 million. Subsequent to December 31, 2017, we sold real estate assets with our share of aggregate gross sales proceeds totaling approximately $220.6 million. We have approximately $92 million of dispositions currently under contracts or letters of intent; however, there are no assurances that these transactions will close at such prices or at all. For 2018, we believe we will complete dispositions in amounts between $250 million and $450 million; however, there are no assurances that this will actually occur, or at what values, or whether we may potentially exceed this range.

We intend to continue to actively seek acquisition properties that meet our return hurdles and to actively evaluate other opportunities as they enter the market. For 2018, we expect to invest in acquisition investments, which could potentially range from $50 million to $150 million; however, there are no assurances that this will actually occur.

We intend to continue to focus on identifying new development projects as another source of growth, as well as continue to look for internal growth opportunities. Although we have begun the development of mixed-use projects, the opportunities for additional new development projects are limited at this time due to a lack of demand for new retail space. During 2017, we invested $93.1 million in three new development projects that are partially or wholly owned. Also during 2017, we invested $28.0 million in 16 redevelopment projects that were partially or wholly owned. For 2018, we expect to invest in new development and redevelopments in the range of $125 million to $175 million, but we can give no assurances that this will actually occur.

We strive to maintain a strong, conservative capital structure which should provide ready access to a variety of attractive long and short-term capital sources. We carefully balance lower cost, short-term financing with long-term liabilities associated with acquired or developed long-term assets. We continue to look for transactions that will strengthen our consolidated balance sheet and further enhance our access to various sources of capital, while reducing our cost of capital. Due to the variability in the capital markets, there can be no assurance that favorable pricing and availability will be available in the future.

Operational Metrics

In assessing the performance of our centers, management carefully monitors various operating metrics of the portfolio. As a result of our strong leasing activity and low tenant fallout, the operating metrics of our portfolio remained strong in 2017 as we focused on increasing rental rates and same property net operating income ("SPNOI" and see Non-GAAP Financial Measures for additional information). Our portfolio delivered solid operating results with:

• occupancy of 94.8% at December 31, 2017;

• an increase of 2.6% in SPNOI including redevelopments for the twelve months ended December 31, 2017 over the same period of 2016; and

• rental rate increases of 23.1% for new leases and 9.0% for renewals during the twelve months ended December 31, 2017.

Below are performance metrics associated with our signed occupancy, SPNOI growth and leasing activity on a pro rata basis:

	December 31,
	2017		2016
Anchor (space of 10,000 square feet or greater)	97.3	%	96.5	%
Non-Anchor	90.5	%	90.6	%
Total Occupancy	94.8	%	94.3	%

	Three Months Ended December 31, 2017		Twelve Months Ended December 31, 2017
SPNOI Growth including Redevelopments (1)	2.4	%	2.6	%

_______________

(1) See Non-GAAP Financial Measures for a definition of the measurement of SPNOI and a reconciliation to operating income within this section of Item 7.

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	Number of Leases	Square Feet ('000's)	Average New Rent per Square Foot ($)		Average Prior Rent per Square Foot ($)		Average Cost of Tenant Improvements per Square Foot ($)		Change in Base Rent on Cash Basis
Leasing Activity:
Three Months Ended December 31, 2017
New leases (1)	56	107	$	31.37	$	26.76	$	36.74	17.2	%
Renewals	159	574	18.95		17.86		—		6.1	%
Not comparable spaces	32	87
Total	247	768	$	20.90	$	19.26	$	5.77	8.6	%
Twelve Months Ended December 31, 2017
New leases (1)	202	612	$	23.42	$	19.04	$	38.99	23.1	%
Renewals	705	3,145	18.33		16.81		—		9.0	%
Not comparable spaces	136	557
Total	1,043	4,314	$	19.16	$	17.17	$	6.35	11.6	%

_______________

(1) Average external lease commissions per square foot for the three and twelve months ended December 31, 2017 were $5.71 and $5.51, respectively.

Changing shopping habits, driven by rapid expansion of Internet-driven procurement, has led to increased financial problems for many retailers, which has had a negative impact on the retail real estate sector. We continue to monitor the effects of these trends, including the impact of retail customer spending over the long-term. We believe the desirability of our physical locations, the significant diversification of our portfolio, both geographically and by tenant base, and the quality of our portfolio, along with its leading retailers or service providers that sell primarily grocery and basic necessity-type goods and services, position us well to mitigate the impact of these changes. Despite recent tenant bankruptcies, we continue to believe there is retailer demand for quality space within strong, strategically located centers.

While we anticipate occupancy in 2018 to remain comparable with 2017, we may experience some fluctuations due to announced bankruptcies and the repositioning of those spaces in the future. A reduction in quality retail space available, as well as continued retailer demand, contributed to the increase in overall rental rates on a same-space basis as we completed new leases and renewed existing leases. Leasing volume is anticipated to fluctuate due to the uncertainty in tenant fallouts related to bankruptcies. Our expectation is that SPNOI growth including redevelopments will average between 2.5% to 3.5% for 2018 assuming no significant tenant bankruptcies, although there are no assurances that this will occur.

New Development/Redevelopment

At December 31, 2017, we had three projects in various stages of development that were partially or wholly owned. We have funded $140.4 million through December 31, 2017 on these projects, and we estimate our aggregate net investment upon completion to be $363.1 million. Overall, the average projected stabilized return on investment for these multi-use properties, that include retail, office and residential components, is expected to approximate 5.5% upon completion. Effective January 1, 2017, we stabilized the development in White Marsh, Maryland, moving it to our operating property portfolio. This development was 100% leased with an investment of $46 million and an 8% yield.

We have 16 redevelopment projects in which we plan to invest approximately $228.8 million, which include a 30-story, high-rise residential tower at our River Oaks Shopping Center in Houston, Texas with an estimated investment of $150 million. Upon completion, the average projected stabilized return on our incremental investment on these redevelopment projects is expected to average around 7.5% to 9.5%.

We had approximately $69.2 million in land held for development at December 31, 2017 that may either be developed or sold. While we are experiencing some interest from retailers and other market participants in our land held for development, opportunities for economically viable developments remain limited. We intend to continue to pursue additional development and redevelopment opportunities in multiple markets; however, finding the right opportunities remains challenging.

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Acquisitions

Acquisitions are a key component of our long-term growth strategy. The availability of quality acquisition opportunities in the market remains sporadic in our targeted markets. Intense competition, along with a decline in the volume of high-quality core properties on the market, has in many cases driven pricing to pre-recession highs. We intend to remain disciplined in approaching these opportunities, pursuing only those that provide appropriate risk-adjusted returns.

Dispositions

Dispositions are also a key component of our ongoing management process where we selectively prune properties from our portfolio that no longer meet our geographic or growth targets. Dispositions provide capital, which may be recycled into properties that are high barrier-to-entry locations within high growth metropolitan markets, and thus have higher long-term growth potential. Additionally, proceeds from dispositions may be used to reduce outstanding debt, further deleveraging our consolidated balance sheet or repurchasing our common shares, dependent upon our share price.

Summary of Critical Accounting Policies

Our discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and contingencies as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. We evaluate our assumptions and estimates on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies require more significant judgments and estimates used in the preparation of our consolidated financial statements.

Property

Acquisitions of properties are accounted for utilizing the acquisition of an asset method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon future cash flows and other valuation techniques in accordance with our fair value measurements accounting policy. Fair values are used to record the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, other identifiable intangibles and any goodwill or gain on purchase. Other identifiable intangible assets and liabilities include the effect of out-of-market leases, the value of having leases in place (“as is” versus “as if vacant” and absorption costs), out-of-market assumed mortgages and tenant relationships. Depreciation and amortization is computed using the straight-line method, generally over estimated useful lives of 40 years for buildings and over the lease term which includes bargain renewal options for other identifiable intangible assets. The impact of these estimates, including incorrect estimates in connection with acquisition values and estimated useful lives, could result in significant differences related to the purchased assets, liabilities and resulting depreciation or amortization. Costs associated with the successful acquisition of an asset are capitalized as incurred.

Real Estate Joint Ventures and Partnerships

To determine the method of accounting for partially owned real estate joint ventures and partnerships, management determines whether an entity is a variable interest entity (“VIE”) and, if so, determines which party is the primary beneficiary by analyzing whether we have both the power to direct the entity’s significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the design of the entity structure, the nature of the entity’s operations, future cash flow projections, the entity’s financing and capital structure, and contractual relationships and terms. We consolidate a VIE when we have determined that we are the primary beneficiary.

Primary risks associated with our involvement with our VIEs include the potential funding of the entities’ debt obligations or making additional contributions to fund the entities’ operations or capital activities.

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Partially owned, non-variable interest real estate joint ventures and partnerships over which we have a controlling financial interest are consolidated in our consolidated financial statements. In determining whether we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned real estate joint ventures and partnerships where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method.

Management continually analyzes and assesses reconsideration events, including changes in the factors mentioned above, to determine if the consolidation treatment remains appropriate. Decisions regarding consolidation of partially owned entities frequently require significant judgment by our management. Errors in the assessment of consolidation could result in material changes to our consolidated financial statements.

Impairment

Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable.

If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization and discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy.

We review current economic considerations each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values and any changes to plans related to our new development projects including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. The evaluations used in these analyses could result in incorrect estimates when determining carrying values that could be material to our consolidated financial statements.

Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. A considerable amount of judgment by our management is used in this evaluation. Our overall future plans for the investment, our investment partner’s financial outlook and our views on current market and economic conditions may have a significant impact on the resulting factors analyzed for these purposes.

Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity. A considerable amount of judgment by our management is used in this evaluation, which may produce incorrect estimates that could be material to our consolidated financial statements.

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Results of Operations

Comparison of the Year Ended December 31, 2017 to the Year Ended December 31, 2016

The following table is a summary of certain items from our Consolidated Statements of Operations, which we believe represent items that significantly changed during 2017 as compared to the same period in 2016:

	Year Ended December 31,
	2017		2016			Change			% Change
Revenues	$	573,163	$	549,555		$	23,608		4.3	%
Depreciation and amortization	167,101		162,535			4,566			2.8
Operating expenses	109,310		98,855			10,455			10.6
Real estate taxes, net	75,636		66,358			9,278			14.0
Impairment loss	15,257		98			15,159			15,468.4
Interest expense, net	80,326		83,003			(2,677		)	(3.2	)
Interest and other income	7,915		2,569			5,346			208.1
Gain on sale and acquisition of real estate joint venture and partnership interests	—		48,322			(48,322		)	(100.0	)
Benefit (provision) for income taxes	17		(6,856		)	6,873			100.2
Equity in earnings of real estate joint ventures and partnerships, net	27,074		20,642			6,432			31.2

Revenues

The increase in revenues of $23.6 million is primarily attributable to our acquisitions and new development completions that totaled $27.8 million. The existing portfolio and redevelopment properties contributed $18.1 million due to increases in rental rates and changes in occupancy, which is offset by our dispositions of $22.3 million.

Depreciation and Amortization

The increase in depreciation and amortization of $4.6 million is primarily attributable to our acquisitions and new development completions that totaled $11.7 million, which is offset by our dispositions and other capital activities.

Operating Expenses

The increase in operating expenses of $10.5 million is primarily attributable to our acquisitions and new development completions of $5.3 million, a $3.1 million lease termination fee paid in 2017, insurance costs of $1.8 million primarily associated with hurricanes, an increase of $2.4 million in costs associated with our deferred compensation plan, and an overall increase at our existing portfolio and redevelopment properties associated primarily with the timing of repairs, which is offset by our dispositions of $4.0 million and a $.9 million write-off of pre-development costs in 2016.

Real Estate Taxes, net

The increase in net real estate taxes of $9.3 million is primarily attributable to rate and valuation changes for the portfolio, as well as our acquisitions and new development completions, which were offset by our dispositions of $2.7 million.

Impairment Loss

The increase in impairment losses of $15.2 million is primarily attributable to the losses in 2017 associated with the completed or proposed disposition of four shopping centers, interests in two 50% unconsolidated joint ventures and the disposition of an unimproved land parcel as compared to the losses in same period of 2016 associated with the disposition of two unimproved land parcels.

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Interest Expense, net

Net interest expense decreased $2.7 million or 3.2%. The components of net interest expense were as follows (in thousands): 

	Year Ended December 31,
	2017			2016
Gross interest expense	$	82,404		$	85,134
Gain on extinguishment of debt	—			(2,037		)
Amortization of debt deferred costs, net	3,890			3,515
Over-market mortgage adjustment	(1,100		)	(953		)
Capitalized interest	(4,868		)	(2,656		)
Total	$	80,326		$	83,003

The decrease in gross interest expense is primarily attributable to a reduction in the weighted average interest rates between the respective periods. For the year ended December 31, 2017, the weighted average debt outstanding was $2.2 billion at a weighted average interest rate of 3.8% as compared to $2.2 billion outstanding at a weighted average interest rate of 3.9% in the same period of 2016. The $2.0 million gain on debt extinguishment in 2016 was associated with the refinancing of a secured note. The $2.2 million increase in capitalized interest is primarily attributable to an increase in our new development activities in 2017.

Interest and Other Income

The increase in interest and other income of $5.3 million is primarily attributable to an increase in the fair value of assets held in a grantor trust related to our deferred compensation plan of $3.6 million, a pre-development cost recovery of $.9 million and $.7 million associated with gains from the sale of investments.

Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests

The gain in 2016 of $48.3 million is associated with the remeasurement of our 51% unconsolidated real estate partnership interest to fair value associated with the exchange of properties among the partners, the acquisition of our partner's 50% interest in a previously unconsolidated tenancy-in-common arrangement and the realization of changes in fair value upon the consolidation of that entity, and the remeasurement of a land parcel from an unconsolidated real estate joint venture to fair value.

Benefit (Provision) for Income Taxes

The increase in benefit (provision) for income taxes is primarily attributable to activities in our taxable REIT subsidiary. In 2017, a tax benefit of $1.6 million was realized associated primarily with impairment losses and an NOL carryforward from disposition activities as compared to a tax provision of $5.8 million in the same period of 2016 associated primarily with the gain from the exchange of properties among the partners of an unconsolidated real estate joint venture and the disposition of the development in Raleigh, North Carolina.

Equity in Earnings of Real Estate Joint Ventures and Partnerships, net

The increase of $6.4 million in the equity in earnings of real estate joint ventures and partnerships is primarily attributable to an increase of $2.3 million in our share of the gain on sale from disposition activities within the respective periods, an acquisition of a center in 2016, which contributed $1.8 million, and an increase in equity preferential earnings.

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Comparison of the Year Ended December 31, 2016 to the Year Ended December 31, 2015

The following table is a summary of certain items from our Consolidated Statements of Operations, which we believe represent items that significantly changed during 2016 as compared to the same period in 2015:

	Year Ended December 31,
	2016		2015		Change			% Change
Revenues	$	549,555	$	512,844	$	36,711		7.2	%
Depreciation and amortization	162,535		145,940		16,595			11.4
Real estate taxes, net	66,358		60,289		6,069			10.1
Interest expense, net	83,003		87,783		(4,780		)	(5.4	)
Interest and other income	2,569		4,563		(1,994		)	(43.7	)
Gain on sale and acquisition of real estate joint venture and partnership interests	48,322		879		47,443			5,397.4
Provision for income taxes	6,856		52		6,804			13,084.6

Revenues

The increase in revenues of $36.7 million is primarily attributable to our acquisitions and new development completions that totaled $34.5 million. The existing portfolio and redevelopment properties contributed $15.3 million, which is offset by our dispositions of $13.1 million.

Depreciation and Amortization

The increase in depreciation and amortization of $16.6 million is primarily attributable to our acquisitions and new development completions that totaled $18.1 million, which is offset by our dispositions and other capital activities.

Real Estate Taxes, net

The increase in net real estate taxes of $6.1 million is primarily attributable to our acquisitions and new development completions that totaled $4.0 million, as well as rate and valuation changes for the portfolio, which were offset by our dispositions of $.9 million.

Interest Expense, net

Net interest expense decreased $4.8 million or 5.4%. The components of net interest expense were as follows (in thousands): 

	Year Ended December 31,
	2016			2015
Gross interest expense	$	85,134		$	82,385
(Gain) loss on extinguishment of debt	(2,037		)	6,100
Amortization of debt deferred costs, net	3,515			3,333
Over-market mortgage adjustment	(953		)	(783		)
Capitalized interest	(2,656		)	(3,252		)
Total	$	83,003		$	87,783

The decrease in net interest expense is primarily attributable to the $8.1 million decrease in debt extinguishment activities within the respective periods. In 2016, a $2.0 million gain was realized as compared to a $6.1 million loss in 2015. For the year ended December 31, 2016, the weighted average debt outstanding was $2.2 billion at a weighted average interest rate of 3.9% as compared to $2.0 billion outstanding at a weighted average interest rate of 4.2% in the same period of 2015.

Interest and Other Income

The decrease in interest and other income of $2.0 million is primarily attributable to a $1.7 million litigation settlement received in 2015.

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Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests

The gain in 2016 of $48.3 million is primarily attributable to a $37.4 million gain associated with the remeasurement of our 51% unconsolidated real estate partnership interest to fair value associated with the exchange of properties among the partners, a $9.0 million gain associated with the fair value realization upon consolidation of our equity associated with the acquisition of a partner's 50% interest in a previously unconsolidated tenancy-in-common arrangement and a gain of $1.9 million associated with the remeasurement of a land parcel from an unconsolidated real estate joint venture. The gain in 2015 of $.9 million is primarily attributable to our return of equity associated with an unconsolidated joint venture's disposition of its real estate property.

Provision for Income Taxes

The increase of $6.8 million in the provision for income taxes is attributable to our taxable REIT subsidiary associated primarily with the gain from the exchange of properties among the partners of an unconsolidated real estate joint venture and the disposition of the development in Raleigh, North Carolina.

Effects of Inflation

We have structured our leases in such a way as to remain largely unaffected should significant inflation occur. Many leases provide for increasing minimum rental rates during the terms of the leases through escalation provisions. In addition, many of our leases are for terms of less than 10 years, allowing us to adjust rental rates to changing market conditions when the leases expire. Many of our leases also contain percentage rent provisions whereby we receive increased rentals based on the tenants’ gross sales. Most of our leases also require the tenants to pay their proportionate share of operating expenses and real estate taxes. As a result of these lease provisions, increases in operating expenses due to inflation, as well as real estate tax rate increases, generally do not have a significant adverse effect upon our operating results as they are absorbed by our tenants. Under the current economic climate, inflation has been rising very slowly.

Economic Conditions

We believe that underlying economic fundamentals continue to show positive, albeit slow, growth. We also believe that consumer confidence is currently positive due in part to improvements in the labor market and changes in the tax law. Furthermore, personal income and housing prices are continuing to increase in our primary markets. We believe there is a direct correlation between housing wealth and consumption, and we expect rebounding home prices will further strengthen retail fundamentals, including rent growth and net operating income. Our focus on supermarket-anchored centers in densely populated major metropolitan areas should position our portfolio to take advantage of the ever-changing retail landscape.

With respect to Houston and other markets that are energy dependent, increasing oil prices have positively impacted the local economy and has begun to favorably affect the office and multifamily real estate sectors. If prices should decline again for an extended duration, the performance of our centers in the Houston market could be impacted; we believe however, that having most of our centers in dense, high income areas of Houston and the lack of retail completions in the last five years, combined with population growth, and the diversification of Houston's industries, reduces the potential negative impact to us in Houston of low oil prices.

As strengthening retail fundamentals drive demand for investments in top-tier retail real estate, we continue to dedicate internal resources to identify and evaluate available assets in our markets so that we may purchase the best assets and properties with the strongest upside potential. Also, we continue to look for redevelopment opportunities within our existing portfolio by repositioning our anchor tenants and new development opportunities to spur growth.

Capital Resources and Liquidity

Our primary operating liquidity needs are paying our common share dividends, maintaining and operating our existing properties, paying our debt service costs, excluding debt maturities, and funding capital expenditures. Under our 2018 business plan, cash flows from operating activities are expected to meet these planned capital needs.

The primary sources of capital for funding any debt maturities, acquisitions, new developments and redevelopments are our excess cash flow generated by our operating properties; credit facilities; proceeds from both secured and unsecured debt issuances; proceeds from common and preferred equity issuances; and cash generated from the sale of property and the formation of joint ventures. Amounts outstanding under the unsecured revolving credit facility are retired as needed with proceeds from the issuance of long-term debt, common and preferred equity, cash generated from the disposition of properties and cash flow generated by our operating properties.

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As of December 31, 2017, we had available borrowing capacity of $493.6 million under our unsecured revolving credit facility, and our debt maturities for 2018 total $113.4 million.

We believe net proceeds from planned capital recycling, combined with our available capacity under the revolving credit and short-term borrowing facilities, will provide adequate liquidity to fund our capital needs, including acquisitions, redevelopments and new development activities. In the event our capital recycling program does not progress as expected, we believe other debt and equity alternatives are available to us. Although external market conditions are not within our control, we do not currently foresee any impediment to our entering the capital markets if needed.

During 2017, aggregate gross sales proceeds from our dispositions totaled $444.1 million, which were owned by us either directly or through our interest in real estate joint ventures or partnerships. Operating cash flows from dispositions are included in net cash from operating activities in our Consolidated Statements of Cash Flows, while proceeds from dispositions are included as investing activities.

We have a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.

We have non-recourse debt secured by acquired or developed properties held in several of our real estate joint ventures and partnerships. Off-balance sheet mortgage debt for our unconsolidated real estate joint ventures and partnerships totaled $298.1 million, of which our pro rata ownership is $108.0 million, at December 31, 2017. Scheduled principal mortgage payments on this debt, excluding deferred debt costs and non-cash related items totaling $(.6) million, at 100% are as follows (in millions): 

2018	$	6.4
2019	6.4
2020	93.0
2021	173.0
2022	2.1
Thereafter	17.8
Total	$	298.7

We hedge the future cash flows of certain debt transactions, as well as changes in the fair value of our debt instruments, principally through interest rate swap contracts with major financial institutions. We generally have the right to sell or otherwise dispose of our assets except in certain cases where we are required to obtain our joint venture partners’ consent or a third party consent for assets held in special purpose entities that are 100% owned by us.

Investing Activities

Dispositions

During 2017, we sold 20 centers and other property, including real estate assets owned through our interest in unconsolidated real estate joint ventures and partnerships. Our share of aggregate gross sales proceeds from these transactions totaled $444.1 million and generated our share of the gains of approximately $217.2 million.

New Development/Redevelopment

At December 31, 2017, we had three projects under development with approximately .3 million of total square footage for retail and office space and 644 residential units, that were partially or wholly owned. We have funded $140.4 million through December 31, 2017 on these projects. Upon completion, we expect our aggregate net investment in these multi-use projects to be $363.1 million. Effective January 1, 2017, we stabilized the development in White Marsh, Maryland, moving it to our operating property portfolio. This development was 100% leased with an investment of $46 million and an 8% yield.

At December 31, 2017, we had 16 redevelopment projects in which we plan to invest approximately $228.8 million, which include a 30-story, high-rise residential tower at our River Oaks Shopping Center in Houston, Texas with an estimated investment of $150 million. Upon completion, the average projected stabilized return on our incremental investment on these redevelopment projects is expected to average around 7.5% to 9.5%.

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We typically finance our new development and redevelopment projects with proceeds from our unsecured revolving credit facility, as it is our general practice not to use third party construction financing. Management monitors amounts outstanding under our unsecured revolving credit facility and periodically pays down such balances using cash generated from operations, from debt issuances, from common and preferred share issuances and from the disposition of properties.

Capital Expenditures

Capital expenditures for additions to the existing portfolio, acquisitions, tenant improvements, new development, redevelopment and our share of investments in unconsolidated real estate joint ventures and partnerships are as follows (in thousands):

	Year Ended December 31,
	2017		2016
Acquisitions	$	—	$	504,876
Tenant Improvements	24,823		22,982
New Development	93,120		64,174
Redevelopment	31,693		30,789
Capital Improvements	20,391		16,562
Other	2,384		12,980
Total	$	172,411	$	652,363

The decrease in capital expenditures is primarily attributable to the 2016 acquisition activity, which is partially offset by the increase in new development activity associated primarily to the purchase of the retail portion of a mixed-use project in Seattle, Washington and our share of the land parcel acquisition and development in Arlington, Virginia.

For 2018, we anticipate our acquisitions to total between $50 million and $150 million. Our new development and redevelopment investment for 2018 is estimated to be approximately $125 million to $175 million. For 2018, capital and tenant improvements is expected to be consistent with 2017 expenditures. No assurances can be provided that our planned capital activities will occur. Further, we have entered into commitments aggregating $114.7 million comprised principally of construction contracts which are generally due in 12 to 36 months and anticipated to be funded under our unsecured revolving credit facility.

Capital expenditures for additions described above relate to cash flows from investing activities as follows (in thousands):

	Year Ended December 31,
	2017		2016
Acquisition of real estate and land	$	1,902	$	500,421
Development and capital improvements	133,336		101,179
Real estate joint ventures and partnerships - Investments	37,173		50,763
Total	$	172,411	$	652,363

Capitalized soft costs, including payroll and other general and administrative costs, interest, insurance and real estate taxes, totaled $13.4 million and $10.7 million for the year ended December 31, 2017 and 2016, respectively.

Financing Activities

Debt

Total debt outstanding was $2.1 billion at December 31, 2017 and consists of $2.1 billion, including the effect of $200 million of interest rate swap contracts, which bears interest at fixed rates, and $17.9 million, which bears interest at variable rates. Additionally, of our total debt, $413.7 million was secured by operating centers while the remaining $1.7 billion was unsecured.

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At December 31, 2017, we have a $500 million unsecured revolving credit facility, which expires in March 2020 and provides borrowing rates that float at a margin over LIBOR plus a facility fee. At December 31, 2017, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million. As of January 31, 2018, we had no amounts outstanding, and the available balance was $493.6 million, net of $6.4 million in outstanding letters of credit.

At December 31, 2017, we have a $10 million unsecured short-term facility that we maintain for cash management purposes. The facility, which matures in March 2018, provides for fixed interest rate loans at a 30-day LIBOR rate plus borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. As of January 31, 2018, we had no amounts outstanding under this facility.

During 2017, the maximum balance and weighted average balance outstanding under both facilities combined were $245.0 million and $133.4 million, respectively, at a weighted average interest rate of 1.8%.

Our five most restrictive covenants, composed from both our public debt and revolving credit facility, include debt to asset, secured debt to asset, fixed charge, unencumbered asset test and unencumbered interest coverage ratios. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of December 31, 2017.

Our most restrictive public debt covenant ratios, as defined in our indenture and supplemental indenture agreements, were as follows at December 31, 2017:

Covenant	Restriction	Actual
Debt to Asset Ratio	Less than 60.0%	40.7%
Secured Debt to Asset Ratio	Less than 40.0%	8.1%
Fixed Charge Ratio	Greater than 1.5	4.3
Unencumbered Asset Test	Greater than 150%	264.4%

At December 31, 2017, we had three interest rate swap contracts with an aggregate notional amount of $200 million that were designated as cash flow hedges. These contracts mature March 2020 and fix the LIBOR component of the interest rates at 1.5%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

We could be exposed to losses in the event of nonperformance by the counter-parties related to our interest rate swap contracts; however, management believes such nonperformance is remote.

Equity

Common share dividends paid totaled $294.1 million for the year ended December 31, 2017, which includes a special dividend paid in December 2017 in the amount of $.75 per common share, which was distributed due to the significant gains on dispositions of property. Our dividend payout ratio (as calculated as dividends paid on common shares divided by core funds from operations attributable to common shareholders - basic) for the year ended December 31, 2017 approximated 93.2% (see Non-GAAP Financial Measures for additional information). Our Board of Trust Managers approved a first quarter 2018 dividend of $.395 per common share, an increase from $.385 per common share for the respective quarter of 2017.

We have a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.

We have an effective universal shelf registration statement which expires in September 2020. We will continue to closely monitor both the debt and equity markets and carefully consider our available financing alternatives, including both public offerings and private placements.

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Contractual Obligations

We have debt obligations related to our mortgage loans and unsecured debt, including any draws on our credit facilities. We have shopping centers that are subject to non-cancelable long-term ground leases where a third party owns and has leased the underlying land to us to construct and/or operate a shopping center. In addition, we have non-cancelable operating leases pertaining to office space from which we conduct our business. The table below excludes obligations related to our new development projects because such amounts are not fixed or determinable, and commitments aggregating $114.7 million comprised principally of construction contracts which are generally due in 12 to 36 months. The following table summarizes our primary contractual obligations as of December 31, 2017 (in thousands):

	Payments due by period
	Total		Less than 1 year		1 - 3 years		3 - 5 years		More than 5 years
Mortgages and Notes Payable (1)
Unsecured Debt	$	1,990,959	$	79,202	$	116,512	$	307,484	$	1,487,761
Secured Debt	498,264		120,004		116,170		43,220		218,870
Lease Payments	114,971		2,889		5,337		4,682		102,063
Other Obligations (2)	107,903		75,485		32,418
Total Contractual Obligations	$	2,712,097	$	277,580	$	270,437	$	355,386	$	1,808,694

_______________

(1) Includes principal and interest with interest on variable-rate debt calculated using rates at December 31, 2017, excluding the effect of interest rate swaps. Also, excludes a $64.1 million debt service guaranty liability. See Note 6 for additional information.

(2) Other obligations include income and real estate tax payments, commitments associated with our secured debt and other employee payments. Included in 2018, is the estimated contribution to our pension plan, which meets or exceeds the minimum statutory funding requirements; however, we have the right to discontinue contributions at any time. See Note 17 for additional information.

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls on tax increment revenue bonds issued in connection with the project. The Sheridan Redevelopment Agency ("Agency") issued Series A bonds used for an urban renewal project, of which $64.1 million remain outstanding at December 31, 2017. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee ("PIF") to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the payment of the bond liability in full or 2040. The debt associated with this guaranty has been recorded in our consolidated financial statements as of December 31, 2017.

Off Balance Sheet Arrangements

As of December 31, 2017, none of our off-balance sheet arrangements had a material effect on our liquidity or availability of, or requirement for, our capital resources. Letters of credit totaling $6.4 million were outstanding under the unsecured revolving credit facility at December 31, 2017.

We have entered into several unconsolidated real estate joint ventures and partnerships. Under many of these agreements, we and our joint venture partners are required to fund operating capital upon shortfalls in working capital. As operating manager of most of these entities, we have considered these funding requirements in our business plan.

Reconsideration events, including changes in variable interests, could cause us to consolidate these joint ventures and partnerships. We continuously evaluate these events as we become aware of them. Some triggers to be considered are additional contributions required by each partner and each partner’s ability to make those contributions. Under certain of these circumstances, we may purchase our partner’s interest. Our material unconsolidated real estate joint ventures are with entities which appear sufficiently stable; however, if market conditions were to deteriorate and our partners are unable to meet their commitments, there is a possibility we may have to consolidate these entities. If we were to consolidate all of our unconsolidated real estate joint ventures, we would continue to be in compliance with our debt covenants.

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As of December 31, 2017, one unconsolidated real estate joint venture was determined to be a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the profitability of the entity. Our maximum risk of loss associated with this VIE was limited to $34.0 million at December 31, 2017. Also at December 31, 2017, another joint venture arrangement for the future development of a mixed-use project was determined to be a VIE. We are not the primary beneficiary as the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. We anticipate funding approximately $93 million in equity and debt associated with the mixed-use project through 2020.

On January 1, 2018, a real estate limited partnership agreement with a foreign institutional investor was amended to include a potential obligation to purchase up to $61 million of real estate assets through December 31, 2018 with the option to extend for up to two additional years. Our ownership in this unconsolidated real estate limited partnership agreement is 51%, and as of the date of this filing, no assets have been purchased under this agreement.

Non-GAAP Financial Measures

Certain of our key performance indicators are considered non-GAAP financial measures. Management uses these measures along with our GAAP financial statements in order to evaluate our operating results. We believe these additional measures provide users of our financial information additional comparable indicators of our industry, as well as, our performance.

Funds from Operations Attributable to Common Shareholders

The National Association of Real Estate Investment Trusts (“NAREIT”) defines funds from operations attributable to common shareholders ("NAREIT FFO") as net income (loss) attributable to common shareholders computed in accordance with GAAP, excluding extraordinary items and gains or losses from sales of operating real estate assets and interests in real estate equity investments and their applicable taxes, plus depreciation and amortization of operating properties and impairment of depreciable real estate and in substance real estate equity investments, including our share of unconsolidated real estate joint ventures and partnerships. We calculate NAREIT FFO in a manner consistent with the NAREIT definition.

We believe NAREIT FFO is a widely recognized measure of REIT operating performance which provides our shareholders with a relevant basis for comparison among other REITs. Management uses NAREIT FFO as a supplemental internal measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income by itself as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, management believes that the presentation of operating results for real estate companies that uses historical cost accounting is insufficient by itself. There can be no assurance that NAREIT FFO presented by us is comparable to similarly titled measures of other REITs.

We also present core funds from operations attributable to common shareholders (“Core FFO”) as an additional supplemental measure as it is more reflective of the core operating performance of our portfolio of properties. Core FFO is defined as NAREIT FFO excluding charges and gains related to non-cash, non-operating and other transactions or events that hinder the comparability of operating results. Specific examples of items excluded from Core FFO include, but are not limited to, gains or losses associated with the extinguishment of debt or other liabilities, impairments of land, transactional costs associated with acquisition and development activities, certain deferred tax provisions/benefits, redemption costs of preferred shares and gains on the disposal of non-real estate assets.

NAREIT FFO and Core FFO should not be considered as alternatives to net income or other measurements under GAAP as indicators of our operating performance or to cash flows from operating, investing or financing activities as measures of liquidity. NAREIT FFO and Core FFO do not reflect working capital changes, cash expenditures for capital improvements or principal payments on indebtedness.

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NAREIT FFO and Core FFO is calculated as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net income attributable to common shareholders	$	335,274		$	238,933		$	160,835
Depreciation and amortization of real estate	166,125			162,989			145,199
Depreciation and amortization of real estate of unconsolidated real estate joint ventures and partnerships	14,020			15,118			14,451
Impairment of operating properties and real estate equity investments	12,247			—			153
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships	—			326			1,497
Gain on acquisition including associated real estate equity investment	—			(46,398		)	—
Gain on sale of property and interests in real estate equity investments	(217,659		)	(101,124		)	(60,472		)
Gain on dispositions of unconsolidated real estate joint ventures and partnerships	(6,187		)	(3,693		)	(1,558		)
Benefit for income taxes (1)	(711		)	—			—
Noncontrolling interests (2)	5,424			25,521			(1,969		)
Other	(16		)	(16		)	(10		)
NAREIT FFO – basic	308,517			291,656			258,126
Income attributable to operating partnership units	3,084			1,996			1,903
NAREIT FFO – diluted	311,601			293,652			260,029
Adjustments to Core FFO:
Redemption costs of preferred shares	—			—			9,749
(Benefit) provision for income taxes	(729		)	7,024			—
Acquisition costs	—			1,782			1,007
Other impairment loss	3,031			98			—
(Gain) loss on extinguishment of debt	—			(1,679		)	6,100
Severance costs	1,378			—			—
Storm damage costs	1,822			—			—
Recovery of pre-development costs	(949		)	—			—
Other	2,292			17			(2,113		)
Core FFO – diluted	$	318,446		$	300,894		$	274,772
Weighted average shares outstanding – basic	127,755			126,048			123,037
Effect of dilutive securities:
Share options and awards	870			1,059			1,292
Operating partnership units	1,446			1,462			1,472
Weighted average shares outstanding – diluted	130,071			128,569			125,801
NAREIT FFO per common share – basic	$	2.41		$	2.31		$	2.10
NAREIT FFO per common share – diluted	$	2.40		$	2.28		$	2.07
Core FFO per common share – diluted	$	2.45		$	2.34		$	2.18

_______________

(1) Effective January 1, 2017 includes the applicable taxes related to gains and impairments of operating properties.

(2) Related to gains, impairments and depreciation on operating properties, where applicable.

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Same Property Net Operating Income

We consider SPNOI an important additional financial measure because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates and operating costs. We calculate this most useful measurement by determining our proportional share of SPNOI from all owned properties, including our share of SPNOI from unconsolidated joint ventures and partnerships, which cannot be readily determined under GAAP measurements and presentation. Although SPNOI is a widely used measure among REITs, there can be no assurance that SPNOI presented by us is comparable to similarly titled measures of other REITs. Additionally, we do not control these unconsolidated joint ventures and partnerships, and the assets, liabilities, revenues or expenses of these joint ventures and partnerships, as presented, do not represent our legal claim to such items.

Properties are included in the SPNOI calculation if they are owned and operated for the entirety of the most recent two fiscal year periods, except for properties for which significant redevelopment or expansion occurred during either of the periods presented, and properties classified as discontinued operations. While there is judgment surrounding changes in designations, we move new development and redevelopment properties once they have stabilized, which is typically upon attainment of 90% occupancy. A rollforward of the properties included in our same property designation is as follows:

	Three Months Ended December 31, 2017		Twelve Months Ended December 31, 2017
Beginning of the period	190		193
Properties added:
Acquisitions	—		4
New Developments	—		1
Redevelopments	—		6
Properties removed:
Dispositions	(7	)	(20	)
Other	—		(1	)
End of the period	183		183

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We calculate SPNOI using operating income as defined by GAAP excluding property management fees, certain non-cash revenues and expenses such as straight-line rental revenue and the related reversal of such amounts upon early lease termination, depreciation, amortization, impairment losses, general and administrative expenses, acquisition costs and other items such as lease cancellation income, environmental abatement costs, demolition expenses and lease termination fees. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from SPNOI. A reconciliation of net income attributable to common shareholders to SPNOI is as follows (in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2017			2016			2017			2016
Net income attributable to common shareholders	$	167,967		$	44,142		$	335,274		$	238,933
Add:
Net income attributable to noncontrolling interests	2,686			25,034			15,441			37,898
Provision (benefit) for income taxes	2,018			(164		)	(17		)	6,856
Interest expense, net	18,921			21,711			80,326			83,003
Less:
Gain on sale of property	(132,045		)	(32,416		)	(218,611		)	(100,714		)
Equity in earnings of real estate joint ventures and partnership interests	(9,108		)	(5,531		)	(27,074		)	(20,642		)
Gain on sale and acquisition of real estate joint venture and partnership interests	—			(1,915		)	—			(48,322		)
Interest and other income	(3,390		)	(729		)	(7,915		)	(2,569		)
Operating Income	47,049			50,132			177,424			194,443
Less:
Revenue adjustments (1)	(4,308		)	(4,959		)	(16,877		)	(16,364		)
Add:
Property management fees	649			681			2,902			2,854
Depreciation and amortization	40,986			43,374			167,101			162,535
Impairment loss	245			55			15,257			98
General and administrative	7,868			7,193			28,435			27,266
Acquisition costs	—			614			—			1,350
Other (2)	(798		)	(233		)	3,586			129
Net Operating Income	91,691			96,857			377,828			372,311
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests	(9,684		)	(17,389		)	(55,160		)	(58,434		)
Add: Pro rata share of unconsolidated entities defined as same property	8,094			8,500			32,903			32,715
Same Property Net Operating Income	90,101			87,968			355,571			346,592
Less: Redevelopment Net Operating Income	(8,762		)	(8,502		)	(34,914		)	(32,932		)
Same Property Net Operating Income excluding Redevelopments	$	81,339		$	79,466		$	320,657		$	313,660

___________________

(1) Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships.

(2) Other includes items such as environmental abatement costs, demolition expenses and lease termination fees.

Newly Issued Accounting Pronouncements

See Note 2 to our consolidated financial statements in Item 8 for additional information related to recent accounting pronouncements.

42

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk

We use fixed and floating-rate debt to finance our capital requirements. These transactions expose us to market risk related to changes in interest rates. Derivative financial instruments are used to manage a portion of this risk, primarily interest rate contracts with major financial institutions. These agreements expose us to credit risk in the event of non-performance by the counter-parties. We do not engage in the trading of derivative financial instruments in the normal course of business. At December 31, 2017, we had fixed-rate debt of $2.1 billion and variable-rate debt of $17.9 million, after adjusting for the net effect of $200.0 million notional amount of interest rate contracts. In the event interest rates were to increase 100 basis points and holding all other variables constant, annual net income and cash flows for the following year would decrease by approximately $.2 million associated with our variable-rate debt, including the effect of the interest rate contracts. The effect of the 100 basis points increase would decrease the fair value of our variable-rate and fixed-rate debt by approximately $.1 million and $109.3 million, respectively.

43

ITEM 8. Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trust Managers of Weingarten Realty Investors

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Weingarten Realty Investors and subsidiaries (the "Company") as of December 31, 2017 and 2016, the related consolidated statements of operations, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2017, and the related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 28, 2018, expressed an unqualified opinion on the Company's internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Houston, Texas  

February 28, 2018

We have served as the Company's auditor since 1963.

44

WEINGARTEN REALTY INVESTORS CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
	Year Ended December 31,
	2017			2016			2015
Revenues:
Rentals, net	$	560,643		$	537,265		$	502,464
Other	12,520			12,290			10,380
Total	573,163			549,555			512,844
Expenses:
Depreciation and amortization	167,101			162,535			145,940
Operating	109,310			98,855			94,244
Real estate taxes, net	75,636			66,358			60,289
Impairment loss	15,257			98			153
General and administrative	28,435			27,266			27,524
Total	395,739			355,112			328,150
Operating Income	177,424			194,443			184,694
Interest Expense, net	(80,326		)	(83,003		)	(87,783		)
Interest and Other Income	7,915			2,569			4,563
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests	—			48,322			879
Benefit (Provision) for Income Taxes	17			(6,856		)	(52		)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	27,074			20,642			19,300
Income from Continuing Operations	132,104			176,117			121,601
Gain on Sale of Property	218,611			100,714			59,621
Net Income	350,715			276,831			181,222
Less: Net Income Attributable to Noncontrolling Interests	(15,441		)	(37,898		)	(6,870		)
Net Income Adjusted for Noncontrolling Interests	335,274			238,933			174,352
Dividends on Preferred Shares	—			—			(3,830		)
Redemption Costs of Preferred Shares	—			—			(9,687		)
Net Income Attributable to Common Shareholders	$	335,274		$	238,933		$	160,835
Earnings Per Common Share - Basic:
Net income attributable to common shareholders	$	2.62		$	1.90		$	1.31
Earnings Per Common Share - Diluted:
Net income attributable to common shareholders	$	2.60		$	1.87		$	1.29

See Notes to Consolidated Financial Statements.

45

WEINGARTEN REALTY INVESTORS CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands)
	Year Ended December 31,
	2017			2016			2015
Net Income	$	350,715		$	276,831		$	181,222
Other Comprehensive Income (Loss):
Net unrealized gain (loss) on investments, net of taxes	1,228			407			(99		)
Realized gain on investments	(651		)	—			—
Realized (loss) gain on derivatives	—			(2,084		)	5,007
Net unrealized gain (loss) on derivatives	1,063			(1,204		)	(3,061		)
Reclassification adjustment of derivatives and designated hedges into net income	(42		)	1,531			2,798
Retirement liability adjustment	1,393			(167		)	147
Total	2,991			(1,517		)	4,792
Comprehensive Income	353,706			275,314			186,014
Comprehensive Income Attributable to Noncontrolling Interests	(15,441		)	(37,898		)	(6,870		)
Comprehensive Income Adjusted for Noncontrolling Interests	$	338,265		$	237,416		$	179,144

See Notes to Consolidated Financial Statements.

46

WEINGARTEN REALTY INVESTORS CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts)
	December 31,
	2017			2016
ASSETS
Property	$	4,498,859		$	4,789,145
Accumulated Depreciation	(1,166,126		)	(1,184,546		)
Property Held for Sale, net	54,792			479
Property, net *	3,387,525			3,605,078
Investment in Real Estate Joint Ventures and Partnerships, net *	317,763			289,192
Total	3,705,288			3,894,270
Unamortized Lease Costs, net	181,047			208,063
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $7,516 in 2017 and $6,700 in 2016) *	104,357			94,466
Cash and Cash Equivalents *	13,219			16,257
Restricted Deposits and Mortgage Escrows	8,115			25,022
Other, net	184,613			188,850
Total Assets	$	4,196,639		$	4,426,928
LIABILITIES AND EQUITY
Debt, net *	$	2,081,152		$	2,356,528
Accounts Payable and Accrued Expenses	116,463			116,859
Other, net	189,182			191,887
Total Liabilities	2,386,797			2,665,274
Commitments and Contingencies (see Note 19)	—			—
Deferred Compensation Share Awards	—			44,758
Equity:
Shareholders' Equity:
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,447 in 2017 and 128,072 in 2016	3,897			3,885
Additional Paid-In Capital	1,772,066			1,718,101
Net Income Less Than Accumulated Dividends	(137,065		)	(177,647		)
Accumulated Other Comprehensive Loss	(6,170		)	(9,161		)
Total Shareholders' Equity	1,632,728			1,535,178
Noncontrolling Interests	177,114			181,718
Total Equity	1,809,842			1,716,896
Total Liabilities and Equity	$	4,196,639		$	4,426,928
* Consolidated variable interest entities' assets and debt included in the above balances (see Note 20):
Property, net	$	207,969		$	476,117
Accrued Rent and Accounts Receivable, net	12,011			11,066
Cash and Cash Equivalents	9,025			9,560
Debt, net	46,253			47,112

See Notes to Consolidated Financial Statements.

47

WEINGARTEN REALTY INVESTORS CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	Year Ended December 31,
	2017			2016			2015
Cash Flows from Operating Activities:
Net Income	$	350,715		$	276,831		$	181,222
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	167,101			162,535			145,940
Amortization of debt deferred costs and intangibles, net	2,790			2,562			2,650
Impairment loss	15,257			98			153
Equity in earnings of real estate joint ventures and partnerships, net	(27,074		)	(20,642		)	(19,300		)
Gain on sale and acquisition of real estate joint venture and partnership interests	—			(48,322		)	(879		)
Gain on sale of property	(218,611		)	(100,714		)	(59,621		)
Distributions of income from real estate joint ventures and partnerships	1,321			1,149			1,216
Changes in accrued rent and accounts receivable, net	(18,964		)	(14,488		)	(8,884		)
Changes in unamortized lease costs and other assets, net	(13,299		)	(16,900		)	(14,617		)
Changes in accounts payable, accrued expenses and other liabilities, net	4,970			8,963			5,971
Other, net	5,552			1,339			11,584
Net cash provided by operating activities	269,758			252,411			245,435
Cash Flows from Investing Activities:
Acquisition of real estate and land	(1,902		)	(500,421		)	(221,779		)
Development and capital improvements	(133,336		)	(101,179		)	(83,702		)
Proceeds from sale of property and real estate equity investments	433,661			234,952			101,516
Real estate joint ventures and partnerships - Investments	(37,173		)	(52,834		)	(30,053		)
Real estate joint ventures and partnerships - Distributions of capital	28,791			51,714			35,341
Purchase of investments	(5,730		)	(4,740		)	—
Proceeds from investments	8,502			1,250			1,250
Other, net	6,179			5,086			295
Net cash provided by (used in) investing activities	298,992			(366,172		)	(197,132		)
Cash Flows from Financing Activities:
Proceeds from issuance of debt	—			249,999			448,083
Principal payments of debt	(28,723		)	(144,788		)	(240,505		)
Changes in unsecured credit facilities	(245,000		)	95,500			(39,500		)
Proceeds from issuance of common shares of beneficial interest, net	1,588			137,460			42,572
Redemption of preferred shares of beneficial interest	—			—			(150,000		)
Common and preferred dividends paid	(294,073		)	(185,100		)	(174,628		)
Debt issuance and extinguishment costs paid	(488		)	(5,396		)	(9,878		)
Distributions to noncontrolling interests	(19,342		)	(9,563		)	(5,478		)
Contributions from noncontrolling interests	—			—			1,318
Other, net	(2,657		)	(8,314		)	1,768
Net cash (used in) provided by financing activities	(588,695		)	129,798			(126,248		)
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents	(19,945		)	16,037			(77,945		)
Cash, cash equivalents and restricted cash equivalents at January 1	41,279			25,242			103,187
Cash, cash equivalents and restricted cash equivalents at December 31	$	21,334		$	41,279		$	25,242
Interest paid during the period (net of amount capitalized of $4,868, $2,656 and $3,252, respectively)	$	79,161		$	79,515		$	79,580
Income taxes paid during the period	$	1,009		$	958		$	1,474

See Notes to Consolidated Financial Statements.

48

WEINGARTEN REALTY INVESTORS

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands)

Year Ended December 31, 2017, 2016 and 2015

	Preferred Shares of Beneficial Interest			Common Shares of Beneficial Interest		Additional Paid-In Capital			Net Income Less Than Accumulated Dividends			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total
Balance, January 1, 2015	$	2		$	3,700	$	1,706,880		$	(212,960	)	$	(12,436	)	$	153,757		$	1,638,943
Net income									174,352						6,870			181,222
Redemption of preferred shares	(2		)			(140,311		)	(9,687		)							(150,000		)
Issuance of common shares, net				34		40,294												40,328
Shares issued under benefit plans, net				10		8,989												8,999
Shares issued in exchange for noncontrolling interests						111									(111		)	—
Dividends paid – common shares									(170,755		)							(170,755		)
Dividends paid – preferred shares									(3,873		)							(3,873		)
Distributions to noncontrolling interests															(5,478		)	(5,478		)
Contributions from noncontrolling interests															1,318			1,318
Other comprehensive income												4,792						4,792
Other, net						279			43						(808		)	(486		)
Balance, December 31, 2015	—			3,744		1,616,242			(222,880		)	(7,644		)	155,548			1,545,010
Net income									238,933						37,898			276,831
Issuance of common shares, net				105		131,317												131,422
Shares issued under benefit plans, net				36		7,430												7,466
Change in classification of deferred compensation plan						(39,977		)										(39,977		)
Change in redemption value of deferred compensation plan									(8,600		)							(8,600		)
Diversification of share awards within deferred compensation plan						3,819												3,819
Dividends paid – common shares									(185,100		)							(185,100		)
Distributions to noncontrolling interests															(9,563		)	(9,563		)
Acquisition of noncontrolling interests						(730		)							(2,139		)	(2,869		)
Other comprehensive loss												(1,517		)				(1,517		)
Other, net															(26		)	(26		)
Balance, December 31, 2016	—			3,885		1,718,101			(177,647		)	(9,161		)	181,718			1,716,896
Net income									335,274						15,441			350,715
Shares issued under benefit plans, net				12		8,816												8,828
Change in classification of deferred compensation plan (see Note 1)						45,377												45,377
Change in redemption value of deferred compensation plan									(619		)							(619		)
Dividends paid – common shares									(294,073		)							(294,073		)
Distributions to noncontrolling interests															(19,342		)	(19,342		)
Other comprehensive income												2,991						2,991
Other, net						(228		)							(703		)	(931		)
Balance, December 31, 2017	$	—		$	3,897	$	1,772,066		$	(137,065	)	$	(6,170	)	$	177,114		$	1,809,842

See Notes to Consolidated Financial Statements.

49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.      Summary of Significant Accounting Policies

Business

Weingarten Realty Investors is a REIT organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 41.3 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 2.8% of base minimum rental revenues during 2017. Total revenues generated by our centers located in Houston and its surrounding areas was 19.6% of total revenue for the year ended December 31, 2017, and an additional 9.2% of total revenue was generated in 2017 from centers that are located in other parts of Texas. Also, in Florida and California, an additional 17.5% and 16.7%, respectively, of total revenue was generated in 2017.

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and VIEs which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

Our financial statements are prepared in accordance with GAAP. Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Revenue Recognition

Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other revenue is income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which is recognized as the related services are performed under the respective agreements.

Property

Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment. Major replacements where the betterment extends the useful life of the asset are capitalized, and the replaced asset and corresponding accumulated depreciation are removed from the accounts. All other maintenance and repair items are charged to expense as incurred.

Acquisitions of properties are accounted for utilizing the acquisition of an asset method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon estimated future cash flows and other valuation techniques in accordance with our fair value measurements accounting policy. Fair values are used to allocate and record the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, other identifiable intangibles and any goodwill or gain on purchase. Other identifiable intangible assets and liabilities include the effect of out-of-market leases, the value of having leases in place (“as is” versus “as if vacant” and absorption costs), out-of-market assumed mortgages and tenant relationships. Depreciation and amortization is computed using the straight-line method, generally over estimated useful lives of 40 years for buildings and over the lease term which includes bargain renewal options for other identifiable intangible assets. Costs associated with the successful acquisition of an asset are capitalized as incurred.

50

Property also includes costs incurred in the development and redevelopment of operating properties. These properties are carried at cost, and no depreciation is recorded on these assets until rent commences or no later than one year from the completion of major construction. These costs include preacquisition costs directly identifiable with the specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs, including salaries and benefits, travel and other related costs that are directly attributable to the development of the property, are also capitalized. The capitalization of such costs ceases at the earlier of one year from the completion of major construction or when the property, or any completed portion, becomes available for occupancy.

Property also includes costs for tenant improvements paid by us, including reimbursements to tenants for improvements that are owned by us and will remain our property after the lease expires.

Property identified for sale is reviewed to determine if it qualifies as held for sale based on the following criteria: management has approved and is committed to the disposal plan, the assets are available for immediate sale, an active plan is in place to locate a buyer, the sale is probable and expected to qualify as a completed sale within a year, the sales price is reasonable in relation to the current fair value, and it is unlikely that significant changes will be made to the sales plan or that the sales plan will be withdrawn. Upon qualification, these properties are segregated and classified as held for sale at the lower of cost or fair value less costs to sell. Our individual property disposals do not qualify for discontinued operations presentation; thus, the results of these disposals remain in income from continuing operations and any associated gains are included in gain on sale of property.

Some of our properties are held in single purpose entities. A single purpose entity is a legal entity typically established at the request of a lender solely for the purpose of owning a property or group of properties subject to a mortgage. There may be restrictions limiting the entity’s ability to engage in an activity other than owning or operating the property, assuming or guaranteeing the debt of any other entity, or dissolving itself or declaring bankruptcy before the debt has been repaid. Most of our single purpose entities are 100% owned by us and are consolidated in our consolidated financial statements.

Real Estate Joint Ventures and Partnerships

To determine the method of accounting for partially owned real estate joint ventures and partnerships, management determines whether an entity is a VIE and, if so, determines which party is the primary beneficiary by analyzing whether we have both the power to direct the entity’s significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the design of the entity structure, the nature of the entity’s operations, future cash flow projections, the entity’s financing and capital structure, and contractual relationships and terms. We consolidate a VIE when we have determined that we are the primary beneficiary.

Primary risks associated with our involvement with our VIEs include the potential funding of the entities’ debt obligations or making additional contributions to fund the entities’ operations or capital activities.

Partially owned, non-variable interest real estate joint ventures and partnerships over which we have a controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned real estate joint ventures and partnerships where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method.

Management continually analyzes and assesses reconsideration events, including changes in the factors mentioned above, to determine if the consolidation or equity method treatment remains appropriate.

Unamortized Lease Costs, net

Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as salaries and benefits, travel and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis.

51

Accrued Rent and Accounts Receivable, net

Receivables include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation.

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered cash equivalents. Cash and cash equivalents are primarily held at major financial institutions in the U.S. We had cash and cash equivalents in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents amongst several banking institutions in an attempt to minimize exposure to any one of these entities. We believe we are not exposed to any significant credit risk and regularly monitor the financial stability of these financial institutions.

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted deposits that are held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consists of the following (in thousands):

	December 31,
	2017		2016
Restricted deposits (1)	6,291		23,489
Mortgage escrows	1,824		1,533
Total	$	8,115	$	25,022

___________________

(1) The decrease between the periods presented is primarily attributable to $21.0 million of funds being released from a qualified escrow account for the purpose of completing like-kind exchange transactions.

Other Assets, net

Other assets include an asset related to the debt service guaranty (see Note 6 for further information), tax increment revenue bonds, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, interest rate derivatives, the value of above-market leases and the related accumulated amortization, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Consolidated Statements of Operations and Consolidated Statement of Comprehensive Income, respectively. The value of our investments in mutual funds approximates the cost basis. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 21 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We would establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral.

Derivatives and Hedging

We manage interest cost using a combination of fixed-rate and variable-rate debt. To manage our interest rate risk, we occasionally hedge the future cash flows of our existing floating-rate debt or anticipated fixed-rate debt issuances, as well as changes in the fair value of our existing fixed-rate debt instruments, principally through interest rate contracts with major financial institutions. Interest rate contracts that meet specific criteria are accounted for as either a cash flow or fair value hedge.

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Cash Flow Hedges of Interest Rate Risk:

Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swap contracts as part of our interest rate risk management strategy. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For hedges of fixed-rate debt issuances, the interest rate contracts are cash settled upon the pricing of the debt, with amounts deferred in accumulated other comprehensive loss and amortized as an increase/decrease to interest expense over the originally hedged period.

The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.

Sales of Real Estate

Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate.

Profits on sales of real estate are not recognized until (a) a sale is consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay; (c) the seller’s receivable is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership in the transaction, and we do not have a substantial continuing involvement with the property.

We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP, and we do not have a commitment to support the operations of the real estate joint venture or partnership to an extent greater than our proportionate interest in the real estate joint venture or partnership.

Impairment

Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable.

If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy.

We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future.

Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change.

Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity.

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Interest Capitalization

Interest is capitalized on land under development and buildings under construction based on rates applicable to borrowings outstanding during the period and the weighted average balance of qualified assets under development/construction during the period.

Income Taxes

We have elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, we generally will not be subject to corporate level federal income tax on taxable income we distribute to our shareholders. To be taxed as a REIT, we must meet a number of requirements including defined percentage tests concerning the amount of our assets and revenues that come from, or are attributable to, real estate operations. As long as we distribute at least 90% of the taxable income of the REIT (without regard to capital gains or the dividends paid deduction) to our shareholders as dividends, we will not be taxed on the portion of our income we distribute as dividends unless we have ineligible transactions.

The Tax Relief Extension Act of 1999 gave REITs the ability to conduct activities which a REIT was previously precluded from doing as long as such activities are performed in entities which have elected to be treated as taxable REIT subsidiaries under the IRS code. These activities include buying or developing properties with the express purpose of selling them. We conduct certain of these activities in a taxable REIT subsidiary that we have created. We calculate and record income taxes in our consolidated financial statements based on the activities in this entity. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between our carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. These are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance for deferred tax assets is established for those assets when we do not consider the realization of such assets to be more likely than not.

On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35% to 21%, (2) establishing a 20% deduction for REIT dividends (other than any portion that is a capital gain dividend), (3) limiting the deductibility of business interest, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. Management’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Act and was based on the best information available to management at the time (see Note 13 for additional information).

Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations.

In addition, we are subject to the State of Texas business tax (“Texas Franchise Tax”), which is determined by applying a tax rate to a base that considers both revenues and expenses. Therefore, the Texas Franchise Tax is considered an income tax and is accounted for accordingly.

Share-Based Compensation

We have both share options and share awards outstanding. Since 2012, our employee long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan grants only awards that incorporate both service-based and market-based measures for share awards to promote share ownership among the participants and to emphasize the importance of total shareholder return. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. All awards are recorded at fair value on the date of grant and earn dividends throughout the vesting period; however, the dividends are subject to the same vesting terms as the award. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us.

The share awards are subject to a three-year cliff vesting basis. Service-based and market-based share awards are subject to the achievement of select performance goals as follows:

• Service-based awards and accumulated dividends typically vest three years from the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

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• Market-based awards vest based upon the performance metrics at the end of a three-year period. These awards are based 50% on our three-year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three-year absolute TSR, which is currently compared to an 8% hurdle. At the end of a three-year period, the performance measures are analyzed; the actual number of shares earned is determined; and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest.

Restricted shares granted to trust managers and share awards granted to retirement eligible employees are expensed immediately. Restricted shares and share awards have the same rights of a common shareholder, including the right to vote and receive dividends, except as otherwise provided by our Management Development and Executive Compensation Committee.

