T | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 001-13499 |
Maryland | 52-1794271 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
410 Park Avenue, Suite 1220 New York, NY | 10022 | |
(Address of principal executive offices) | (Zip code) |
Common Stock, $.01 Par Value | New York Stock Exchange | |
(Title of each class) | (Name of exchange on which registered) |
Large accelerated filer | T | Accelerated filer | £ | ||
Non-accelerated filer | £ | (Do not check if a smaller reporting company) | Smaller reporting company | £ |
Page | ||
PART I | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
PART III | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
PART IV | ||
Item 15. | ||
ITEM 1. | BUSINESS |
• | Operating Strategy: Maximizing the internal growth of revenue from our shopping centers and retail properties by leasing and re-leasing those properties to a diverse group of creditworthy tenants, maintaining our properties to standards that our existing and prospective tenants find attractive, as well as containing costs through effective property management; |
• | Investment Strategy: Using capital wisely to renovate or redevelop our properties and to acquire and develop additional shopping centers and retail properties in supply constrained suburban and urban communities where expected, risk-adjusted returns meet or exceed our standards as well as by investing in strategic partnerships that minimize operational or other risks; and |
• | Capital Strategy: Financing our capital requirements with internally generated funds, borrowings under our existing credit facilities, proceeds from selling properties that do not meet our investment criteria and proceeds from institutional partners and the debt and equity capital markets. |
• | actively manage and maintain the high standards and physical appearance of our assets while maintaining competitive tenant occupancy costs; |
• | maintain a diverse tenant base in order to limit exposure to any one tenant’s financial condition; |
• | develop strong, mutually beneficial relationships with creditworthy tenants, particularly our anchor tenants, by consistently meeting or exceeding their expectations; |
• | maximize rental rates upon the renewal of expiring leases or as we lease space to new tenants while limiting vacancy and down-time; |
• | evaluate renovation or redevelopment opportunities that will make our properties more attractive for leasing or re-leasing to tenants and that will increase the overall value of our centers; |
• | take advantage of under-utilized land or existing square footage, or re-configure properties for better uses; and |
• | adopt consistent standards and vendor review procedures. |
• | re-developing, renovating, expanding, reconfiguring and/or re-tenanting our existing properties; |
• | selectively acquiring shopping centers that will benefit from our active management and leasing strategies with a focus on supply constrained markets; |
• | selectively acquiring vacant and occupied land located in supply constrained markets for the purpose of developing new shopping centers to meet the needs of expanding retailers; and |
• | investing in strategic partnerships in real estate related ventures where we act as a manager and utilize our expertise. |
• | the expected returns in relation to our cost of capital, as well as the anticipated risks we will face in achieving the expected returns; |
• | the current and projected cash flow of the property and the potential to increase that cash flow; |
• | the tenant mix at the property, tenant sales performance and the creditworthiness of those tenants; |
• | economic, demographic, regulatory and zoning conditions in the property’s local and regional market; |
• | competitive conditions in the vicinity of the property, including competition for tenants and the potential that others may create competing properties through redevelopment, new construction or renovation; |
• | the level and success of our existing investments in the relevant market; |
• | the current market value of the land, buildings and other improvements and the potential for increasing those market values; |
• | the physical configuration of the property, its visibility, ease of entry and exit, and availability of parking; and |
• | the physical condition of the land, buildings and other improvements, including the structural and environmental conditions. |
• | maintaining a prudent level of overall leverage and an appropriate pool of unencumbered properties that is sufficient to support our unsecured borrowings; |
• | managing our exposure to variable-rate debt; |
• | taking advantage of market opportunities to refinance existing debt and manage our debt maturity schedule; |
• | selling properties that no longer fit our investment strategy, that have limited growth potential or that are not a strategic fit within our overall portfolio and redeploying the proceeds elsewhere in our business or to pay down debt; and |
• | using joint venture arrangements to access less expensive capital, mitigate capital risk, and leverage our existing personnel and internal resources. |
ITEM 1A. | RISK FACTORS |
• | Economic uncertainty or downturns in general, or in the areas where our properties are located; |
• | Local conditions, such as an oversupply of retail space, a reduction in demand for retail space or a change in local demographics; |
• | The attractiveness of our properties to tenants and competition for tenants from other available space; |
• | Adverse changes in the financial condition of our tenants and ongoing consolidation within the retail sector; |
• | The adverse impact of competition from new retail platforms and concepts to our existing tenants; |
• | Changes in the perception of retailers or shoppers regarding the safety, convenience and attractiveness of our shopping centers and changes in the overall climate of the retail industry; |
• | Our ability to provide adequate management services and to maintain our properties; |
• | Increased operating costs, if these costs cannot be passed through to tenants; |
• | The expense of periodically renovating, repairing and re-letting spaces; |
• | The impact of increased energy costs on consumers and its consequential effect on the number of shopping visits to our properties; and |
• | The consequences of any armed conflict involving, or terrorist attack against, the United States. |
• | require us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing funds available for operations, property acquisitions, developments and redevelopments and other appropriate business opportunities that may arise in the future; |
• | limit our ability to make distributions on our outstanding shares of our common stock, including the payment of dividends required to maintain our status as a REIT; |
• | make it difficult to satisfy our debt service requirements; |
• | limit our flexibility in planning for, or reacting to, changes in our business and the factors that affect the profitability of our business, which may place us at a disadvantage compared to competitors with less debt or debt with less restrictive terms; |
• | adversely affect financial ratios and operational coverage levels monitored by rating agencies and adversely affect the ratings assigned to our unsecured debt; |
• | limit our ability to obtain any additional debt or equity financing we may need in the future for working capital, debt refinancing, capital expenditures, acquisitions, redevelopment, new developments or other general corporate purposes or to obtain such financing on favorable terms; and |
• | require us to dedicate increased amounts of our cash flow from operations to payments on our variable rate, unhedged debt if interest rates rise. |
• | the extent of institutional investor interest in us; |
• | the market perception of our business compared to other REITS; |
• | the market perception of retail REITs, in general, compared to other investment alternatives; |
• | our financial condition and performance, including changes in our funds from operations (“FFO”) or earnings estimates; |
• | the market’s perception of our growth potential and potential future cash dividends; |
• | our credit or analyst ratings; |
• | any future issuances of equity or debt securities; |
• | additions or departures of key management personnel; |
• | strategic actions by us or our competitors, such as acquisitions or restructurings; |
• | an increase in market interest rates; and |
• | general economic and financial market conditions. |
• | significant time lag between commencement and completion subjects us to greater risks due to fluctuations in the general economy; |
• | inability to secure necessary zoning or regulatory approvals; |
• | failure or inability to obtain construction or permanent financing on favorable terms; |
• | expenditure of money and time on projects that may never be completed; |
• | inability to secure key anchor or other tenants; |
• | inability to achieve projected rental rates or anticipated pace of lease-up; |
• | higher-than-estimated construction costs, including labor and material costs; |
• | changes in the level of future development and redevelopment activity could have an adverse impact on operating results by reducing the amount of capitalizable internal costs for development projects; |
• | inability to realize the benefits of tax credits to the extent originally projected; and |
• | possible delay in completion of the project because of a number of factors, including weather, labor disruptions, construction delays, or man-made or natural disasters (such as fires, hurricanes, earthquakes or floods). |
• | we may not be able to identify suitable properties to acquire or may be unable to complete the acquisition of the properties we identify, even after making a non-refundable deposit or incurring significant acquisition related costs; |
• | we may not be able to integrate any acquisitions into our existing operations successfully; |
• | properties we acquire may fail to achieve the occupancy or rental rates we project at the time we make the decision to acquire, which may result in the properties’ failure to achieve the returns we projected; |
• | our pre-acquisition evaluation of the physical condition of each new investment may not detect certain defects or identify necessary repairs, which could significantly increase our total acquisition costs; and |
• | our investigation of a property or building prior to our acquisition, and any representations we may receive from the seller of such building or property, may fail to reveal various liabilities (such as to tenants or vendors or with respect to environmental contamination), which could reduce the cash flow from the property or increase our acquisition cost. |
• | reducing properties available for acquisition; |
• | increasing the cost of properties we acquire; |
• | reducing the rate of return on these properties; |
• | reducing rents payable to us; |
• | interfering with our ability to attract and retain tenants; |
• | increasing vacancy rates at our properties; and |
• | adversely affecting our ability to minimize expenses of operation. |
• | we would not be allowed a deduction for distributions to stockholders in computing taxable income, and therefore our taxable income or alternative minimum taxable income so computed would be fully subject to the regular federal income tax or the federal alternative minimum tax; |
• | unless we are entitled to relief under specific statutory provisions, we could not elect to be taxed as a REIT again for the four taxable years following the year during which we were disqualified; |
• | we could be required to pay significant income taxes, which would substantially reduce the funds available for investment or for distribution to our stockholders for each year in which we failed or were not permitted to qualify; and |
• | the tax laws would no longer require us to pay any distributions to our stockholders. |
• | our financial condition and results of future operations; |
• | the ability of our tenants to perform in accordance with the lease terms; |
• | the terms of our loan covenants; and |
• | our ability to acquire, finance, develop or redevelop and lease additional properties at attractive rates. |
• | the REIT ownership limits described above; |
• | the ability to issue preferred stock with the powers, preferences or rights determined by our board of directors; |
• | special meetings of our stockholders may be called only by the board of directors, the chairman of the board, the lead director, the chief executive officer, the president or by the corporate secretary at the direction of stockholders entitled to cast not less than a majority of all votes entitled to be cast at such meeting; |
