(State of other jurisdiction of incorporation or organization) | (I.R.S Employer Identification Numbers) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||||||||||||
Shares of Beneficial Interest ($0.01 Par Value Per Share) |
Large accelerated filer | ☐ | ☒ | Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | Emerging growth company |
Page No. | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. |
RPT REALTY | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In thousands, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Income producing properties, at cost: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Less accumulated depreciation and amortization | ( | ( | |||||||||
Income producing properties, net | |||||||||||
Construction in progress and land available for development | |||||||||||
Real estate held for sale | |||||||||||
Net real estate | |||||||||||
Equity investments in unconsolidated joint ventures | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash and escrows | |||||||||||
Accounts receivable (net of allowance for doubtful accounts of $ | |||||||||||
Acquired lease intangibles, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets, net | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Notes payable, net | $ | $ | |||||||||
Finance lease obligation | |||||||||||
Accounts payable and accrued expenses | |||||||||||
Distributions payable | |||||||||||
Acquired lease intangibles, net | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
TOTAL LIABILITIES | |||||||||||
Commitments and Contingencies | |||||||||||
RPT Realty ("RPT") Shareholders' Equity: | |||||||||||
Preferred shares of beneficial interest, $ | |||||||||||
Common shares of beneficial interest, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated distributions in excess of net income | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
TOTAL SHAREHOLDERS' EQUITY ATTRIBUTABLE TO RPT | |||||||||||
Noncontrolling interest | |||||||||||
TOTAL SHAREHOLDERS' EQUITY | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | $ |
RPT REALTY | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
REVENUE | |||||||||||||||||||||||
Rental income | $ | $ | $ | $ | |||||||||||||||||||
Other property income | |||||||||||||||||||||||
Management and other fee income | |||||||||||||||||||||||
TOTAL REVENUE | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Real estate taxes | |||||||||||||||||||||||
Recoverable operating expense | |||||||||||||||||||||||
Non-recoverable operating expense | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Transaction costs | |||||||||||||||||||||||
General and administrative expense | |||||||||||||||||||||||
Insured expenses, net | ( | ( | |||||||||||||||||||||
TOTAL EXPENSES | |||||||||||||||||||||||
OPERATING INCOME | |||||||||||||||||||||||
OTHER INCOME AND EXPENSES | |||||||||||||||||||||||
Other (expense) income, net | ( | ( | |||||||||||||||||||||
Gain on sale of real estate | |||||||||||||||||||||||
Earnings from unconsolidated joint ventures | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
INCOME (LOSS) BEFORE TAX | ( | ( | |||||||||||||||||||||
Income tax provision | ( | ( | ( | ( | |||||||||||||||||||
NET INCOME (LOSS) | ( | ( | |||||||||||||||||||||
Net (income) loss attributable to noncontrolling partner interest | ( | ( | |||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO RPT | ( | ( | |||||||||||||||||||||
Preferred share dividends | ( | ( | ( | ( | |||||||||||||||||||
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS | $ | $ | ( | $ | $ | ( | |||||||||||||||||
EARNINGS (LOSS) PER COMMON SHARE | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Cash Dividend Declared per Common Share | $ | $ | $ | $ | |||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Other comprehensive (loss) gain: | |||||||||||||||||||||||
(Loss) gain on interest rate swaps, net | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | ( | ( | |||||||||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RPT | $ | $ | ( | $ | $ | ( |
RPT REALTY | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021 and June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity of RPT Realty | |||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common shares, net of issuance costs | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership Unit holders | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of shares withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to preferred shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions declared to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to deferred shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive loss adjustment | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common shares, net of issuance costs | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of shares withheld for employee taxes | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends declared to preferred shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive loss adjustment | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
RPT REALTY | |||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 and June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity of RPT Realty | |||||||||||||||||||||||||||||||||||||||||
Preferred Shares | Common Shares | Additional Paid-in Capital | Accumulated Distributions in Excess of Net Income | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Issuance of common shares, net of issuance costs | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Redemption of Operating Partnership Unit holders | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of shares withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to preferred shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions declared to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to deferred shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive income adjustment | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||
Issuance of common shares, net of issuance costs | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation, net of shares withheld for employee taxes | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Dividends declared to common shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to preferred shareholders | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Distributions declared to noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Dividends declared to deferred shares | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive loss adjustment | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
RPT REALTY | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of deferred financing fees | |||||||||||
Income tax provision | |||||||||||
Earnings from unconsolidated joint ventures | ( | ( | |||||||||
Distributions received from operations of unconsolidated joint ventures | |||||||||||
Gain on sale of real estate | ( | ||||||||||
Insured expenses, net | ( | ||||||||||
Amortization of acquired above and below market lease intangibles, net | ( | ( | |||||||||
Amortization of premium on mortgages, net | ( | ( | |||||||||
Service-based restricted share expense | |||||||||||
Long-term incentive cash and equity compensation expense | |||||||||||
Changes in assets and liabilities, net of effect of acquisitions and dispositions: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Other assets, net | ( | ( | |||||||||
Accounts payable and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Acquisition of real estate | ( | ||||||||||
Development and capital improvements | ( | ( | |||||||||
Capital improvements covered by insurance | ( | ||||||||||
Net proceeds from sales of real estate | |||||||||||
Insurance proceeds from insured expenses | |||||||||||
Investment in equity interests in unconsolidated joint ventures | ( | ( | |||||||||
Redemption of preferred investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Repayment of mortgages and notes payable | ( | ( | |||||||||
Proceeds on revolving credit facility | |||||||||||
Repayments on revolving credit facility | ( | ( | |||||||||
Payment of deferred financing costs | ( | ||||||||||
Proceeds from issuance of common shares, net of issuance costs | ( | ( | |||||||||
Redemption of operating partnership units for cash | ( | ||||||||||
Shares used for employee taxes upon vesting of awards | ( | ( | |||||||||
Dividends paid to preferred shareholders | ( | ( | |||||||||
Dividends paid to common shareholders | ( | ( | |||||||||
Distributions paid to operating partnership unit holders | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Net change in cash, cash equivalents and restricted cash and escrows | ( | ||||||||||
Cash, cash equivalents and restricted cash and escrows at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash and escrows at end of period | $ | $ |
RPT REALTY | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In thousands) | |||||||||||
(Unaudited) | |||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY | |||||||||||
Contribution of real estate exchanged for an equity investment in unconsolidated joint venture | $ | $ | |||||||||
Contribution of real estate exchanged for preferred investment in unconsolidated entities | |||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||||
Cash paid for interest (net of capitalized interest of $ | $ | $ | |||||||||
As of June 30, | |||||||||||
Reconciliation of cash, cash equivalents and restricted cash and escrows | 2021 | 2020 | |||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash and escrows | |||||||||||
$ | $ |
Gross | ||||||||||||||||||||||||||||||||||||||
Property Name | Location | GLA | Date Acquired | Contract Price (1) | Purchase Price | Assumed Debt | ||||||||||||||||||||||||||||||||
(in thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||
Northborough Crossing | Northborough, MA | 6/18/21 | $ | $ | $ | |||||||||||||||||||||||||||||||||
Total income producing acquisitions | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Total acquisitions | $ | $ | $ | |||||||||||||||||||||||||||||||||||
As of Acquisition Date | |||||
(In thousands) | |||||
Land | $ | ||||
Buildings and improvements | |||||
Above market leases | |||||
Lease origination costs | |||||
Below market leases | ( | ||||
Net assets acquired | $ | ||||
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Consolidated revenue | $ | $ | ||||||||||||
Consolidated net income available to common shareholders | ||||||||||||||
Gross | ||||||||||||||||||||||||||||||||||||||
Property Name | Location | Property/ Parcel Count | GLA | Date Sold | Sales Price | Gain on Sale | ||||||||||||||||||||||||||||||||
(in thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||
Buttermilk Towne Center - Land parcels (1) | Crescent Springs, KY | 3/5/21 | $ | $ | ||||||||||||||||||||||||||||||||||
Deer Grove - Outparcel (1) | Palatine, IL | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Front Range Village - Land parcel (1) | Fort Collins, CO | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Front Range Village - Outparcel (1) | Fort Collins, CO | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Merchants' Square - Outparcels (1) | Carmel, IN | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Promenade at Pleasant Hill - Land parcel (1) | Duluth, GA | 3/5/21 | ||||||||||||||||||||||||||||||||||||
River City Marketplace - Land parcels (1) | Jacksonville, FL | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Rivertowne Square - Land parcel (1) | Deerfield Beach, FL | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Shoppes of Lakeland - Land parcel (1) | Lakeland, FL | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Shoppes of Lakeland - Outparcel (1) | Lakeland, FL | 3/5/21 | ||||||||||||||||||||||||||||||||||||