Options generally expire upon the earlier of termination of employment or 10 years from the date of grant, and all restricted shares are granted at no purchase price. Our policy is to recognize compensation expense for equity awards ratably over the vesting period, except for retirement eligible amounts.

Retirement Benefit Plans

Defined Benefit Plan:

We sponsor a noncontributory cash balance retirement plan (“Retirement Plan”) under which an account is maintained for each participant. Annual additions to each participant’s account include a service credit ranging from 3%-5% of compensation, depending on years of service, and an interest credit of 4.5%. Vesting generally occurs after three years of service.

Investments of Plan Assets

Our investment policy for our plan assets has been to determine the objectives for structuring a retirement savings program suitable to the long-term needs and risk tolerances of participants, to select appropriate investments to be offered by the plan and to establish procedures for monitoring and evaluating the performance of the investments of the plan. Our overall plan objectives for selecting and monitoring investment options are to promote and optimize retirement wealth accumulation; to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk; to control costs of administering the plan; and to manage the investments held by the plan.

The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the plan, including attained age and future service. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of plan assets occurs semi-annually.

Defined Contribution Plans:

Effective January 1, 2012, we amended our two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees to be defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants as of January 1, 2012, annual additions to each participant’s account include an actuarially-determined service credit ranging from 3% to 5% and an interest credit of 4.5%. Vesting generally occurs between five and 10 years of service. We have elected to use the actuarial present value of the vested benefits to which the participant was entitled if the participant separated immediately from the SRP, as permitted by GAAP.

The SRP participants' account balances, prior to January 1, 2012, were converted to a cash balance retirement plan which no longer receives service credits but continues to receive a 7.5% interest credit for active participants and a December 31, 90-day LIBOR rate plus .50% for inactive participants.

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We have a Savings and Investment Plan pursuant to which eligible employees may elect to contribute from 1% of their salaries to the maximum amount established annually by the IRS. Employee contributions are matched by us at the rate of 50% for the first 6% of the employee's salary. The employees vest in the employer contributions ratably over a five-year period.

Deferred Compensation Plan

We have a deferred compensation plan for eligible employees allowing them to defer portions of their current cash salary or share-based compensation. Deferred amounts are deposited in a grantor trust, which are included in net other assets, and are reported as compensation expense in the year service is rendered. Cash deferrals are invested based on the employee’s investment selections from a mix of assets selected using a broad market diversification model.

Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification were reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. In February 2017, the deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification at the amendment date were reclassified from temporary equity into additional paid-in capital in our Consolidated Balance Sheet. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral.

The following table summarizes the eligible share award activity since inception through the February 2017 plan amendment date (in thousands):

	December 31,
	2017			2016
Balance at beginning of the period/inception	$	44,758		$	36,261
Change in redemption value	619			8,600
Change in classification	988			3,716
Diversification of share awards	—			(3,819		)
Amendment reclassification	(46,365		)	—
Balance at end of period	$	—		$	44,758

Fair Value Measurements

Certain financial instruments, estimates and transactions are required to be calculated, reported and/or recorded at fair value. The estimated fair values of such financial items, including debt instruments, impaired assets, acquisitions, investment securities and derivatives, have been determined using a market-based measurement. This measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability; including, market capitalization rates, discount rates, current operating income, local economics and other factors. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The fair value of such financial instruments, estimates and transactions was determined using available market information and appropriate valuation methodologies as prescribed by GAAP.

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Internally developed and third party fair value measurements, including the unobservable inputs, are evaluated by management with sufficient experience for reasonableness based on current market knowledge, trends and transactional experience in the real estate and capital markets. Our valuation policies and procedures are determined by our Accounting Group, which reports to the Chief Financial Officer and the results of significant impairment transactions are discussed with the Audit Committee on a quarterly basis.

Fair value estimates are based on limited available market information for similar transactions, including our tax increment revenue bonds, investments held to maturity and debt, and there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The following provides information about the methods used to estimate the fair value of our financial instruments, including their estimated fair values:

Investments and Deferred Compensation Plan Obligations

Investments in mutual funds held in a grantor trust and mutual funds are valued based on publicly-quoted market prices for identical assets. The deferred compensation plan obligations corresponds to the value of our investments held in a grantor trust. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts.

Derivative Instruments

We use interest rate contracts with major financial institutions to manage our interest rate risk. The valuation of these instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of our interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral, thresholds and guarantees. An accounting policy election was made to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counter-parties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Tax Increment Revenue Bonds

The fair value estimates of our held to maturity tax increment revenue bonds, which were issued by the Agency in connection with our investment in a development project in Sheridan, Colorado, are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis based on the expected future sales tax revenues of the development project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates.

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Debt

The fair value of our debt may be based on quoted market prices for publicly-traded debt, on a third-party established benchmark for inactively traded debt and on the discounted estimated future cash payments to be made for non-traded debt. For inactively traded debt, our third-party provider establishes a benchmark for all REIT securities based on the largest, most liquid and most frequent investment grade securities in the REIT bond market. This benchmark is then adjusted to consider how a market participant would be compensated for risk premiums such as, longevity of maturity dates, lack of liquidity and credit quality of the issuer. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed.

Reportable Segments

Our primary focus is to lease space to tenants in shopping centers that we own, lease or manage. We evaluate the performance of the reportable segments based on net operating income, defined as total revenues less operating expenses and real estate taxes. Management does not consider the effect of gains or losses from the sale of property or interests in real estate joint ventures and partnerships in evaluating segment operating performance.

No individual property constitutes more than 10% of our revenues or assets, and we have no operations outside of the United States of America. Therefore, our properties have been aggregated into one reportable segment since such properties and the tenants thereof each share similar economic and operating characteristics.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2016	$	(964	)		$	(6,403	)		$	16,528			$	9,161
Change excluding amounts reclassified from accumulated other comprehensive loss	(1,228		)		(1,063		)		82				(2,209		)
Amounts reclassified from accumulated other comprehensive loss	651			(1)	42			(2)	(1,475		)	(3)	(782		)
Net other comprehensive (income) loss	(577		)		(1,021		)		(1,393		)		(2,991		)
Balance, December 31, 2017	$	(1,541	)		$	(7,424	)		$	15,135			$	6,170
	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2015	$	(557	)		$	(8,160	)		$	16,361			$	7,644
Change excluding amounts reclassified from accumulated other comprehensive loss	(407		)		3,288				1,719				4,600
Amounts reclassified from accumulated other comprehensive loss					(1,531		)	(2)	(1,552		)	(3)	(3,083		)
Net other comprehensive (income) loss	(407		)		1,757				167				1,517
Balance, December 31, 2016	$	(964	)		$	(6,403	)		$	16,528			$	9,161

___________________

(1) This reclassification component is included in interest and other income.

(2) This reclassification component is included in interest expense (see Note 7 for additional information).

(3) This reclassification component is included in the computation of net periodic benefit cost (see Note 17 for additional information).

Retrospective Application of Accounting Standard Update

The retrospective application of adopting Accounting Standard Update ("ASU") No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" and ASU No. 2016-18, "Restricted Cash" on prior years' Consolidated Statements of Cash Flows and applicable notes to the consolidated financial statements were made to conform to the current year presentation (see Notes 2 and 14 for additional information).

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Note 2.      Newly Issued Accounting Pronouncements

Adopted

In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $6.0 million and $1.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015, respectively, from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings.

In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017 on a retrospective basis. The adoption of this ASU resulted in a retrospective reclassification of $.5 million and $.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015, respectively, from cash flows from operating activities in accrued rent and accounts receivable, net to cash flows from investing activities in other, net for the settlement of insurance claims associated with capital assets. Also, our distributions received from equity method investees are accounted for using the cumulative earnings approach.

In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis. We have adopted this update, and the adoption did not have any impact to our consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalents that result from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We have adopted this ASU as of December 31, 2017 on a retrospective basis, as reflected in our cash flow statement presentation and related notes (see Notes 1 and 14 for additional information). For the year ended December 31, 2016 and 2015, cash flows from investing activities in the Consolidated Statements of Cash Flows no longer reflects the change in restricted deposits and mortgage escrows totaling $20.0 million and $76.6 million, respectively.

In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets can be concentrated in a single asset or identifiable group of similar assets, then the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For for the year ended December 31, 2016, we expensed acquisition costs of $1.4 million.

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In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation: Scope of Modification Accounting." This ASU provides guidance about the types of changes to the terms or conditions of a share-based payment award which would require an entity to apply modification accounting. This ASU requires an entity to account for the effects of a modification in the terms or conditions of a share-based payment award, unless three criteria are met relating to the fair value, vesting conditions and classification of the modified awards. The provisions of ASU No. 2017-09 are effective for us as of January 1, 2018 on a prospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017, and the adoption did not have any impact to our consolidated financial statements.

Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. We have elected to apply this guidance on a modified retrospective approach upon adoption.

Our evaluation has resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. Based on our evaluation, we will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption at January 1, 2018, we recognized the cumulative effect for these fees which has increased retained earnings and contract assets by $.3 million, respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. We are still evaluating the impact to the notes in our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018 and is required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income."

In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We anticipate adopting this ASU on January 1, 2019.

In January 2018, the FASB issued an exposure draft ("2018 Exposure Draft") which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients.

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We are in the process of evaluating the impact to our 5,400 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). Currently upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). We have currently identified some areas we believe may be impacted by this ASU. These include:

• The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items.

• We have ground lease agreements in which we are the lessee for land underneath all or a portion of 13 centers and three administrative office leases that we account for as operating leases. Rental expense associated with these operating leases was, in millions: $2.9 in 2017; $3.0 in 2016 and $3.2 in 2015. We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We will record any rights and obligations under these leases as an asset and liability at fair value in our consolidated balance sheets.

• Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated leasing and legal costs, of which we capitalized internal costs of $10.8 millionand$10.3 million for the year ended December 31, 2017 and 2016, respectively. We believe we will be able to continue to capitalize internal leasing commissions that are a direct result of obtaining a lease.

In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types. We recognized the cumulative effect for contracts in which gains would have been realized and have increased retained earnings and other assets by $4.0 million, respectively, at January 1, 2018.

In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. Upon adoption of this ASU, our income statement presentation and notes will be impacted, but it does not have a material impact to our consolidated financial statements. For the year ended December 31, 2017, 2016 and 2015, net periodic benefit cost, excluding the service cost component, of $.4 million, $.7 million and $.2 million, respectively, will be restated as non-operating expenses in our Consolidated Statements of Operations.

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In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which requires a modified retrospective transition method upon adoption. The adoption of this ASU will not have a material impact to our consolidated financial statements.

In January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842." The ASU provides an optional transition practical expedient to not evaluate existing or expired land easements under ASU No. 2016-02, if they were not previously accounted for as leases under prior guidance. The provisions of ASU No. 2018-01 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-02.

In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-01.

Note 3.      Property

Our property consists of the following (in thousands):

	December 31,
	2017		2016
Land	$	1,068,022	$	1,107,072
Land held for development	69,205		82,953
Land under development	48,985		51,761
Buildings and improvements	3,232,074		3,489,685
Construction in-progress	80,573		57,674
Total	$	4,498,859	$	4,789,145

During the year ended December 31, 2017, we sold 18centers and other property. Aggregate gross sales proceeds from these transactions approximated $446.6 million and generated gains of approximately $218.6 million. Also, for the year ended December 31, 2017, we invested $57.2 million in new development projects, which includes the purchase of the retail portion of a mixed-use project in Seattle, Washington that was subject to a contractual obligation at December 31, 2016.

At December 31, 2017, three centers, totaling $78.7 million before accumulated depreciation, were classified as held for sale. At December 31, 2016, one center, totaling $1.6 million before accumulated depreciation, was classified as held for sale. None of these centers qualified to be reported in discontinued operations, and all but one have been sold subsequent to the end of the applicable reporting period.

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Note 4.      Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests ranged for the periods presented from 20% to 90% in 2017 and from 20% to 75% in 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	December 31,
	2017			2016
Combined Condensed Balance Sheets
ASSETS
Property	$	1,241,004		$	1,196,770
Accumulated depreciation	(285,033		)	(261,392		)
Property, net	955,971			935,378
Other assets, net	115,743			114,554
Total Assets	$	1,071,714		$	1,049,932
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	298,124		$	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	12,017			12,585
Other liabilities, net	24,759			24,902
Total Liabilities	334,900			338,967
Equity	736,814			710,965
Total Liabilities and Equity	$	1,071,714		$	1,049,932

	Year Ended December 31,
	2017		2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	137,419	$	138,316	$	148,875
Expenses:
Depreciation and amortization	34,818		38,242		37,771
Interest, net	11,836		16,076		17,053
Operating	23,876		26,126		26,797
Real estate taxes, net	18,865		17,408		18,525
General and administrative	623		816		839
Provision for income taxes	112		113		197
Impairment loss	—		1,303		7,487
Total	90,130		100,084		108,669
Gain on sale of non-operating property	—		373		—
Gain on dispositions	12,492		14,816		5,171
Net Income	$	59,781	$	53,421	$	45,377

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Our investment in real estate joint ventures and partnerships, as reported in our Consolidated Balance Sheets, differs from our proportionate share of the entities’ underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $2.2 million and $2.6 million at December 31, 2017 and 2016, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain centers was not recoverable and that the centers should be written down to fair value. There was no impairment charge for the year ended December 31, 2017. For the year ended December 31, 2016 and 2015, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million and $7.5 million, respectively, associated primarily with various centers that have been marketed and sold during the period.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $6.2 million in 2017, $5.1 million in 2016 and $4.5 million in 2015.

During 2017, two centers were sold with aggregate gross sales proceeds of approximately $19.6 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships totaled $6.2 million. In June 2017, a venture acquired land with a gross purchase price of $23.5 million for a mixed-use development project, and we simultaneously increased our ownership interest to 90% (See Note 20 for additional information).

During 2016, five centers and a land parcel were sold with aggregate gross sales proceeds of approximately $78.7 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $3.9 million. Additionally, a venture acquired one center with a gross purchase price of $73 million, of which our aggregated interest was 69%.

In September 2016, we acquired our partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements. In October 2016, an unconsolidated joint venture distributed land to both us and our partner, totaling $4.4 million.

As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value (See Note 22 for additional information).

Note 5.      Identified Intangible Assets and Liabilities

Identified intangible assets and liabilities associated with our property acquisitions are as follows (in thousands):

	December 31,
	2017			2016
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	44,231		$	44,595
Above-market leases - Accumulated Amortization	(17,397		)	(13,579		)
Below-market assumed mortgages (included in Debt, net)	—			1,671
Below-market assumed mortgages - Accumulated Amortization	—			(1,564		)
In place leases (included in Unamortized Lease Costs, net)	224,201			232,528
In place leases - Accumulated Amortization	(96,202		)	(82,571		)
	$	154,833		$	181,080
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	105,794		$	110,878
Below-market leases - Accumulated Amortization	(28,072		)	(23,109		)
Above-market assumed mortgages (included in Debt, net)	10,063			10,375
Above-market assumed mortgages - Accumulated Amortization	(6,081		)	(5,186		)
	$	81,704		$	92,958

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These identified intangible assets and liabilities are amortized over the applicable lease terms or the remaining lives of the assumed mortgages, as applicable.

The net amortization of above-market and below-market leases increased (decreased) rental revenues by $3.7 million, $2.1 million and $(.5) million in 2017, 2016 and 2015, respectively. The significant year over year change in rental revenues in 2016 to 2015 is primarily due to acquisitions during 2016. The estimated net amortization of these intangible assets and liabilities will increase rental revenues for each of the next five years as follows (in thousands):

2018	$	2,789
2019	3,161
2020	3,234
2021	3,186
2022	3,007

The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $21.0 million, $18.0 million and $12.3 million in 2017, 2016 and 2015, respectively. The significant year over year change in depreciation and amortization from 2016 to 2015 is primarily due to acquisitions during 2016. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands):

2018	$	16,617
2019	14,638
2020	13,663
2021	11,573
2022	9,516

The net amortization of above-market and below-market assumed mortgages decreased net interest expense by $1.1 million, $1.0 million and $.7 million in 2017, 2016 and 2015, respectively. The estimated net amortization of these intangible assets and liabilities will decrease net interest expense for each of the next five years as follows (in thousands):

2018	$	1,207
2019	1,207
2020	436
2021	287
2022	141

Note 6.      Debt

Our debt consists of the following (in thousands):

	December 31,
	2017		2016
Debt payable, net to 2038 (1)	$	1,996,007	$	2,023,403
Unsecured notes payable under credit facilities	—		245,000
Debt service guaranty liability	64,145		67,125
Obligations under capital leases	21,000		21,000
Total	$	2,081,152	$	2,356,528

___________________

(1) At December 31, 2017, interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0%. At December 31, 2016, interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0%.

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The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	December 31,
	2017		2016
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,063,263	$	2,089,769
Variable-rate debt	17,889		266,759
Total	$	2,081,152	$	2,356,528
As to collateralization:
Unsecured debt	$	1,667,462	$	1,913,399
Secured debt	413,690		443,129
Total	$	2,081,152	$	2,356,528

We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016. This facility expires in March 2020, provides for two consecutive six-month extensions upon our request, and borrowing rates that float at a margin over LIBOR plus a facility fee. At both December 31, 2017 and 2016, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million.

Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2017, that we maintain for cash management purposes, which matures in March 2018. At December 31, 2017, the facility provided for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. At December 31, 2016, the borrowing margin, facility fee and an unused facility fee was 125, 10, and 10 basis points, respectively.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	December 31,
	2017			2016
Unsecured revolving credit facility:
Balance outstanding	$	—		$	245,000
Available balance	493,610			250,140
Letter of credit outstanding under facility	6,390			4,860
Variable interest rate (excluding facility fee) at end date	—		%	1.5		%
Unsecured short-term facility:
Balance outstanding	$	—		$	—
Variable interest rate at end date	—		%	—		%
Both facilities:
Maximum balance outstanding during the year	$	245,000		$	372,000
Weighted average balance	133,386			141,017
Year-to-date weighted average interest rate (excluding facility fee)	1.8		%	1.3		%

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Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of December 31, 2017 and 2016, we had $64.1 million and $67.1 million outstanding for the debt service guaranty liability, respectively.

In December 2016, we repaid $75 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.5%.

In August 2016, we issued $250 million of 3.25% senior unsecured notes maturing in 2026. The notes were issued at 99.16% of the principal amount with a yield to maturity of 3.35%. The net proceeds received of $246.3 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility.

In June 2016, we amended an existing $90 million secured note to extend the maturity to 2028 and reduce the interest rate from 7.5% to 4.5% per annum. In connection with this transaction, we have recorded a $2.0 million gain on extinguishment of debt that has been classified as net interest expense in our Consolidated Statements of Operations.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both December 31, 2017 and 2016, the carrying value of such assets aggregated $.7 billion.

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(5.4) million net premium/(discount) on debt, $(8.9) million of deferred debt costs, $4.0 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands):

2018	$	113,427
2019	56,245
2020	237,779
2021	17,667
2022	307,614
2023	305,694
2024	255,954
2025	303,302
2026	277,291
2027	38,288
Thereafter	93,024
Total	$	2,006,285

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of December 31, 2017.

Note 7.      Derivatives and Hedging

The fair value of all our interest rate swap contracts was reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
December 31, 2017	Other Assets, net	$	2,035	Other Liabilities, net	$	—
December 31, 2016	Other Assets, net	126		Other Liabilities, net	—

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The gross presentation, the effects of offsetting for derivatives with a right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):

							Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
December 31, 2017
Assets	$	2,035	$	—	$	2,035	$	—	$	—	$	2,035
December 31, 2016
Assets	126		—		126		—		—		126

Cash Flow Hedges

As of December 31, 2017 and 2016, we had three interest rate swap contracts, maturing through March 2020, with an aggregate notional amount of $200 million that were designated as cash flow hedges and fix the LIBOR component of the interest rates at 1.5%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

During 2016, we entered into and settled a forward-starting interest rate swap contract with an aggregate notional amount of $200 million hedging future fixed-rate debt issuances, which fixed the 10-year swap rates at 1.5% per annum. Upon settlement of this contract in August 2016, we paid $2.1 million resulting in a loss of $2.0 million in accumulated other comprehensive loss.

As of December 31, 2017 and 2016, the net gain balance in accumulated other comprehensive loss relating to active and previously terminated cash flow interest rate swap contracts was $7.4 million and $6.4 million, respectively. Within the next 12 months, approximately $1.4 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts.

A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):

Derivatives in Cash Flow Hedging Relationships	Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)			Location of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)
Year Ended December 31, 2017	$	(1,063	)	Interest expense, net	$	42		Interest expense, net	$	—
Year Ended December 31, 2016	3,192			Interest expense, net	(1,435		)	Interest expense, net	(96		)
Year Ended December 31, 2015	(1,946		)	Interest expense, net	(2,798		)	Interest expense, net	—

Fair Value Hedges:

Associated with the refinancing of a secured note, on June 24, 2016, we terminated two interest rate swap contracts that were designated as fair value hedges and had an aggregate notional amount of $62.9 million. Upon settlement, we received $2.2 million, which was recognized as part of the gain on extinguishment of debt related to the hedged debt.

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A summary of fair value interest rate swap contract hedging activity is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Net Settlements  and Accruals on Contracts (1) (3)		Amount of Gain  (Loss) Recognized in Income (2) (3)
Year Ended December 31, 2016
Interest expense, net	$	(418	)	$	418	$	3,140	$	3,140
Year Ended December 31, 2015
Interest expense, net	(1,228		)	1,228		2,030		2,030

_______________

(1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements.

(2) No ineffectiveness was recognized during the respective periods.

(3) Included in each caption for the year ended December 31, 2016 is $2.2 million received upon the termination of two interest rate swap contracts.

Note 8.      Preferred Shares of Beneficial Interest

On May 8, 2015, we redeemed the remaining outstanding Series F depositary shares totaling $150.0 million. Upon redemption of these shares, $9.7 million was reported as a deduction in arriving at net income attributable to common shareholders. The Series F Preferred Shares paid a 6.5% annual dividend and had a liquidation value of $2,500 per share.

The following table discloses the cumulative redeemable preferred dividends declared per share:

	Year Ended December 31, 2015
Series of Preferred Shares:
Series F	$	64.55

Note 9.      Common Shares of Beneficial Interest

We had an at-the-market ("ATM") equity offering program, which terminated on September 29, 2017, under which we could sell up to $250 million of common shares, in amounts and at times as we determined, at prices determined by the market at the time of sale. No common shares remain available for sale under this program.

No shares were sold under the ATM equity offering program during the year ended December 31, 2017. The following shares were sold under the ATM equity offering programs during the year ended December 31, 2016 (in thousands, except per share amounts):

	Year Ended December 31, 2016
Shares sold	3,465
Weighted average price per share	$	38.35
Gross proceeds	$	132,884

We have a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.

Common dividends declared per share were $2.29, $1.46 and $1.38 for the year ended December 31, 2017, 2016 and 2015, respectively. The regular dividend rate per share for our common shares for each quarter of 2017 and 2016 was $.385 and $.365, respectively. Also in December 2017, we paid a special dividend for our common shares in the amount of $.75 per share, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2017, our Board of Trust Managers approved a first quarter dividend of $.395 per common share, an increase from $.385 per common share for the respective quarter of 2017.

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Note 10.      Noncontrolling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands):

	Year Ended December 31,
	2017		2016		2015
Net income adjusted for noncontrolling interests	$	335,274	$	238,933	$	174,352
Transfers from the noncontrolling interests:
Increase in equity for operating partnership units	—		—		111
Net increase in equity for the acquisition of noncontrolling interests	—		2,139		—
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$	335,274	$	241,072	$	174,463

Note 11.      Leasing Operations

The terms of our leases range from less than one year for smaller tenant spaces to over 25 years for larger tenant spaces. In addition to minimum lease payments, most of the leases provide for contingent rentals (payments for real estate taxes, maintenance and insurance by lessees and an amount based on a percentage of the tenants’ sales).

Future minimum rental income from non-cancelable tenant leases, excluding leases associated with property held for sale and estimated contingent rentals, at December 31, 2017 is as follows (in thousands):

2018	$	392,337
2019	342,151
2020	289,691
2021	231,199
2022	166,880
Thereafter	533,824
Total	$	1,956,082

Contingent rentals for the year ended December 31, are as follows (in thousands):

2017	$	129,635
2016	114,505
2015	107,931

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Note 12.      Impairment

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 21 for additional fair value information) (in thousands):

	Year Ended December 31,
	2017		2016		2015
Continuing operations:
Properties held for sale, marketed for sale or sold (1)	$	12,203	$	98	$	153
Land held for development and undeveloped land (1)	2,719		—		—
Other	335		—		—
Total impairment charges	15,257		98		153
Other financial statement captions impacted by impairment:
Equity in earnings of real estate joint ventures and partnerships, net	—		326		1,497
Net income attributable to noncontrolling interests	21		—		—
Net impact of impairment charges	$	15,278	$	424	$	1,650

___________________

(1) Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions.

Note 13.      Income Tax Considerations

We qualify as a REIT under the provisions of the Internal Revenue Code, and therefore, no tax is imposed on our taxable income distributed to shareholders. To maintain our REIT status, we must distribute at least 90% of our ordinary taxable income to our shareholders and meet certain income source and investment restriction requirements. Our shareholders must report their share of income distributed in the form of dividends.

Taxable income differs from net income for financial reporting purposes primarily because of differences in the timing of recognition of depreciation, rental revenue, repair expense, compensation expense, impairment losses and gain from sales of property. As a result of these differences, the book value of our net fixed assets is in excess of tax basis by $193.4 million and $268.7 million at December 31, 2017 and 2016, respectively.

The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net income adjusted for noncontrolling interests	$	335,274		$	238,933		$	174,352
Net loss (income) of taxable REIT subsidiary included above	4,220			(14,497		)	340
Net income from REIT operations	339,494			224,436			174,692
Book depreciation and amortization	162,964			162,534			145,940
Tax depreciation and amortization	(95,512		)	(104,734		)	(87,416		)
Book/tax difference on gains/losses from capital transactions	6,261			(64,917		)	(53,902		)
Deferred/prepaid/above and below-market rents, net	(11,146		)	(13,114		)	(5,375		)
Impairment loss from REIT operations	5,071			369			1,536
Other book/tax differences, net	(244		)	(2,694		)	(1,679		)
REIT taxable income	406,888			201,880			173,796
Dividends paid deduction (1)	(406,888		)	(201,880		)	(174,628		)
Dividends paid in excess of taxable income	$	—		$	—		$	(832	)

___________________

(1) For 2017 and 2016, the dividends paid deduction includes designated dividends of $112.8 million and $16.8 million from 2018 and 2017, respectively.

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For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows:

	Year Ended December 31,
	2017		2016		2015
Ordinary income	23.0	%	80.7	%	92.7	%
Capital gain distributions	77.0	%	19.3	%	4.3	%
Return of capital (nontaxable distribution)	—	%	—	%	3.0	%
Total	100.0	%	100.0	%	100.0	%

Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands):

	December 31,
	2017			2016
Deferred tax assets (1):
Impairment loss (2)	$	7,220		$	13,476
Allowance on other assets	15			117
Interest expense	5,703			9,246
Net operating loss carryforwards (3)	7,428			8,413
Straight-line rentals	916			813
Book-tax basis differential	1,676			4,380
Other	188			348
Total deferred tax assets	23,146			36,793
Valuation allowance (4)	(15,587		)	(25,979		)
Total deferred tax assets, net of allowance	$	7,559		$	10,814
Deferred tax liabilities (1):
Book-tax basis differential (2)	$	6,618		$	10,998
Other	517			553
Total deferred tax liabilities	$	7,135		$	11,551

___________________

(1) As of December 31, 2017 and 2016, deferred tax assets and liabilities were measured at the statutory rate of 21% and 35%, respectively, as a result of the enactment of the Tax Act on December 22, 2017.

(2) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold.

(3) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037.

(4) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced.

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We are subject to federal, state and local income taxes and have recorded an income tax (benefit) provision as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net (loss) income before taxes of taxable REIT subsidiary	$	(5,788	)	$	20,295		$	(989	)
Federal (benefit) provision at statutory rate of 35%	$	(2,026	)	$	7,103		$	(346	)
Valuation allowance decrease	—			(1,251		)	(309		)
Effect of change in statutory rate on net deferrals	282			—			—
Other	176			(54		)	6
Federal income tax (benefit) provision of taxable REIT subsidiary (1)	(1,568		)	5,798			(649		)
Texas franchise tax	1,551			1,058			701
Total	$	(17	)	$	6,856		$	52

___________________

(1) All periods presented are open for examination by the IRS.

Also, a current tax obligation of $1.6 million and $1.0 million has been recorded at December 31, 2017 and 2016, respectively, in association with these taxes.

Note 14.      Supplemental Cash Flow Information

Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands):

	December 31,
	2017		2016		2015
Cash and cash equivalents	$	13,219	$	16,257	$	22,168
Restricted deposits and mortgage escrows (see Note 1)	8,115		25,022		3,074
Total	$	21,334	$	41,279	$	25,242

Non-cash investing and financing activities are summarized as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Accrued property construction costs	$	7,728		$	5,738		$	9,566
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	—			2,139			—
Exchange of operating partnership units for common shares	—			—			111
Reduction of debt service guaranty liability	(2,980		)	(2,710		)	(2,270		)
Property acquisitions and investments in unconsolidated real estate joint ventures:
Increase in property, net	—			10,573			—
Decrease in real estate joint ventures and partnerships - investments	—			(2,315		)	—
Increase in debt, net	—			—			20,966
Consolidation of joint ventures (see Note 22):
Increase in property, net	—			58,665			—
Increase in security deposits	—			169			—
Increase in debt, net	—			48,727			—
Increase (decrease) in equity associated with deferred compensation plan (see Note 1)	44,758			(44,758		)	—

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Note 15.      Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with SEC guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Numerator:
Continuing Operations:
Income from continuing operations	$	132,104		$	176,117		$	121,601
Gain on sale of property	218,611			100,714			59,621
Net income attributable to noncontrolling interests	(15,441		)	(37,898		)	(6,870		)
Dividends on preferred shares	—			—			(3,830		)
Redemption costs of preferred shares	—			—			(9,687		)
Income from continuing operations attributable to common shareholders – basic	335,274			238,933			160,835
Income attributable to operating partnership units	3,084			1,996			—
Income from continuing operations attributable to common shareholders – diluted	$	338,358		$	240,929		$	160,835
Denominator:
Weighted average shares outstanding – basic	127,755			126,048			123,037
Effect of dilutive securities:
Share options and awards	870			1,059			1,292
Operating partnership units	1,446			1,462			—
Weighted average shares outstanding – diluted	130,071			128,569			124,329

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Year Ended December 31,
	2017	2016	2015
Share options (1)	—	2	463
Operating partnership units	—	—	1,472
Total anti-dilutive securities	—	2	1,935

___________________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

Note 16.      Share Options and Awards

In April 2011, our Long-Term Incentive Plan for the issuance of options and share awards expired, and issued options of .4 million remain outstanding as of December 31, 2017.

In May 2010, our shareholders approved the adoption of the Amended and Restated 2010 Long-Term Incentive Plan, under which 3.0 million of our common shares were reserved for issuance, and options and share awards of .5 million are available for future grant at December 31, 2017. This plan expires in May 2020.

Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.6 million in 2017, $8.5 million in 2016 and $7.4 million in 2015, of which $1.7 million in 2017, $1.9 million in 2016 and $1.5 million in 2015 was capitalized.

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Options

The fair value of share options issued prior to 2012 was estimated on the date of grant using the Black-Scholes option pricing method based on the expected weighted average assumptions.

Following is a summary of the option activity for the three years ended December 31, 2017:

	Shares Under Option		Weighted Average Exercise Price
Outstanding, January 1, 2015	2,897,123		$	28.76
Forfeited or expired	(435,840	)	37.37
Exercised	(94,633	)	26.55
Outstanding, December 31, 2015	2,366,650		27.26
Forfeited or expired	(460,722	)	47.42
Exercised	(971,727	)	21.95
Outstanding, December 31, 2016	934,201		22.85
Forfeited or expired	(4,042	)	43.37
Exercised	(101,805	)	16.11
Outstanding, December 31, 2017	828,354		$	23.58

The total intrinsic value of options exercised was $1.7 million in 2017, $14.9 million in 2016 and $.9 million in 2015. All share options were vested, and there was no unrecognized compensation cost related to share options.

The following table summarizes information about share options outstanding and exercisable at December 31, 2017:

Range of Exercise Prices	Outstanding						Exercisable
	Number	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value (000’s)		Number	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value (000’s)
$11.85 - $17.78	166,981	1.2 years	$	11.85			166,981	1.2 years	$	11.85
$17.79 - $26.69	465,214	2.9 years	$	24.14			465,214	2.9 years	$	24.14
$26.70 - $40.05	196,159	0.2 years	$	32.22			196,159	0.2 years	$	32.22
Total	828,354	1.9 years	$	23.58	$	7,695	828,354	1.9 years	$	23.58	$	7,695

Share Awards

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Year Ended December 31, 2017
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility (1)	16.1	%	19.1	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.7	%	1.5	%

_______________

(1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors.

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A summary of the status of unvested share awards for the year ended December 31, 2017 is as follows:

	Unvested Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2017	590,854		$	32.52
Granted:
Service-based awards	124,549		35.77
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	54,454		39.00
Market-based awards relative to three-year absolute TSR	54,454		25.65
Trust manager awards	28,280		32.77
Vested	(231,056	)	30.77
Forfeited	(1,929	)	34.00
Outstanding, December 31, 2017	619,606		$	33.81

As of December 31, 2017 and 2016, there was approximately $2.2 million and $2.0 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.7 years and 1.8 years, respectively.

Note 17.      Employee Benefit Plans

Defined Benefit Plan:

The following tables summarize changes in the benefit obligation, the plan assets and the funded status of our pension plan as well as the components of net periodic benefit costs, including key assumptions (in thousands). The measurement dates for plan assets and obligations were December 31, 2017 and 2016.

	December 31,
	2017			2016
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year	$	52,975		$	49,715
Service cost	1,223			1,277
Interest cost	2,123			2,078
Actuarial loss(1)	4,502			1,976
Benefit payments	(1,825		)	(2,071		)
Benefit obligation at end of year	$	58,998		$	52,975
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	45,498		$	42,341
Actual return on plan assets	7,635			3,228
Employer contributions	2,500			2,000
Benefit payments	(1,825		)	(2,071		)
Fair value of plan assets at end of year	$	53,808		$	45,498
Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016)	$	(5,190	)	$	(7,477	)
Accumulated benefit obligation	$	58,860		$	52,824
Net loss recognized in accumulated other comprehensive loss	$	15,135		$	16,528

___________________

(1) The change in actuarial loss is associated primarily to census and mortality table updates and a decrease in the discount rate in 2017.

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The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive (income) loss (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net loss	$	82		$	1,719		$	1,276
Amortization of net loss (1)	(1,475		)	(1,552		)	(1,423		)
Total recognized in other comprehensive (income) loss	$	(1,393	)	$	167		$	(147	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	213		$	2,103		$	1,262

___________________

(1) The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.1 million.

The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands):

	December 31,
	2017		2016
Projected benefit obligation	$	58,998	$	52,975
Accumulated benefit obligation	58,860		52,824
Fair value of plan assets	53,808		45,498

The components of net periodic benefit cost are as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Service cost	$	1,223		$	1,277		$	1,252
Interest cost	2,123			2,078			1,899
Expected return on plan assets	(3,215		)	(2,971		)	(3,165		)
Amortization of net loss	1,475			1,552			1,423
Total	$	1,606		$	1,936		$	1,409

The assumptions used to develop net periodic benefit cost are shown below:

	Year Ended December 31,
	2017		2016		2015
Discount rate	4.01	%	4.11	%	3.83	%
Salary scale increases	3.50	%	3.50	%	3.50	%
Long-term rate of return on assets	7.00	%	7.00	%	7.50	%

The selection of the discount rate is made annually after comparison to yields based on high quality fixed-income investments. The salary scale is the composite rate which reflects anticipated inflation, merit increases, and promotions for the group of covered participants. The long-term rate of return is a composite rate for the trust. It is derived as the sum of the percentages invested in each principal asset class included in the portfolio multiplied by their respective expected rates of return. We considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This analysis resulted in the selection of 7.00% as the long-term rate of return assumption for 2017.

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The assumptions used to develop the actuarial present value of the benefit obligation are shown below:

	Year Ended December 31,
	2017		2016		2015
Discount rate	3.50	%	4.01	%	4.11	%
Salary scale increases	3.50	%	3.50	%	3.50	%

The expected contribution to be paid for the Retirement Plan by us during 2018 is approximately $2.0 million. The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands):

2018	$	2,185
2019	2,339
2020	2,383
2021	2,545
2022	2,690
2023-2027	15,226

The participant data used in determining the liabilities and costs for the Retirement Plan was collected as of January 1, 2017, and no significant changes have occurred through December 31, 2017.

At December 31, 2017, our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows:

	Portfolio		Benchmark
Cash and Short-Term Investments	4	%	3	%
U.S. Stocks	52	%	57	%
International Stocks	13	%	10	%
U.S. Bonds	25	%	27	%
International Bonds	4	%	3	%
Other	2	%	—	%
Total	100	%	100	%

The fair value of plan assets was determined based on publicly quoted market prices for identical assets, which are classified as Level 1 observable inputs. The allocation of the fair value of plan assets was as follows:

	December 31,
	2017		2016
Cash and Short-Term Investments	17	%	18	%
Large Company Funds	36	%	36	%
Mid Company Funds	6	%	6	%
Small Company Funds	6	%	6	%
International Funds	10	%	10	%
Fixed Income Funds	16	%	16	%
Growth Funds	9	%	8	%
Total	100	%	100	%

Concentrations of risk within our equity portfolio are investments classified within the following sectors: technology, financial services, healthcare, consumer cyclical goods and industrial, which represents approximately 23%, 18%, 15%, 13% and 11% of total equity investments, respectively.

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Defined Contribution Plans:

Compensation expense related to our defined contribution plans was $3.9 million in 2017, $3.5 million in 2016 and $3.7 million in 2015.

Note 18.      Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.0 million and $2.2 million outstanding as of December 31, 2017 and 2016, respectively. We also had accounts payable and accrued expenses of $.4 million and $.3 million outstanding as of December 31, 2017 and 2016, respectively. We recorded joint venture fee income included in Other Revenue for the year ended December 31, 2017, 2016 and 2015 of $6.2 million, $5.1 million and $4.5 million, respectively.

In September 2016, we acquired a partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements, and we recognized a gain of $9.0 million on the fair value remeasurement of our equity method investment. (See Note 22 for additional information).

In October 2016, an unconsolidated joint venture distributed land to both us and our partner, and we recognized a gain of $1.9 million associated with the remeasurement of a land parcel. Also, we paid a payable totaling $4.8 million due to the unconsolidated joint venture. In November 2016, we acquired our partner’s interest in two consolidated joint ventures for an aggregate amount of $3.3 million.

As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value, and recognized a gain of $37.4 million (See Note 22 for additional information).

Note 19.      Commitments and Contingencies

Leases

We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under long-term ground leases. These ground leases expire at various dates through 2069, with renewal options. Space in our shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one year to 25 years and, in some cases, for annual rentals subject to upward adjustments based on operating expense levels, sales volume, or contractual increases as defined in the lease agreements.

Scheduled minimum rental payments under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, are as follows (in thousands):

2018	$	2,889
2019	2,810
2020	2,527
2021	2,378
2022	2,304
Thereafter	102,063
Total	$	114,971

Rental expense for operating leases was, in millions: $2.9 in 2017; $3.0 in 2016 and $3.2 in 2015.

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The scheduled future minimum revenues under subleases, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for the subsequent five years and thereafter ending December 31, are as follows (in thousands):

2018	$	28,392
2019	24,184
2020	20,712
2021	17,352
2022	14,031
Thereafter	57,869
Total	$	162,540

Property under capital leases that is included in buildings and improvements consisted of two centers totaling $16.8 million at December 31, 2017 and 2016. Amortization of property under capital leases is included in depreciation and amortization expense, and the balance of accumulated depreciation associated with these capital leases at December 31, 2017 and 2016 was $15.5 million and $14.2 million, respectively. Future minimum lease payments under these capital leases total $31.2 million, of which $10.2 million represents interest. Accordingly, the present value of the net minimum lease payments was $21.0 million at December 31, 2017.

The annual future minimum lease payments under capital leases as of December 31, 2017 are as follows (in thousands):

2018	$	1,683
2019	1,692
2020	1,700
2021	1,708
2022	1,717
Thereafter	22,726
Total	$	31,226

Commitments and Contingencies

As of December 31, 2017 and 2016, we participated in two real estate ventures structured as DownREIT partnerships that have centers in Arkansas, North Carolina and Texas. We have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. The aggregate redemption value of these interests was approximately $47 million and $52 million as of December 31, 2017 and 2016, respectively.

As of December 31, 2017, we have entered into commitments aggregating $114.7 million comprised principally of construction contracts which are generally due in 12 to 36 months.

We issue letters of intent signifying a willingness to negotiate for acquisitions, dispositions or joint ventures, as well as other types of potential transactions, during the ordinary course of our business. Such letters of intent and other arrangements are non-binding to all parties unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the acquisition or disposition of property are entered into, these contracts generally provide the purchaser a time period to evaluate the property and conduct due diligence. The purchaser, during this time, will have the ability to terminate a contract without penalty or forfeiture of any deposit or earnest money. No assurance can be provided that any definitive contracts will be entered into with respect to any matter covered by letters of intent, or that we will consummate any transaction contemplated by a definitive contract. Additionally, due diligence periods for property transactions are frequently extended as needed. An acquisition or disposition of property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. Our risk is then generally extended only to any earnest money deposits associated with property acquisition contracts, and our obligation to sell under a property sales contract.

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We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements.

As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs.

While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

Litigation

We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements.

Note 20.      Variable Interest Entities

Consolidated VIEs:

At both December 31, 2017 and 2016, nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 22 and 25 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities' activities without any substantive kick-out or participating rights.

At December 31, 2016, in conjunction with the acquisition of a property with a net book value of $249.5 million, we had a like-kind exchange agreement with a third party intermediary for tax purposes. The third party purchased the property via our financing, and then leased the property to us. Based on the associated agreements, we had determined that the entity was a VIE, and we were the primary beneficiary based on our significant power to direct the entity's activities without any substantive kick-out or participating rights. Accordingly, we consolidated the property and its operations as of the respective acquisition date. During the year ended December 31, 2017, the ownership of this property was conveyed to us in accordance with the terms of the like-kind exchange agreement, and we no longer have a VIE.

A summary of our consolidated VIEs is as follows (in thousands):

	December 31,
	2017		2016
Assets Held by VIEs (1)	$	235,713	$	504,293
Assets Held as Collateral for Debt (2)	42,979		46,136
Maximum Risk of Loss (2)	29,784		29,784

___________________

(1) $249.5 million of assets at December 31, 2016 ceased to be considered a VIE (see above).

(2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture.

Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures on our consolidated financial statements have primarily been positive as demonstrated by the generation of net income and operating cash flows, as well as the receipt of cash distributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls, development expenditures and unplanned capital expenditures. During 2017, $.1 million in additional contributions were made primarily to fund an operating shortfall. During 2016, $2.5 million in additional contributions were made primarily for capital activities. We currently anticipate that $.1 million of additional contributions will be made for 2018.

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Unconsolidated VIEs:

At both December 31, 2017 and 2016, two unconsolidated real estate joint ventures were determined to be VIEs. We have determined that one entity was a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. Based on the associated agreements for the future development of a mixed-use project, we concluded that the other entity was a VIE, but we are not the primary beneficiary as the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. Our analysis considered that all major decisions require unanimous member consent and those decisions include significant activities such as development, financing, leasing and operations of the entity.

A summary of our unconsolidated VIEs is as follows (in thousands):

	December 31,
	2017		2016
Investment in Real Estate Joint Ventures and Partnerships, net (1) (2)	$	36,784	$	886
Maximum Risk of Loss (3)	34,000		34,000

___________________

(1) The carrying amount of the investment represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. The increase between the periods represents new development funding of a mixed-use project. See Note 4 for additional information.

(2) As of December 31, 2017 and 2016, the carrying amount of the investment for one VIE is $(6) million and $(9) million, respectively, which is included in Other Liabilities and results from the distribution of proceeds from the issuance of debt.

(3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures.

We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate funding approximately $93 million in equity and debt through 2020.

Note 21.      Fair Value Measurements

Recurring Fair Value Measurements:

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2017
Assets:
Investments, mutual funds held in a grantor trust	$	31,497					$	31,497
Investments, mutual funds	7,206						7,206
Derivative instruments:
Interest rate contracts			$	2,035			2,035
Total	$	38,703	$	2,035	$	—	$	40,738
Liabilities:
Deferred compensation plan obligations	$	31,497					$	31,497
Total	$	31,497	$	—	$	—	$	31,497

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	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2016
Assets:
Investments, mutual funds held in a grantor trust	$	26,328					$	26,328
Investments, mutual funds	7,670						7,670
Derivative instruments:
Interest rate contracts			$	126			126
Total	$	33,998	$	126	$	—	$	34,124
Liabilities:
Deferred compensation plan obligations	$	26,328					$	26,328
Total	$	26,328	$	—	$	—	$	26,328

Nonrecurring Fair Value Measurements:

Property and Property Held for Sale Impairments

Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing.

No assets were measured at fair value on a nonrecurring basis at December 31, 2016. Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	12,901	$	4,184	$	17,085	$	(7,828	)
Total	$	—	$	12,901	$	4,184	$	17,085	$	(7,828	)

____________

(1) Total gains (losses) exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $24.9 million was written down to a fair value of $17.1 million, resulting in a loss of $7.8 million, which was included in earnings for the first quarter of 2017. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Fair Value Disclosures:

Unless otherwise listed below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

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Schedule of our fair value disclosures is as follows (in thousands):

	December 31,
	2017						2016
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Other Assets:
Tax increment revenue bonds (1)	$	22,097			$	25,000	$	23,910			$	23,910
Investments, held to maturity (2)	4,489		$	4,479			5,240		$	5,248
Debt:
Fixed-rate debt	2,063,263				2,109,658		2,089,769				2,132,082
Variable-rate debt	17,889				16,393		266,759				265,230

___________________

(1) At December 31, 2017 and 2016, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost. As of December 31, 2017 and 2016, a $10 thousand unrealized loss and an $8 thousand unrealized gain was recognized, respectively.

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2017 and 2016 reported in the above tables, is as follows:

	Fair Value at December 31,						Range
	2017		2016				Minimum					Maximum
Description	(in thousands)				Valuation Technique	Unobservable Inputs	2017			2016		2017			2016
Property	$	4,184	$	—	Discounted cash flows	Discount rate	10.5		%			12.0		%
						Capitalization rate	8.8		%			10.0		%
						Holding period (years)	5					10
						Expected future inflation rate (1)						2.0		%
						Market rent growth rate (1)						3.0		%
						Expense growth rate (1)						2.0		%
						Vacancy rate (1)						20.0		%
						Renewal rate (1)						70.0		%
						Average market rent rate (1)	$	11.00				$	16.00
						Average leasing cost per square foot (1)	$	10.00				$	35.00
Tax increment revenue bonds	25,000		23,910		Discounted cash flows	Discount rate	6.5		%	6.5	%	7.5		%	7.5	%
						Expected future growth rate	1.0		%	1.0	%	2.3		%	2.0	%
						Expected future inflation rate	1.0		%	1.0	%	3.0		%	3.0	%
Fixed-rate debt	2,109,658		2,132,082		Discounted cash flows	Discount rate	3.0		%	3.0	%	5.3		%	5.2	%
Variable-rate debt	16,393		265,230		Discounted cash flows	Discount rate	2.4		%	1.6	%	3.2		%	2.4	%

_______________

(1) Only applies to one property valuation.

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Note 22.      Business Combination

Effective February 12, 2016, we acquired a partner’s 49% interest in an unconsolidated joint venture associated with two centers in Colorado, which resulted in the consolidation of these centers (see Note 18 for additional information). Management has determined that this transaction qualified as a business combination to be accounted for under the acquisition method. Accordingly, the assets and liabilities of this transaction were recorded in our Consolidated Balance Sheet at their estimated fair values as of the effective date. Fair value of assets acquired, liabilities assumed and equity interests were estimated using market-based measurements, including cash flow and other valuation techniques. The fair value measurements are based on both significant inputs for similar assets and liabilities in comparable markets and significant inputs that are not observable in the markets in accordance with our fair value measurements accounting policy. Key assumptions include third-party appraisals; a minority interest discount rate of 20%; cash flow discount rates ranging from 6.5% to 8%; a terminal capitalization rate for similar properties ranging from 6% to 7.5%; and factors that we believe market participants would consider in estimating fair value. The result of this transaction is included in our Consolidated Statements of Operations beginning February 12, 2016.

The following table summarizes the business combination, including the assets acquired and liabilities assumed as indicated (in thousands):

	February 12, 2016
Fair value of our equity interest before business combination	$	22,514		(1)
Gain recognized on equity interest remeasured to fair value	$	37,383		(2)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	58,665
Unamortized lease costs	8,936
Accrued rent and accounts receivable	102
Cash and cash equivalents	3,555
Other, net	4,992
Liabilities:
Debt, net	(48,727		)
Accounts payable and accrued expenses	(1,339		)
Other, net	(3,670		)
Total net assets	$	22,514

___________________

(1) Includes $2.5 million of cash received from the partner.

(2) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations.

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During 2016, we acquired three shopping centers located in Arizona and Florida, and we consolidated a partner's 50% interest in an unconsolidated tenancy-in-common arrangement related to a property in Colorado. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2016
Fair value of our equity interest before acquisition	$	13,579
Fair value of consideration transferred	$	443,745
Acquisition costs (included in operating expenses)	$	936
Gain on acquisition	$	9,015		(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	433,055
Unamortized lease costs	80,951
Accrued rent and accounts receivable	122
Cash and cash equivalents	556
Other, net	6,812
Liabilities:
Accounts payable and accrued expenses	(6,383		)
Other, net	(62,254		)
Total net assets	$	452,859

_______________

(1) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations.

The following table summarizes the impact to revenues and net income attributable to common shareholders from our business combination and acquisitions (in thousands):

	Year Ended December 31, 2016
Increase in revenues	$	23,337
Increase in net income attributable to common shareholders	230

The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from our business combination and acquisitions (in years):

	December 31, 2016
Assets:
In place leases	18.4
Above-market leases	29.7
Liabilities:
Below-market leases	20.3
Above-market assumed mortgages	4.8

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The following unaudited supplemental pro forma data is presented for the periods ended December 31, 2016 and 2015, as if these transactions occurring in 2016 were completed on January 1, 2015. The gains and acquisition costs related to these transactions were adjusted to the assumed acquisition date. The unaudited supplemental pro forma data is not necessarily indicative of what the actual results of our operations would have been assuming the transactions had been completed as set forth above, nor does it purport to represent our results of operations for future periods (in thousands, except per share amounts):

	Pro Forma 2016 (1)		Pro Forma 2015 (1)
Revenues	$	567,985	$	547,381
Net income	236,461		234,307
Net income attributable to common shareholders - basic	198,563		213,920
Net income attributable to common shareholders - diluted	200,559		215,823
Earnings per share – basic	1.58		1.74
Earnings per share – diluted	1.56		1.72

___________________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

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Note 23.      Quarterly Financial Data (Unaudited)

Summarized quarterly financial data is as follows (in thousands):

	First			Second			Third			Fourth
2017
Revenues	$	143,663		$	146,023		$	144,110		$	139,367
Net income	36,396		(1)(2)(4)	69,193		(1)	74,473		(1)	170,653		(1)(4)
Net income attributable to common shareholders	30,826		(1)(2)(3)(4)	63,852		(1)(3)	72,629		(1)	167,967		(1)(4)
Earnings per common share – basic	.24		(1)(2)(3)(4)	.50		(1)(3)	.57		(1)	1.31		(1)(4)
Earnings per common share – diluted	.24		(1)(2)(3)(4)	.49		(1)(3)	.56		(1)	1.30		(1)(4)
2016
Revenues	$	132,417		$	135,676		$	138,599		$	142,863
Net income	108,667		(1)(4)	37,651		(1)(5)	61,337		(1)(4)	69,176		(1)
Net income attributable to common shareholders	107,074		(1)(4)	35,816		(1)(5)	51,901		(1)(3)(4)	44,142		(1)(3)
Earnings per common share – basic	.87		(1)(4)	.28		(1)(5)	.41		(1)(3)(4)	.35		(1)(3)
Earnings per common share – diluted	.85		(1)(4)	.28		(1)(5)	.40		(1)(3)(4)	.34		(1)(3)

___________________

(1) The quarter results include significant gains on the sale of properties and real estate joint venture and partnership interests and on acquisitions, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $15.8 million, $34.2 million, $38.6 million and $136.3 million for the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively, and $82.8 million, $4.2 million, $31.1 million and $34.9 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.

(2) The quarter results include a $3.1 million lease termination fee and $15.0 million of impairment losses for the quarter ended March 31, 2017.

(3) The quarter results include gains discussed in (1) above in net income attributable to noncontrolling interests. Gain amounts in net income attributable to noncontrolling interests are: $3.9 million and $3.6 million for the three months ended March 31, 2017 and June 30, 2017, respectively, and $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016, respectively.

(4) Deferred tax (benefit) amounts at our taxable REIT subsidiary include $(3.3) million and $1.5 million for the three months ended March 31, 2017 and December 31, 2017, respectively and $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016, respectively. These tax amounts result from gains associated with the disposition of centers, land and an exchange of properties. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017.

(5) The quarter results include a gain on extinguishment of debt totaling $(2.0) million for the three months ended June 30, 2016.

Note 24.      Subsequent Events

Subsequent to December 31, 2017, we sold five centers and other property with approximate aggregate gross sales proceeds totaling $220.6 million, which were owned by us either directly or through our interest in real estate joint ventures or partnerships. No impairment losses will be realized associated with these dispositions.

* * * * *

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Not applicable.

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ITEM 9A. Controls and Procedures

Under the supervision and with the participation of our principal executive officer and principal financial officer, management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of December 31, 2017. Based on that evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were effective as of December 31, 2017.

There has been no change to our internal control over financial reporting during the quarter ended December 31, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Weingarten Realty Investors and its subsidiaries (“WRI”) maintain a system of internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act, which is a process designed under the supervision of WRI’s principal executive officer and principal financial officer and effected by WRI’s Board of Trust Managers, management and other personnel, 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.

WRI’s internal control over financial reporting includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of WRI’s assets;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of WRI are being made only in accordance with authorizations of management and trust managers of WRI; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of WRI’s assets that could have a material effect on the financial statements.

WRI’s management has responsibility for establishing and maintaining adequate internal control over financial reporting for WRI. Management, with the participation of WRI’s Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of WRI’s internal control over financial reporting as of December 31, 2017 based on the framework in Internal Control—Integrated Framework(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on their evaluation of WRI’s internal control over financial reporting, WRI’s management along with the Chief Executive Officer and Chief Financial Officer believe that WRI’s internal control over financial reporting is effective as of December 31, 2017.

Deloitte & Touche LLP, WRI’s independent registered public accounting firm that audited the consolidated financial statements and financial statement schedules included in this Form 10-K, has issued an attestation report on the effectiveness of WRI’s internal control over financial reporting.

February 28, 2018

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trust Managers of Weingarten Realty Investors

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Weingarten Realty Investors and subsidiaries (the “Company”) as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2017, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements and financial statement schedules as of and for the year ended December 31, 2017, of the Company and our report dated February 28, 2018, expressed an unqualified opinion on those financial statements and financial statement schedules.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report On Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed 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. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

Houston, Texas  

February 28, 2018

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ITEM 9B. Other Information

Not applicable.

PART III

ITEM 10. Trust Managers, Executive Officers and Corporate Governance

Information with respect to our trust managers and executive officers is incorporated herein by reference to the “Election of Trust Managers - Proposal One," “Compensation Discussion and Analysis - Overview” and “Share Ownership of Beneficial Owners and Management” sections of our definitive Proxy Statement for the Annual Meeting of Shareholders to be held April 24, 2018.

Code of Conduct and Ethics

We have adopted a code of business and ethics for trust managers, officers and employees, known as the Code of Conduct and Ethics. The Code of Conduct and Ethics is available on our website at www.weingarten.com. Shareholders may request a free copy of the Code of Conduct and Ethics from:

Weingarten Realty Investors

Attention: Investor Relations

2600 Citadel Plaza Drive, Suite 125

Houston, Texas 77008

(713) 866-6000

www.weingarten.com

We have also adopted a Code of Ethical Conduct for Officers and Senior Financial Associates setting forth a code of ethics applicable to our principal executive officer, principal financial officer, chief accounting officer and financial associates, which is available on our website at www.weingarten.com. Shareholders may request a free copy of the Code of Conduct for Officers and Senior Financial Associates from the address and phone number set forth above.

Governance Guidelines

We have adopted governance guidelines, known as the Governance Policies, which are available on our website at www.weingarten.com. Shareholders may request a free copy of the Governance Policies from the address and phone number set forth above under “Code of Conduct and Ethics.”

ITEM 11. Executive Compensation

Information with respect to executive compensation is incorporated herein by reference to the “Compensation Discussion and Analysis,” “Trust Manager Compensation” including the "Trust Manager Compensation Table” section, “Compensation Committee Report” and “Summary Compensation Table” sections of our definitive Proxy Statement for the Annual Meeting of Shareholders to be held April 24, 2018.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

The “Share Ownership of Beneficial Owners and Management” section of our definitive Proxy Statement for the Annual Meeting of Shareholders to be held April 24, 2018 is incorporated herein by reference.

The following table summarizes the equity compensation plans under which our common shares of beneficial interest may be issued as of December 31, 2017:

Plan category	Number of  shares to be issued upon exercise of outstanding options, warrants and rights	Weighted  average exercise price of outstanding  options, warrants and  rights	Number of  shares remaining  available for future  issuance
Equity compensation plans approved by shareholders	828,354	$23.58	546,530
Equity compensation plans not approved by shareholders	—	—	—
Total	828,354	$23.58	546,530

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ITEM 13. Certain Relationships and Related Transactions, and Trust Manager Independence

The “Governance,” "Compensation Committee Interlocks and Insider Participation” and "Certain Transactions" sections of our definitive Proxy Statement for the Annual Meeting of Shareholders to be held April 24, 2018 are incorporated herein by reference.

ITEM 14. Principal Accountant Fees and Services

The “Accounting Firm Fees” section within “Ratification of Independent Registered Public Accounting Firm - Proposal Three” of our definitive Proxy Statement for the Annual Meeting of Shareholders to be held April 24, 2018 is incorporated herein by reference.

PART IV

ITEM 15. Exhibits and Financial Statement Schedules

(a)	The following documents are filed as part of this Report:			Page
	(A)	Report of Independent Registered Public Accounting Firm		44
	(B)	Financial Statements:
		(i)	Consolidated Statements of Operations for the year ended December 31, 2017, 2016 and 2015	45
		(ii)	Consolidated Statements of Comprehensive Income for the year ended December 31, 2017, 2016 and 2015	46
		(iii)	Consolidated Balance Sheets as of December 31, 2017 and 2016	47
		(iv)	Consolidated Statements of Cash Flows for the year ended December 31, 2017, 2016 and 2015	48
		(v)	Consolidated Statements of Equity for the year ended December 31, 2017, 2016 and 2015	49
		(vi)	Notes to Consolidated Financial Statements	50
	(C)	Financial Statement Schedules:
		II	Valuation and Qualifying Accounts	100
		III	Real Estate and Accumulated Depreciation	101
		IV	Mortgage Loans on Real Estate	108

All other schedules are omitted since the required information is not present or is not present in amounts sufficient to require submission of the schedule or because the information required is included in the consolidated financial statements and notes thereto.