• | advance notice requirements for stockholder proposals; |
• | the absence of cumulative voting rights; and |
• | a two-thirds vote requirement to remove incumbent directors. |
• | the stockholder’s failure to make a payment of principal or interest when due; |
• | the stockholder’s failure to comply with specified financial ratios and other covenants set forth in the applicable pledge agreements and loan documents; |
• | if the value of the pledged shares ceases to exceed the principal amount of indebtedness outstanding under the credit facility by a specified margin as a result of the decline of our stock price or otherwise; |
• | the occurrence of a default with respect to other material indebtedness owed by the stockholder that would entitle any of the stockholder’s other creditors to accelerate payment of such indebtedness; and |
• | if the stockholder ceases to pay its debts or manage its affairs or reaches a compromise or arrangement with its creditors. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 2. | PROPERTIES |
Property | City | Year Built / Renovated | Total Sq. Ft. Owned | Percent Leased | Average Base Rent per Leased SF | Grocer Anchor | Other Anchor Tenants | |||||||||||
FLORIDA | ||||||||||||||||||
SOUTH FLORIDA | ||||||||||||||||||
Aventura Square | Aventura | 1991 | 143,250 | 100.0 | % | $ | 28.07 | Babies R Us / Jewelry Exchange / Old Navy / Bed, Bath & Beyond / DSW | ||||||||||
Bird 107 Plaza (1) | Miami | 1962 / 1990 | 40,101 | 100.0 | % | $ | 18.24 | Walgreens | ||||||||||
Bird Ludlum | Miami | 1988 / 1998 | 191,993 | 97.3 | % | $ | 21.43 | Winn-Dixie | CVS Pharmacy / Goodwill | |||||||||
Bluffs Square | Jupiter | 1986 | 123,917 | 90.2 | % | $ | 13.57 | Publix | Walgreens | |||||||||
Boca Village Square | Boca Raton, FL | 1978 / 2014 | 92,118 | 98.2 | % | $ | 20.41 | Publix | CVS Pharmacy | |||||||||
Chapel Trail | Pembroke Pines | 2007 | 56,378 | 100.0 | % | $ | 23.83 | LA Fitness | ||||||||||
Concord Shopping Plaza (1) | Miami | 1962 / 1992 / 1993 | 302,142 | 99.5 | % | $ | 12.30 | Winn-Dixie | Home Depot / Big Lots / Dollar Tree / Youfit Health Clubs | |||||||||
Coral Reef Shopping Center | Palmetto Bay | 1968 / 1990 | 74,680 | 93.8 | % | $ | 28.28 | Aldi | Walgreens | |||||||||
Crossroads Square | Pembroke Pines | 1973 | 81,587 | 98.0 | % | $ | 19.30 | CVS Pharmacy / Goodwill / Party City | ||||||||||
Greenwood | Palm Springs | 1982 / 1994 | 133,438 | 91.1 | % | $ | 15.11 | Publix | Beall’s Outlet | |||||||||
Hammocks Town Center | Miami | 1987 / 1993 | 183,834 | 99.6 | % | $ | 15.68 | Publix | Metro Dade Library / CVS Pharmacy / Youfit Health Clubs / Goodwill | |||||||||
Homestead McDonald's (1) | Homestead | 2014 | 3,605 | 100.0 | % | $ | 27.74 | |||||||||||
Jonathan’s Landing | Jupiter | 1997 | 26,820 | 100.0 | % | $ | 22.42 | |||||||||||
Lago Mar | Miami | 1995 | 82,613 | 97.3 | % | $ | 14.41 | Publix | Youfit Health Clubs | |||||||||
Lantana Village | Lantana | 1976 / 1999 | 181,780 | 97.4 | % | $ | 7.84 | Winn-Dixie | Kmart / Rite Aid* (Family Dollar) | |||||||||
Magnolia Shoppes | Fort Lauderdale | 1998 | 114,118 | 96.0 | % | $ | 15.92 | Regal Cinemas / Deal$ | ||||||||||
Pavilion | Naples | 1982 / 2001 / 2011 | 167,745 | 88.4 | % | $ | 18.17 | Paragon Theaters / LA Fitness / Paradise Wine | ||||||||||
Pine Island | Davie | 1999 | 254,907 | 89.6 | % | $ | 13.74 | Publix | Burlington Coat Factory / Staples / Youfit Health Clubs | |||||||||
Pine Ridge Square | Coral Springs | 1986 / 1998 / 2013 | 117,744 | 98.3 | % | $ | 16.70 | The Fresh Market | Ulta Beauty / Bed, Bath & Beyond / Marshalls | |||||||||
Point Royale | Miami | 1970 / 2000 | 181,381 | 89.0 | % | $ | 12.29 | Winn-Dixie | Best Buy / Pasteur Medical | |||||||||
Prosperity Centre | Palm Beach Gardens | 1993 | 123,614 | 100.0 | % | $ | 21.15 | Office Depot / CVS Pharmacy / Bed Bath & Beyond / TJ Maxx | ||||||||||
Ridge Plaza | Davie | 1984 / 1999 | 155,204 | 96.8 | % | $ | 13.12 | Paragon Theaters / Kabooms / United Collection / Round Up / Goodwill |
Property | City | Year Built / Renovated | Total Sq. Ft. Owned | Percent Leased | Average Base Rent per Leased SF | Grocer Anchor | Other Anchor Tenants | |||||||||||
Salerno Village | Stuart | 1987 | 4,800 | 100.0 | % | $ | 14.38 | |||||||||||
Sawgrass Promenade | Deerfield Beach | 1982 / 1998 | 107,092 | 91.0 | % | $ | 11.94 | Publix | Walgreens / Dollar Tree | |||||||||
Sheridan Plaza | Hollywood | 1973 / 1991 | 506,295 | 98.8 | % | $ | 16.96 | Publix | Ross Dress For Less / Bed Bath & Beyond / LA Fitness / Sunrise Medical Group/ Pet Supplies Plus / Office Depot / Kohl's | |||||||||
Shoppes of Oakbrook | Palm Beach Gardens | 1974 / 2000 / 2003 | 200,448 | 98.0 | % | $ | 15.55 | Publix | CVS Pharmacy / Duffy's / Tuesday Morning / Bassett Furniture / Stein Mart | |||||||||
Shoppes of Silverlakes | Pembroke Pines | 1995 / 1997 | 126,789 | 94.5 | % | $ | 17.74 | Publix | Goodwill | |||||||||
Shoppes of Sunset (1) | Miami | 1979 / 2009 | 21,784 | 78.7 | % | $ | 22.63 | |||||||||||
Shoppes of Sunset II (1) | Miami | 1980 / 2009 | 27,676 | 68.4 | % | $ | 21.93 | |||||||||||
Shops at Skylake | North Miami Beach | 1999 / 2005 / 2006 | 284,382 | 100.0 | % | $ | 19.99 | Publix | TJ Maxx / LA Fitness / Goodwill | |||||||||
Shops at St. Lucie | Port St. Lucie | 2006 | 27,363 | 89.1 | % | $ | 20.79 | |||||||||||
Tamarac Town Square | Tamarac | 1987 | 124,585 | 85.5 | % | $ | 12.59 | Publix | Dollar Tree / Pivot Education | |||||||||
Waterstone | Homestead | 2005 | 61,000 | 100.0 | % | $ | 15.59 | Publix | ||||||||||
West Bird | Miami | 1977 / 2000 | 99,864 | 94.5 | % | $ | 16.03 | Publix | CVS Pharmacy | |||||||||
West Lake Shopping Center | Miami | 1984 / 2000 | 100,747 | 97.2 | % | $ | 15.84 | Winn-Dixie | CVS Pharmacy | |||||||||
Westport Plaza | Davie | 2002 | 49,533 | 96.6 | % | $ | 18.41 | Publix | ||||||||||
Young Circle | Hollywood | 1962 / 1997 | 64,574 | 95.5 | % | $ | 15.69 | Publix | Walgreens | |||||||||
TOTAL SHOPPING CENTERS SOUTH FLORIDA (37) | 4,639,901 | 95.8 | % | $ | 16.62 | |||||||||||||
NORTH FLORIDA | ||||||||||||||||||
Alafaya Village | Orlando | 1986 | 38,118 | 66.1 | % | $ | 21.86 | |||||||||||
Atlantic Village | Atlantic Beach | 1984 / 1996 / 2014 | 104,687 | 97.0 | % | $ | 15.61 | LA Fitness / Jo-Ann Fabric and Craft Stores | ||||||||||
Beauclerc Village (4) | Jacksonville | 1962 / 1988 | 68,966 | 88.5 | % | $ | 9.31 | Big Lots / Ace Hardware / Save-A-Lot | ||||||||||
Charlotte Square | Port Charlotte | 1980 | 86,426 | 67.8 | % | $ | 8.90 | Walmart | ||||||||||
Ft. Caroline | Jacksonville | 1985 / 1995 | 77,481 | 100.0 | % | $ | 7.31 | Winn-Dixie | Citi Trends / Planet Fitness | |||||||||
Glengary Shoppes | Sarasota | 1995 | 92,844 | 90.6 | % | $ | 20.93 | Best Buy / Barnes & Noble | ||||||||||
Mandarin Landing | Jacksonville | 1976 | 139,580 | 93.6 | % | $ | 16.86 | Whole Foods | Office Depot / Aveda Institute | |||||||||
Old Kings Commons | Palm Coast | 1988 | 84,759 | 99.0 | % | $ | 9.95 | Planet Fitness/ Staples / Beall's Outlet | ||||||||||
Ryanwood | Vero Beach | 1987 | 114,925 | 90.4 | % | $ | 10.78 | Publix | Beall's Outlet / Books-A-Million | |||||||||
South Beach | Jacksonville Beach | 1990 / 1991 | 313,332 | 98.6 | % | $ | 14.28 | Trader Joe's | Bed Bath & Beyond / Ross Dress For Less / Stein Mart / Home Depot / Staples | |||||||||
South Point Center | Vero Beach | 2003 | 64,790 | 94.1 | % | $ | 16.16 | Publix | ||||||||||
Sunlake | Tampa | 2008 | 97,871 | 93.1 | % | $ | 19.80 | Publix | ||||||||||
Town & Country | Kissimmee | 1993 | 75,181 | 100.0 | % | $ | 9.44 | Albertsons* (Ross Dress For Less) | ||||||||||
Treasure Coast | Vero Beach | 1983 | 133,779 | 98.2 | % | $ | 13.68 | Publix | TJ Maxx | |||||||||
Unigold Shopping Center | Winter Park | 1987 | 114,127 | 93.6 | % | $ | 12.37 | Winn-Dixie | Youfit Health Clubs | |||||||||
TOTAL SHOPPING CENTERS NORTH FLORIDA (15) | 1,606,866 | 93.4 | % | $ | 13.82 | |||||||||||||
TOTAL SHOPPING CENTERS FLORIDA (52) | 6,246,767 | 95.2 | % | $ | 15.91 |
Property | City | Year Built / Renovated | Total Sq. Ft. Owned | Percent Leased | Average Base Rent per Leased SF | Grocer Anchor | Other Anchor Tenants | |||||||||||
CALIFORNIA | ||||||||||||||||||
Circle Center West | Long Beach | 1989 | 64,364 | 100.0 | % | $ | 22.07 | Marshalls | ||||||||||
Culver Center | Culver City | 1950 / 2000 | 216,646 | 97.1 | % | $ | 29.59 | Ralph’s | LA Fitness / Sit N Sleep / Tuesday Morning / Best Buy | |||||||||
Marketplace Shopping Center | Davis | 1990 | 111,156 | 98.0 | % | $ | 23.77 | Safeway | Petco / CVS Pharmacy | |||||||||
Plaza Escuela | Walnut Creek | 2002 | 153,565 | 97.7 | % | $ | 43.43 | Yoga Works / The Container Store / Cheesecake Factory / Forever 21 / Uniqlo / Sports Authority | ||||||||||
Pleasanton Plaza | Pleasanton | 1981 | 163,469 | 92.6 | % | $ | 13.84 | JC Penney / Cost Plus World Market / Design's School of Cosmetology / Office Max | ||||||||||
Potrero | San Francisco | 1968 / 1997 | 226,642 | 99.8 | % | $ | 31.38 | Safeway | 24 Hour Fitness / Party City / Petco / Office Depot / Ross Dress For Less | |||||||||
Ralph's Circle Center | Long Beach | 1983 | 59,837 | 97.6 | % | $ | 17.60 | Ralph’s | ||||||||||
Talega Village Center (1) | San Clemente | 2007 | 102,273 | 100.0 | % | $ | 20.49 | Ralph's | ||||||||||
Von’s Circle Center | Long Beach | 1972 | 150,822 | 100.0 | % | $ | 17.92 | Von’s | Rite Aid / Ross Dress For Less | |||||||||
TOTAL SHOPPING CENTERS CALIFORNIA (9) | 1,248,774 | 97.9 | % | $ | 25.98 | |||||||||||||
NEW YORK | ||||||||||||||||||
1175 Third Avenue | Manhattan | 1995 | 25,350 | 100.0 | % | $ | 106.86 | Food Emporium | ||||||||||
90-30 Metropolitan | Queens | 2007 | 59,815 | 100.0 | % | $ | 30.03 | Trader Joe's | Staples / Michael’s | |||||||||
1225-1239 Second Avenue | Manhattan | 1964 / 1987 | 18,426 | 100.0 | % | $ | 107.12 | CVS Pharmacy | ||||||||||
Clocktower Plaza | Queens | 1985 / 1995 | 78,820 | 100.0 | % | $ | 46.96 | Stop & Shop | ||||||||||
The Gallery at Westbury Plaza | Westbury | 2013 | 312,380 | 99.5 | % | $ | 45.96 | Trader Joe's | The Container Store / Famous Footwear / HomeGoods / Nordstrom Rack / Bloomingdale's / Gap Outlet / Saks Fifth Avenue / S.A. Elite / Old Navy | |||||||||
Westbury Plaza | Westbury | 1993 / 2004 | 394,451 | 100.0 | % | $ | 23.16 | Olive Garden / Costco / Marshalls / Sports Authority/ Walmart/ Thomasville Furniture | ||||||||||
TOTAL SHOPPING CENTERS NEW YORK (6) | 889,242 | 99.8 | % | $ | 37.85 | |||||||||||||
CONNECTICUT | ||||||||||||||||||
91 Danbury Road (1) | Ridgefield | 1965 | 4,612 | 100.0 | % | $ | 24.62 | |||||||||||
Brookside Plaza | Enfield | 1985 / 2006 | 216,480 | 98.9 | % | $ | 14.43 | Wakefern Food | Bed Bath & Beyond / Walgreens / Staples / PetSmart | |||||||||
Compo Acres | Westport | 1960 / 2011 | 42,754 | 93.2 | % | $ | 49.69 | Trader Joe’s | ||||||||||
Copps Hill | Ridgefield | 1979 / 2002 | 184,528 | 100.0 | % | $ | 13.89 | Stop & Shop | Kohl's / Rite Aid | |||||||||
Darinor Plaza | Norwalk | 1978 | 153,135 | 100.0 | % | $ | 18.08 | Kohl's / Old Navy / Party City | ||||||||||
Danbury Green | Danbury | 1985 / 2006 | 124,095 | 100.0 | % | $ | 22.53 | Trader Joe’s | Rite Aid / Annie Sez / Staples / DSW / Danbury Hilton Garden Inn | |||||||||
Post Road Plaza | Darien | 1978 | 19,704 | 100.0 | % | $ | 51.36 | Trader Joe's | ||||||||||
Southbury Green | Southbury | 1979 / 2002 | 156,128 | 94.7 | % | $ | 21.99 | ShopRite | Staples | |||||||||
The Village Center | Westport | 1969-1973 / 2009-2010 | 89,497 | 83.9 | % | $ | 37.37 | The Fresh Market | ||||||||||
TOTAL SHOPPING CENTERS CONNECTICUT (9) | 990,933 | 97.2 | % | $ | 21.16 |
Property | City | Year Built / Renovated | Total Sq. Ft. Owned | Percent Leased | Average Base Rent per Leased SF | Grocer Anchor | Other Anchor Tenants | |||||||||||
GEORGIA | ||||||||||||||||||
BridgeMill | Canton | 2000 | 89,102 | 89.0 | % | $ | 16.61 | Publix | ||||||||||
Buckhead Station | Atlanta | 1996 | 233,511 | 92.2 | % | $ | 23.13 | Bed Bath & Beyond / TJ Maxx / Old Navy / Saks Off Fifth / DSW / Ulta Beauty / Nordstrom Rack | ||||||||||
Chastain Square | Atlanta | 1981 / 2001 | 91,637 | 98.7 | % | $ | 19.93 | Publix | ||||||||||
Hairston Center | Decatur | 2000 | 13,000 | 76.9 | % | $ | 12.29 | |||||||||||
Hampton Oaks | Fairburn | 2009 | 20,842 | 53.8 | % | $ | 11.44 | |||||||||||
McAlpin Square | Savannah | 1979 | 173,952 | 98.6 | % | $ | 9.05 | Kroger | Big Lots / Savannah-Skidaway / Goodwill | |||||||||
Piedmont Peachtree Crossing | Atlanta | 1978 / 1998 | 152,239 | 100.0 | % | $ | 20.41 | Kroger | Cost Plus World Market / Binders Art Supplies | |||||||||