West Broward - Land parcel (1) | Plantation, FL | 3/5/21 | ||||||||||||||||||||||||||||||||||||
Tel-Twelve - Land parcels (1) | Southfield, MI | 5/21/21 | ||||||||||||||||||||||||||||||||||||
Total income producing dispositions | $ | $ | ||||||||||||||||||||||||||||||||||||
Total dispositions | $ | $ | ||||||||||||||||||||||||||||||||||||
Balance Sheets | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | R2G | RGMZ | Other | Total | R2G | RGMZ | Other | Total | ||||||||||||||||||||||||||||||||||||||||||
Investment in real estate, net | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND OWNERS' EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Owners' equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Owners' Equity | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
RPT's equity investments in unconsolidated joint ventures | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Operations | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
R2G | RGMZ | Other | Total | R2G | RGMZ | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Total expenses | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before other income and expense | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Preferred member dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to common members | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
RPT's share of earnings from unconsolidated joint ventures | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
Statements of Operations | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
R2G | RGMZ | Other | Total | R2G | RGMZ | Other | Total | |||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Total expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before other income and expense | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Preferred member dividends | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to common members | $ | $ | $ | ( | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
RPT's share of earnings from unconsolidated joint ventures | $ | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||||||||||||||
Property Name | Location | GLA | Acreage | Date Acquired | Purchase Price | Debt Issued | ||||||||||||||||||||||||||||||||
(in thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||
RPT Realty - 13 Income Producing Properties | Various (1) | N/A | 3/5/21 | $ | $ | ( | ||||||||||||||||||||||||||||||||
RPT Realty - 2 Income Producing Properties | Southfield, MI | N/A | 5/21/21 | ( | ||||||||||||||||||||||||||||||||||
Total acquisitions | — | $ | $ | ( | ||||||||||||||||||||||||||||||||||
As of Acquisition Date | |||||
(In thousands) | |||||
Land | $ | ||||
Buildings and improvements | |||||
Above market leases | |||||
Lease origination costs | |||||
Below market leases | ( | ||||
Net assets acquired | $ | ||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
R2G | RGMZ | Total | R2G | Other | Total | |||||||||||||||||||||||||||||||||
Management fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Leasing fees | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
R2G | RGMZ | Total | R2G | Other | Total | |||||||||||||||||||||||||||||||||
Management fees | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Leasing fees | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Notes Payable and Finance Lease Obligation | June 30, 2021 | December 31, 2020 | ||||||||||||
(In thousands) | ||||||||||||||
Senior unsecured notes | $ | $ | ||||||||||||
Unsecured term loan facilities | ||||||||||||||
Fixed rate mortgages | ||||||||||||||
Unsecured revolving credit facility | ||||||||||||||
Unamortized premium | ||||||||||||||
Unamortized deferred financing costs | ( | ( | ||||||||||||
Total notes payable | $ | $ | ||||||||||||
Finance lease obligation | $ | $ | ||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Senior Unsecured Notes | Maturity Date | Principal Balance | Interest Rate/Weighted Average Interest Rate | Principal Balance | Interest Rate/Weighted Average Interest Rate | |||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Senior unsecured notes | 6/27/2021 | $ | % | $ | % | |||||||||||||||||||||||||||
Senior unsecured notes | 6/27/2023 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 5/28/2024 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 11/18/2024 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 6/27/2025 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 7/6/2025 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 9/30/2025 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 5/28/2026 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 11/18/2026 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 12/21/2027 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 11/30/2028 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 12/21/2029 | % | % | |||||||||||||||||||||||||||||
Senior unsecured notes | 12/27/2029 | % | % | |||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||
Unamortized deferred financing costs | ( | ( | ||||||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Unsecured Credit Facilities | Maturity Date | Principal Balance | Interest Rate/Weighted Average Interest Rate | Principal Balance | Interest Rate/Weighted Average Interest Rate | |||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Unsecured term loan - fixed rate (1) | 3/3/2023 | $ | % | $ | % | |||||||||||||||||||||||||||
Unsecured term loan - fixed rate (2) | 11/6/2024 | % | % | |||||||||||||||||||||||||||||
Unsecured term loan - fixed rate (3) | 2/6/2025 | % | % | |||||||||||||||||||||||||||||
Unsecured term loan - fixed rate (4) | 11/6/2026 | % | % | |||||||||||||||||||||||||||||
Unsecured term loan - fixed rate (5) | 2/5/2027 | % | % | |||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||
Unamortized deferred financing costs | ( | ( | ||||||||||||||||||||||||||||||
Term loans, net | $ | $ | ||||||||||||||||||||||||||||||
Revolving credit facility - variable rate | 11/6/2023 | $ | % | % | ||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Mortgage Debt | Maturity Date | Principal Balance | Interest Rate/Weighted Average Interest Rate | Principal Balance | Interest Rate/Weighted Average Interest Rate | |||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||
Bridgewater Falls Shopping Center | 2/6/2022 | $ | % | $ | % | |||||||||||||||||||||||||||
The Shops on Lane Avenue | 1/10/2023 | % | % | |||||||||||||||||||||||||||||
Nagawaukee II | 6/1/2026 | % | % | |||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||
Unamortized premium | ||||||||||||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||||||||
Year Ending December 31, | |||||
(In thousands) | |||||
2021 (remaining) | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Subtotal debt | |||||
Unamortized premium | |||||
Unamortized deferred financing costs | ( | ||||
Total debt | $ | ||||
Total Fair Value | Level 2 | |||||||||||||||||||
Balance Sheet Location | ||||||||||||||||||||
June 30, 2021 | (In thousands) | |||||||||||||||||||
Derivative assets - interest rate swaps | Other assets | $ | $ | |||||||||||||||||
Derivative liabilities - interest rate swaps | Other liabilities | $ | ( | $ | ( | |||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Derivative assets - interest rate swaps | Other assets | $ | $ | |||||||||||||||||
Derivative liabilities - interest rate swaps | Other liabilities | $ | ( | $ | ( | |||||||||||||||
Hedge Type | Notional Value | Fixed Rate | Fair Value | Expiration Date | ||||||||||||||||||||||||||||
Underlying Debt | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | $ | % | $ | ( | 03/2023 | ||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2024 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2024 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2024 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2025 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2025 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2026 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2027 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2027 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2027 | ||||||||||||||||||||||||||||
Total Derivative Liabilities: | $ | $ | ( | |||||||||||||||||||||||||||||
Hedge Type | Notional Value | Fixed Rate | Fair Value | Expiration Date | ||||||||||||||||||||||||||||
Underlying Debt | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | $ | % | $ | ( | 05/2021 | ||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 05/2021 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 05/2021 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 03/2023 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2024 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2024 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2024 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2025 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2025 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 11/2026 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2027 | ||||||||||||||||||||||||||||
$ | $ | ( | ||||||||||||||||||||||||||||||
Derivative Liabilities - Forward Swaps | ||||||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2027 | ||||||||||||||||||||||||||||
Unsecured term loan | Cash Flow | % | ( | 01/2027 | ||||||||||||||||||||||||||||
Total Derivative Liabilities | $ | $ | ( | |||||||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Interest rate contracts - assets | $ | $ | Interest Expense | $ | $ | |||||||||||||||||||||||||||
Interest rate contracts - liabilities | ( | Interest Expense | ( | ( | ||||||||||||||||||||||||||||
Total | $ | $ | ( | Total | $ | ( | $ | ( | ||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | ||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationship | Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Interest rate contracts - assets | $ | $ | ( | Interest Expense | $ | $ | ||||||||||||||||||||||||||
Interest rate contracts - liabilities | ( | Interest Expense | ( | ( | ||||||||||||||||||||||||||||
Total | $ | $ | ( | Total | $ | ( | $ | ( | ||||||||||||||||||||||||
Year Ending December 31, | |||||
(In thousands) | |||||
2021 (remaining) | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Statements of Operations | Classification | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Operating ground lease cost | Non-recoverable operating expense | $ | $ | $ | $ | |||||||||||||||||||||
Operating administrative lease cost | General and administrative expense | |||||||||||||||||||||||||
Finance lease cost | Interest Expense | |||||||||||||||||||||||||
Balance Sheet | Classification | June 30, 2021 | December 31, 2020 | |||||||||||
(In thousands) | ||||||||||||||
ASSETS | ||||||||||||||
Operating lease assets | Operating lease right-of-use assets | $ | $ | |||||||||||
Finance lease asset | ||||||||||||||
Total leased assets | $ | $ | ||||||||||||
LIABILITIES | ||||||||||||||
Operating lease liabilities | Operating lease liabilities | $ | $ | |||||||||||
Finance lease liability | Finance lease obligation | |||||||||||||
Total lease liabilities | $ | $ | ||||||||||||
Weighted Average Remaining Lease Terms | ||||||||||||||
Operating leases | ||||||||||||||
Finance lease | ||||||||||||||
Weighted Average Incremental Borrowing Rate | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance lease | % | % | ||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Operating cash flows from operating leases | $ | $ | |||||||||
Operating cash flows from finance lease | |||||||||||
Financing cash flows from finance lease | |||||||||||
Maturity of Lease Liabilities | Operating Leases | Finance Lease | ||||||||||||
(In thousands) | ||||||||||||||
2021 (remaining) | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total lease payments | $ | $ | ||||||||||||