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(b)		Exhibits:
3.1	—	Restated Declaration of Trust (filed as Exhibit 3.1 to WRI’s Form 8-A dated January 19, 1999 and incorporated herein by reference).
3.2	—	Amendment of the Restated Declaration of Trust (filed as Exhibit 3.2 to WRI’s Form 8-A dated January 19, 1999 and incorporated herein by reference).
3.3	—	Second Amendment of the Restated Declaration of Trust (filed as Exhibit 3.3 to WRI’s Form 8-A dated January 19, 1999 and incorporated herein by reference).
3.4	—	Third Amendment of the Restated Declaration of Trust (filed as Exhibit 3.4 to WRI’s Form 8-A dated January 19, 1999 and incorporated herein by reference).
3.5	—	Fourth Amendment of the Restated Declaration of Trust dated April 28, 1999 (filed as Exhibit 3.5 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2001 and incorporated herein by reference).
3.6	—	Fifth Amendment of the Restated Declaration of Trust dated April 20, 2001 (filed as Exhibit 3.6 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2001 and incorporated herein by reference).
3.7	—	Amended and Restated Bylaws of WRI (filed as Exhibit 99.2 to WRI’s Form 8-A dated February 23, 1998 and incorporated herein by reference).
3.8	—	Sixth Amendment of the Restated Declaration of Trust dated May 6, 2010 (filed as Exhibit 3.1 to WRI’s Form 8-K dated May 6, 2010 and incorporated herein by reference).
3.9	—	Amendment of Bylaws-Direct Registration System, Section 7.2(a) dated May 3, 2007 (filed as Exhibit 3.8 to WRI’s Form 10-Q for the quarter ended June 30, 2007 and incorporated herein by reference).
3.10	—	Second Amended and Restated Bylaws of Weingarten Realty Investors (filed as Exhibit 3.1 to WRI’s Form 8-K on February 26, 2010 and incorporated herein by reference).
4.1	—	Form of Indenture between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association) (filed as Exhibit 4(a) to WRI’s Registration Statement on Form S-3 (No. 33-57659) dated February 10, 1995 and incorporated herein by reference).
4.2	—	Form of Indenture between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association) (filed as Exhibit 4(b) to WRI’s Registration Statement on Form S-3 (No. 33-57659) dated Feibruray 10, 1995 and incorporated herein by reference).
4.3	—	First Supplemental Indenture, dated August 2, 2006, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerce Bank National Association) (filed as Exhibit 4.1 to WRI’s Form 8-K on August 2, 2006 and incorporated herein by reference).
4.4	—	Second Supplemental Indenture, dated October 9, 2012, between Weingarten Realty Investors and The Bank of New York Mellon Trust Company, N.A. (successor to J.P. Morgan Trust Company, National Association, successor to Texas Commerece Bank National Association) (filed as Exhibit 4.1 to WRI’s Form 8-K on October 9, 2012 and incorporated herein by reference).
4.5	—	Form of Fixed Rate Senior Medium Term Note (filed as Exhibit 4.19 to WRI’s Annual Report on Form 10-K for the year ended December 31, 1998 and incorporated herein by reference).
4.6	—	Form of Floating Rate Senior Medium Term Note (filed as Exhibit 4.20 to WRI’s Annual Report on Form 10-K for the year ended December 31, 1998 and incorporated herein by reference).
4.7	—	Form of Fixed Rate Subordinated Medium Term Note (filed as Exhibit 4.21 to WRI’s Annual Report on Form 10-K for the year ended December 31, 1998 and incorporated herein by reference).
4.8	—	Form of Floating Rate Subordinated Medium Term Note (filed as Exhibit 4.22 to WRI’s Annual Report on Form 10-K for the year ended December 31, 1998 and incorporated herein by reference).
4.9	—	Form of 3.375% Senior Note due 2022 (filed as Exhibit 4.2 to WRI’s Form 8-K on October 9, 2012 and incorporated herein by reference).
4.10	—	Form of 3.50% Senior Note due 2023 (filed as Exhibit 4.1 to WRI’s Form 8-K on March 22, 2013 and incorporated herein by reference).
4.11	—	Form of 4.450% Senior Note due 2024 (filed as Exhibit 4.1 to WRI’s Form 8-K on October 15, 2013 and incorporated herein by reference).
4.12	—	Form of 3.850% Senior Note due 2025 (filed as Exhibit 4.1 to WRI's Form 8-K on May 14, 2015 and incorporated herein by reference).
4.13	—	Form of 3.250% Senior Note due 2026 (filed as Exhibit 4.1 to WRI’s Form 8-K on August 11, 2016 and incorporated herein by reference).

93

10.1†	—	2001 Long Term Incentive Plan (filed as Exhibit 10.7 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2001 and incorporated herein by reference).
10.2†	—	Restatement of the Weingarten Realty Investors Supplemental Executive Retirement Plan dated August 4, 2006 (filed as Exhibit 10.35 to WRI’s Form 10-Q for the quarter ended September 30, 2006 and incorporated herein by reference).
10.3†	—	Restatement of the Weingarten Realty Investors Deferred Compensation Plan dated August 4, 2006 (filed as Exhibit 10.36 to WRI’s Form 10-Q for the quarter ended September 30, 2006 and incorporated herein by reference).
10.4†	—	Restatement of the Weingarten Realty Investors Retirement Benefit Restoration Plan dated August 4, 2006 (filed as Exhibit 10.37 to WRI’s Form 10-Q for the quarter ended September 30, 2006 and incorporated herein by reference).
10.5†	—	Amendment No. 1 to the Weingarten Realty Investors Supplemental Executive Retirement Plan dated December 15, 2006 (filed as Exhibit 10.38 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2006 and incorporated herein by reference).
10.6†	—	Amendment No. 1 to the Weingarten Realty Investors Retirement Benefit Restoration Plan dated December 15, 2006 (filed as Exhibit 10.39 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2006 and incorporated herein by reference).
10.7†	—	Amendment No. 1 to the Weingarten Realty Investors Deferred Compensation Plan dated December 15, 2006 (filed as Exhibit 10.40 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2006 and incorporated herein by reference).
10.8†	—	Amendment No. 2 to the Weingarten Realty Investors Retirement Benefit Restoration Plan dated November 9, 2007 (filed as Exhibit 10.43 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference).
10.9†	—	Amendment No. 2 to the Weingarten Realty Investors Deferred Compensation Plan dated November 9, 2007 (filed as Exhibit 10.44 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference).
10.10†	—	Amendment No. 2 to the Weingarten Realty Investors Supplemental Executive Retirement Plan dated November 9, 2007 (filed as Exhibit 10.45 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2007 and incorporated herein by reference).
10.11†	—	Amendment No. 3 to the Weingarten Realty Investors Retirement Benefit Restoration Plan dated November 17, 2008 (filed as Exhibit 10.1 to WRI’s Form 8-K on December 4, 2008 and incorporated herein by reference).
10.12†	—	Amendment No. 3 to the Weingarten Realty Investors Deferred Compensation Plan dated November 17, 2008 (filed as Exhibit 10.2 to WRI’s Form 8-K on December 4, 2008 and incorporated herein by reference).
10.13†	—	Amendment No. 3 to the Weingarten Realty Investors Supplemental Executive Retirement Plan dated November 17, 2008 (filed as Exhibit 10.3 to WRI’s Form 8-K on December 4, 2008 and incorporated herein by reference).
10.14†	—	Amendment No. 1 to the Weingarten Realty Investors 2001 Long Term Incentive Plan dated November 17, 2008 (filed as Exhibit 10.4 to WRI’s Form 8-K on December 4, 2008 and incorporated herein by reference).
10.15†	—	First Amendment to the Weingarten Realty Retirement Plan, amended and restated, dated December 2, 2009 (filed as Exhibit 10.51 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated herein by reference).
10.16†	—	First Amendment to the Master Nonqualified Plan Trust Agreement dated March 12, 2009 (filed as Exhibit 10.53 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated herein by reference).
10.17†	—	Second Amendment to the Master Nonqualified Plan Trust Agreement dated August 4, 2009 (filed as Exhibit 10.54 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated herein by reference).
10.18†	—	Non-Qualified Plan Trust Agreement for Recordkept Plans dated September 1, 2009 (filed as Exhibit 10.55 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2009 and incorporated herein by reference).
10.19†	—	Amended and Restated 2010 Long-Term Incentive Plan (filed as Exhibit 99.1 to WRI’s Form 8-K dated April 26, 2010 and incorporated herein by reference).
10.20†	—	Amendment No. 4 to the Weingarten Realty Investors Deferred Compensation Plan dated February 26, 2010 (filed as Exhibit 10.57 to WRI’s Form 10-Q for the quarter ended March 31, 2010 and incorporated herein by reference).

94

10.21†	—	Amendment No. 4 to the Weingarten Realty Investors Supplemental Executive Retirement Plan dated May 6, 2010 (filed as Exhibit 10.58 to WRI’s Form 10-Q for the quarter ended March 31, 2010 and incorporated herein by reference).
10.22†	—	2002 WRI Employee Share Purchase Plan dated May 6, 2003 (filed as Exhibit 10.60 to WRI’s Form 10-Q for the quarter ended June 30, 2010 and incorporated herein by reference).
10.23†	—	Amended and Restated 2002 WRI Employee Share Purchase Plan dated May 10, 2010 (filed as Exhibit 10.61 to WRI’s Form 10-Q for the quarter ended June 30, 2010 and incorporated herein by reference).
10.24†	—	Weingarten Realty Investors Executive Medical Reimbursement Plan and Summary Plan Description (filed as Exhibit 10.59 to WRI’s Annual Report on Form 10-K dated December 31, 2010 and incorporated herein by reference).
10.25†	—	Second Amendment to the Weingarten Realty Retirement Plan dated March 14, 2011 (filed as Exhibit 10.59 to WRI’s Form 10-Q for the quarter ended March 31, 2011 and incorporated herein by reference).
10.26†	—	Third Amendment to the Weingarten Realty Retirement Plan dated May 4, 2011 (filed as Exhibit 10.60 to WRI’s Form 10-Q for the quarter ended March 31, 2011 and incorporated herein by reference).
10.27†	—	Third Amendment to the Master Nonqualified Plan Trust Agreement dated April 26, 2011 (filed as Exhibit 10.1 to WRI’s Form 10-Q for the quarter ended June 30, 2011 and incorporated herein by reference).
10.28†	—	Fourth Amendment to the Weingarten Realty Retirement Plan dated March 2, 2012 (filed as Exhibit 10.2 to WRI's Form 10-Q for the quarter ended March 31, 2012 and incorporated herein by reference).
10.29†	—	Amendment No. 4 to the Weingarten Realty Investors Retirement Benefit Restoration Plan dated August 10, 2012 (filed as Exhibit 10.1 to WRI's Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference).
10.30†	—	Amendment No. 5 to the Weingarten Realty Investors Supplemental Executive Retirement Plan dated August 10, 2012 (filed as Exhibit 10.2 to WRI's Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference).
10.31†	—	Master Nonqualified Plan Trust Agreement dated August 23, 2006 (filed as Exhibit 10.53 to WRI's Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference).
10.32†	—	Restatement of the Weingarten Realty Retirement Plan dated November 17, 2008 (filed as Exhibit 10.54 to WRI's Annual Report on Form 10-K for the year ended December 31, 2012 and incorporated herein by reference).
10.33†	—	Restatement of the Weingarten Realty Investors Retirement Plan dated December 23, 2013 (filed as Exhibit 10.57 to WRI's Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference).
10.34†	—	First Amendment to Weingarten Realty Investors Retirement Plan dated December 16, 2014 (filed as Exhibit 10.59 to WRI's Annual Report on Form 10-K for the year ended December 31, 2014 and incorporated herein by reference).
10.35†	—	Amended and Restated Weingarten Realty Investors Deferred Compensation Plan effective April 1, 2016 (filed as Exhibit 10.2 to WRI's Form 10-Q for the quarter ended March 31, 2016 and incorporated herein by reference).
10.36†	—	Second Amendment to Weingarten Realty Investors Retirement Plan dated December 30, 2016 (filed as Exhibit 10.49 to WRI's Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated herein by reference).
10.37†	—	Amendment No. 1 to Weingarten Realty Investors Deferred Compensation Plan as Restated Effective April 1, 2016 (filed as Exhibit 10.51 to WRI's Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated herein by reference).
10.38†	—	Severance and Change to Control Agreement for Johnny Hendrix dated November 11, 1998 (filed as Exhibit 10.54 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.39†	—	Severance and Change to Control Agreement for Stephen C. Richter dated November 11, 1998 (filed as Exhibit 10.55 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.40†	—	Amendment No. 1 to Severance and Change to Control Agreement for Johnny Hendrix dated December 20, 2008 (filed as Exhibit 10.56 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).
10.41†	—	Amendment No. 1 to Severance and Change to Control Agreement for Stephen Richter dated December 31, 2008 (filed as Exhibit 10.57 to WRI’s Annual Report on Form 10-K for the year ended December 31, 2008 and incorporated herein by reference).

95

10.42	—	Term Loan Agreement dated March 2, 2015 among Weingarten Realty Investors, the Lenders Party Hereto and Regions Bank, as Administrative Agent, Region Capital Markets, a division of Regions Bank and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners, and U.S. Bank National Association, as Syndication Agent (filed as Exhibit 10.1 to WRI’s Form 8-K on March 3, 2015 and incorporated herein by reference).
10.43	—	Amended and Restated Credit Agreement dated March 30, 2016 among Weingarten Realty Investors, the Lenders Party Hereto and JPMorgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A., as syndication agent, and Wells Fargo Bank, National Association, PNC Bank, National Association, Regions Bank, U.S. Bank National Association and The Bank of Nova Scotia, as documentation agents, and J.P.Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book runners and joint lead arrangers (filed as Exhibit 10.1 to WRI's Form 8-K filed on March 31, 2016 and incorporated herein by reference).
10.44	—	Promissory Note with Reliance Trust Company, Trustee of the Trust under the Weingarten Realty Investors Deferred Compensation Plan, Supplemental Executive Retirement Plan and Retirement Benefit Restoration Plan dated March 12, 2009 (filed as Exhibit 10.57 to WRI’s Form 10-Q for the quarter ended March 31, 2009 and incorporated herein by reference).
10.45	—	First Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated March 11, 2010 (filed as Exhibit 10.59 to WRI’s Form 10-Q for the quarter ended June 30, 2010 and incorporated herein by reference).
10.46	—	Second Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated March 11, 2011 (filed as Exhibit 10.58 to WRI’s Form 10-Q for the quarter ended March 31, 2011 and incorporated herein by reference).
10.47	—	Third Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated February 15, 2012 (filed as Exhibit 10.1 to WRI's Form 10-Q for the quarter ended March 31, 2012 and incorporated herein by reference).
10.48	—	Fourth Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated March 11, 2013 (filed as Exhibit 10.2 to WRI's Form 10-Q for the quarter ended March 31, 2013 and incorporated herein by reference).
10.49	—	Fifth Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated March 11, 2014 (filed as Exhibit 10.1 to WRI's Form 10-Q for the quarter ended March 31, 2014 and incorporated herein by reference).
10.50	—	Sixth Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan dated March 11, 2015 (filed as Exhibit 10.2 to WRI's Form 10-Q for the quarter ended March 31, 2015 and incorporated herein by reference).
10.51	—	Seventh Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Retirement Benefit Restoration Plan, dated March 8, 2016 (filed as Exhibit 10.50 to WRI's Annual Report on Form 10-K for the year ended December 31, 2016 and incorporated herein by reference).
10.52*	—	Eighth Amendment to Promissory Note with Reliance Trust Company, Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Retirement Benefit Restoration Plan, dated March 11, 2017.
12.1*	—	Computation of Ratios.
21.1*	—	Listing of Subsidiaries of the Registrant.
23.1*	—	Consent of Deloitte & Touche LLP.
31.1*	—	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).
31.2*	—	Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
32.1**	—	Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).

96

32.2**	—	Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
101.INS**	—	XBRL Instance Document
101.SCH**	—	XBRL Taxonomy Extension Schema Document
101.CAL**	—	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	—	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	—	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE**	—	XBRL Taxonomy Extension Presentation Linkbase Document

*	Filed with this report.
**	Furnished with this report.
†	Management contract or compensation plan or arrangement.

97

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WEINGARTEN REALTY INVESTORS
By:	/s/  Andrew M. Alexander
	Andrew M. Alexander
	Chief Executive Officer

Date: February 28, 2018

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS that each of Weingarten Realty Investors, a real estate investment trust organized under the Texas Business Organizations Code, and the undersigned trust managers and officers of Weingarten Realty Investors hereby constitute and appoint Andrew M. Alexander, Stanford Alexander, Stephen C. Richter and Joe D. Shafer or any one of them, its or his true and lawful attorney-in-fact and agent, for it or him and in its or his name, place and stead, in any and all capacities, with full power to act alone, to sign any and all amendments to this report, and to file each such amendment to the report, with all exhibits thereto, and any and all other documents in connection therewith, with the Securities and Exchange Commission, hereby granting unto said attorney-in-fact and agent full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises as fully to all intents and purposes as it or he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

98

Pursuant to the requirement of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

	Signature	Title	Date
By:	/s/ Andrew M. Alexander	Chief Executive Officer, President and Trust Manager	February 28, 2018
	Andrew M. Alexander
By:	/s/ Stanford Alexander	Chairman and Trust Manager	February 28, 2018
	Stanford Alexander
By:	/s/ Shelaghmichael Brown	Trust Manager	February 28, 2018
	Shelaghmichael Brown
By:	/s/ James W. Crownover	Trust Manager	February 28, 2018
	James W. Crownover
By:	/s/ Stephen A. Lasher	Trust Manager	February 28, 2018
	Stephen A. Lasher
By:	/s/ Stephen C. Richter	Executive Vice President and Chief Financial Officer	February 28, 2018
	Stephen C. Richter
By:	/s/ Thomas L. Ryan	Trust Manager	February 28, 2018
	Thomas L. Ryan
By:	/s/ Douglas W. Schnitzer	Trust Manager	February 28, 2018
	Douglas W. Schnitzer
By:	/s/ Joe D. Shafer	Senior Vice President/Chief Accounting Officer (Principal Accounting Officer)	February 28, 2018
	Joe D. Shafer
By:	/s/ C. Park Shaper	Trust Manager	February 28, 2018
	C. Park Shaper
By:	/s/ Marc J. Shapiro	Trust Manager	February 28, 2018
	Marc J. Shapiro

99

Schedule II

WEINGARTEN REALTY INVESTORS

VALUATION AND QUALIFYING ACCOUNTS

December 31, 2017, 2016, and 2015

(Amounts in thousands)

Description	Balance at beginning of period		Charged to costs and expenses		Deductions(1)		Balance at end of period
2017
Allowance for Doubtful Accounts	$	6,700	$	4,255	$	3,439	$	7,516
Tax Valuation Allowance	25,979		—		10,392		15,587
2016
Allowance for Doubtful Accounts	$	6,072	$	2,427	$	1,799	$	6,700
Tax Valuation Allowance	27,230		—		1,251		25,979
2015
Allowance for Doubtful Accounts	$	7,680	$	1,179	$	2,787	$	6,072
Tax Valuation Allowance	27,539		—		309		27,230

___________________

(1) The tax valuation allowance deductions for the year ended December 31, 2017 represents the effect of the change in the statutory tax rate as a result of the enactment of the Tax Act on December 22, 2017. For other periods presented, deductions included write-offs of amounts previously reserved.

100

Schedule III

WEINGARTEN REALTY INVESTORS

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2017

(Amounts in thousands)

	Initial Cost to Company						Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition		Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Centers:
10-Federal Shopping Center	$	1,791	$	7,470	$	1,214	$	1,791	$	8,684	$	10,475	$	(7,396	)	$	3,079	$	(5,624	)	03/20/2008
1919 North Loop West	1,334		8,451		12,906		1,337		21,354		22,691		(11,448		)	11,243		—			12/05/2006
580 Market Place	3,892		15,570		3,918		3,889		19,491		23,380		(8,467		)	14,913		(15,246		)	04/02/2001
8000 Sunset Strip Shopping Center	18,320		73,431		6,642		18,320		80,073		98,393		(13,475		)	84,918		—			06/27/2012
Alabama Shepherd Shopping Center	637		2,026		7,870		1,062		9,471		10,533		(5,458		)	5,075		—			04/30/2004
Argyle Village Shopping Center	4,524		18,103		5,416		4,526		23,517		28,043		(10,116		)	17,927		—			11/30/2001
Avent Ferry Shopping Center	1,952		7,814		1,466		1,952		9,280		11,232		(4,225		)	7,007		—			04/04/2002
Baybrook Gateway	10,623		30,307		3,655		10,623		33,962		44,585		(3,342		)	41,243		—			02/04/2015
Bellaire Blvd. Shopping Center	124		37		936		1,011		86		1,097		(38		)	1,059		—			11/13/2008
Best in the West	13,191		77,159		7,817		13,194		84,973		98,167		(29,385		)	68,782		—			04/28/2005
Blalock Market at I-10	—		4,730		1,970		—		6,700		6,700		(5,202		)	1,498		—			12/31/1990
Boca Lyons Plaza	3,676		14,706		5,667		3,651		20,398		24,049		(7,741		)	16,308		—			08/17/2001
Braeswood Square Shopping Center	—		1,421		1,350		—		2,771		2,771		(2,397		)	374		—			05/28/1969
Broadway Marketplace	898		3,637		2,044		906		5,673		6,579		(3,400		)	3,179		—			12/16/1993
Brookwood Marketplace	7,050		15,134		7,428		7,511		22,101		29,612		(6,520		)	23,092		—			08/22/2006
Brownsville Commons	1,333		5,536		328		1,333		5,864		7,197		(1,852		)	5,345		—			05/22/2006
Bull City Market	930		6,651		817		930		7,468		8,398		(2,408		)	5,990		(3,394		)	06/10/2005
Cambrian Park Plaza	48,803		1,089		104		48,851		1,145		49,996		(938		)	49,058		—			02/27/2015
Camelback Village Square	—		8,720		1,244		—		9,964		9,964		(5,925		)	4,039		—			09/30/1994
Camp Creek Marketplace II	6,169		32,036		1,758		4,697		35,266		39,963		(10,404		)	29,559		—			08/22/2006
Capital Square	1,852		7,406		1,482		1,852		8,888		10,740		(4,280		)	6,460		—			04/04/2002
Centerwood Plaza	915		3,659		3,504		914		7,164		8,078		(2,924		)	5,154		—			04/02/2001
Charleston Commons Shopping Center	23,230		36,877		3,180		23,210		40,077		63,287		(12,025		)	51,262		—			12/20/2006
Cherry Creek Retail Center	5,416		14,624		463		5,416		15,087		20,503		(4,321		)	16,182		—			06/16/2011
Chino Hills Marketplace	7,218		28,872		12,786		7,234		41,642		48,876		(21,094		)	27,782		—			08/20/2002
Citadel Building	3,236		6,168		8,893		534		17,763		18,297		(14,553		)	3,744		—			12/30/1975
College Park Shopping Center	2,201		8,845		7,808		2,641		16,213		18,854		(12,536		)	6,318		(11,004		)	11/16/1998

101

Schedule III

	Initial Cost to Company						Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition		Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Colonial Plaza	$	10,806	$	43,234	$	15,021	$	10,813	$	58,248	$	69,061	$	(29,114	)	$	39,947	$	—		02/21/2001
Countryside Centre	15,523		29,818		10,466		15,559		40,248		55,807		(13,286		)	42,521		—			07/06/2007
Creekside Center	1,732		6,929		2,160		1,730		9,091		10,821		(4,586		)	6,235		(7,386		)	04/02/2001
Crossing At Stonegate	6,400		23,384		223		6,400		23,607		30,007		(1,359		)	28,648		(14,277		)	02/12/2016
Cullen Plaza Shopping Center	106		2,841		497		106		3,338		3,444		(2,755		)	689		—			03/20/2008
Cypress Pointe	3,468		8,700		1,188		3,793		9,563		13,356		(6,373		)	6,983		—			04/04/2002
Dallas Commons Shopping Center	1,582		4,969		160		1,582		5,129		6,711		(1,496		)	5,215		—			09/14/2006
Deerfield Mall	10,522		94,321		2,243		37,128		69,958		107,086		(4,474		)	102,612		—			05/05/2016
Desert Village Shopping Center	3,362		14,969		2,094		3,362		17,063		20,425		(3,518		)	16,907		—			10/28/2010
Eastern Commons	10,282		16		327		1,569		9,056		10,625		(5,370		)	5,255		—			12/31/2002
Edgewater Marketplace	4,821		11,225		685		4,821		11,910		16,731		(2,651		)	14,080		—			11/19/2010
El Camino Promenade	4,431		20,557		4,896		4,429		25,455		29,884		(10,144		)	19,740		—			05/21/2004
Embassy Lakes Shopping Center	2,803		11,268		2,353		2,803		13,621		16,424		(5,075		)	11,349		—			12/18/2002
Entrada de Oro Plaza Shopping Center	6,041		10,511		2,187		6,115		12,624		18,739		(4,392		)	14,347		—			01/22/2007
Epic Village St. Augustine	283		1,171		4,092		320		5,226		5,546		(3,436		)	2,110		—			09/30/2009
Falls Pointe Shopping Center	3,535		14,289		1,094		3,542		15,376		18,918		(5,964		)	12,954		—			12/17/2002
Festival on Jefferson Court	5,041		13,983		4,248		5,022		18,250		23,272		(7,090		)	16,182		—			12/22/2004
Fiesta Trails	8,825		32,790		8,963		12,769		37,809		50,578		(14,756		)	35,822		—			09/30/2003
Fountain Plaza	1,319		5,276		1,742		1,095		7,242		8,337		(4,458		)	3,879		—			03/10/1994
Francisco Center	1,999		7,997		4,960		2,403		12,553		14,956		(9,643		)	5,313		(9,996		)	11/16/1998
Freedom Centre	2,929		15,302		5,970		6,944		17,257		24,201		(6,646		)	17,555		—			06/23/2006
Galleria Shopping Center	10,795		10,339		8,589		10,504		19,219		29,723		(5,559		)	24,164		—			12/11/2006
Galveston Place	2,713		5,522		5,931		3,279		10,887		14,166		(8,733		)	5,433		—			11/30/1983
Gateway Plaza	4,812		19,249		5,361		4,808		24,614		29,422		(10,684		)	18,738		(23,000		)	04/02/2001
Grayson Commons	3,180		9,023		496		3,163		9,536		12,699		(3,195		)	9,504		(4,612		)	11/09/2004
Green Valley Ranch - Auto Zone	440		—		—		440		—		440		—			440		—			02/12/2016
Greenhouse Marketplace	4,607		22,771		4,166		4,750		26,794		31,544		(10,259		)	21,285		—			01/28/2004
Griggs Road Shopping Center	257		2,303		478		257		2,781		3,038		(1,862		)	1,176		—			03/20/2008
Harrisburg Plaza	1,278		3,924		1,083		1,278		5,007		6,285		(4,271		)	2,014		(8,132		)	03/20/2008
HEB - Dairy Ashford & Memorial	1,717		4,234		—		1,717		4,234		5,951		(1,098		)	4,853		—			03/06/2012
Heights Plaza Shopping Center	58		699		2,596		1,055		2,298		3,353		(1,622		)	1,731		—			06/30/1995
High House Crossing	2,576		10,305		553		2,576		10,858		13,434		(4,496		)	8,938		—			04/04/2002

102

Schedule III

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Highland Square	$	—	$	—	$	1,887		$	—	$	1,887	$	1,887	$	(610	)	$	1,277	$	—		10/06/1959
Hilltop Village Center	3,196		7,234		53,872			3,960		60,342		64,302		(13,553		)	50,749		—			01/01/2016
Hope Valley Commons	2,439		8,487		485			2,439		8,972		11,411		(1,891		)	9,520		—			08/31/2010
I45/Telephone Rd.	678		11,182		647			678		11,829		12,507		(6,584		)	5,923		(9,201		)	03/20/2008
Independence Plaza I & II	19,351		31,627		2,251			19,351		33,878		53,229		(7,056		)	46,173		(15,190		)	06/11/2013
Jess Ranch Marketplace	8,750		25,560		631			8,750		26,191		34,941		(4,803		)	30,138		—			12/23/2013
Jess Ranch Marketplace Phase III	8,431		21,470		372			8,431		21,842		30,273		(4,035		)	26,238		—			12/23/2013
Lakeside Marketplace	6,064		22,989		3,159			6,150		26,062		32,212		(8,861		)	23,351		—			08/22/2006
Largo Mall	10,817		40,906		7,231			10,810		48,144		58,954		(17,665		)	41,289		—			03/01/2004
Laveen Village Marketplace	1,190		—		5,124			1,006		5,308		6,314		(3,445		)	2,869		—			08/15/2003
League City Plaza	1,918		7,592		1,508			2,317		8,701		11,018		(5,407		)	5,611		(8,308		)	03/20/2008
Leesville Towne Centre	7,183		17,162		1,690			7,223		18,812		26,035		(6,879		)	19,156		—			01/30/2004
Lowry Town Center	1,889		23,165		163			3,777		21,440		25,217		(891		)	24,326		—			09/14/2016
Madera Village Shopping Center	3,788		13,507		1,391			3,816		14,870		18,686		(4,709		)	13,977		—			03/13/2007
Market at Westchase Shopping Center	1,199		5,821		3,652			1,415		9,257		10,672		(6,295		)	4,377		—			02/15/1991
Marketplace at Seminole Towne	16,067		53,743		10,687			22,711		57,786		80,497		(17,080		)	63,417		—			08/21/2006
Markham West Shopping Center	2,694		10,777		5,330			2,696		16,105		18,801		(9,006		)	9,795		—			09/18/1998
Mendenhall Commons	2,655		9,165		1,106			2,677		10,249		12,926		(3,343		)	9,583		—			11/13/2008
Menifee Town Center	1,827		7,307		5,664			1,824		12,974		14,798		(5,395		)	9,403		—			04/02/2001
Millpond Center	3,155		9,706		2,960			3,161		12,660		15,821		(4,599		)	11,222		—			07/28/2005
Monte Vista Village Center	1,485		58		5,904			755		6,692		7,447		(4,291		)	3,156		—			12/31/2004
Mueller Regional Retail Center	10,382		56,303		1,373			10,382		57,676		68,058		(10,874		)	57,184		(33,045		)	10/03/2013
North Creek Plaza	6,915		25,625		4,930			6,954		30,516		37,470		(12,364		)	25,106		—			08/19/2004
North Towne Plaza	960		3,928		8,820			879		12,829		13,708		(8,764		)	4,944		—			02/15/1990
North Towne Plaza	6,646		99		(5,580		)	259		906		1,165		(576		)	589		—			04/01/2010
Northbrook Shopping Center	1,629		4,489		3,764			1,713		8,169		9,882		(6,811		)	3,071		(9,032		)	11/06/1967
Northwoods Shopping Center	1,768		7,071		703			1,772		7,770		9,542		(3,193		)	6,349		—			04/04/2002
Nottingham Commons	19,523		2,398		20,133			19,664		22,390		42,054		(1,759		)	40,295		—			01/01/2017
Oak Forest Shopping Center	760		2,726		6,798			1,705		8,579		10,284		(6,302		)	3,982		(7,509		)	12/30/1976
Oak Grove Market Center	5,758		10,508		1,122			5,861		11,527		17,388		(3,532		)	13,856		—			06/15/2007
Oracle Crossings	4,614		18,274		29,817			10,582		42,123		52,705		(12,479		)	40,226		—			01/22/2007
Oracle Wetmore Shopping Center	24,686		26,878		7,651			13,813		45,402		59,215		(13,613		)	45,602		—			01/22/2007

103

Schedule III

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Overton Park Plaza	$	9,266	$	37,789	$	14,080		$	9,264	$	51,871	$	61,135	$	(20,488	)	$	40,647	$	—		10/24/2003
Palmilla Center	1,258		—		13,235			2,882		11,611		14,493		(7,166		)	7,327		—			12/31/2002
Paradise Marketplace	2,153		8,612		(1,805		)	1,197		7,763		8,960		(4,561		)	4,399		—			07/20/1995
Parliament Square II	2		10		1,183			3		1,192		1,195		(960		)	235		—			06/24/2005
Perimeter Village	29,701		42,337		4,483			34,404		42,117		76,521		(13,941		)	62,580		(31,316		)	07/03/2007
Phillips Crossing	—		1		28,454			872		27,583		28,455		(13,948		)	14,507		—			09/30/2009
Phoenix Office Building	1,696		3,255		1,415			1,773		4,593		6,366		(1,920		)	4,446		—			01/31/2007
Pike Center	—		40,537		3,174			—		43,711		43,711		(10,299		)	33,412		—			08/14/2012
Plantation Centre	3,463		14,821		1,965			3,471		16,778		20,249		(6,208		)	14,041		—			08/19/2004
Prospector's Plaza	3,746		14,985		5,742			3,716		20,757		24,473		(8,537		)	15,936		—			04/02/2001
Pueblo Anozira Shopping Center	2,750		11,000		5,308			2,768		16,290		19,058		(10,150		)	8,908		(14,360		)	06/16/1994
Raintree Ranch Center	11,442		595		17,888			10,983		18,942		29,925		(12,030		)	17,895		—			03/31/2008
Rancho San Marcos Village	3,533		14,138		5,454			3,887		19,238		23,125		(7,871		)	15,254		—			02/26/2003
Rancho Towne & Country	1,161		4,647		785			1,166		5,427		6,593		(3,151		)	3,442		—			10/16/1995
Randalls Center/Kings Crossing	3,570		8,147		423			3,585		8,555		12,140		(5,565		)	6,575		—			11/13/2008
Red Mountain Gateway	2,166		89		11,782			3,317		10,720		14,037		(5,152		)	8,885		—			12/31/2003
Regency Centre	5,616		18,516		3,512			3,581		24,063		27,644		(7,529		)	20,115		—			07/28/2006
Reynolds Crossing	4,276		9,186		292			4,276		9,478		13,754		(2,772		)	10,982		—			09/14/2006
Richmond Square	1,993		953		13,472			14,512		1,906		16,418		(1,294		)	15,124		—			12/31/1996
Ridgeway Trace	26,629		544		23,645			16,100		34,718		50,818		(13,891		)	36,927		—			11/09/2006
River Oaks Shopping Center - East	1,354		1,946		338			1,363		2,275		3,638		(1,992		)	1,646		—			12/04/1992
River Oaks Shopping Center - West	3,534		17,741		35,470			4,207		52,538		56,745		(27,137		)	29,608		—			12/04/1992
River Point at Sheridan	28,898		4,042		16,381			10,659		38,662		49,321		(10,918		)	38,403		—			04/01/2010
Roswell Corners	6,136		21,447		3,439			5,835		25,187		31,022		(8,583		)	22,439		(3,749		)	06/24/2004
Roswell Crossing Shopping Center	7,625		18,573		1,229			7,625		19,802		27,427		(4,904		)	22,523		—			07/18/2012
San Marcos Plaza	1,360		5,439		910			1,358		6,351		7,709		(2,671		)	5,038		—			04/02/2001
Scottsdale Horizon	—		3,241		39,224			12,914		29,551		42,465		(4,587		)	37,878		—			01/22/2007
Scottsdale Waterfront	10,281		40,374		320			32,891		18,084		50,975		(1,142		)	49,833		—			08/17/2016
Sea Ranch Centre	11,977		4,219		1,702			11,977		5,921		17,898		(1,394		)	16,504		—			03/06/2013
Shoppes at Bears Path	3,252		5,503		1,615			3,290		7,080		10,370		(2,524		)	7,846		—			03/13/2007
Shoppes at Memorial Villages	1,417		4,786		9,501			3,332		12,372		15,704		(8,756		)	6,948		—			01/11/2012
Shoppes of South Semoran	5,339		9,785		(1,406		)	5,672		8,046		13,718		(2,470		)	11,248		—			08/31/2007

104

Schedule III

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Shops at Kirby Drive	$	1,201	$	945	$	276		$	1,202	$	1,220	$	2,422	$	(507	)	$	1,915	$	—		05/27/2008
Shops at Three Corners	6,215		9,303		11,286			10,587		16,217		26,804		(10,806		)	15,998		—			12/31/1989
Silver Creek Plaza	3,231		12,924		4,532			3,228		17,459		20,687		(7,485		)	13,202		(14,312		)	04/02/2001
Six Forks Shopping Center	6,678		26,759		6,471			6,728		33,180		39,908		(14,383		)	25,525		—			04/04/2002
Southampton Center	4,337		17,349		3,162			4,333		20,515		24,848		(9,436		)	15,412		(19,750		)	04/02/2001
Southgate Shopping Center	232		8,389		726			231		9,116		9,347		(5,801		)	3,546		(5,438		)	03/20/2008
Squaw Peak Plaza	816		3,266		3,472			818		6,736		7,554		(3,841		)	3,713		—			12/20/1994
Stella Link Shopping Center	2,830		1,841		122			2,897		1,896		4,793		(1,641		)	3,152		—			07/10/1970
Stonehenge Market	4,740		19,001		2,415			4,740		21,416		26,156		(9,402		)	16,754		—			04/04/2002
Stony Point Plaza	3,489		13,957		11,400			3,453		25,393		28,846		(11,232		)	17,614		(10,832		)	04/02/2001
Sunset 19 Shopping Center	5,519		22,076		13,959			5,926		35,628		41,554		(10,219		)	31,335		—			10/29/2001
Surf City Crossing	3,220		52		5,100			2,655		5,717		8,372		(2,764		)	5,608		—			12/06/2006
Tates Creek Centre	4,802		25,366		1,869			5,766		26,271		32,037		(9,607		)	22,430		—			03/01/2004
The Centre at Post Oak	13,731		115		24,782			17,822		20,806		38,628		(13,460		)	25,168		—			12/31/1996
The Commons at Dexter Lake	4,946		18,948		3,500			4,988		22,406		27,394		(8,674		)	18,720		—			11/13/2008
The Palms at Town & Country	56,833		195,203		429			102,512		149,953		252,465		(8,324		)	244,141		—			07/27/2016
The Shoppes at Parkwood Ranch	4,369		52		10,339			2,420		12,340		14,760		(7,303		)	7,457		—			12/31/2009
The Westside Center	14,952		10,350		105			14,952		10,455		25,407		(665		)	24,742		—			12/22/2015
Thompson Bridge Commons	604		—		625			513		716		1,229		(130		)	1,099		—			04/26/2005
Thousand Oaks Shopping Center	2,973		13,142		1,030			2,973		14,172		17,145		(5,457		)	11,688		(9,560		)	03/20/2008
TJ Maxx Plaza	3,400		19,283		3,900			3,430		23,153		26,583		(8,240		)	18,343		—			03/01/2004
Tomball Marketplace	9,616		262		24,702			6,726		27,854		34,580		(11,666		)	22,914		—			04/12/2006
Trenton Crossing/North McAllen	9,855		29,133		827			9,855		29,960		39,815		(2,134		)	37,681		—			08/31/2015
Tropicana Beltway Center	13,947		42,186		2,094			13,949		44,278		58,227		(15,750		)	42,477		—			11/20/2007
Tropicana Marketplace	2,118		8,477		(1,263		)	1,206		8,126		9,332		(4,252		)	5,080		—			07/24/1995
Valley Shopping Center	4,293		13,736		1,635			8,910		10,754		19,664		(3,467		)	16,197		—			04/07/2006
Valley View Shopping Center	1,006		3,980		2,248			1,006		6,228		7,234		(3,697		)	3,537		—			11/20/1996
Vizcaya Square Shopping Center	3,044		12,226		2,358			3,044		14,584		17,628		(5,555		)	12,073		—			12/18/2002
Wake Forest Crossing II	395		940		2,503			415		3,423		3,838		(48		)	3,790		—			06/04/2014
Waterford Village	5,830		—		12,264			3,775		14,319		18,094		(6,656		)	11,438		—			06/11/2004
Wellington Green Commons & Pad	16,500		32,489		2,460			16,500		34,949		51,449		(2,609		)	48,840		(18,587		)	04/20/2015
West Jordan Town Center	4,306		17,776		(1,989		)	3,269		16,824		20,093		(7,284		)	12,809		—			12/19/2003

105

Schedule III

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Westchase Shopping Center	$	3,085	$	7,920	$	13,586		$	3,189	$	21,402	$	24,591	$	(13,221	)	$	11,370	$	—		08/29/1978
Westhill Village Shopping Center	408		3,002		6,720			437		9,693		10,130		(5,621		)	4,509		—			05/01/1958
Westland Fair	27,562		10,506		(7,267		)	12,220		18,581		30,801		(10,027		)	20,774		—			12/29/2000
Westminster Center	11,215		44,871		8,832			11,204		53,714		64,918		(24,301		)	40,617		(47,250		)	04/02/2001
Winter Park Corners	2,159		8,636		2,057			2,189		10,663		12,852		(4,552		)	8,300		—			09/06/2001
	956,026		2,409,874		857,210			1,043,996		3,179,114		4,223,110		(1,131,628		)	3,091,482		(360,110		)
New Development:
West Alex	42,163		2,669		31,181			44,420		31,593		76,013		—			76,013		—			11/01/2016
The Whittaker	5,237		19,395		1,518			5,366		20,784		26,150		(116		)	26,034		—			03/24/2017
	47,400		22,064		32,699			49,786		52,377		102,163		(116		)	102,047		—
Miscellaneous (not to exceed 5% of total)	136,434		10,310		26,842			92,430		81,156		173,586		(34,382		)	139,204		—
Total of Portfolio	$	1,139,860	$	2,442,248	$	916,751		$	1,186,212	$	3,312,647	$	4,498,859	$	(1,166,126	)	$	3,332,733	$	(360,110	)

___________________

(1) The book value of our net fixed asset exceeds the tax basis by approximately $193.4 million at December 31, 2017.

(2) Encumbrances do not include $50.9 million outstanding under fixed-rate mortgage debt associated with tenancy-in-common arrangements and properties held for sale, $4.0 million of non-cash debt related items and $(1.3) million of deferred debt costs.

Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment. Tenant and leasehold improvements are depreciated over the remaining life of the lease or the useful life whichever is shorter.

The changes in total cost of the properties were as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	4,789,145		$	4,262,959		$	4,076,094
Additions at cost	137,462			654,513			319,789
Retirements or sales	(334,105		)	(126,666		)	(79,608		)
Property held for sale	(78,721		)	(1,563		)	(53,163		)
Impairment loss	(14,922		)	(98		)	(153		)
Balance at end of year	$	4,498,859		$	4,789,145		$	4,262,959

106

Schedule III

The changes in accumulated depreciation were as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	1,184,546		$	1,087,642		$	1,028,619
Additions at cost	132,900			131,120			120,426
Retirements or sales	(127,391		)	(33,132		)	(42,603		)
Property held for sale	(23,929		)	(1,084		)	(18,800		)
Balance at end of year	$	1,166,126		$	1,184,546		$	1,087,642

107

Schedule IV

WEINGARTEN REALTY INVESTORS

MORTGAGE LOANS ON REAL ESTATE

DECEMBER 31, 2017

(Amounts in thousands)

	State	Interest Rate	Final Maturity Date	Periodic Payment Terms	Face Amount of Mortgages		Carrying Amount of Mortgages (1)
Shopping Centers:
First Mortgages:
College Park Realty Company	NV	7.00%	10/31/2053	At Maturity	$	3,410	$	3,410
Total Mortgage Loans on Real Estate					$	3,410	$	3,410

___________________

(1) The aggregate cost at December 31, 2017 for federal income tax purposes is $3.4 million, and there are no prior liens to be disclosed. As this is an interest only mortgage loan, there have been no changes in its carrying amount for each year ended December 31, 2017, 2016 and 2015.

108

EX-10.52

Exhibit 10.52

March 11, 2017

EIGHTH AMENDMENT TO PROMISSORY NOTE

This Eighth Amendment to Promissory Note (this ‘'Amendment”) is to be effective as of the close of business March 11, 2017, or as otherwise stated herein.

WHEREAS, the undersigned are parties to that certain Promissory Note (as the same has been and may be hereafter renewed, amended, modified, or extended, the “Note”) dated as of March 12, 2009 in the original amount of $12,910,386.14, made by WEINGARTEN REALTY INVESTORS (“Weingarten”), a Texas real estate investment trust, and payable to the order of RELIANCE TRUST COMPANY, as Trustee of the Master Nonqualified Plan Trust under the Weingarten Realty Investors Supplemental Executive Retirement Plan and Weingarten Realty Investors Retirement Benefit Restoration Plan (“Reliance”); and

WHEREAS, the scheduled maturity date of the Note is March 12, 2017; and

WHEREAS, the parties desire to extend the maturity date under the Note to a date one year from the date of its currently-scheduled maturity; and

WHEREAS, the parties desire to amend the Note to reflect this change and desire to memorialize the outstanding balance due under the Note as of March 11, 2017;

NOW, THEREFORE, it is agreed:

1.The second paragraph of the Note shall be revised to be and read as follows:

“The entire unpaid balance of the Note, including accrued interest, shall be due and payable March 12, 2018.”

2. As of the close of business March 11, 2017, the balance due under the Note, including accrued interest, is $8,214,818.09.

In all other respects, the Note is hereby ratified and confirmed.

This instrument may be executed by the parties individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall together constitute one and the same instrument. Individuals authorized to enter into this amendment on behalf of Weingarten are identified on Exhibit A hereto.

Eighth Amendment to Promissory Note-1

	RELIANCE TRUST COMPANY
By:	/s/ Kimberly Lowe
Its (Title):	SVP
Date:	02/14/17

	WEINGARTEN REALTY INVESTORS
By:	/s/ Stephen C. Richter
Its (Title):	Executive VP / CFO
Date:	02/07/17

Eighth Amendment to Promissory Note -2

Exhibit A

Individuals Authorized to Enter into the Eighth Amendment to Promissory Note

on behalf of Weingarten

Andrew M. Alexander

Stephen C. Richter

Eighth Amendment to Promissory Note-3

EX-12.1

EXHIBIT 12.1

WEINGARTEN REALTY INVESTORS

COMPUTATION OF RATIOS

(Amounts in thousands)

	Year Ended December 31,
	2017			2016			2015			2014			2013
Income from continuing operations	$	132,104		$	176,117		$	121,601		$	116,365		$	132,977
Equity in earnings of real estate joint ventures and partnerships, net	(27,074		)	(20,642		)	(19,300		)	(22,317		)	(35,112		)
(Benefit) provision for income taxes	(17		)	6,856			52			(1,261		)	7,046
Gain on sale of property	218,611			100,714			59,621			146,290			762
Fixed charges	86,173			86,646			92,107			99,806			108,109
Amortization of capitalized interest	2,090			2,305			2,114			2,142			2,401
Distributions of income from real estate joint ventures and partnerships	1,321			1,149			1,216			4,058			3,498
Capitalized interest	(4,868		)	(2,656		)	(3,252		)	(3,302		)	(2,403		)
Net income as adjusted	$	408,340		$	350,489		$	254,159		$	341,781		$	217,278
Fixed charges:
Interest on indebtedness, net	$	80,326		$	83,003		$	87,783		$	94,744		$	103,839
Capitalized interest	4,868			2,656			3,252			3,302			2,403
Portion of rents representative of the interest factor	979			987			1,072			1,760			1,867
Fixed charges	86,173			86,646			92,107			99,806			108,109
Preferred dividends	—			—			3,830			10,840			18,173
Combined fixed charges and preferred dividends	$	86,173		$	86,646		$	95,937		$	110,646		$	126,282
RATIO OF EARNINGS TO FIXED CHARGES	4.74x			4.05x			2.76x			3.42x			2.01x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS	4.74x			4.05x			2.65x			3.09x			1.72x

EX-21.1

EXHIBIT 21.1

WEINGARTEN REALTY INVESTORS

LIST OF SUBSIDIARIES OF THE REGISTRANT

Subsidiary	State of Incorporation
1935 West Gray Holdings LLC	Delaware
1935 West Gray LLC	Texas
2503 McCue, LLC	Texas
Cumberland Potranco Joint Venture	Texas
Decatur 215, LLC	Delaware
Driscoll at River Oaks, LLC	Delaware
Eastex Venture	Texas
Green Valley Lot 8B, LLC	Delaware
GVR SPE I LLC	Delaware
High House Holdings LLC	Delaware
Jackson West Holdings, LLC	Delaware
Las Tiendas Holdings, LLC	Delaware
Main/O.S.T., Ltd.	Texas
Mansell Crossing Retail LP	Delaware
Markham West Shopping Center, L.P.	Delaware
Northcross Holdings, LLC	Delaware
Northwest Hollister Venture	Texas
Pineapple Commons Retail LP	Delaware
Preston Shepard Retail LP	Delaware
RGC Starr Retail, Ltd.	Texas
Roswell Corners Holdings LLC	Delaware
Shary Retail, Ltd.	Texas
Strategic Retail Partners II, L.L.C.	Delaware
U.S. Fire & Indemnity Company	Vermont
Utah-WRI Holdings, L.L.C.	Delaware
Village Center Partners, LLC	Delaware
VPBH Associates, L.P.	Texas
WB Retail Sub GP LLC	Delaware
Weingarten 1815 S. 10th JV	Texas
Weingarten Aurora Inc.	Colorado
Weingarten DRC Clermont TRS, LLC	Florida
Weingarten DRC Clermont, LLC	Florida
Weingarten Herndon Plaza JV	Delaware
Weingarten I-4 Clermont Landing TRS, LLC	Florida
Weingarten I-4 Clermont Landing, LLC	Florida
Weingarten I-4 St. Augustine EV, LLC	Florida
Weingarten Las Tiendas JV	Texas
Weingarten Lowry Inc.	Colorado
Weingarten Maya Tropicana, LLC	Delaware
Weingarten NAP GP, LLC	Delaware
Weingarten NAP, LP	Delaware
Weingarten Newquist, LLC	Delaware
Weingarten Nolana JV	Texas
Weingarten Northcross JV	Texas
Weingarten Nostat, Inc.	Texas

Subsidiary	State of Incorporation
Weingarten Realty Management Company	Texas
Weingarten Shary Crossing JV	Texas
Weingarten Shary North JV	Texas
Weingarten Shary South JV	Texas
Weingarten Sheridan II LLC	Colorado
Weingarten Sheridan LLC	Colorado
Weingarten Sleiman, LLC	Delaware
Weingarten Starr Plaza JV	Texas
Weingarten Stoneridge, LLC	Delaware
Weingarten Tenth-Jackson West JV	Texas
Weingarten Thorncreek Inc.	Colorado
Weingarten/Finger Venture	Texas
Weingarten/Investments, Inc.	Texas
Weingarten/Miller/Aurora II LLC	Colorado
Weingarten/Miller/Fiest, LLC	Delaware
Weingarten/Miller/Lowry II LLC	Colorado
Weingarten/Monvis LLC	Arizona
WNI/Tennessee Holdings, Inc.	Delaware
WNI/Tennessee, L.P.	Delaware
WRI 151 Ingram GP, LLC	Delaware
WRI 151 Ingram LP	Delaware
WRI 2200 Westlake LP	Delaware
WRI Brookwood Marketplace, LLC	Delaware
WRI Camp Creek Marketplace II, LLC	Delaware
WRI Charleston Commons Holdings, LLC	Delaware
WRI Charleston Commons, LLC	Delaware
WRI Cumberland GP, LLC	Texas
WRI Cumberland, LP	Texas
WRI Edgewater Marketplace, LLC	Delaware
WRI Fiesta Trails Holdings, LLC	Texas
WRI Fiesta Trails, LP	Texas
WRI Freedom Centre, L.P.	Delaware
WRI Galleria Holdings, LLC	Delaware
WRI Galleria, LLC	Delaware
WRI Gateway Alexandria, LLC	Delaware
WRI Gateway Station GP, LLC	Delaware
WRI Gateway Station, LP	Delaware
WRI Golden State, LLC	Delaware
WRI GP I, Inc.	Texas
WRI Greenhouse LP	Delaware
WRI Hilltop Village, LLC	Delaware
WRI Independence Plaza, LLC	Delaware
WRI Jackson West, LP	Delaware
WRI Jess Ranch Venture	Texas
WRI JT Flamingo Pines, LP	Delaware
WRI JT GP, LLC	Delaware
WRI JT Hollywood Hills I GP, LLC	Delaware
WRI JT Hollywood Hills I, LP	Delaware
WRI JT Hollywood Hills II GP, LLC	Delaware

Subsidiary	State of Incorporation
WRI JT Hollywood Hills II, LP	Delaware
WRI JT Northridge, LP	Delaware
WRI JT Pembroke Commons, LP	Delaware
WRI JT Princeton Lakes GP, LLC	Delaware
WRI JT Princeton Lakes, LP	Delaware
WRI JT Retail Holdings GP, LLC	Delaware
WRI JT Retail Holdings, LP	Delaware
WRI JT Tamiami Trail, LP	Delaware
WRI Lakeside Marketplace, LLC	Delaware
WRI Las Tiendas, LP	Delaware
WRI Madera Village Holdings, LLC	Delaware
WRI Madera Village, LLC	Delaware
WRI Marshalls Plaza, LP	Texas
WRI Mueller, LLC	Texas
WRI North American Properties, L.P.	Delaware
WRI North Towne, LLC	Delaware
WRI Northcross, LP	Texas
WRI Oak Grove Market Center, LLC	Delaware
WRI Retail Pool I, L.P.	Texas
WRI Ridgeway, LLC	Delaware
WRI River Hill Tower, LLC	Delaware
WRI Roswell Corners, LLC	Delaware
WRI Roswell Crossing, LLC	Delaware
WRI Seminole Holdings, LLC	Delaware
WRI Seminole II, LLC	Delaware
WRI Seminole Marketplace, LLC	Delaware
WRI Shoppes at Bears Path, LLC	Delaware
WRI Shoppes of South Semoran Holdings, LLC	Delaware
WRI Shoppes of South Semoran, LLC	Delaware
WRI Southern Industrial Pool LLC	Delaware
WRI Summit REIT, LP	Delaware
WRI Trautmann, L.P.	Delaware
WRI Wellington Green, LLC	Delaware
WRI West Gate South, L.P.	Texas
WRI Western Queen Anne LLC	Delaware
WRI Western Retail Partners GP, LLC	Delaware
WRI Western Retail Partners LP	Delaware
WRI Western Retail REIT LP	Delaware
WRI Westgate Industrial Holdings LLC	Texas
WRI Westgate Industrial LP	Texas
WRI/BIT Retail JV, LP	Delaware
WRI/High House LLC	Delaware
WRI/Lone Star, Inc.	Texas
WRI/Louisiana Holdings, Inc.	Delaware
WRI/Raleigh L.P.	Delaware
WRI/TEXLA, LLC	Louisiana
WRI/West Jordan LLC	Delaware
WRI-AEW Lone Star Retail Portfolio, LLC	Delaware
WRI-GDC Englewood, LLC	Delaware

Subsidiary	State of Incorporation
WRI-JAMESTOWN Retail Venture, LP	Delaware
WRI-RET GP, LLC	Delaware
WRI-SRP Chatham Crossing, LLC	Delaware
WRI-SRP Hilton Head, LLC	Delaware
WRI-SRP Indian Harbour, LLC	Delaware
WRI-SRP Paradise Isle Holdings, LLC	Delaware
WRI-SRP Paradise Isle, LLC	Delaware
WRI-SRP Shoppes of Port Charlotte, LLC	Delaware
WRI-SRP Sunrise West, LLC	Delaware
WRI-TC Alafaya Square, LLC	Delaware
WRI-TC East Lake Woodlands, LLC	Delaware
WRI-TC International Drive Value Center, LLC	Delaware
WRI-TC Kendall Corners, LLC	Delaware
WRI-TC Marketplace at Dr. Phillips, LLC	Delaware
WRI-TC Palm Lakes Plaza, LLC	Delaware
WRI-TC South Dade Shopping Center, LLC	Delaware
WRI-URS Clackamas, LLC	Delaware
WRI-URS Meridian, LLC	Delaware
WRI-URS Mukilteo Speedway, LLC	Delaware
WRI-URS Rainier Valley, LLC	Delaware
WRI-URS Raleigh Hills, LLC	Delaware
WRI-URS South Hill, LLC	Delaware
WS Atlantic West, LLC	Delaware
WS Kernan Village, LLC	Delaware
WT Florida Ventures, LLC	Delaware

EX-23.1

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statements No. 33-41604, No. 33-54404, No. 333-166577 and No. 333-166594 on Form S-8, in Post-Effective Amendment No. 1 to Registration Statement No. 33-25581 on Form S-8, and in Registration Statements No. 333-104559, No. 333-122342, No. 333-122448, No. 333-124298, No. 333-142418, No. 333-166916, No. 333-166914 and No. 333-220656 on Form S-3 of our reports dated February 28, 2018, relating to (1) the consolidated financial statements and financial statement schedules of Weingarten Realty Investors and subsidiaries (the "Company") and (2) the effectiveness of the Company's internal control over financial reporting, appearing in this Annual Report on Form 10-K of the Company for the year ended December 31, 2017.

/s/ Deloitte & Touche LLP

Houston, Texas

February 28, 2018

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Andrew M. Alexander, certify that:

1.I have reviewed this report on Form 10-K of Weingarten Realty Investors;

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 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.

BY:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President/Chief Executive Officer

February 28, 2018

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Stephen C. Richter, certify that:

1.I have reviewed this report on Form 10-K of Weingarten Realty Investors;

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 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.