Wesley Chapel | Decatur | 1989 | 164,153 | 90.4 | % | $ | 8.66 | Little Giant | Deal$ / Planet Fitness / Piedmont Tech | |||||||||
Williamsburg at Dunwoody | Dunwoody | 1983 | 44,928 | 92.6 | % | $ | 22.31 | |||||||||||
TOTAL SHOPPING CENTERS GEORGIA (9) | 983,364 | 93.5 | % | $ | 16.55 | |||||||||||||
MASSACHUSETTS | ||||||||||||||||||
Cambridge Star Market | Cambridge | 1953 / 1997 | 66,108 | 100.0 | % | $ | 30.25 | Star Market | ||||||||||
Plymouth Shaw’s Supermarket | Plymouth | 1993 | 59,726 | 100.0 | % | $ | 19.99 | Shaw's | ||||||||||
Quincy Star Market | Quincy | 1965 / 1995 | 100,741 | 100.0 | % | $ | 19.53 | Star Market | ||||||||||
Swampscott Whole Foods | Swampscott | 1967 / 2005 | 35,907 | 100.0 | % | $ | 24.95 | Whole Foods | ||||||||||
Star's at West Roxbury | West Roxbury | 1973 / 1995 / 2006 | 76,161 | 99.7 | % | $ | 29.02 | Star Market | ||||||||||
The Harvard Collection (1) | Cambridge | 1906 / 1908 / 1912 | 41,050 | 90.7 | % | $ | 56.45 | Urban Outfitters | ||||||||||
TOTAL SHOPPING CENTERS MASSACHUSETTS (6) | 379,693 | 98.9 | % | $ | 27.59 | |||||||||||||
LOUISIANA | ||||||||||||||||||
Ambassador Row | Lafayette | 1980 / 1991 | 194,678 | 93.5 | % | $ | 11.27 | Big Lots / Chuck E Cheese / Planet Fitness / Jo-Ann Fabric and Craft Stores / Northern Tool + Equipment | ||||||||||
Ambassador Row Courtyard | Lafayette | 1986 / 1991 / 2005 | 149,642 | 90.9 | % | $ | 10.59 | Bed Bath & Beyond / Marshall's / Hancock Fabrics / Tuesday Morning / Cost Plus World Market | ||||||||||
Bluebonnet Village | Baton Rouge | 1983 | 101,585 | 97.0 | % | $ | 12.66 | Matherne’s | Office Depot | |||||||||
Elmwood Oaks | Harahan | 1989 | 136,284 | 100.0 | % | $ | 10.10 | Academy Sports / Dollar Tree / Tuesday Morning | ||||||||||
Plaza Acadienne (4) | Eunice | 1980 | 59,419 | 97.5 | % | $ | 4.56 | Super 1 Store | Fred's Store | |||||||||
Sherwood South (4) | Baton Rouge | 1972 / 1988 / 1992 | 77,489 | 100.0 | % | $ | 6.60 | Burke's Outlet / Harbor Freight Tools / Fred's Store / Ideal Market / Dollar Tree | ||||||||||
Siegen Village | Baton Rouge | 1988 | 170,416 | 98.4 | % | $ | 10.67 | Office Depot / Big Lots / Dollar Tree / Planet Fitness / Party City | ||||||||||
TOTAL SHOPPING CENTERS LOUISIANA (7) | 889,513 | 96.2 | % | $ | 10.14 | |||||||||||||
MARYLAND | ||||||||||||||||||
Westwood Complex (2) | Bethesda | 1958-1960 / 1990 / 2001 | 214,030 | 91.7 | % | $ | 19.55 | Giant Foods | Bowlmor Lanes / CITGO | |||||||||
TOTAL SHOPPING CENTERS MARYLAND (1) | 214,030 | 91.7 | % | $ | 19.55 | |||||||||||||
NORTH CAROLINA | ||||||||||||||||||
Centre Pointe Plaza | Smithfield | 1989 | 159,259 | 99.1 | % | $ | 6.53 | Belk’s / Dollar Tree / Aaron Rents / Burke’s Outlet Stores | ||||||||||
Riverview Shopping Center | Durham | 1973 / 1995 | 128,498 | 87.6 | % | $ | 8.68 | Kroger | Upchurch Drugs / Riverview Galleries | |||||||||
Thomasville Commons | Thomasville | 1991 | 148,754 | 96.7 | % | $ | 5.60 | Ingles | Kmart | |||||||||
TOTAL SHOPPING CENTERS NORTH CAROLINA (3) | 436,511 | 94.9 | % | $ | 6.79 |
Property | City, State | Year Built / Renovated | Total Sq. Ft. Owned | Percent Leased | Average Base Rent per Leased SF | Grocer Anchor | Other Anchor Tenants | |||||||||||
TOTAL RETAIL PORTFOLIO EXCLUDING DEVELOPMENTS AND REDEVELOPMENTS (102) | 12,278,827 | 96.0 | % | $ | 18.78 | |||||||||||||
DEVELOPMENTS AND REDEVELOPMENTS (1) | ||||||||||||||||||
101 7th Avenue | Manhattan, NY | 1930 / 2015 | 56,870 | 100.0 | % | $ | 79.13 | Barneys New York | ||||||||||
Alafaya Commons | Orlando, FL | 1986 / 2015 | 130,811 | 88.7 | % | $ | 13.97 | Academy Sports / Youfit Health Clubs | ||||||||||
Boynton Plaza | Boynton Beach, FL | 1978 / 1999 / 2015 | 105,345 | 91.0 | % | $ | 18.09 | Publix | CVS Pharmacy | |||||||||
Broadway Plaza | Bronx, NY | 2014 | 148,704 | 75.6 | % | $ | 37.08 | Aldi | TJ Maxx / Sports Authority / Blink Fitness | |||||||||
Cashmere Corners | Port St. Lucie, FL | 2001 | 85,708 | 83.7 | % | $ | 11.68 | Walmart | ||||||||||
Countryside Shops | Cooper City, FL | 1986 / 1988 / 1991 | 200,392 | 98.3 | % | $ | 14.67 | Publix | Stein Mart | |||||||||
Kirkman Shoppes | Orlando, FL | 1973 / 2015 | 114,635 | 96.8 | % | $ | 21.98 | LA Fitness / Walgreens | ||||||||||
Lake Mary Centre | Lake Mary, FL | 1988 / 2001 / 2015 | 359,525 | 94.0 | % | $ | 14.71 | The Fresh Market | Ross Dress For Less / LA Fitness / Office Depot / Academy Sports | |||||||||
Medford | Medford, MA | 1995 | 62,656 | 3.7 | % | $ | 23.67 | |||||||||||
North Bay Village | Miami Beach, FL | 1970 / 2000 | — | — | % | $ | — | |||||||||||
Pablo Plaza | Jacksonville, FL | 1974 / 1998 / 2001 / 2008 | 148,673 | 84.5 | % | $ | 10.22 | Publix* (Office Depot) | Marshalls / HomeGoods /PetSmart | |||||||||
Serramonte Shopping Center | Daly City, CA | 1968 | 858,812 | 96.9 | % | $ | 27.55 | Macy's / JC Penney / Target / Daiso / Crunch Gym / H&M / Forever 21 / Uniqlo / Dick's Sporting Goods | ||||||||||
Serramonte Shopping Center - Expansion Project | Daly City, CA | 247,055 | 53.7 | % | $ | 28.54 | Buy Buy Baby / Cost Plus World Market / Dave & Busters / Daiso / Nordstrom Rack | |||||||||||
Willows Shopping Center | Concord, CA | 2015 | 252,817 | 91.7 | % | $ | 26.86 | Claim Jumper Restaurants / UFC Gym / REI / The Jungle Fun / Old Navy / Ulta Beauty / Pier 1 Imports / Cost Plus World Market | ||||||||||
TOTAL DEVELOPMENTS AND REDEVELOPMENTS (13) (1) | 2,772,003 | 87.4 | % | $ | 23.25 | (3) | ||||||||||||
TOTAL RETAIL PORTFOLIO INCLUDING DEVELOPMENTS AND REDEVELOPMENTS (115) | 15,050,830 | 94.4 | % | $ | 19.48 | (3) | ||||||||||||
NON-RETAIL PROPERTIES (1) | ||||||||||||||||||
200 Potrero | San Francisco, CA | 1928 | 30,500 | 55.1 | % | Golden Bear Sportswear | ||||||||||||
Banco Popular Office Building | Miami, FL | 1971 | 32,737 | 69.7 | % | |||||||||||||
Westport Office | Westport, CT | 1984 | 4,000 | 50.0 | % | |||||||||||||
Westwood - Manor Care | Bethesda, MD | 1976 | 41,123 | — | % | |||||||||||||
Westwood Towers | Bethesda, MD | 1968 / 1997 | 211,020 | 100.0 | % | Housing Opportunities | ||||||||||||
TOTAL NON-RETAIL PROPERTIES (5) (1) | 319,380 | 79.1 | % | |||||||||||||||
TOTAL EXCLUDING LAND (120) | 15,370,210 | 94.1 | % | |||||||||||||||
LAND (6) (1) | ||||||||||||||||||
TOTAL CONSOLIDATED - 126 Properties |
(1) | Not included in the same-property net operating income ("NOI") pool for the year ended December 31, 2015. The same-property NOI pool including redevelopments includes all our development and redevelopment properties with the exception of Broadway Plaza. |
(2) | Westwood Complex is comprised of five separate properties that are being added to the same-property NOI pool based on their respective acquisition dates. Westwood Shopping Center and Westwood Center II are not included in the same-property NOI pool for the year ended December 31, 2015. Bowlmor Lanes, 5471 Citgo, and 5335 Citgo are included in the same-property NOI pool for the year ended December 31, 2015. |
(3) | Average base rent ("ABR") per leased SF for total development and redevelopment properties and total retail portfolio including developments and redevelopments is adjusted for certain anchor tenants at Serramonte Shopping Center that pay percentage rent in lieu of minimum rent. |
(4) | Property sold in February 2016. |
Supermarket Anchor Tenants | Other Anchor Tenants | Non-anchor Tenants | Total | |||||||||||||
Leased GLA (sq. ft.) | 2,791,183 | 7,055,094 | 4,357,698 | 14,203,975 | ||||||||||||
Percentage of Total Leased GLA | 19.7 | % | 49.6 | % | 30.7 | % | 100.0 | % | ||||||||
ABR | $ | 37,947,078 | $ | 107,937,025 | $ | 125,755,460 | $ | 271,639,563 | ||||||||
Percentage of Total ABR | 14.0 | % | 39.7 | % | 46.3 | % | 100.0 | % |
Tenant | Number of Leases | GLA (square feet) | Percent of Total GLA | ABR | Percent of Total ABR | ABR per Square Foot | ||||||||||||||
Albertsons / Shaw's / Star Market / Safeway / Vons | 8 | 480,825 | 3.2 | % | $ | 9,603,995 | 3.5 | % | $ | 19.97 | ||||||||||
Publix | 25 | 1,062,166 | 7.1 | % | 8,724,035 | 3.2 | % | $ | 8.21 | |||||||||||
LA Fitness | 8 | 356,609 | 2.4 | % | 6,674,805 | 2.5 | % | $ | 18.72 | |||||||||||
Bed Bath & Beyond / Cost Plus World Market | 14 | 401,212 | 2.7 | % | 6,350,838 | 2.4 | % | $ | 15.83 | |||||||||||
TJ Maxx / HomeGoods / Marshalls | 12 | 342,339 | 2.3 | % | 5,738,958 | 2.1 | % | $ | 16.76 | |||||||||||
Stop & Shop | 2 | 121,683 | 0.8 | % | 4,676,055 | 1.7 | % | $ | 38.43 | |||||||||||
Barney's New York | 1 | 56,870 | 0.4 | % | 4,500,000 | 1.7 | % | $ | 79.13 | |||||||||||
CVS Pharmacy | 12 | 148,367 | 1.0 | % | 3,802,226 | 1.4 | % | $ | 25.63 | |||||||||||
The Gap / Old Navy | 7 | 115,187 | 0.8 | % | 3,779,157 | 1.4 | % | $ | 32.81 | |||||||||||
Sports Authority | 4 | 108,391 | 0.7 | % | 3,753,410 | 1.4 | % | $ | 34.63 | |||||||||||
Total Top Ten Tenants | 93 | 3,193,649 | 21.4 | % | $ | 57,603,479 | 21.3 | % | $ | 18.04 |
Year | Number of Leases | GLA (square feet) | Percent of Total GLA | ABR at Expiration | Percent of Aggregate ABR at Expiration | ABR per Square Foot at Expiration | ||||||||||||||
M-T-M | 115 | 274,376 | 2.2 | % | $ | 5,435,492 | 2.3 | % | $ | 19.81 | ||||||||||
2016 | 233 | 1,052,799 | 8.6 | % | 17,873,185 | 7.6 | % | $ | 16.98 | |||||||||||
2017 | 313 | 1,476,179 | 12.0 | % | 27,816,860 | 11.8 | % | $ | 18.84 | |||||||||||
2018 | 240 | 1,118,360 | 9.1 | % | 22,159,350 | 9.4 | % | $ | 19.81 | |||||||||||
2019 | 219 | 1,806,945 | 14.7 | % | 29,603,938 | 12.5 | % | $ | 16.38 | |||||||||||
2020 | 221 | 1,528,027 | 12.5 | % | 24,936,292 | 10.5 | % | $ | 16.32 | |||||||||||
2021 | 119 | 1,026,878 | 8.4 | % | 18,905,349 | 8.0 | % | $ | 18.41 | |||||||||||
2022 | 65 | 717,872 | 5.8 | % | 16,243,845 | 6.9 | % | $ | 22.63 | |||||||||||
2023 | 75 | 562,162 | 4.6 | % | 18,153,625 | 7.7 | % | $ | 32.29 | |||||||||||
2024 | 53 | 375,726 | 3.1 | % | 11,382,801 | 4.8 | % | $ | 30.30 | |||||||||||
Thereafter | 151 | 1,841,610 | 15.0 | % | 43,743,323 | 18.5 | % | $ | 23.75 | |||||||||||
Sub-total/Average | 1,804 | 11,780,934 | 96.0 | % | 236,254,060 | 100.0 | % | $ | 20.05 | |||||||||||
Vacant | 245 | 497,893 | 4.0 | % | NA | NA | NA | |||||||||||||
Total | 2,049 | 12,278,827 | 100.0 | % | $ | 236,254,060 | 100.0 | % | NA |
Year | Number of Leases | GLA (square feet) | Percent of Total GLA | ABR at Expiration | Percent of Aggregate ABR at Expiration | ABR per Square Foot at Expiration | ||||||||||||||
M-T-M | 4 | 88,958 | 1.1 | % | $ | 812,189 | 0.6 | % | $ | 9.13 | ||||||||||
2016 | 21 | 623,301 | 7.6 | % | 6,558,203 | 5.3 | % | $ | 10.52 | |||||||||||
2017 | 32 | 911,701 | 11.2 | % | 11,875,403 | 9.6 | % | $ | 13.03 | |||||||||||
2018 | 21 | 601,658 | 7.4 | % | 7,764,120 | 6.3 | % | $ | 12.90 | |||||||||||
2019 | 32 | 1,311,615 | 16.1 | % | 16,136,405 | 13.0 | % | $ | 12.30 | |||||||||||
2020 | 36 | 1,073,056 | 13.2 | % | 12,284,755 | 9.9 | % | $ | 11.45 | |||||||||||
2021 | 24 | 786,385 | 9.7 | % | 10,774,970 | 8.7 | % | $ | 13.70 | |||||||||||
2022 | 18 | 569,597 | 7.0 | % | 10,752,963 | 8.7 | % | $ | 18.88 | |||||||||||
2023 | 20 | 394,922 | 4.8 | % | 11,316,826 | 9.1 | % | $ | 28.66 | |||||||||||
2024 | 13 | 275,676 | 3.4 | % | 7,262,076 | 5.9 | % | $ | 26.34 | |||||||||||
Thereafter | 50 | 1,470,383 | 18.1 | % | 28,339,304 | 22.9 | % | $ | 19.27 | |||||||||||
Sub-total/Average | 271 | 8,107,252 | 99.6 | % | 123,877,214 | 100.0 | % | $ | 15.28 | |||||||||||
Vacant | 2 | 30,879 | 0.4 | % | NA | NA | NA | |||||||||||||
Total | 273 | 8,138,131 | 100.0 | % | $ | 123,877,214 | 100.0 | % | NA |
Year | Number of Leases | GLA (square feet) | Percent of Total GLA | ABR at Expiration | Percent of Aggregate ABR at Expiration | ABR per Square Foot at Expiration | ||||||||||||||
M-T-M | 111 | 185,418 | 4.5 | % | $ | 4,623,303 | 4.1 | % | $ | 24.93 | ||||||||||
2016 | 212 | 429,498 | 10.4 | % | 11,314,982 | 10.1 | % | $ | 26.34 | |||||||||||
2017 | 281 | 564,478 | 13.6 | % | 15,941,457 | 14.2 | % | $ | 28.24 | |||||||||||
2018 | 219 | 516,702 | 12.5 | % | 14,395,230 | 12.8 | % | $ | 27.86 | |||||||||||
2019 | 187 | 495,330 | 11.9 | % | 13,467,533 | 12.0 | % | $ | 27.19 | |||||||||||
2020 | 185 | 454,971 | 11.0 | % | 12,651,537 | 11.2 | % | $ | 27.81 | |||||||||||
2021 | 95 | 240,493 | 5.8 | % | 8,130,379 | 7.2 | % | $ | 33.81 | |||||||||||
2022 | 47 | 148,275 | 3.6 | % | 5,490,882 | 4.9 | % | $ | 37.03 | |||||||||||
2023 | 55 | 167,240 | 4.0 | % | 6,836,799 | 6.1 | % | $ | 40.88 | |||||||||||
2024 | 40 | 100,050 | 2.4 | % | 4,120,725 | 3.7 | % | $ | 41.19 | |||||||||||
Thereafter | 101 | 371,227 | 9.0 | % | 15,404,019 | 13.7 | % | $ | 41.49 | |||||||||||
Sub-total/Average | 1,533 | 3,673,682 | 88.7 | % | 112,376,846 | 100.0 | % | $ | 30.59 | |||||||||||
Vacant | 243 | 467,014 | 11.3 | % | NA | NA | NA | |||||||||||||
Total | 1,776 | 4,140,696 | 100.0 | % | $ | 112,376,846 | 100.0 | % | NA |