Less imputed interest | ( | ( | ||||||||||||
Total | $ | $ | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Net (income) loss attributable to noncontrolling interest | ( | ( | |||||||||||||||||||||
Allocation of (income) loss to restricted share awards | ( | ( | ( | ||||||||||||||||||||
Income (loss) attributable to RPT | ( | ( | |||||||||||||||||||||
Preferred share dividends | ( | ( | ( | ( | |||||||||||||||||||
Net income (loss) available to common shareholders - Basic and Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted average shares outstanding, Basic | |||||||||||||||||||||||
Restricted stock awards using the treasury method (1) | |||||||||||||||||||||||
Dilutive effect of securities (2) | |||||||||||||||||||||||
Weighted average shares outstanding, Diluted | |||||||||||||||||||||||
Income (loss) per common share, Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Income (loss) per common share, Diluted | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Outstanding | Convertible | Outstanding | Convertible | Outstanding | Convertible | Outstanding | Convertible | ||||||||||||||||||||||||||||
Operating Partnership Units | |||||||||||||||||||||||||||||||||||
Series D Preferred Shares | |||||||||||||||||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
Closing share price | $ | $ | ||||||||||||
Expected dividend rate | % | % | ||||||||||||
Expected stock price volatility | % | |||||||||||||
Risk-free interest rate | % | |||||||||||||
Expected life (years) | ||||||||||||||
Six Months Ended June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Closing share price | $ | $ | ||||||||||||
Expected dividend rate | % | % | ||||||||||||
Expected stock price volatility | % | % | ||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Expected life (years) | ||||||||||||||
Property Name | Location | Acquirer | GLA | Date Acquired | Contract Purchase Price | |||||||||||||||||||||||||||
(in thousands) | (In thousands) | |||||||||||||||||||||||||||||||
Village Shoppes of Canton | Canton, MA | R2G | 7/12/21 | $ | ||||||||||||||||||||||||||||
South Pasadena Shopping Center | South Pasadena, FL | R2G | 7/14/21 | |||||||||||||||||||||||||||||
Combined Property Portfolio: | ||||||||||||||||||||||||||||||||
Bellevue Place | Nashville, TN | RPT | 7/7/21 | |||||||||||||||||||||||||||||
East Lake Woodlands | Palm Harbor, FL | R2G | 7/9/21 | |||||||||||||||||||||||||||||
Woodstock Square | Woodstock, GA | RPT | 7/14/21 | |||||||||||||||||||||||||||||
Bedford Marketplace | Bedford, MA | R2G | 7/29/21 | |||||||||||||||||||||||||||||
Total income producing acquisitions | $ | |||||||||||||||||||||||||||||||
Market Summary (1) | ||||||||||||||||||||||||||||||||||||||
MSA | Number of Properties | GLA (in thousands) | Leased % | Occupied % | ABR/SF | % of ABR | ||||||||||||||||||||||||||||||||
Multi-Tenant Retail | ||||||||||||||||||||||||||||||||||||||
Top 40 MSAs: | ||||||||||||||||||||||||||||||||||||||
Atlanta | 3 | 455 | 85.6 | % | 85.6 | % | $ | 13.70 | 3.2 | % | ||||||||||||||||||||||||||||
Austin | 1 | 76 | 89.6 | % | 89.6 | % | 26.58 | 1.1 | % | |||||||||||||||||||||||||||||
Baltimore | 1 | 252 | 98.3 | % | 91.6 | % | 9.89 | 1.4 | % | |||||||||||||||||||||||||||||
Boston | 1 | 646 | 96.3 | % | 96.3 | % | 13.27 | 5.0 | % | |||||||||||||||||||||||||||||
Chicago | 4 | 759 | 84.5 | % | 84.1 | % | 14.13 | 5.5 | % | |||||||||||||||||||||||||||||
Cincinnati | 3 | 1,156 | 91.3 | % | 91.2 | % | 16.79 | 10.8 | % | |||||||||||||||||||||||||||||
Columbus | 2 | 435 | 94.5 | % | 94.5 | % | 18.74 | 4.7 | % | |||||||||||||||||||||||||||||
Denver | 1 | 495 | 97.3 | % | 91.2 | % | 20.13 | 5.5 | % | |||||||||||||||||||||||||||||
Detroit | 9 | 1,985 | 92.1 | % | 88.6 | % | 16.25 | 17.0 | % | |||||||||||||||||||||||||||||
Indianapolis | 1 | 232 | 95.4 | % | 95.4 | % | 14.71 | 2.0 | % | |||||||||||||||||||||||||||||
Jacksonville | 2 | 725 | 93.1 | % | 91.1 | % | 17.32 | 6.9 | % | |||||||||||||||||||||||||||||
Miami | 6 | 983 | 86.9 | % | 86.1 | % | 15.99 | 6.2 | % | |||||||||||||||||||||||||||||
Milwaukee | 2 | 546 | 91.9 | % | 91.9 | % | 12.86 | 3.9 | % | |||||||||||||||||||||||||||||
Minneapolis | 2 | 445 | 90.7 | % | 89.7 | % | 25.72 | 6.3 | % | |||||||||||||||||||||||||||||
Nashville | 1 | 633 | 96.5 | % | 96.5 | % | 13.49 | 5.0 | % | |||||||||||||||||||||||||||||
St. Louis | 4 | 827 | 96.0 | % | 94.1 | % | 14.5 | 6.1 | % | |||||||||||||||||||||||||||||
Tampa | 4 | 744 | 97.2 | % | 95.6 | % | 12.78 | 5.5 | % | |||||||||||||||||||||||||||||
Top 40 MSA subtotal | 47 | 11,393 | 92.5 | % | 91.0 | % | $ | 15.78 | 96.1 | % | ||||||||||||||||||||||||||||
Non Top 40 MSA | 3 | 516 | 91.3 | % | 91.3 | % | 12.44 | 3.6 | % | |||||||||||||||||||||||||||||
Subtotal | 50 | 11,909 | 92.5 | % | 91.0 | % | $ | 15.48 | 99.7 | % | ||||||||||||||||||||||||||||
Net Leased Retail - RGMZ (2) | 28 | 646 | 99.5 | % | 99.5 | % | 11.16 | 0.3 | % | |||||||||||||||||||||||||||||
Total | 78 | 12,555 | 92.5 | % | 91.0 | % | 15.61 | 100.0 | % | |||||||||||||||||||||||||||||
Leasing Transactions | Square Footage | Base Rent/SF (1) | Prior Rent/SF (2) | Tenant Improvements/SF (3) | Leasing Commissions/SF | |||||||||||||||
Renewals | 72 | 722,753 | $14.78 | $14.22 | $1.14 | $0.01 | ||||||||||||||
New Leases - Comparable | 20 | 142,536 | $17.99 | $13.70 | $100.93 | $7.40 | ||||||||||||||
Non-Comparable Transactions (4) | 28 | 133,048 | $17.39 | N/A | $32.99 | $5.06 | ||||||||||||||
Total | 120 | 998,337 | $15.55 | N/A | $18.54 | $1.66 | ||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Dollar Change | Percent Change | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Total revenue | $ | 52,224 | $ | 44,627 | $ | 7,597 | 17.0 | % | ||||||||||||||||||
Real estate taxes | 8,820 | 8,453 | 367 | 4.3 | % | |||||||||||||||||||||
Recoverable operating expense | 5,739 | 4,797 | 942 | 19.6 | % | |||||||||||||||||||||
Non-recoverable operating expense | 2,122 | 2,146 | (24) | (1.1) | % | |||||||||||||||||||||
Depreciation and amortization | 16,597 | 17,860 | (1,263) | (7.1) | % | |||||||||||||||||||||
Transaction costs | — | 12 | (12) | NM | ||||||||||||||||||||||
General and administrative expense | 7,598 | 6,695 | 903 | 13.5 | % | |||||||||||||||||||||
Insured expenses, net | — | (1,713) | 1,713 | NM | ||||||||||||||||||||||
Gain on sale of real estate | 34,216 | — | 34,216 | NM | ||||||||||||||||||||||
Earnings from unconsolidated joint ventures | 1,072 | 802 | 270 | 33.7 | % | |||||||||||||||||||||
Interest expense | 9,305 | 10,177 | (872) | (8.6) | % | |||||||||||||||||||||
Preferred share dividends | 1,675 | 1,675 | — | — | % | |||||||||||||||||||||
NM - Not meaningful |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2021 | 2020 | Dollar Change | Percent Change | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Total revenue | $ | 102,317 | $ | 97,503 | $ | 4,814 | 4.9 | % | ||||||||||||||||||
Real estate taxes | 17,309 | 16,604 | 705 | 4.2 | % | |||||||||||||||||||||
Recoverable operating expense | 11,932 | 10,776 | 1,156 | 10.7 | % | |||||||||||||||||||||
Non-recoverable operating expense | 4,679 | 4,423 | 256 | 5.8 | % | |||||||||||||||||||||
Depreciation and amortization | 34,976 | 38,708 | (3,732) | (9.6) | % | |||||||||||||||||||||
Transaction costs | — | 186 | (186) | NM | ||||||||||||||||||||||
General and administrative expense | 14,968 | 12,917 | 2,051 | 15.9 | % | |||||||||||||||||||||
Insured expenses, net | — | (1,653) | 1,653 | NM | ||||||||||||||||||||||
Gain on sale of real estate | 53,219 | — | 53,219 | NM | ||||||||||||||||||||||
Earnings from unconsolidated joint ventures | 1,873 | 1,058 | 815 | 77.0 | % | |||||||||||||||||||||
Interest expense | 18,711 | 19,578 | (867) | (4.4) | % | |||||||||||||||||||||
Preferred share dividends | 3,350 | 3,350 | — | — | % | |||||||||||||||||||||
NM - Not meaningful |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 33,869 | $ | 13,371 | |||||||
Net cash used in investing activities | $ | (58,004) | $ | (10,732) | |||||||
Net cash (used in) provided by financing activities | $ | (149,488) | $ | 132,468 | |||||||
Payments due by period | |||||||||||||||||||||||||||||
Contractual Obligations | Total | Less than 1 year (1) | 1-3 years | 4-5 years | More than 5 years | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Mortgages and notes payable: | |||||||||||||||||||||||||||||
Scheduled amortization | $ | 6,005 | $ | 1,267 | $ | 3,156 | $ | 1,582 | $ | — | |||||||||||||||||||
Payments due at maturity | 886,008 | — | 304,508 | 306,500 | 275,000 | ||||||||||||||||||||||||
Total mortgages and notes payable (2) | 892,013 | 1,267 | 307,664 | 308,082 | 275,000 | ||||||||||||||||||||||||
Interest expense (3) | 151,298 | 17,453 | 85,637 | 32,086 | 16,122 | ||||||||||||||||||||||||
Finance lease (4) | 1,200 | 100 | 300 | 200 | 600 | ||||||||||||||||||||||||
Operating leases | 98,401 | 735 | 4,095 | 1,757 | 91,814 | ||||||||||||||||||||||||
Construction commitments | 7,899 | 7,899 | — | — | — | ||||||||||||||||||||||||
Development obligations (5) | 2,390 | 206 | 589 | 369 | 1,226 | ||||||||||||||||||||||||
Total contractual obligations | $ | 1,153,201 | $ | 27,660 | $ | 398,285 | $ | 342,494 | $ | 384,762 | |||||||||||||||||||
June 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Notes payable, net | $ | 889,482 | $ | 1,103,996 | |||||||
Add: Unamortized premiums and deferred financing costs | 2,531 | 2,456 | |||||||||
Pro-rata share of debt from unconsolidated joint venture | 2,893 | — | |||||||||
Finance lease obligation | 875 | 926 | |||||||||
Cash, cash equivalents and restricted cash | (37,861) | (249,659) | |||||||||
Pro-rata share of unconsolidated entities cash, cash equivalents and restricted cash | (15,999) | (2,557) | |||||||||
Net debt (1) | $ | 841,921 | $ | 855,162 | |||||||
Common shares outstanding | 80,189 | 80,008 | |||||||||
Operating Partnership Units outstanding | 1,895 | 1,909 | |||||||||
Restricted share awards (treasury method) | 1,420 | 100 | |||||||||
Total common shares and equivalents | 83,504 | 82,017 | |||||||||
Market price per common share (at June 30, 2021 and 2020) | $ | 12.98 | $ | 6.96 | |||||||
Equity market capitalization | $ | 1,083,882 | $ | 570,838 | |||||||
7.25% Series D Cumulative Convertible Perpetual Preferred Shares | 1,849 | 1,849 | |||||||||
Market price per convertible preferred share (at June 30, 2021 and 2020) | $ | 57.01 | $ | 34.16 | |||||||
Convertible perpetual preferred shares (at market) | $ | 105,411 | $ | 63,162 | |||||||
Total market capitalization | $ | 2,031,214 | $ | 1,489,162 | |||||||
Net debt to total market capitalization | 41.4 | % | 57.4 | % | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Net income (loss) | $ | 37,231 | $ | (2,956) | $ | 54,539 | $ | (2,614) | |||||||||||||||
Net (income) loss attributable to noncontrolling partner interest | (850) | 68 | (1,248) | 60 | |||||||||||||||||||
Preferred share dividends | (1,675) | (1,675) | (3,350) | (3,350) | |||||||||||||||||||
Net income (loss) available to common shareholders | 34,706 | (4,563) | 49,941 | (5,904) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Rental property depreciation and amortization expense | 16,447 | 17,719 | 34,677 | 38,439 | |||||||||||||||||||
Pro-rata share of real estate depreciation from unconsolidated joint ventures (1) | 1,389 | 1,369 | 2,644 | 2,782 | |||||||||||||||||||
Gain on sale of depreciable real estate | (34,216) | — | (53,219) | — | |||||||||||||||||||
FFO available to common shareholders | 18,326 | 14,525 | 34,043 | 35,317 | |||||||||||||||||||
Noncontrolling interest in Operating Partnership (2) | — | (68) | — | (60) | |||||||||||||||||||
Preferred share dividends (assuming conversion) (3) | — | — | — | — | |||||||||||||||||||
FFO available to common shareholders and dilutive securities | 18,326 | 14,457 | 34,043 | 35,257 | |||||||||||||||||||