BY:	/s/ Stephen C. Richter
	Stephen C. Richter
	Executive Vice President/Chief Financial Officer

February 28, 2018

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Weingarten Realty Investors (the “Company”) on Form 10-K for the period ended December 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Andrew M. Alexander, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

BY:	/s/ Andrew M. Alexander
	Andrew M. Alexander
	President/Chief Executive Officer

February 28, 2018

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Weingarten Realty Investors (the “Company”) on Form 10-K for the period ended December 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen C. Richter, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.  The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.  The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

BY:	/s/ Stephen C. Richter
	Stephen C. Richter
	Executive Vice President/Chief Financial Officer

February 28, 2018

XML

Document And Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2017
Entity Registrant Name	WEINGARTEN REALTY INVESTORS /TX/
Entity Central Index Key	0000828916
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		128,456,753
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 3.6
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

XML

Consolidated Statements Of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rentals, net	$ 560,643	$ 537,265	$ 502,464
Other	12,520	12,290	10,380
Total	573,163	549,555	512,844
Expenses:
Depreciation and amortization	167,101	162,535	145,940
Operating	109,310	98,855	94,244
Real estate taxes, net	75,636	66,358	60,289
Impairment loss	15,257	98	153
General and administrative	28,435	27,266	27,524
Total	395,739	355,112	328,150
Operating Income	177,424	194,443	184,694
Interest Expense, net	(80,326)	(83,003)	(87,783)
Interest and Other Income	7,915	2,569	4,563
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests	0	48,322	879
Benefit (Provision) for Income Taxes	17	(6,856)	(52)
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net	27,074	20,642	19,300
Income from Continuing Operations	132,104	176,117	121,601
Gain on Sale of Property	218,611	100,714	59,621
Net Income	350,715	276,831	181,222
Less: Net Income Attributable to Noncontrolling Interests	(15,441)	(37,898)	(6,870)
Net Income Adjusted for Noncontrolling Interests	335,274	238,933	174,352
Dividends on Preferred Shares	0	0	(3,830)
Redemption Costs of Preferred Shares	0	0	(9,687)
Net Income Attributable to Common Shareholders	$ 335,274	$ 238,933	$ 160,835
Earnings Per Common Share - Basic:
Net income attributable to common shareholders - basic (in dollars per share)	$ 2.62	$ 1.90	$ 1.31
Earnings Per Common Share - Diluted:
Net income attributable to common shareholders - diluted (in dollars per share)	$ 2.60	$ 1.87	$ 1.29

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Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 350,715	$ 276,831	$ 181,222
Other Comprehensive Income (Loss):
Net unrealized gain (loss) on investments, net of taxes	1,228	407	(99)
Realized gain on investments	(651)	0	0
Realized (loss) gain on derivatives	0	(2,084)	5,007
Net unrealized gain (loss) on derivatives	1,063	(1,204)	(3,061)
Reclassification adjustment of derivatives and designated hedges into net income	(42)	1,531	2,798
Retirement liability adjustment	1,393	(167)	147
Total	2,991	(1,517)	4,792
Comprehensive Income	353,706	275,314	186,014
Comprehensive Income Attributable to Noncontrolling Interests	(15,441)	(37,898)	(6,870)
Comprehensive Income Adjusted for Noncontrolling Interests	$ 338,265	$ 237,416	$ 179,144

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Consolidated Balance Sheets - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
ASSETS
Property		$ 4,498,859	$ 4,789,145
Accumulated Depreciation		(1,166,126)	(1,184,546)
Property Held for Sale, net		54,792	479
Property, net	[1]	3,387,525	3,605,078
Investment in Real Estate Joint Ventures and Partnerships, net	[1]	317,763	289,192
Total		3,705,288	3,894,270
Unamortized Lease Costs, net		181,047	208,063
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $7,516 in 2017 and $6,700 in 2016)	[1]	104,357	94,466
Cash and Cash Equivalents	[1]	13,219	16,257
Restricted Deposits and Mortgage Escrows		8,115	25,022
Other, net		184,613	188,850
Total Assets		4,196,639	4,426,928
LIABILITIES AND EQUITY
Debt, net	[1]	2,081,152	2,356,528
Accounts Payable and Accrued Expenses		116,463	116,859
Other, net		189,182	191,887
Total Liabilities		2,386,797	2,665,274
Commitments and Contingencies (see Note 19)		0	0
Deferred Compensation Share Awards		0	44,758
Shareholders' Equity:
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,447 in 2017 and 128,072 in 2016		3,897	3,885
Additional Paid-In Capital		1,772,066	1,718,101
Net Income Less Than Accumulated Dividends		(137,065)	(177,647)
Accumulated Other Comprehensive Loss		(6,170)	(9,161)
Total Shareholders' Equity		1,632,728	1,535,178
Noncontrolling Interests		177,114	181,718
Total Equity		1,809,842	1,716,896
Total Liabilities and Equity		4,196,639	4,426,928
Consolidated variable interest entities' assets and debt included in the above balances (see Note 20):
Property, net		207,969	476,117
Accrued Rent and Accounts Receivable, net		12,011	11,066
Cash and Cash Equivalents		9,025	9,560
Debt, net		$ 46,253	$ 47,112

[1] * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 7,516	$ 6,700
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,447 in 2017 and 128,072 in 2016
Common shares of beneficial interest; par value	$ 0.03	$ 0.03
Common shares of beneficial interest, shares authorized (in shares)	275,000,000	275,000,000
Common shares of beneficial interest, shares issued (in shares)	128,447,000	128,072,000
Common shares of beneficial interest, shares outstanding (in shares)	128,447,000	128,072,000

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities:
Net Income	$ 350,715	$ 276,831	$ 181,222
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	167,101	162,535	145,940
Amortization of debt deferred costs and intangibles, net	2,790	2,562	2,650
Impairment loss	15,257	98	153
Equity in earnings of real estate joint ventures and partnerships, net	(27,074)	(20,642)	(19,300)
Gain on sale and acquisition of real estate joint venture and partnership interests	0	(48,322)	(879)
Gain on sale of property	(218,611)	(100,714)	(59,621)
Distributions of income from real estate joint ventures and partnerships	1,321	1,149	1,216
Changes in accrued rent and accounts receivable, net	(18,964)	(14,488)	(8,884)
Changes in unamortized lease costs and other assets, net	(13,299)	(16,900)	(14,617)
Changes in accounts payable, accrued expenses and other liabilities, net	4,970	8,963	5,971
Other, net	5,552	1,339	11,584
Net cash provided by operating activities	269,758	252,411	245,435
Cash Flows from Investing Activities:
Acquisition of real estate and land	(1,902)	(500,421)	(221,779)
Development and capital improvements	(133,336)	(101,179)	(83,702)
Proceeds from sale of property and real estate equity investments	433,661	234,952	101,516
Real estate joint ventures and partnerships - Investments	(37,173)	(52,834)	(30,053)
Real estate joint ventures and partnerships - Distributions of capital	28,791	51,714	35,341
Purchase of investments	(5,730)	(4,740)	0
Proceeds from investments	8,502	1,250	1,250
Other, net	6,179	5,086	295
Net cash provided by (used in) investing activities	298,992	(366,172)	(197,132)
Cash Flows from Financing Activities:
Proceeds from issuance of debt	0	249,999	448,083
Principal payments of debt	(28,723)	(144,788)	(240,505)
Changes in unsecured credit facilities	(245,000)	95,500	(39,500)
Proceeds from issuance of common shares of beneficial interest, net	1,588	137,460	42,572
Redemption of preferred shares of beneficial interest	0	0	(150,000)
Common and preferred dividends paid	(294,073)	(185,100)	(174,628)
Debt issuance and extinguishment costs paid	(488)	(5,396)	(9,878)
Distributions to noncontrolling interests	(19,342)	(9,563)	(5,478)
Contributions from noncontrolling interests	0	0	1,318
Other, net	(2,657)	(8,314)	1,768
Net cash (used in) provided by financing activities	(588,695)	129,798	(126,248)
Net (decrease) increase in cash, cash equivalents and restricted cash equivalents	(19,945)	16,037	(77,945)
Cash, cash equivalents and restricted cash equivalents at January 1	41,279	25,242	103,187
Cash, cash equivalents and restricted cash equivalents at December 31	21,334	41,279	25,242
Interest paid during the period (net of amount capitalized of $4,868, $2,656 and $3,252, respectively)	79,161	79,515	79,580
Income taxes paid during the period	$ 1,009	$ 958	$ 1,474

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Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Cash Flows [Abstract]
Capitalized interest paid	$ 4,868	$ 2,656	$ 3,252

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Consolidated Statements Of Equity - USD ($) $ in Thousands	Total	Preferred Shares of Beneficial Interest	Common Shares of Beneficial Interest	Additional Paid-In Capital	Net Income Less Than Accumulated Dividends	Accumulated Other Comprehensive Loss	Noncontrolling Interests
Beginning balance at Dec. 31, 2014	$ 1,638,943	$ 2	$ 3,700	$ 1,706,880	$ (212,960)	$ (12,436)	$ 153,757
Increase (Decrease) in Equity [Roll Forward]
Net Income	181,222				174,352		6,870
Redemption of preferred shares	(150,000)	(2)		(140,311)	(9,687)
Issuance of common shares, net	40,328		34	40,294
Shares issued under benefit plans, net	8,999		10	8,989
Shares issued in exchange for noncontrolling interests	0			111			(111)
Dividends paid – common shares	(170,755)				(170,755)
Dividends paid – preferred shares	(3,873)				(3,873)
Distributions to noncontrolling interests	(5,478)						(5,478)
Contributions from noncontrolling interests	1,318						1,318
Other comprehensive income (loss)	4,792					4,792
Other, net	(486)			279	43		(808)
Ending balance at Dec. 31, 2015	1,545,010	0	3,744	1,616,242	(222,880)	(7,644)	155,548
Increase (Decrease) in Equity [Roll Forward]
Net Income	276,831				238,933		37,898
Issuance of common shares, net	131,422		105	131,317
Shares issued under benefit plans, net	7,466		36	7,430
Dividends paid – common shares	(185,100)				(185,100)
Distributions to noncontrolling interests	(9,563)						(9,563)
Other comprehensive income (loss)	(1,517)					(1,517)
Other, net	(26)						(26)
Change in classification of deferred compensation plan	(39,977)			(39,977)
Change in redemption value of deferred compensation plan	(8,600)				(8,600)
Diversification of share awards within deferred compensation plan	3,819			3,819
Acquisition of noncontrolling interests	(2,869)			(730)			(2,139)
Ending balance at Dec. 31, 2016	1,716,896	0	3,885	1,718,101	(177,647)	(9,161)	181,718
Increase (Decrease) in Equity [Roll Forward]
Net Income	350,715				335,274		15,441
Shares issued under benefit plans, net	8,828		12	8,816
Dividends paid – common shares	(294,073)				(294,073)
Distributions to noncontrolling interests	(19,342)						(19,342)
Other comprehensive income (loss)	2,991					2,991
Other, net	(931)			(228)			(703)
Change in classification of deferred compensation plan	45,377			45,377
Change in redemption value of deferred compensation plan	(619)				(619)
Ending balance at Dec. 31, 2017	$ 1,809,842	$ 0	$ 3,897	$ 1,772,066	$ (137,065)	$ (6,170)	$ 177,114

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Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Summary of Significant Accounting Policies

Business

Weingarten Realty Investors is a REIT organized under the Texas Business Organizations Code. We currently operate, and intend to operate in the future, as a REIT.

We, and our predecessor entity, began the ownership of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.

We operate a portfolio of neighborhood and community shopping centers, totaling approximately 41.3 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 2.8% of base minimum rental revenues during 2017. Total revenues generated by our centers located in Houston and its surrounding areas was 19.6% of total revenue for the year ended December 31, 2017, and an additional 9.2% of total revenue was generated in 2017 from centers that are located in other parts of Texas. Also, in Florida and California, an additional 17.5% and 16.7%, respectively, of total revenue was generated in 2017.

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and VIEs which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

Our financial statements are prepared in accordance with GAAP. Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Revenue Recognition

Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other revenue is income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which is recognized as the related services are performed under the respective agreements.

Property

Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment. Major replacements where the betterment extends the useful life of the asset are capitalized, and the replaced asset and corresponding accumulated depreciation are removed from the accounts. All other maintenance and repair items are charged to expense as incurred.

Acquisitions of properties are accounted for utilizing the acquisition of an asset method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon estimated future cash flows and other valuation techniques in accordance with our fair value measurements accounting policy. Fair values are used to allocate and record the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, other identifiable intangibles and any goodwill or gain on purchase. Other identifiable intangible assets and liabilities include the effect of out-of-market leases, the value of having leases in place (“as is” versus “as if vacant” and absorption costs), out-of-market assumed mortgages and tenant relationships. Depreciation and amortization is computed using the straight-line method, generally over estimated useful lives of 40 years for buildings and over the lease term which includes bargain renewal options for other identifiable intangible assets. Costs associated with the successful acquisition of an asset are capitalized as incurred.

Property also includes costs incurred in the development and redevelopment of operating properties. These properties are carried at cost, and no depreciation is recorded on these assets until rent commences or no later than one year from the completion of major construction. These costs include preacquisition costs directly identifiable with the specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs, including salaries and benefits, travel and other related costs that are directly attributable to the development of the property, are also capitalized. The capitalization of such costs ceases at the earlier of one year from the completion of major construction or when the property, or any completed portion, becomes available for occupancy.

Property also includes costs for tenant improvements paid by us, including reimbursements to tenants for improvements that are owned by us and will remain our property after the lease expires.

Property identified for sale is reviewed to determine if it qualifies as held for sale based on the following criteria: management has approved and is committed to the disposal plan, the assets are available for immediate sale, an active plan is in place to locate a buyer, the sale is probable and expected to qualify as a completed sale within a year, the sales price is reasonable in relation to the current fair value, and it is unlikely that significant changes will be made to the sales plan or that the sales plan will be withdrawn. Upon qualification, these properties are segregated and classified as held for sale at the lower of cost or fair value less costs to sell. Our individual property disposals do not qualify for discontinued operations presentation; thus, the results of these disposals remain in income from continuing operations and any associated gains are included in gain on sale of property.

Some of our properties are held in single purpose entities. A single purpose entity is a legal entity typically established at the request of a lender solely for the purpose of owning a property or group of properties subject to a mortgage. There may be restrictions limiting the entity’s ability to engage in an activity other than owning or operating the property, assuming or guaranteeing the debt of any other entity, or dissolving itself or declaring bankruptcy before the debt has been repaid. Most of our single purpose entities are 100% owned by us and are consolidated in our consolidated financial statements.

Real Estate Joint Ventures and Partnerships

To determine the method of accounting for partially owned real estate joint ventures and partnerships, management determines whether an entity is a VIE and, if so, determines which party is the primary beneficiary by analyzing whether we have both the power to direct the entity’s significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the design of the entity structure, the nature of the entity’s operations, future cash flow projections, the entity’s financing and capital structure, and contractual relationships and terms. We consolidate a VIE when we have determined that we are the primary beneficiary.

Primary risks associated with our involvement with our VIEs include the potential funding of the entities’ debt obligations or making additional contributions to fund the entities’ operations or capital activities.

Partially owned, non-variable interest real estate joint ventures and partnerships over which we have a controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned real estate joint ventures and partnerships where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method.

Management continually analyzes and assesses reconsideration events, including changes in the factors mentioned above, to determine if the consolidation or equity method treatment remains appropriate.

Unamortized Lease Costs, net

Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as salaries and benefits, travel and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis.

Accrued Rent and Accounts Receivable, net

Receivables include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation.

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered cash equivalents. Cash and cash equivalents are primarily held at major financial institutions in the U.S. We had cash and cash equivalents in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents amongst several banking institutions in an attempt to minimize exposure to any one of these entities. We believe we are not exposed to any significant credit risk and regularly monitor the financial stability of these financial institutions.

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted deposits that are held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Our restricted deposits and mortgage escrows consists of the following (in thousands):

	December 31,
	2017		2016
Restricted deposits (1)	6,291		23,489
Mortgage escrows	1,824		1,533
Total	$	8,115	$	25,022

___________________

(1) The decrease between the periods presented is primarily attributable to $21.0 million of funds being released from a qualified escrow account for the purpose of completing like-kind exchange transactions.

Other Assets, net

Other assets include an asset related to the debt service guaranty (see Note 6 for further information), tax increment revenue bonds, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, interest rate derivatives, the value of above-market leases and the related accumulated amortization, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Consolidated Statements of Operations and Consolidated Statement of Comprehensive Income, respectively. The value of our investments in mutual funds approximates the cost basis. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 21 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We would establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral.

Derivatives and Hedging

We manage interest cost using a combination of fixed-rate and variable-rate debt. To manage our interest rate risk, we occasionally hedge the future cash flows of our existing floating-rate debt or anticipated fixed-rate debt issuances, as well as changes in the fair value of our existing fixed-rate debt instruments, principally through interest rate contracts with major financial institutions. Interest rate contracts that meet specific criteria are accounted for as either a cash flow or fair value hedge.

Cash Flow Hedges of Interest Rate Risk:

Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swap contracts as part of our interest rate risk management strategy. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For hedges of fixed-rate debt issuances, the interest rate contracts are cash settled upon the pricing of the debt, with amounts deferred in accumulated other comprehensive loss and amortized as an increase/decrease to interest expense over the originally hedged period.

The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.

Sales of Real Estate

Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate.

Profits on sales of real estate are not recognized until (a) a sale is consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay; (c) the seller’s receivable is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership in the transaction, and we do not have a substantial continuing involvement with the property.

We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP, and we do not have a commitment to support the operations of the real estate joint venture or partnership to an extent greater than our proportionate interest in the real estate joint venture or partnership.

Impairment

Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable.

If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy.

We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future.

Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change.

Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity.

Interest Capitalization

Interest is capitalized on land under development and buildings under construction based on rates applicable to borrowings outstanding during the period and the weighted average balance of qualified assets under development/construction during the period.

Income Taxes

We have elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, we generally will not be subject to corporate level federal income tax on taxable income we distribute to our shareholders. To be taxed as a REIT, we must meet a number of requirements including defined percentage tests concerning the amount of our assets and revenues that come from, or are attributable to, real estate operations. As long as we distribute at least 90% of the taxable income of the REIT (without regard to capital gains or the dividends paid deduction) to our shareholders as dividends, we will not be taxed on the portion of our income we distribute as dividends unless we have ineligible transactions.

The Tax Relief Extension Act of 1999 gave REITs the ability to conduct activities which a REIT was previously precluded from doing as long as such activities are performed in entities which have elected to be treated as taxable REIT subsidiaries under the IRS code. These activities include buying or developing properties with the express purpose of selling them. We conduct certain of these activities in a taxable REIT subsidiary that we have created. We calculate and record income taxes in our consolidated financial statements based on the activities in this entity. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between our carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. These are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance for deferred tax assets is established for those assets when we do not consider the realization of such assets to be more likely than not.

On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35% to 21%, (2) establishing a 20% deduction for REIT dividends (other than any portion that is a capital gain dividend), (3) limiting the deductibility of business interest, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. Management’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Act and was based on the best information available to management at the time (see Note 13 for additional information).

Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations.

In addition, we are subject to the State of Texas business tax (“Texas Franchise Tax”), which is determined by applying a tax rate to a base that considers both revenues and expenses. Therefore, the Texas Franchise Tax is considered an income tax and is accounted for accordingly.

Share-Based Compensation

We have both share options and share awards outstanding. Since 2012, our employee long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan grants only awards that incorporate both service-based and market-based measures for share awards to promote share ownership among the participants and to emphasize the importance of total shareholder return. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. All awards are recorded at fair value on the date of grant and earn dividends throughout the vesting period; however, the dividends are subject to the same vesting terms as the award. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us.

The share awards are subject to a three-year cliff vesting basis. Service-based and market-based share awards are subject to the achievement of select performance goals as follows:

• Service-based awards and accumulated dividends typically vest three years from the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

• Market-based awards vest based upon the performance metrics at the end of a three-year period. These awards are based 50% on our three-year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three-year absolute TSR, which is currently compared to an 8% hurdle. At the end of a three-year period, the performance measures are analyzed; the actual number of shares earned is determined; and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest.

Restricted shares granted to trust managers and share awards granted to retirement eligible employees are expensed immediately. Restricted shares and share awards have the same rights of a common shareholder, including the right to vote and receive dividends, except as otherwise provided by our Management Development and Executive Compensation Committee.

Options generally expire upon the earlier of termination of employment or 10 years from the date of grant, and all restricted shares are granted at no purchase price. Our policy is to recognize compensation expense for equity awards ratably over the vesting period, except for retirement eligible amounts.

Retirement Benefit Plans

Defined Benefit Plan:

We sponsor a noncontributory cash balance retirement plan (“Retirement Plan”) under which an account is maintained for each participant. Annual additions to each participant’s account include a service credit ranging from 3%-5% of compensation, depending on years of service, and an interest credit of 4.5%. Vesting generally occurs after three years of service.

Investments of Plan Assets

Our investment policy for our plan assets has been to determine the objectives for structuring a retirement savings program suitable to the long-term needs and risk tolerances of participants, to select appropriate investments to be offered by the plan and to establish procedures for monitoring and evaluating the performance of the investments of the plan. Our overall plan objectives for selecting and monitoring investment options are to promote and optimize retirement wealth accumulation; to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk; to control costs of administering the plan; and to manage the investments held by the plan.

The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the plan, including attained age and future service. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of plan assets occurs semi-annually.

Defined Contribution Plans:

Effective January 1, 2012, we amended our two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees to be defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants as of January 1, 2012, annual additions to each participant’s account include an actuarially-determined service credit ranging from 3% to 5% and an interest credit of 4.5%. Vesting generally occurs between five and 10 years of service. We have elected to use the actuarial present value of the vested benefits to which the participant was entitled if the participant separated immediately from the SRP, as permitted by GAAP.

The SRP participants' account balances, prior to January 1, 2012, were converted to a cash balance retirement plan which no longer receives service credits but continues to receive a 7.5% interest credit for active participants and a December 31, 90-day LIBOR rate plus .50% for inactive participants.

We have a Savings and Investment Plan pursuant to which eligible employees may elect to contribute from 1% of their salaries to the maximum amount established annually by the IRS. Employee contributions are matched by us at the rate of 50% for the first 6% of the employee's salary. The employees vest in the employer contributions ratably over a five-year period.

Deferred Compensation Plan

We have a deferred compensation plan for eligible employees allowing them to defer portions of their current cash salary or share-based compensation. Deferred amounts are deposited in a grantor trust, which are included in net other assets, and are reported as compensation expense in the year service is rendered. Cash deferrals are invested based on the employee’s investment selections from a mix of assets selected using a broad market diversification model.

Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification were reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. In February 2017, the deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification at the amendment date were reclassified from temporary equity into additional paid-in capital in our Consolidated Balance Sheet. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral.

The following table summarizes the eligible share award activity since inception through the February 2017 plan amendment date (in thousands):

	December 31,
	2017			2016
Balance at beginning of the period/inception	$	44,758		$	36,261
Change in redemption value	619			8,600
Change in classification	988			3,716
Diversification of share awards	—			(3,819		)
Amendment reclassification	(46,365		)	—
Balance at end of period	$	—		$	44,758

Fair Value Measurements

Certain financial instruments, estimates and transactions are required to be calculated, reported and/or recorded at fair value. The estimated fair values of such financial items, including debt instruments, impaired assets, acquisitions, investment securities and derivatives, have been determined using a market-based measurement. This measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability; including, market capitalization rates, discount rates, current operating income, local economics and other factors. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The fair value of such financial instruments, estimates and transactions was determined using available market information and appropriate valuation methodologies as prescribed by GAAP.

Internally developed and third party fair value measurements, including the unobservable inputs, are evaluated by management with sufficient experience for reasonableness based on current market knowledge, trends and transactional experience in the real estate and capital markets. Our valuation policies and procedures are determined by our Accounting Group, which reports to the Chief Financial Officer and the results of significant impairment transactions are discussed with the Audit Committee on a quarterly basis.

Fair value estimates are based on limited available market information for similar transactions, including our tax increment revenue bonds, investments held to maturity and debt, and there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The following provides information about the methods used to estimate the fair value of our financial instruments, including their estimated fair values:

Investments and Deferred Compensation Plan Obligations

Investments in mutual funds held in a grantor trust and mutual funds are valued based on publicly-quoted market prices for identical assets. The deferred compensation plan obligations corresponds to the value of our investments held in a grantor trust. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts.

Derivative Instruments

We use interest rate contracts with major financial institutions to manage our interest rate risk. The valuation of these instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of our interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral, thresholds and guarantees. An accounting policy election was made to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counter-parties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Tax Increment Revenue Bonds

The fair value estimates of our held to maturity tax increment revenue bonds, which were issued by the Agency in connection with our investment in a development project in Sheridan, Colorado, are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis based on the expected future sales tax revenues of the development project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates.

Debt

The fair value of our debt may be based on quoted market prices for publicly-traded debt, on a third-party established benchmark for inactively traded debt and on the discounted estimated future cash payments to be made for non-traded debt. For inactively traded debt, our third-party provider establishes a benchmark for all REIT securities based on the largest, most liquid and most frequent investment grade securities in the REIT bond market. This benchmark is then adjusted to consider how a market participant would be compensated for risk premiums such as, longevity of maturity dates, lack of liquidity and credit quality of the issuer. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed.

Reportable Segments

Our primary focus is to lease space to tenants in shopping centers that we own, lease or manage. We evaluate the performance of the reportable segments based on net operating income, defined as total revenues less operating expenses and real estate taxes. Management does not consider the effect of gains or losses from the sale of property or interests in real estate joint ventures and partnerships in evaluating segment operating performance.

No individual property constitutes more than 10% of our revenues or assets, and we have no operations outside of the United States of America. Therefore, our properties have been aggregated into one reportable segment since such properties and the tenants thereof each share similar economic and operating characteristics.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2016	$	(964	)		$	(6,403	)		$	16,528			$	9,161
Change excluding amounts reclassified from accumulated other comprehensive loss	(1,228		)		(1,063		)		82				(2,209		)
Amounts reclassified from accumulated other comprehensive loss	651			(1)	42			(2)	(1,475		)	(3)	(782		)
Net other comprehensive (income) loss	(577		)		(1,021		)		(1,393		)		(2,991		)
Balance, December 31, 2017	$	(1,541	)		$	(7,424	)		$	15,135			$	6,170
	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2015	$	(557	)		$	(8,160	)		$	16,361			$	7,644
Change excluding amounts reclassified from accumulated other comprehensive loss	(407		)		3,288				1,719				4,600
Amounts reclassified from accumulated other comprehensive loss					(1,531		)	(2)	(1,552		)	(3)	(3,083		)
Net other comprehensive (income) loss	(407		)		1,757				167				1,517
Balance, December 31, 2016	$	(964	)		$	(6,403	)		$	16,528			$	9,161

___________________

(1) This reclassification component is included in interest and other income.

(2) This reclassification component is included in interest expense (see Note 7 for additional information).

(3) This reclassification component is included in the computation of net periodic benefit cost (see Note 17 for additional information).

Retrospective Application of Accounting Standard Update

The retrospective application of adopting Accounting Standard Update ("ASU") No. 2016-09, "Improvements to Employee Share-Based Payment Accounting," ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" and ASU No. 2016-18, "Restricted Cash" on prior years' Consolidated Statements of Cash Flows and applicable notes to the consolidated financial statements were made to conform to the current year presentation (see Notes 2 and 14 for additional information).

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Newly Issued Accounting Pronouncements

12 Months Ended

Dec. 31, 2017

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Newly Issued Accounting Pronouncements

Newly Issued Accounting Pronouncements

Adopted

In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $6.0 million and $1.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015, respectively, from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings.

In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017 on a retrospective basis. The adoption of this ASU resulted in a retrospective reclassification of $.5 million and $.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015, respectively, from cash flows from operating activities in accrued rent and accounts receivable, net to cash flows from investing activities in other, net for the settlement of insurance claims associated with capital assets. Also, our distributions received from equity method investees are accounted for using the cumulative earnings approach.

In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis. We have adopted this update, and the adoption did not have any impact to our consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalents that result from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We have adopted this ASU as of December 31, 2017 on a retrospective basis, as reflected in our cash flow statement presentation and related notes (see Notes 1 and 14 for additional information). For the year ended December 31, 2016 and 2015, cash flows from investing activities in the Consolidated Statements of Cash Flows no longer reflects the change in restricted deposits and mortgage escrows totaling $20.0 million and $76.6 million, respectively.

In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets can be concentrated in a single asset or identifiable group of similar assets, then the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For for the year ended December 31, 2016, we expensed acquisition costs of $1.4 million.

In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation: Scope of Modification Accounting." This ASU provides guidance about the types of changes to the terms or conditions of a share-based payment award which would require an entity to apply modification accounting. This ASU requires an entity to account for the effects of a modification in the terms or conditions of a share-based payment award, unless three criteria are met relating to the fair value, vesting conditions and classification of the modified awards. The provisions of ASU No. 2017-09 are effective for us as of January 1, 2018 on a prospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017, and the adoption did not have any impact to our consolidated financial statements.

Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. We have elected to apply this guidance on a modified retrospective approach upon adoption.

Our evaluation has resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. Based on our evaluation, we will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption at January 1, 2018, we recognized the cumulative effect for these fees which has increased retained earnings and contract assets by $.3 million, respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. We are still evaluating the impact to the notes in our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018 and is required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income."

In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We anticipate adopting this ASU on January 1, 2019.

In January 2018, the FASB issued an exposure draft ("2018 Exposure Draft") which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients.

We are in the process of evaluating the impact to our 5,400 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). Currently upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). We have currently identified some areas we believe may be impacted by this ASU. These include:

• The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items.

• We have ground lease agreements in which we are the lessee for land underneath all or a portion of 13 centers and three administrative office leases that we account for as operating leases. Rental expense associated with these operating leases was, in millions: $2.9 in 2017; $3.0 in 2016 and $3.2 in 2015. We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We will record any rights and obligations under these leases as an asset and liability at fair value in our consolidated balance sheets.

• Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated leasing and legal costs, of which we capitalized internal costs of $10.8 millionand$10.3 million for the year ended December 31, 2017 and 2016, respectively. We believe we will be able to continue to capitalize internal leasing commissions that are a direct result of obtaining a lease.

In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types. We recognized the cumulative effect for contracts in which gains would have been realized and have increased retained earnings and other assets by $4.0 million, respectively, at January 1, 2018.

In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. Upon adoption of this ASU, our income statement presentation and notes will be impacted, but it does not have a material impact to our consolidated financial statements. For the year ended December 31, 2017, 2016 and 2015, net periodic benefit cost, excluding the service cost component, of $.4 million, $.7 million and $.2 million, respectively, will be restated as non-operating expenses in our Consolidated Statements of Operations.

In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which requires a modified retrospective transition method upon adoption. The adoption of this ASU will not have a material impact to our consolidated financial statements.

In January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842." The ASU provides an optional transition practical expedient to not evaluate existing or expired land easements under ASU No. 2016-02, if they were not previously accounted for as leases under prior guidance. The provisions of ASU No. 2018-01 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-02.

In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-01.

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Property

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Property

Property

Our property consists of the following (in thousands):

	December 31,
	2017		2016
Land	$	1,068,022	$	1,107,072
Land held for development	69,205		82,953
Land under development	48,985		51,761
Buildings and improvements	3,232,074		3,489,685
Construction in-progress	80,573		57,674
Total	$	4,498,859	$	4,789,145

During the year ended December 31, 2017, we sold 18centers and other property. Aggregate gross sales proceeds from these transactions approximated $446.6 million and generated gains of approximately $218.6 million. Also, for the year ended December 31, 2017, we invested $57.2 million in new development projects, which includes the purchase of the retail portion of a mixed-use project in Seattle, Washington that was subject to a contractual obligation at December 31, 2016.

At December 31, 2017, three centers, totaling $78.7 million before accumulated depreciation, were classified as held for sale. At December 31, 2016, one center, totaling $1.6 million before accumulated depreciation, was classified as held for sale. None of these centers qualified to be reported in discontinued operations, and all but one have been sold subsequent to the end of the applicable reporting period.

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Investment In Real Estate Joint Ventures And Partnerships

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Investment In Real Estate Joint Ventures And Partnerships

 Investment in Real Estate Joint Ventures and Partnerships

We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests ranged for the periods presented from 20% to 90% in 2017 and from 20% to 75% in 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	December 31,
	2017			2016
Combined Condensed Balance Sheets
ASSETS
Property	$	1,241,004		$	1,196,770
Accumulated depreciation	(285,033		)	(261,392		)
Property, net	955,971			935,378
Other assets, net	115,743			114,554
Total Assets	$	1,071,714		$	1,049,932
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	298,124		$	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	12,017			12,585
Other liabilities, net	24,759			24,902
Total Liabilities	334,900			338,967
Equity	736,814			710,965
Total Liabilities and Equity	$	1,071,714		$	1,049,932

	Year Ended December 31,
	2017		2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	137,419	$	138,316	$	148,875
Expenses:
Depreciation and amortization	34,818		38,242		37,771
Interest, net	11,836		16,076		17,053
Operating	23,876		26,126		26,797
Real estate taxes, net	18,865		17,408		18,525
General and administrative	623		816		839
Provision for income taxes	112		113		197
Impairment loss	—		1,303		7,487
Total	90,130		100,084		108,669
Gain on sale of non-operating property	—		373		—
Gain on dispositions	12,492		14,816		5,171
Net Income	$	59,781	$	53,421	$	45,377

Our investment in real estate joint ventures and partnerships, as reported in our Consolidated Balance Sheets, differs from our proportionate share of the entities’ underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $2.2 million and $2.6 million at December 31, 2017 and 2016, respectively, are generally amortized over the useful lives of the related assets.

Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain centers was not recoverable and that the centers should be written down to fair value. There was no impairment charge for the year ended December 31, 2017. For the year ended December 31, 2016 and 2015, our unconsolidated real estate joint ventures and partnerships recorded an impairment charge of $1.3 million and $7.5 million, respectively, associated primarily with various centers that have been marketed and sold during the period.

Fees earned by us for the management of these real estate joint ventures and partnerships totaled $6.2 million in 2017, $5.1 million in 2016 and $4.5 million in 2015.

During 2017, two centers were sold with aggregate gross sales proceeds of approximately $19.6 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships totaled $6.2 million. In June 2017, a venture acquired land with a gross purchase price of $23.5 million for a mixed-use development project, and we simultaneously increased our ownership interest to 90% (See Note 20 for additional information).

During 2016, five centers and a land parcel were sold with aggregate gross sales proceeds of approximately $78.7 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $3.9 million. Additionally, a venture acquired one center with a gross purchase price of $73 million, of which our aggregated interest was 69%.

In September 2016, we acquired our partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements. In October 2016, an unconsolidated joint venture distributed land to both us and our partner, totaling $4.4 million.

As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value (See Note 22 for additional information).

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Identified Intangible Assets And Liabilities

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Identified Intangible Assets And Liabilities

 Identified Intangible Assets and Liabilities

Identified intangible assets and liabilities associated with our property acquisitions are as follows (in thousands):

	December 31,
	2017			2016
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	44,231		$	44,595
Above-market leases - Accumulated Amortization	(17,397		)	(13,579		)
Below-market assumed mortgages (included in Debt, net)	—			1,671
Below-market assumed mortgages - Accumulated Amortization	—			(1,564		)
In place leases (included in Unamortized Lease Costs, net)	224,201			232,528
In place leases - Accumulated Amortization	(96,202		)	(82,571		)
	$	154,833		$	181,080
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	105,794		$	110,878
Below-market leases - Accumulated Amortization	(28,072		)	(23,109		)
Above-market assumed mortgages (included in Debt, net)	10,063			10,375
Above-market assumed mortgages - Accumulated Amortization	(6,081		)	(5,186		)
	$	81,704		$	92,958

These identified intangible assets and liabilities are amortized over the applicable lease terms or the remaining lives of the assumed mortgages, as applicable.

The net amortization of above-market and below-market leases increased (decreased) rental revenues by $3.7 million, $2.1 million and $(.5) million in 2017, 2016 and 2015, respectively. The significant year over year change in rental revenues in 2016 to 2015 is primarily due to acquisitions during 2016. The estimated net amortization of these intangible assets and liabilities will increase rental revenues for each of the next five years as follows (in thousands):

2018	$	2,789
2019	3,161
2020	3,234
2021	3,186
2022	3,007

The amortization of the in place lease intangible assets recorded in depreciation and amortization, was $21.0 million, $18.0 million and $12.3 million in 2017, 2016 and 2015, respectively. The significant year over year change in depreciation and amortization from 2016 to 2015 is primarily due to acquisitions during 2016. The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands):

2018	$	16,617
2019	14,638
2020	13,663
2021	11,573
2022	9,516

The net amortization of above-market and below-market assumed mortgages decreased net interest expense by $1.1 million, $1.0 million and $.7 million in 2017, 2016 and 2015, respectively. The estimated net amortization of these intangible assets and liabilities will decrease net interest expense for each of the next five years as follows (in thousands):

2018	$	1,207
2019	1,207
2020	436
2021	287
2022	141

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Debt

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt

Debt

Our debt consists of the following (in thousands):

	December 31,
	2017		2016
Debt payable, net to 2038 (1)	$	1,996,007	$	2,023,403
Unsecured notes payable under credit facilities	—		245,000
Debt service guaranty liability	64,145		67,125
Obligations under capital leases	21,000		21,000
Total	$	2,081,152	$	2,356,528

___________________

(1) At December 31, 2017, interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0%. At December 31, 2016, interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0%.

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	December 31,
	2017		2016
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,063,263	$	2,089,769
Variable-rate debt	17,889		266,759
Total	$	2,081,152	$	2,356,528
As to collateralization:
Unsecured debt	$	1,667,462	$	1,913,399
Secured debt	413,690		443,129
Total	$	2,081,152	$	2,356,528

We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016. This facility expires in March 2020, provides for two consecutive six-month extensions upon our request, and borrowing rates that float at a margin over LIBOR plus a facility fee. At both December 31, 2017 and 2016, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million.

Additionally, we have a $10 million unsecured short-term facility, which was amended and extended on March 27, 2017, that we maintain for cash management purposes, which matures in March 2018. At December 31, 2017, the facility provided for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. At December 31, 2016, the borrowing margin, facility fee and an unused facility fee was 125, 10, and 10 basis points, respectively.

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	December 31,
	2017			2016
Unsecured revolving credit facility:
Balance outstanding	$	—		$	245,000
Available balance	493,610			250,140
Letter of credit outstanding under facility	6,390			4,860
Variable interest rate (excluding facility fee) at end date	—		%	1.5		%
Unsecured short-term facility:
Balance outstanding	$	—		$	—
Variable interest rate at end date	—		%	—		%
Both facilities:
Maximum balance outstanding during the year	$	245,000		$	372,000
Weighted average balance	133,386			141,017
Year-to-date weighted average interest rate (excluding facility fee)	1.8		%	1.3		%

Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a PIF to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of December 31, 2017 and 2016, we had $64.1 million and $67.1 million outstanding for the debt service guaranty liability, respectively.

In December 2016, we repaid $75 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.5%.

In August 2016, we issued $250 million of 3.25% senior unsecured notes maturing in 2026. The notes were issued at 99.16% of the principal amount with a yield to maturity of 3.35%. The net proceeds received of $246.3 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility.

In June 2016, we amended an existing $90 million secured note to extend the maturity to 2028 and reduce the interest rate from 7.5% to 4.5% per annum. In connection with this transaction, we have recorded a $2.0 million gain on extinguishment of debt that has been classified as net interest expense in our Consolidated Statements of Operations.

Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both December 31, 2017 and 2016, the carrying value of such assets aggregated $.7 billion.

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(5.4) million net premium/(discount) on debt, $(8.9) million of deferred debt costs, $4.0 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands):

2018	$	113,427
2019	56,245
2020	237,779
2021	17,667
2022	307,614
2023	305,694
2024	255,954
2025	303,302
2026	277,291
2027	38,288
Thereafter	93,024
Total	$	2,006,285

Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of December 31, 2017.

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Derivatives And Hedging

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives And Hedging

Derivatives and Hedging

The fair value of all our interest rate swap contracts was reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
December 31, 2017	Other Assets, net	$	2,035	Other Liabilities, net	$	—
December 31, 2016	Other Assets, net	126		Other Liabilities, net	—

The gross presentation, the effects of offsetting for derivatives with a right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):

							Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
December 31, 2017
Assets	$	2,035	$	—	$	2,035	$	—	$	—	$	2,035
December 31, 2016
Assets	126		—		126		—		—		126

Cash Flow Hedges

As of December 31, 2017 and 2016, we had three interest rate swap contracts, maturing through March 2020, with an aggregate notional amount of $200 million that were designated as cash flow hedges and fix the LIBOR component of the interest rates at 1.5%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows.

During 2016, we entered into and settled a forward-starting interest rate swap contract with an aggregate notional amount of $200 million hedging future fixed-rate debt issuances, which fixed the 10-year swap rates at 1.5% per annum. Upon settlement of this contract in August 2016, we paid $2.1 million resulting in a loss of $2.0 million in accumulated other comprehensive loss.

As of December 31, 2017 and 2016, the net gain balance in accumulated other comprehensive loss relating to active and previously terminated cash flow interest rate swap contracts was $7.4 million and $6.4 million, respectively. Within the next 12 months, approximately $1.4 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts.

A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):

Derivatives in Cash Flow Hedging Relationships	Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)			Location of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)
Year Ended December 31, 2017	$	(1,063	)	Interest expense, net	$	42		Interest expense, net	$	—
Year Ended December 31, 2016	3,192			Interest expense, net	(1,435		)	Interest expense, net	(96		)
Year Ended December 31, 2015	(1,946		)	Interest expense, net	(2,798		)	Interest expense, net	—

Fair Value Hedges:

Associated with the refinancing of a secured note, on June 24, 2016, we terminated two interest rate swap contracts that were designated as fair value hedges and had an aggregate notional amount of $62.9 million. Upon settlement, we received $2.2 million, which was recognized as part of the gain on extinguishment of debt related to the hedged debt.

A summary of fair value interest rate swap contract hedging activity is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Net Settlements  and Accruals on Contracts (1) (3)		Amount of Gain  (Loss) Recognized in Income (2) (3)
Year Ended December 31, 2016
Interest expense, net	$	(418	)	$	418	$	3,140	$	3,140
Year Ended December 31, 2015
Interest expense, net	(1,228		)	1,228		2,030		2,030

_______________

(1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements.

(2) No ineffectiveness was recognized during the respective periods.

(3) Included in each caption for the year ended December 31, 2016 is $2.2 million received upon the termination of two interest rate swap contracts.

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Preferred Shares Of Beneficial Interest

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Preferred Shares Of Beneficial Interest

Preferred Shares of Beneficial Interest

On May 8, 2015, we redeemed the remaining outstanding Series F depositary shares totaling $150.0 million. Upon redemption of these shares, $9.7 million was reported as a deduction in arriving at net income attributable to common shareholders. The Series F Preferred Shares paid a 6.5% annual dividend and had a liquidation value of $2,500 per share.

The following table discloses the cumulative redeemable preferred dividends declared per share:

	Year Ended December 31, 2015
Series of Preferred Shares:
Series F	$	64.55

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Common Shares Of Beneficial Interest

12 Months Ended

Dec. 31, 2017

Class of Stock Disclosures [Abstract]

Common Shares Of Beneficial Interest

Common Shares of Beneficial Interest

We had an at-the-market ("ATM") equity offering program, which terminated on September 29, 2017, under which we could sell up to $250 million of common shares, in amounts and at times as we determined, at prices determined by the market at the time of sale. No common shares remain available for sale under this program.

No shares were sold under the ATM equity offering program during the year ended December 31, 2017. The following shares were sold under the ATM equity offering programs during the year ended December 31, 2016 (in thousands, except per share amounts):

	Year Ended December 31, 2016
Shares sold	3,465
Weighted average price per share	$	38.35
Gross proceeds	$	132,884

We have a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan.

Common dividends declared per share were $2.29, $1.46 and $1.38 for the year ended December 31, 2017, 2016 and 2015, respectively. The regular dividend rate per share for our common shares for each quarter of 2017 and 2016 was $.385 and $.365, respectively. Also in December 2017, we paid a special dividend for our common shares in the amount of $.75 per share, which was due to the significant gains on dispositions of property. Subsequent to December 31, 2017, our Board of Trust Managers approved a first quarter dividend of $.395 per common share, an increase from $.385 per common share for the respective quarter of 2017.

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Noncontrolling Interests

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Noncontrolling Interests

Noncontrolling Interests

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands):

	Year Ended December 31,
	2017		2016		2015
Net income adjusted for noncontrolling interests	$	335,274	$	238,933	$	174,352
Transfers from the noncontrolling interests:
Increase in equity for operating partnership units	—		—		111
Net increase in equity for the acquisition of noncontrolling interests	—		2,139		—
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$	335,274	$	241,072	$	174,463

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Leasing Operations

12 Months Ended

Dec. 31, 2017

Leases, Operating [Abstract]

Leasing Operations

Leasing Operations

The terms of our leases range from less than one year for smaller tenant spaces to over 25 years for larger tenant spaces. In addition to minimum lease payments, most of the leases provide for contingent rentals (payments for real estate taxes, maintenance and insurance by lessees and an amount based on a percentage of the tenants’ sales).

Future minimum rental income from non-cancelable tenant leases, excluding leases associated with property held for sale and estimated contingent rentals, at December 31, 2017 is as follows (in thousands):

2018	$	392,337
2019	342,151
2020	289,691
2021	231,199
2022	166,880
Thereafter	533,824
Total	$	1,956,082

Contingent rentals for the year ended December 31, are as follows (in thousands):

2017	$	129,635
2016	114,505
2015	107,931

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Impairment

12 Months Ended

Dec. 31, 2017

Asset Impairment Charges [Abstract]

Impairment

Impairment

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 21 for additional fair value information) (in thousands):

	Year Ended December 31,
	2017		2016		2015
Continuing operations:
Properties held for sale, marketed for sale or sold (1)	$	12,203	$	98	$	153
Land held for development and undeveloped land (1)	2,719		—		—
Other	335		—		—
Total impairment charges	15,257		98		153
Other financial statement captions impacted by impairment:
Equity in earnings of real estate joint ventures and partnerships, net	—		326		1,497
Net income attributable to noncontrolling interests	21		—		—
Net impact of impairment charges	$	15,278	$	424	$	1,650

___________________

(1) Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions.

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Income Tax Considerations

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Considerations

Income Tax Considerations

We qualify as a REIT under the provisions of the Internal Revenue Code, and therefore, no tax is imposed on our taxable income distributed to shareholders. To maintain our REIT status, we must distribute at least 90% of our ordinary taxable income to our shareholders and meet certain income source and investment restriction requirements. Our shareholders must report their share of income distributed in the form of dividends.

Taxable income differs from net income for financial reporting purposes primarily because of differences in the timing of recognition of depreciation, rental revenue, repair expense, compensation expense, impairment losses and gain from sales of property. As a result of these differences, the book value of our net fixed assets is in excess of tax basis by $193.4 million and $268.7 million at December 31, 2017 and 2016, respectively.

The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net income adjusted for noncontrolling interests	$	335,274		$	238,933		$	174,352
Net loss (income) of taxable REIT subsidiary included above	4,220			(14,497		)	340
Net income from REIT operations	339,494			224,436			174,692
Book depreciation and amortization	162,964			162,534			145,940
Tax depreciation and amortization	(95,512		)	(104,734		)	(87,416		)
Book/tax difference on gains/losses from capital transactions	6,261			(64,917		)	(53,902		)
Deferred/prepaid/above and below-market rents, net	(11,146		)	(13,114		)	(5,375		)
Impairment loss from REIT operations	5,071			369			1,536
Other book/tax differences, net	(244		)	(2,694		)	(1,679		)
REIT taxable income	406,888			201,880			173,796
Dividends paid deduction (1)	(406,888		)	(201,880		)	(174,628		)
Dividends paid in excess of taxable income	$	—		$	—		$	(832	)

___________________

(1) For 2017 and 2016, the dividends paid deduction includes designated dividends of $112.8 million and $16.8 million from 2018 and 2017, respectively.

For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows:

	Year Ended December 31,
	2017		2016		2015
Ordinary income	23.0	%	80.7	%	92.7	%
Capital gain distributions	77.0	%	19.3	%	4.3	%
Return of capital (nontaxable distribution)	—	%	—	%	3.0	%
Total	100.0	%	100.0	%	100.0	%

Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands):

	December 31,
	2017			2016
Deferred tax assets (1):
Impairment loss (2)	$	7,220		$	13,476
Allowance on other assets	15			117
Interest expense	5,703			9,246
Net operating loss carryforwards (3)	7,428			8,413
Straight-line rentals	916			813
Book-tax basis differential	1,676			4,380
Other	188			348
Total deferred tax assets	23,146			36,793
Valuation allowance (4)	(15,587		)	(25,979		)
Total deferred tax assets, net of allowance	$	7,559		$	10,814
Deferred tax liabilities (1):
Book-tax basis differential (2)	$	6,618		$	10,998
Other	517			553
Total deferred tax liabilities	$	7,135		$	11,551

___________________

(1) As of December 31, 2017 and 2016, deferred tax assets and liabilities were measured at the statutory rate of 21% and 35%, respectively, as a result of the enactment of the Tax Act on December 22, 2017.

(2) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold.

(3) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037.

(4) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced.

We are subject to federal, state and local income taxes and have recorded an income tax (benefit) provision as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net (loss) income before taxes of taxable REIT subsidiary	$	(5,788	)	$	20,295		$	(989	)
Federal (benefit) provision at statutory rate of 35%	$	(2,026	)	$	7,103		$	(346	)
Valuation allowance decrease	—			(1,251		)	(309		)
Effect of change in statutory rate on net deferrals	282			—			—
Other	176			(54		)	6
Federal income tax (benefit) provision of taxable REIT subsidiary (1)	(1,568		)	5,798			(649		)
Texas franchise tax	1,551			1,058			701
Total	$	(17	)	$	6,856		$	52

___________________

(1) All periods presented are open for examination by the IRS.

Also, a current tax obligation of $1.6 million and $1.0 million has been recorded at December 31, 2017 and 2016, respectively, in association with these taxes.

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Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands):

	December 31,
	2017		2016		2015
Cash and cash equivalents	$	13,219	$	16,257	$	22,168
Restricted deposits and mortgage escrows (see Note 1)	8,115		25,022		3,074
Total	$	21,334	$	41,279	$	25,242

Non-cash investing and financing activities are summarized as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Accrued property construction costs	$	7,728		$	5,738		$	9,566
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	—			2,139			—
Exchange of operating partnership units for common shares	—			—			111
Reduction of debt service guaranty liability	(2,980		)	(2,710		)	(2,270		)
Property acquisitions and investments in unconsolidated real estate joint ventures:
Increase in property, net	—			10,573			—
Decrease in real estate joint ventures and partnerships - investments	—			(2,315		)	—
Increase in debt, net	—			—			20,966
Consolidation of joint ventures (see Note 22):
Increase in property, net	—			58,665			—
Increase in security deposits	—			169			—
Increase in debt, net	—			48,727			—
Increase (decrease) in equity associated with deferred compensation plan (see Note 1)	44,758			(44,758		)	—

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Earnings Per Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with SEC guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Numerator:
Continuing Operations:
Income from continuing operations	$	132,104		$	176,117		$	121,601
Gain on sale of property	218,611			100,714			59,621
Net income attributable to noncontrolling interests	(15,441		)	(37,898		)	(6,870		)
Dividends on preferred shares	—			—			(3,830		)
Redemption costs of preferred shares	—			—			(9,687		)
Income from continuing operations attributable to common shareholders – basic	335,274			238,933			160,835
Income attributable to operating partnership units	3,084			1,996			—
Income from continuing operations attributable to common shareholders – diluted	$	338,358		$	240,929		$	160,835
Denominator:
Weighted average shares outstanding – basic	127,755			126,048			123,037
Effect of dilutive securities:
Share options and awards	870			1,059			1,292
Operating partnership units	1,446			1,462			—
Weighted average shares outstanding – diluted	130,071			128,569			124,329

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Year Ended December 31,
	2017	2016	2015
Share options (1)	—	2	463
Operating partnership units	—	—	1,472
Total anti-dilutive securities	—	2	1,935

___________________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

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Share Options And Awards

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Options And Awards

Share Options and Awards

In April 2011, our Long-Term Incentive Plan for the issuance of options and share awards expired, and issued options of .4 million remain outstanding as of December 31, 2017.

In May 2010, our shareholders approved the adoption of the Amended and Restated 2010 Long-Term Incentive Plan, under which 3.0 million of our common shares were reserved for issuance, and options and share awards of .5 million are available for future grant at December 31, 2017. This plan expires in May 2020.

Compensation expense, net of forfeitures, associated with share options and restricted shares totaled $8.6 million in 2017, $8.5 million in 2016 and $7.4 million in 2015, of which $1.7 million in 2017, $1.9 million in 2016 and $1.5 million in 2015 was capitalized.

Options

The fair value of share options issued prior to 2012 was estimated on the date of grant using the Black-Scholes option pricing method based on the expected weighted average assumptions.

Following is a summary of the option activity for the three years ended December 31, 2017:

	Shares Under Option		Weighted Average Exercise Price
Outstanding, January 1, 2015	2,897,123		$	28.76
Forfeited or expired	(435,840	)	37.37
Exercised	(94,633	)	26.55
Outstanding, December 31, 2015	2,366,650		27.26
Forfeited or expired	(460,722	)	47.42
Exercised	(971,727	)	21.95
Outstanding, December 31, 2016	934,201		22.85
Forfeited or expired	(4,042	)	43.37
Exercised	(101,805	)	16.11
Outstanding, December 31, 2017	828,354		$	23.58

The total intrinsic value of options exercised was $1.7 million in 2017, $14.9 million in 2016 and $.9 million in 2015. All share options were vested, and there was no unrecognized compensation cost related to share options.

The following table summarizes information about share options outstanding and exercisable at December 31, 2017:

Range of Exercise Prices	Outstanding						Exercisable
	Number	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value (000’s)		Number	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value (000’s)
$11.85 - $17.78	166,981	1.2 years	$	11.85			166,981	1.2 years	$	11.85
$17.79 - $26.69	465,214	2.9 years	$	24.14			465,214	2.9 years	$	24.14
$26.70 - $40.05	196,159	0.2 years	$	32.22			196,159	0.2 years	$	32.22
Total	828,354	1.9 years	$	23.58	$	7,695	828,354	1.9 years	$	23.58	$	7,695

Share Awards

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Year Ended December 31, 2017
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility (1)	16.1	%	19.1	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.7	%	1.5	%

_______________

(1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors.

A summary of the status of unvested share awards for the year ended December 31, 2017 is as follows:

	Unvested Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2017	590,854		$	32.52
Granted:
Service-based awards	124,549		35.77
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	54,454		39.00
Market-based awards relative to three-year absolute TSR	54,454		25.65
Trust manager awards	28,280		32.77
Vested	(231,056	)	30.77
Forfeited	(1,929	)	34.00
Outstanding, December 31, 2017	619,606		$	33.81

As of December 31, 2017 and 2016, there was approximately $2.2 million and $2.0 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 1.7 years and 1.8 years, respectively.

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Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Plan:

The following tables summarize changes in the benefit obligation, the plan assets and the funded status of our pension plan as well as the components of net periodic benefit costs, including key assumptions (in thousands). The measurement dates for plan assets and obligations were December 31, 2017 and 2016.

	December 31,
	2017			2016
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year	$	52,975		$	49,715
Service cost	1,223			1,277
Interest cost	2,123			2,078
Actuarial loss(1)	4,502			1,976
Benefit payments	(1,825		)	(2,071		)
Benefit obligation at end of year	$	58,998		$	52,975
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	45,498		$	42,341
Actual return on plan assets	7,635			3,228
Employer contributions	2,500			2,000
Benefit payments	(1,825		)	(2,071		)
Fair value of plan assets at end of year	$	53,808		$	45,498
Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016)	$	(5,190	)	$	(7,477	)
Accumulated benefit obligation	$	58,860		$	52,824
Net loss recognized in accumulated other comprehensive loss	$	15,135		$	16,528

___________________

(1) The change in actuarial loss is associated primarily to census and mortality table updates and a decrease in the discount rate in 2017.

The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive (income) loss (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net loss	$	82		$	1,719		$	1,276
Amortization of net loss (1)	(1,475		)	(1,552		)	(1,423		)
Total recognized in other comprehensive (income) loss	$	(1,393	)	$	167		$	(147	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	213		$	2,103		$	1,262

___________________

(1) The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.1 million.

The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands):

	December 31,
	2017		2016
Projected benefit obligation	$	58,998	$	52,975
Accumulated benefit obligation	58,860		52,824
Fair value of plan assets	53,808		45,498

The components of net periodic benefit cost are as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Service cost	$	1,223		$	1,277		$	1,252
Interest cost	2,123			2,078			1,899
Expected return on plan assets	(3,215		)	(2,971		)	(3,165		)
Amortization of net loss	1,475			1,552			1,423
Total	$	1,606		$	1,936		$	1,409

The assumptions used to develop net periodic benefit cost are shown below:

	Year Ended December 31,
	2017		2016		2015
Discount rate	4.01	%	4.11	%	3.83	%
Salary scale increases	3.50	%	3.50	%	3.50	%
Long-term rate of return on assets	7.00	%	7.00	%	7.50	%

The selection of the discount rate is made annually after comparison to yields based on high quality fixed-income investments. The salary scale is the composite rate which reflects anticipated inflation, merit increases, and promotions for the group of covered participants. The long-term rate of return is a composite rate for the trust. It is derived as the sum of the percentages invested in each principal asset class included in the portfolio multiplied by their respective expected rates of return. We considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the pension portfolio. This analysis resulted in the selection of 7.00% as the long-term rate of return assumption for 2017.

The assumptions used to develop the actuarial present value of the benefit obligation are shown below:

	Year Ended December 31,
	2017		2016		2015
Discount rate	3.50	%	4.01	%	4.11	%
Salary scale increases	3.50	%	3.50	%	3.50	%

The expected contribution to be paid for the Retirement Plan by us during 2018 is approximately $2.0 million. The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands):

2018	$	2,185
2019	2,339
2020	2,383
2021	2,545
2022	2,690
2023-2027	15,226

The participant data used in determining the liabilities and costs for the Retirement Plan was collected as of January 1, 2017, and no significant changes have occurred through December 31, 2017.

At December 31, 2017, our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows:

	Portfolio		Benchmark
Cash and Short-Term Investments	4	%	3	%
U.S. Stocks	52	%	57	%
International Stocks	13	%	10	%
U.S. Bonds	25	%	27	%
International Bonds	4	%	3	%
Other	2	%	—	%
Total	100	%	100	%

The fair value of plan assets was determined based on publicly quoted market prices for identical assets, which are classified as Level 1 observable inputs. The allocation of the fair value of plan assets was as follows:

	December 31,
	2017		2016
Cash and Short-Term Investments	17	%	18	%
Large Company Funds	36	%	36	%
Mid Company Funds	6	%	6	%
Small Company Funds	6	%	6	%
International Funds	10	%	10	%
Fixed Income Funds	16	%	16	%
Growth Funds	9	%	8	%
Total	100	%	100	%

Concentrations of risk within our equity portfolio are investments classified within the following sectors: technology, financial services, healthcare, consumer cyclical goods and industrial, which represents approximately 23%, 18%, 15%, 13% and 11% of total equity investments, respectively.

Defined Contribution Plans:

Compensation expense related to our defined contribution plans was $3.9 million in 2017, $3.5 million in 2016 and $3.7 million in 2015.

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Related Parties

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Related Parties

Related Parties

Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.0 million and $2.2 million outstanding as of December 31, 2017 and 2016, respectively. We also had accounts payable and accrued expenses of $.4 million and $.3 million outstanding as of December 31, 2017 and 2016, respectively. We recorded joint venture fee income included in Other Revenue for the year ended December 31, 2017, 2016 and 2015 of $6.2 million, $5.1 million and $4.5 million, respectively.

In September 2016, we acquired a partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements, and we recognized a gain of $9.0 million on the fair value remeasurement of our equity method investment. (See Note 22 for additional information).

In October 2016, an unconsolidated joint venture distributed land to both us and our partner, and we recognized a gain of $1.9 million associated with the remeasurement of a land parcel. Also, we paid a payable totaling $4.8 million due to the unconsolidated joint venture. In November 2016, we acquired our partner’s interest in two consolidated joint ventures for an aggregate amount of $3.3 million.

As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value, and recognized a gain of $37.4 million (See Note 22 for additional information).

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Commitments And Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

Commitments and Contingencies

Leases

We are engaged in the operation of shopping centers, which are either owned or, with respect to certain shopping centers, operated under long-term ground leases. These ground leases expire at various dates through 2069, with renewal options. Space in our shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one year to 25 years and, in some cases, for annual rentals subject to upward adjustments based on operating expense levels, sales volume, or contractual increases as defined in the lease agreements.

Scheduled minimum rental payments under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, are as follows (in thousands):

2018	$	2,889
2019	2,810
2020	2,527
2021	2,378
2022	2,304
Thereafter	102,063
Total	$	114,971

Rental expense for operating leases was, in millions: $2.9 in 2017; $3.0 in 2016 and $3.2 in 2015.

The scheduled future minimum revenues under subleases, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for the subsequent five years and thereafter ending December 31, are as follows (in thousands):

2018	$	28,392
2019	24,184
2020	20,712
2021	17,352
2022	14,031
Thereafter	57,869
Total	$	162,540

Property under capital leases that is included in buildings and improvements consisted of two centers totaling $16.8 million at December 31, 2017 and 2016. Amortization of property under capital leases is included in depreciation and amortization expense, and the balance of accumulated depreciation associated with these capital leases at December 31, 2017 and 2016 was $15.5 million and $14.2 million, respectively. Future minimum lease payments under these capital leases total $31.2 million, of which $10.2 million represents interest. Accordingly, the present value of the net minimum lease payments was $21.0 million at December 31, 2017.

The annual future minimum lease payments under capital leases as of December 31, 2017 are as follows (in thousands):

2018	$	1,683
2019	1,692
2020	1,700
2021	1,708
2022	1,717
Thereafter	22,726
Total	$	31,226

Commitments and Contingencies

As of December 31, 2017 and 2016, we participated in two real estate ventures structured as DownREIT partnerships that have centers in Arkansas, North Carolina and Texas. We have operating and financial control over these ventures and consolidate them in our consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. The aggregate redemption value of these interests was approximately $47 million and $52 million as of December 31, 2017 and 2016, respectively.

As of December 31, 2017, we have entered into commitments aggregating $114.7 million comprised principally of construction contracts which are generally due in 12 to 36 months.