ITEM 3. | LEGAL PROCEEDINGS |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Price Per Share | |||||||||||
High | Low | Dividends Declared Per Share | |||||||||
2015: | |||||||||||
First Quarter | $ | 28.23 | $ | 25.40 | $ | 0.22 | |||||
Second Quarter | $ | 27.45 | $ | 23.23 | $ | 0.22 | |||||
Third Quarter | $ | 26.03 | $ | 22.52 | $ | 0.22 | |||||
Fourth Quarter | $ | 27.74 | $ | 24.07 | $ | 0.22 | |||||
2014: | |||||||||||
First Quarter | $ | 23.99 | $ | 21.03 | $ | 0.22 | |||||
Second Quarter | $ | 23.91 | $ | 21.88 | $ | 0.22 | |||||
Third Quarter | $ | 24.31 | $ | 21.32 | $ | 0.22 | |||||
Fourth Quarter | $ | 25.99 | $ | 21.56 | $ | 0.22 |
Period Ending | ||||||||||||||||||
Index | 12/31/10 | 12/31/11 | 12/31/12 | 12/31/13 | 12/31/14 | 12/31/15 | ||||||||||||
Equity One, Inc. | 100.00 | 98.28 | 126.98 | 141.07 | 165.64 | 183.70 | ||||||||||||
Russell 2000 | 100.00 | 95.82 | 111.49 | 154.78 | 162.35 | 155.18 | ||||||||||||
NAREIT All Equity REIT Index | 100.00 | 108.28 | 129.62 | 133.32 | 170.68 | 175.51 | ||||||||||||
S&P 500 | 100.00 | 102.11 | 118.45 | 156.82 | 178.28 | 180.75 |
Period | (a) Total Number of Shares of Common Stock Purchased | (b) Average Price Paid per Share of Common Stock | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plan or Program | |||||||
October 1, 2015 - October 31, 2015 | — | $ | — | N/A | N/A | ||||||
November 1, 2015 - November 30, 2015 | — | $ | — | N/A | N/A | ||||||
December 1, 2015 - December 31, 2015 | 868 | (1) | $ | 27.22 | N/A | N/A | |||||
868 | $ | 27.22 | N/A | N/A |
ITEM 6. | SELECTED FINANCIAL DATA |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(In thousands other than per share, percentage and ratio data) | |||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total revenue | $ | 360,153 | $ | 353,185 | $ | 332,511 | $ | 301,033 | $ | 256,243 | |||||||||
Property operating expenses | 51,373 | 49,332 | 50,292 | 43,996 | 40,967 | ||||||||||||||
Real estate tax expense | 42,167 | 40,161 | 39,355 | 35,975 | 30,232 | ||||||||||||||
Depreciation and amortization expense | 92,997 | 101,345 | 87,266 | 79,415 | 75,029 | ||||||||||||||
General and administrative expenses | 36,277 | 41,174 | 39,514 | 42,473 | 50,910 | ||||||||||||||
Total costs and expenses | 222,814 | 232,012 | 216,427 | 201,859 | 197,138 | ||||||||||||||
Interest expense | (55,322 | ) | (66,427 | ) | (70,566 | ) | (73,139 | ) | (68,755 | ) | |||||||||
Gain on bargain purchase | — | — | — | — | 30,561 | ||||||||||||||
Other income, net | 12,693 | 14,809 | 8,495 | 7,828 | 9,476 | ||||||||||||||
Gain on sale of operating properties | 3,952 | 14,029 | — | — | 5,542 | ||||||||||||||
(Loss) gain on extinguishment of debt | (7,298 | ) | (2,750 | ) | 107 | (29,146 | ) | (1,514 | ) | ||||||||||
Impairment loss | (16,753 | ) | (21,850 | ) | (5,641 | ) | (8,909 | ) | (16,984 | ) | |||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 856 | (850 | ) | 484 | 2,980 | 5,087 | |||||||||||||
Income (loss) from continuing operations | $ | 75,467 | $ | 58,134 | $ | 48,963 | $ | (1,212 | ) | $ | 22,518 | ||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 65,453 | $ | 48,897 | $ | 77,954 | $ | (3,477 | ) | $ | 33,621 | ||||||||
Basic earnings (loss) per share: | |||||||||||||||||||
Income (loss) from continuing operations | $ | 0.51 | $ | 0.37 | $ | 0.32 | $ | (0.11 | ) | $ | 0.11 | ||||||||
Net income (loss) | $ | 0.51 | $ | 0.39 | $ | 0.66 | $ | (0.04 | ) | $ | 0.29 | ||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||
Income (loss) from continuing operations | $ | 0.51 | $ | 0.37 | $ | 0.32 | $ | (0.11 | ) | $ | 0.11 | ||||||||
Net income (loss) | $ | 0.51 | $ | 0.39 | $ | 0.65 | $ | (0.04 | ) | $ | 0.29 | ||||||||
Balance Sheet Data: | |||||||||||||||||||
Income producing properties, net of accumulated depreciation | $ | 2,898,539 | $ | 2,746,548 | $ | 2,798,965 | $ | 2,639,909 | $ | 2,365,859 | |||||||||
Total assets | $ | 3,375,903 | $ | 3,256,779 | $ | 3,348,460 | $ | 3,495,265 | $ | 3,218,496 | |||||||||
Notes payable | $ | 1,371,430 | $ | 1,329,914 | $ | 1,502,291 | $ | 1,578,891 | $ | 1,263,488 | |||||||||
Total liabilities | $ | 1,605,752 | $ | 1,566,170 | $ | 1,744,545 | $ | 1,868,235 | $ | 1,570,490 | |||||||||
Redeemable noncontrolling interests | $ | — | $ | — | $ | 989 | $ | 22,551 | $ | 22,804 | |||||||||
Stockholders’ equity | $ | 1,564,006 | $ | 1,483,420 | $ | 1,395,183 | $ | 1,396,726 | $ | 1,417,316 | |||||||||
Other Data: | |||||||||||||||||||
Funds from operations available to diluted common shareholders (1) | $ | 170,838 | $ | 157,924 | $ | 150,911 | $ | 97,660 | $ | 146,768 | |||||||||
Cash flows from: | |||||||||||||||||||
Operating activities | $ | 164,765 | $ | 144,095 | $ | 132,742 | $ | 153,219 | $ | 102,626 | |||||||||
Investing activities | $ | (179,300 | ) | $ | 26,462 | $ | 123,047 | $ | (332,263 | ) | $ | (44,615 | ) | ||||||
Financing activities | $ | 8,419 | $ | (168,671 | ) | $ | (257,622 | ) | $ | 195,497 | $ | (108,793 | ) | ||||||
GLA (square feet) at end of period | 15,370 | 13,460 | 14,895 | 16,941 | 17,178 | ||||||||||||||
Consolidated retail occupancy excluding developments and redevelopments at end of period | 96.0 | % | 95.0 | % | 92.4 | % | 92.1 | % | 90.7 | % | |||||||||
Dividends declared per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | $ | 0.88 | $ | 0.88 |
Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 65,453 | $ | 48,897 | $ | 77,954 | $ | (3,477 | ) | $ | 33,621 | ||||||||
Adjustments: | |||||||||||||||||||
Rental property depreciation and amortization, net of noncontrolling interest (1) | 91,705 | 100,130 | 90,097 | 87,456 | 95,254 | ||||||||||||||
Pro-rata share of real estate depreciation and amortization from unconsolidated joint ventures | 3,947 | 4,186 | 4,283 | 3,932 | 3,095 | ||||||||||||||
(Gain) loss on disposal of depreciable assets, net of tax (1) (2) | (3,875 | ) | (16,898 | ) | (37,877 | ) | (15,407 | ) | 180 | ||||||||||
Pro-rata share of gain on disposal of depreciable assets from unconsolidated joint ventures, net of noncontrolling interest (3) (4) | (8,428 | ) | (8,007 | ) | — | — | (4,262 | ) | |||||||||||
Impairments of depreciable real estate, net of tax (1) | 12,041 | 19,620 | 6,538 | 25,156 | 9,360 | ||||||||||||||
Funds from operations | 160,843 | 147,928 | 140,995 | 97,660 | 137,248 | ||||||||||||||
Earnings attributed to noncontrolling interest (5) | 9,995 | 9,996 | 9,996 | — | 9,520 | ||||||||||||||
Funds from operations available to diluted common shareholders | $ | 170,838 | $ | 157,924 | $ | 150,991 | $ | 97,660 | $ | 146,768 | |||||||||
Funds from operations per diluted common share | $ | 1.22 | $ | 1.20 | $ | 1.17 | $ | 0.85 | $ | 1.21 | |||||||||
Weighted average diluted shares (in thousands) (6) | 139,518 | 131,083 | 129,129 | 114,549 | 121,474 |
(1) | Includes amounts classified as discontinued operations. |
(2) | Includes the recognition of deferred gains of $3.3 million associated with the 2008 sale of certain properties by us to GRI-EQY I, LLC (the "GRI JV") for the year ended December 31, 2015. |
(3) | Includes the remeasurement of the fair value of our equity interest in the GRI JV of $5.5 million for the year ended December 31, 2015. See Note 8 to the consolidated financial statements for further discussion. |
(4) | Includes the remeasurement of the fair value of our equity interest in Talega Village Center JV, LLC, the owner of Talega Village Center, of $2.2 million, net of the related noncontrolling interest, for the year ended December 31, 2014. See Note 8 to the consolidated financial statements for further discussion. |
(5) | Represents earnings attributed to convertible units held by LIH, which have been excluded for purposes of calculating earnings (loss) per diluted share. These amounts have been excluded from the computation of FFO for the year ended December 31, 2012 since their inclusion, and the corresponding inclusion of the unissued shares in the diluted shares, would be anti-dilutive. The computation of FFO for the years ended December 31, 2015, 2014, 2013 and 2011 includes earnings allocated to LIH and the respective weighted average share totals include the LIH shares outstanding as their inclusion is dilutive. |
(6) | Weighted average diluted shares used to calculate FFO per share for the years ended December 31, 2015, 2014, 2013 and 2011 are higher than the GAAP diluted weighted average shares as a result of the dilutive impact of the 11.4 million joint venture units held by LIH which are convertible into our common stock. These convertible units are not included in the diluted weighted average share count for GAAP purposes because their inclusion is anti-dilutive. In January 2016, LIH exercised its redemption right with respect to all of its outstanding Class A Shares in the CapCo joint venture, and we elected to satisfy the redemption through the issuance of approximately 11.4 million shares of our common stock to LIH. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. See Notes 15 and 26 to the consolidated financial statements for further discussion. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | the signing of 179 new leases totaling 872,077 square feet, including, on a same-space(1) basis, 122 new leases totaling 335,094 square feet at an average rental rate of $19.94 per square foot in 2015 (excluding $19.41 per square foot of tenant improvements and concessions) as compared to the prior in-place average rent of $18.48 per square foot, resulting in a 7.9% average rent spread; |
• | the renewal and extension of 249 leases totaling 1.9 million square feet, including, on a same-space basis, 237 leases totaling 1.9 million square feet at an average rental rate of $15.89 per square foot in 2015 (excluding $1.65 per square foot of tenant improvements and concessions) as compared to the prior in-place average rent of $14.51 per square foot, a 9.5% average rent spread; |
• | the increase in retail occupancy(2) excluding developments and redevelopments to 96.0% as of December 31, 2015 from 95.0% as of December 31, 2014; and |
• | the increase in occupancy on a same-property basis(3) to 96.0% as of December 31, 2015 from 95.3% as of December 31, 2014. |
• | the acquisition of a mixed-use asset with 25,917 square feet of retail space and 15,133 square feet of office space, located in Cambridge, Massachusetts for a purchase price of $85.0 million; |
• | the acquisition of three shopping centers, totaling 351,602 square feet located in Miami, Florida, from the GRI JV upon the redemption of our interest in the joint venture. Prior to the redemption, we made an additional cash investment in the GRI JV of $23.5 million. This transaction resulted in the recognition of a gain of $3.3 million from the deferred gains associated with the 2008 sale of certain properties by us to the joint venture and a $5.5 million gain due to the remeasurement of our existing equity investment to fair value. In connection with the transaction, we assumed a mortgage loan for Concord Shopping Plaza with a principal balance of $27.8 million, which bears interest at one-month LIBOR plus 1.35% per annum and has a stated maturity date of June 28, 2018; |
• | the acquisition of two shopping centers located in Miami, Florida and Ridgefield, Connecticut, representing an aggregate of 44,713 square feet of GLA, for an aggregate purchase price of $13.3 million; |
• | the acquisition of a 0.49 acre land parcel at North Bay Village in Miami Beach, Florida for $600,000 and a 0.18 acre outparcel adjacent to Pablo Plaza located in Jacksonville, Florida for $750,000; |
• | the sale of two non-core assets for aggregate gross proceeds of $12.8 million; and |
• | the sale of two properties held by a joint venture for aggregate gross proceeds of $51.4 million resulting in a total gain of $14.6 million, of which our proportionate share was $2.9 million. |
• | the issuance of 4.5 million shares of our common stock in an underwritten public offering and concurrent private placement that raised net proceeds before expenses of $121.3 million, a portion of which were used in April 2015 to fund the redemption of our $107.5 million 5.375% unsecured senior notes due October 2015; |
• | the redemption of our 5.375% unsecured senior notes, which had a principal balance of $107.5 million and were scheduled to mature in October 2015, resulting in a loss on the early extinguishment of debt of $2.7 million, which was comprised of a make-whole premium and deferred fees and costs associated with the notes; |
• | the redemption of our 6.00% unsecured senior notes, which had a principal balance of $105.2 million and were scheduled to mature in September 2016, resulting in a loss on the early extinguishment of debt of $4.8 million, which was comprised of a make-whole premium and deferred fees and costs associated with the notes; |