Transaction costs (4) | — | 12 | — | 186 | |||||||||||||||||||
Insured expenses, net | — | (1,713) | — | (1,653) | |||||||||||||||||||
Severance expense (5) | — | 66 | 28 | 128 | |||||||||||||||||||
Above and below market lease intangible write-offs | (398) | 10 | (497) | (391) | |||||||||||||||||||
Pro-rata share of acquisition costs from unconsolidated joint ventures (1) | — | (217) | — | 401 | |||||||||||||||||||
Pro-rata share of above and below market lease intangible write-offs from unconsolidated joint ventures (1) | (50) | — | (40) | — | |||||||||||||||||||
Payment of loan amendment fees (5) | — | 184 | — | 184 | |||||||||||||||||||
Bond interest proceeds (6) | — | — | — | (213) | |||||||||||||||||||
Operating FFO available to common shareholders and dilutive securities | $ | 17,878 | $ | 12,799 | $ | 33,534 | $ | 33,899 | |||||||||||||||
Weighted average common shares | 80,162 | 79,976 | 80,132 | 79,942 | |||||||||||||||||||
Shares issuable upon conversion of OP Units (2) | — | 1,909 | — | 1,909 | |||||||||||||||||||
Dilutive effect of restricted stock | 1,420 | 100 | 1,240 | 299 | |||||||||||||||||||
Shares issuable upon conversion of preferred shares (3) | — | — | — | — | |||||||||||||||||||
Weighted average equivalent shares outstanding, diluted | 81,582 | 81,985 | 81,372 | 82,150 | |||||||||||||||||||
Diluted earnings (loss) per share (7) | $ | 0.41 | $ | (0.06) | $ | 0.60 | $ | (0.08) | |||||||||||||||
Per share adjustments for FFO available to common shareholders and dilutive securities | (0.19) | 0.24 | (0.18) | 0.51 | |||||||||||||||||||
FFO available to common shareholders and dilutive securities per share, diluted | $ | 0.22 | $ | 0.18 | $ | 0.42 | $ | 0.43 | |||||||||||||||
Per share adjustments for Operating FFO available to common shareholders and dilutive securities | — | (0.02) | (0.01) | (0.02) | |||||||||||||||||||
Operating FFO available to common shareholders and dilutive securities per share, diluted | $ | 0.22 | $ | 0.16 | $ | 0.41 | $ | 0.41 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Property Designation | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Same-property | 47 | 47 | 47 | 47 | ||||||||||||||||||||||
Acquisitions (1) | 1 | — | 1 | — | ||||||||||||||||||||||
Redevelopment (2) | 2 | 2 | 2 | 2 | ||||||||||||||||||||||
Total properties | 50 | 49 | 50 | 49 | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 34,706 | $ | (4,563) | $ | 49,941 | $ | (5,904) | |||||||||||||||
Adjustments to reconcile to Same Property NOI: | |||||||||||||||||||||||
Preferred share dividends | 1,675 | 1,675 | 3,350 | 3,350 | |||||||||||||||||||
Net income attributable to noncontrolling interest | 850 | (68) | 1,248 | (60) | |||||||||||||||||||
Income tax provision | 22 | 19 | 110 | 50 | |||||||||||||||||||
Interest expense | 9,305 | 10,177 | 18,711 | 19,578 | |||||||||||||||||||
Earnings from unconsolidated joint ventures | (1,072) | (802) | (1,873) | (1,058) | |||||||||||||||||||
Gain on sale of real estate | (34,216) | — | (53,219) | — | |||||||||||||||||||
Insured expenses, net | — | (1,713) | — | (1,653) | |||||||||||||||||||
Other expense (income), net | 78 | (61) | 185 | (414) | |||||||||||||||||||
Management and other fee income | (530) | (228) | (846) | (579) | |||||||||||||||||||
Depreciation and amortization | 16,597 | 17,860 | 34,976 | 38,708 | |||||||||||||||||||
Transaction costs | — | 12 | — | 186 | |||||||||||||||||||
General and administrative expenses | 7,598 | 6,695 | 14,968 | 12,917 | |||||||||||||||||||
Pro-rata share of NOI from R2G Venture LLC (1) | 2,307 | 1,918 | 4,338 | 4,150 | |||||||||||||||||||
Pro-rata share of NOI from RGMZ Venture REIT LLC (2) | 53 | — | 63 | — | |||||||||||||||||||
Lease termination fees | (71) | — | (95) | (142) | |||||||||||||||||||
Amortization of lease inducements | 211 | 191 | 422 | 329 | |||||||||||||||||||
Amortization of acquired above and below market lease intangibles | (1,014) | (638) | (1,751) | (1,733) | |||||||||||||||||||
Straight-line ground rent expense | 76 | 76 | 153 | 153 | |||||||||||||||||||
Straight-line rental income | (1,214) | 1,219 | (1,610) | 918 | |||||||||||||||||||
NOI | 35,361 | 31,769 | 69,071 | 68,796 | |||||||||||||||||||
NOI from Other Investments | 720 | 713 | 1,597 | 1,641 | |||||||||||||||||||
Non-RPT NOI from RGMZ Venture REIT LLC (3) | 782 | — | 926 | — | |||||||||||||||||||
Same Property NOI | $ | 36,863 | $ | 32,482 | $ | 71,594 | $ | 70,437 | |||||||||||||||
Period-end Occupancy | 91.4 | % | 93.2 | % | 91.4 | % | 93.2 | % | |||||||||||||||
2021 (remaining) | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | $ | 1,267 | $ | 52,397 | $ | 129,388 | $ | 125,879 | $ | 182,431 | $ | 400,651 | $ | 892,013 | $ | 925,618 | ||||||||||||||||||||||||||||||||||
Average interest rate | 5.3 | % | 5.7 | % | 3.5 | % | 3.7 | % | 3.7 | % | 3.8 | % | 3.8 | % | 2.6 | % | ||||||||||||||||||||||||||||||||||
Variable-rate debt | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Average interest rate | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1, 2021 to April 30, 2021 | — | $ | — | — | — | |||||||||||||||||||||
May 1, 2021 to May 31, 2021 | 111 | 12.47 | — | — | ||||||||||||||||||||||
June 1, 2021 to June 30, 2021 | 35,428 | 13.56 | — | — | ||||||||||||||||||||||
Total | 35,539 | $ | 13.55 | — | — | |||||||||||||||||||||
Exhibit No. | Description | ||||
10.1** | Amended and Restated 2019 Omnibus Long-Term Incentive Plan effective as of April 28, 2021, incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated April 28, 2021. | ||||
31.1* | |||||
31.2* | |||||
32.1* | |||||
32.2* | |||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). |
RPT REALTY | |||||
Date: August 5, 2021 | By: /s/ BRIAN L. HARPER Brian L. Harper President and Chief Executive Officer (Principal Executive Officer) | ||||
Date: August 5, 2021 | By: /s/ MICHAEL P. FITZMAURICE Michael P. Fitzmaurice Chief Financial Officer (Principal Financial Officer) | ||||
Date: August 5, 2021 | By: /s/ RAYMOND J. MERK Raymond J. Merk Chief Accounting Officer (Principal Accounting Officer) |
Date: August 5, 2021 | By: /s/ BRIAN L. HARPER Brian L. Harper President and Chief Executive Officer |
Date: August 5, 2021 | By: /s/ MICHAEL P. FITZMAURICE Michael P. Fitzmaurice Executive Vice President and Chief Financial Officer |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Cash Flows [Abstract] | ||
Cash paid for interest, capitalized interest | $ 15 | $ 2 |
Organization and Basis of Presentations |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentations | Organization and Basis of Presentations Organization RPT Realty, together with our subsidiaries (the “Company” or “RPT”), is a real estate investment trust (“REIT”) engaged in the business of owning and operating a national portfolio of open-air shopping destinations principally located in the top U.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (“NYSE”). The common shares of beneficial interest of the Company, par value $0.01 per share (the “common share”), are listed and traded on the NYSE under the ticker symbol “RPT”. As of June 30, 2021, the Company's portfolio consisted of 50 multi-tenant shopping centers (including five shopping centers owned through a joint venture), 15 net lease retail properties (all of which are owned through a separate joint venture) and 13 net lease retail properties that were held for sale by the Company (the “aggregate portfolio”) which together represent 12.6 million square feet of gross leasable area (“GLA”). As of June 30, 2021, the Company’s pro-rata share of the aggregate portfolio was 92.5% leased. Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.7% owned by the Company at June 30, 2021 and December 31, 2020), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of condensed consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We have elected to be a REIT for federal income tax purposes. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company 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 unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. 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 and reported amounts that are not readily apparent from other sources. The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates. Equity Distribution Agreement In February 2020, the Company entered into an Equity Distribution Agreement (“Equity Distribution Agreement”) pursuant to which the Company may offer and sell, from time to time, the Company's common shares having an aggregate gross sales price of up to $100.0 million. Sales of the shares of common stock may be made, in the Company's discretion, from time to time in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933. The Equity Distribution Agreement also provides that the Company may enter into forward contracts for shares of its common stock with forward sellers and forward purchasers. For the six months ended June 30, 2021, we did not issue any common shares through the arrangement. As of June 30, 2021, we have full capacity remaining under the agreement. Significant Risks and Uncertainties One of the most significant risks and uncertainties is the potential adverse effect of COVID-19. On February 28, 2020, the World Health Organization (“WHO”) raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. On March 13, 2020, the United States declared a national emergency with respect to COVID-19. As a result of COVID-19, we have received numerous rent relief requests, most often in the form of rent deferrals. We have evaluated, and continue to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. While the Company is unable at this time to reasonably estimate the impact that COVID-19 will continue to have on our business, financial position and operating results in future periods due to numerous uncertainties, the Company is closely monitoring the impact of the pandemic on all aspects of its business. A number of our tenants have closed their stores for a period of time as a result of COVID-19, although most have since reopened. The COVID-19 pandemic will likely continue to have repercussions across local, national and global economies and financial markets. COVID-19 may continue to have material and adverse effects on our financial condition, results of operations and cash flows in the near term due to, but not limited to, the following: •Reduced economic activity impacting our tenants' businesses, financial condition and liquidity and potentially causing tenants to be unable to fully meet their obligations to us or to otherwise seek modifications of such obligations, resulting in increases in uncollectible receivables and reductions in rental income; •The negative financial impact of COVID-19 could impact our future compliance with financial covenants of our credit agreement and other debt agreements, and as a result, our lenders may require us to accelerate the timing of payments which would have a material adverse effect on our business, operations, financial condition and liquidity, unless we obtain waivers or modifications from our lenders; and •Weaker economic conditions could cause us to recognize impairment in the value of our tangible and intangible assets based on the then Company's reasonable assessment. The extent to which COVID-19 impacts our operations and those of our tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. As such, we are unable to predict the impact that it ultimately will have on our financial condition, results of operations and cash flows. Recently Adopted Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: •Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. •Account for the deferred payments as variable lease payments. In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our condensed consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable.