We issue letters of intent signifying a willingness to negotiate for acquisitions, dispositions or joint ventures, as well as other types of potential transactions, during the ordinary course of our business. Such letters of intent and other arrangements are non-binding to all parties unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the acquisition or disposition of property are entered into, these contracts generally provide the purchaser a time period to evaluate the property and conduct due diligence. The purchaser, during this time, will have the ability to terminate a contract without penalty or forfeiture of any deposit or earnest money. No assurance can be provided that any definitive contracts will be entered into with respect to any matter covered by letters of intent, or that we will consummate any transaction contemplated by a definitive contract. Additionally, due diligence periods for property transactions are frequently extended as needed. An acquisition or disposition of property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. Our risk is then generally extended only to any earnest money deposits associated with property acquisition contracts, and our obligation to sell under a property sales contract.

We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our consolidated financial statements.

As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs.

While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us.

Litigation

We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our consolidated financial statements.

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Variable Interest Entities

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

Variable Interest Entities

Consolidated VIEs:

At both December 31, 2017 and 2016, nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 22 and 25 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities' activities without any substantive kick-out or participating rights.

At December 31, 2016, in conjunction with the acquisition of a property with a net book value of $249.5 million, we had a like-kind exchange agreement with a third party intermediary for tax purposes. The third party purchased the property via our financing, and then leased the property to us. Based on the associated agreements, we had determined that the entity was a VIE, and we were the primary beneficiary based on our significant power to direct the entity's activities without any substantive kick-out or participating rights. Accordingly, we consolidated the property and its operations as of the respective acquisition date. During the year ended December 31, 2017, the ownership of this property was conveyed to us in accordance with the terms of the like-kind exchange agreement, and we no longer have a VIE.

A summary of our consolidated VIEs is as follows (in thousands):

	December 31,
	2017		2016
Assets Held by VIEs (1)	$	235,713	$	504,293
Assets Held as Collateral for Debt (2)	42,979		46,136
Maximum Risk of Loss (2)	29,784		29,784

___________________

(1) $249.5 million of assets at December 31, 2016 ceased to be considered a VIE (see above).

(2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture.

Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures on our consolidated financial statements have primarily been positive as demonstrated by the generation of net income and operating cash flows, as well as the receipt of cash distributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls, development expenditures and unplanned capital expenditures. During 2017, $.1 million in additional contributions were made primarily to fund an operating shortfall. During 2016, $2.5 million in additional contributions were made primarily for capital activities. We currently anticipate that $.1 million of additional contributions will be made for 2018.

Unconsolidated VIEs:

At both December 31, 2017 and 2016, two unconsolidated real estate joint ventures were determined to be VIEs. We have determined that one entity was a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. Based on the associated agreements for the future development of a mixed-use project, we concluded that the other entity was a VIE, but we are not the primary beneficiary as the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. Our analysis considered that all major decisions require unanimous member consent and those decisions include significant activities such as development, financing, leasing and operations of the entity.

A summary of our unconsolidated VIEs is as follows (in thousands):

	December 31,
	2017		2016
Investment in Real Estate Joint Ventures and Partnerships, net (1) (2)	$	36,784	$	886
Maximum Risk of Loss (3)	34,000		34,000

___________________

(1) The carrying amount of the investment represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. The increase between the periods represents new development funding of a mixed-use project. See Note 4 for additional information.

(2) As of December 31, 2017 and 2016, the carrying amount of the investment for one VIE is $(6) million and $(9) million, respectively, which is included in Other Liabilities and results from the distribution of proceeds from the issuance of debt.

(3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures.

We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate funding approximately $93 million in equity and debt through 2020.

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Fair Value Measurements

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Recurring Fair Value Measurements:

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2017
Assets:
Investments, mutual funds held in a grantor trust	$	31,497					$	31,497
Investments, mutual funds	7,206						7,206
Derivative instruments:
Interest rate contracts			$	2,035			2,035
Total	$	38,703	$	2,035	$	—	$	40,738
Liabilities:
Deferred compensation plan obligations	$	31,497					$	31,497
Total	$	31,497	$	—	$	—	$	31,497

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2016
Assets:
Investments, mutual funds held in a grantor trust	$	26,328					$	26,328
Investments, mutual funds	7,670						7,670
Derivative instruments:
Interest rate contracts			$	126			126
Total	$	33,998	$	126	$	—	$	34,124
Liabilities:
Deferred compensation plan obligations	$	26,328					$	26,328
Total	$	26,328	$	—	$	—	$	26,328

Nonrecurring Fair Value Measurements:

Property and Property Held for Sale Impairments

Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing.

No assets were measured at fair value on a nonrecurring basis at December 31, 2016. Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	12,901	$	4,184	$	17,085	$	(7,828	)
Total	$	—	$	12,901	$	4,184	$	17,085	$	(7,828	)

____________

(1) Total gains (losses) exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $24.9 million was written down to a fair value of $17.1 million, resulting in a loss of $7.8 million, which was included in earnings for the first quarter of 2017. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Fair Value Disclosures:

Unless otherwise listed below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments.

Schedule of our fair value disclosures is as follows (in thousands):

	December 31,
	2017						2016
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Other Assets:
Tax increment revenue bonds (1)	$	22,097			$	25,000	$	23,910			$	23,910
Investments, held to maturity (2)	4,489		$	4,479			5,240		$	5,248
Debt:
Fixed-rate debt	2,063,263				2,109,658		2,089,769				2,132,082
Variable-rate debt	17,889				16,393		266,759				265,230

___________________

(1) At December 31, 2017 and 2016, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost. As of December 31, 2017 and 2016, a $10 thousand unrealized loss and an $8 thousand unrealized gain was recognized, respectively.

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2017 and 2016 reported in the above tables, is as follows:

	Fair Value at December 31,						Range
	2017		2016				Minimum					Maximum
Description	(in thousands)				Valuation Technique	Unobservable Inputs	2017			2016		2017			2016
Property	$	4,184	$	—	Discounted cash flows	Discount rate	10.5		%			12.0		%
						Capitalization rate	8.8		%			10.0		%
						Holding period (years)	5					10
						Expected future inflation rate (1)						2.0		%
						Market rent growth rate (1)						3.0		%
						Expense growth rate (1)						2.0		%
						Vacancy rate (1)						20.0		%
						Renewal rate (1)						70.0		%
						Average market rent rate (1)	$	11.00				$	16.00
						Average leasing cost per square foot (1)	$	10.00				$	35.00
Tax increment revenue bonds	25,000		23,910		Discounted cash flows	Discount rate	6.5		%	6.5	%	7.5		%	7.5	%
						Expected future growth rate	1.0		%	1.0	%	2.3		%	2.0	%
						Expected future inflation rate	1.0		%	1.0	%	3.0		%	3.0	%
Fixed-rate debt	2,109,658		2,132,082		Discounted cash flows	Discount rate	3.0		%	3.0	%	5.3		%	5.2	%
Variable-rate debt	16,393		265,230		Discounted cash flows	Discount rate	2.4		%	1.6	%	3.2		%	2.4	%

_______________

(1) Only applies to one property valuation.

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Business Combinations

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Business Combinations

Business Combination

Effective February 12, 2016, we acquired a partner’s 49% interest in an unconsolidated joint venture associated with two centers in Colorado, which resulted in the consolidation of these centers (see Note 18 for additional information). Management has determined that this transaction qualified as a business combination to be accounted for under the acquisition method. Accordingly, the assets and liabilities of this transaction were recorded in our Consolidated Balance Sheet at their estimated fair values as of the effective date. Fair value of assets acquired, liabilities assumed and equity interests were estimated using market-based measurements, including cash flow and other valuation techniques. The fair value measurements are based on both significant inputs for similar assets and liabilities in comparable markets and significant inputs that are not observable in the markets in accordance with our fair value measurements accounting policy. Key assumptions include third-party appraisals; a minority interest discount rate of 20%; cash flow discount rates ranging from 6.5% to 8%; a terminal capitalization rate for similar properties ranging from 6% to 7.5%; and factors that we believe market participants would consider in estimating fair value. The result of this transaction is included in our Consolidated Statements of Operations beginning February 12, 2016.

The following table summarizes the business combination, including the assets acquired and liabilities assumed as indicated (in thousands):

	February 12, 2016
Fair value of our equity interest before business combination	$	22,514		(1)
Gain recognized on equity interest remeasured to fair value	$	37,383		(2)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	58,665
Unamortized lease costs	8,936
Accrued rent and accounts receivable	102
Cash and cash equivalents	3,555
Other, net	4,992
Liabilities:
Debt, net	(48,727		)
Accounts payable and accrued expenses	(1,339		)
Other, net	(3,670		)
Total net assets	$	22,514

___________________

(1) Includes $2.5 million of cash received from the partner.

(2) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations.

During 2016, we acquired three shopping centers located in Arizona and Florida, and we consolidated a partner's 50% interest in an unconsolidated tenancy-in-common arrangement related to a property in Colorado. The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2016
Fair value of our equity interest before acquisition	$	13,579
Fair value of consideration transferred	$	443,745
Acquisition costs (included in operating expenses)	$	936
Gain on acquisition	$	9,015		(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	433,055
Unamortized lease costs	80,951
Accrued rent and accounts receivable	122
Cash and cash equivalents	556
Other, net	6,812
Liabilities:
Accounts payable and accrued expenses	(6,383		)
Other, net	(62,254		)
Total net assets	$	452,859

_______________

(1) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations.

The following table summarizes the impact to revenues and net income attributable to common shareholders from our business combination and acquisitions (in thousands):

	Year Ended December 31, 2016
Increase in revenues	$	23,337
Increase in net income attributable to common shareholders	230

The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from our business combination and acquisitions (in years):

	December 31, 2016
Assets:
In place leases	18.4
Above-market leases	29.7
Liabilities:
Below-market leases	20.3
Above-market assumed mortgages	4.8

The following unaudited supplemental pro forma data is presented for the periods ended December 31, 2016 and 2015, as if these transactions occurring in 2016 were completed on January 1, 2015. The gains and acquisition costs related to these transactions were adjusted to the assumed acquisition date. The unaudited supplemental pro forma data is not necessarily indicative of what the actual results of our operations would have been assuming the transactions had been completed as set forth above, nor does it purport to represent our results of operations for future periods (in thousands, except per share amounts):

	Pro Forma 2016 (1)		Pro Forma 2015 (1)
Revenues	$	567,985	$	547,381
Net income	236,461		234,307
Net income attributable to common shareholders - basic	198,563		213,920
Net income attributable to common shareholders - diluted	200,559		215,823
Earnings per share – basic	1.58		1.74
Earnings per share – diluted	1.56		1.72

___________________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

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Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Summarized quarterly financial data is as follows (in thousands):

	First			Second			Third			Fourth
2017
Revenues	$	143,663		$	146,023		$	144,110		$	139,367
Net income	36,396		(1)(2)(4)	69,193		(1)	74,473		(1)	170,653		(1)(4)
Net income attributable to common shareholders	30,826		(1)(2)(3)(4)	63,852		(1)(3)	72,629		(1)	167,967		(1)(4)
Earnings per common share – basic	.24		(1)(2)(3)(4)	.50		(1)(3)	.57		(1)	1.31		(1)(4)
Earnings per common share – diluted	.24		(1)(2)(3)(4)	.49		(1)(3)	.56		(1)	1.30		(1)(4)
2016
Revenues	$	132,417		$	135,676		$	138,599		$	142,863
Net income	108,667		(1)(4)	37,651		(1)(5)	61,337		(1)(4)	69,176		(1)
Net income attributable to common shareholders	107,074		(1)(4)	35,816		(1)(5)	51,901		(1)(3)(4)	44,142		(1)(3)
Earnings per common share – basic	.87		(1)(4)	.28		(1)(5)	.41		(1)(3)(4)	.35		(1)(3)
Earnings per common share – diluted	.85		(1)(4)	.28		(1)(5)	.40		(1)(3)(4)	.34		(1)(3)

___________________

(1) The quarter results include significant gains on the sale of properties and real estate joint venture and partnership interests and on acquisitions, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $15.8 million, $34.2 million, $38.6 million and $136.3 million for the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively, and $82.8 million, $4.2 million, $31.1 million and $34.9 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.

(2) The quarter results include a $3.1 million lease termination fee and $15.0 million of impairment losses for the quarter ended March 31, 2017.

(3) The quarter results include gains discussed in (1) above in net income attributable to noncontrolling interests. Gain amounts in net income attributable to noncontrolling interests are: $3.9 million and $3.6 million for the three months ended March 31, 2017 and June 30, 2017, respectively, and $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016, respectively.

(4) Deferred tax (benefit) amounts at our taxable REIT subsidiary include $(3.3) million and $1.5 million for the three months ended March 31, 2017 and December 31, 2017, respectively and $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016, respectively. These tax amounts result from gains associated with the disposition of centers, land and an exchange of properties. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017.

(5) The quarter results include a gain on extinguishment of debt totaling $(2.0) million for the three months ended June 30, 2016.

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Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Subsequent to December 31, 2017, we sold five centers and other property with approximate aggregate gross sales proceeds totaling $220.6 million, which were owned by us either directly or through our interest in real estate joint ventures or partnerships. No impairment losses will be realized associated with these dispositions.

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Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Valuation And Qualifying Accounts

WEINGARTEN REALTY INVESTORS

VALUATION AND QUALIFYING ACCOUNTS

December 31, 2017, 2016, and 2015

(Amounts in thousands)

Description	Balance at beginning of period		Charged to costs and expenses		Deductions(1)		Balance at end of period
2017
Allowance for Doubtful Accounts	$	6,700	$	4,255	$	3,439	$	7,516
Tax Valuation Allowance	25,979		—		10,392		15,587
2016
Allowance for Doubtful Accounts	$	6,072	$	2,427	$	1,799	$	6,700
Tax Valuation Allowance	27,230		—		1,251		25,979
2015
Allowance for Doubtful Accounts	$	7,680	$	1,179	$	2,787	$	6,072
Tax Valuation Allowance	27,539		—		309		27,230

___________________

(1) The tax valuation allowance deductions for the year ended December 31, 2017 represents the effect of the change in the statutory tax rate as a result of the enactment of the Tax Act on December 22, 2017. For other periods presented, deductions included write-offs of amounts previously reserved.

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Real Estate And Accumulated Depreciation

12 Months Ended

Dec. 31, 2017

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

	Initial Cost to Company						Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition		Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Centers:
10-Federal Shopping Center	$	1,791	$	7,470	$	1,214	$	1,791	$	8,684	$	10,475	$	(7,396	)	$	3,079	$	(5,624	)	03/20/2008
1919 North Loop West	1,334		8,451		12,906		1,337		21,354		22,691		(11,448		)	11,243		—			12/05/2006
580 Market Place	3,892		15,570		3,918		3,889		19,491		23,380		(8,467		)	14,913		(15,246		)	04/02/2001
8000 Sunset Strip Shopping Center	18,320		73,431		6,642		18,320		80,073		98,393		(13,475		)	84,918		—			06/27/2012
Alabama Shepherd Shopping Center	637		2,026		7,870		1,062		9,471		10,533		(5,458		)	5,075		—			04/30/2004
Argyle Village Shopping Center	4,524		18,103		5,416		4,526		23,517		28,043		(10,116		)	17,927		—			11/30/2001
Avent Ferry Shopping Center	1,952		7,814		1,466		1,952		9,280		11,232		(4,225		)	7,007		—			04/04/2002
Baybrook Gateway	10,623		30,307		3,655		10,623		33,962		44,585		(3,342		)	41,243		—			02/04/2015
Bellaire Blvd. Shopping Center	124		37		936		1,011		86		1,097		(38		)	1,059		—			11/13/2008
Best in the West	13,191		77,159		7,817		13,194		84,973		98,167		(29,385		)	68,782		—			04/28/2005
Blalock Market at I-10	—		4,730		1,970		—		6,700		6,700		(5,202		)	1,498		—			12/31/1990
Boca Lyons Plaza	3,676		14,706		5,667		3,651		20,398		24,049		(7,741		)	16,308		—			08/17/2001
Braeswood Square Shopping Center	—		1,421		1,350		—		2,771		2,771		(2,397		)	374		—			05/28/1969
Broadway Marketplace	898		3,637		2,044		906		5,673		6,579		(3,400		)	3,179		—			12/16/1993
Brookwood Marketplace	7,050		15,134		7,428		7,511		22,101		29,612		(6,520		)	23,092		—			08/22/2006
Brownsville Commons	1,333		5,536		328		1,333		5,864		7,197		(1,852		)	5,345		—			05/22/2006
Bull City Market	930		6,651		817		930		7,468		8,398		(2,408		)	5,990		(3,394		)	06/10/2005
Cambrian Park Plaza	48,803		1,089		104		48,851		1,145		49,996		(938		)	49,058		—			02/27/2015
Camelback Village Square	—		8,720		1,244		—		9,964		9,964		(5,925		)	4,039		—			09/30/1994
Camp Creek Marketplace II	6,169		32,036		1,758		4,697		35,266		39,963		(10,404		)	29,559		—			08/22/2006
Capital Square	1,852		7,406		1,482		1,852		8,888		10,740		(4,280		)	6,460		—			04/04/2002
Centerwood Plaza	915		3,659		3,504		914		7,164		8,078		(2,924		)	5,154		—			04/02/2001
Charleston Commons Shopping Center	23,230		36,877		3,180		23,210		40,077		63,287		(12,025		)	51,262		—			12/20/2006
Cherry Creek Retail Center	5,416		14,624		463		5,416		15,087		20,503		(4,321		)	16,182		—			06/16/2011
Chino Hills Marketplace	7,218		28,872		12,786		7,234		41,642		48,876		(21,094		)	27,782		—			08/20/2002
Citadel Building	3,236		6,168		8,893		534		17,763		18,297		(14,553		)	3,744		—			12/30/1975
College Park Shopping Center	2,201		8,845		7,808		2,641		16,213		18,854		(12,536		)	6,318		(11,004		)	11/16/1998

	Initial Cost to Company						Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition		Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Colonial Plaza	$	10,806	$	43,234	$	15,021	$	10,813	$	58,248	$	69,061	$	(29,114	)	$	39,947	$	—		02/21/2001
Countryside Centre	15,523		29,818		10,466		15,559		40,248		55,807		(13,286		)	42,521		—			07/06/2007
Creekside Center	1,732		6,929		2,160		1,730		9,091		10,821		(4,586		)	6,235		(7,386		)	04/02/2001
Crossing At Stonegate	6,400		23,384		223		6,400		23,607		30,007		(1,359		)	28,648		(14,277		)	02/12/2016
Cullen Plaza Shopping Center	106		2,841		497		106		3,338		3,444		(2,755		)	689		—			03/20/2008
Cypress Pointe	3,468		8,700		1,188		3,793		9,563		13,356		(6,373		)	6,983		—			04/04/2002
Dallas Commons Shopping Center	1,582		4,969		160		1,582		5,129		6,711		(1,496		)	5,215		—			09/14/2006
Deerfield Mall	10,522		94,321		2,243		37,128		69,958		107,086		(4,474		)	102,612		—			05/05/2016
Desert Village Shopping Center	3,362		14,969		2,094		3,362		17,063		20,425		(3,518		)	16,907		—			10/28/2010
Eastern Commons	10,282		16		327		1,569		9,056		10,625		(5,370		)	5,255		—			12/31/2002
Edgewater Marketplace	4,821		11,225		685		4,821		11,910		16,731		(2,651		)	14,080		—			11/19/2010
El Camino Promenade	4,431		20,557		4,896		4,429		25,455		29,884		(10,144		)	19,740		—			05/21/2004
Embassy Lakes Shopping Center	2,803		11,268		2,353		2,803		13,621		16,424		(5,075		)	11,349		—			12/18/2002
Entrada de Oro Plaza Shopping Center	6,041		10,511		2,187		6,115		12,624		18,739		(4,392		)	14,347		—			01/22/2007
Epic Village St. Augustine	283		1,171		4,092		320		5,226		5,546		(3,436		)	2,110		—			09/30/2009
Falls Pointe Shopping Center	3,535		14,289		1,094		3,542		15,376		18,918		(5,964		)	12,954		—			12/17/2002
Festival on Jefferson Court	5,041		13,983		4,248		5,022		18,250		23,272		(7,090		)	16,182		—			12/22/2004
Fiesta Trails	8,825		32,790		8,963		12,769		37,809		50,578		(14,756		)	35,822		—			09/30/2003
Fountain Plaza	1,319		5,276		1,742		1,095		7,242		8,337		(4,458		)	3,879		—			03/10/1994
Francisco Center	1,999		7,997		4,960		2,403		12,553		14,956		(9,643		)	5,313		(9,996		)	11/16/1998
Freedom Centre	2,929		15,302		5,970		6,944		17,257		24,201		(6,646		)	17,555		—			06/23/2006
Galleria Shopping Center	10,795		10,339		8,589		10,504		19,219		29,723		(5,559		)	24,164		—			12/11/2006
Galveston Place	2,713		5,522		5,931		3,279		10,887		14,166		(8,733		)	5,433		—			11/30/1983
Gateway Plaza	4,812		19,249		5,361		4,808		24,614		29,422		(10,684		)	18,738		(23,000		)	04/02/2001
Grayson Commons	3,180		9,023		496		3,163		9,536		12,699		(3,195		)	9,504		(4,612		)	11/09/2004
Green Valley Ranch - Auto Zone	440		—		—		440		—		440		—			440		—			02/12/2016
Greenhouse Marketplace	4,607		22,771		4,166		4,750		26,794		31,544		(10,259		)	21,285		—			01/28/2004
Griggs Road Shopping Center	257		2,303		478		257		2,781		3,038		(1,862		)	1,176		—			03/20/2008
Harrisburg Plaza	1,278		3,924		1,083		1,278		5,007		6,285		(4,271		)	2,014		(8,132		)	03/20/2008
HEB - Dairy Ashford & Memorial	1,717		4,234		—		1,717		4,234		5,951		(1,098		)	4,853		—			03/06/2012
Heights Plaza Shopping Center	58		699		2,596		1,055		2,298		3,353		(1,622		)	1,731		—			06/30/1995
High House Crossing	2,576		10,305		553		2,576		10,858		13,434		(4,496		)	8,938		—			04/04/2002

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Highland Square	$	—	$	—	$	1,887		$	—	$	1,887	$	1,887	$	(610	)	$	1,277	$	—		10/06/1959
Hilltop Village Center	3,196		7,234		53,872			3,960		60,342		64,302		(13,553		)	50,749		—			01/01/2016
Hope Valley Commons	2,439		8,487		485			2,439		8,972		11,411		(1,891		)	9,520		—			08/31/2010
I45/Telephone Rd.	678		11,182		647			678		11,829		12,507		(6,584		)	5,923		(9,201		)	03/20/2008
Independence Plaza I & II	19,351		31,627		2,251			19,351		33,878		53,229		(7,056		)	46,173		(15,190		)	06/11/2013
Jess Ranch Marketplace	8,750		25,560		631			8,750		26,191		34,941		(4,803		)	30,138		—			12/23/2013
Jess Ranch Marketplace Phase III	8,431		21,470		372			8,431		21,842		30,273		(4,035		)	26,238		—			12/23/2013
Lakeside Marketplace	6,064		22,989		3,159			6,150		26,062		32,212		(8,861		)	23,351		—			08/22/2006
Largo Mall	10,817		40,906		7,231			10,810		48,144		58,954		(17,665		)	41,289		—			03/01/2004
Laveen Village Marketplace	1,190		—		5,124			1,006		5,308		6,314		(3,445		)	2,869		—			08/15/2003
League City Plaza	1,918		7,592		1,508			2,317		8,701		11,018		(5,407		)	5,611		(8,308		)	03/20/2008
Leesville Towne Centre	7,183		17,162		1,690			7,223		18,812		26,035		(6,879		)	19,156		—			01/30/2004
Lowry Town Center	1,889		23,165		163			3,777		21,440		25,217		(891		)	24,326		—			09/14/2016
Madera Village Shopping Center	3,788		13,507		1,391			3,816		14,870		18,686		(4,709		)	13,977		—			03/13/2007
Market at Westchase Shopping Center	1,199		5,821		3,652			1,415		9,257		10,672		(6,295		)	4,377		—			02/15/1991
Marketplace at Seminole Towne	16,067		53,743		10,687			22,711		57,786		80,497		(17,080		)	63,417		—			08/21/2006
Markham West Shopping Center	2,694		10,777		5,330			2,696		16,105		18,801		(9,006		)	9,795		—			09/18/1998
Mendenhall Commons	2,655		9,165		1,106			2,677		10,249		12,926		(3,343		)	9,583		—			11/13/2008
Menifee Town Center	1,827		7,307		5,664			1,824		12,974		14,798		(5,395		)	9,403		—			04/02/2001
Millpond Center	3,155		9,706		2,960			3,161		12,660		15,821		(4,599		)	11,222		—			07/28/2005
Monte Vista Village Center	1,485		58		5,904			755		6,692		7,447		(4,291		)	3,156		—			12/31/2004
Mueller Regional Retail Center	10,382		56,303		1,373			10,382		57,676		68,058		(10,874		)	57,184		(33,045		)	10/03/2013
North Creek Plaza	6,915		25,625		4,930			6,954		30,516		37,470		(12,364		)	25,106		—			08/19/2004
North Towne Plaza	960		3,928		8,820			879		12,829		13,708		(8,764		)	4,944		—			02/15/1990
North Towne Plaza	6,646		99		(5,580		)	259		906		1,165		(576		)	589		—			04/01/2010
Northbrook Shopping Center	1,629		4,489		3,764			1,713		8,169		9,882		(6,811		)	3,071		(9,032		)	11/06/1967
Northwoods Shopping Center	1,768		7,071		703			1,772		7,770		9,542		(3,193		)	6,349		—			04/04/2002
Nottingham Commons	19,523		2,398		20,133			19,664		22,390		42,054		(1,759		)	40,295		—			01/01/2017
Oak Forest Shopping Center	760		2,726		6,798			1,705		8,579		10,284		(6,302		)	3,982		(7,509		)	12/30/1976
Oak Grove Market Center	5,758		10,508		1,122			5,861		11,527		17,388		(3,532		)	13,856		—			06/15/2007
Oracle Crossings	4,614		18,274		29,817			10,582		42,123		52,705		(12,479		)	40,226		—			01/22/2007
Oracle Wetmore Shopping Center	24,686		26,878		7,651			13,813		45,402		59,215		(13,613		)	45,602		—			01/22/2007

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Overton Park Plaza	$	9,266	$	37,789	$	14,080		$	9,264	$	51,871	$	61,135	$	(20,488	)	$	40,647	$	—		10/24/2003
Palmilla Center	1,258		—		13,235			2,882		11,611		14,493		(7,166		)	7,327		—			12/31/2002
Paradise Marketplace	2,153		8,612		(1,805		)	1,197		7,763		8,960		(4,561		)	4,399		—			07/20/1995
Parliament Square II	2		10		1,183			3		1,192		1,195		(960		)	235		—			06/24/2005
Perimeter Village	29,701		42,337		4,483			34,404		42,117		76,521		(13,941		)	62,580		(31,316		)	07/03/2007
Phillips Crossing	—		1		28,454			872		27,583		28,455		(13,948		)	14,507		—			09/30/2009
Phoenix Office Building	1,696		3,255		1,415			1,773		4,593		6,366		(1,920		)	4,446		—			01/31/2007
Pike Center	—		40,537		3,174			—		43,711		43,711		(10,299		)	33,412		—			08/14/2012
Plantation Centre	3,463		14,821		1,965			3,471		16,778		20,249		(6,208		)	14,041		—			08/19/2004
Prospector's Plaza	3,746		14,985		5,742			3,716		20,757		24,473		(8,537		)	15,936		—			04/02/2001
Pueblo Anozira Shopping Center	2,750		11,000		5,308			2,768		16,290		19,058		(10,150		)	8,908		(14,360		)	06/16/1994
Raintree Ranch Center	11,442		595		17,888			10,983		18,942		29,925		(12,030		)	17,895		—			03/31/2008
Rancho San Marcos Village	3,533		14,138		5,454			3,887		19,238		23,125		(7,871		)	15,254		—			02/26/2003
Rancho Towne & Country	1,161		4,647		785			1,166		5,427		6,593		(3,151		)	3,442		—			10/16/1995
Randalls Center/Kings Crossing	3,570		8,147		423			3,585		8,555		12,140		(5,565		)	6,575		—			11/13/2008
Red Mountain Gateway	2,166		89		11,782			3,317		10,720		14,037		(5,152		)	8,885		—			12/31/2003
Regency Centre	5,616		18,516		3,512			3,581		24,063		27,644		(7,529		)	20,115		—			07/28/2006
Reynolds Crossing	4,276		9,186		292			4,276		9,478		13,754		(2,772		)	10,982		—			09/14/2006
Richmond Square	1,993		953		13,472			14,512		1,906		16,418		(1,294		)	15,124		—			12/31/1996
Ridgeway Trace	26,629		544		23,645			16,100		34,718		50,818		(13,891		)	36,927		—			11/09/2006
River Oaks Shopping Center - East	1,354		1,946		338			1,363		2,275		3,638		(1,992		)	1,646		—			12/04/1992
River Oaks Shopping Center - West	3,534		17,741		35,470			4,207		52,538		56,745		(27,137		)	29,608		—			12/04/1992
River Point at Sheridan	28,898		4,042		16,381			10,659		38,662		49,321		(10,918		)	38,403		—			04/01/2010
Roswell Corners	6,136		21,447		3,439			5,835		25,187		31,022		(8,583		)	22,439		(3,749		)	06/24/2004
Roswell Crossing Shopping Center	7,625		18,573		1,229			7,625		19,802		27,427		(4,904		)	22,523		—			07/18/2012
San Marcos Plaza	1,360		5,439		910			1,358		6,351		7,709		(2,671		)	5,038		—			04/02/2001
Scottsdale Horizon	—		3,241		39,224			12,914		29,551		42,465		(4,587		)	37,878		—			01/22/2007
Scottsdale Waterfront	10,281		40,374		320			32,891		18,084		50,975		(1,142		)	49,833		—			08/17/2016
Sea Ranch Centre	11,977		4,219		1,702			11,977		5,921		17,898		(1,394		)	16,504		—			03/06/2013
Shoppes at Bears Path	3,252		5,503		1,615			3,290		7,080		10,370		(2,524		)	7,846		—			03/13/2007
Shoppes at Memorial Villages	1,417		4,786		9,501			3,332		12,372		15,704		(8,756		)	6,948		—			01/11/2012
Shoppes of South Semoran	5,339		9,785		(1,406		)	5,672		8,046		13,718		(2,470		)	11,248		—			08/31/2007

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Shops at Kirby Drive	$	1,201	$	945	$	276		$	1,202	$	1,220	$	2,422	$	(507	)	$	1,915	$	—		05/27/2008
Shops at Three Corners	6,215		9,303		11,286			10,587		16,217		26,804		(10,806		)	15,998		—			12/31/1989
Silver Creek Plaza	3,231		12,924		4,532			3,228		17,459		20,687		(7,485		)	13,202		(14,312		)	04/02/2001
Six Forks Shopping Center	6,678		26,759		6,471			6,728		33,180		39,908		(14,383		)	25,525		—			04/04/2002
Southampton Center	4,337		17,349		3,162			4,333		20,515		24,848		(9,436		)	15,412		(19,750		)	04/02/2001
Southgate Shopping Center	232		8,389		726			231		9,116		9,347		(5,801		)	3,546		(5,438		)	03/20/2008
Squaw Peak Plaza	816		3,266		3,472			818		6,736		7,554		(3,841		)	3,713		—			12/20/1994
Stella Link Shopping Center	2,830		1,841		122			2,897		1,896		4,793		(1,641		)	3,152		—			07/10/1970
Stonehenge Market	4,740		19,001		2,415			4,740		21,416		26,156		(9,402		)	16,754		—			04/04/2002
Stony Point Plaza	3,489		13,957		11,400			3,453		25,393		28,846		(11,232		)	17,614		(10,832		)	04/02/2001
Sunset 19 Shopping Center	5,519		22,076		13,959			5,926		35,628		41,554		(10,219		)	31,335		—			10/29/2001
Surf City Crossing	3,220		52		5,100			2,655		5,717		8,372		(2,764		)	5,608		—			12/06/2006
Tates Creek Centre	4,802		25,366		1,869			5,766		26,271		32,037		(9,607		)	22,430		—			03/01/2004
The Centre at Post Oak	13,731		115		24,782			17,822		20,806		38,628		(13,460		)	25,168		—			12/31/1996
The Commons at Dexter Lake	4,946		18,948		3,500			4,988		22,406		27,394		(8,674		)	18,720		—			11/13/2008
The Palms at Town & Country	56,833		195,203		429			102,512		149,953		252,465		(8,324		)	244,141		—			07/27/2016
The Shoppes at Parkwood Ranch	4,369		52		10,339			2,420		12,340		14,760		(7,303		)	7,457		—			12/31/2009
The Westside Center	14,952		10,350		105			14,952		10,455		25,407		(665		)	24,742		—			12/22/2015
Thompson Bridge Commons	604		—		625			513		716		1,229		(130		)	1,099		—			04/26/2005
Thousand Oaks Shopping Center	2,973		13,142		1,030			2,973		14,172		17,145		(5,457		)	11,688		(9,560		)	03/20/2008
TJ Maxx Plaza	3,400		19,283		3,900			3,430		23,153		26,583		(8,240		)	18,343		—			03/01/2004
Tomball Marketplace	9,616		262		24,702			6,726		27,854		34,580		(11,666		)	22,914		—			04/12/2006
Trenton Crossing/North McAllen	9,855		29,133		827			9,855		29,960		39,815		(2,134		)	37,681		—			08/31/2015
Tropicana Beltway Center	13,947		42,186		2,094			13,949		44,278		58,227		(15,750		)	42,477		—			11/20/2007
Tropicana Marketplace	2,118		8,477		(1,263		)	1,206		8,126		9,332		(4,252		)	5,080		—			07/24/1995
Valley Shopping Center	4,293		13,736		1,635			8,910		10,754		19,664		(3,467		)	16,197		—			04/07/2006
Valley View Shopping Center	1,006		3,980		2,248			1,006		6,228		7,234		(3,697		)	3,537		—			11/20/1996
Vizcaya Square Shopping Center	3,044		12,226		2,358			3,044		14,584		17,628		(5,555		)	12,073		—			12/18/2002
Wake Forest Crossing II	395		940		2,503			415		3,423		3,838		(48		)	3,790		—			06/04/2014
Waterford Village	5,830		—		12,264			3,775		14,319		18,094		(6,656		)	11,438		—			06/11/2004
Wellington Green Commons & Pad	16,500		32,489		2,460			16,500		34,949		51,449		(2,609		)	48,840		(18,587		)	04/20/2015
West Jordan Town Center	4,306		17,776		(1,989		)	3,269		16,824		20,093		(7,284		)	12,809		—			12/19/2003

	Initial Cost to Company							Gross Amounts Carried at Close of Period
Description	Land		Building and Improvements		Cost Capitalized Subsequent  to Acquisition			Land		Building and Improvements		Total (1)		Accumulated Depreciation			Total Costs, Net of Accumulated Depreciation		Encumbrances (2)			Date of Acquisition / Construction
Westchase Shopping Center	$	3,085	$	7,920	$	13,586		$	3,189	$	21,402	$	24,591	$	(13,221	)	$	11,370	$	—		08/29/1978
Westhill Village Shopping Center	408		3,002		6,720			437		9,693		10,130		(5,621		)	4,509		—			05/01/1958
Westland Fair	27,562		10,506		(7,267		)	12,220		18,581		30,801		(10,027		)	20,774		—			12/29/2000
Westminster Center	11,215		44,871		8,832			11,204		53,714		64,918		(24,301		)	40,617		(47,250		)	04/02/2001
Winter Park Corners	2,159		8,636		2,057			2,189		10,663		12,852		(4,552		)	8,300		—			09/06/2001
	956,026		2,409,874		857,210			1,043,996		3,179,114		4,223,110		(1,131,628		)	3,091,482		(360,110		)
New Development:
West Alex	42,163		2,669		31,181			44,420		31,593		76,013		—			76,013		—			11/01/2016
The Whittaker	5,237		19,395		1,518			5,366		20,784		26,150		(116		)	26,034		—			03/24/2017
	47,400		22,064		32,699			49,786		52,377		102,163		(116		)	102,047		—
Miscellaneous (not to exceed 5% of total)	136,434		10,310		26,842			92,430		81,156		173,586		(34,382		)	139,204		—
Total of Portfolio	$	1,139,860	$	2,442,248	$	916,751		$	1,186,212	$	3,312,647	$	4,498,859	$	(1,166,126	)	$	3,332,733	$	(360,110	)

___________________

(1) The book value of our net fixed asset exceeds the tax basis by approximately $193.4 million at December 31, 2017.

(2) Encumbrances do not include $50.9 million outstanding under fixed-rate mortgage debt associated with tenancy-in-common arrangements and properties held for sale, $4.0 million of non-cash debt related items and $(1.3) million of deferred debt costs.

Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment. Tenant and leasehold improvements are depreciated over the remaining life of the lease or the useful life whichever is shorter.

The changes in total cost of the properties were as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	4,789,145		$	4,262,959		$	4,076,094
Additions at cost	137,462			654,513			319,789
Retirements or sales	(334,105		)	(126,666		)	(79,608		)
Property held for sale	(78,721		)	(1,563		)	(53,163		)
Impairment loss	(14,922		)	(98		)	(153		)
Balance at end of year	$	4,498,859		$	4,789,145		$	4,262,959

The changes in accumulated depreciation were as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	1,184,546		$	1,087,642		$	1,028,619
Additions at cost	132,900			131,120			120,426
Retirements or sales	(127,391		)	(33,132		)	(42,603		)
Property held for sale	(23,929		)	(1,084		)	(18,800		)
Balance at end of year	$	1,166,126		$	1,184,546		$	1,087,642

XML

Mortgage Loans On Real Estate

12 Months Ended

Dec. 31, 2017

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans On Real Estate

WEINGARTEN REALTY INVESTORS

MORTGAGE LOANS ON REAL ESTATE

DECEMBER 31, 2017

(Amounts in thousands)

	State	Interest Rate	Final Maturity Date	Periodic Payment Terms	Face Amount of Mortgages		Carrying Amount of Mortgages (1)
Shopping Centers:
First Mortgages:
College Park Realty Company	NV	7.00%	10/31/2053	At Maturity	$	3,410	$	3,410
Total Mortgage Loans on Real Estate					$	3,410	$	3,410

___________________

(1) The aggregate cost at December 31, 2017 for federal income tax purposes is $3.4 million, and there are no prior liens to be disclosed. As this is an interest only mortgage loan, there have been no changes in its carrying amount for each year ended December 31, 2017, 2016 and 2015.

XML

Summary Of Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis Of Presentation

Basis of Presentation

Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and VIEs which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated.

Our financial statements are prepared in accordance with GAAP. Such statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements.

Revenue Recognition

Revenue Recognition

Rental revenue is generally recognized on a straight-line basis over the term of the lease, which generally begins the date the tenant takes control of the space. Revenue from tenant reimbursements of taxes, maintenance expenses and insurance is subject to our interpretation of lease provisions and is recognized in the period the related expense is recognized. Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds their sales breakpoint. In circumstances where we provide a tenant improvement allowance for improvements that are owned by the tenant, we recognize the allowance as a reduction of rental revenue on a straight-line basis over the term of the lease. Other revenue is income from contractual agreements with third parties, tenants or partially owned real estate joint ventures or partnerships, which is recognized as the related services are performed under the respective agreements.

Property

Property

Real estate assets are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method, generally over estimated useful lives of 18-40 years for buildings and 10-20 years for parking lot surfacing and equipment. Major replacements where the betterment extends the useful life of the asset are capitalized, and the replaced asset and corresponding accumulated depreciation are removed from the accounts. All other maintenance and repair items are charged to expense as incurred.

Acquisitions of properties are accounted for utilizing the acquisition of an asset method and, accordingly, the results of operations of an acquired property are included in our results of operations from the date of acquisition. Estimates of fair values are based upon estimated future cash flows and other valuation techniques in accordance with our fair value measurements accounting policy. Fair values are used to allocate and record the purchase price of acquired property among land, buildings on an “as if vacant” basis, tenant improvements, other identifiable intangibles and any goodwill or gain on purchase. Other identifiable intangible assets and liabilities include the effect of out-of-market leases, the value of having leases in place (“as is” versus “as if vacant” and absorption costs), out-of-market assumed mortgages and tenant relationships. Depreciation and amortization is computed using the straight-line method, generally over estimated useful lives of 40 years for buildings and over the lease term which includes bargain renewal options for other identifiable intangible assets. Costs associated with the successful acquisition of an asset are capitalized as incurred.

Property also includes costs incurred in the development and redevelopment of operating properties. These properties are carried at cost, and no depreciation is recorded on these assets until rent commences or no later than one year from the completion of major construction. These costs include preacquisition costs directly identifiable with the specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs, including salaries and benefits, travel and other related costs that are directly attributable to the development of the property, are also capitalized. The capitalization of such costs ceases at the earlier of one year from the completion of major construction or when the property, or any completed portion, becomes available for occupancy.

Property also includes costs for tenant improvements paid by us, including reimbursements to tenants for improvements that are owned by us and will remain our property after the lease expires.

Property identified for sale is reviewed to determine if it qualifies as held for sale based on the following criteria: management has approved and is committed to the disposal plan, the assets are available for immediate sale, an active plan is in place to locate a buyer, the sale is probable and expected to qualify as a completed sale within a year, the sales price is reasonable in relation to the current fair value, and it is unlikely that significant changes will be made to the sales plan or that the sales plan will be withdrawn. Upon qualification, these properties are segregated and classified as held for sale at the lower of cost or fair value less costs to sell. Our individual property disposals do not qualify for discontinued operations presentation; thus, the results of these disposals remain in income from continuing operations and any associated gains are included in gain on sale of property.

Some of our properties are held in single purpose entities. A single purpose entity is a legal entity typically established at the request of a lender solely for the purpose of owning a property or group of properties subject to a mortgage. There may be restrictions limiting the entity’s ability to engage in an activity other than owning or operating the property, assuming or guaranteeing the debt of any other entity, or dissolving itself or declaring bankruptcy before the debt has been repaid. Most of our single purpose entities are 100% owned by us and are consolidated in our consolidated financial statements.

Real Estate Joint Ventures And Partnerships

Real Estate Joint Ventures and Partnerships

To determine the method of accounting for partially owned real estate joint ventures and partnerships, management determines whether an entity is a VIE and, if so, determines which party is the primary beneficiary by analyzing whether we have both the power to direct the entity’s significant economic activities and the obligation to absorb potentially significant losses or receive potentially significant benefits. Significant judgments and assumptions inherent in this analysis include the design of the entity structure, the nature of the entity’s operations, future cash flow projections, the entity’s financing and capital structure, and contractual relationships and terms. We consolidate a VIE when we have determined that we are the primary beneficiary.

Primary risks associated with our involvement with our VIEs include the potential funding of the entities’ debt obligations or making additional contributions to fund the entities’ operations or capital activities.

Partially owned, non-variable interest real estate joint ventures and partnerships over which we have a controlling financial interest are consolidated in our consolidated financial statements. In determining if we have a controlling financial interest, we consider factors such as ownership interest, authority to make decisions, kick-out rights and substantive participating rights. Partially owned real estate joint ventures and partnerships where we do not have a controlling financial interest, but have the ability to exercise significant influence, are accounted for using the equity method.

Management continually analyzes and assesses reconsideration events, including changes in the factors mentioned above, to determine if the consolidation or equity method treatment remains appropriate.

Unamortized Lease Costs, net

Unamortized Lease Costs, net

Lease costs represent the initial direct costs incurred in origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third party costs, as well as salaries and benefits, travel and other internal costs directly related to completing a lease and are amortized over the life of the lease on a straight-line basis. Costs related to supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are charged to expense as incurred. Also included are in place lease costs which are amortized over the life of the applicable lease terms on a straight-line basis.

Accrued Rent And Accounts Receivable, Net

Accrued Rent and Accounts Receivable, net

Receivables include base rents, tenant reimbursements and receivables attributable to the straight-lining of rental commitments. An allowance for the uncollectible portion of accrued rents and accounts receivable is determined based upon an analysis of balances outstanding, historical bad debt levels, tenant creditworthiness and current economic trends. Additionally, estimates of the expected recovery of pre-petition and post-petition claims with respect to tenants in bankruptcy are considered in assessing the collectibility of the related receivables. Management’s estimate of the collectibility of accrued rents and accounts receivable is based on the best information available to management at the time of evaluation.

Cash And Cash Equivalents

Cash and Cash Equivalents

All highly liquid investments with original maturities of three months or less are considered cash equivalents. Cash and cash equivalents are primarily held at major financial institutions in the U.S. We had cash and cash equivalents in certain financial institutions in excess of federally insured levels. We have diversified our cash and cash equivalents amongst several banking institutions in an attempt to minimize exposure to any one of these entities. We believe we are not exposed to any significant credit risk and regularly monitor the financial stability of these financial institutions.

Restricted Deposits And Mortgage Escrows

Restricted Deposits and Mortgage Escrows

Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted deposits that are held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions.

Other Assets, Net

Other Assets, net

Other assets include an asset related to the debt service guaranty (see Note 6 for further information), tax increment revenue bonds, investments, investments held in a grantor trust, deferred tax assets, prepaid expenses, interest rate derivatives, the value of above-market leases and the related accumulated amortization, deferred debt costs associated with our revolving credit facilities and other miscellaneous receivables. Investments held in a grantor trust and investments in mutual funds are adjusted to fair value at each period with changes included in our Consolidated Statements of Operations and Consolidated Statement of Comprehensive Income, respectively. The value of our investments in mutual funds approximates the cost basis. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts. Our tax increment revenue bonds have been classified as held to maturity and are recorded at amortized cost offset by a recognized credit loss (see Note 21 for further information). Above-market leases are amortized as adjustments to rental revenues over terms of the acquired leases. Deferred debt costs, including those classified in debt, are amortized primarily on a straight-line basis, which approximates the effective interest rate method, over the terms of the debt. Other miscellaneous receivables have a reserve applied to the carrying amount when it becomes apparent that conditions exist that may lead to our inability to fully collect on outstanding amounts due. Such conditions include delinquent or late payments on receivables, deterioration in the ongoing relationship with the borrower and other relevant factors. We would establish a reserve when expected loss conditions exist by reviewing the borrower’s ability to generate revenues to meet debt service requirements and assessing the fair value of any collateral.

Derivatives And Hedging

Derivatives and Hedging

We manage interest cost using a combination of fixed-rate and variable-rate debt. To manage our interest rate risk, we occasionally hedge the future cash flows of our existing floating-rate debt or anticipated fixed-rate debt issuances, as well as changes in the fair value of our existing fixed-rate debt instruments, principally through interest rate contracts with major financial institutions. Interest rate contracts that meet specific criteria are accounted for as either a cash flow or fair value hedge.

Cash Flow Hedges of Interest Rate Risk:

Our objective in using interest rate derivatives is to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swap contracts as part of our interest rate risk management strategy. Interest rate swap contracts designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For hedges of fixed-rate debt issuances, the interest rate contracts are cash settled upon the pricing of the debt, with amounts deferred in accumulated other comprehensive loss and amortized as an increase/decrease to interest expense over the originally hedged period.

The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings.

Sales Of Real Estate

Sales of Real Estate

Sales of real estate include the sale of tracts of land within a shopping center development, property adjacent to shopping centers, operating properties, newly developed properties, investments in real estate joint ventures and partnerships and partial sales to real estate joint ventures and partnerships in which we participate.

Profits on sales of real estate are not recognized until (a) a sale is consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay; (c) the seller’s receivable is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership in the transaction, and we do not have a substantial continuing involvement with the property.

We recognize gains on the sale of real estate to joint ventures and partnerships in which we participate to the extent we receive cash from the joint venture or partnership, if it meets the sales criteria in accordance with GAAP, and we do not have a commitment to support the operations of the real estate joint venture or partnership to an extent greater than our proportionate interest in the real estate joint venture or partnership.

Impairment

Impairment

Our property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any capitalized costs and any identifiable intangible assets, may not be recoverable.

If such an event occurs, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future, with consideration of applicable holding periods, on an undiscounted basis to the carrying amount of such property. If we determine the carrying amount is not recoverable, our basis in the property is reduced to its estimated fair value to reflect impairment in the value of the asset. Fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker or appraisal estimates in accordance with our fair value measurements accounting policy.

We review economic considerations at each reporting period, including the effects of tenant bankruptcies, the suspension of tenant expansion plans for new development projects, declines in real estate values, and any changes to plans related to our new development properties including land held for development, to identify properties where we believe market values may be deteriorating. Determining whether a property is impaired and, if impaired, the amount of write-down to fair value requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. If market conditions deteriorate or management’s plans for certain properties change, additional write-downs could be required in the future.

Our investment in partially owned real estate joint ventures and partnerships is reviewed for impairment each reporting period. The ultimate realization is dependent on a number of factors, including the performance of each investment and market conditions. We will record an impairment charge if we determine that a decline in the estimated fair value of an investment below its carrying amount is other than temporary. There is no certainty that impairments will not occur in the future if market conditions decline or if management’s plans for these investments change.

Our investments in tax increment revenue bonds are reviewed for impairment, including the evaluation of changes in events or circumstances that may indicate that the carrying amount of the investment may not be recoverable. Realization is dependent on a number of factors, including investment performance, market conditions and payment structure. We will record an impairment charge if we determine that a decline in the value of the investment below its carrying amount is other than temporary, recovery of its cost basis is uncertain, and/or it is uncertain if the investment will be held to maturity.

Interest Capitalization

Interest Capitalization

Interest is capitalized on land under development and buildings under construction based on rates applicable to borrowings outstanding during the period and the weighted average balance of qualified assets under development/construction during the period.

Income Taxes

Income Taxes

We have elected to be treated as a REIT under the Internal Revenue Code of 1986, as amended. As a REIT, we generally will not be subject to corporate level federal income tax on taxable income we distribute to our shareholders. To be taxed as a REIT, we must meet a number of requirements including defined percentage tests concerning the amount of our assets and revenues that come from, or are attributable to, real estate operations. As long as we distribute at least 90% of the taxable income of the REIT (without regard to capital gains or the dividends paid deduction) to our shareholders as dividends, we will not be taxed on the portion of our income we distribute as dividends unless we have ineligible transactions.

The Tax Relief Extension Act of 1999 gave REITs the ability to conduct activities which a REIT was previously precluded from doing as long as such activities are performed in entities which have elected to be treated as taxable REIT subsidiaries under the IRS code. These activities include buying or developing properties with the express purpose of selling them. We conduct certain of these activities in a taxable REIT subsidiary that we have created. We calculate and record income taxes in our consolidated financial statements based on the activities in this entity. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between our carrying amounts of existing assets and liabilities and their respective tax bases and net operating loss and tax credit carry-forwards. These are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance for deferred tax assets is established for those assets when we do not consider the realization of such assets to be more likely than not.

On December 22, 2017, the U.S. government enacted the Tax Act. The Tax Act makes broad and complex changes to the Internal Revenue Code including, but not limited to, (1) reducing the U.S. federal corporate income tax rate from 35% to 21%, (2) establishing a 20% deduction for REIT dividends (other than any portion that is a capital gain dividend), (3) limiting the deductibility of business interest, (4) allowing full expensing of certain qualifying property, (5) eliminating the corporate Alternative Minimum Tax (“AMT”) and changing how existing AMT credits can be realized, (6) limiting current net operating loss deductions and providing an indefinite carryforward and (7) limiting the deductibility of certain executive compensation. Management’s evaluation of deferred taxes and the associated valuation allowance includes an estimate of the impact of the Tax Act and was based on the best information available to management at the time (see Note 13 for additional information).

Additionally, GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition of a tax position taken, or expected to be taken, in a tax return. A tax position may only be recognized in the consolidated financial statements if it is more likely than not that the tax position will be sustained upon examination. We believe it is more likely than not that our tax positions will be sustained in any tax examinations.

In addition, we are subject to the State of Texas business tax (“Texas Franchise Tax”), which is determined by applying a tax rate to a base that considers both revenues and expenses. Therefore, the Texas Franchise Tax is considered an income tax and is accounted for accordingly.

Share-Based Compensation

Share-Based Compensation

We have both share options and share awards outstanding. Since 2012, our employee long-term incentive program under our Amended and Restated 2010 Long-Term Incentive Plan grants only awards that incorporate both service-based and market-based measures for share awards to promote share ownership among the participants and to emphasize the importance of total shareholder return. The terms of each grant vary depending upon the participant's responsibilities and position within the Company. All awards are recorded at fair value on the date of grant and earn dividends throughout the vesting period; however, the dividends are subject to the same vesting terms as the award. Compensation expense is measured at the grant date and recognized over the vesting period. All share awards are awarded subject to the participant’s continued employment with us.

The share awards are subject to a three-year cliff vesting basis. Service-based and market-based share awards are subject to the achievement of select performance goals as follows:

• Service-based awards and accumulated dividends typically vest three years from the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed.

• Market-based awards vest based upon the performance metrics at the end of a three-year period. These awards are based 50% on our three-year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three-year absolute TSR, which is currently compared to an 8% hurdle. At the end of a three-year period, the performance measures are analyzed; the actual number of shares earned is determined; and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest.

Restricted shares granted to trust managers and share awards granted to retirement eligible employees are expensed immediately. Restricted shares and share awards have the same rights of a common shareholder, including the right to vote and receive dividends, except as otherwise provided by our Management Development and Executive Compensation Committee.

Options generally expire upon the earlier of termination of employment or 10 years from the date of grant, and all restricted shares are granted at no purchase price. Our policy is to recognize compensation expense for equity awards ratably over the vesting period, except for retirement eligible amounts.

Retirement Benefit Plans

Retirement Benefit Plans

Defined Benefit Plan:

We sponsor a noncontributory cash balance retirement plan (“Retirement Plan”) under which an account is maintained for each participant. Annual additions to each participant’s account include a service credit ranging from 3%-5% of compensation, depending on years of service, and an interest credit of 4.5%. Vesting generally occurs after three years of service.

Investments of Plan Assets

Our investment policy for our plan assets has been to determine the objectives for structuring a retirement savings program suitable to the long-term needs and risk tolerances of participants, to select appropriate investments to be offered by the plan and to establish procedures for monitoring and evaluating the performance of the investments of the plan. Our overall plan objectives for selecting and monitoring investment options are to promote and optimize retirement wealth accumulation; to provide a full range of asset classes and investment options that are intended to help diversify the portfolio to maximize return within reasonable and prudent levels of risk; to control costs of administering the plan; and to manage the investments held by the plan.

The selection of investment options is determined using criteria based on the following characteristics: fund history, relative performance, investment style, portfolio structure, manager tenure, minimum assets, expenses and operation considerations. Investment options selected for use in the plan are reviewed at least on a semi-annual basis to evaluate material changes from the selection criteria. Asset allocation is used to determine how the investment portfolio should be split between stocks, bonds and cash. The asset allocation decision is influenced by investment time horizon; risk tolerance; and investment return objectives. The primary factor in establishing asset allocation is demographics of the plan, including attained age and future service. A broad market diversification model is used in considering all these factors, and the percentage allocation to each investment category may also vary depending upon market conditions. Re-balancing of the allocation of plan assets occurs semi-annually.

Defined Contribution Plans:

Effective January 1, 2012, we amended our two separate and independent nonqualified supplemental retirement plans (“SRP”) for certain employees to be defined contribution plans. These unfunded plans provide benefits in excess of the statutory limits of our noncontributory cash balance retirement plan. For active participants as of January 1, 2012, annual additions to each participant’s account include an actuarially-determined service credit ranging from 3% to 5% and an interest credit of 4.5%. Vesting generally occurs between five and 10 years of service. We have elected to use the actuarial present value of the vested benefits to which the participant was entitled if the participant separated immediately from the SRP, as permitted by GAAP.

The SRP participants' account balances, prior to January 1, 2012, were converted to a cash balance retirement plan which no longer receives service credits but continues to receive a 7.5% interest credit for active participants and a December 31, 90-day LIBOR rate plus .50% for inactive participants.

We have a Savings and Investment Plan pursuant to which eligible employees may elect to contribute from 1% of their salaries to the maximum amount established annually by the IRS. Employee contributions are matched by us at the rate of 50% for the first 6% of the employee's salary. The employees vest in the employer contributions ratably over a five-year period.

Deferred Compensation Plan

We have a deferred compensation plan for eligible employees allowing them to defer portions of their current cash salary or share-based compensation. Deferred amounts are deposited in a grantor trust, which are included in net other assets, and are reported as compensation expense in the year service is rendered. Cash deferrals are invested based on the employee’s investment selections from a mix of assets selected using a broad market diversification model.

Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification were reclassified from additional paid-in capital to temporary equity in our Consolidated Balance Sheet. In February 2017, the deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification at the amendment date were reclassified from temporary equity into additional paid-in capital in our Consolidated Balance Sheet. Deferred share-based compensation cannot be diversified, and distributions from this plan are made in the same form as the original deferral.

Fair Value Measurements

Fair Value Measurements

Certain financial instruments, estimates and transactions are required to be calculated, reported and/or recorded at fair value. The estimated fair values of such financial items, including debt instruments, impaired assets, acquisitions, investment securities and derivatives, have been determined using a market-based measurement. This measurement is determined based on the assumptions that management believes market participants would use in pricing an asset or liability; including, market capitalization rates, discount rates, current operating income, local economics and other factors. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The fair value of such financial instruments, estimates and transactions was determined using available market information and appropriate valuation methodologies as prescribed by GAAP.

Internally developed and third party fair value measurements, including the unobservable inputs, are evaluated by management with sufficient experience for reasonableness based on current market knowledge, trends and transactional experience in the real estate and capital markets. Our valuation policies and procedures are determined by our Accounting Group, which reports to the Chief Financial Officer and the results of significant impairment transactions are discussed with the Audit Committee on a quarterly basis.

Fair value estimates are based on limited available market information for similar transactions, including our tax increment revenue bonds, investments held to maturity and debt, and there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. The following provides information about the methods used to estimate the fair value of our financial instruments, including their estimated fair values:

Investments and Deferred Compensation Plan Obligations

Investments in mutual funds held in a grantor trust and mutual funds are valued based on publicly-quoted market prices for identical assets. The deferred compensation plan obligations corresponds to the value of our investments held in a grantor trust. Investments held to maturity are carried at amortized cost and are adjusted using the interest method for amortization of premiums and accretion of discounts.

Derivative Instruments

We use interest rate contracts with major financial institutions to manage our interest rate risk. The valuation of these instruments is determined based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of our interest rate contracts have been determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counter-party’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral, thresholds and guarantees. An accounting policy election was made to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counter-parties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

Tax Increment Revenue Bonds

The fair value estimates of our held to maturity tax increment revenue bonds, which were issued by the Agency in connection with our investment in a development project in Sheridan, Colorado, are based on assumptions that management believes market participants would use in pricing, using widely accepted valuation techniques including discounted cash flow analysis based on the expected future sales tax revenues of the development project. This analysis reflects the contractual terms of the bonds, including the period to maturity, and uses observable market-based inputs, such as market discount rates and unobservable market-based inputs, such as future growth and inflation rates.

Debt

The fair value of our debt may be based on quoted market prices for publicly-traded debt, on a third-party established benchmark for inactively traded debt and on the discounted estimated future cash payments to be made for non-traded debt. For inactively traded debt, our third-party provider establishes a benchmark for all REIT securities based on the largest, most liquid and most frequent investment grade securities in the REIT bond market. This benchmark is then adjusted to consider how a market participant would be compensated for risk premiums such as, longevity of maturity dates, lack of liquidity and credit quality of the issuer. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assumes the debt is outstanding through maturity and considers the debt’s collateral (if applicable). We have utilized market information as available or present value techniques to estimate the amounts required to be disclosed.

Reportable Segments

Reportable Segments

Our primary focus is to lease space to tenants in shopping centers that we own, lease or manage. We evaluate the performance of the reportable segments based on net operating income, defined as total revenues less operating expenses and real estate taxes. Management does not consider the effect of gains or losses from the sale of property or interests in real estate joint ventures and partnerships in evaluating segment operating performance.