• | the issuance of common stock in connection with the exercise of 557,000 stock options which generated proceeds of $3.0 million; |
• | the acquisition of the remaining 2.0% minority interest in DIM for $1.2 million; |
• | the closing of a $50.0 million forward starting interest rate swap agreement to mitigate the risk of adverse fluctuations in interest rates with respect to fixed rate indebtedness expected to be issued in 2016; |
• | the closing of a $300.0 million unsecured delayed draw term loan facility, of which we borrowed $225.0 million as of December 31, 2015; and |
• | the prepayment without penalty, of two mortgage loans with an aggregate balance of $44.3 million and a weighted average interest rate of 5.61% per annum. |
• | historical and projected property performance, including current occupancy, capitalization rates and net operating income; |
• | competitors’ presence and their actions; |
• | property specific attributes such as location desirability, anchor tenants and demographics; |
• | current local market economic and demographic conditions; and |
• | future expected capital expenditures and the period of time before net operating income is stabilized. |
For the year ended December 31, | |||||||
2015 | 2014 | ||||||
(In thousands, except number of properties) | |||||||
Same-property NOI | $ | 184,863 | $ | 178,048 | |||
Redevelopment property NOI | 38,190 | 36,033 | |||||
Same-property NOI including redevelopments | 223,053 | 214,081 | |||||
Other non same-property NOI | 12,847 | 13,795 | |||||
Adjustments (1) | 822 | 789 | |||||
Total NOI | 236,722 | 228,665 | |||||
Add: | |||||||
Straight-line rent adjustment | 4,612 | 3,788 | |||||
Accretion of below-market lease intangibles, net | 12,759 | 18,646 | |||||
Management and leasing services income | 1,877 | 2,181 | |||||
Elimination of intercompany expenses | 11,244 | 11,013 | |||||
Investment income | 210 | 365 | |||||
Equity in income of unconsolidated joint ventures | 6,493 | 10,990 | |||||
Other income | 5,990 | 3,454 | |||||
Gain on sale of operating properties | 3,952 | 14,029 | |||||
Less: | |||||||
Amortization of below-market ground lease intangibles | 601 | 601 | |||||
Depreciation and amortization expense | 92,997 | 101,345 | |||||
General and administrative expense | 36,277 | 41,174 | |||||
Interest expense | 55,322 | 66,427 | |||||
Loss on extinguishment of debt | 7,298 | 2,750 | |||||
Impairment loss | 16,753 | 21,850 | |||||
Income from continuing operations before tax and discontinued operations | $ | 74,611 | $ | 58,984 | |||
Growth in same-property NOI | 3.8 | % | |||||
Number of properties (2) | 93 | ||||||
Growth in same-property NOI including redevelopments | 4.2 | % | |||||
Number of properties (3) | 106 |
For the year ended December 31, | ||||||||||
2015 | 2014 | % Change | ||||||||
(In thousands) | ||||||||||
Total revenue | $ | 360,153 | $ | 353,185 | 2.0 | % | ||||
Property operating expenses | 51,373 | 49,332 | 4.1 | % | ||||||
Real estate tax expense | 42,167 | 40,161 | 5.0 | % | ||||||
Depreciation and amortization expense | 92,997 | 101,345 | (8.2 | )% | ||||||
General and administrative expenses | 36,277 | 41,174 | (11.9 | )% | ||||||
Equity in income of unconsolidated joint ventures | 6,493 | 10,990 | (40.9 | )% | ||||||
Other income | 5,990 | 3,454 | 73.4 | % | ||||||
Interest expense | 55,322 | 66,427 | (16.7 | )% | ||||||
Gain on sale of operating properties | 3,952 | 14,029 | (71.8 | )% | ||||||
Loss on extinguishment of debt | 7,298 | 2,750 | NM* | |||||||
Impairment loss | 16,753 | 21,850 | (23.3 | )% | ||||||
Income from discontinued operations | — | 2,957 | NM* | |||||||
Net income | 75,467 | 61,091 | 23.5 | % | ||||||
Net income attributable to Equity One, Inc. | 65,453 | 48,897 | 33.9 | % |
• | an increase of approximately $9.3 million in same-property revenue due primarily to higher rents from new rent commencements and renewals and contractual rent increases; |
• | an increase of approximately $7.7 million related to higher rents from development and redevelopment projects, including approximately $1.9 million associated with lease termination fees received during 2015; and |
• | an increase of approximately $5.2 million associated with properties acquired in 2015 and 2014; partially offset by |
• | a decrease of approximately $10.3 million associated with properties sold in 2015 and 2014; |
• | a decrease of approximately $4.4 million related to the recognition in 2014 of a net termination benefit at our property located at 101 7th Avenue in New York from the acceleration of the accretion of a below-market lease liability upon the tenant vacating the space and rejecting the lease in connection with a bankruptcy filing; and |
• | a decrease in management and leasing services income of approximately $600,000 associated with the unwinding of the GRI JV. |
• | a net increase of approximately $3.5 million in same-property expenses primarily due to lease termination costs of $1.0 million and higher bad debt expense of $2.2 million in part due to the reversal of $1.1 million in our allowance for doubtful accounts in 2014 for certain historical real estate tax billings for which a settlement was reached with the tenants; |
• | an increase of approximately $800,000 in operating expenses for development and redevelopment properties; and |
• | an increase of approximately $700,000 associated with properties acquired in 2015 and 2014; partially offset by |
• | a decrease of approximately $2.8 million associated with properties sold in 2015 and 2014. |
• | a net increase of approximately $2.0 million in real estate tax expense across our portfolio of properties; and |
• | an increase of approximately $700,000 associated with properties acquired in 2015 and 2014; partially offset by |
• | a decrease of approximately $800,000 associated with properties sold in 2015 and 2014. |
• | a decrease of approximately $11.0 million related to accelerated depreciation of assets razed as part of redevelopment projects in 2014; |
• | a decrease of approximately $3.1 million due to assets becoming fully depreciated and amortized during 2015 and 2014; and |
• | a decrease of approximately $2.1 million associated with properties sold in 2015 and 2014; partially offset by |
• | an increase of approximately $5.7 million related to new depreciable assets added during 2015 and 2014 associated with completed redevelopment and development projects; and |
• | an increase of approximately $2.1 million related to depreciation on properties acquired in 2015. |
• | a decrease of approximately $4.8 million in employment costs primarily due to lower payroll expenses, bonus payments and other costs associated with our 2014 reorganization and higher capitalized payroll expense; and |
• | a decrease of approximately $1.1 million in Board of Directors fees primarily as a result of stock-based compensation recognized in 2014 for stock awards granted to our Chairman, and the acceleration of stock awards with respect to a separation agreement with one of our directors; partially offset by |
• | an increase of approximately $800,000 in public company expenses. |
• | a decrease of approximately $5.1 million associated with lower mortgage interest primarily due to the repayment of mortgages during 2015 and 2014; |
• | a decrease of approximately $4.8 million due to the redemption in 2015 of our 5.375% and 6.00% unsecured senior notes which had principal balances of $107.5 million and $105.2 million, respectively; and |
• | a decrease of approximately $1.0 million due to lower interest expense associated with our term loans. |
For the year ended December 31, | ||||||||||
2014 | 2013 | % Change | ||||||||
(In thousands) | ||||||||||
Total revenue | $ | 353,185 | $ | 332,511 | 6.2 | % | ||||
Property operating expenses | 49,332 | 50,292 | (1.9 | )% | ||||||
Real estate tax expense | 40,161 | 39,355 | 2.0 | % | ||||||
Depreciation and amortization expense | 101,345 | 87,266 | 16.1 | % | ||||||
General and administrative expenses | 41,174 | 39,514 | 4.2 | % | ||||||
Investment income | 365 | 6,631 | (94.5 | )% | ||||||
Equity in income of unconsolidated joint ventures | 10,990 | 1,648 | NM* | |||||||
Other income | 3,454 | 216 | NM* | |||||||
Interest expense | 66,427 | 70,566 | (5.9 | )% | ||||||
Gain on sale of operating properties | 14,029 | — | NM* | |||||||
(Loss) gain on extinguishment of debt | (2,750 | ) | 107 | NM* | ||||||
Impairment loss | 21,850 | 5,641 | NM* | |||||||
Income from discontinued operations | 2,957 | 39,694 | (92.6 | )% | ||||||
Net income | 61,091 | 88,657 | (31.1 | )% | ||||||
Net income attributable to Equity One, Inc. | 48,897 | 77,954 | (37.3 | )% |
• | an increase of approximately $15.9 million associated with properties acquired in 2014 and 2013; |
• | an increase of approximately $6.9 million in same-property revenue due primarily to higher rent from new rent commencements and renewals; |
• | an increase of approximately $4.4 million related to the recognition of a net termination benefit at our property located at 101 7th Avenue in New York from the acceleration of the accretion of a below-market lease liability upon the tenant vacating the space and rejecting the lease in connection with a bankruptcy filing; and |
• | an increase of approximately $1.9 million related to development and redevelopment projects; partially offset by |
• | a net decrease of approximately $2.0 million in same-property expenses primarily attributable to lower bad debt expense of $3.7 million including the reversal of $1.1 million in our allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants, partially offset by higher property operating expenses in 2014 including higher real estate taxes, insurance and snow removal costs; and |
• | a decrease of approximately $1.4 million associated with properties sold in 2014; partially offset by |
• | an increase of approximately $2.4 million associated with properties acquired in 2014 and 2013. |
• | an increase of approximately $1.6 million associated with properties acquired in 2014; and |
• | a net increase of approximately $400,000 in real estate tax expense across our portfolio of properties; partially offset by |
• | a decrease of approximately $1.2 million associated with properties sold in 2014 and 2013. |
• | an increase of approximately $11.8 million related to accelerated depreciation of assets razed as part of redevelopment projects and new depreciable assets added during 2014 and 2013; and |
• | an increase of approximately $6.4 million related to depreciation on properties acquired in 2014 and 2013; partially offset by |
• | a decrease of approximately $2.6 million due to assets becoming fully depreciated and amortized during 2014 and 2013; and |
• | a net increase of approximately $1.2 million in employment costs primarily due to bonus payments, share-based compensation expense and severance costs associated with our reorganization; |
• | an increase of approximately $1.1 million in Board of Director fees primarily due to a stock award granted to our Chairman; and |
• | an increase in professional service fees of approximately $290,000, primarily related to legal fees; partially offset by |
• | a decrease in transaction-related costs in connection with completed or pending property acquisitions of $1.1 million. |
• | a decrease of approximately $3.1 million associated with lower mortgage interest primarily due to the repayment of mortgages during 2014 and 2013; |
• | a decrease of approximately $2.1 million due to higher capitalized interest as a result of the commencement of a major development project; and |
• | a decrease of approximately $540,000 associated with lower interest expense and facility fees associated with the unsecured revolving credit facilities; partially offset by |
• | an increase of approximately $1.5 million primarily associated with mortgage assumptions in 2014 and 2013 related to acquisitions. |
• | a decrease of $36.4 million related to net gains from the disposition of operating properties; and |
• | a decrease of $6.0 million in operating income from sold properties; partially offset by |
• | a decrease in impairment losses on sold properties of $5.0 million. |
• | We acquired a mixed-use asset with 25,917 square feet of retail space and 15,133 square feet of office space, located in Cambridge, Massachusetts for a purchase price of $85.0 million; |