|
Real Estate |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Included in our net real estate assets are income producing properties that are recorded at cost less accumulated depreciation and amortization, construction in progress, land available for development and real estate held for sale. We review our investment in real estate, including any related intangible assets, for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of the property may not be recoverable. These changes in circumstances include, but are not limited to, changes in occupancy, rental rates, net operating income, real estate values and expected holding period. For the six months ended June 30, 2021 and 2020, we recorded no impairment provision. Construction in progress represents existing development, redevelopment and tenant build-out projects. When projects are substantially complete and ready for their intended use, balances are transferred to land or building and improvements as appropriate. Construction in progress was $13.9 million and $8.6 million at June 30, 2021 and December 31, 2020, respectively. The increase in construction in progress from December 31, 2020 to June 30, 2021 was due primarily to the capital expenditures for ongoing projects, partially offset by completion of tenant build-outs and property dispositions. Land available for development includes real estate projects where vertical construction has yet to commence, but which have been identified by us and are available for future development when market conditions dictate the demand for a new shopping center or outparcel pad. The viability of all projects under construction or development, including those owned by our unconsolidated joint ventures, is regularly evaluated under applicable accounting requirements, including requirements relating to abandonment of assets or changes in use. Land available for development was $26.2 million at both June 30, 2021 and December 31, 2020. Pursuant to the criteria established under ASC Topic 360 we classify properties as held for sale when executed purchase and sales agreement contingencies have been satisfied thereby signifying that the sale is legally binding and probable of closing within one year of the reporting date. As of June 30, 2021, certain net lease retail assets held by the consolidated portfolio have been fully subdivided from our wholly-owned shopping centers, and the Company has a legally binding agreement to contribute these properties to our RGMZ Venture REIT LLC joint venture. Refer to Note 4 for additional information. As of June 30, 2021, these properties were classified as held for sale with a net book value of $14.1 million included in Net real estate. As of December 31, 2020, we had no properties and no land parcels classified as held for sale.
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Property Acquisitions and Dispositions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Acquisitions and Dispositions | Property Acquisitions and Dispositions Acquisitions The following table provides a summary of our acquisition activity for the six months ended June 30, 2021:
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements:
Total revenue and net income for the 2021 acquisition included in our condensed consolidated statement of operations for the three and six months ended June 30, 2021 were as follows:
Dispositions The following table provides a summary of our disposition activity for the six months ended June 30, 2021:
(1)We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.
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Equity Investments in Unconsolidated Joint Ventures |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Investments in Unconsolidated Joint Ventures | Equity Investments in Unconsolidated Joint Ventures As of December 31, 2020, we had three joint venture agreements: 1) R2G Venture LLC (“R2G”), 2) Ramco/Lion Venture LP, and 3) Ramco HHF NP LLC, whereby we own 51.5%, 30%, and 7%, respectively, of the equity in each joint venture. Our R2G joint venture owns five income-producing shopping centers, and our other two joint ventures do not own any income producing properties. We and the joint venture partners have joint approval rights for major decisions, including those regarding property operations. We cannot make significant decisions without our partner’s approval. Accordingly, we account for our interest in the joint ventures using the equity method of accounting. On March 4, 2021, we formed a new core net lease retail real estate joint venture, RGMZ Venture REIT LLC (“RGMZ”), with an affiliate of GIC Private Limited (“GIC”), an affiliate of Zimmer Partners (“Zimmer”) and an affiliate of Monarch Alternative Capital LP (“Monarch”). As of June 30, 2021, the Company has contributed 15 net lease retail properties that had been created by us upon the subdivision of certain parcels from our existing open-air shopping centers, valued at $75.5 million to RGMZ. Upon contribution, the Company received $67.5 million in gross cash proceeds ($63.8 million in net cash proceeds), as well as a combined $5.4 million preferred equity investment stake in the Zimmer and Monarch affiliates, in exchange for the 93.6% stake in RGMZ that was acquired by the other joint venture partners. The Company retained a 6.4% stake in RGMZ, maintains day-to-day management of the portfolio and earns management, leasing and construction fees. The asset management fee is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee of 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. The Company is also responsible for sourcing future acquisitions for RGMZ. RGMZ has a $240.0 million secured credit facility that includes an accordion feature allowing it to increase future potential commitments up to a total capacity of $500.0 million. RPT and certain of the other joint venture partners will have consent rights for all future acquisitions, and also have approval rights in connection with annual budgets and other specified major decisions. We cannot make significant decisions without our partners' approval. Accordingly, we account for our interest in the joint venture using the equity method of accounting. The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:
Acquisitions The following table provides a summary of our unconsolidated joint venture property acquisitions during the six months ended June 30, 2021:
(1)Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. The total aggregate fair value of the acquisitions was allocated and is reflected in the following table in accordance with accounting guidance for asset acquisitions. At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements:
Dispositions There was no disposition activity in the six months ended June 30, 2021 by any of our unconsolidated joint ventures. Joint Venture Management and Other Fee Income We receive a property management fee calculated as a percentage of gross revenues received for providing services to R2G and recognize these fees as the services are rendered. We also receive an asset management fee for services provided to RGMZ, which is based upon 0.25% of the gross asset value of net lease retail assets in RGMZ. The Company will be paid an additional annual incentive management fee equal to 0.15% based upon the appraised gross asset value of the net lease retail assets in RGMZ. However, the Company will not earn this fee until meeting certain financial hurdles measured at sale or initial public offering of the RGMZ joint venture. We also can receive fees from both joint ventures for leasing and investing services. The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of June 30, 2021 and December 31, 2020:
Senior Unsecured Notes On June 28, 2021, we repaid $37.0 million which constituted repayment in full of the Operating Partnership's 3.75% senior unsecured notes due 2021, issued pursuant to the note purchase agreement dated June 27, 2013, as amended. Accordingly, on June 28, 2021, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied. The following table summarizes the Company's senior unsecured notes:
Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company's unsecured term loan facilities and revolving credit facility:
(1)Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at June 30, 2021. (2)Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at June 30, 2021. (3)Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at June 30, 2021. (4)Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at June 30, 2021. (5)Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at June 30, 2021. As of June 30, 2021 we had no balance outstanding under our unsecured revolving credit facility, which represented a decrease of $100.0 million from December 31, 2020, as a result of repayments made in February 2021. We had no outstanding letters of credit issued under our revolving credit facility as of June 30, 2021. We had $350.0 million of unused capacity under our $350.0 million unsecured revolving credit facility that could be borrowed subject to compliance with applicable financial covenants. The interest rate as of June 30, 2021 was 1.25%. Mortgages The following table summarizes the Company's fixed rate mortgages:
The fixed rate mortgages are secured by properties that have an approximate net book value of $144.4 million as of June 30, 2021. The mortgage loans encumbering our properties are generally nonrecourse, subject to certain exceptions for which we would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, we would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. Covenants On June 30, 2020, the Company entered into amendments to the note purchase agreements governing all of the Company's outstanding senior unsecured notes. The following is a summary of the material amendments: •The occupancy tests relating to the minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness were eliminated during the period from June 30, 2020 through and including September 30, 2021 (the “Specified Period”) and were otherwise reduced during the fiscal quarters ended December 31, 2021 and March 31, 2022; •The minimum ratio of consolidated total unencumbered asset value to unsecured indebtedness that the Operating Partnership is required to maintain was reduced during the Specified Period; and •The Operating Partnership agreed to a minimum liquidity requirement during the Specified Period. Our revolving credit facility, senior unsecured notes as amended and term loan facilities contain financial covenants relating to total leverage, fixed charge coverage ratio, unencumbered assets, tangible net worth and various other calculations. As of June 30, 2021, we were in compliance with these covenants. Debt Maturities The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of June 30, 2021:
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements. These levels are: Level 1 Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 Valuation is based upon prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption which is not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the assets or liabilities. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value. Derivative Assets and Liabilities All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify these instruments as Level 2. Refer to Note 7 Derivative Financial Instruments of the notes to the condensed consolidated financial statements for additional information on our derivative financial instruments. The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:
The carrying values of cash and cash equivalents, restricted cash and escrows, receivables and accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short maturity of these financial instruments. We estimated the fair value of our debt based on our incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rates used approximate current lending rates for loans or groups of loans with similar maturities and credit quality, assume the debt is outstanding through maturity and consider the debt’s collateral (if applicable). Since such amounts are estimates that are based on limited available market information for similar transactions (Level 3), there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. Fixed rate debt (including variable rate debt swapped to fixed through derivatives) with carrying values of $892.0 million and $930.3 million as of June 30, 2021 and December 31, 2020, respectively, had fair values of approximately $925.6 million and $927.5 million, respectively. Variable rate debt’s fair value is estimated to be the carrying value of $100.0 million as of December 31, 2020. After taking into account the impact of converting our variable rate debt to fixed rate debt by use of the interest rate swap agreements, at June 30, 2021, we had no variable rate debt outstanding. The following is a description of valuation methodologies used for our assets and liabilities recorded at fair value on a nonrecurring basis: Net Real Estate Our net investment in real estate, including any identifiable intangible assets, is subject to impairment testing on a nonrecurring basis. To estimate fair value, we use discounted cash flow models that include assumptions of the discount rates that market participants would use in pricing the asset or pricing from potential or comparable market transactions. To the extent impairment has occurred, we charge to expense the excess of the carrying value of the property over its estimated fair value. We classify impaired real estate assets as nonrecurring Level 3. During the six months ended June 30, 2021, we did not incur any impairment for income producing shopping centers that are required to be measured at fair value on a nonrecurring basis. We did not have any material liabilities that were required to be measured at fair value on a nonrecurring basis during the period.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments We utilize interest rate swap agreements for risk management purposes to reduce the impact of changes in interest rates on our variable rate debt. We may also enter into forward starting swaps to set the effective interest rate on planned variable rate financing. On the date we enter into an interest rate swap, the derivative is designated as a hedge against the variability of cash flows that are to be paid in connection with a recognized liability. Subsequent changes in the fair value of a derivative designated as a cash flow hedge that is determined to be effective are recorded in other comprehensive income (“OCI”) until earnings are affected by the variability of cash flows of the hedged transaction. The differential between fixed and variable rates to be paid or received is accrued, as interest rates change, and recognized currently as interest expense in the condensed consolidated statements of operations and comprehensive income. We assess effectiveness of our cash flow hedges both at inception and on an ongoing basis. Our cash flow hedges become ineffective, for example, if critical terms of the hedging instrument and the debt do not perfectly match such as notional amounts, settlement dates, reset dates and calculation period and LIBOR rate. At June 30, 2021, all of our hedges were effective. In July 2017, the Financial Conduct Authority, the authority that regulates LIBOR, announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. In November 2020, the ICE Benchmark Administration, the administrator of LIBOR, announced plans to consult on ceasing publications of LIBOR on December 31, 2021 for only the one week and two week LIBOR tenors, and on June 30, 2023 for all other LIBOR tenors. The Alternative Reference Rates Committee (ARRC) has proposed that the Secured Overnight Financing Rate (SOFR) is the rate that represents best practice as the alternative to USD-LIBOR for use in derivatives and other financial contracts that are currently indexed to USD-LIBOR. ARRC has proposed a paced market transition plan to SOFR from USD-LIBOR and organizations are currently working on industry wide and company specific transition plans as it relates to derivatives and cash markets exposed to USD-LIBOR. There is no guarantee that a transition from LIBOR to an alternative will not result in financial market disruptions, significant increases in benchmark rates, or financing costs to borrowers. We have material contracts that are indexed to USD-LIBOR, and we are monitoring this activity and evaluating the related risks. At June 30, 2021, we had ten interest rate swap agreements in effect for an aggregate notional amount of $310.0 million converting our floating rate corporate debt to fixed rate debt. The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2021:
The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2020:
The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2021 and 2020 is summarized as follows:
The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the six months ended June 30, 2021 and 2020 is summarized as follows:
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Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at June 30, 2021, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows:
We recognized rental income related to variable lease payments of $23.8 million and $21.9 million for the six months ended June 30, 2021 and 2020, respectively. Substantially all of the assets included as Income producing properties, net on the condensed consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of June 30, 2021, the Company’s wholly-owned portfolio was 92.5% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five year renewal and our operating lease in Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows:
Supplemental balance sheet information related to leases is as follows:
Supplemental cash flow information related to leases is as follows:
Maturities of lease liabilities as of June 30, 2021 were as follows:
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Leases | Leases Revenues Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at June 30, 2021, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows:
We recognized rental income related to variable lease payments of $23.8 million and $21.9 million for the six months ended June 30, 2021 and 2020, respectively. Substantially all of the assets included as Income producing properties, net on the condensed consolidated balance sheets, relate to our portfolio of wholly owned shopping centers, in which we are the lessor under operating leases with our tenants. As of June 30, 2021, the Company’s wholly-owned portfolio was 92.5% leased. Expenses We have operating leases for our two corporate offices in New York, New York and Southfield, Michigan, that expire in January 2024 and December 2024, respectively. Our operating lease in New York includes an additional five year renewal and our operating lease in Southfield includes two additional five year renewals which are all exercisable at our option. We also have an operating ground lease at Centennial Shops located in Edina, Minnesota which includes rent escalations throughout the lease period and expires in April 2105. In addition, we have a finance ground lease at our Buttermilk Towne Center with the City of Crescent Springs that expires in December 2032. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight-line basis over the lease term. The components of lease expense were as follows:
Supplemental balance sheet information related to leases is as follows:
Supplemental cash flow information related to leases is as follows:
Maturities of lease liabilities as of June 30, 2021 were as follows:
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Earnings Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Common Share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per share:
(1)Restricted stock awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. (2)The assumed conversion of preferred shares is dilutive for the three and six months ended June 30, 2021 and anti-dilutive for all other periods presented. We exclude certain securities from the computation of diluted earnings per share. The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands):
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Share-based Compensation Plans |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Plans | Share-based Compensation Plans As of June 30, 2021, we have two share-based compensation plans in effect: 1) the Amended and Restated 2019 Omnibus Long-Term Incentive Plan (“2019 LTIP”) and 2) the Inducement Incentive Plan (“Inducement Plan”). The 2019 LTIP is administered by the compensation committee of the Board (the “Compensation Committee”). The 2019 LTIP provides for the award to our trustees, officers, employees and other service providers of restricted shares, restricted share units, options to purchase shares, share appreciation rights, unrestricted shares, and other awards to acquire up to an aggregate of 5.1 million common shares of beneficial interest plus any shares that become available under the 2012 Omnibus Long-Term Incentive Plan (“2012 LTIP”) as a result of the forfeiture, expiration or cancellation of outstanding awards or any award settled in cash in lieu of shares under such plan. As of June 30, 2021, there were 2.4 million shares of beneficial interest available for issuance under the 2019 LTIP. The Inducement Plan was approved by the Board in April 2018 and under such plan the Compensation Committee may grant, subject to any Company performance conditions as specified by the Compensation Committee, restricted shares, restricted share units, options and other awards to individuals who were not previously employees or members of the Board as an inducement to the individual's entry into employment with the Company. The Inducement Plan allows us to issue up to 6.0 million common shares of beneficial interest, of which 5.0 million remained available for issuance as of June 30, 2021; however, we do not intend to make further awards under the Inducement Plan following adoption of the 2019 LTIP. As of June 30, 2021, we had 817,770 unvested service-based share awards outstanding under the 2019 LTIP, 5,729 unvested service-based share awards outstanding under the Inducement Plan, and 71,817 unvested service-based share awards outstanding under the 2012 LTIP. These awards have various expiration dates through June 2025. During the six months ended June 30, 2021, we granted the following awards: •289,668 shares of service-based restricted stock. The service-based awards were valued based on our closing stock price as of the grant date; and •Performance-based equity awards that are earned subject to a future performance measurement based on a three-year shareholder return peer comparison (“TSR Grants”). The service-based restricted share awards to employees vest over three years and the compensation expense is recognized on a graded vesting basis. The service-based restricted share awards to trustees vest over one year. We recognized expense related to service-based restricted share grants of $1.0 million for both the three months ended June 30, 2021 and June 30, 2020, and expense of $2.1 million and $1.8 million for the six months ended June 30, 2021 and June 30, 2020, respectively. Pursuant to ASC 718 – Stock Compensation, we determine the grant date fair value of TSR Grants that will be settled in cash, and any subsequent re-measurements, based upon a Monte Carlo simulation model. We will recognize the compensation expense ratably over the requisite service period. We are required to re-value the cash awards at the end of each quarter using the same methodology as was used at the initial grant date and adjust the compensation expense accordingly. If at the end of the three-year measurement period the performance criterion is not met, compensation expense related to the cash awards previously recognized would be reversed. Compensation expense related to the cash awards was $0.6 million and $0.1 million, for the three months ended June 30, 2021 and June 30, 2020, respectively, and compensation expense (benefit) of $1.2 million and $(0.2) million, for the six months ended June 30, 2021 and June 30, 2020, respectively. The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table:
The Company also determines the grant date fair value of the TSR Grants that will be settled in equity based upon a Monte Carlo simulation model and recognizes the compensation expense ratably over the requisite service period. These equity awards are not re-valued at the end of each quarter. The compensation cost will be recognized regardless of whether the performance criterion are met, provided the requisite service has been provided. Compensation expense related to the equity awards was $0.8 million and $0.6 million for the three months ended June 30, 2021 and June 30, 2020, respectively, and $1.3 million and $1.2 million for the six months ended June 30, 2021 and June 30, 2020, respectively. The fair value of each grant for the reported periods is estimated on the date of grant using the Monte Carlo simulation model using the weighted average assumptions noted in the following table:
We recognized total share-based compensation expense of $2.4 million and $1.7 million for the three months ended June 30, 2021 and June 30, 2020, respectively, and $4.6 million and $2.8 million for the six months ended June 30, 2021 and June 30, 2020, respectively. As of June 30, 2021, we had $18.0 million of total unrecognized compensation expense related to unvested restricted shares and performance based equity and cash awards. This expense is expected to be recognized over a weighted-average period of 2.9 years.
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Taxes |
6 Months Ended |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Taxes | Taxes Income Taxes We conduct our operations with the intent of meeting the requirements applicable to a REIT under sections 856 through 860 of the Internal Revenue Code. In order to maintain our qualification as a REIT, we and our subsidiary REITs are required to distribute annually at least 90% of our REIT taxable income, excluding net capital gain, to our shareholders. As long as we qualify as a REIT, we will generally not be liable for federal corporate income taxes. Certain of our operations, including property management and asset management, as well as ownership of certain land, are conducted through our taxable REIT subsidiaries (“TRSs”) which allows us to provide certain services and conduct certain activities that are not generally considered as qualifying REIT activities. Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the bases of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence, including expected taxable earnings and potential tax planning strategies. Our temporary differences primarily relate to deferred compensation, depreciation, land basis differences, and net operating loss carry forwards. As of June 30, 2021, we had a federal and state deferred tax asset of $8.3 million and a valuation allowance of $8.3 million. Our deferred tax assets are reduced by an offsetting valuation allowance where there is uncertainty regarding their realizability. We believe that it is more likely than not that the results of future operations will not generate sufficient taxable income to recognize the deferred tax assets. These future operations are primarily dependent upon the profitability of our TRSs, the timing and amounts of gains on land sales, and other factors affecting the results of operations of the TRSs. If in the future we are able to conclude it is more likely than not that we will realize a future benefit from a deferred tax asset, we will reduce the related valuation allowance by the appropriate amount. The first time this occurs, it will result in a net deferred tax asset on our balance sheet and an income tax benefit of equal magnitude in our consolidated statement of operations and comprehensive income in the period we make the determination. We recorded an income tax provision of approximately $0.1 million for both the six months ended June 30, 2021 and 2020. The income tax provision for the three months ended June 30, 2021 and 2020 was negligible. Sales Taxes We collect various taxes from tenants and remit these amounts, on a net basis, to the applicable taxing authorities.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Construction Costs In connection with the leasing and targeted remerchandinsing of various shopping centers as of June 30, 2021, we had entered into agreements for construction costs of approximately $7.9 million. Litigation We are currently involved in certain litigation arising in the ordinary course of business. We are not aware of any matters that would have a material effect on our condensed consolidated financial statements. Development Obligations As of June 30, 2021, the Company has $1.9 million of development related obligations that require annual payments through December 2043. Guarantee A redevelopment agreement was entered into between the City of Jacksonville, the Jacksonville Economic Development Commission and the Company, to construct and develop River City Marketplace in 2005. As part of the agreement, the city agreed to finance up to $12.2 million of bonds. Repayment of the bonds is to be made in accordance with a level-payment amortization schedule over 20 years, and repayments are made out of tax revenues generated by the redevelopment. The remaining debt service payments due over the life of the bonds, including principal and interest, are $7.8 million. As part of the redevelopment, the Company executed a guaranty agreement whereby the Company would fund debt service payments if incremental tax revenues were not sufficient to fund repayment. There have been no payments made by the Company under this guaranty agreement to date. Environmental Matters We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our condensed consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will expedite and assure satisfactory compliance with environmental laws and regulations should 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.