No individual property constitutes more than 10% of our revenues or assets, and we have no operations outside of the United States of America. Therefore, our properties have been aggregated into one reportable segment since such properties and the tenants thereof each share similar economic and operating characteristics.

Newly Issued Accounting Pronouncements

Newly Issued Accounting Pronouncements

Adopted

In March 2016, the FASB issued ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $6.0 million and $1.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015, respectively, from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings.

In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017 on a retrospective basis. The adoption of this ASU resulted in a retrospective reclassification of $.5 million and $.8 million in the Consolidated Statements of Cash Flows for the year ended December 31, 2016 and 2015, respectively, from cash flows from operating activities in accrued rent and accounts receivable, net to cash flows from investing activities in other, net for the settlement of insurance claims associated with capital assets. Also, our distributions received from equity method investees are accounted for using the cumulative earnings approach.

In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis. We have adopted this update, and the adoption did not have any impact to our consolidated financial statements.

In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalents that result from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We have adopted this ASU as of December 31, 2017 on a retrospective basis, as reflected in our cash flow statement presentation and related notes (see Notes 1 and 14 for additional information). For the year ended December 31, 2016 and 2015, cash flows from investing activities in the Consolidated Statements of Cash Flows no longer reflects the change in restricted deposits and mortgage escrows totaling $20.0 million and $76.6 million, respectively.

In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets can be concentrated in a single asset or identifiable group of similar assets, then the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For for the year ended December 31, 2016, we expensed acquisition costs of $1.4 million.

In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation: Scope of Modification Accounting." This ASU provides guidance about the types of changes to the terms or conditions of a share-based payment award which would require an entity to apply modification accounting. This ASU requires an entity to account for the effects of a modification in the terms or conditions of a share-based payment award, unless three criteria are met relating to the fair value, vesting conditions and classification of the modified awards. The provisions of ASU No. 2017-09 are effective for us as of January 1, 2018 on a prospective basis, and early adoption is permitted. We have adopted this update as of December 31, 2017, and the adoption did not have any impact to our consolidated financial statements.

Not Yet Adopted

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. We have elected to apply this guidance on a modified retrospective approach upon adoption.

Our evaluation has resulted in the identification of primarily three types of customer contracts: (1) management contracts with partially owned real estate joint ventures or partnerships or third parties, (2) licensing and occupancy agreements and (3) certain non-tenant contracts. Based on our evaluation, we will continue to recognize these fees as we currently do with the exception of the timing associated with the performance obligation in our management contracts related to leasing and lease preparation related services. Upon adoption at January 1, 2018, we recognized the cumulative effect for these fees which has increased retained earnings and contract assets by $.3 million, respectively. In addition, we evaluated controls around the implementation of this ASU and have concluded there will be no significant impact on our control structure. We are still evaluating the impact to the notes in our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018 and is required to be applied on a modified retrospective approach. Upon adoption, we recognized the cumulative effect for the fair value of equity investments which has increased retained earnings and accumulated other comprehensive loss each by $1.5 million and includes the effects of ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income."

In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We anticipate adopting this ASU on January 1, 2019.

In January 2018, the FASB issued an exposure draft ("2018 Exposure Draft") which, if adopted as written, would allow lessors a practical expedient by class of underlying assets to account for lease and non-lease components as a single lease component if certain criteria are met. Also, the 2018 Exposure Draft indicates that companies may be permitted to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption in lieu of the modified retrospective approach and provides other optional practical expedients.

We are in the process of evaluating the impact to our 5,400 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. Within our lessor leases, we are entitled to receive tenant reimbursements for operating expenses such as real estate taxes, insurance and common area maintenance (“CAM”). Currently upon adoption of this ASU, CAM reimbursement revenue will be accounted for in accordance with Topic 606 (ASU No. 2014-09 as discussed above). We have currently identified some areas we believe may be impacted by this ASU. These include:

• The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items.

• We have ground lease agreements in which we are the lessee for land underneath all or a portion of 13 centers and three administrative office leases that we account for as operating leases. Rental expense associated with these operating leases was, in millions: $2.9 in 2017; $3.0 in 2016 and $3.2 in 2015. We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We will record any rights and obligations under these leases as an asset and liability at fair value in our consolidated balance sheets.

• Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated leasing and legal costs, of which we capitalized internal costs of $10.8 millionand$10.3 million for the year ended December 31, 2017 and 2016, respectively. We believe we will be able to continue to capitalize internal leasing commissions that are a direct result of obtaining a lease.

In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements.

In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018 and depending on the contract type may be recorded on a retrospective or modified retrospective approach. As a result of our contract analysis under ASU 2014-09, the majority of our contracts relate to property sales to be accounted for under this ASU and could result in future gains being recognized sooner. Upon adoption, we applied the modified retrospective approach for all contract types. We recognized the cumulative effect for contracts in which gains would have been realized and have increased retained earnings and other assets by $4.0 million, respectively, at January 1, 2018.

In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis for the presentation within the income statement and prospectively for the capitalization of costs. Upon adoption of this ASU, our income statement presentation and notes will be impacted, but it does not have a material impact to our consolidated financial statements. For the year ended December 31, 2017, 2016 and 2015, net periodic benefit cost, excluding the service cost component, of $.4 million, $.7 million and $.2 million, respectively, will be restated as non-operating expenses in our Consolidated Statements of Operations.

In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The ASU amends current hedge accounting recognition and presentation requirements. Items focused on include: alignment of an entity’s risk management activities and its financial reporting for hedging relationships, the use of hedge accounting for risk components in hedging relationships involving nonfinancial risk and interest rate risk, updates for designating fair value hedges of interest rate risk and measuring the related change in fair value of the hedged item, alignment of the recognition and presentation of the effects of the hedging instrument and the hedged item, and permits an entity to exclude certain amounts related to currency swaps. Lastly, the ASU also provides additional relief on effectiveness testing methods and disclosures. The provisions of ASU No. 2017-12 are effective for us as of January 1, 2019, and early adoption is permitted. We have adopted this ASU as of January 1, 2018, which requires a modified retrospective transition method upon adoption. The adoption of this ASU will not have a material impact to our consolidated financial statements.

In January 2018, the FASB issued ASU No. 2018-01, "Leases (Topic 842)-Land Easement Practical Expedient for Transition to Topic 842." The ASU provides an optional transition practical expedient to not evaluate existing or expired land easements under ASU No. 2016-02, if they were not previously accounted for as leases under prior guidance. The provisions of ASU No. 2018-01 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-02.

In February 2018, the FASB issued ASU No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows for the reclassification of the stranded tax effects resulting from the Tax Act to retained earnings. The provisions of ASU No. 2018-02 are effective for us as of January 1, 2019, may be applied either at the beginning of the period of adoption or retrospectively, and early adoption is permitted. We anticipate adopting this ASU upon adoption of ASU No. 2016-01.

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Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule Of Restricted Deposits And Mortgage Escrows

Our restricted deposits and mortgage escrows consists of the following (in thousands):

	December 31,
	2017		2016
Restricted deposits (1)	6,291		23,489
Mortgage escrows	1,824		1,533
Total	$	8,115	$	25,022

___________________

(1) The decrease between the periods presented is primarily attributable to $21.0 million of funds being released from a qualified escrow account for the purpose of completing like-kind exchange transactions.

Summary of Eligible Share Award Activity

The following table summarizes the eligible share award activity since inception through the February 2017 plan amendment date (in thousands):

	December 31,
	2017			2016
Balance at beginning of the period/inception	$	44,758		$	36,261
Change in redemption value	619			8,600
Change in classification	988			3,716
Diversification of share awards	—			(3,819		)
Amendment reclassification	(46,365		)	—
Balance at end of period	$	—		$	44,758

Schedule Of Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component consists of the following (in thousands):

	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2016	$	(964	)		$	(6,403	)		$	16,528			$	9,161
Change excluding amounts reclassified from accumulated other comprehensive loss	(1,228		)		(1,063		)		82				(2,209		)
Amounts reclassified from accumulated other comprehensive loss	651			(1)	42			(2)	(1,475		)	(3)	(782		)
Net other comprehensive (income) loss	(577		)		(1,021		)		(1,393		)		(2,991		)
Balance, December 31, 2017	$	(1,541	)		$	(7,424	)		$	15,135			$	6,170
	Gain on Investments				Gain on Cash Flow Hedges				Defined Benefit Pension Plan				Total
Balance, December 31, 2015	$	(557	)		$	(8,160	)		$	16,361			$	7,644
Change excluding amounts reclassified from accumulated other comprehensive loss	(407		)		3,288				1,719				4,600
Amounts reclassified from accumulated other comprehensive loss					(1,531		)	(2)	(1,552		)	(3)	(3,083		)
Net other comprehensive (income) loss	(407		)		1,757				167				1,517
Balance, December 31, 2016	$	(964	)		$	(6,403	)		$	16,528			$	9,161

___________________

(1) This reclassification component is included in interest and other income.

(2) This reclassification component is included in interest expense (see Note 7 for additional information).

(3) This reclassification component is included in the computation of net periodic benefit cost (see Note 17 for additional information).

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Property (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate [Abstract]

Schedule Of Property

Our property consists of the following (in thousands):

	December 31,
	2017		2016
Land	$	1,068,022	$	1,107,072
Land held for development	69,205		82,953
Land under development	48,985		51,761
Buildings and improvements	3,232,074		3,489,685
Construction in-progress	80,573		57,674
Total	$	4,498,859	$	4,789,145

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Investment In Real Estate Joint Ventures And Partnerships (Tables)

12 Months Ended

Dec. 31, 2017

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Combined Condensed Balance Sheets

Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):

	December 31,
	2017			2016
Combined Condensed Balance Sheets
ASSETS
Property	$	1,241,004		$	1,196,770
Accumulated depreciation	(285,033		)	(261,392		)
Property, net	955,971			935,378
Other assets, net	115,743			114,554
Total Assets	$	1,071,714		$	1,049,932
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	$	298,124		$	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	12,017			12,585
Other liabilities, net	24,759			24,902
Total Liabilities	334,900			338,967
Equity	736,814			710,965
Total Liabilities and Equity	$	1,071,714		$	1,049,932

Schedule Of Combined Condensed Statements Of Operations

	Year Ended December 31,
	2017		2016		2015
Combined Condensed Statements of Operations
Revenues, net	$	137,419	$	138,316	$	148,875
Expenses:
Depreciation and amortization	34,818		38,242		37,771
Interest, net	11,836		16,076		17,053
Operating	23,876		26,126		26,797
Real estate taxes, net	18,865		17,408		18,525
General and administrative	623		816		839
Provision for income taxes	112		113		197
Impairment loss	—		1,303		7,487
Total	90,130		100,084		108,669
Gain on sale of non-operating property	—		373		—
Gain on dispositions	12,492		14,816		5,171
Net Income	$	59,781	$	53,421	$	45,377

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Identified Intangible Assets And Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Finite-Lived Intangible Assets [Line Items]

Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property

Identified intangible assets and liabilities associated with our property acquisitions are as follows (in thousands):

	December 31,
	2017			2016
Identified Intangible Assets:
Above-market leases (included in Other Assets, net)	$	44,231		$	44,595
Above-market leases - Accumulated Amortization	(17,397		)	(13,579		)
Below-market assumed mortgages (included in Debt, net)	—			1,671
Below-market assumed mortgages - Accumulated Amortization	—			(1,564		)
In place leases (included in Unamortized Lease Costs, net)	224,201			232,528
In place leases - Accumulated Amortization	(96,202		)	(82,571		)
	$	154,833		$	181,080
Identified Intangible Liabilities:
Below-market leases (included in Other Liabilities, net)	$	105,794		$	110,878
Below-market leases - Accumulated Amortization	(28,072		)	(23,109		)
Above-market assumed mortgages (included in Debt, net)	10,063			10,375
Above-market assumed mortgages - Accumulated Amortization	(6,081		)	(5,186		)
	$	81,704		$	92,958

Above-Market Leases [Member]

Finite-Lived Intangible Assets [Line Items]

Schedule Of Future Amortization

The estimated net amortization of these intangible assets and liabilities will increase rental revenues for each of the next five years as follows (in thousands):

2018	$	2,789
2019	3,161
2020	3,234
2021	3,186
2022	3,007

In Place Leases [Member]

Finite-Lived Intangible Assets [Line Items]

Schedule Of Future Amortization

The estimated amortization of these intangible assets will increase depreciation and amortization for each of the next five years as follows (in thousands):

2018	$	16,617
2019	14,638
2020	13,663
2021	11,573
2022	9,516

Below-Market Assumed Mortgages [Member]

Finite-Lived Intangible Assets [Line Items]

Schedule Of Future Amortization

The estimated net amortization of these intangible assets and liabilities will decrease net interest expense for each of the next five years as follows (in thousands):

2018	$	1,207
2019	1,207
2020	436
2021	287
2022	141

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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Schedule Of Debt

Our debt consists of the following (in thousands):

	December 31,
	2017		2016
Debt payable, net to 2038 (1)	$	1,996,007	$	2,023,403
Unsecured notes payable under credit facilities	—		245,000
Debt service guaranty liability	64,145		67,125
Obligations under capital leases	21,000		21,000
Total	$	2,081,152	$	2,356,528

___________________

(1) At December 31, 2017, interest rates ranged from 2.6% to 7.9% at a weighted average rate of 4.0%. At December 31, 2016, interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0%.

Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured

The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):

	December 31,
	2017		2016
As to interest rate (including the effects of interest rate contracts):
Fixed-rate debt	$	2,063,263	$	2,089,769
Variable-rate debt	17,889		266,759
Total	$	2,081,152	$	2,356,528
As to collateralization:
Unsecured debt	$	1,667,462	$	1,913,399
Secured debt	413,690		443,129
Total	$	2,081,152	$	2,356,528

Schedule Of Credit Facilities

The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):

	December 31,
	2017			2016
Unsecured revolving credit facility:
Balance outstanding	$	—		$	245,000
Available balance	493,610			250,140
Letter of credit outstanding under facility	6,390			4,860
Variable interest rate (excluding facility fee) at end date	—		%	1.5		%
Unsecured short-term facility:
Balance outstanding	$	—		$	—
Variable interest rate at end date	—		%	—		%
Both facilities:
Maximum balance outstanding during the year	$	245,000		$	372,000
Weighted average balance	133,386			141,017
Year-to-date weighted average interest rate (excluding facility fee)	1.8		%	1.3		%

Principal Payments Of Debt

Scheduled principal payments on our debt (excluding $21.0 million of certain capital leases, $(5.4) million net premium/(discount) on debt, $(8.9) million of deferred debt costs, $4.0 million of non-cash debt-related items, and $64.1 million debt service guaranty liability) are due during the following years (in thousands):

2018	$	113,427
2019	56,245
2020	237,779
2021	17,667
2022	307,614
2023	305,694
2024	255,954
2025	303,302
2026	277,291
2027	38,288
Thereafter	93,024
Total	$	2,006,285

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Derivatives And Hedging (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Of Interest Rate Contracts Reported At Fair Values

The fair value of all our interest rate swap contracts was reported as follows (in thousands):

	Assets			Liabilities
	Balance Sheet Location	Amount		Balance Sheet Location	Amount
Designated Hedges:
December 31, 2017	Other Assets, net	$	2,035	Other Liabilities, net	$	—
December 31, 2016	Other Assets, net	126		Other Liabilities, net	—

Offsetting Of Derivative Assets

The gross presentation, the effects of offsetting for derivatives with a right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):

							Gross Amounts Not Offset in Balance Sheet
	Gross Amounts Recognized		Gross Amounts Offset in Balance Sheet		Net Amounts Presented in Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
December 31, 2017
Assets	$	2,035	$	—	$	2,035	$	—	$	—	$	2,035
December 31, 2016
Assets	126		—		126		—		—		126

Summary Of Cash Flow Interest Rate Contract Hedging Activity

A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):

Derivatives in Cash Flow Hedging Relationships	Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)			Location of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Gain (Loss)  Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)			Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)	Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount  Excluded from Effectiveness Testing)
Year Ended December 31, 2017	$	(1,063	)	Interest expense, net	$	42		Interest expense, net	$	—
Year Ended December 31, 2016	3,192			Interest expense, net	(1,435		)	Interest expense, net	(96		)
Year Ended December 31, 2015	(1,946		)	Interest expense, net	(2,798		)	Interest expense, net	—

Summary Of Fair Value Interest Rate Contracts Activity

A summary of fair value interest rate swap contract hedging activity is as follows (in thousands):

	Gain (Loss)  on Contracts			Gain (Loss)  on Borrowings		Net Settlements  and Accruals on Contracts (1) (3)		Amount of Gain  (Loss) Recognized in Income (2) (3)
Year Ended December 31, 2016
Interest expense, net	$	(418	)	$	418	$	3,140	$	3,140
Year Ended December 31, 2015
Interest expense, net	(1,228		)	1,228		2,030		2,030

_______________

(1) Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements.

(2) No ineffectiveness was recognized during the respective periods.

(3) Included in each caption for the year ended December 31, 2016 is $2.2 million received upon the termination of two interest rate swap contracts.

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Preferred Shares Of Beneficial Interest (Tables)

12 Months Ended

Dec. 31, 2017

Equity [Abstract]

Preferred Dividends Declared Per Share

The following table discloses the cumulative redeemable preferred dividends declared per share:

	Year Ended December 31, 2015
Series of Preferred Shares:
Series F	$	64.55

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Common Shares Of Beneficial Interest (Tables)

12 Months Ended

Dec. 31, 2017

Class of Stock Disclosures [Abstract]

Schedule of Market Equity Issuances

The following shares were sold under the ATM equity offering programs during the year ended December 31, 2016 (in thousands, except per share amounts):

	Year Ended December 31, 2016
Shares sold	3,465
Weighted average price per share	$	38.35
Gross proceeds	$	132,884

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Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity

The following table summarizes the effect of changes in our ownership interest in subsidiaries on the equity attributable to us as follows (in thousands):

	Year Ended December 31,
	2017		2016		2015
Net income adjusted for noncontrolling interests	$	335,274	$	238,933	$	174,352
Transfers from the noncontrolling interests:
Increase in equity for operating partnership units	—		—		111
Net increase in equity for the acquisition of noncontrolling interests	—		2,139		—
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$	335,274	$	241,072	$	174,463

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Leasing Operations (Table)

12 Months Ended

Dec. 31, 2017

Leases, Operating [Abstract]

Schedule Of Future Minimum Rental Income

Future minimum rental income from non-cancelable tenant leases, excluding leases associated with property held for sale and estimated contingent rentals, at December 31, 2017 is as follows (in thousands):

2018	$	392,337
2019	342,151
2020	289,691
2021	231,199
2022	166,880
Thereafter	533,824
Total	$	1,956,082

Schedule Of Contingent Rental Income

Contingent rentals for the year ended December 31, are as follows (in thousands):

2017	$	129,635
2016	114,505
2015	107,931

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Impairment (Tables)

12 Months Ended

Dec. 31, 2017

Asset Impairment Charges [Abstract]

Schedule of Impairment Charges

The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 21 for additional fair value information) (in thousands):

	Year Ended December 31,
	2017		2016		2015
Continuing operations:
Properties held for sale, marketed for sale or sold (1)	$	12,203	$	98	$	153
Land held for development and undeveloped land (1)	2,719		—		—
Other	335		—		—
Total impairment charges	15,257		98		153
Other financial statement captions impacted by impairment:
Equity in earnings of real estate joint ventures and partnerships, net	—		326		1,497
Net income attributable to noncontrolling interests	21		—		—
Net impact of impairment charges	$	15,278	$	424	$	1,650

___________________

(1) Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions.

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Income Tax Considerations (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule Of Reconciling Net Income Adjusted For Noncontrolling Interests To REIT Taxable Income

The following table reconciles net income adjusted for noncontrolling interests to REIT taxable income (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net income adjusted for noncontrolling interests	$	335,274		$	238,933		$	174,352
Net loss (income) of taxable REIT subsidiary included above	4,220			(14,497		)	340
Net income from REIT operations	339,494			224,436			174,692
Book depreciation and amortization	162,964			162,534			145,940
Tax depreciation and amortization	(95,512		)	(104,734		)	(87,416		)
Book/tax difference on gains/losses from capital transactions	6,261			(64,917		)	(53,902		)
Deferred/prepaid/above and below-market rents, net	(11,146		)	(13,114		)	(5,375		)
Impairment loss from REIT operations	5,071			369			1,536
Other book/tax differences, net	(244		)	(2,694		)	(1,679		)
REIT taxable income	406,888			201,880			173,796
Dividends paid deduction (1)	(406,888		)	(201,880		)	(174,628		)
Dividends paid in excess of taxable income	$	—		$	—		$	(832	)

___________________

(1) For 2017 and 2016, the dividends paid deduction includes designated dividends of $112.8 million and $16.8 million from 2018 and 2017, respectively.

Schedule Of Cash Dividends Distributed To Common Shareholders

For federal income tax purposes, the cash dividends distributed to common shareholders are characterized as follows:

	Year Ended December 31,
	2017		2016		2015
Ordinary income	23.0	%	80.7	%	92.7	%
Capital gain distributions	77.0	%	19.3	%	4.3	%
Return of capital (nontaxable distribution)	—	%	—	%	3.0	%
Total	100.0	%	100.0	%	100.0	%

Schedule Of Deferred Tax Assets And Liabilities

Our deferred tax assets and liabilities, including a valuation allowance, consisted of the following (in thousands):

	December 31,
	2017			2016
Deferred tax assets (1):
Impairment loss (2)	$	7,220		$	13,476
Allowance on other assets	15			117
Interest expense	5,703			9,246
Net operating loss carryforwards (3)	7,428			8,413
Straight-line rentals	916			813
Book-tax basis differential	1,676			4,380
Other	188			348
Total deferred tax assets	23,146			36,793
Valuation allowance (4)	(15,587		)	(25,979		)
Total deferred tax assets, net of allowance	$	7,559		$	10,814
Deferred tax liabilities (1):
Book-tax basis differential (2)	$	6,618		$	10,998
Other	517			553
Total deferred tax liabilities	$	7,135		$	11,551

___________________

(1) As of December 31, 2017 and 2016, deferred tax assets and liabilities were measured at the statutory rate of 21% and 35%, respectively, as a result of the enactment of the Tax Act on December 22, 2017.

(2) Impairment losses and book-tax basis differential liabilities will not be recognized until the related properties are sold. Realization of impairment losses is dependent upon generating sufficient taxable income in the year the property is sold.

(3) We have net operating loss carryforwards of $35.4 million that expire between the years of 2029 and 2037.

(4) Management believes it is more likely than not that a portion of the deferred tax assets, which primarily consists of impairment losses, interest expense and net operating losses, will not be realized and established a valuation allowance. However, the amount of the deferred tax asset considered realizable could be reduced if estimates of future taxable income are reduced.

Schedule Of Income Tax Provision

We are subject to federal, state and local income taxes and have recorded an income tax (benefit) provision as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net (loss) income before taxes of taxable REIT subsidiary	$	(5,788	)	$	20,295		$	(989	)
Federal (benefit) provision at statutory rate of 35%	$	(2,026	)	$	7,103		$	(346	)
Valuation allowance decrease	—			(1,251		)	(309		)
Effect of change in statutory rate on net deferrals	282			—			—
Other	176			(54		)	6
Federal income tax (benefit) provision of taxable REIT subsidiary (1)	(1,568		)	5,798			(649		)
Texas franchise tax	1,551			1,058			701
Total	$	(17	)	$	6,856		$	52

___________________

(1) All periods presented are open for examination by the IRS.

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Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2017

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and restricted cash equivalents consists of the following (in thousands):

	December 31,
	2017		2016		2015
Cash and cash equivalents	$	13,219	$	16,257	$	22,168
Restricted deposits and mortgage escrows (see Note 1)	8,115		25,022		3,074
Total	$	21,334	$	41,279	$	25,242

Summary of Non-Cash Investing And Financing Activities

Non-cash investing and financing activities are summarized as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Accrued property construction costs	$	7,728		$	5,738		$	9,566
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	—			2,139			—
Exchange of operating partnership units for common shares	—			—			111
Reduction of debt service guaranty liability	(2,980		)	(2,710		)	(2,270		)
Property acquisitions and investments in unconsolidated real estate joint ventures:
Increase in property, net	—			10,573			—
Decrease in real estate joint ventures and partnerships - investments	—			(2,315		)	—
Increase in debt, net	—			—			20,966
Consolidation of joint ventures (see Note 22):
Increase in property, net	—			58,665			—
Increase in security deposits	—			169			—
Increase in debt, net	—			48,727			—
Increase (decrease) in equity associated with deferred compensation plan (see Note 1)	44,758			(44,758		)	—

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Components Of Earnings Per Common Share - Basic And Diluted

Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Numerator:
Continuing Operations:
Income from continuing operations	$	132,104		$	176,117		$	121,601
Gain on sale of property	218,611			100,714			59,621
Net income attributable to noncontrolling interests	(15,441		)	(37,898		)	(6,870		)
Dividends on preferred shares	—			—			(3,830		)
Redemption costs of preferred shares	—			—			(9,687		)
Income from continuing operations attributable to common shareholders – basic	335,274			238,933			160,835
Income attributable to operating partnership units	3,084			1,996			—
Income from continuing operations attributable to common shareholders – diluted	$	338,358		$	240,929		$	160,835
Denominator:
Weighted average shares outstanding – basic	127,755			126,048			123,037
Effect of dilutive securities:
Share options and awards	870			1,059			1,292
Operating partnership units	1,446			1,462			—
Weighted average shares outstanding – diluted	130,071			128,569			124,329

Anti-Dilutive Securities Of Common Shares

Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):

	Year Ended December 31,
	2017	2016	2015
Share options (1)	—	2	463
Operating partnership units	—	—	1,472
Total anti-dilutive securities	—	2	1,935

___________________

(1) Exclusion results as exercise prices were greater than the average market price for each respective period.

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Share Options And Awards (Tables)

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary Of Option Activity

Following is a summary of the option activity for the three years ended December 31, 2017:

	Shares Under Option		Weighted Average Exercise Price
Outstanding, January 1, 2015	2,897,123		$	28.76
Forfeited or expired	(435,840	)	37.37
Exercised	(94,633	)	26.55
Outstanding, December 31, 2015	2,366,650		27.26
Forfeited or expired	(460,722	)	47.42
Exercised	(971,727	)	21.95
Outstanding, December 31, 2016	934,201		22.85
Forfeited or expired	(4,042	)	43.37
Exercised	(101,805	)	16.11
Outstanding, December 31, 2017	828,354		$	23.58

Share Options Outstanding And Exercisable

The following table summarizes information about share options outstanding and exercisable at December 31, 2017:

Range of Exercise Prices	Outstanding						Exercisable
	Number	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value (000’s)		Number	Weighted Average Remaining Contractual Life	Weighted Average Exercise Price		Aggregate Intrinsic Value (000’s)
$11.85 - $17.78	166,981	1.2 years	$	11.85			166,981	1.2 years	$	11.85
$17.79 - $26.69	465,214	2.9 years	$	24.14			465,214	2.9 years	$	24.14
$26.70 - $40.05	196,159	0.2 years	$	32.22			196,159	0.2 years	$	32.22
Total	828,354	1.9 years	$	23.58	$	7,695	828,354	1.9 years	$	23.58	$	7,695

Fair Value Of Market-Based Share Awards Assumptions

The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:

	Year Ended December 31, 2017
	Minimum		Maximum
Dividend yield	0.0	%	4.1	%
Expected volatility (1)	16.1	%	19.1	%
Expected life (in years)	N/A		3
Risk-free interest rate	0.7	%	1.5	%

_______________

(1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors.

Summary Of The Status Of Unvested Restricted Shares

A summary of the status of unvested share awards for the year ended December 31, 2017 is as follows:

	Unvested Share Awards		Weighted Average  Grant Date Fair  Value
Outstanding, January 1, 2017	590,854		$	32.52
Granted:
Service-based awards	124,549		35.77
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index	54,454		39.00
Market-based awards relative to three-year absolute TSR	54,454		25.65
Trust manager awards	28,280		32.77
Vested	(231,056	)	30.77
Forfeited	(1,929	)	34.00
Outstanding, December 31, 2017	619,606		$	33.81

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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plan And Components Of Net Periodic Benefit Costs

The measurement dates for plan assets and obligations were December 31, 2017 and 2016.

	December 31,
	2017			2016
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year	$	52,975		$	49,715
Service cost	1,223			1,277
Interest cost	2,123			2,078
Actuarial loss(1)	4,502			1,976
Benefit payments	(1,825		)	(2,071		)
Benefit obligation at end of year	$	58,998		$	52,975
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	45,498		$	42,341
Actual return on plan assets	7,635			3,228
Employer contributions	2,500			2,000
Benefit payments	(1,825		)	(2,071		)
Fair value of plan assets at end of year	$	53,808		$	45,498
Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016)	$	(5,190	)	$	(7,477	)
Accumulated benefit obligation	$	58,860		$	52,824
Net loss recognized in accumulated other comprehensive loss	$	15,135		$	16,528

___________________

(1) The change in actuarial loss is associated primarily to census and mortality table updates and a decrease in the discount rate in 2017.

Schedule Of Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)

The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive (income) loss (in thousands):

	Year Ended December 31,
	2017			2016			2015
Net loss	$	82		$	1,719		$	1,276
Amortization of net loss (1)	(1,475		)	(1,552		)	(1,423		)
Total recognized in other comprehensive (income) loss	$	(1,393	)	$	167		$	(147	)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	$	213		$	2,103		$	1,262

___________________

(1) The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.1 million.

Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets

The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands):

	December 31,
	2017		2016
Projected benefit obligation	$	58,998	$	52,975
Accumulated benefit obligation	58,860		52,824
Fair value of plan assets	53,808		45,498

Schedule Of Net Periodic Benefit Cost

The components of net periodic benefit cost are as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Service cost	$	1,223		$	1,277		$	1,252
Interest cost	2,123			2,078			1,899
Expected return on plan assets	(3,215		)	(2,971		)	(3,165		)
Amortization of net loss	1,475			1,552			1,423
Total	$	1,606		$	1,936		$	1,409

Schedule Of Assumptions Used To Develop Periodic Expense

The assumptions used to develop net periodic benefit cost are shown below:

	Year Ended December 31,
	2017		2016		2015
Discount rate	4.01	%	4.11	%	3.83	%
Salary scale increases	3.50	%	3.50	%	3.50	%
Long-term rate of return on assets	7.00	%	7.00	%	7.50	%

The assumptions used to develop the actuarial present value of the benefit obligation are shown below:

	Year Ended December 31,
	2017		2016		2015
Discount rate	3.50	%	4.01	%	4.11	%
Salary scale increases	3.50	%	3.50	%	3.50	%

Schedule Of Expected Benefit Payments For The Next Ten Years

The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands):

2018	$	2,185
2019	2,339
2020	2,383
2021	2,545
2022	2,690
2023-2027	15,226

Schedule Of Allocation Of The Fair Value Of Plan Assets

The allocation of the fair value of plan assets was as follows:

	December 31,
	2017		2016
Cash and Short-Term Investments	17	%	18	%
Large Company Funds	36	%	36	%
Mid Company Funds	6	%	6	%
Small Company Funds	6	%	6	%
International Funds	10	%	10	%
Fixed Income Funds	16	%	16	%
Growth Funds	9	%	8	%
Total	100	%	100	%

At December 31, 2017, our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows:

	Portfolio		Benchmark
Cash and Short-Term Investments	4	%	3	%
U.S. Stocks	52	%	57	%
International Stocks	13	%	10	%
U.S. Bonds	25	%	27	%
International Bonds	4	%	3	%
Other	2	%	—	%
Total	100	%	100	%

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Commitments And Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Minimum Rental Payments For Operating Leases

Scheduled minimum rental payments under the terms of all non-cancelable operating leases in which we are the lessee, principally for shopping center ground leases, for the subsequent five years and thereafter ending December 31, are as follows (in thousands):

2018	$	2,889
2019	2,810
2020	2,527
2021	2,378
2022	2,304
Thereafter	102,063
Total	$	114,971

Schedule Of Future Minimum Revenues Under Subleases

The scheduled future minimum revenues under subleases, applicable to the ground lease rentals, under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for the subsequent five years and thereafter ending December 31, are as follows (in thousands):

2018	$	28,392
2019	24,184
2020	20,712
2021	17,352
2022	14,031
Thereafter	57,869
Total	$	162,540

Schedule Of Annual Future Minimum Lease Payments For Capital Leases

The annual future minimum lease payments under capital leases as of December 31, 2017 are as follows (in thousands):

2018	$	1,683
2019	1,692
2020	1,700
2021	1,708
2022	1,717
Thereafter	22,726
Total	$	31,226

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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2017

Consolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Summary Of Variable Interest Entities

A summary of our consolidated VIEs is as follows (in thousands):

	December 31,
	2017		2016
Assets Held by VIEs (1)	$	235,713	$	504,293
Assets Held as Collateral for Debt (2)	42,979		46,136
Maximum Risk of Loss (2)	29,784		29,784

___________________

(1) $249.5 million of assets at December 31, 2016 ceased to be considered a VIE (see above).

(2) Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture.

Unconsolidated Variable Interest Entities [Member]

Variable Interest Entity [Line Items]

Summary Of Variable Interest Entities

A summary of our unconsolidated VIEs is as follows (in thousands):

	December 31,
	2017		2016
Investment in Real Estate Joint Ventures and Partnerships, net (1) (2)	$	36,784	$	886
Maximum Risk of Loss (3)	34,000		34,000

___________________

(1) The carrying amount of the investment represents our contributions to the real estate joint ventures, net of any distributions made and our portion of the equity in earnings of the joint ventures. The increase between the periods represents new development funding of a mixed-use project. See Note 4 for additional information.

(2) As of December 31, 2017 and 2016, the carrying amount of the investment for one VIE is $(6) million and $(9) million, respectively, which is included in Other Liabilities and results from the distribution of proceeds from the issuance of debt.

(3) The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures.

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Assets And Liabilities Measured On Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2017
Assets:
Investments, mutual funds held in a grantor trust	$	31,497					$	31,497
Investments, mutual funds	7,206						7,206
Derivative instruments:
Interest rate contracts			$	2,035			2,035
Total	$	38,703	$	2,035	$	—	$	40,738
Liabilities:
Deferred compensation plan obligations	$	31,497					$	31,497
Total	$	31,497	$	—	$	—	$	31,497

	Quoted Prices  in Active  Markets for Identical Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at December 31, 2016
Assets:
Investments, mutual funds held in a grantor trust	$	26,328					$	26,328
Investments, mutual funds	7,670						7,670
Derivative instruments:
Interest rate contracts			$	126			126
Total	$	33,998	$	126	$	—	$	34,124
Liabilities:
Deferred compensation plan obligations	$	26,328					$	26,328
Total	$	26,328	$	—	$	—	$	26,328

Fair Value Measurements, Nonrecurring

Assets measured at fair value on a nonrecurring basis at December 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):

	Quoted Prices  in Active  Markets for Identical  Assets and Liabilities (Level 1)		Significant  Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Total Gains (Losses) (1)
Property (2)			$	12,901	$	4,184	$	17,085	$	(7,828	)
Total	$	—	$	12,901	$	4,184	$	17,085	$	(7,828	)

____________

(1) Total gains (losses) exclude impairments on disposed assets because they are no longer held by us.

(2) In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $24.9 million was written down to a fair value of $17.1 million, resulting in a loss of $7.8 million, which was included in earnings for the first quarter of 2017. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below.

Schedule Of Fair Value Disclosures

Schedule of our fair value disclosures is as follows (in thousands):

	December 31,
	2017						2016
	Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)		Carrying Value		Fair Value Using Significant  Other Observable  Inputs (Level 2)		Fair Value Using Significant Unobservable Inputs (Level 3)
Other Assets:
Tax increment revenue bonds (1)	$	22,097			$	25,000	$	23,910			$	23,910
Investments, held to maturity (2)	4,489		$	4,479			5,240		$	5,248
Debt:
Fixed-rate debt	2,063,263				2,109,658		2,089,769				2,132,082
Variable-rate debt	17,889				16,393		266,759				265,230

___________________

(1) At December 31, 2017 and 2016, the credit loss balance on our tax increment revenue bonds was $31.0 million.

(2) Investments held to maturity are recorded at cost. As of December 31, 2017 and 2016, a $10 thousand unrealized loss and an $8 thousand unrealized gain was recognized, respectively.

Quantitative Information About Significant Unobservable Inputs (Level 3) Used

The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of December 31, 2017 and 2016 reported in the above tables, is as follows:

	Fair Value at December 31,						Range
	2017		2016				Minimum					Maximum
Description	(in thousands)				Valuation Technique	Unobservable Inputs	2017			2016		2017			2016
Property	$	4,184	$	—	Discounted cash flows	Discount rate	10.5		%			12.0		%
						Capitalization rate	8.8		%			10.0		%
						Holding period (years)	5					10
						Expected future inflation rate (1)						2.0		%
						Market rent growth rate (1)						3.0		%
						Expense growth rate (1)						2.0		%
						Vacancy rate (1)						20.0		%
						Renewal rate (1)						70.0		%
						Average market rent rate (1)	$	11.00				$	16.00
						Average leasing cost per square foot (1)	$	10.00				$	35.00
Tax increment revenue bonds	25,000		23,910		Discounted cash flows	Discount rate	6.5		%	6.5	%	7.5		%	7.5	%
						Expected future growth rate	1.0		%	1.0	%	2.3		%	2.0	%
						Expected future inflation rate	1.0		%	1.0	%	3.0		%	3.0	%
Fixed-rate debt	2,109,658		2,132,082		Discounted cash flows	Discount rate	3.0		%	3.0	%	5.3		%	5.2	%
Variable-rate debt	16,393		265,230		Discounted cash flows	Discount rate	2.4		%	1.6	%	3.2		%	2.4	%

_______________

(1) Only applies to one property valuation.

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Business Combinations (Tables)

12 Months Ended

Dec. 31, 2017

Business Combinations [Abstract]

Transactions Related to Acquisitions

The following table summarizes the business combination, including the assets acquired and liabilities assumed as indicated (in thousands):

	February 12, 2016
Fair value of our equity interest before business combination	$	22,514		(1)
Gain recognized on equity interest remeasured to fair value	$	37,383		(2)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	58,665
Unamortized lease costs	8,936
Accrued rent and accounts receivable	102
Cash and cash equivalents	3,555
Other, net	4,992
Liabilities:
Debt, net	(48,727		)
Accounts payable and accrued expenses	(1,339		)
Other, net	(3,670		)
Total net assets	$	22,514

___________________

(1) Includes $2.5 million of cash received from the partner.

(2) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations.

The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):

	December 31, 2016
Fair value of our equity interest before acquisition	$	13,579
Fair value of consideration transferred	$	443,745
Acquisition costs (included in operating expenses)	$	936
Gain on acquisition	$	9,015		(1)
Amounts recognized for assets and liabilities assumed:
Assets:
Property	$	433,055
Unamortized lease costs	80,951
Accrued rent and accounts receivable	122
Cash and cash equivalents	556
Other, net	6,812
Liabilities:
Accounts payable and accrued expenses	(6,383		)
Other, net	(62,254		)
Total net assets	$	452,859

_______________

(1) Amount is included in Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests in our Consolidated Statement of Operations.

Pro Forma Impact of Acquisitions

The unaudited supplemental pro forma data is not necessarily indicative of what the actual results of our operations would have been assuming the transactions had been completed as set forth above, nor does it purport to represent our results of operations for future periods (in thousands, except per share amounts):

	Pro Forma 2016 (1)		Pro Forma 2015 (1)
Revenues	$	567,985	$	547,381
Net income	236,461		234,307
Net income attributable to common shareholders - basic	198,563		213,920
Net income attributable to common shareholders - diluted	200,559		215,823
Earnings per share – basic	1.58		1.74
Earnings per share – diluted	1.56		1.72

___________________

(1) There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table.

The following table summarizes the impact to revenues and net income attributable to common shareholders from our business combination and acquisitions (in thousands):

	Year Ended December 31, 2016
Increase in revenues	$	23,337
Increase in net income attributable to common shareholders	230

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table details the weighted average amortization and net accretion periods of intangible assets and liabilities arising from our business combination and acquisitions (in years):

	December 31, 2016
Assets:
In place leases	18.4
Above-market leases	29.7
Liabilities:
Below-market leases	20.3
Above-market assumed mortgages	4.8

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Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule Of Quarterly Financial Information

Summarized quarterly financial data is as follows (in thousands):

	First			Second			Third			Fourth
2017
Revenues	$	143,663		$	146,023		$	144,110		$	139,367
Net income	36,396		(1)(2)(4)	69,193		(1)	74,473		(1)	170,653		(1)(4)
Net income attributable to common shareholders	30,826		(1)(2)(3)(4)	63,852		(1)(3)	72,629		(1)	167,967		(1)(4)
Earnings per common share – basic	.24		(1)(2)(3)(4)	.50		(1)(3)	.57		(1)	1.31		(1)(4)
Earnings per common share – diluted	.24		(1)(2)(3)(4)	.49		(1)(3)	.56		(1)	1.30		(1)(4)
2016
Revenues	$	132,417		$	135,676		$	138,599		$	142,863
Net income	108,667		(1)(4)	37,651		(1)(5)	61,337		(1)(4)	69,176		(1)
Net income attributable to common shareholders	107,074		(1)(4)	35,816		(1)(5)	51,901		(1)(3)(4)	44,142		(1)(3)
Earnings per common share – basic	.87		(1)(4)	.28		(1)(5)	.41		(1)(3)(4)	.35		(1)(3)
Earnings per common share – diluted	.85		(1)(4)	.28		(1)(5)	.40		(1)(3)(4)	.34		(1)(3)

___________________

(1) The quarter results include significant gains on the sale of properties and real estate joint venture and partnership interests and on acquisitions, including gains in equity in earnings from real estate joint ventures and partnerships, net. Gain amounts are: $15.8 million, $34.2 million, $38.6 million and $136.3 million for the three months ended March 31, 2017, June 30, 2017, September 30, 2017 and December 31, 2017, respectively, and $82.8 million, $4.2 million, $31.1 million and $34.9 million for the three months ended March 31, 2016, June 30, 2016, September 30, 2016 and December 31, 2016, respectively.

(2) The quarter results include a $3.1 million lease termination fee and $15.0 million of impairment losses for the quarter ended March 31, 2017.

(3) The quarter results include gains discussed in (1) above in net income attributable to noncontrolling interests. Gain amounts in net income attributable to noncontrolling interests are: $3.9 million and $3.6 million for the three months ended March 31, 2017 and June 30, 2017, respectively, and $5.8 million and $23.1 million for the three months ended September 30, 2016 and December 31, 2016, respectively.

(4) Deferred tax (benefit) amounts at our taxable REIT subsidiary include $(3.3) million and $1.5 million for the three months ended March 31, 2017 and December 31, 2017, respectively and $5.9 million and $1.1 million for the three months ended March 31, 2016 and September 30, 2016, respectively. These tax amounts result from gains associated with the disposition of centers, land and an exchange of properties. Additionally, a change in the statutory rate was recognized as a result of the enactment of the Tax Act on December 22, 2017.

(5) The quarter results include a gain on extinguishment of debt totaling $(2.0) million for the three months ended June 30, 2016.

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Summary Of Significant Accounting Policies (Narrative) (Details) ft² in Millions		1 Months Ended	12 Months Ended
	Jan. 01, 2012 number_of_retirement_plan	Feb. 28, 2017	Dec. 31, 2017 ft² segment foreign
Significant Accounting Policies [Line Items]
Square footage of operating properties (in square feet) | ft²			41.3
Real estate asset, estimated useful life			40 years
Single purpose entity, ownership percentage			100.00%
Vesting period (years) for share options and awards			3 years
Deferred compensation plan, period to diversify common shares after vesting		6 months
Number of foreign operations | foreign			0
Number of reportable segments | segment			1
Supplemental Retirement Plan, Defined Contribution Plan [Member]
Significant Accounting Policies [Line Items]
Number of retirement plans | number_of_retirement_plan	2
Supplemental Retirement Plan, Defined Contribution Plan [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, vesting period	5 years
Supplemental Retirement Plan, Defined Contribution Plan [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, vesting period	10 years
Supplemental Retirement Plan, Defined Contribution Plan, New Balance Annual Additions [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, interest credit percentage	4.50%
Supplemental Retirement Plan, Defined Contribution Plan, New Balance Annual Additions [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, service credit percentage	3.00%
Supplemental Retirement Plan, Defined Contribution Plan, New Balance Annual Additions [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, service credit percentage	5.00%
Supplemental Retirement Plan, Defined Contribution Plan, Old Balance Annual Addtions [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, interest credit percentage	7.50%
Savings and Investment Plan, Defined Contribution Plan [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, vesting period			5 years
Defined contribution plan, minimum annual contribution per employee, percent			1.00%
Defined contribution plan, employer matched rate of employee contributions, percentage			50.00%
Defined contribution plan, employer matching contribution, percent			6.00%
Retirement Plan [Member]
Significant Accounting Policies [Line Items]
Defined benefit plan, interest credit rate			4.50%
Defined benefit plan, vesting period (years)			3 years
Retirement Plan [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Defined benefit plan, service credit percentage			3.00%
Retirement Plan [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Defined benefit plan, service credit percentage			5.00%
Service Based Awards [Member]
Significant Accounting Policies [Line Items]
Vesting period (years) for share options and awards			3 years
Market Based Awards [Member]
Significant Accounting Policies [Line Items]
Vesting period (years) for share options and awards			3 years
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member]
Significant Accounting Policies [Line Items]
Vesting period (years) for share options and awards			3 years
Percentage allocation of market based awards			50.00%
Market-Based Awards Relative To Three-Year Absolute TSR [Member]
Significant Accounting Policies [Line Items]
Vesting period (years) for share options and awards			3 years
Percentage allocation of market based awards			50.00%
Market based awards, hurdle comparison			8.00%
Share Options [Member]
Significant Accounting Policies [Line Items]
Maximum term of option award (years)			10 years
Building [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Real estate asset, estimated useful life			18 years
Building [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Real estate asset, estimated useful life			40 years
Parking Lot Surfacing And Equipment [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Real estate asset, estimated useful life			10 years
Parking Lot Surfacing And Equipment [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Real estate asset, estimated useful life			20 years
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk			2.80%
Houston Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk			19.60%
Other Parts of Texas Geographic Concentration [Member] | Sales Revenue, Services, Net [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk			9.20%
Ninety-Day London Interbank Offered Rate (LIBOR) [Member] | Supplemental Retirement Plan, Defined Contribution Plan, Old Balance Annual Addtions [Member]
Significant Accounting Policies [Line Items]
Defined contribution plan, basis spread on variable rate	0.005
FLORIDA | Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk			17.50%
CALIFORNIA | Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member]
Significant Accounting Policies [Line Items]
Concentrations of risk			16.70%

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Summary Of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash and Cash Equivalents [Abstract]
Restricted deposits	$ 6,291	$ 23,489
Mortgage escrows	1,824	1,533
Total	8,115	$ 25,022	$ 3,074
Qualified escrow for like-kind exchange, payments	$ 21,000

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Summary of Significant Accounting Policies (Summary of Eligible Share Award Activity That Would Have Been Recorded in Temporary Equity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of the period/inception	$ 44,758	$ 36,261
Change in redemption value	619	8,600
Change in classification	988	3,716
Diversification of share awards	0	(3,819)
Amendment reclassification	(46,365)	0
Balance at end of period	$ 0	$ 44,758

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Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (1,716,896)	$ (1,545,010)	$ (1,638,943)
Net other comprehensive (income) loss	(2,991)	1,517	(4,792)
Ending balance	(1,809,842)	(1,716,896)	(1,545,010)
Gain on Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(964)	(557)
Change excluding amounts reclassified from accumulated other comprehensive loss	(1,228)	(407)
Amounts reclassified from accumulated other comprehensive loss	651
Net other comprehensive (income) loss	(577)	(407)
Ending balance	(1,541)	(964)	(557)
Gain on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,403)	(8,160)
Change excluding amounts reclassified from accumulated other comprehensive loss	(1,063)	3,288
Amounts reclassified from accumulated other comprehensive loss	42	(1,531)
Net other comprehensive (income) loss	(1,021)	1,757
Ending balance	(7,424)	(6,403)	(8,160)
Defined Benefit Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	16,528	16,361
Change excluding amounts reclassified from accumulated other comprehensive loss	82	1,719
Amounts reclassified from accumulated other comprehensive loss	(1,475)	(1,552)
Net other comprehensive (income) loss	(1,393)	167
Ending balance	15,135	16,528	16,361
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	9,161	7,644	12,436
Change excluding amounts reclassified from accumulated other comprehensive loss	(2,209)	4,600
Amounts reclassified from accumulated other comprehensive loss	(782)	(3,083)
Net other comprehensive (income) loss	(2,991)	1,517	(4,792)
Ending balance	$ 6,170	$ 9,161	$ 7,644

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Newly Issued Accounting Pronouncements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) center capital_lease administrative_office lease	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jan. 01, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retrospective reclassification from cash flows provided by (used in) operating activities	$ 269,758	$ 252,411	$ 245,435
Reclassification to cash flows (used in) provided by financing activities	(588,695)	129,798	(126,248)
Reclassification to cash flows (used in) provided by investing activities	298,992	(366,172)	(197,132)
Acquisition related costs		1,400
Accumulated other comprehensive loss	$ (6,170)	(9,161)
Number of lessor leases | lease	5,400
Number of properties subject to ground leases | center	13
Operating leases, number of administrative offices | administrative_office	3
Operating leases, rental expense	$ 2,900	3,000	3,200
Capital leases, number | capital_lease	1
Capital leased assets, number of units | center	2
Obligations under capital leases	$ 21,000	21,000
Leasing deferred costs	10,800	10,300
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retrospective reclassification from cash flows provided by (used in) operating activities		6,000	1,800
Reclassification to cash flows (used in) provided by financing activities		(6,000)	(1,800)
Accounting Standards Update 2016-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retrospective reclassification from cash flows provided by (used in) operating activities		(500)	(800)
Reclassification to cash flows (used in) provided by investing activities		500	800
Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (decrease) in restricted cash		20,000	(76,600)
Accounting Standards Update 2017-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Defined benefit plan, net periodic benefit cost (credit), excluding the service cost component	$ 400	$ 700	$ 200
Scenario, Forecast [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in retained earnings				$ 300
Contract assets				300
Scenario, Forecast [Member] | Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in retained earnings				1,500
Accumulated other comprehensive loss				(1,500)
Scenario, Forecast [Member] | Accounting Standards Update 2017-05 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in retained earnings				4,000
Other assets				$ 4,000

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Property (Narrative) (Details) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Feb. 29, 2016 center	Dec. 31, 2017 USD ($) property	Mar. 31, 2017 USD ($)	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($)
Real Estate [Abstract]
Number of centers sold	1					18
Proceeds from sale and disposition of property						$ 446,600
Gain on sale of property		$ 1,500	$ (3,300)	$ 1,100	$ 5,900	218,611	$ 100,714	$ 59,621
Investment in new development projects						$ 57,200
Number of real estate properties classified as held for sale | property		3				3	1
Property held for sale		$ 78,700				$ 78,700	$ 1,600

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Property (Schedule Of Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land	$ 1,068,022	$ 1,107,072
Land held for development	69,205	82,953
Land under development	48,985	51,761
Buildings and improvements	3,232,074	3,489,685
Construction in-progress	80,573	57,674
Total	$ 4,498,859	$ 4,789,145

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Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) $ in Thousands		1 Months Ended			3 Months Ended				12 Months Ended
	Feb. 12, 2016 USD ($)	Jun. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Feb. 29, 2016 USD ($) center	Dec. 31, 2017 USD ($) center	Mar. 31, 2017 USD ($)	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) property center	Dec. 31, 2016 USD ($) property center	Dec. 31, 2015 USD ($) center	Oct. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Net basis differentials for equity method investments					$ 2,200				$ 2,200	$ 2,600
Impairment loss									0	1,303	$ 7,487
Fees earned from real estate joint ventures and partnerships									$ 6,200	5,100	4,500
Number of centers sold				1					18
Proceeds from sale and disposition of property									$ 446,600
Gain on sale of property					1,500	$ (3,300)	$ 1,100	$ 5,900	218,611	100,714	$ 59,621
Recognized identifiable assets acquired and liabilities assumed, land					$ 1,241,004				$ 1,241,004	$ 1,196,770
Number of real estate properties | center					2				2	2
Assets held by joint venture					$ 4,196,639				$ 4,196,639	$ 4,426,928
Debt held by joint venture					$ 2,006,285				$ 2,006,285
Proceeds from business acquisition				$ 2,500
51% Owned Real Estate joint venture [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest in joint venture (percent)											51.00%
Number of real estate properties | center											3
Assets held by joint venture											$ 43,700
Debt held by joint venture											$ 72,400
Unconsolidated Real Estate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures										69.00%
Number of centers sold | property									2	5
Proceeds from sale and disposition of property									$ 19,600	$ 78,700
Gain on sale of property									$ 6,200	$ 3,900
Number of real estate properties acquired | property										1
Gross payments to acquire real estate		$ 23,500								$ 73,000
Recognized identifiable assets acquired and liabilities assumed, land												$ 4,400
90% Owned Real Estate Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					90.00%				90.00%
Series of Individually Immaterial Business Acquisitions [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of voting interest acquired			50.00%				50.00%			50.00%
Equity interest in joint venture			$ 13,500							$ 13,579
Business Combination Achieved in Stages [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of voting interest acquired	49.00%			49.00%
Equity interest in joint venture	$ 22,514
Proceeds from business acquisition	$ 2,500
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					20.00%				20.00%	20.00%
Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					90.00%				90.00%	75.00%

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Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Property	$ 1,241,004	$ 1,196,770
Accumulated depreciation	(285,033)	(261,392)
Property, net	955,971	935,378
Other assets, net	115,743	114,554
Total Assets	1,071,714	1,049,932
LIABILITIES AND EQUITY
Debt, net (primarily mortgages payable)	298,124	301,480
Amounts payable to Weingarten Realty Investors and Affiliates	12,017	12,585
Other liabilities, net	24,759	24,902
Total Liabilities	334,900	338,967
Equity	736,814	710,965
Total Liabilities and Equity	$ 1,071,714	$ 1,049,932

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Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Revenues, net	$ 137,419	$ 138,316	$ 148,875
Expenses:
Depreciation and amortization	34,818	38,242	37,771
Interest, net	11,836	16,076	17,053
Operating	23,876	26,126	26,797
Real estate taxes, net	18,865	17,408	18,525
General and administrative	623	816	839
Provision for income taxes	112	113	197
Impairment loss	0	1,303	7,487
Total	90,130	100,084	108,669
Gain on sale of property	218,611	100,714	59,621
Net Income	59,781	53,421	45,377
Equity Method Investments [Member]
Expenses:
Gain on sale of non-operating property	0	373	0
Gain on sale of property	$ 12,492	$ 14,816	$ 5,171

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Identified Intangible Assets And Liabilities (Identifiable Intangible Assets And Liabilities Associated With Acquisition Of Property) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 154,833	$ 181,080
Identified intangible liabilities, net	81,704	92,958
Other Liabilities, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Below-market leases (included in Other Liabilities, net)	105,794	110,878
Below-market leases - Accumulated Amortization	(28,072)	(23,109)
Above Market Leases [Member] | Other Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Above-market leases (included in Other Assets, net)	44,231	44,595
Identified intangible assets/liabilities, accumulated (amortization) accretion	(17,397)	(13,579)
Below-Market Assumed Mortgages [Member] | Debt, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets/liabilities, accumulated (amortization) accretion	0	(1,564)
Below-market assumed mortgages (included in Debt, net)	0	1,671
Above-Market Assumed Mortgages [Member] | Debt, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets/liabilities, accumulated (amortization) accretion	(6,081)	(5,186)
Above-market assumed mortgages (included in Debt, net)	10,063	10,375
In Place Leases [Member] | Unamortized Debt And Lease Costs, Net [Member]
Finite-Lived Intangible Assets [Line Items]
Identified intangible assets/liabilities, accumulated (amortization) accretion	(96,202)	(82,571)
In place leases (included in Unamortized Lease Costs, net)	$ 224,201	$ 232,528

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Identified Intangible Assets And Liabilities (Schedule Of Future Amortization) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Rental Revenues [Member] | Above-Market Leases [Member]
Finite-Lived Intangible Assets [Line Items]
2018 amortization/(accretion)	$ (2,789)
2019 amortization/(accretion)	(3,161)
2020 amortization/(accretion)	(3,234)
2021 amortization/(accretion)	(3,186)
2022 amortization/(accretion)	(3,007)
Amortization/(accretion)	(3,700)	$ (2,100)	$ 500
Depreciation and Amortization [Member] | In Place Leases [Member]
Finite-Lived Intangible Assets [Line Items]
2018 amortization/(accretion)	16,617
2019 amortization/(accretion)	14,638
2020 amortization/(accretion)	13,663
2021 amortization/(accretion)	11,573
2022 amortization/(accretion)	9,516
Amortization/(accretion)	21,000	18,000	12,300
Interest Expense [Member] | Below-Market Assumed Mortgages [Member]
Finite-Lived Intangible Assets [Line Items]
2018 amortization/(accretion)	(1,207)
2019 amortization/(accretion)	(1,207)
2020 amortization/(accretion)	(436)
2021 amortization/(accretion)	(287)
2022 amortization/(accretion)	(141)
Amortization/(accretion)	$ (1,100)	$ (1,000)	$ (700)

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Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Schedule of Long-term Debt, By Type [Line Items]
Debt payable, net to 2038		$ 1,996,007	$ 2,023,403
Unsecured notes payable under credit facilities		0	245,000
Debt service guaranty liability		64,145	67,125
Obligations under capital leases		21,000	21,000
Total	[1]	$ 2,081,152	$ 2,356,528
Debt Payable To 2038 [Member] | Minimum [Member]
Schedule of Long-term Debt, By Type [Line Items]
Debt stated interest rate		2.60%	1.70%
Debt Payable To 2038 [Member] | Maximum [Member]
Schedule of Long-term Debt, By Type [Line Items]
Debt stated interest rate		7.90%	7.90%
Debt Payable To 2038 [Member] | Weighted Average [Member]
Schedule of Long-term Debt, By Type [Line Items]
Debt stated interest rate		4.00%	4.00%

[1] * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112.

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Debt (Narrative) (Details) $ in Thousands		1 Months Ended			3 Months Ended	12 Months Ended
	Mar. 30, 2016 USD ($) debt_extension	Dec. 31, 2016 USD ($)	Aug. 31, 2016 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Mar. 27, 2017 USD ($)
Debt Instrument [Line Items]
Debt service guaranty liability		$ 67,125				$ 64,145	$ 67,125
Repayments of medium term notes		$ 75,000
Debt instrument, interest rate during period		5.50%
Proceeds from issuance of debt						0	249,999	$ 448,083
Gain (loss) on debt extinguishment					$ 2,000
Debt instruments collateral value		$ 700,000				700,000	700,000
Capital leases		21,000				21,000	21,000
Net premium (discount) on debt						(5,400)
Deferred debt costs						(8,900)
Non-cash debt						$ 4,000
Debt Service Guaranty [Member]
Debt Instrument [Line Items]
Debt coverage ratio						1.4
Secured Debt [Member]
Debt Instrument [Line Items]
Deferred debt costs						$ (1,300)
Non-cash debt						4,000
Three Point Two Five Senior Unsecured Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 250,000
Debt stated interest rate			3.25%
Debt instrument, issued at discount			99.16%
Debt instrument, interest rate, effective percentage			3.35%
Proceeds from issuance of debt			$ 246,300
Seven Point Five Secured Notes [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 90,000					$ 90,000
Debt stated interest rate		7.50%					7.50%
Four Point Five Secured Notes [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt stated interest rate		4.50%					4.50%
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility	$ 500,000		$ 500,000
Number of credit facility 6-month extensions | debt_extension	2
Line of credit facility, extension period	6 months
Bids amount (up to)						250,000
Increase in credit facility amount (up to)						$ 850,000
Line of credit facility, commitment fee percentage						0.15%	0.15%
Unsecured Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Borrowing margin over LIBOR, basis points						0.90%	0.90%
Line of Credit [Member] | Short-Term Unsecured Facility [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under credit facility									$ 10,000
Debt instrument, description of variable rate basis						P30D
Line of credit facility, commitment fee percentage						0.10%	0.10%
Facility fees, basis points						0.05%	0.10%
Line of Credit [Member] | Thirty-Day LIBOR [Member] | Short-Term Unsecured Facility [Member]
Debt Instrument [Line Items]
Borrowing margin over LIBOR, basis points						1.25%	1.25%
Interest Expense [Member] | Four Point Five Secured Notes [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment				$ 2,000

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Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in Thousands		Dec. 31, 2017	Dec. 31, 2016
Schedule of Long-term Debt, By Type [Line Items]
Total	[1]	$ 2,081,152	$ 2,356,528
As To Interest Rate [Member]
Schedule of Long-term Debt, By Type [Line Items]
Fixed-rate debt		2,063,263	2,089,769
Variable-rate debt		17,889	266,759
As To Collateralization [Member]
Schedule of Long-term Debt, By Type [Line Items]
Unsecured debt		1,667,462	1,913,399
Secured debt		$ 413,690	$ 443,129

[1] * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112.