• | We acquired three shopping centers, totaling 351,602 square feet located in Miami, Florida, from the GRI JV upon the redemption of our interest in the joint venture. Prior to the redemption, we made an additional cash investment in the GRI JV of $23.5 million. In connection with the transaction, we assumed a mortgage loan for Concord Shopping Plaza with a principal balance of $27.8 million, which bears interest at one-month LIBOR plus 1.35% per annum and has a stated maturity date of June 28, 2018; |
• | We issued 4.5 million shares of our common stock in an underwritten public offering and concurrent private placement that raised net proceeds before expenses of $121.3 million; |
• | We redeemed our 6.00% unsecured senior notes, which had a principal balance of $105.2 million and were scheduled to mature in September 2016; |
• | We redeemed our 5.375% unsecured senior notes, which had a principal balance of $107.5 million and were scheduled to mature in October 2015; |
• | We closed on a $50.0 million forward starting interest rate swap agreement to mitigate the risk of adverse fluctuations in interest rates with respect to fixed rate indebtedness expected to be issued in 2016. In February 2016, we terminated and settled our $50.0 million forward starting interest rate swap, resulting in a cash payment of $3.1 million to the counterparty. The settlement value of the swap will amortize through interest expense over the life of the expected debt issuance; |
• | We borrowed $225.0 million under our new $300.0 million unsecured delayed draw term loan facility; |
• | We acquired the remaining 2.0% minority interest in DIM for $1.2 million; |
• | We acquired two shopping centers located in Miami, Florida and Ridgefield, Connecticut, representing an aggregate of 44,713 square feet of GLA, for an aggregate purchase price of $13.3 million; |
• | We acquired a 0.49 acre land parcel at North Bay Village in Miami Beach, Florida for $600,000 and a 0.18 acre outparcel adjacent to Pablo Plaza located in Jacksonville, Florida for $750,000; |
• | We sold two non-core assets for aggregate gross proceeds of $12.8 million; |
• | Our joint venture sold two properties for aggregate gross proceeds of $51.4 million; |
• | We received proceeds of $3.0 million from the issuance of common stock in connection with the exercise of stock options by employees; |
• | We borrowed $59.0 million under our $600.0 million line of credit; |
• | We invested $91.4 million in capital expenditures to improve our properties; and |
• | We prepaid, without penalty, two mortgage loans with an aggregate balance of $44.3 million and a weighted average interest rate of 5.61% per annum. |
For the year ended December 31, | |||||||||||
2015 | 2014 | Increase (Decrease) | |||||||||
(In thousands) | |||||||||||
Net cash provided by operating activities | $ | 164,765 | $ | 144,095 | $ | 20,670 | |||||
Net cash (used in) provided by investing activities | $ | (179,300 | ) | $ | 26,462 | $ | (205,762 | ) | |||
Net cash provided by (used in) financing activities | $ | 8,419 | $ | (168,671 | ) | $ | 177,090 |
For the year ended December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Capital expenditures: | |||||||
Tenant improvements and allowances | $ | 29,565 | $ | 20,297 | |||
Leasing commissions and costs | 7,548 | 8,095 | |||||
Developments | 13,643 | 32,795 | |||||
Redevelopments and expansions | 27,823 | 41,836 | |||||
Maintenance capital expenditures | 15,484 | 10,959 | |||||
Total capital expenditures | 94,063 | 113,982 | |||||
Net change in accrued capital spending | (2,633 | ) | (10,071 | ) | |||
Capital expenditures per consolidated statements of cash flows | $ | 91,430 | $ | 103,911 |
Payments due by period | |||||||||||||||||||||||||||
Contractual Obligations | Total | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Mortgage notes payable: | |||||||||||||||||||||||||||
Scheduled amortization | $ | 59,614 | $ | 6,608 | $ | 6,567 | $ | 6,766 | $ | 5,541 | $ | 5,470 | $ | 28,662 | |||||||||||||
Balloon payments | 222,415 | 43,799 | 64,000 | 82,504 | 18,330 | — | 13,782 | ||||||||||||||||||||
Total mortgage obligations | 282,029 | 50,407 | 70,567 | 89,270 | 23,871 | 5,470 | 42,444 | ||||||||||||||||||||
Unsecured revolving credit facilities | 96,000 | — | — | 96,000 | — | — | — | ||||||||||||||||||||
Unsecured senior notes | 518,401 | — | 218,401 | — | — | — | 300,000 | ||||||||||||||||||||
Term loans | 475,000 | — | — | — | 250,000 | 225,000 | — | ||||||||||||||||||||
Total unsecured obligations | 1,089,401 | — | 218,401 | 96,000 | 250,000 | 225,000 | 300,000 | ||||||||||||||||||||
Operating leases | 42,522 | 1,685 | 1,407 | 1,415 | 1,433 | 1,435 | 35,147 | ||||||||||||||||||||
Total contractual obligations (1) (2) | $ | 1,413,952 | $ | 52,092 | $ | 290,375 | $ | 186,685 | $ | 275,304 | $ | 231,905 | $ | 377,591 |
Payments due by period | |||||||||||||||||||||||||||
Interest Obligations | Total | 2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Mortgage notes | $ | 45,514 | $ | 14,460 | $ | 10,493 | $ | 7,803 | $ | 3,669 | $ | 2,759 | $ | 6,330 | |||||||||||||
Unsecured senior notes | 102,297 | 24,608 | 21,439 | 11,250 | 11,250 | 11,250 | 22,500 | ||||||||||||||||||||
Term loans | 36,608 | 9,718 | 9,700 | 9,700 | 4,409 | 3,081 | — | ||||||||||||||||||||
Total interest obligations | $ | 184,419 | $ | 48,786 | $ | 41,632 | $ | 28,753 | $ | 19,328 | $ | 17,090 | $ | 28,830 |
Property | Balance at December 31, 2015 | Rate | Maturity date | Balance Due at Maturity | |||||||||
(In thousands) | (In thousands) | ||||||||||||
Mortgage notes payable | |||||||||||||
1225-1239 Second Avenue | $ | 16,020 | 6.325 | % | 06/01/16 | $ | 15,903 | ||||||
Glengary Shoppes | 15,217 | 5.750 | % | 06/11/16 | 15,059 | ||||||||
Magnolia Shoppes | 13,010 | 6.160 | % | 07/11/16 | 12,837 | ||||||||
Culver Center | 64,000 | 5.580 | % | 05/06/17 | 64,000 | ||||||||
Concord Shopping Plaza (1) | 27,750 | 1-month LIBOR + 1.35% | 06/28/18 | 27,750 | |||||||||
Sheridan Plaza | 58,330 | 6.250 | % | 10/10/18 | 54,754 | ||||||||
1175 Third Avenue | 6,241 | 7.000 | % | 05/01/19 | 5,157 | ||||||||
The Village Center | 14,825 | 6.250 | % | 06/01/19 | 13,173 | ||||||||
BridgeMill | 6,462 | 7.940 | % | 05/05/21 | 3,761 | ||||||||
Talega Village Center (2) | 10,793 | 5.010 | % | 10/01/21 | 8,800 | ||||||||
Westport Plaza | 3,340 | 7.490 | % | 08/01/23 | 1,221 | ||||||||
Aventura Square / Oakbrook Square / Treasure Coast Plaza | 20,756 | 6.500 | % | 02/28/24 | — | ||||||||
Von's Circle Center | 9,366 | 5.200 | % | 10/10/28 | — | ||||||||
Copps Hill | 15,919 | 6.060 | % | 01/01/29 | — | ||||||||
Total mortgage notes payable (14 loans outstanding) | $ | 282,029 | 5.61 | % | (3) | 3.64 | years | $ | 222,415 |
Unsecured senior notes payable | Balance at December 31, 2015 | Rate | Maturity Date | Balance Due at Maturity | |||||||||
(In thousands) | (In thousands) | ||||||||||||
6.25% senior notes | $ | 101,403 | 6.250 | % | 01/15/17 | $ | 101,403 | ||||||
6.00% senior notes | 116,998 | 6.000 | % | 09/15/17 | 116,998 | ||||||||
3.75% senior notes | 300,000 | 3.750 | % | 11/15/22 | 300,000 | ||||||||
Total unsecured senior notes payable | $ | 518,401 | 4.75 | % | (1) | 4.57 | years | $ | 518,401 |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Plan category | (A) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (B) Weighted average exercise price of outstanding options, warrants and rights | (C) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (A)) (1) | |||||||
Equity compensation plans approved by security holders | 651,500 | $ | 20.72 | 7,095,290 |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
(a) | The following consolidated financial information is included as a separate section of this Form 10-K: |
1. | Financial Statements: | Page |
2. | Financial statement schedules required to be filed | |
Schedules I and V are not required to be filed. |
(b) | Exhibits: The following exhibits are filed as part of, or incorporated by reference into, this annual report. |
EXHIBIT NO. | DESCRIPTION | |
3.1 | Composite Charter of the Company (Exhibit 3.1) | |
3.2 | Amended and Restated Bylaws of the Company (Exhibit 3.2) (2) | |
4.1 | Indenture, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.2) (4) | |
4.2 | Supplemental Indenture No. 1, dated September 9, 1998, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.3) (4) | |
4.3 | Supplemental Indenture No. 2, dated November 1, 1999, between the Company, as successor-by-merger to IRT Property Company, and SunTrust Bank, as Trustee (Exhibit 4.5) (5) | |
4.4 | Supplemental Indenture No. 3, dated February 12, 2003, between the Company and SunTrust Bank, as Trustee (Exhibit 4.2) (6) | |
4.5 | Supplemental Indenture No. 5, dated April 23, 2004, between the Company and SunTrust Bank, as Trustee (Exhibit 4.1) (7) | |
EXHIBIT NO. | DESCRIPTION | |
4.6 | Supplemental Indenture No. 6, dated May 20, 2005, between the Company and SunTrust Bank, as Trustee (Exhibit 4.2) (8) | |
4.7 | Supplemental Indenture No. 8, dated December 30, 2005, between the Company and SunTrust Bank, as Trustee (Exhibit 4.17) (10) | |
4.8 | Supplemental Indenture No. 11, dated April 18, 2007, between the Company and U.S. Bank National Association, as Trustee (Exhibit 4.1) (17) | |
4.9 | Supplemental Indenture No. 13, dated as of October 25, 2012, between the Company and U.S. Bank National Association, as Trustee (Exhibit 4.1) (9) | |
10.1 | Form of Indemnification Agreement (Exhibit 10.1) (26) | |
10.2 | Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.1) (21)* | |
10.3 | Form of Stock Option Agreement for stock options awarded under the Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.3) (12)* | |
10.4 | Form of Restricted Stock Agreement for restricted stock awarded under the Amended and Restated 2000 Executive Incentive Plan (Exhibit 10.4) (12)* | |
10.5 | First Amendment to 2000 Executive Incentive Compensation Plan (Exhibit 99.1) (13)* | |
10.6 | 2004 Employee Stock Purchase Plan (Annex B) (11)* | |
10.7 | Registration Rights Agreement, dated as of January 1, 1996 by and among the Company, Chaim Katzman, Gazit Holdings, Inc., Dan Overseas Ltd., Globe Reit Investments, Ltd., Eli Makavy, Doron Valero and David Wulkan, as amended. (Exhibit 10.6, Amendment No. 3) (14) | |
10.8 | Stock Exchange Agreement dated May 18, 2001 among the Company, First Capital Realty Inc. and First Capital America Holding Corp. (Appendix A) (15) | |
10.9 | Registration Rights Agreement, dated October 28, 2002, between the Company and certain Purchasers (Exhibit 99.3) (18) | |
10.10 | Fourth Amended and Restated Credit Agreement, dated as of December 10, 2014, by and among the Company, each of the financial institutions initially a signatory thereto, Wells Fargo Bank, National Association, as Administrative Agent, PNC Bank, National Association, as Syndication Agent, Wells Fargo Securities, LLC and PNC Capital Markets LLC, as Joint Lead Arrangers and Joint Book Runners, and SunTrust Bank, Branch Banking and Trust Company, TD Bank, N.A., Citizens Bank, National Association and U.S. Bank National Association as Co-Documentation Agents (Exhibit 10.1) (19) | |
10.11 | Equity One, Inc. Non-Qualified Deferred Compensation Plan. (Exhibit 10.1) (20)* | |
10.12 | Registration Rights Agreement made as of September 23, 2008 by and among the Company and MGN America LLC (Exhibit 10.2) (23) | |
EXHIBIT NO. | DESCRIPTION | |
10.13 | Common Stock Purchase Agreement made as of September 23, 2008 by and between the Company and MGN America, LLC (Exhibit 10.1) (23) | |
10.14 | Common Stock Purchase Agreement, dated as of April 8, 2009, between the Company and MGN America, LLC (Exhibit 10.1) (24) | |
10.15 | Registration Rights Agreement, dated as of April 8, 2009, between the Company and MGN America, LLC (Exhibit 10.2) (24) | |
10.16 | Common Stock Purchase Agreement, dated as of March 9, 2010, between the Company and MGN America, LLC (Exhibit 10.1) (27) | |
10.17 | Common Stock Purchase Agreement, dated as of March 9, 2010, between the Company and Silver Maple (2001), Inc. (Exhibit 10.2) (27) | |
10.18 | Registration Rights Agreement, dated as of March 9, 2010, by and among the Company, MGN America, LLC and Silver Maple (2001), Inc. (Exhibit 10.3) (27) | |
10.19 | Chairman Compensation Agreement, dated as of June 2, 2014 and, except as otherwise specifically provided therein, effective as of January 1, 2015, by and between the Company and Chaim Katzman (Exhibit 10.2) (28)* | |
10.20 | Employment Agreement, dated April 2, 2014 and effective May 12, 2014, by and between the Company and David Lukes (Exhibit 10.1) (29)* | |
10.21 | Employment Agreement, dated June 25, 2014 and effective January 1, 2015, by and between the Company and Thomas Caputo (Exhibit 10.2) (30)* | |
10.22 | Common Stock Purchase Agreement, dated as of December 8, 2010, between the Company and MGN America, LLC (Exhibit 10.1) (22) | |