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Subsequent Events |
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Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events | Subsequent Events We have evaluated subsequent events through the date that the condensed consolidated financial statements were issued. In July 2021, the Company and our R2G joint venture completed the following acquisition activity:
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Organization and Basis of Presentations (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements include the accounts of the Company and our majority owned subsidiary, RPT Realty, L.P., a Delaware limited partnership (the “Operating Partnership” or “OP” which was 97.7% owned by the Company at June 30, 2021 and December 31, 2020), and all wholly-owned subsidiaries, including entities in which we have a controlling financial interest or have been determined to be the primary beneficiary of a variable interest entity (“VIE”). The presentation of condensed consolidated financial statements does not itself imply that assets of any consolidated entity (including any special-purpose entity formed for a particular project) are available to pay the liabilities of any other consolidated entity, or that the liabilities of any other consolidated entity (including any special-purpose entity formed for a particular project) are obligations of any other consolidated entity. Investments in real estate joint ventures over which we have the ability to exercise significant influence, but for which we do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings (loss) of these joint ventures is included in consolidated net income (loss). All intercompany transactions and balances are eliminated in consolidation. We have elected to be a REIT for federal income tax purposes. The information furnished is unaudited and reflects all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020. The preparation of our unaudited financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management of the Company 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 unaudited financial statements and the reported amounts of revenues and expenses during the reporting period. 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 and reported amounts that are not readily apparent from other sources. The Company considered impacts to its estimates related to the current pandemic of the novel coronavirus disease (“COVID-19”) as appropriate, within its unaudited condensed consolidated financial statements and there may be changes to those estimates in future periods. The Company believes that its accounting estimates are appropriate after giving consideration to the increased uncertainties surrounding the severity and duration of the COVID-19 pandemic. Actual results could differ from those estimates.
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Recently Adopted and Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In April 2020, the FASB issued a staff question-and-answer (“Q&A”) document focused on the application of the lease guidance in ASC 842, Leases, for lease concessions related to the effects of the COVID-19 pandemic. Included in this Q&A, the FASB staff determined that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under Topic 842 and Topic 840 as though enforceable rights and obligations for those concessions existed (regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract). Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance in Topic 842 and Topic 840 to those contracts. The FASB also acknowledged that some concessions will provide a deferral of payments with no substantive changes to the consideration in the original contract. The FASB indicated that a deferral affects the timing, but the amount of the consideration is substantially the same as that required by the original contract. The staff expects that there will be multiple ways to account for those deferrals, none of which the staff believes is more preferable than the others. Two of those methods are: •Account for the concessions as if no changes to the lease contract were made. Under that accounting, a lessor would increase its lease receivable, and a lessee would increase its accounts payable as receivables/payments accrue. In its income statement, a lessor would continue to recognize income, and a lessee would continue to recognize expense during the deferral period. •Account for the deferred payments as variable lease payments. In cases where we have granted a deferral for future periods as a result of COVID-19, we have accounted for the concessions as if no changes to the lease contract were made. Under that accounting, we have increased our lease receivable as the receivables have accrued. In our condensed consolidated statements of operations, we have continued to recognize income during the deferral period to the extent that we believe collection of that income is probable. In March 2020, the FASB issued ASU 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). In addition, the FASB subsequently issued ASU 2021-01 “Reference Rate Reform (Topic 848)” (“ASU 2021-01”) which further clarifies the optional expedients available. ASU 2020-04 and ASU 2021-01 provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. As additional index changes in the market occur, the Company will evaluate the impact of the guidance and may apply other elections as applicable.
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Fair Value | We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Derivative instruments (interest rate swaps) are recorded at fair value on a recurring basis. Additionally, we, from time to time, may be required to record other assets at fair value on a nonrecurring basis. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes three fair value levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The assessed inputs used in determining any fair value measurement could result in incorrect valuations that could be material to our condensed consolidated financial statements. |
Derivatives Assets and Liabilities | All of our derivative instruments are interest rate swaps for which quoted market prices are not readily available. For those derivatives, we measure fair value on a recurring basis using valuation models that use primarily market observable inputs, such as yield curves. We classify these instruments as Level 2. Refer to Note 7 Derivative Financial Instruments of the notes to the condensed consolidated financial statements for additional information on our derivative financial instruments. |
Property Acquisitions and Dispositions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisition activity for the six months ended June 30, 2021:
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our unconsolidated joint venture property acquisitions during the six months ended June 30, 2021:
(1)Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. In July 2021, the Company and our R2G joint venture completed the following acquisition activity:
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Schedule of Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations | At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements:
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Business Acquisition, Pro Forma Information | Total revenue and net income for the 2021 acquisition included in our condensed consolidated statement of operations for the three and six months ended June 30, 2021 were as follows:
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Schedule of Disposition Activity | The following table provides a summary of our disposition activity for the six months ended June 30, 2021:
(1)We contributed net lease retail assets that were subdivided from wholly-owned shopping centers to our newly formed RGMZ Venture REIT LLC joint venture. The properties contributed included both income producing properties in which we owned the depreciable real estate, as well as income producing properties which are subject to a ground lease. Refer to Note 4 of these notes to the condensed consolidated financial statements for additional information.
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Equity Investments in Unconsolidated Joint Ventures (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Combined Financial Information for Unconsolidated Joint Ventures, Balance Sheets | The combined condensed financial information for our unconsolidated joint ventures is summarized as follows:
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Summary of Combined Financial Information for Unconsolidated Entities, Statements of Operations |
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Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisition activity for the six months ended June 30, 2021:
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our unconsolidated joint venture property acquisitions during the six months ended June 30, 2021:
(1)Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. In July 2021, the Company and our R2G joint venture completed the following acquisition activity:
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Schedule of Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations | At the time of acquisition, these assets and liabilities were considered Level 3 fair value measurements:
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Information of Fees Earned | The following table provides information for our fees earned which are reported in our condensed consolidated statements of operations and comprehensive income:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following table summarizes our mortgages, notes payable, revolving credit facility and finance lease obligation as of June 30, 2021 and December 31, 2020:
Senior Unsecured Notes On June 28, 2021, we repaid $37.0 million which constituted repayment in full of the Operating Partnership's 3.75% senior unsecured notes due 2021, issued pursuant to the note purchase agreement dated June 27, 2013, as amended. Accordingly, on June 28, 2021, all outstanding notes and other obligations of the Operating Partnership and guarantors under such note purchase agreement were paid and satisfied. The following table summarizes the Company's senior unsecured notes:
Unsecured Term Loan Facilities and Revolving Credit Facility The following table summarizes the Company's unsecured term loan facilities and revolving credit facility:
(1)Swapped to a weighted average fixed rate of 1.77%, plus a credit spread of 1.25%, based on a leverage grid at June 30, 2021. (2)Swapped to a weighted average fixed rate of 1.26%, plus a credit spread of 1.25%, based on a leverage grid at June 30, 2021. (3)Swapped to a weighted average fixed rate of 1.32%, plus a credit spread of 1.25%, based on a leverage grid at June 30, 2021. (4)Swapped to a weighted average fixed rate of 1.30%, plus a credit spread of 1.65%, based on a leverage grid at June 30, 2021. (5)Swapped to a weighted average fixed rate of 1.39%, plus a credit spread of 1.65%, based on a leverage grid at June 30, 2021. The following table summarizes the Company's fixed rate mortgages:
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Scheduled Principal Payments on Mortgages and Notes Payable | The following table presents scheduled principal payments on mortgages, notes payable and revolving credit facility as of June 30, 2021:
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Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Notional Values and Fair Values of Derivative Financial Instruments | The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2021:
The following table summarizes the notional values and fair values of our derivative financial instruments as of December 31, 2020:
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Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations | The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the three months ended June 30, 2021 and 2020 is summarized as follows:
The effect of derivative financial instruments on our condensed consolidated statements of operations and comprehensive income for the six months ended June 30, 2021 and 2020 is summarized as follows:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Operating Lease, Payments to be Received, Maturity | Approximate future minimum revenues from rentals under non-cancelable operating leases in effect at June 30, 2021, assuming no new or renegotiated leases or option extensions on lease agreements and no early lease terminations were as follows:
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Lease, Cost | The components of lease expense were as follows:
Supplemental cash flow information related to leases is as follows:
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Assets and Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows:
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Lessee, Operating Lease, Liability, Maturity | Maturities of lease liabilities as of June 30, 2021 were as follows:
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Finance Lease, Liability, Maturity | Maturities of lease liabilities as of June 30, 2021 were as follows:
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Earnings Per Common Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share:
(1)Restricted stock awards are not included in the diluted per share calculation where the effect of their inclusion would be anti-dilutive. (2)The assumed conversion of preferred shares is dilutive for the three and six months ended June 30, 2021 and anti-dilutive for all other periods presented.