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Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Balance outstanding	$ 0	$ 245,000
Maximum balance outstanding during the year	245,000	372,000
Weighted average balance	$ 133,386	$ 141,017
Year-to-date weighted average interest rate (excluding facility fee)	1.80%	1.30%
Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding	$ 0	$ 245,000
Available balance	$ 493,610	$ 250,140
Variable interest rate (excluding facility fee) at end date	0.00%	1.50%
Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letter of credit outstanding under facility	$ 6,390	$ 4,860
Unsecured Facility [Member]
Line of Credit Facility [Line Items]
Balance outstanding	$ 0	$ 0
Variable interest rate (excluding facility fee) at end date	0.00%	0.00%

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Debt (Principal Payments Of Debt) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Debt Disclosure [Abstract]
2018	$ 113,427
2019	56,245
2020	237,779
2021	17,667
2022	307,614
2023	305,694
2024	255,954
2025	303,302
2026	277,291
2027	38,288
Thereafter	93,024
Total	$ 2,006,285

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Derivatives And Hedging (Schedule Of Interest Rate Contracts Reported At Fair Values) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 2,035	$ 126
Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	2,035	126
Designated as Hedging Instrument [Member] | Other Liabilities, Net [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 0	$ 0

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Derivatives And Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross Amounts Recognized	$ 2,035	$ 126
Gross Amounts Offset in Balance Sheet	0	0
Net Amounts Presented in Balance Sheet	2,035	126
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 2,035	$ 126

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Derivatives And Hedging (Narrative) (Details)	1 Months Ended	12 Months Ended
	Aug. 31, 2016 USD ($)	Dec. 31, 2016 USD ($) derivative_contract	Dec. 31, 2017 USD ($) derivative_contract	Jun. 24, 2016 USD ($) derivative_contract
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive loss		$ (9,161,000)	$ (6,170,000)
Gain (Loss) On Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive loss		$ 6,400,000	$ 7,400,000
Interest Rate Contracts [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Number of interest rate contracts | derivative_contract		3	3
Notional amount of interest rate fair value hedge derivatives		$ 200,000,000	$ 200,000,000
Derivative, fixed interest rate		1.50%	1.50%
Cash flow hedge gain (loss) to be amortized within 12 months			$ 1,400,000
Interest Rate Contracts [Member] | Fair Value Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional amount of interest rate fair value hedge derivatives				$ 62,900,000
Number of interest rate derivatives terminated | derivative_contract				2
Proceeds from extinguishment of derivative instrument		$ 2,200,000
Forward Starting Interest Contract [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional amount of interest rate fair value hedge derivatives		$ 200,000,000
Payments for derivative instrument	$ 2,100,000
Derivative instruments, loss recognized in other comprehensive income (loss), effective portion	$ 2,000,000
Interest Rate Swap [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative, swap rate period (In years)		10 years
Derivative, forward interest rate		1.50%

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Derivatives and Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) - Cash Flow Hedging [Member] - Interest Rate Contracts [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Gain) Loss Recognized in Other Comprehensive Income on Derivative (Effective Portion)	$ (1,063)	$ 3,192	$ (1,946)
Interest Expense, Net [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)	42	(1,435)	(2,798)
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ 0	$ (96)	$ 0

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Derivatives And Hedging (Summary Of Fair Value Interest Rate Contracts Activity (Details) - Fair Value Hedging [Member] - Interest Rate Contracts [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jun. 24, 2016 derivative_contract
Derivatives, Fair Value [Line Items]
Proceeds from extinguishment of derivative instrument	$ 2,200
Number of interest rate derivatives terminated | derivative_contract			2
Interest Expense, Net [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) on Contracts	(418)	$ (1,228)
Gain (Loss) on Borrowings	418	1,228
Net Settlements and Accruals on Contracts	3,140	2,030
Amount of Gain (Loss) Recognized in Income	$ 3,140	$ 2,030

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Preferred Shares Of Beneficial Interest (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 08, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Stock redeemed or called during period, value		$ 150,000
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Stock redeemed or called during period, value	$ 150,000
Preferred stock dividends and other adjustments	$ 9,700
Preferred shares of beneficial interest, dividend percentage		6.50%
Preferred shares of beneficial interest, liquidation value per share (in dollars per share)	$ 2,500

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Preferred Shares of Beneficial Interest (Preferred Dividends Declared Per Share) (Details)	12 Months Ended
	Dec. 31, 2015 $ / shares
6.5% Series F Preferred Shares [Member]
Dividends Payable [Line Items]
Series F	$ 64.55

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Common Shares Of Beneficial Interest (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	2 Months Ended	3 Months Ended								12 Months Ended
	Feb. 28, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Stock repurchase program, authorized amount		$ 200,000								$ 200,000
Common shares of beneficial interest, dividend per share (in dollars per share)										$ 2.290	$ 1.460	$ 1.38
Common stock, dividends, cash paid (in dollars per share)										$ 0.75
ATM Equity Program [Member]
Class of Stock [Line Items]
Equity issuances amount available for issuance		$ 0								$ 0
Shares sold (in shares)										0	3,465
Weighted average price per share (in dollars per share)											$ 38.35
Gross proceeds											$ 132,884
Quarterly Rate Per Share [Member]
Class of Stock [Line Items]
Common shares of beneficial interest, dividend per share (in dollars per share)		$ 0.385	$ 0.385	$ 0.385	$ 0.385	$ 0.365	$ 0.365	$ 0.365	$ 0.365
Maximum [Member] | ATM Equity Program [Member]
Class of Stock [Line Items]
Equity issuances amount available for issuance		$ 250,000								$ 250,000
Subsequent Event [Member] | Quarterly Rate Per Share [Member]
Class of Stock [Line Items]
Common shares of beneficial interest, dividend per share (in dollars per share)	$ 0.395

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Noncontrolling Interests (Effect Of Changes In Ownership Interest In Subsidiaries On Consolidated Equity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income Adjusted for Noncontrolling Interests	$ 335,274	$ 238,933	$ 174,352
Transfers from the noncontrolling interests:
Increase in equity for operating partnership units	0	0	111
Net increase in equity for the acquisition of noncontrolling interests	0	2,139	0
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests	$ 335,274	$ 241,072	$ 174,463

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Leasing Operations (Narrative) (Details)	12 Months Ended
	Dec. 31, 2017
Small Tenant [Member]
Operating Leased Assets [Line Items]
Lease Term	1 year
Large Tenant [Member]
Operating Leased Assets [Line Items]
Lease Term	25 years

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Leasing Operations (Schedule Of Future Minimum Rental Income) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Leases, Operating [Abstract]
2018	$ 392,337
2019	342,151
2020	289,691
2021	231,199
2022	166,880
Thereafter	533,824
Total	$ 1,956,082

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Leasing Operations (Schedule Of Contingent Rental Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Leases, Operating [Abstract]
Contingent rental income	$ 129,635	$ 114,505	$ 107,931

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Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Asset Impairment [Line Items]
Impairment losses related to property	$ 3,100
Other		$ 335	$ 0	$ 0
Total impairment charges	$ 15,000	15,257	98	153
Equity in earnings of real estate joint ventures and partnerships, net		27,074	20,642	19,300
Net impact of impairment charges		15,278	424	1,650
Properties Held for Sale, Marketed for Sale or Sold [Member]
Asset Impairment [Line Items]
Impairment losses related to property		12,203	98	153
Land Held For Development And Undeveloped Land [Member]
Asset Impairment [Line Items]
Impairment losses related to property		2,719	0	0
Impairment in Equity in Earnings (Losses) of Real Estate Joint Venture And Partnership Net [Member]
Asset Impairment [Line Items]
Equity in earnings of real estate joint ventures and partnerships, net		0	326	1,497
Impairment in Net Income Attributable to Noncontrolling Interest [Member]
Asset Impairment [Line Items]
Net income attributable to noncontrolling interests		$ 21	$ 0	$ 0

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Income Tax Considerations (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Required distribution percentage to maintain REIT status (at least)	90.00%
Fixed assets book value in excess of (less than) tax basis	$ 193.4	$ 268.7
Current tax obligation	$ 1.6	$ 1.0

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Income Tax Considerations (Schedule Of Reconciling Net Income Adjusted For Noncontrolling Interests To REIT Taxable Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Net income adjusted for noncontrolling interests	$ 335,274	$ 238,933	$ 174,352
Net loss (income) of taxable REIT subsidiary included above	4,220	(14,497)	340
Net income from REIT operations	339,494	224,436	174,692
Book depreciation and amortization	162,964	162,534	145,940
Tax depreciation and amortization	(95,512)	(104,734)	(87,416)
Book/tax difference on gains/losses from capital transactions	6,261	(64,917)	(53,902)
Deferred/prepaid/above and below-market rents, net	(11,146)	(13,114)	(5,375)
Impairment loss from REIT operations	5,071	369	1,536
Other book/tax differences, net	(244)	(2,694)	(1,679)
REIT taxable income	406,888	201,880	173,796
Dividends paid deduction	(406,888)	(201,880)	(174,628)
Dividends paid in excess of taxable income	0	0	$ (832)
Designated dividends	$ 112,800	$ 16,800

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Income Tax Considerations (Schedule Of Cash Dividends Distributed To Common Shareholders) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Ordinary income	23.00%	80.70%	92.70%
Capital gain distributions	77.00%	19.30%	4.30%
Return of capital (nontaxable distribution)	0.00%	0.00%	3.00%
Total	100.00%	100.00%	100.00%

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Income Tax Considerations (Schedule Of Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Impairment loss	$ 7,220	$ 13,476
Allowance on other assets	15	117
Interest expense	5,703	9,246
Net operating loss carryforwards	7,428	8,413
Straight-line rentals	916	813
Book-tax basis differential	1,676	4,380
Other	188	348
Total deferred tax assets	23,146	36,793
Valuation allowance	(15,587)	(25,979)
Total deferred tax assets, net of allowance	7,559	10,814
Deferred tax liabilities:
Book-tax basis differential	6,618	10,998
Other	517	553
Total deferred tax liabilities	7,135	$ 11,551
Net operating loss carryforwards	$ 35,400

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Income Tax Considerations (Schedule Of Income Tax Provision) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal statutory income tax rate, percent	35.00%	35.00%	35.00%
Net (loss) income before taxes of taxable REIT subsidiary	$ (5,788)	$ 20,295	$ (989)
Federal (benefit) provision at statutory rate of 35%	(2,026)	7,103	(346)
Valuation allowance decrease	0	(1,251)	(309)
Effect of change in statutory rate on net deferrals	282	0	0
Other	176	(54)	6
Federal income tax provision (benefit) of taxable REIT subsidiary (1)	(1,568)	5,798	(649)
Texas franchise tax	1,551	1,058	701
Total	$ (17)	$ 6,856	$ 52

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Supplemental Cash Flow Information (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Cash and Cash Equivalents	$ 13,219	[1]	$ 16,257	[1]	$ 22,168
Restricted Deposits and Mortgage Escrows	8,115		25,022		3,074
Total	$ 21,334		$ 41,279		$ 25,242	$ 103,187

[1] * Consolidated variable interest entities' assets held as collateral and debt included in the above balances at December 31, 2017 and December 31, 2016 are Property, net of $207,969 and $476,117; Accrued Rent and Accounts Receivable, net of $12,011 and $11,066; Cash and Cash Equivalents of $9,025 and $9,560; Debt, net of $46,253 and $47,112.

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Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncash or Part Noncash Acquisitions [Line Items]
Accrued property construction costs	$ 7,728	$ 5,738	$ 9,566
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures	0	2,139	0
Exchange of operating partnership units for common shares	0	0	111
Reduction of debt service guaranty liability	(2,980)	(2,710)	(2,270)
Increase (decrease) in equity associated with deferred compensation plan (see Note 1)	44,758
Increase (decrease) in equity associated with deferred compensation plan (see Note 1)		(44,758)	0
Property Acquisitions And Investments In Unconsolidated Real Estate Joint Ventures [Member]
Noncash or Part Noncash Acquisitions [Line Items]
Increase in property, net	0	10,573	0
Decrease in real estate joint ventures and partnerships - investments	0	(2,315)	0
Increase in debt, net	0	0	20,966
Consolidation of Joint Venture [Member]
Noncash or Part Noncash Acquisitions [Line Items]
Increase in property, net	0	58,665	0
Increase in debt, net	0	48,727	0
Increase in security deposits	$ 0	$ 169	$ 0

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Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Continuing Operations:
Income from continuing operations	$ 132,104	$ 176,117	$ 121,601
Gain on sale of property	218,611	100,714	59,621
Net income attributable to noncontrolling interests	(15,441)	(37,898)	(6,870)
Dividends on preferred shares	0	0	(3,830)
Redemption costs of preferred shares	0	0	(9,687)
Income from continuing operations attributable to common shareholders – basic	335,274	238,933	160,835
Income attributable to operating partnership units	3,084	1,996	0
Income from continuing operations attributable to common shareholders – diluted	$ 338,358	$ 240,929	$ 160,835
Denominator:
Weighted average shares outstanding – basic (in shares)	127,755	126,048	123,037
Effect of dilutive securities:
Share options and awards (in shares)	870	1,059	1,292
Operating partnership units (in shares)	1,446	1,462	0
Weighted average shares outstanding - diluted (in shares)	130,071	128,569	124,329

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Earnings Per Share (Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	2	1,935
Share Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	2	463
Operating Partnership Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	0	1,472

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Share Options And Awards (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	828,354	934,201	2,366,650	2,897,123
Net compensation expense for share options and restricted shares	$ 8,600,000	$ 8,500,000	$ 7,400,000
Net capitalized compensation expense	$ 1,700,000	1,900,000	1,500,000
Long-Term Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	400,000
2010 Restated LT Incentive Plan Stock Options and Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan common shares authorized (in shares)	3,000,000
Plan common shares available for future grants (in shares)	500,000
Share Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value of options exercised	$ 1,700,000	14,900,000	$ 900,000
Unrecognized compensation cost, share options	0
Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, restricted shares	$ 2,200,000	$ 2,000,000
Weighted average expected amortization period for unrecognized compensation cost (in years)	1 year 8 months	1 year 10 months

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Share Options And Awards (Summary Of Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares under option, outstanding beginning of period (in shares)	934,201	2,366,650	2,897,123
Shares under option, forfeited or expired (in shares)	(4,042)	(460,722)	(435,840)
Shares under option, exercised (in shares)	(101,805)	(971,727)	(94,633)
Shares under option, outstanding end of period (in shares)	828,354	934,201	2,366,650
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, outstanding beginning of period (in dollars per share)	$ 22.85	$ 27.26	$ 28.76
Weighted average exercise price, forfeited or expired (in dollars per share)	43.37	47.42	37.37
Weighted average exercise price, exercised (in dollars per share)	16.11	21.95	26.55
Weighted average exercise price, outstanding end of period (in dollars per share)	$ 23.58	$ 22.85	$ 27.26

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Share Options And Awards (Share Options Outstanding And Exercisable) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share option outstanding, number (in shares) | shares	828,354.000
Share option outstanding, weighted average remaining contractual life (years)	1 year 11 months
Share option outstanding, weighted average exercise price (in dollars per share)	$ 23.58
Share option outstanding, aggregate intrinsic value | $	$ 7,695
Share option exercisable, number (in shares) | shares	828,354.000
Share option exercisable, weighted average exercisable average life (years)	1 year 11 months
Share option exercisable, weighted average exercise price (in dollars per share)	$ 23.58
Share option exercisable, intrinsic value | $	$ 7,695
$11.85 - $17.78 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower (in dollars per share)	$ 11.85
Range of exercise prices, upper (in dollars per share)	$ 17.78
Share option outstanding, number (in shares) | shares	166,981
Share option outstanding, weighted average remaining contractual life (years)	1 year 2 months
Share option outstanding, weighted average exercise price (in dollars per share)	$ 11.85
Share option exercisable, number (in shares) | shares	166,981
Share option exercisable, weighted average exercisable average life (years)	1 year 2 months
Share option exercisable, weighted average exercise price (in dollars per share)	$ 11.85
$17.79 - $26.69 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower (in dollars per share)	17.79
Range of exercise prices, upper (in dollars per share)	$ 26.69
Share option outstanding, number (in shares) | shares	465,214
Share option outstanding, weighted average remaining contractual life (years)	2 years 11 months
Share option outstanding, weighted average exercise price (in dollars per share)	$ 24.14
Share option exercisable, number (in shares) | shares	465,214
Share option exercisable, weighted average exercisable average life (years)	2 years 11 months
Share option exercisable, weighted average exercise price (in dollars per share)	$ 24.14
$26.70 - $40.05 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of exercise prices, lower (in dollars per share)	26.7
Range of exercise prices, upper (in dollars per share)	$ 40.05
Share option outstanding, number (in shares) | shares	196,159
Share option outstanding, weighted average remaining contractual life (years)	2 months
Share option outstanding, weighted average exercise price (in dollars per share)	$ 32.22
Share option exercisable, number (in shares) | shares	196,159
Share option exercisable, weighted average exercisable average life (years)	2 months
Share option exercisable, weighted average exercise price (in dollars per share)	$ 32.22

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Share Options And Awards (Fair Value Of Market-Based Share Awards Assumptions (Details) - Share Awards [Member]	12 Months Ended
	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	16.10%
Expected volatility, maximum	19.10%
Expected life (in years)	3 years
Risk-free interest rate, minimum	0.70%
Risk-free interest rate, maximum	1.50%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	4.10%

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Share Options And Awards (Summary Of The Status Of Unvested Share Awards) (Details)	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted share awards, outstanding beginning of period (in shares) | shares	590,854
Unvested restricted share awards, vested (in shares) | shares	(231,056)
Unvested restricted share awards, forfeited (in shares) | shares	(1,929)
Unvested restricted share awards, outstanding end of period (in shares) | shares	619,606
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, outstanding beginning of period (in dollars per share) | $ / shares	$ 32.52
Weighted average grant date fair value, vested (in dollars per share) | $ / shares	30.77
Weighted average grant date fair value, forfeited (in dollars per share) | $ / shares	34.00
Weighted average grant date fair value, outstanding end of period (in dollars per share) | $ / shares	$ 33.81
Service-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted share awards, granted (in shares) | shares	124,549
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	$ 35.77
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted share awards, granted (in shares) | shares	54,454
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	$ 39.00
Market-Based Awards Relative To Three-Year Absolute TSR
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted share awards, granted (in shares) | shares	54,454
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	$ 25.65
Trust Manager Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested restricted share awards, granted (in shares) | shares	28,280
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, granted (in dollars per share) | $ / shares	$ 32.77

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Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, long-term rate of return on assets	7.00%	7.00%	7.50%
Defined benefit plan, estimated future employer contribution in next fiscal year	$ 2.0
Defined contribution plan, compensation expense	$ 3.9	$ 3.5	$ 3.7
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Technology Sector [Member]
Defined Benefit Plan Disclosure [Line Items]
Concentrations of risk	23.00%
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Financial Services Sector [Member]
Defined Benefit Plan Disclosure [Line Items]
Concentrations of risk	18.00%
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Consumer Cyclical Goods Sector [Member]
Defined Benefit Plan Disclosure [Line Items]
Concentrations of risk	13.00%
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Healthcare Sector [Member]
Defined Benefit Plan Disclosure [Line Items]
Concentrations of risk	15.00%
Defined Benefit Plan, Equity Investments by Sector Concentration Risk [Member] | Equity Investment Portfolio, Total [Member] | Industrial Sector [Member]
Defined Benefit Plan Disclosure [Line Items]
Concentrations of risk	11.00%

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Employee Benefit Plans (Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plans And Components Of Net Periodic Benefit Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year	$ 52,975	$ 49,715
Service cost	1,223	1,277	$ 1,252
Interest cost	2,123	2,078	1,899
Actuarial loss (gain)	4,502	1,976
Benefit payments	(1,825)	(2,071)
Benefit obligation at end of year	58,998	52,975	49,715
Change in Plan Assets:
Fair value of plan assets at beginning of year	45,498	42,341
Actual return on plan assets	7,635	3,228
Employer contributions	2,500	2,000
Benefit payments	(1,825)	(2,071)
Fair value of plan assets at end of year	53,808	45,498	$ 42,341
Unfunded status at end of year (included in accounts payable and accrued expenses in 2017 and 2016)	(5,190)	(7,477)
Accumulated benefit obligation	58,860	52,824
Net loss recognized in accumulated other comprehensive loss	$ 15,135	$ 16,528

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Employee Benefit Plans (Schedule Of Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Net loss	$ 82	$ 1,719	$ 1,276
Amortization of net loss	(1,475)	(1,552)	(1,423)
Total recognized in other comprehensive (income) loss	(1,393)	167	(147)
Total recognized in net periodic benefit cost and other comprehensive (income) loss	213	$ 2,103	$ 1,262
Defined benefit plan, estimated amortization of net loss in next fiscal year	$ 1,100

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Employee Benefit Plans (Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Projected benefit obligation	$ 58,998	$ 52,975
Accumulated benefit obligation	58,860	52,824
Fair value of plan assets	$ 53,808	$ 45,498

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Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Service cost	$ 1,223	$ 1,277	$ 1,252
Interest cost	2,123	2,078	1,899
Expected return on plan assets	(3,215)	(2,971)	(3,165)
Amortization of net loss	1,475	1,552	1,423
Total	$ 1,606	$ 1,936	$ 1,409

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Employee Benefit Plans (Schedule Of Assumptions Used To Develop Periodic Expense) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Discount rate	4.01%	4.11%	3.83%
Salary scale increases	3.50%	3.50%	3.50%
Long-term rate of return on assets	7.00%	7.00%	7.50%

XML

Employee Benefit Plans (Schedule Of Assumptions Used To Develop The Actuarial Present Value Of The Benefit Obligations) (Details)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Discount rate	3.50%	4.01%	4.11%
Salary scale increases	3.50%	3.50%	3.50%

XML

Employee Benefit Plans (Schedule Of Expected Benefit Payments For The Next Ten Years) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Retirement Benefits [Abstract]
2018	$ 2,185
2019	2,339
2020	2,383
2021	2,545
2022	2,690
2023-2027	$ 15,226

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Employee Benefit Plans (Schedule Of Investment Asset Allocation To Benchmarking) (Details)	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	100.00%
Benchmark, Target asset allocation	100.00%
Cash and Short-Term Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	4.00%
Benchmark, Target asset allocation	3.00%
U.S. Stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	52.00%
Benchmark, Target asset allocation	57.00%
International Stocks [Member]
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	13.00%
Benchmark, Target asset allocation	10.00%
U.S. Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	25.00%
Benchmark, Target asset allocation	27.00%
International Bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	4.00%
Benchmark, Target asset allocation	3.00%
Other Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Portfolio, Actual asset allocation	2.00%
Benchmark, Target asset allocation	0.00%

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Employee Benefit Plans (Schedule Of Allocation Of The Fair Value Of Plan Assets) (Details)	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	100.00%
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	100.00%	100.00%
Cash and Short-Term Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	4.00%
Cash and Short-Term Investments [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	17.00%	18.00%
Large Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	36.00%	36.00%
Mid Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	6.00%	6.00%
Small Company Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	6.00%	6.00%
International Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	10.00%	10.00%
Fixed Income Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	16.00%	16.00%
Growth Funds [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	9.00%	8.00%

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Related Parties (Narrative) (Details) $ in Thousands		1 Months Ended				12 Months Ended
	Feb. 12, 2016 USD ($)	Nov. 30, 2016 USD ($) joint_venture	Oct. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Feb. 29, 2016 USD ($) center	Dec. 31, 2017 USD ($) property center	Dec. 31, 2016 USD ($) property center	Dec. 31, 2015 USD ($) center
Related Party Transaction [Line Items]
Net accounts receivable, related parties						$ 2,000	$ 2,200
Accounts payable and accrued expenses, related parties						400	300
Management fees revenues, related parties						6,200	5,100	$ 4,500
Payments to acquired interest in joint ventures						$ 37,173	$ 52,834	$ 30,053
Number of real estate properties | center						2	2
Assets held by joint venture						$ 4,196,639	$ 4,426,928
Debt held by joint venture						$ 2,006,285
Proceeds from business acquisition					$ 2,500
Number of centers sold					1	18
51% Owned Real Estate joint venture [Member]
Related Party Transaction [Line Items]
Equity interest in joint venture (percent)								51.00%
Number of real estate properties | center								3
Assets held by joint venture								$ 43,700
Debt held by joint venture								$ 72,400
Unconsolidated Real Estate Joint Venture [Member]
Related Party Transaction [Line Items]
Number of centers sold | property						2	5
Consolidated Joint Venture [Member]
Related Party Transaction [Line Items]
Number of real estate join ventures acquired | joint_venture		2
Payments to acquired interest in joint ventures		$ 3,300
Series of Individually Immaterial Business Acquisitions [Member]
Related Party Transaction [Line Items]
Percentage of voting interest acquired				50.00%			50.00%
Equity interest in joint venture				$ 13,500			$ 13,579
Gain recognized on equity interest remeasured to fair value				$ 9,000
Business Combination Achieved in Stages [Member]
Related Party Transaction [Line Items]
Percentage of voting interest acquired	49.00%				49.00%
Equity interest in joint venture	$ 22,514
Gain recognized on equity interest remeasured to fair value	37,383				$ 37,400
Proceeds from business acquisition	$ 2,500
Joint Venture [Member] | Repayments of Notes Payable [Member]
Related Party Transaction [Line Items]
Payable paid due to the unconsolidated joint venture						$ 4,800
Distribution of Nonmonetary Assets to Groups of Stockholders’ in Lieu of Capital Return Cash Distributions [Member] | Unconsolidated Real Estate Joint Venture [Member]
Related Party Transaction [Line Items]
Gain recognized with the remeasurment of a land parcel			$ 1,900

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Commitments And Contingencies (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) partnership center	Dec. 31, 2016 USD ($) partnership center	Dec. 31, 2015 USD ($)
Long-term Purchase Commitment [Line Items]
Operating leases, rental expense	$ 2,900	$ 3,000	$ 3,200
Number of real estate properties | center	2	2
Capital leases, total assets	$ 16,800	$ 16,800
Capital leases, accumulated depreciation	15,500	$ 14,200
Capital leases, future minimum payments	31,226
Capital leases, future minimum payments, interest	10,200
Capital leases, future minimum payments, present value of net minimum payments	$ 21,000
Minimum [Member]
Long-term Purchase Commitment [Line Items]
Operating leases, term range, in years	1 year
Maximum [Member]
Long-term Purchase Commitment [Line Items]
Operating leases, term range, in years	25 years
Capital Additions [Member]
Long-term Purchase Commitment [Line Items]
Purchase contract, commitment	$ 114,700
Capital Additions [Member] | Minimum [Member]
Long-term Purchase Commitment [Line Items]
Purchase contract, period (in months)	12 months
Capital Additions [Member] | Maximum [Member]
Long-term Purchase Commitment [Line Items]
Purchase contract, period (in months)	36 months
DownREIT [Member]
Long-term Purchase Commitment [Line Items]
Number of real estate joint ventures | partnership	2	2
Aggregate redemption value	$ 47,000	$ 52,000

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Commitments And Contingencies (Schedule Of Minimum Rental Payments For Operating Leases) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 2,889
2019	2,810
2020	2,527
2021	2,378
2022	2,304
Thereafter	102,063
Total	$ 114,971

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Commitments And Contingencies (Schedule Of Future Minimum Revenues Under Subleases) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 28,392
2019	24,184
2020	20,712
2021	17,352
2022	14,031
Thereafter	57,869
Total	$ 162,540

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Commitments And Contingencies (Schedule Of Annual Future Minimum Lease Payments For Capital Leases) (Details) $ in Thousands	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 1,683
2019	1,692
2020	1,700
2021	1,708
2022	1,717
Thereafter	22,726
Total	$ 31,226

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Variable Interest Entities (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) property center joint_venture	Dec. 31, 2016 USD ($) property center joint_venture
Variable Interest Entity [Line Items]
Number of real estate properties | center		2	2
Number of VIE's guaranteed by company | joint_venture		1
Carrying amount, property, net		$ 207,969	$ 476,117
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures | joint_venture		9	9
Number of real estate properties | property		22	25
Carrying amount, property, net			$ 249,500
Additional contributions		$ 100	$ 2,500
Unconsolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Number of VIE real estate joint ventures | joint_venture		2	2
Number of joint venture arrangements | joint_venture		1
Future additional equity and debt contributions		$ 93,000
Scenario, Forecast [Member] | Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Additional contributions	$ 100

XML

Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) joint_venture	Dec. 31, 2016 USD ($)
Variable Interest Entity [Line Items]
Variable interest entity, consolidated, assets no longer considered a variable interest entity		$ 249,500
Number of VIE's guaranteed by company | joint_venture	1
Consolidated Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Assets Held by VIEs	$ 235,713	504,293
Assets Held as Collateral for Debt	42,979	46,136
Maximum Risk of Loss	$ 29,784	$ 29,784

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Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Investment in Real Estate Joint Ventures and Partnerships, net	$ 36,784	$ 886
Maximum Risk of Loss	34,000	34,000
Other Liabilities, Net [Member]
Variable Interest Entity [Line Items]
Investment in Real Estate Joint Ventures and Partnerships, net	$ (6,000)	$ (9,000)

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Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 40,738	$ 34,124
Deferred compensation plan obligations	31,497	26,328
Total	31,497	26,328
Grantor Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	31,497	26,328
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	7,206	7,670
Interest Rate Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2,035	126
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	38,703	33,998
Deferred compensation plan obligations	31,497	26,328
Total	31,497	26,328
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	31,497	26,328
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	7,206	7,670
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	2,035	126
Total	0	0
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	2,035	126
Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Total	$ 0	$ 0

XML

Fair Value Measurements (Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses related to property	$ 3,100,000
Impairment loss	$ 15,000,000	$ 15,257,000	$ 98,000	$ 153,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property			0
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		0
Real Estate Investment Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment losses related to property		7,828,000
Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		17,085,000
Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		12,901,000
Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		4,184,000
Real Estate Investment Property, Real Estate Held for Sale, and Real Estate Joint Ventures and Partnerships [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment loss		7,828,000
Carrying Value [Member] | Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		24,900,000
Fair Value [Member] | Real Estate Investment Property [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		4,184,000	$ 0
Fair Value [Member] | Real Estate Investment Property [Member] | Fair Value, Measurements, Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property		17,100,000
Impairment losses related to property		$ 7,800,000

XML

Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit loss recognized	$ 31,000	$ 31,000
Investments, Held To Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Held-to-maturity securities, accumulated unrecognized holding loss	10
Held-to-maturity securities, accumulated unrecognized holding gain		8
Fair Value [Member] | Fixed-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	2,109,658	2,132,082
Fair Value [Member] | Variable Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	16,393	265,230
Fair Value [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	25,000	23,910
Fair Value [Member] | Investments, Held To Maturity [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	4,479	5,248
Carrying Value [Member] | Fixed-Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	2,063,263	2,089,769
Carrying Value [Member] | Variable Rate Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	17,889	266,759
Carrying Value [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	22,097	23,910
Carrying Value [Member] | Investments, Held To Maturity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 4,489	$ 5,240

XML

Fair Value Measurement (Quantitative Information) (Details) - Fair Value Using Significant Unobservable Inputs (Level 3) [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) $ / ft²	Dec. 31, 2016 USD ($)
Fair Value [Member] | Real Estate Investment Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property | $	$ 4,184	$ 0
Fair Value [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Tax increment revenue bonds | $	$ 25,000	$ 23,910
Discounted Cash Flows [Member] | Minimum [Member] | Real Estate Investment Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	10.50%
Capitalization rate	8.80%
Holding period (years)	5 years
Average market rent rate | $ / ft²	11.00
Average leasing costs per square foot | $ / ft²	10.00
Discounted Cash Flows [Member] | Minimum [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	6.50%	6.50%
Expected future inflation rate	1.00%	1.00%
Discounted Cash Flows [Member] | Maximum [Member] | Real Estate Investment Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	12.00%
Capitalization rate	10.00%
Holding period (years)	10 years
Expected future inflation rate	2.00%
Expense growth rate	2.00%
Vacancy rate	20.00%
Renewal rate	70.00%
Average market rent rate | $ / ft²	16.00
Average leasing costs per square foot | $ / ft²	35.00
Discounted Cash Flows [Member] | Maximum [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	7.50%	7.50%
Expected future inflation rate	3.00%	3.00%
Market Rent Growth Rate [Member] [Member] | Discounted Cash Flows [Member] | Maximum [Member] | Real Estate Investment Property [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Growth rate	3.00%
Expected Future Growth Rate [Member] | Discounted Cash Flows [Member] | Minimum [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Growth rate	1.00%	1.00%
Expected Future Growth Rate [Member] | Discounted Cash Flows [Member] | Maximum [Member] | US States and Political Subdivisions Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Growth rate	2.30%	2.00%
Fixed-Rate Debt [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate of debt | $	$ 2,109,658	$ 2,132,082
Fixed-Rate Debt [Member] | Discounted Cash Flows [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	3.00%	3.00%
Fixed-Rate Debt [Member] | Discounted Cash Flows [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	5.30%	5.20%
Variable Rate Debt [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Rate of debt | $	$ 16,393	$ 265,230
Variable Rate Debt [Member] | Discounted Cash Flows [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	2.40%	1.60%
Variable Rate Debt [Member] | Discounted Cash Flows [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	3.20%	2.40%

XML

Business Combinations (Narrative) (Details) - center		12 Months Ended
	Feb. 12, 2016	Dec. 31, 2016	Sep. 30, 2016	Feb. 29, 2016
Business Combination Achieved in Stages [Member]
Business Acquisition [Line Items]
Percentage of voting interest acquired	49.00%			49.00%
Number of businesses acquired	2
Discount rate	20.00%
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Percentage of voting interest acquired		50.00%	50.00%
Number of businesses acquired		3
Minimum [Member] | Business Combination Achieved in Stages [Member]
Business Acquisition [Line Items]
Discount rate	6.50%
Capitalization rate	6.00%
Maximum [Member] | Business Combination Achieved in Stages [Member]
Business Acquisition [Line Items]
Discount rate	8.00%
Capitalization rate	7.50%

XML

Business Combinations (Transactions Related to Acquisitions) (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Feb. 12, 2016	Sep. 30, 2016	Feb. 29, 2016	Dec. 31, 2016
Liabilities:
Proceeds from business acquisition			$ 2,500
Business Combination Achieved in Stages [Member]
Business Acquisition [Line Items]
Fair value of our equity interest before business combination	$ 22,514
Gain recognized on equity interest remeasured to fair value	37,383		$ 37,400
Assets:
Property	58,665
Unamortized lease costs	8,936
Accrued rent and accounts receivable	102
Cash and cash equivalents	3,555
Other, net	4,992
Liabilities:
Debt, net	(48,727)
Accounts payable and accrued expenses	(1,339)
Other, net	(3,670)
Total net assets	22,514
Proceeds from business acquisition	$ 2,500
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Fair value of our equity interest before business combination		$ 13,500		$ 13,579
Gain recognized on equity interest remeasured to fair value		$ 9,000
Fair value of consideration transferred				443,745
Acquisition costs (included in operating expenses)				936
Gain on acquisition				9,015
Assets:
Property				433,055
Unamortized lease costs				80,951
Accrued rent and accounts receivable				122
Cash and cash equivalents				556
Other, net				6,812
Liabilities:
Accounts payable and accrued expenses				(6,383)
Other, net				(62,254)
Total net assets				$ 452,859

XML

Business Combinations (Schedule of Impact to Revenues and Net Income) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($)
Business Combinations [Abstract]
Increase in revenues	$ 23,337
Increase in net income attributable to common shareholders	$ 230

XML

Business Combinations Business Combinations (Amortization and Accretion of Intangible Assets) (Details)	12 Months Ended
	Dec. 31, 2016
In Place Leases [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	18 years 4 months 24 days
Above Market Leases [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	29 years 8 months 12 days
Below Market Leases [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	20 years 3 months 18 days
Above Market Assumed Mortgages [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life	4 years 9 months 18 days

XML

Business Combinations (Pro Forma Impact of Acquisitions) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Combinations [Abstract]
Revenues	$ 567,985	$ 547,381
Net income	236,461	234,307
Net income attributable to common shareholders - basic	198,563	213,920
Net income attributable to common shareholders - diluted	$ 200,559	$ 215,823
Earnings per share – basic (usd per share)	$ 1.58	$ 1.74
Earnings per share – diluted (usd per share)	$ 1.56	$ 1.72

XML

Quarterly Financial Data (Unaudited) (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 139,367	$ 144,110	$ 146,023	$ 143,663	$ 142,863	$ 138,599	$ 135,676	$ 132,417	$ 573,163	$ 549,555	$ 512,844
Net Income	170,653	74,473	69,193	36,396	69,176	61,337	37,651	108,667	350,715	276,831	181,222
Net income attributable to common shareholders	$ 167,967	$ 72,629	$ 63,852	$ 30,826	$ 44,142	$ 51,901	$ 35,816	$ 107,074	$ 335,274	$ 238,933	$ 160,835
Net income attributable to common shareholders - basic (in dollars per share)	$ 1.31	$ 0.57	$ 0.50	$ 0.24	$ 0.35	$ 0.41	$ 0.28	$ 0.87	$ 2.62	$ 1.90	$ 1.31
Net income attributable to common shareholders - diluted (in dollars per share)	$ 1.30	$ 0.56	$ 0.49	$ 0.24	$ 0.34	$ 0.40	$ 0.28	$ 0.85	$ 2.60	$ 1.87	$ 1.29
Gain on sale of properties and real estate joint venture and partnership interests and on acquisitions	$ 136,300	$ 38,600	$ 34,200	$ 15,800	$ 34,900	$ 31,100	$ 4,200	$ 82,800
Impairment losses related to property				3,100
Impairment loss				15,000					$ 15,257	$ 98	$ 153
Net income attributable to noncontrolling interests			$ 3,600	3,900	$ 23,100	5,800			15,441	37,898	6,870
Gain on sale of property	$ 1,500			$ (3,300)		$ 1,100		$ 5,900	$ 218,611	$ 100,714	$ 59,621
Gain (loss) on debt extinguishment							$ 2,000

XML

Subsequent Events (Narrative) (Details)	1 Months Ended	2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2016 center	Feb. 28, 2018 USD ($) center	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Subsequent Event [Line Items]
Number of centers sold	1			18
Impairment loss			$ 15,000,000	$ 15,257,000	$ 98,000	$ 153,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of centers sold | center		5
Sales of real estate		$ 220,600,000
Impairment loss		$ 0

XML

Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Allowance For Doubtful Accounts [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 6,700	$ 6,072	$ 7,680
Charged to costs and expenses	4,255	2,427	1,179
Deductions	3,439	1,799	2,787
Balance at end of period	7,516	6,700	6,072
Tax Valuation Allowance [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	25,979	27,230	27,539
Charged to costs and expenses	0	0	0
Deductions	10,392	1,251	309
Balance at end of period	$ 15,587	$ 25,979	$ 27,230