10.23 | Registration Rights Agreement, dated as of December 8, 2010, by and among the Company and MGN America, LLC (Exhibit 10.2) (22) | |
10.24 | Employment Agreement, dated as of June 25, 2014 and effective July 15, 2014, by and between the Company and Michael Makinen (Exhibit 10.1) (30)* | |
10.25 | Employment Agreement, dated as of January 28, 2011 and effective as of February 1, 2011, by and between the Company and Mark Langer (Exhibit 10.3) (16)* | |
10.26 | Amendment to Employment Agreement, dated April 4, 2014, by and between the Company and Mark Langer (Exhibit 10.2) (29)* | |
10.27 | Common Stock Purchase Agreement, dated as of May 18, 2011, between the Company and MGN (USA), Inc. (Exhibit 10.1) (25) |
EXHIBIT NO. | DESCRIPTION | |
10.28 | Registration Rights Agreement, dated as of May 18, 2011, by and among the Company and MGN (USA), Inc. (Exhibit 10.2) (25) | |
10.29 | Amended and Restated Loan Agreement, dated as of December 10, 2014, by and among the Company, each of the financial institutions party thereto as lenders, PNC Bank, National Association, as administrative agent, SunTrust Bank, as syndication agent, and PNC Capital Markets LLC and SunTrust Robinson Humphrey, Inc., as joint lead arrangers and joint book runners (Exhibit 10.2) (19) | |
10.30 | Employment Agreement, dated as of January 26, 2015, by and between the Company and Matthew Ostrower (Exhibit 10.1) (31)* | |
10.31 | Second Amendment to Employment Agreement, dated March 10, 2015, by and between the Company and Mark Langer (Exhibit 10.1) (32)* | |
10.32 | Common Stock Purchase Agreement, dated as of November 10, 2015, between the Company and MGN America, LLC (Exhibit 10.1) (33) | |
10.33 | Registration Rights Agreement, dated as of November 10, 2015, between the Company and MGN America, LLC (Exhibit 10.2) (33) | |
10.34 | Loan Agreement, dated as of December 2, 2015, by and among the Company, each of the financial institutions party thereto as lenders, PNC Bank, National Association, as Administrative Agent, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and PNC Capital Markets, LLC, U.S. Bank National Association and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Joint Book Runners, and TD Bank, N.A., as Documentation Agent (Exhibit 10.1) (34) | |
10.35 | Amendment to Chairman Compensation Agreement dated as of February 17, 2016 by and between the Company and Chaim Katzman (Exhibit 10.1) | |
12.1 | Ratios of Earnings to Fixed Charges | |
21.1 | List of Subsidiaries of the Registrant | |
23.1 | Consent of Ernst & Young LLP | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.LAB | XBRL Extension Labels Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
* | Identifies employee agreements, management contracts, compensatory plans or other arrangements. |
(1) | Reserved. |
(2) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 17, 2014, and incorporated by reference herein. |
(3) | Reserved. |
(4) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on September 15, 1998, and incorporated by reference herein. |
(5) | Previously filed by IRT Property Company as an exhibit to IRT’s Current Report on Form 8-K filed on November 12, 1999, and incorporated by reference herein. |
(6) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 20, 2003, and incorporated by reference herein. |
(7) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on May 10, 2004, and incorporated by reference herein. |
(8) | Previously filed as an exhibit to our Quarterly Report on Form 10-Q filed on August 5, 2005, and incorporated by reference herein. |
(9) | Previously filed as an exhibit to our Current Report on Form 8-K filed on October 25, 2012, and incorporated by reference herein. |
(10) | Previously filed as an exhibit to our Annual Report on Form 10-K filed on March 3, 2006, and incorporated by reference herein. |
(11) | Previously filed with our definitive Proxy Statement for the Annual Meeting of Stockholders held on May 9, 2014, and incorporated by reference herein. |
(12) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 18, 2005, and incorporated by reference herein. |
(13) | Previously filed as an exhibit to our Current Report on Form 8-K filed on May 12, 2014, and incorporated by reference herein. |
(14) | Previously filed with our Registration Statement on Form S-11, as amended (Registration No. 333-3397), and incorporated by reference herein. |
(15) | Previously filed with our definitive Proxy Statement for the Special Meeting of Stockholders held on September 6, 2001, and incorporated by reference herein. |
(16) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 3, 2011, and incorporated by reference herein. |
(17) | Previously filed as an exhibit to our Current Report on Form 8-K filed on April 20, 2007, and incorporated by reference herein. |
(18) | Previously filed as an exhibit to our Current Report on Form 8-K filed on October 30, 2002, and incorporated by reference herein. |
(19) | Previously filed as an exhibit to our Current Report on Form 8-K filed on December 11, 2014, and incorporated by reference herein. |
(20) | Previously filed as an exhibit to our Current Report on Form 8-K filed on July 7, 2005, and incorporated by reference herein. |
(21) | Previously filed as an exhibit to our Current Report on Form 8-K filed on May 4, 2011, and incorporated by reference herein. |
(22) | Previously filed as an exhibit to our Current Report on Form 8-K filed on December 14, 2010, and incorporated by reference herein. |
(23) | Previously filed as an exhibit to our Current Report on Form 8-K filed on September 29, 2008, and incorporated by reference herein. |
(24) | Previously filed as an exhibit to our Current Report on Form 8-K filed on April 14, 2009, and incorporated by reference herein. |
(25) | Previously filed as an exhibit to our Current Report on Form 8-K filed on May 24, 2011, and incorporated by reference herein. |
(26) | Previously filed as an exhibit to our Annual Report on Form 10-K filed on February 29, 2012, and incorporated by reference herein. |
(27) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 15, 2010, and incorporated by reference herein. |
(28) | Previously filed as an exhibit to our Current Report on Form 8-K filed on June 5, 2014, and incorporated by reference herein. |
(29) | Previously filed as an exhibit to our Current Report on Form 8-K filed on April 7, 2014, and incorporated by reference herein. |
(30) | Previously filed as an exhibit to our Current Report on Form 8-K filed on June 30, 2014, and incorporated by reference herein. |
(31) | Previously filed as an exhibit to our Current Report on Form 8-K filed on February 6, 2015, and incorporated by reference herein. |
(32) | Previously filed as an exhibit to our Current Report on Form 8-K filed on March 11, 2015, and incorporated by reference herein. |
(33) | Previously filed as an exhibit to our Current Report on Form 8-K filed on November 10, 2015, and incorporated by reference herein. |
(34) | Previously filed as an exhibit to our Current Report on Form 8-K filed on December 3, 2015, and incorporated by reference herein. |
Date: | February 26, 2016 | EQUITY ONE, INC. | |||||
By: | /s/ DAVID LUKES | ||||||
David Lukes | |||||||
Chief Executive Officer (Principal Executive Officer) |
SIGNATURE | TITLE | DATE | ||
/s/ DAVID LUKES | Chief Executive Officer and Director (Principal Executive Officer) | February 26, 2016 | ||
David Lukes | ||||
/s/ MATTHEW OSTROWER | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | February 26, 2016 | ||
Matthew Ostrower | ||||
/s/ ANGELA VALDES | Vice President and Chief Accounting Officer (Principal Accounting Officer) | February 26, 2016 | ||
Angela Valdes | ||||
/s/ CHAIM KATZMAN | Chairman of the Board | February 26, 2016 | ||
Chaim Katzman | ||||
/s/ CYNTHIA COHEN | Director | February 26, 2016 | ||
Cynthia Cohen | ||||
/s/ NEIL FLANZRAICH | Director | February 26, 2016 | ||
Neil Flanzraich | ||||
/s/ JORDAN HELLER | Director | February 26, 2016 | ||
Jordan Heller | ||||
/s/ PETER LINNEMAN | Director | February 26, 2016 | ||
Peter Linneman | ||||
/s/ GALIA MAOR | Director | February 26, 2016 | ||
Galia Maor | ||||
/s/ DORI J. SEGAL | Director | February 26, 2016 | ||
Dori J. Segal |
Page | |
• | Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements. |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Properties: | |||||||
Income producing | $ | 3,337,531 | $ | 3,128,081 | |||
Less: accumulated depreciation | (438,992 | ) | (381,533 | ) | |||
Income producing properties, net | 2,898,539 | 2,746,548 | |||||
Construction in progress and land | 167,478 | 161,872 | |||||
Property held for sale | 2,419 | — | |||||
Properties, net | 3,068,436 | 2,908,420 | |||||
Cash and cash equivalents | 21,353 | 27,469 | |||||
Cash held in escrow and restricted cash | 250 | 250 | |||||
Accounts and other receivables, net | 11,808 | 11,859 | |||||
Investments in and advances to unconsolidated joint ventures | 64,600 | 89,218 | |||||
Goodwill | 5,838 | 6,038 | |||||
Other assets | 203,618 | 213,525 | |||||
TOTAL ASSETS | $ | 3,375,903 | $ | 3,256,779 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Notes payable: | |||||||
Mortgage notes payable | $ | 282,029 | $ | 311,778 | |||
Unsecured senior notes payable | 518,401 | 731,136 | |||||
Term loans | 475,000 | 250,000 | |||||
Unsecured revolving credit facilities | 96,000 | 37,000 | |||||
1,371,430 | 1,329,914 | ||||||
Unamortized deferred financing costs and premium/discount on notes payable, net | (4,708 | ) | (2,319 | ) | |||
Total notes payable | 1,366,722 | 1,327,595 | |||||
Other liabilities: | |||||||
Accounts payable and accrued expenses | 46,602 | 49,924 | |||||
Tenant security deposits | 9,449 | 8,684 | |||||
Deferred tax liability | 13,276 | 12,567 | |||||
Other liabilities | 169,703 | 167,400 | |||||
Total liabilities | 1,605,752 | 1,566,170 | |||||
Commitments and contingencies | — | — | |||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value – 10,000 shares authorized but unissued | — | — | |||||
Common stock, $0.01 par value – 250,000 shares authorized and 129,106 shares issued and outstanding at December 31, 2015 and 150,000 shares authorized and 124,281 shares issued and outstanding at December 31, 2014 | 1,291 | 1,243 | |||||
Additional paid-in capital | 1,972,369 | 1,843,348 | |||||
Distributions in excess of earnings | (407,676 | ) | (360,172 | ) | |||
Accumulated other comprehensive loss | (1,978 | ) | (999 | ) | |||
Total stockholders’ equity of Equity One, Inc. | 1,564,006 | 1,483,420 | |||||
Noncontrolling interests | 206,145 | 207,189 | |||||
Total equity | 1,770,151 | 1,690,609 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 3,375,903 | $ | 3,256,779 |
2015 | 2014 | 2013 | |||||||||||
REVENUE: | |||||||||||||
Minimum rent | $ | 272,204 | $ | 268,257 | $ | 248,086 | |||||||
Expense recoveries | 80,737 | 77,640 | 77,499 | ||||||||||
Percentage rent | 5,335 | 5,107 | 4,328 | ||||||||||
Management and leasing services | 1,877 | 2,181 | 2,598 | ||||||||||
Total revenue | 360,153 | 353,185 | 332,511 | ||||||||||
COSTS AND EXPENSES: | |||||||||||||
Property operating | 51,373 | 49,332 | 50,292 | ||||||||||
Real estate taxes | 42,167 | 40,161 | 39,355 | ||||||||||
Depreciation and amortization | 92,997 | 101,345 | 87,266 | ||||||||||
General and administrative | 36,277 | 41,174 | 39,514 | ||||||||||
Total costs and expenses | 222,814 | 232,012 | 216,427 | ||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 137,339 | 121,173 | 116,084 | ||||||||||
OTHER INCOME AND EXPENSE: | |||||||||||||
Investment income | 210 | 365 | 6,631 | ||||||||||
Equity in income of unconsolidated joint ventures | 6,493 | 10,990 | 1,648 | ||||||||||
Other income | 5,990 | 3,454 | 216 | ||||||||||
Interest expense | (55,322 | ) | (66,427 | ) | (70,566 | ) | |||||||
Gain on sale of operating properties | 3,952 | 14,029 | — | ||||||||||
(Loss) gain on extinguishment of debt | (7,298 | ) | (2,750 | ) | 107 | ||||||||
Impairment loss | (16,753 | ) | (21,850 | ) | (5,641 | ) | |||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 74,611 | 58,984 | 48,479 | ||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | 856 | (850 | ) | 484 | |||||||||
INCOME FROM CONTINUING OPERATIONS | 75,467 | 58,134 | 48,963 | ||||||||||
DISCONTINUED OPERATIONS: | |||||||||||||
Operations of income producing properties | — | (238 | ) | 5,769 | |||||||||
Gain on disposal of income producing properties | — | 3,222 | 39,587 | ||||||||||
Impairment loss | — | — | (4,976 | ) | |||||||||
Income tax provision of taxable REIT subsidiaries | — | (27 | ) | (686 | ) | ||||||||
INCOME FROM DISCONTINUED OPERATIONS | — | 2,957 | 39,694 | ||||||||||
NET INCOME | 75,467 | 61,091 | 88,657 | ||||||||||