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the outstanding securities that were excluded from the computation of diluted earnings per share and the number of common shares each was convertible into (in thousands):
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Share-based Compensation Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The weighted average assumptions used in the Monte Carlo simulation models are summarized in the following table:
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Subsequent Events (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unconsolidated Joint Venture Property Acquisitions | The following table provides a summary of our acquisition activity for the six months ended June 30, 2021:
(1)Contract price does not include purchase price adjustments made at closing and capitalized closing costs. The following table provides a summary of our unconsolidated joint venture property acquisitions during the six months ended June 30, 2021:
(1)Net lease retail properties acquired are located in Colorado, Florida, Georgia, Illinois, Indiana and Kentucky. In July 2021, the Company and our R2G joint venture completed the following acquisition activity:
|
Real Estate - Additional Information (Details) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
property
land
|
|
Real Estate [Abstract] | |||
Impairment of real estate | $ 0 | $ 0 | |
Constructions in progress | 13,900,000 | $ 8,600,000 | |
Land held for development or sale | 26,200,000 | 26,200,000 | |
Net book value | $ 14,086,000 | $ 0 | |
Number of properties, held-for-sale | property | 0 | ||
Number of land parcel, held-for-sale | land | 0 |
Property Acquisitions and Dispositions - Summary of Acquisitions (Details) a in Thousands, $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
a
| |
Business Acquisition [Line Items] | |
GLA | a | 646 |
Contract Price | $ 104,000 |
Gross purchase price | 97,182 |
Gross assumed debt | $ 0 |
Northborough Crossing | |
Business Acquisition [Line Items] | |
GLA | a | 646 |
Contract Price | $ 104,000 |
Gross purchase price | 97,182 |
Gross assumed debt | $ 0 |
Property Acquisitions and Dispositions - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) - Level 3 $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Land | $ 23,220 |
Buildings and improvements | 39,775 |
Lease origination costs | 12,449 |
Below market leases | (2,554) |
Net assets acquired | 97,182 |
Above market leases | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Above market leases | $ 24,292 |
Property Acquisitions and Dispositions - Unaudited Pro Forma Information (Details) - Total consolidated income producing acquisitions - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Business Acquisition [Line Items] | ||
Consolidated revenue | $ 365 | $ 365 |
Consolidated net income available to common shareholders | $ 288 | $ 288 |
Equity Investments in Unconsolidated Joint Ventures - Summary of Unconsolidated Joint Venture Acquisition Activity (Details) ft² in Thousands, a in Thousands, $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
ft²
a
| |
Schedule of Equity Method Investments [Line Items] | |
GLA | a | 646 |
Contract Price | $ 104,000 |
Total acquisitions | |
Schedule of Equity Method Investments [Line Items] | |
GLA | ft² | 498 |
Contract Price | $ 76,831 |
Gross debt issued | $ (45,318) |
Total acquisitions | RPT Realty - 13 Income Producing Properties | |
Schedule of Equity Method Investments [Line Items] | |
GLA | ft² | 169 |
Contract Price | $ 37,228 |
Gross debt issued | $ (21,718) |
Total acquisitions | RPT Realty - 2 Income Producing Properties | |
Schedule of Equity Method Investments [Line Items] | |
GLA | ft² | 329 |
Contract Price | $ 39,603 |
Gross debt issued | $ (23,600) |
Equity Investments in Unconsolidated Joint Ventures - Total Aggregate Fair Value of Acquisitions Allocated and Reflected in Accordance with Accounting Guidance for Business Combinations (Details) - Level 3 - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 10, 2019 |
---|---|---|
Schedule of Equity Method Investments [Line Items] | ||
Land | $ 23,220 | |
Buildings and improvements | 39,775 | |
Lease origination costs | 12,449 | |
Below market leases | (2,554) | |
Net assets acquired | $ 97,182 | |
Equity Method Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Land | $ 42,938 | |
Buildings and improvements | 4,749 | |
Above market leases | 25,058 | |
Lease origination costs | 4,364 | |
Below market leases | (278) | |
Net assets acquired | $ 76,831 |
Debt - Summary of Mortgages, Notes Payable and Capital Lease Obligation (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Disclosure [Abstract] | ||
Senior unsecured notes | $ 498,000 | $ 535,000 |
Unsecured term loan facilities | 310,000 | 310,000 |
Fixed rate mortgages | 84,013 | 85,254 |
Unsecured revolving credit facility | 0 | 100,000 |
Subtotal debt | 892,013 | 1,030,254 |
Unamortized premium | 682 | 1,103 |
Unamortized deferred financing costs | (3,213) | (3,606) |
Total notes payable | 889,482 | 1,027,751 |
Finance lease obligation | $ 875 | $ 875 |
Debt - Additional Information (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Jun. 30, 2021 |
|
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | $ 100,000,000 | $ 0 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility, remaining borrowing capacity | 350,000,000.0 | |
Line of credit facility, maximum borrowing capacity | 350,000,000.0 | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unsecured revolving credit facility | 100,000,000 | $ 0 |
Secured credit facility | $ (100,000,000.0) | |
Interest rate at period end | 1.30% | 1.25% |
Fixed Rate Mortgage Debt | ||
Debt Instrument [Line Items] | ||
Net book value | $ 144,400,000 |
Debt - Mortgages (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Principal Balance | $ 892,013 | $ 1,030,254 |
Unamortized premium | 682 | 1,103 |
Total notes payable | 889,482 | 1,027,751 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 84,013 | $ 85,254 |
Weighted Average Interest Rate | 5.06% | 5.06% |
Unamortized premium | $ 682 | $ 1,103 |
Total notes payable | 84,695 | 86,357 |
Mortgages | Bridgewater Falls Shopping Center | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 51,667 | $ 52,274 |
Interest Rate | 5.70% | 5.70% |
Mortgages | The Shops on Lane Avenue | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 27,899 | $ 28,169 |
Interest Rate | 3.76% | 3.76% |
Mortgages | Nagawaukee II | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 4,447 | $ 4,811 |
Interest Rate | 5.80% | 5.80% |
Debt - Scheduled Principal Payments on Mortgages and Notes Payable (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Disclosure [Abstract] | ||
2021 (remaining) | $ 1,267 | |
2022 | 52,397 | |
2023 | 129,388 | |
2024 | 125,879 | |
2025 | 182,431 | |
Thereafter | 400,651 | |
Subtotal debt | 892,013 | $ 1,030,254 |
Unamortized premium | 682 | 1,103 |
Unamortized deferred financing costs | (3,213) | (3,606) |
Total notes payable | $ 889,482 | $ 1,027,751 |
Fair Value - Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative assets - interest rate swaps | $ 0 | $ 0 |
Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | (7,762) | (14,468) |
Level 2 | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative assets - interest rate swaps | 0 | 0 |
Level 2 | Other liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ||
Derivative liabilities - interest rate swaps | $ (7,762) | $ (14,468) |
Fair Value - Additional Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, carrying amount | $ 889,482 | $ 1,027,751 |
Fixed Rate Mortgages | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, carrying amount | 892,000 | 930,300 |
Level 2 | Fixed Rate Mortgages | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, fair value | $ 925,600 | 927,500 |
Level 2 | Floating Rate Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, fair value | $ 100,000 |
Derivative Financial Instruments - Additional Information (Details) - Interest Rate Contract |
Jun. 30, 2021
USD ($)
instrument
|
---|---|
Derivative [Line Items] | |
Number of interest rate swap agreements | instrument | 10 |
Derivative, notional amount | $ | $ 310,000,000.0 |
Leases - Future Minimum Revenue From Rentals Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||
2021 (remaining) | $ 79,432 | |
2022 | 148,056 | |
2023 | 127,436 | |
2024 | 107,341 | |
2025 | 87,839 | |
Thereafter | 267,553 | |
Total | 817,657 | |
Variable lease, income | $ 23,800 | $ 21,900 |
Aggregate portfolio, percent leased | 92.50% |
Leases - Components of Lease Expense (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
office
option
|
Jun. 30, 2020
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||
Number of leased corporate offices | office | 2 | |||
Finance lease cost | $ 12 | $ 12 | $ 23 | $ 24 |
New York | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term | 5 years | 5 years | ||
Michigan | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term | 5 years | 5 years | ||
Lessee, operating lease, number of options | option | 2 | |||
Non-recoverable operating expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 290 | 290 | $ 581 | 581 |
General and administrative expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 147 | $ 143 | $ 290 | $ 291 |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS | ||
Operating lease assets | $ 18,261 | $ 18,585 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Land | Land |
Finance lease asset | $ 10,095 | $ 13,249 |
Total leased assets | 28,356 | 31,834 |
LIABILITIES | ||
Operating lease liabilities | 17,627 | 17,819 |
Finance lease liability | 875 | 875 |
Total lease liabilities | $ 18,502 | $ 18,694 |
Weighted Average Remaining Lease Terms | ||
Operating leases | 71 years | 71 years |
Finance lease | 11 years | 12 years |
Weighted Average Incremental Borrowing Rate | ||
Operating leases | 6.13% | 6.10% |
Finance lease | 5.23% | 5.23% |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 739 | $ 735 |
Operating cash flows from finance lease | 0 | 0 |
Financing cash flows from finance lease | $ 0 | $ 0 |
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating Leases | ||
2021 (remaining) | $ 735 | |
2022 | 1,482 | |
2023 | 1,495 | |
2024 | 1,118 | |
2025 | 1,048 | |
Thereafter | 94,430 | |
Total lease payments | 100,308 | |
Less imputed interest | (82,681) | |
Operating lease liabilities | 17,627 | $ 17,819 |
Finance Lease | ||
2021 (remaining) | 100 | |
2022 | 100 | |
2023 | 100 | |
2024 | 100 | |
2025 | 100 | |
Thereafter | 700 | |
Total lease payments | 1,200 | |
Less imputed interest | (325) | |
Finance lease liability | $ 875 | $ 875 |
Earnings Per Common Share - Antidilutive (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 1,895 | 4,831 | 1,895 | 4,831 |
Convertible (in shares) | 1,895 | 9,023 | 1,895 | 9,222 |
Operating Partnership Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 1,895 | 1,909 | 1,895 | 1,909 |
Convertible (in shares) | 1,895 | 1,909 | 1,895 | 1,909 |
Series D Preferred Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 0 | 1,849 | 0 | 1,849 |
Convertible (in shares) | 0 | 7,014 | 0 | 7,014 |
Restricted Stock Awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding (in shares) | 0 | 1,073 | 0 | 1,073 |
Convertible (in shares) | 0 | 100 | 0 | 299 |
Taxes - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Abstract] | ||||
Annual distribution of REIT taxable income (as a percent) | 90.00% | 90.00% | ||
Federal and state deferred tax asset | $ 8,300 | $ 8,300 | ||
Federal and state deferred tax asset, valuation allowance | 8,300 | 8,300 | ||
Income tax provision | $ 22 | $ 19 | $ 110 | $ 50 |
Commitments and Contingencies - Additional Information (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Construction costs related to development and expansion | $ 7.9 |
Contractual obligation | 1.9 |
Bond finance agreement | $ 12.2 |
Bond financing agreement, amortization period | 20 years |
Debt service payments | $ 7.8 |
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