XML

Real Estate And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) center	Dec. 31, 2016 USD ($) center	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,139,860
Initial Cost to Company, Building and Improvements	2,442,248
Cost Capitalized Subsequent to Acquisition	916,751
Gross Amounts Carried at Close of Period, Land	1,186,212
Gross Amounts Carried at Close of Period, Building and Improvements	3,312,647
Gross Amounts Carried at Close of Period, Total	4,498,859	$ 4,789,145	$ 4,262,959	$ 4,076,094
Accumulated Depreciation	(1,166,126)	(1,184,546)	$ (1,087,642)	$ (1,028,619)
Total Costs, Net of Accumulated Depreciation	3,332,733
Encumbrances	(360,110)
Fixed assets book value in excess of (less than) tax basis	$ 193,400	$ 268,700
Number of real estate properties | center	2	2
Non-cash debt	$ 4,000
Deferred finance costs	$ (8,900)
Real estate asset, estimated useful life	40 years
Building [Member] | Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real estate asset, estimated useful life	18 years
Building [Member] | Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real estate asset, estimated useful life	40 years
Parking Lot Surfacing And Equipment [Member] | Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real estate asset, estimated useful life	10 years
Parking Lot Surfacing And Equipment [Member] | Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real estate asset, estimated useful life	20 years
Miscellaneous (Not To Exceed 5% Of Total) [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 136,434
Initial Cost to Company, Building and Improvements	10,310
Cost Capitalized Subsequent to Acquisition	26,842
Gross Amounts Carried at Close of Period, Land	92,430
Gross Amounts Carried at Close of Period, Building and Improvements	81,156
Gross Amounts Carried at Close of Period, Total	173,586
Accumulated Depreciation	(34,382)
Total Costs, Net of Accumulated Depreciation	139,204
Encumbrances	0
Centers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	956,026
Initial Cost to Company, Building and Improvements	2,409,874
Cost Capitalized Subsequent to Acquisition	857,210
Gross Amounts Carried at Close of Period, Land	1,043,996
Gross Amounts Carried at Close of Period, Building and Improvements	3,179,114
Gross Amounts Carried at Close of Period, Total	4,223,110
Accumulated Depreciation	(1,131,628)
Total Costs, Net of Accumulated Depreciation	3,091,482
Encumbrances	(360,110)
Centers [Member] | 10-Federal Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	1,791
Initial Cost to Company, Building and Improvements	7,470
Cost Capitalized Subsequent to Acquisition	1,214
Gross Amounts Carried at Close of Period, Land	1,791
Gross Amounts Carried at Close of Period, Building and Improvements	8,684
Gross Amounts Carried at Close of Period, Total	10,475
Accumulated Depreciation	(7,396)
Total Costs, Net of Accumulated Depreciation	3,079
Encumbrances	$ (5,624)
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | 1919 North Loop West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,334
Initial Cost to Company, Building and Improvements	8,451
Cost Capitalized Subsequent to Acquisition	12,906
Gross Amounts Carried at Close of Period, Land	1,337
Gross Amounts Carried at Close of Period, Building and Improvements	21,354
Gross Amounts Carried at Close of Period, Total	22,691
Accumulated Depreciation	(11,448)
Total Costs, Net of Accumulated Depreciation	11,243
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 05, 2006
Centers [Member] | 580 Market Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,892
Initial Cost to Company, Building and Improvements	15,570
Cost Capitalized Subsequent to Acquisition	3,918
Gross Amounts Carried at Close of Period, Land	3,889
Gross Amounts Carried at Close of Period, Building and Improvements	19,491
Gross Amounts Carried at Close of Period, Total	23,380
Accumulated Depreciation	(8,467)
Total Costs, Net of Accumulated Depreciation	14,913
Encumbrances	$ (15,246)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | 8000 Sunset Strip Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 18,320
Initial Cost to Company, Building and Improvements	73,431
Cost Capitalized Subsequent to Acquisition	6,642
Gross Amounts Carried at Close of Period, Land	18,320
Gross Amounts Carried at Close of Period, Building and Improvements	80,073
Gross Amounts Carried at Close of Period, Total	98,393
Accumulated Depreciation	(13,475)
Total Costs, Net of Accumulated Depreciation	84,918
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 27, 2012
Centers [Member] | Alabama Shepherd Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 637
Initial Cost to Company, Building and Improvements	2,026
Cost Capitalized Subsequent to Acquisition	7,870
Gross Amounts Carried at Close of Period, Land	1,062
Gross Amounts Carried at Close of Period, Building and Improvements	9,471
Gross Amounts Carried at Close of Period, Total	10,533
Accumulated Depreciation	(5,458)
Total Costs, Net of Accumulated Depreciation	5,075
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 30, 2004
Centers [Member] | Argyle Village Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,524
Initial Cost to Company, Building and Improvements	18,103
Cost Capitalized Subsequent to Acquisition	5,416
Gross Amounts Carried at Close of Period, Land	4,526
Gross Amounts Carried at Close of Period, Building and Improvements	23,517
Gross Amounts Carried at Close of Period, Total	28,043
Accumulated Depreciation	(10,116)
Total Costs, Net of Accumulated Depreciation	17,927
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 30, 2001
Centers [Member] | Avent Ferry Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,952
Initial Cost to Company, Building and Improvements	7,814
Cost Capitalized Subsequent to Acquisition	1,466
Gross Amounts Carried at Close of Period, Land	1,952
Gross Amounts Carried at Close of Period, Building and Improvements	9,280
Gross Amounts Carried at Close of Period, Total	11,232
Accumulated Depreciation	(4,225)
Total Costs, Net of Accumulated Depreciation	7,007
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Baybrook Gateway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,623
Initial Cost to Company, Building and Improvements	30,307
Cost Capitalized Subsequent to Acquisition	3,655
Gross Amounts Carried at Close of Period, Land	10,623
Gross Amounts Carried at Close of Period, Building and Improvements	33,962
Gross Amounts Carried at Close of Period, Total	44,585
Accumulated Depreciation	(3,342)
Total Costs, Net of Accumulated Depreciation	41,243
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 04, 2015
Centers [Member] | Bellaire Blvd. Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 124
Initial Cost to Company, Building and Improvements	37
Cost Capitalized Subsequent to Acquisition	936
Gross Amounts Carried at Close of Period, Land	1,011
Gross Amounts Carried at Close of Period, Building and Improvements	86
Gross Amounts Carried at Close of Period, Total	1,097
Accumulated Depreciation	(38)
Total Costs, Net of Accumulated Depreciation	1,059
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 13, 2008
Centers [Member] | Best In The West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 13,191
Initial Cost to Company, Building and Improvements	77,159
Cost Capitalized Subsequent to Acquisition	7,817
Gross Amounts Carried at Close of Period, Land	13,194
Gross Amounts Carried at Close of Period, Building and Improvements	84,973
Gross Amounts Carried at Close of Period, Total	98,167
Accumulated Depreciation	(29,385)
Total Costs, Net of Accumulated Depreciation	68,782
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 28, 2005
Centers [Member] | Blalock Market At I-10 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	4,730
Cost Capitalized Subsequent to Acquisition	1,970
Gross Amounts Carried at Close of Period, Land	0
Gross Amounts Carried at Close of Period, Building and Improvements	6,700
Gross Amounts Carried at Close of Period, Total	6,700
Accumulated Depreciation	(5,202)
Total Costs, Net of Accumulated Depreciation	1,498
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 1990
Centers [Member] | Boca Lyons Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,676
Initial Cost to Company, Building and Improvements	14,706
Cost Capitalized Subsequent to Acquisition	5,667
Gross Amounts Carried at Close of Period, Land	3,651
Gross Amounts Carried at Close of Period, Building and Improvements	20,398
Gross Amounts Carried at Close of Period, Total	24,049
Accumulated Depreciation	(7,741)
Total Costs, Net of Accumulated Depreciation	16,308
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 17, 2001
Centers [Member] | Braeswood Square Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	1,421
Cost Capitalized Subsequent to Acquisition	1,350
Gross Amounts Carried at Close of Period, Land	0
Gross Amounts Carried at Close of Period, Building and Improvements	2,771
Gross Amounts Carried at Close of Period, Total	2,771
Accumulated Depreciation	(2,397)
Total Costs, Net of Accumulated Depreciation	374
Encumbrances	$ 0
Date of Acquisition/Construction	May 28, 1969
Centers [Member] | Broadway Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 898
Initial Cost to Company, Building and Improvements	3,637
Cost Capitalized Subsequent to Acquisition	2,044
Gross Amounts Carried at Close of Period, Land	906
Gross Amounts Carried at Close of Period, Building and Improvements	5,673
Gross Amounts Carried at Close of Period, Total	6,579
Accumulated Depreciation	(3,400)
Total Costs, Net of Accumulated Depreciation	3,179
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 16, 1993
Centers [Member] | Brookwood Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 7,050
Initial Cost to Company, Building and Improvements	15,134
Cost Capitalized Subsequent to Acquisition	7,428
Gross Amounts Carried at Close of Period, Land	7,511
Gross Amounts Carried at Close of Period, Building and Improvements	22,101
Gross Amounts Carried at Close of Period, Total	29,612
Accumulated Depreciation	(6,520)
Total Costs, Net of Accumulated Depreciation	23,092
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 22, 2006
Centers [Member] | Brownsville Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,333
Initial Cost to Company, Building and Improvements	5,536
Cost Capitalized Subsequent to Acquisition	328
Gross Amounts Carried at Close of Period, Land	1,333
Gross Amounts Carried at Close of Period, Building and Improvements	5,864
Gross Amounts Carried at Close of Period, Total	7,197
Accumulated Depreciation	(1,852)
Total Costs, Net of Accumulated Depreciation	5,345
Encumbrances	$ 0
Date of Acquisition/Construction	May 22, 2006
Centers [Member] | Bull City Market [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 930
Initial Cost to Company, Building and Improvements	6,651
Cost Capitalized Subsequent to Acquisition	817
Gross Amounts Carried at Close of Period, Land	930
Gross Amounts Carried at Close of Period, Building and Improvements	7,468
Gross Amounts Carried at Close of Period, Total	8,398
Accumulated Depreciation	(2,408)
Total Costs, Net of Accumulated Depreciation	5,990
Encumbrances	$ (3,394)
Date of Acquisition/Construction	Jun. 10, 2005
Centers [Member] | Cambrian Park Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 48,803
Initial Cost to Company, Building and Improvements	1,089
Cost Capitalized Subsequent to Acquisition	104
Gross Amounts Carried at Close of Period, Land	48,851
Gross Amounts Carried at Close of Period, Building and Improvements	1,145
Gross Amounts Carried at Close of Period, Total	49,996
Accumulated Depreciation	(938)
Total Costs, Net of Accumulated Depreciation	49,058
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 27, 2015
Centers [Member] | Camelback Village Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	8,720
Cost Capitalized Subsequent to Acquisition	1,244
Gross Amounts Carried at Close of Period, Land	0
Gross Amounts Carried at Close of Period, Building and Improvements	9,964
Gross Amounts Carried at Close of Period, Total	9,964
Accumulated Depreciation	(5,925)
Total Costs, Net of Accumulated Depreciation	4,039
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 30, 1994
Centers [Member] | Camp Creek Marketplace II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,169
Initial Cost to Company, Building and Improvements	32,036
Cost Capitalized Subsequent to Acquisition	1,758
Gross Amounts Carried at Close of Period, Land	4,697
Gross Amounts Carried at Close of Period, Building and Improvements	35,266
Gross Amounts Carried at Close of Period, Total	39,963
Accumulated Depreciation	(10,404)
Total Costs, Net of Accumulated Depreciation	29,559
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 22, 2006
Centers [Member] | Capital Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,852
Initial Cost to Company, Building and Improvements	7,406
Cost Capitalized Subsequent to Acquisition	1,482
Gross Amounts Carried at Close of Period, Land	1,852
Gross Amounts Carried at Close of Period, Building and Improvements	8,888
Gross Amounts Carried at Close of Period, Total	10,740
Accumulated Depreciation	(4,280)
Total Costs, Net of Accumulated Depreciation	6,460
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Centerwood Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 915
Initial Cost to Company, Building and Improvements	3,659
Cost Capitalized Subsequent to Acquisition	3,504
Gross Amounts Carried at Close of Period, Land	914
Gross Amounts Carried at Close of Period, Building and Improvements	7,164
Gross Amounts Carried at Close of Period, Total	8,078
Accumulated Depreciation	(2,924)
Total Costs, Net of Accumulated Depreciation	5,154
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Charleston Commons Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 23,230
Initial Cost to Company, Building and Improvements	36,877
Cost Capitalized Subsequent to Acquisition	3,180
Gross Amounts Carried at Close of Period, Land	23,210
Gross Amounts Carried at Close of Period, Building and Improvements	40,077
Gross Amounts Carried at Close of Period, Total	63,287
Accumulated Depreciation	(12,025)
Total Costs, Net of Accumulated Depreciation	51,262
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 20, 2006
Centers [Member] | Cherry Creek Retail Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,416
Initial Cost to Company, Building and Improvements	14,624
Cost Capitalized Subsequent to Acquisition	463
Gross Amounts Carried at Close of Period, Land	5,416
Gross Amounts Carried at Close of Period, Building and Improvements	15,087
Gross Amounts Carried at Close of Period, Total	20,503
Accumulated Depreciation	(4,321)
Total Costs, Net of Accumulated Depreciation	16,182
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 16, 2011
Centers [Member] | Chino Hills Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 7,218
Initial Cost to Company, Building and Improvements	28,872
Cost Capitalized Subsequent to Acquisition	12,786
Gross Amounts Carried at Close of Period, Land	7,234
Gross Amounts Carried at Close of Period, Building and Improvements	41,642
Gross Amounts Carried at Close of Period, Total	48,876
Accumulated Depreciation	(21,094)
Total Costs, Net of Accumulated Depreciation	27,782
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 20, 2002
Centers [Member] | Citadel Building [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,236
Initial Cost to Company, Building and Improvements	6,168
Cost Capitalized Subsequent to Acquisition	8,893
Gross Amounts Carried at Close of Period, Land	534
Gross Amounts Carried at Close of Period, Building and Improvements	17,763
Gross Amounts Carried at Close of Period, Total	18,297
Accumulated Depreciation	(14,553)
Total Costs, Net of Accumulated Depreciation	3,744
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 30, 1975
Centers [Member] | College Park Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,201
Initial Cost to Company, Building and Improvements	8,845
Cost Capitalized Subsequent to Acquisition	7,808
Gross Amounts Carried at Close of Period, Land	2,641
Gross Amounts Carried at Close of Period, Building and Improvements	16,213
Gross Amounts Carried at Close of Period, Total	18,854
Accumulated Depreciation	(12,536)
Total Costs, Net of Accumulated Depreciation	6,318
Encumbrances	$ (11,004)
Date of Acquisition/Construction	Nov. 16, 1998
Centers [Member] | Colonial Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,806
Initial Cost to Company, Building and Improvements	43,234
Cost Capitalized Subsequent to Acquisition	15,021
Gross Amounts Carried at Close of Period, Land	10,813
Gross Amounts Carried at Close of Period, Building and Improvements	58,248
Gross Amounts Carried at Close of Period, Total	69,061
Accumulated Depreciation	(29,114)
Total Costs, Net of Accumulated Depreciation	39,947
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 21, 2001
Centers [Member] | Countryside Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 15,523
Initial Cost to Company, Building and Improvements	29,818
Cost Capitalized Subsequent to Acquisition	10,466
Gross Amounts Carried at Close of Period, Land	15,559
Gross Amounts Carried at Close of Period, Building and Improvements	40,248
Gross Amounts Carried at Close of Period, Total	55,807
Accumulated Depreciation	(13,286)
Total Costs, Net of Accumulated Depreciation	42,521
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 06, 2007
Centers [Member] | Creekside Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,732
Initial Cost to Company, Building and Improvements	6,929
Cost Capitalized Subsequent to Acquisition	2,160
Gross Amounts Carried at Close of Period, Land	1,730
Gross Amounts Carried at Close of Period, Building and Improvements	9,091
Gross Amounts Carried at Close of Period, Total	10,821
Accumulated Depreciation	(4,586)
Total Costs, Net of Accumulated Depreciation	6,235
Encumbrances	$ (7,386)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Crossing at Stonegate [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,400
Initial Cost to Company, Building and Improvements	23,384
Cost Capitalized Subsequent to Acquisition	223
Gross Amounts Carried at Close of Period, Land	6,400
Gross Amounts Carried at Close of Period, Building and Improvements	23,607
Gross Amounts Carried at Close of Period, Total	30,007
Accumulated Depreciation	(1,359)
Total Costs, Net of Accumulated Depreciation	28,648
Encumbrances	$ (14,277)
Date of Acquisition/Construction	Feb. 12, 2016
Centers [Member] | Cullen Plaza Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 106
Initial Cost to Company, Building and Improvements	2,841
Cost Capitalized Subsequent to Acquisition	497
Gross Amounts Carried at Close of Period, Land	106
Gross Amounts Carried at Close of Period, Building and Improvements	3,338
Gross Amounts Carried at Close of Period, Total	3,444
Accumulated Depreciation	(2,755)
Total Costs, Net of Accumulated Depreciation	689
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | Cypress Pointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,468
Initial Cost to Company, Building and Improvements	8,700
Cost Capitalized Subsequent to Acquisition	1,188
Gross Amounts Carried at Close of Period, Land	3,793
Gross Amounts Carried at Close of Period, Building and Improvements	9,563
Gross Amounts Carried at Close of Period, Total	13,356
Accumulated Depreciation	(6,373)
Total Costs, Net of Accumulated Depreciation	6,983
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Dallas Commons Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,582
Initial Cost to Company, Building and Improvements	4,969
Cost Capitalized Subsequent to Acquisition	160
Gross Amounts Carried at Close of Period, Land	1,582
Gross Amounts Carried at Close of Period, Building and Improvements	5,129
Gross Amounts Carried at Close of Period, Total	6,711
Accumulated Depreciation	(1,496)
Total Costs, Net of Accumulated Depreciation	5,215
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 14, 2006
Centers [Member] | Deerfield Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,522
Initial Cost to Company, Building and Improvements	94,321
Cost Capitalized Subsequent to Acquisition	2,243
Gross Amounts Carried at Close of Period, Land	37,128
Gross Amounts Carried at Close of Period, Building and Improvements	69,958
Gross Amounts Carried at Close of Period, Total	107,086
Accumulated Depreciation	(4,474)
Total Costs, Net of Accumulated Depreciation	102,612
Encumbrances	$ 0
Date of Acquisition/Construction	May 05, 2016
Centers [Member] | Desert Village Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,362
Initial Cost to Company, Building and Improvements	14,969
Cost Capitalized Subsequent to Acquisition	2,094
Gross Amounts Carried at Close of Period, Land	3,362
Gross Amounts Carried at Close of Period, Building and Improvements	17,063
Gross Amounts Carried at Close of Period, Total	20,425
Accumulated Depreciation	(3,518)
Total Costs, Net of Accumulated Depreciation	16,907
Encumbrances	$ 0
Date of Acquisition/Construction	Oct. 28, 2010
Centers [Member] | Eastern Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,282
Initial Cost to Company, Building and Improvements	16
Cost Capitalized Subsequent to Acquisition	327
Gross Amounts Carried at Close of Period, Land	1,569
Gross Amounts Carried at Close of Period, Building and Improvements	9,056
Gross Amounts Carried at Close of Period, Total	10,625
Accumulated Depreciation	(5,370)
Total Costs, Net of Accumulated Depreciation	5,255
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 2002
Centers [Member] | Edgewater Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,821
Initial Cost to Company, Building and Improvements	11,225
Cost Capitalized Subsequent to Acquisition	685
Gross Amounts Carried at Close of Period, Land	4,821
Gross Amounts Carried at Close of Period, Building and Improvements	11,910
Gross Amounts Carried at Close of Period, Total	16,731
Accumulated Depreciation	(2,651)
Total Costs, Net of Accumulated Depreciation	14,080
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 19, 2010
Centers [Member] | El Camino Promenade [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,431
Initial Cost to Company, Building and Improvements	20,557
Cost Capitalized Subsequent to Acquisition	4,896
Gross Amounts Carried at Close of Period, Land	4,429
Gross Amounts Carried at Close of Period, Building and Improvements	25,455
Gross Amounts Carried at Close of Period, Total	29,884
Accumulated Depreciation	(10,144)
Total Costs, Net of Accumulated Depreciation	19,740
Encumbrances	$ 0
Date of Acquisition/Construction	May 21, 2004
Centers [Member] | Embassy Lakes Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,803
Initial Cost to Company, Building and Improvements	11,268
Cost Capitalized Subsequent to Acquisition	2,353
Gross Amounts Carried at Close of Period, Land	2,803
Gross Amounts Carried at Close of Period, Building and Improvements	13,621
Gross Amounts Carried at Close of Period, Total	16,424
Accumulated Depreciation	(5,075)
Total Costs, Net of Accumulated Depreciation	11,349
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 18, 2002
Centers [Member] | Entrada De Oro Plaza Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,041
Initial Cost to Company, Building and Improvements	10,511
Cost Capitalized Subsequent to Acquisition	2,187
Gross Amounts Carried at Close of Period, Land	6,115
Gross Amounts Carried at Close of Period, Building and Improvements	12,624
Gross Amounts Carried at Close of Period, Total	18,739
Accumulated Depreciation	(4,392)
Total Costs, Net of Accumulated Depreciation	14,347
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 22, 2007
Centers [Member] | Epic Village St. Augustine [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 283
Initial Cost to Company, Building and Improvements	1,171
Cost Capitalized Subsequent to Acquisition	4,092
Gross Amounts Carried at Close of Period, Land	320
Gross Amounts Carried at Close of Period, Building and Improvements	5,226
Gross Amounts Carried at Close of Period, Total	5,546
Accumulated Depreciation	(3,436)
Total Costs, Net of Accumulated Depreciation	2,110
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 30, 2009
Centers [Member] | Falls Pointe Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,535
Initial Cost to Company, Building and Improvements	14,289
Cost Capitalized Subsequent to Acquisition	1,094
Gross Amounts Carried at Close of Period, Land	3,542
Gross Amounts Carried at Close of Period, Building and Improvements	15,376
Gross Amounts Carried at Close of Period, Total	18,918
Accumulated Depreciation	(5,964)
Total Costs, Net of Accumulated Depreciation	12,954
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 17, 2002
Centers [Member] | Festival On Jefferson Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,041
Initial Cost to Company, Building and Improvements	13,983
Cost Capitalized Subsequent to Acquisition	4,248
Gross Amounts Carried at Close of Period, Land	5,022
Gross Amounts Carried at Close of Period, Building and Improvements	18,250
Gross Amounts Carried at Close of Period, Total	23,272
Accumulated Depreciation	(7,090)
Total Costs, Net of Accumulated Depreciation	16,182
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 22, 2004
Centers [Member] | Fiesta Trails [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 8,825
Initial Cost to Company, Building and Improvements	32,790
Cost Capitalized Subsequent to Acquisition	8,963
Gross Amounts Carried at Close of Period, Land	12,769
Gross Amounts Carried at Close of Period, Building and Improvements	37,809
Gross Amounts Carried at Close of Period, Total	50,578
Accumulated Depreciation	(14,756)
Total Costs, Net of Accumulated Depreciation	35,822
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 30, 2003
Centers [Member] | Fountain Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,319
Initial Cost to Company, Building and Improvements	5,276
Cost Capitalized Subsequent to Acquisition	1,742
Gross Amounts Carried at Close of Period, Land	1,095
Gross Amounts Carried at Close of Period, Building and Improvements	7,242
Gross Amounts Carried at Close of Period, Total	8,337
Accumulated Depreciation	(4,458)
Total Costs, Net of Accumulated Depreciation	3,879
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 10, 1994
Centers [Member] | Francisco Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,999
Initial Cost to Company, Building and Improvements	7,997
Cost Capitalized Subsequent to Acquisition	4,960
Gross Amounts Carried at Close of Period, Land	2,403
Gross Amounts Carried at Close of Period, Building and Improvements	12,553
Gross Amounts Carried at Close of Period, Total	14,956
Accumulated Depreciation	(9,643)
Total Costs, Net of Accumulated Depreciation	5,313
Encumbrances	$ (9,996)
Date of Acquisition/Construction	Nov. 16, 1998
Centers [Member] | Freedom Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,929
Initial Cost to Company, Building and Improvements	15,302
Cost Capitalized Subsequent to Acquisition	5,970
Gross Amounts Carried at Close of Period, Land	6,944
Gross Amounts Carried at Close of Period, Building and Improvements	17,257
Gross Amounts Carried at Close of Period, Total	24,201
Accumulated Depreciation	(6,646)
Total Costs, Net of Accumulated Depreciation	17,555
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 23, 2006
Centers [Member] | Galleria Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,795
Initial Cost to Company, Building and Improvements	10,339
Cost Capitalized Subsequent to Acquisition	8,589
Gross Amounts Carried at Close of Period, Land	10,504
Gross Amounts Carried at Close of Period, Building and Improvements	19,219
Gross Amounts Carried at Close of Period, Total	29,723
Accumulated Depreciation	(5,559)
Total Costs, Net of Accumulated Depreciation	24,164
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 11, 2006
Centers [Member] | Galveston Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,713
Initial Cost to Company, Building and Improvements	5,522
Cost Capitalized Subsequent to Acquisition	5,931
Gross Amounts Carried at Close of Period, Land	3,279
Gross Amounts Carried at Close of Period, Building and Improvements	10,887
Gross Amounts Carried at Close of Period, Total	14,166
Accumulated Depreciation	(8,733)
Total Costs, Net of Accumulated Depreciation	5,433
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 30, 1983
Centers [Member] | Gateway Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,812
Initial Cost to Company, Building and Improvements	19,249
Cost Capitalized Subsequent to Acquisition	5,361
Gross Amounts Carried at Close of Period, Land	4,808
Gross Amounts Carried at Close of Period, Building and Improvements	24,614
Gross Amounts Carried at Close of Period, Total	29,422
Accumulated Depreciation	(10,684)
Total Costs, Net of Accumulated Depreciation	18,738
Encumbrances	$ (23,000)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Grayson Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,180
Initial Cost to Company, Building and Improvements	9,023
Cost Capitalized Subsequent to Acquisition	496
Gross Amounts Carried at Close of Period, Land	3,163
Gross Amounts Carried at Close of Period, Building and Improvements	9,536
Gross Amounts Carried at Close of Period, Total	12,699
Accumulated Depreciation	(3,195)
Total Costs, Net of Accumulated Depreciation	9,504
Encumbrances	$ (4,612)
Date of Acquisition/Construction	Nov. 09, 2004
Centers [Member] | Green Valley Ranch - Auto Zone [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 440
Initial Cost to Company, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at Close of Period, Land	440
Gross Amounts Carried at Close of Period, Building and Improvements	0
Gross Amounts Carried at Close of Period, Total	440
Accumulated Depreciation	0
Total Costs, Net of Accumulated Depreciation	440
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 12, 2016
Centers [Member] | Greenhouse Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,607
Initial Cost to Company, Building and Improvements	22,771
Cost Capitalized Subsequent to Acquisition	4,166
Gross Amounts Carried at Close of Period, Land	4,750
Gross Amounts Carried at Close of Period, Building and Improvements	26,794
Gross Amounts Carried at Close of Period, Total	31,544
Accumulated Depreciation	(10,259)
Total Costs, Net of Accumulated Depreciation	21,285
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 28, 2004
Centers [Member] | Griggs Road Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 257
Initial Cost to Company, Building and Improvements	2,303
Cost Capitalized Subsequent to Acquisition	478
Gross Amounts Carried at Close of Period, Land	257
Gross Amounts Carried at Close of Period, Building and Improvements	2,781
Gross Amounts Carried at Close of Period, Total	3,038
Accumulated Depreciation	(1,862)
Total Costs, Net of Accumulated Depreciation	1,176
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | Harrisburg Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,278
Initial Cost to Company, Building and Improvements	3,924
Cost Capitalized Subsequent to Acquisition	1,083
Gross Amounts Carried at Close of Period, Land	1,278
Gross Amounts Carried at Close of Period, Building and Improvements	5,007
Gross Amounts Carried at Close of Period, Total	6,285
Accumulated Depreciation	(4,271)
Total Costs, Net of Accumulated Depreciation	2,014
Encumbrances	$ (8,132)
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | HEB - Dairy Ashford & Memorial [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,717
Initial Cost to Company, Building and Improvements	4,234
Cost Capitalized Subsequent to Acquisition	0
Gross Amounts Carried at Close of Period, Land	1,717
Gross Amounts Carried at Close of Period, Building and Improvements	4,234
Gross Amounts Carried at Close of Period, Total	5,951
Accumulated Depreciation	(1,098)
Total Costs, Net of Accumulated Depreciation	4,853
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 06, 2012
Centers [Member] | Heights Plaza Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 58
Initial Cost to Company, Building and Improvements	699
Cost Capitalized Subsequent to Acquisition	2,596
Gross Amounts Carried at Close of Period, Land	1,055
Gross Amounts Carried at Close of Period, Building and Improvements	2,298
Gross Amounts Carried at Close of Period, Total	3,353
Accumulated Depreciation	(1,622)
Total Costs, Net of Accumulated Depreciation	1,731
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 30, 1995
Centers [Member] | High House Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,576
Initial Cost to Company, Building and Improvements	10,305
Cost Capitalized Subsequent to Acquisition	553
Gross Amounts Carried at Close of Period, Land	2,576
Gross Amounts Carried at Close of Period, Building and Improvements	10,858
Gross Amounts Carried at Close of Period, Total	13,434
Accumulated Depreciation	(4,496)
Total Costs, Net of Accumulated Depreciation	8,938
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Highland Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	1,887
Gross Amounts Carried at Close of Period, Land	0
Gross Amounts Carried at Close of Period, Building and Improvements	1,887
Gross Amounts Carried at Close of Period, Total	1,887
Accumulated Depreciation	(610)
Total Costs, Net of Accumulated Depreciation	1,277
Encumbrances	$ 0
Date of Acquisition/Construction	Oct. 06, 1959
Centers [Member] | Hilltop Village Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,196
Initial Cost to Company, Building and Improvements	7,234
Cost Capitalized Subsequent to Acquisition	53,872
Gross Amounts Carried at Close of Period, Land	3,960
Gross Amounts Carried at Close of Period, Building and Improvements	60,342
Gross Amounts Carried at Close of Period, Total	64,302
Accumulated Depreciation	(13,553)
Total Costs, Net of Accumulated Depreciation	50,749
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 01, 2016
Centers [Member] | Hope Valley Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,439
Initial Cost to Company, Building and Improvements	8,487
Cost Capitalized Subsequent to Acquisition	485
Gross Amounts Carried at Close of Period, Land	2,439
Gross Amounts Carried at Close of Period, Building and Improvements	8,972
Gross Amounts Carried at Close of Period, Total	11,411
Accumulated Depreciation	(1,891)
Total Costs, Net of Accumulated Depreciation	9,520
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 31, 2010
Centers [Member] | I45 And Telephone Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 678
Initial Cost to Company, Building and Improvements	11,182
Cost Capitalized Subsequent to Acquisition	647
Gross Amounts Carried at Close of Period, Land	678
Gross Amounts Carried at Close of Period, Building and Improvements	11,829
Gross Amounts Carried at Close of Period, Total	12,507
Accumulated Depreciation	(6,584)
Total Costs, Net of Accumulated Depreciation	5,923
Encumbrances	$ (9,201)
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | Independence Plaza I & II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 19,351
Initial Cost to Company, Building and Improvements	31,627
Cost Capitalized Subsequent to Acquisition	2,251
Gross Amounts Carried at Close of Period, Land	19,351
Gross Amounts Carried at Close of Period, Building and Improvements	33,878
Gross Amounts Carried at Close of Period, Total	53,229
Accumulated Depreciation	(7,056)
Total Costs, Net of Accumulated Depreciation	46,173
Encumbrances	$ (15,190)
Date of Acquisition/Construction	Jun. 11, 2013
Centers [Member] | Jess Ranch Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 8,750
Initial Cost to Company, Building and Improvements	25,560
Cost Capitalized Subsequent to Acquisition	631
Gross Amounts Carried at Close of Period, Land	8,750
Gross Amounts Carried at Close of Period, Building and Improvements	26,191
Gross Amounts Carried at Close of Period, Total	34,941
Accumulated Depreciation	(4,803)
Total Costs, Net of Accumulated Depreciation	30,138
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 23, 2013
Centers [Member] | Jess Ranch Mktpl Phase III [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 8,431
Initial Cost to Company, Building and Improvements	21,470
Cost Capitalized Subsequent to Acquisition	372
Gross Amounts Carried at Close of Period, Land	8,431
Gross Amounts Carried at Close of Period, Building and Improvements	21,842
Gross Amounts Carried at Close of Period, Total	30,273
Accumulated Depreciation	(4,035)
Total Costs, Net of Accumulated Depreciation	26,238
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 23, 2013
Centers [Member] | Lakeside Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,064
Initial Cost to Company, Building and Improvements	22,989
Cost Capitalized Subsequent to Acquisition	3,159
Gross Amounts Carried at Close of Period, Land	6,150
Gross Amounts Carried at Close of Period, Building and Improvements	26,062
Gross Amounts Carried at Close of Period, Total	32,212
Accumulated Depreciation	(8,861)
Total Costs, Net of Accumulated Depreciation	23,351
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 22, 2006
Centers [Member] | Largo Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,817
Initial Cost to Company, Building and Improvements	40,906
Cost Capitalized Subsequent to Acquisition	7,231
Gross Amounts Carried at Close of Period, Land	10,810
Gross Amounts Carried at Close of Period, Building and Improvements	48,144
Gross Amounts Carried at Close of Period, Total	58,954
Accumulated Depreciation	(17,665)
Total Costs, Net of Accumulated Depreciation	41,289
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 01, 2004
Centers [Member] | Laveen Village Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,190
Initial Cost to Company, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	5,124
Gross Amounts Carried at Close of Period, Land	1,006
Gross Amounts Carried at Close of Period, Building and Improvements	5,308
Gross Amounts Carried at Close of Period, Total	6,314
Accumulated Depreciation	(3,445)
Total Costs, Net of Accumulated Depreciation	2,869
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 15, 2003
Centers [Member] | League City Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,918
Initial Cost to Company, Building and Improvements	7,592
Cost Capitalized Subsequent to Acquisition	1,508
Gross Amounts Carried at Close of Period, Land	2,317
Gross Amounts Carried at Close of Period, Building and Improvements	8,701
Gross Amounts Carried at Close of Period, Total	11,018
Accumulated Depreciation	(5,407)
Total Costs, Net of Accumulated Depreciation	5,611
Encumbrances	$ (8,308)
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | Leesville Towne Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 7,183
Initial Cost to Company, Building and Improvements	17,162
Cost Capitalized Subsequent to Acquisition	1,690
Gross Amounts Carried at Close of Period, Land	7,223
Gross Amounts Carried at Close of Period, Building and Improvements	18,812
Gross Amounts Carried at Close of Period, Total	26,035
Accumulated Depreciation	(6,879)
Total Costs, Net of Accumulated Depreciation	19,156
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 30, 2004
Centers [Member] | Lowry Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,889
Initial Cost to Company, Building and Improvements	23,165
Cost Capitalized Subsequent to Acquisition	163
Gross Amounts Carried at Close of Period, Land	3,777
Gross Amounts Carried at Close of Period, Building and Improvements	21,440
Gross Amounts Carried at Close of Period, Total	25,217
Accumulated Depreciation	(891)
Total Costs, Net of Accumulated Depreciation	24,326
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 14, 2016
Centers [Member] | Madera Village Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,788
Initial Cost to Company, Building and Improvements	13,507
Cost Capitalized Subsequent to Acquisition	1,391
Gross Amounts Carried at Close of Period, Land	3,816
Gross Amounts Carried at Close of Period, Building and Improvements	14,870
Gross Amounts Carried at Close of Period, Total	18,686
Accumulated Depreciation	(4,709)
Total Costs, Net of Accumulated Depreciation	13,977
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 13, 2007
Centers [Member] | Market At Westchase Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,199
Initial Cost to Company, Building and Improvements	5,821
Cost Capitalized Subsequent to Acquisition	3,652
Gross Amounts Carried at Close of Period, Land	1,415
Gross Amounts Carried at Close of Period, Building and Improvements	9,257
Gross Amounts Carried at Close of Period, Total	10,672
Accumulated Depreciation	(6,295)
Total Costs, Net of Accumulated Depreciation	4,377
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 15, 1991
Centers [Member] | Marketplace At Seminole Towne [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 16,067
Initial Cost to Company, Building and Improvements	53,743
Cost Capitalized Subsequent to Acquisition	10,687
Gross Amounts Carried at Close of Period, Land	22,711
Gross Amounts Carried at Close of Period, Building and Improvements	57,786
Gross Amounts Carried at Close of Period, Total	80,497
Accumulated Depreciation	(17,080)
Total Costs, Net of Accumulated Depreciation	63,417
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 21, 2006
Centers [Member] | Markham West Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,694
Initial Cost to Company, Building and Improvements	10,777
Cost Capitalized Subsequent to Acquisition	5,330
Gross Amounts Carried at Close of Period, Land	2,696
Gross Amounts Carried at Close of Period, Building and Improvements	16,105
Gross Amounts Carried at Close of Period, Total	18,801
Accumulated Depreciation	(9,006)
Total Costs, Net of Accumulated Depreciation	9,795
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 18, 1998
Centers [Member] | Mendenhall Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,655
Initial Cost to Company, Building and Improvements	9,165
Cost Capitalized Subsequent to Acquisition	1,106
Gross Amounts Carried at Close of Period, Land	2,677
Gross Amounts Carried at Close of Period, Building and Improvements	10,249
Gross Amounts Carried at Close of Period, Total	12,926
Accumulated Depreciation	(3,343)
Total Costs, Net of Accumulated Depreciation	9,583
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 13, 2008
Centers [Member] | Menifee Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,827
Initial Cost to Company, Building and Improvements	7,307
Cost Capitalized Subsequent to Acquisition	5,664
Gross Amounts Carried at Close of Period, Land	1,824
Gross Amounts Carried at Close of Period, Building and Improvements	12,974
Gross Amounts Carried at Close of Period, Total	14,798
Accumulated Depreciation	(5,395)
Total Costs, Net of Accumulated Depreciation	9,403
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Millpond Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,155
Initial Cost to Company, Building and Improvements	9,706
Cost Capitalized Subsequent to Acquisition	2,960
Gross Amounts Carried at Close of Period, Land	3,161
Gross Amounts Carried at Close of Period, Building and Improvements	12,660
Gross Amounts Carried at Close of Period, Total	15,821
Accumulated Depreciation	(4,599)
Total Costs, Net of Accumulated Depreciation	11,222
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 28, 2005
Centers [Member] | Monte Vista Village Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,485
Initial Cost to Company, Building and Improvements	58
Cost Capitalized Subsequent to Acquisition	5,904
Gross Amounts Carried at Close of Period, Land	755
Gross Amounts Carried at Close of Period, Building and Improvements	6,692
Gross Amounts Carried at Close of Period, Total	7,447
Accumulated Depreciation	(4,291)
Total Costs, Net of Accumulated Depreciation	3,156
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 2004
Centers [Member] | Mueller Regional Retail Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,382
Initial Cost to Company, Building and Improvements	56,303
Cost Capitalized Subsequent to Acquisition	1,373
Gross Amounts Carried at Close of Period, Land	10,382
Gross Amounts Carried at Close of Period, Building and Improvements	57,676
Gross Amounts Carried at Close of Period, Total	68,058
Accumulated Depreciation	(10,874)
Total Costs, Net of Accumulated Depreciation	57,184
Encumbrances	$ (33,045)
Date of Acquisition/Construction	Oct. 03, 2013
Centers [Member] | North Creek Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,915
Initial Cost to Company, Building and Improvements	25,625
Cost Capitalized Subsequent to Acquisition	4,930
Gross Amounts Carried at Close of Period, Land	6,954
Gross Amounts Carried at Close of Period, Building and Improvements	30,516
Gross Amounts Carried at Close of Period, Total	37,470
Accumulated Depreciation	(12,364)
Total Costs, Net of Accumulated Depreciation	25,106
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 19, 2004
Centers [Member] | North Towne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 960
Initial Cost to Company, Building and Improvements	3,928
Cost Capitalized Subsequent to Acquisition	8,820
Gross Amounts Carried at Close of Period, Land	879
Gross Amounts Carried at Close of Period, Building and Improvements	12,829
Gross Amounts Carried at Close of Period, Total	13,708
Accumulated Depreciation	(8,764)
Total Costs, Net of Accumulated Depreciation	4,944
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 15, 1990
Centers [Member] | North Towne Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,646
Initial Cost to Company, Building and Improvements	99
Cost Capitalized Subsequent to Acquisition	(5,580)
Gross Amounts Carried at Close of Period, Land	259
Gross Amounts Carried at Close of Period, Building and Improvements	906
Gross Amounts Carried at Close of Period, Total	1,165
Accumulated Depreciation	(576)
Total Costs, Net of Accumulated Depreciation	589
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 01, 2010
Centers [Member] | Northbrook Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,629
Initial Cost to Company, Building and Improvements	4,489
Cost Capitalized Subsequent to Acquisition	3,764
Gross Amounts Carried at Close of Period, Land	1,713
Gross Amounts Carried at Close of Period, Building and Improvements	8,169
Gross Amounts Carried at Close of Period, Total	9,882
Accumulated Depreciation	(6,811)
Total Costs, Net of Accumulated Depreciation	3,071
Encumbrances	$ (9,032)
Date of Acquisition/Construction	Nov. 06, 1967
Centers [Member] | Northwoods Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,768
Initial Cost to Company, Building and Improvements	7,071
Cost Capitalized Subsequent to Acquisition	703
Gross Amounts Carried at Close of Period, Land	1,772
Gross Amounts Carried at Close of Period, Building and Improvements	7,770
Gross Amounts Carried at Close of Period, Total	9,542
Accumulated Depreciation	(3,193)
Total Costs, Net of Accumulated Depreciation	6,349
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Nottingham Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 19,523
Initial Cost to Company, Building and Improvements	2,398
Cost Capitalized Subsequent to Acquisition	20,133
Gross Amounts Carried at Close of Period, Land	19,664
Gross Amounts Carried at Close of Period, Building and Improvements	22,390
Gross Amounts Carried at Close of Period, Total	42,054
Accumulated Depreciation	(1,759)
Total Costs, Net of Accumulated Depreciation	40,295
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 01, 2017
Centers [Member] | Oak Forest Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 760
Initial Cost to Company, Building and Improvements	2,726
Cost Capitalized Subsequent to Acquisition	6,798
Gross Amounts Carried at Close of Period, Land	1,705
Gross Amounts Carried at Close of Period, Building and Improvements	8,579
Gross Amounts Carried at Close of Period, Total	10,284
Accumulated Depreciation	(6,302)
Total Costs, Net of Accumulated Depreciation	3,982
Encumbrances	$ (7,509)
Date of Acquisition/Construction	Dec. 30, 1976
Centers [Member] | Oak Grove Market Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,758
Initial Cost to Company, Building and Improvements	10,508
Cost Capitalized Subsequent to Acquisition	1,122
Gross Amounts Carried at Close of Period, Land	5,861
Gross Amounts Carried at Close of Period, Building and Improvements	11,527
Gross Amounts Carried at Close of Period, Total	17,388
Accumulated Depreciation	(3,532)
Total Costs, Net of Accumulated Depreciation	13,856
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 15, 2007
Centers [Member] | Oracle Crossings [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,614
Initial Cost to Company, Building and Improvements	18,274
Cost Capitalized Subsequent to Acquisition	29,817
Gross Amounts Carried at Close of Period, Land	10,582
Gross Amounts Carried at Close of Period, Building and Improvements	42,123
Gross Amounts Carried at Close of Period, Total	52,705
Accumulated Depreciation	(12,479)
Total Costs, Net of Accumulated Depreciation	40,226
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 22, 2007
Centers [Member] | Oracle Wetmore Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 24,686
Initial Cost to Company, Building and Improvements	26,878
Cost Capitalized Subsequent to Acquisition	7,651
Gross Amounts Carried at Close of Period, Land	13,813
Gross Amounts Carried at Close of Period, Building and Improvements	45,402
Gross Amounts Carried at Close of Period, Total	59,215
Accumulated Depreciation	(13,613)
Total Costs, Net of Accumulated Depreciation	45,602
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 22, 2007
Centers [Member] | Overton Park Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 9,266
Initial Cost to Company, Building and Improvements	37,789
Cost Capitalized Subsequent to Acquisition	14,080
Gross Amounts Carried at Close of Period, Land	9,264
Gross Amounts Carried at Close of Period, Building and Improvements	51,871
Gross Amounts Carried at Close of Period, Total	61,135
Accumulated Depreciation	(20,488)
Total Costs, Net of Accumulated Depreciation	40,647
Encumbrances	$ 0
Date of Acquisition/Construction	Oct. 24, 2003
Centers [Member] | Palmilla Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,258
Initial Cost to Company, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	13,235
Gross Amounts Carried at Close of Period, Land	2,882
Gross Amounts Carried at Close of Period, Building and Improvements	11,611
Gross Amounts Carried at Close of Period, Total	14,493
Accumulated Depreciation	(7,166)
Total Costs, Net of Accumulated Depreciation	7,327
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 2002
Centers [Member] | Paradise Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,153
Initial Cost to Company, Building and Improvements	8,612
Cost Capitalized Subsequent to Acquisition	(1,805)
Gross Amounts Carried at Close of Period, Land	1,197
Gross Amounts Carried at Close of Period, Building and Improvements	7,763
Gross Amounts Carried at Close of Period, Total	8,960
Accumulated Depreciation	(4,561)
Total Costs, Net of Accumulated Depreciation	4,399
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 20, 1995
Centers [Member] | Parliament Square II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2
Initial Cost to Company, Building and Improvements	10
Cost Capitalized Subsequent to Acquisition	1,183
Gross Amounts Carried at Close of Period, Land	3
Gross Amounts Carried at Close of Period, Building and Improvements	1,192
Gross Amounts Carried at Close of Period, Total	1,195
Accumulated Depreciation	(960)
Total Costs, Net of Accumulated Depreciation	235
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 24, 2005
Centers [Member] | Perimeter Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 29,701
Initial Cost to Company, Building and Improvements	42,337
Cost Capitalized Subsequent to Acquisition	4,483
Gross Amounts Carried at Close of Period, Land	34,404
Gross Amounts Carried at Close of Period, Building and Improvements	42,117
Gross Amounts Carried at Close of Period, Total	76,521
Accumulated Depreciation	(13,941)
Total Costs, Net of Accumulated Depreciation	62,580
Encumbrances	$ (31,316)
Date of Acquisition/Construction	Jul. 03, 2007
Centers [Member] | Phillips Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	1
Cost Capitalized Subsequent to Acquisition	28,454
Gross Amounts Carried at Close of Period, Land	872
Gross Amounts Carried at Close of Period, Building and Improvements	27,583
Gross Amounts Carried at Close of Period, Total	28,455
Accumulated Depreciation	(13,948)
Total Costs, Net of Accumulated Depreciation	14,507
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 30, 2009
Centers [Member] | Phoenix Office Building [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,696
Initial Cost to Company, Building and Improvements	3,255
Cost Capitalized Subsequent to Acquisition	1,415
Gross Amounts Carried at Close of Period, Land	1,773
Gross Amounts Carried at Close of Period, Building and Improvements	4,593
Gross Amounts Carried at Close of Period, Total	6,366
Accumulated Depreciation	(1,920)
Total Costs, Net of Accumulated Depreciation	4,446
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 31, 2007
Centers [Member] | Pike Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	40,537
Cost Capitalized Subsequent to Acquisition	3,174
Gross Amounts Carried at Close of Period, Land	0
Gross Amounts Carried at Close of Period, Building and Improvements	43,711
Gross Amounts Carried at Close of Period, Total	43,711
Accumulated Depreciation	(10,299)
Total Costs, Net of Accumulated Depreciation	33,412
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 14, 2012
Centers [Member] | Plantation Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,463
Initial Cost to Company, Building and Improvements	14,821
Cost Capitalized Subsequent to Acquisition	1,965
Gross Amounts Carried at Close of Period, Land	3,471
Gross Amounts Carried at Close of Period, Building and Improvements	16,778
Gross Amounts Carried at Close of Period, Total	20,249
Accumulated Depreciation	(6,208)
Total Costs, Net of Accumulated Depreciation	14,041
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 19, 2004
Centers [Member] | Prospector's Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,746
Initial Cost to Company, Building and Improvements	14,985
Cost Capitalized Subsequent to Acquisition	5,742
Gross Amounts Carried at Close of Period, Land	3,716
Gross Amounts Carried at Close of Period, Building and Improvements	20,757
Gross Amounts Carried at Close of Period, Total	24,473
Accumulated Depreciation	(8,537)
Total Costs, Net of Accumulated Depreciation	15,936
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Pueblo Anozira Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,750
Initial Cost to Company, Building and Improvements	11,000
Cost Capitalized Subsequent to Acquisition	5,308
Gross Amounts Carried at Close of Period, Land	2,768
Gross Amounts Carried at Close of Period, Building and Improvements	16,290
Gross Amounts Carried at Close of Period, Total	19,058
Accumulated Depreciation	(10,150)
Total Costs, Net of Accumulated Depreciation	8,908
Encumbrances	$ (14,360)
Date of Acquisition/Construction	Jun. 16, 1994
Centers [Member] | Raintree Ranch Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 11,442
Initial Cost to Company, Building and Improvements	595
Cost Capitalized Subsequent to Acquisition	17,888
Gross Amounts Carried at Close of Period, Land	10,983
Gross Amounts Carried at Close of Period, Building and Improvements	18,942
Gross Amounts Carried at Close of Period, Total	29,925
Accumulated Depreciation	(12,030)
Total Costs, Net of Accumulated Depreciation	17,895
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 31, 2008
Centers [Member] | Rancho San Marcos Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,533
Initial Cost to Company, Building and Improvements	14,138
Cost Capitalized Subsequent to Acquisition	5,454
Gross Amounts Carried at Close of Period, Land	3,887
Gross Amounts Carried at Close of Period, Building and Improvements	19,238
Gross Amounts Carried at Close of Period, Total	23,125
Accumulated Depreciation	(7,871)
Total Costs, Net of Accumulated Depreciation	15,254
Encumbrances	$ 0
Date of Acquisition/Construction	Feb. 26, 2003
Centers [Member] | Rancho Towne & Country [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,161
Initial Cost to Company, Building and Improvements	4,647
Cost Capitalized Subsequent to Acquisition	785
Gross Amounts Carried at Close of Period, Land	1,166
Gross Amounts Carried at Close of Period, Building and Improvements	5,427
Gross Amounts Carried at Close of Period, Total	6,593
Accumulated Depreciation	(3,151)
Total Costs, Net of Accumulated Depreciation	3,442
Encumbrances	$ 0
Date of Acquisition/Construction	Oct. 16, 1995
Centers [Member] | Randalls Center/Kings Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,570
Initial Cost to Company, Building and Improvements	8,147
Cost Capitalized Subsequent to Acquisition	423
Gross Amounts Carried at Close of Period, Land	3,585
Gross Amounts Carried at Close of Period, Building and Improvements	8,555
Gross Amounts Carried at Close of Period, Total	12,140
Accumulated Depreciation	(5,565)
Total Costs, Net of Accumulated Depreciation	6,575
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 13, 2008
Centers [Member] | Red Mountain Gateway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,166
Initial Cost to Company, Building and Improvements	89
Cost Capitalized Subsequent to Acquisition	11,782
Gross Amounts Carried at Close of Period, Land	3,317
Gross Amounts Carried at Close of Period, Building and Improvements	10,720
Gross Amounts Carried at Close of Period, Total	14,037
Accumulated Depreciation	(5,152)
Total Costs, Net of Accumulated Depreciation	8,885
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 2003
Centers [Member] | Regency Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,616
Initial Cost to Company, Building and Improvements	18,516
Cost Capitalized Subsequent to Acquisition	3,512
Gross Amounts Carried at Close of Period, Land	3,581
Gross Amounts Carried at Close of Period, Building and Improvements	24,063
Gross Amounts Carried at Close of Period, Total	27,644
Accumulated Depreciation	(7,529)
Total Costs, Net of Accumulated Depreciation	20,115
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 28, 2006
Centers [Member] | Reynolds Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,276
Initial Cost to Company, Building and Improvements	9,186
Cost Capitalized Subsequent to Acquisition	292
Gross Amounts Carried at Close of Period, Land	4,276
Gross Amounts Carried at Close of Period, Building and Improvements	9,478
Gross Amounts Carried at Close of Period, Total	13,754
Accumulated Depreciation	(2,772)
Total Costs, Net of Accumulated Depreciation	10,982
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 14, 2006
Centers [Member] | Richmond Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,993
Initial Cost to Company, Building and Improvements	953
Cost Capitalized Subsequent to Acquisition	13,472
Gross Amounts Carried at Close of Period, Land	14,512
Gross Amounts Carried at Close of Period, Building and Improvements	1,906
Gross Amounts Carried at Close of Period, Total	16,418
Accumulated Depreciation	(1,294)
Total Costs, Net of Accumulated Depreciation	15,124
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 1996
Centers [Member] | Ridgeway Trace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 26,629
Initial Cost to Company, Building and Improvements	544
Cost Capitalized Subsequent to Acquisition	23,645
Gross Amounts Carried at Close of Period, Land	16,100
Gross Amounts Carried at Close of Period, Building and Improvements	34,718
Gross Amounts Carried at Close of Period, Total	50,818
Accumulated Depreciation	(13,891)
Total Costs, Net of Accumulated Depreciation	36,927
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 09, 2006
Centers [Member] | River Oaks Shopping Center - East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,354
Initial Cost to Company, Building and Improvements	1,946
Cost Capitalized Subsequent to Acquisition	338
Gross Amounts Carried at Close of Period, Land	1,363
Gross Amounts Carried at Close of Period, Building and Improvements	2,275
Gross Amounts Carried at Close of Period, Total	3,638
Accumulated Depreciation	(1,992)
Total Costs, Net of Accumulated Depreciation	1,646
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 04, 1992
Centers [Member] | River Oaks Shopping Center - West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,534
Initial Cost to Company, Building and Improvements	17,741
Cost Capitalized Subsequent to Acquisition	35,470
Gross Amounts Carried at Close of Period, Land	4,207
Gross Amounts Carried at Close of Period, Building and Improvements	52,538
Gross Amounts Carried at Close of Period, Total	56,745
Accumulated Depreciation	(27,137)
Total Costs, Net of Accumulated Depreciation	29,608
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 04, 1992
Centers [Member] | River Point At Sheridan [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 28,898
Initial Cost to Company, Building and Improvements	4,042
Cost Capitalized Subsequent to Acquisition	16,381
Gross Amounts Carried at Close of Period, Land	10,659
Gross Amounts Carried at Close of Period, Building and Improvements	38,662
Gross Amounts Carried at Close of Period, Total	49,321
Accumulated Depreciation	(10,918)
Total Costs, Net of Accumulated Depreciation	38,403
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 01, 2010
Centers [Member] | Roswell Corners [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,136
Initial Cost to Company, Building and Improvements	21,447
Cost Capitalized Subsequent to Acquisition	3,439
Gross Amounts Carried at Close of Period, Land	5,835
Gross Amounts Carried at Close of Period, Building and Improvements	25,187
Gross Amounts Carried at Close of Period, Total	31,022
Accumulated Depreciation	(8,583)
Total Costs, Net of Accumulated Depreciation	22,439
Encumbrances	$ (3,749)
Date of Acquisition/Construction	Jun. 24, 2004
Centers [Member] | Roswell Crossing Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 7,625
Initial Cost to Company, Building and Improvements	18,573
Cost Capitalized Subsequent to Acquisition	1,229
Gross Amounts Carried at Close of Period, Land	7,625
Gross Amounts Carried at Close of Period, Building and Improvements	19,802
Gross Amounts Carried at Close of Period, Total	27,427
Accumulated Depreciation	(4,904)
Total Costs, Net of Accumulated Depreciation	22,523
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 18, 2012
Centers [Member] | San Marcos Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,360
Initial Cost to Company, Building and Improvements	5,439
Cost Capitalized Subsequent to Acquisition	910
Gross Amounts Carried at Close of Period, Land	1,358
Gross Amounts Carried at Close of Period, Building and Improvements	6,351
Gross Amounts Carried at Close of Period, Total	7,709
Accumulated Depreciation	(2,671)
Total Costs, Net of Accumulated Depreciation	5,038
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Scottsdale Horizon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 0
Initial Cost to Company, Building and Improvements	3,241
Cost Capitalized Subsequent to Acquisition	39,224
Gross Amounts Carried at Close of Period, Land	12,914
Gross Amounts Carried at Close of Period, Building and Improvements	29,551
Gross Amounts Carried at Close of Period, Total	42,465
Accumulated Depreciation	(4,587)
Total Costs, Net of Accumulated Depreciation	37,878
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 22, 2007
Centers [Member] | Scottsdale Waterfront [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 10,281
Initial Cost to Company, Building and Improvements	40,374
Cost Capitalized Subsequent to Acquisition	320
Gross Amounts Carried at Close of Period, Land	32,891
Gross Amounts Carried at Close of Period, Building and Improvements	18,084
Gross Amounts Carried at Close of Period, Total	50,975
Accumulated Depreciation	(1,142)
Total Costs, Net of Accumulated Depreciation	49,833
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 17, 2016
Centers [Member] | Sea Ranch Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 11,977
Initial Cost to Company, Building and Improvements	4,219
Cost Capitalized Subsequent to Acquisition	1,702
Gross Amounts Carried at Close of Period, Land	11,977
Gross Amounts Carried at Close of Period, Building and Improvements	5,921
Gross Amounts Carried at Close of Period, Total	17,898
Accumulated Depreciation	(1,394)
Total Costs, Net of Accumulated Depreciation	16,504
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 06, 2013
Centers [Member] | Shoppes At Bears Path [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,252
Initial Cost to Company, Building and Improvements	5,503
Cost Capitalized Subsequent to Acquisition	1,615
Gross Amounts Carried at Close of Period, Land	3,290
Gross Amounts Carried at Close of Period, Building and Improvements	7,080
Gross Amounts Carried at Close of Period, Total	10,370
Accumulated Depreciation	(2,524)
Total Costs, Net of Accumulated Depreciation	7,846
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 13, 2007
Centers [Member] | Shoppes At Memorial Villages [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,417
Initial Cost to Company, Building and Improvements	4,786
Cost Capitalized Subsequent to Acquisition	9,501
Gross Amounts Carried at Close of Period, Land	3,332
Gross Amounts Carried at Close of Period, Building and Improvements	12,372
Gross Amounts Carried at Close of Period, Total	15,704
Accumulated Depreciation	(8,756)
Total Costs, Net of Accumulated Depreciation	6,948
Encumbrances	$ 0
Date of Acquisition/Construction	Jan. 11, 2012
Centers [Member] | Shoppes Of South Semoran [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,339
Initial Cost to Company, Building and Improvements	9,785
Cost Capitalized Subsequent to Acquisition	(1,406)
Gross Amounts Carried at Close of Period, Land	5,672
Gross Amounts Carried at Close of Period, Building and Improvements	8,046
Gross Amounts Carried at Close of Period, Total	13,718
Accumulated Depreciation	(2,470)
Total Costs, Net of Accumulated Depreciation	11,248
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 31, 2007
Centers [Member] | Shops At Kirby Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,201
Initial Cost to Company, Building and Improvements	945
Cost Capitalized Subsequent to Acquisition	276
Gross Amounts Carried at Close of Period, Land	1,202
Gross Amounts Carried at Close of Period, Building and Improvements	1,220
Gross Amounts Carried at Close of Period, Total	2,422
Accumulated Depreciation	(507)
Total Costs, Net of Accumulated Depreciation	1,915
Encumbrances	$ 0
Date of Acquisition/Construction	May 27, 2008
Centers [Member] | Shops At Three Corners [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,215
Initial Cost to Company, Building and Improvements	9,303
Cost Capitalized Subsequent to Acquisition	11,286
Gross Amounts Carried at Close of Period, Land	10,587
Gross Amounts Carried at Close of Period, Building and Improvements	16,217
Gross Amounts Carried at Close of Period, Total	26,804
Accumulated Depreciation	(10,806)
Total Costs, Net of Accumulated Depreciation	15,998
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 1989
Centers [Member] | Silver Creek Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,231
Initial Cost to Company, Building and Improvements	12,924
Cost Capitalized Subsequent to Acquisition	4,532
Gross Amounts Carried at Close of Period, Land	3,228
Gross Amounts Carried at Close of Period, Building and Improvements	17,459
Gross Amounts Carried at Close of Period, Total	20,687
Accumulated Depreciation	(7,485)
Total Costs, Net of Accumulated Depreciation	13,202
Encumbrances	$ (14,312)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Six Forks Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 6,678
Initial Cost to Company, Building and Improvements	26,759
Cost Capitalized Subsequent to Acquisition	6,471
Gross Amounts Carried at Close of Period, Land	6,728
Gross Amounts Carried at Close of Period, Building and Improvements	33,180
Gross Amounts Carried at Close of Period, Total	39,908
Accumulated Depreciation	(14,383)
Total Costs, Net of Accumulated Depreciation	25,525
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Southampton Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,337
Initial Cost to Company, Building and Improvements	17,349
Cost Capitalized Subsequent to Acquisition	3,162
Gross Amounts Carried at Close of Period, Land	4,333
Gross Amounts Carried at Close of Period, Building and Improvements	20,515
Gross Amounts Carried at Close of Period, Total	24,848
Accumulated Depreciation	(9,436)
Total Costs, Net of Accumulated Depreciation	15,412
Encumbrances	$ (19,750)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Southgate Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 232
Initial Cost to Company, Building and Improvements	8,389
Cost Capitalized Subsequent to Acquisition	726
Gross Amounts Carried at Close of Period, Land	231
Gross Amounts Carried at Close of Period, Building and Improvements	9,116
Gross Amounts Carried at Close of Period, Total	9,347
Accumulated Depreciation	(5,801)
Total Costs, Net of Accumulated Depreciation	3,546
Encumbrances	$ (5,438)
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | Squaw Peak Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 816
Initial Cost to Company, Building and Improvements	3,266
Cost Capitalized Subsequent to Acquisition	3,472
Gross Amounts Carried at Close of Period, Land	818
Gross Amounts Carried at Close of Period, Building and Improvements	6,736
Gross Amounts Carried at Close of Period, Total	7,554
Accumulated Depreciation	(3,841)
Total Costs, Net of Accumulated Depreciation	3,713
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 20, 1994
Centers [Member] | Stella Link Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,830
Initial Cost to Company, Building and Improvements	1,841
Cost Capitalized Subsequent to Acquisition	122
Gross Amounts Carried at Close of Period, Land	2,897
Gross Amounts Carried at Close of Period, Building and Improvements	1,896
Gross Amounts Carried at Close of Period, Total	4,793
Accumulated Depreciation	(1,641)
Total Costs, Net of Accumulated Depreciation	3,152
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 10, 1970
Centers [Member] | Stonehenge Market [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,740
Initial Cost to Company, Building and Improvements	19,001
Cost Capitalized Subsequent to Acquisition	2,415
Gross Amounts Carried at Close of Period, Land	4,740
Gross Amounts Carried at Close of Period, Building and Improvements	21,416
Gross Amounts Carried at Close of Period, Total	26,156
Accumulated Depreciation	(9,402)
Total Costs, Net of Accumulated Depreciation	16,754
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 04, 2002
Centers [Member] | Stony Point Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,489
Initial Cost to Company, Building and Improvements	13,957
Cost Capitalized Subsequent to Acquisition	11,400
Gross Amounts Carried at Close of Period, Land	3,453
Gross Amounts Carried at Close of Period, Building and Improvements	25,393
Gross Amounts Carried at Close of Period, Total	28,846
Accumulated Depreciation	(11,232)
Total Costs, Net of Accumulated Depreciation	17,614
Encumbrances	$ (10,832)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Sunset 19 Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,519
Initial Cost to Company, Building and Improvements	22,076
Cost Capitalized Subsequent to Acquisition	13,959
Gross Amounts Carried at Close of Period, Land	5,926
Gross Amounts Carried at Close of Period, Building and Improvements	35,628
Gross Amounts Carried at Close of Period, Total	41,554
Accumulated Depreciation	(10,219)
Total Costs, Net of Accumulated Depreciation	31,335
Encumbrances	$ 0
Date of Acquisition/Construction	Oct. 29, 2001
Centers [Member] | Surf City Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,220
Initial Cost to Company, Building and Improvements	52
Cost Capitalized Subsequent to Acquisition	5,100
Gross Amounts Carried at Close of Period, Land	2,655
Gross Amounts Carried at Close of Period, Building and Improvements	5,717
Gross Amounts Carried at Close of Period, Total	8,372
Accumulated Depreciation	(2,764)
Total Costs, Net of Accumulated Depreciation	5,608
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 06, 2006
Centers [Member] | Tates Creek Centre [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,802
Initial Cost to Company, Building and Improvements	25,366
Cost Capitalized Subsequent to Acquisition	1,869
Gross Amounts Carried at Close of Period, Land	5,766
Gross Amounts Carried at Close of Period, Building and Improvements	26,271
Gross Amounts Carried at Close of Period, Total	32,037
Accumulated Depreciation	(9,607)
Total Costs, Net of Accumulated Depreciation	22,430
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 01, 2004
Centers [Member] | The Centre At Post Oak [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 13,731
Initial Cost to Company, Building and Improvements	115
Cost Capitalized Subsequent to Acquisition	24,782
Gross Amounts Carried at Close of Period, Land	17,822
Gross Amounts Carried at Close of Period, Building and Improvements	20,806
Gross Amounts Carried at Close of Period, Total	38,628
Accumulated Depreciation	(13,460)
Total Costs, Net of Accumulated Depreciation	25,168
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 1996
Centers [Member] | The Commons At Dexter Lake [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,946
Initial Cost to Company, Building and Improvements	18,948
Cost Capitalized Subsequent to Acquisition	3,500
Gross Amounts Carried at Close of Period, Land	4,988
Gross Amounts Carried at Close of Period, Building and Improvements	22,406
Gross Amounts Carried at Close of Period, Total	27,394
Accumulated Depreciation	(8,674)
Total Costs, Net of Accumulated Depreciation	18,720
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 13, 2008
Centers [Member] | The Palms at Town & Country [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 56,833
Initial Cost to Company, Building and Improvements	195,203
Cost Capitalized Subsequent to Acquisition	429
Gross Amounts Carried at Close of Period, Land	102,512
Gross Amounts Carried at Close of Period, Building and Improvements	149,953
Gross Amounts Carried at Close of Period, Total	252,465
Accumulated Depreciation	(8,324)
Total Costs, Net of Accumulated Depreciation	244,141
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 27, 2016
Centers [Member] | The Shoppes At Parkwood Ranch [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,369
Initial Cost to Company, Building and Improvements	52
Cost Capitalized Subsequent to Acquisition	10,339
Gross Amounts Carried at Close of Period, Land	2,420
Gross Amounts Carried at Close of Period, Building and Improvements	12,340
Gross Amounts Carried at Close of Period, Total	14,760
Accumulated Depreciation	(7,303)
Total Costs, Net of Accumulated Depreciation	7,457
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 31, 2009
Centers [Member] | Westside Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 14,952
Initial Cost to Company, Building and Improvements	10,350
Cost Capitalized Subsequent to Acquisition	105
Gross Amounts Carried at Close of Period, Land	14,952
Gross Amounts Carried at Close of Period, Building and Improvements	10,455
Gross Amounts Carried at Close of Period, Total	25,407
Accumulated Depreciation	(665)
Total Costs, Net of Accumulated Depreciation	24,742
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 22, 2015
Centers [Member] | Thompson Bridge Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 604
Initial Cost to Company, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	625
Gross Amounts Carried at Close of Period, Land	513
Gross Amounts Carried at Close of Period, Building and Improvements	716
Gross Amounts Carried at Close of Period, Total	1,229
Accumulated Depreciation	(130)
Total Costs, Net of Accumulated Depreciation	1,099
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 26, 2005
Centers [Member] | Thousand Oaks Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,973
Initial Cost to Company, Building and Improvements	13,142
Cost Capitalized Subsequent to Acquisition	1,030
Gross Amounts Carried at Close of Period, Land	2,973
Gross Amounts Carried at Close of Period, Building and Improvements	14,172
Gross Amounts Carried at Close of Period, Total	17,145
Accumulated Depreciation	(5,457)
Total Costs, Net of Accumulated Depreciation	11,688
Encumbrances	$ (9,560)
Date of Acquisition/Construction	Mar. 20, 2008
Centers [Member] | TJ Maxx Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,400
Initial Cost to Company, Building and Improvements	19,283
Cost Capitalized Subsequent to Acquisition	3,900
Gross Amounts Carried at Close of Period, Land	3,430
Gross Amounts Carried at Close of Period, Building and Improvements	23,153
Gross Amounts Carried at Close of Period, Total	26,583
Accumulated Depreciation	(8,240)
Total Costs, Net of Accumulated Depreciation	18,343
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 01, 2004
Centers [Member] | Tomball Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 9,616
Initial Cost to Company, Building and Improvements	262
Cost Capitalized Subsequent to Acquisition	24,702
Gross Amounts Carried at Close of Period, Land	6,726
Gross Amounts Carried at Close of Period, Building and Improvements	27,854
Gross Amounts Carried at Close of Period, Total	34,580
Accumulated Depreciation	(11,666)
Total Costs, Net of Accumulated Depreciation	22,914
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 12, 2006
Centers [Member] | Trenton Crossing/North McAllen [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 9,855
Initial Cost to Company, Building and Improvements	29,133
Cost Capitalized Subsequent to Acquisition	827
Gross Amounts Carried at Close of Period, Land	9,855
Gross Amounts Carried at Close of Period, Building and Improvements	29,960
Gross Amounts Carried at Close of Period, Total	39,815
Accumulated Depreciation	(2,134)
Total Costs, Net of Accumulated Depreciation	37,681
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 31, 2015
Centers [Member] | Tropicana Beltway Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 13,947
Initial Cost to Company, Building and Improvements	42,186
Cost Capitalized Subsequent to Acquisition	2,094
Gross Amounts Carried at Close of Period, Land	13,949
Gross Amounts Carried at Close of Period, Building and Improvements	44,278
Gross Amounts Carried at Close of Period, Total	58,227
Accumulated Depreciation	(15,750)
Total Costs, Net of Accumulated Depreciation	42,477
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 20, 2007
Centers [Member] | Tropicana Marketplace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,118
Initial Cost to Company, Building and Improvements	8,477
Cost Capitalized Subsequent to Acquisition	(1,263)
Gross Amounts Carried at Close of Period, Land	1,206
Gross Amounts Carried at Close of Period, Building and Improvements	8,126
Gross Amounts Carried at Close of Period, Total	9,332
Accumulated Depreciation	(4,252)
Total Costs, Net of Accumulated Depreciation	5,080
Encumbrances	$ 0
Date of Acquisition/Construction	Jul. 24, 1995
Centers [Member] | Valley Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,293
Initial Cost to Company, Building and Improvements	13,736
Cost Capitalized Subsequent to Acquisition	1,635
Gross Amounts Carried at Close of Period, Land	8,910
Gross Amounts Carried at Close of Period, Building and Improvements	10,754
Gross Amounts Carried at Close of Period, Total	19,664
Accumulated Depreciation	(3,467)
Total Costs, Net of Accumulated Depreciation	16,197
Encumbrances	$ 0
Date of Acquisition/Construction	Apr. 07, 2006
Centers [Member] | Valley View Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,006
Initial Cost to Company, Building and Improvements	3,980
Cost Capitalized Subsequent to Acquisition	2,248
Gross Amounts Carried at Close of Period, Land	1,006
Gross Amounts Carried at Close of Period, Building and Improvements	6,228
Gross Amounts Carried at Close of Period, Total	7,234
Accumulated Depreciation	(3,697)
Total Costs, Net of Accumulated Depreciation	3,537
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 20, 1996
Centers [Member] | Vizcaya Square Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,044
Initial Cost to Company, Building and Improvements	12,226
Cost Capitalized Subsequent to Acquisition	2,358
Gross Amounts Carried at Close of Period, Land	3,044
Gross Amounts Carried at Close of Period, Building and Improvements	14,584
Gross Amounts Carried at Close of Period, Total	17,628
Accumulated Depreciation	(5,555)
Total Costs, Net of Accumulated Depreciation	12,073
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 18, 2002
Centers [Member] | Wake Forest Crossing II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 395
Initial Cost to Company, Building and Improvements	940
Cost Capitalized Subsequent to Acquisition	2,503
Gross Amounts Carried at Close of Period, Land	415
Gross Amounts Carried at Close of Period, Building and Improvements	3,423
Gross Amounts Carried at Close of Period, Total	3,838
Accumulated Depreciation	(48)
Total Costs, Net of Accumulated Depreciation	3,790
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 04, 2014
Centers [Member] | Waterford Village [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,830
Initial Cost to Company, Building and Improvements	0
Cost Capitalized Subsequent to Acquisition	12,264
Gross Amounts Carried at Close of Period, Land	3,775
Gross Amounts Carried at Close of Period, Building and Improvements	14,319
Gross Amounts Carried at Close of Period, Total	18,094
Accumulated Depreciation	(6,656)
Total Costs, Net of Accumulated Depreciation	11,438
Encumbrances	$ 0
Date of Acquisition/Construction	Jun. 11, 2004
Centers [Member] | Wellington Green Commons [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 16,500
Initial Cost to Company, Building and Improvements	32,489
Cost Capitalized Subsequent to Acquisition	2,460
Gross Amounts Carried at Close of Period, Land	16,500
Gross Amounts Carried at Close of Period, Building and Improvements	34,949
Gross Amounts Carried at Close of Period, Total	51,449
Accumulated Depreciation	(2,609)
Total Costs, Net of Accumulated Depreciation	48,840
Encumbrances	$ (18,587)
Date of Acquisition/Construction	Apr. 20, 2015
Centers [Member] | West Jordan Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 4,306
Initial Cost to Company, Building and Improvements	17,776
Cost Capitalized Subsequent to Acquisition	(1,989)
Gross Amounts Carried at Close of Period, Land	3,269
Gross Amounts Carried at Close of Period, Building and Improvements	16,824
Gross Amounts Carried at Close of Period, Total	20,093
Accumulated Depreciation	(7,284)
Total Costs, Net of Accumulated Depreciation	12,809
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 19, 2003
Centers [Member] | Westchase Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 3,085
Initial Cost to Company, Building and Improvements	7,920
Cost Capitalized Subsequent to Acquisition	13,586
Gross Amounts Carried at Close of Period, Land	3,189
Gross Amounts Carried at Close of Period, Building and Improvements	21,402
Gross Amounts Carried at Close of Period, Total	24,591
Accumulated Depreciation	(13,221)
Total Costs, Net of Accumulated Depreciation	11,370
Encumbrances	$ 0
Date of Acquisition/Construction	Aug. 29, 1978
Centers [Member] | Westhill Village Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 408
Initial Cost to Company, Building and Improvements	3,002
Cost Capitalized Subsequent to Acquisition	6,720
Gross Amounts Carried at Close of Period, Land	437
Gross Amounts Carried at Close of Period, Building and Improvements	9,693
Gross Amounts Carried at Close of Period, Total	10,130
Accumulated Depreciation	(5,621)
Total Costs, Net of Accumulated Depreciation	4,509
Encumbrances	$ 0
Date of Acquisition/Construction	May 01, 1958
Centers [Member] | Westland Fair [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 27,562
Initial Cost to Company, Building and Improvements	10,506
Cost Capitalized Subsequent to Acquisition	(7,267)
Gross Amounts Carried at Close of Period, Land	12,220
Gross Amounts Carried at Close of Period, Building and Improvements	18,581
Gross Amounts Carried at Close of Period, Total	30,801
Accumulated Depreciation	(10,027)
Total Costs, Net of Accumulated Depreciation	20,774
Encumbrances	$ 0
Date of Acquisition/Construction	Dec. 29, 2000
Centers [Member] | Westminster Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 11,215
Initial Cost to Company, Building and Improvements	44,871
Cost Capitalized Subsequent to Acquisition	8,832
Gross Amounts Carried at Close of Period, Land	11,204
Gross Amounts Carried at Close of Period, Building and Improvements	53,714
Gross Amounts Carried at Close of Period, Total	64,918
Accumulated Depreciation	(24,301)
Total Costs, Net of Accumulated Depreciation	40,617
Encumbrances	$ (47,250)
Date of Acquisition/Construction	Apr. 02, 2001
Centers [Member] | Winter Park Corners [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 2,159
Initial Cost to Company, Building and Improvements	8,636
Cost Capitalized Subsequent to Acquisition	2,057
Gross Amounts Carried at Close of Period, Land	2,189
Gross Amounts Carried at Close of Period, Building and Improvements	10,663
Gross Amounts Carried at Close of Period, Total	12,852
Accumulated Depreciation	(4,552)
Total Costs, Net of Accumulated Depreciation	8,300
Encumbrances	$ 0
Date of Acquisition/Construction	Sep. 06, 2001
New Development [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 47,400
Initial Cost to Company, Building and Improvements	22,064
Cost Capitalized Subsequent to Acquisition	32,699
Gross Amounts Carried at Close of Period, Land	49,786
Gross Amounts Carried at Close of Period, Building and Improvements	52,377
Gross Amounts Carried at Close of Period, Total	102,163
Accumulated Depreciation	(116)
Total Costs, Net of Accumulated Depreciation	102,047
Encumbrances	0
New Development [Member] | West Alex [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	42,163
Initial Cost to Company, Building and Improvements	2,669
Cost Capitalized Subsequent to Acquisition	31,181
Gross Amounts Carried at Close of Period, Land	44,420
Gross Amounts Carried at Close of Period, Building and Improvements	31,593
Gross Amounts Carried at Close of Period, Total	76,013
Accumulated Depreciation	0
Total Costs, Net of Accumulated Depreciation	76,013
Encumbrances	$ 0
Date of Acquisition/Construction	Nov. 01, 2016
New Development [Member] | The Whittaker [Member]
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 5,237
Initial Cost to Company, Building and Improvements	19,395
Cost Capitalized Subsequent to Acquisition	1,518
Gross Amounts Carried at Close of Period, Land	5,366
Gross Amounts Carried at Close of Period, Building and Improvements	20,784
Gross Amounts Carried at Close of Period, Total	26,150
Accumulated Depreciation	(116)
Total Costs, Net of Accumulated Depreciation	26,034
Encumbrances	$ 0
Date of Acquisition/Construction	Mar. 24, 2017
Secured Debt [Member]
Real Estate and Accumulated Depreciation [Line Items]
Fixed rate mortgage debt excluded from amount encumbrances	$ 50,900
Non-cash debt	4,000
Deferred finance costs	$ (1,300)

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Real Estate And Accumulated Depreciation (Total Cost Of The Properties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 4,789,145	$ 4,262,959	$ 4,076,094
Additions at cost	137,462	654,513	319,789
Retirements or sales	(334,105)	(126,666)	(79,608)
Property held for sale	(78,721)	(1,563)	(53,163)
Impairment loss	(14,922)	(98)	(153)
Balance at end of year	$ 4,498,859	$ 4,789,145	$ 4,262,959

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Real Estate And Accumulated Depreciation (Changes In Accumulated Depreciation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 1,184,546	$ 1,087,642	$ 1,028,619
Additions at cost	132,900	131,120	120,426
Retirements or sales	(127,391)	(33,132)	(42,603)
Property held for sale	(23,929)	(1,084)	(18,800)
Balance at end of year	$ 1,166,126	$ 1,184,546	$ 1,087,642

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Mortgage Loans On Real Estate (Details) - Shopping Center [Member] - First Mortgages [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Mortgage Loans on Real Estate [Line Items]
Face Amount of Mortgages	$ 3,410
Carrying Amount of Mortgages	3,410
Aggregate cost for federal income tax purposes	$ 3,400
College Park Realty Company [Member]
Mortgage Loans on Real Estate [Line Items]
State	NV
Interest Rate	7.00%
Final Maturity Date	Oct. 31, 2053
Periodic Payment Terms	At Maturity
Face Amount of Mortgages	$ 3,410
Carrying Amount of Mortgages	$ 3,410