Net income attributable to noncontrolling interests – continuing operations | (10,014 | ) | (12,206 | ) | (10,209 | ) | |||||||
Net loss (income) attributable to noncontrolling interests – discontinued operations | — | 12 | (494 | ) | |||||||||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 65,453 | $ | 48,897 | $ | 77,954 | |||||||
EARNINGS PER COMMON SHARE – BASIC: | |||||||||||||
Continuing operations | $ | 0.51 | $ | 0.37 | $ | 0.32 | |||||||
Discontinued operations | — | 0.02 | 0.33 | ||||||||||
$ | 0.51 | $ | 0.39 | $ | 0.66 | * | |||||||
Number of Shares Used in Computing Basic Earnings per Share | 127,957 | 119,403 | 117,389 | ||||||||||
EARNINGS PER COMMON SHARE – DILUTED: | |||||||||||||
Continuing operations | $ | 0.51 | $ | 0.37 | $ | 0.32 | |||||||
Discontinued operations | — | 0.02 | 0.33 | ||||||||||
$ | 0.51 | $ | 0.39 | $ | 0.65 | ||||||||
Number of Shares Used in Computing Diluted Earnings per Share | 128,160 | 119,725 | 117,771 | ||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.88 | $ | 0.88 | $ | 0.88 |
2015 | 2014 | 2013 | ||||||||||
NET INCOME | $ | 75,467 | $ | 61,091 | $ | 88,657 | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME: | ||||||||||||
Net amortization of interest rate contracts included in net income | (24 | ) | 63 | 63 | ||||||||
Net unrealized (loss) gain on interest rate swaps (1) | (4,379 | ) | (7,086 | ) | 6,615 | |||||||
Net loss on interest rate swaps reclassified from accumulated other comprehensive income into interest expense | 3,424 | 3,480 | 3,451 | |||||||||
Other comprehensive (loss) income | (979 | ) | (3,543 | ) | 10,129 | |||||||
COMPREHENSIVE INCOME | 74,488 | 57,548 | 98,786 | |||||||||
Comprehensive income attributable to noncontrolling interests | (10,014 | ) | (12,194 | ) | (10,703 | ) | ||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 64,474 | $ | 45,354 | $ | 88,083 |
Common Stock | Additional Paid-In Capital | Distributions in Excess of Earnings | Accumulated Other Comprehensive (Loss) Income | Total Stockholders’ Equity of Equity One, Inc. | Non- controlling Interests | Total Equity | |||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2013 | 116,938 | $ | 1,169 | $ | 1,679,227 | $ | (276,085 | ) | $ | (7,585 | ) | $ | 1,396,726 | $ | 207,753 | $ | 1,604,479 | ||||||||||||||
Issuance of common stock | 725 | 7 | 8,891 | — | — | 8,898 | — | 8,898 | |||||||||||||||||||||||
Repurchase of common stock | (16 | ) | — | (388 | ) | — | — | (388 | ) | — | (388 | ) | |||||||||||||||||||
Stock issuance costs | — | — | (96 | ) | — | — | (96 | ) | — | (96 | ) | ||||||||||||||||||||
Share-based compensation expense | — | — | 6,414 | — | — | 6,414 | — | 6,414 | |||||||||||||||||||||||
Restricted stock reclassified from liability to equity | — | — | 51 | — | — | 51 | — | 51 | |||||||||||||||||||||||
Net income, excluding $695 of net income attributable to redeemable noncontrolling interests | — | — | — | 77,954 | — | 77,954 | 10,008 | 87,962 | |||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (104,279 | ) | — | (104,279 | ) | — | (104,279 | ) | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (10,038 | ) | (10,038 | ) | |||||||||||||||||||||
Revaluation of redeemable noncontrolling interest | — | — | (226 | ) | — | — | (226 | ) | — | (226 | ) | ||||||||||||||||||||
Purchase of noncontrolling interest | — | — | — | — | — | — | (9 | ) | (9 | ) | |||||||||||||||||||||
Reclassification of redeemable NCI to permanent equity | — | — | — | — | — | — | 29 | 29 | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 10,129 | 10,129 | — | 10,129 | |||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2013 | 117,647 | 1,176 | 1,693,873 | (302,410 | ) | 2,544 | 1,395,183 | 207,743 | 1,602,926 | ||||||||||||||||||||||
Issuance of common stock | 6,699 | 67 | 145,380 | — | — | 145,447 | — | 145,447 | |||||||||||||||||||||||
Repurchase of common stock | (65 | ) | — | (1,752 | ) | — | — | (1,752 | ) | — | (1,752 | ) | |||||||||||||||||||
Stock issuance costs | — | — | (591 | ) | — | — | (591 | ) | — | (591 | ) | ||||||||||||||||||||
Share-based compensation expense | — | — | 7,498 | — | — | 7,498 | — | 7,498 | |||||||||||||||||||||||
Restricted stock reclassified from liability to equity | — | — | 117 | — | — | 117 | — | 117 | |||||||||||||||||||||||
Net income | — | — | — | 48,897 | — | 48,897 | 12,194 | 61,091 | |||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (106,659 | ) | — | (106,659 | ) | — | (106,659 | ) | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (11,962 | ) | (11,962 | ) | |||||||||||||||||||||
Purchase of noncontrolling interest | — | — | (1,177 | ) | — | — | (1,177 | ) | (786 | ) | (1,963 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (3,543 | ) | (3,543 | ) | — | (3,543 | ) | ||||||||||||||||||||
BALANCE AT DECEMBER 31, 2014 | 124,281 | 1,243 | 1,843,348 | (360,172 | ) | (999 | ) | 1,483,420 | 207,189 | 1,690,609 | |||||||||||||||||||||
Issuance of common stock | 4,837 | 48 | 124,867 | — | — | 124,915 | — | 124,915 | |||||||||||||||||||||||
Repurchase of common stock | (12 | ) | — | (320 | ) | — | — | (320 | ) | — | (320 | ) | |||||||||||||||||||
Stock issuance costs | — | — | (624 | ) | — | — | (624 | ) | — | (624 | ) | ||||||||||||||||||||
Share-based compensation expense | — | — | 5,158 | — | — | 5,158 | — | 5,158 | |||||||||||||||||||||||
Restricted stock reclassified from liability to equity | — | — | 108 | — | — | 108 | — | 108 | |||||||||||||||||||||||
Net income | — | — | — | 65,453 | — | 65,453 | 10,014 | 75,467 | |||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (112,957 | ) | — | (112,957 | ) | — | (112,957 | ) | ||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | (10,010 | ) | (10,010 | ) | |||||||||||||||||||||
Purchase of noncontrolling interests | — | — | (168 | ) | — | — | (168 | ) | (1,048 | ) | (1,216 | ) | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | (979 | ) | (979 | ) | — | (979 | ) | ||||||||||||||||||||
BALANCE AT DECEMBER 31, 2015 | 129,106 | $ | 1,291 | $ | 1,972,369 | $ | (407,676 | ) | $ | (1,978 | ) | $ | 1,564,006 | $ | 206,145 | $ | 1,770,151 |
EQUITY ONE, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows For the years ended December 31, 2015, 2014 and 2013 (In thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 75,467 | $ | 61,091 | $ | 88,657 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Straight-line rent adjustment | (4,612 | ) | (3,788 | ) | (2,344 | ) | ||||||
Accretion of below-market lease intangibles, net | (12,759 | ) | (18,870 | ) | (12,904 | ) | ||||||
Amortization of below-market ground lease intangibles | 601 | 601 | 601 | |||||||||
Equity in income of unconsolidated joint ventures | (6,493 | ) | (10,990 | ) | (1,648 | ) | ||||||
Remeasurement gain on equity interests in joint ventures | (5,498 | ) | (2,807 | ) | — | |||||||
Income tax (benefit) provision of taxable REIT subsidiaries | (856 | ) | 877 | 202 | ||||||||
Increase (decrease) in allowance for losses on accounts receivable | 2,521 | (27 | ) | 3,736 | ||||||||
Amortization of deferred financing costs and premium / discount on notes payable, net | 1,051 | (4 | ) | (57 | ) | |||||||
Depreciation and amortization | 95,514 | 103,240 | 93,317 | |||||||||
Share-based compensation expense | 5,260 | 7,267 | 6,173 | |||||||||
Amortization of derivatives, net | 78 | 63 | 63 | |||||||||
Gain on sale of operating properties | (3,952 | ) | (17,251 | ) | (39,587 | ) | ||||||
Loss on extinguishment of debt | 7,298 | 2,750 | 31 | |||||||||
Operating distributions from joint ventures | 3,427 | 3,121 | 53 | |||||||||
Impairment loss | 16,753 | 21,850 | 10,617 | |||||||||
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ||||||||||||
Accounts and other receivables | (2,097 | ) | 1,169 | (2,950 | ) | |||||||
Other assets | (660 | ) | (71 | ) | (4,653 | ) | ||||||
Accounts payable and accrued expenses | (6,895 | ) | (4,013 | ) | (4,645 | ) | ||||||
Tenant security deposits | 765 | (244 | ) | (289 | ) | |||||||
Other liabilities | (148 | ) | 131 | (1,631 | ) | |||||||
Net cash provided by operating activities | 164,765 | 144,095 | 132,742 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Acquisition of income producing properties | (98,300 | ) | (93,447 | ) | (109,449 | ) | ||||||
Additions to income producing properties | (20,992 | ) | (19,376 | ) | (13,661 | ) | ||||||
Acquisition of land | (1,350 | ) | — | (3,000 | ) | |||||||
Additions to construction in progress | (63,600 | ) | (77,095 | ) | (54,005 | ) | ||||||
Deposits for the acquisition of income producing properties | (10 | ) | (50 | ) | (75 | ) | ||||||
Proceeds from sale of operating properties | 5,805 | 145,470 | 286,511 | |||||||||
Decrease (increase) in cash held in escrow | — | 10,662 | (10,662 | ) | ||||||||
Purchase of below-market leasehold interest | — | — | (25,000 | ) | ||||||||
Increase in deferred leasing costs and lease intangibles | (6,838 | ) | (7,440 | ) | (9,266 | ) | ||||||
Investment in joint ventures | (23,939 | ) | (9,028 | ) | (30,401 | ) | ||||||
(Advances to) repayments of advances to joint ventures | — | (154 | ) | 5 | ||||||||
Distributions from joint ventures | 15,666 | 16,394 | 12,576 | |||||||||
Investment in loans receivable | — | — | (12,000 | ) | ||||||||
Repayment of loans receivable | — | 60,526 | 91,474 | |||||||||
Collection of development costs tax credit | 14,258 | — | — | |||||||||
Net cash (used in) provided by investing activities | (179,300 | ) | 26,462 | 123,047 |
EQUITY ONE, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows For the years ended December 31, 2015, 2014 and 2013 (In thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
FINANCING ACTIVITIES: | ||||||||||||
Repayments of mortgage notes payable | (51,064 | ) | (132,564 | ) | (48,279 | ) | ||||||
Deposit for mortgage loan | (1,898 | ) | — | — | ||||||||
Net borrowings (repayments) under revolving credit facility | 59,000 | (54,000 | ) | (81,000 | ) | |||||||
Repayment of senior notes payable | (220,155 | ) | — | — | ||||||||
Borrowings under term loan, net | 222,916 | — | — | |||||||||
Payment of deferred financing costs | (168 | ) | (3,638 | ) | — | |||||||
Proceeds from issuance of common stock | 124,915 | 145,447 | 8,898 | |||||||||
Repurchase of common stock | (320 | ) | (1,752 | ) | (388 | ) | ||||||
Stock issuance costs | (624 | ) | (591 | ) | (96 | ) | ||||||
Dividends paid to stockholders | (112,957 | ) | (106,659 | ) | (104,279 | ) | ||||||
Purchase of noncontrolling interests | (1,216 | ) | (2,952 | ) | (18,972 | ) | ||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | ||||||||
Distributions to noncontrolling interests | (10,010 | ) | (11,962 | ) | (10,038 | ) | ||||||
Net cash provided by (used in) financing activities | 8,419 | (168,671 | ) | (257,622 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (6,116 | ) | 1,886 | (1,833 | ) | |||||||
Cash and cash equivalents at beginning of the year | 27,469 | 25,583 | 27,416 | |||||||||
Cash and cash equivalents at end of the year | $ | 21,353 | $ | 27,469 | $ | 25,583 | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH INFORMATION: | ||||||||||||
Cash paid for interest (net of capitalized interest of $4,755, $4,969 and $2,863 in 2015, 2014 and 2013, respectively) | $ | 57,256 | $ | 67,409 | $ | 72,145 | ||||||
We acquired upon acquisition of certain income producing properties and land: | ||||||||||||
Income producing properties and land | $ | 180,285 | $ | 115,567 | $ | 164,719 | ||||||
Intangible and other assets | 9,629 | 7,362 | 10,559 | |||||||||
Intangible and other liabilities | (18,264 | ) | (12,194 | ) | (27,128 | ) | ||||||
Net assets acquired | 171,650 | 110,735 | 148,150 | |||||||||
Assumption of mortgage notes payable | (27,750 | ) | (11,353 | ) | (35,701 | ) | ||||||
Transfer of existing equity interests in joint ventures | (44,250 | ) | (5,935 | ) | — | |||||||
Cash paid for income producing properties and land | $ | 99,650 | $ | 93,447 | $ | 112,449 |
Buildings | 30-55 years |
Building and land improvements | 2-40 years |
Tenant improvements | Lesser of minimum lease term or economic useful life |
Furniture, fixtures and equipment | 3-10 years |
• | historical and projected property performance, including occupancy, capitalization rates and net operating income; |
• | competitors’ presence and their actions; |
• | property specific attributes such as location desirability, anchor tenants and demographics; |
• | current local market economic and demographic conditions; and |
• | future expected capital expenditures and the period of time before net operating income is stabilized. |
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that we have the ability to access. |
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. |
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that are not yet adopted | ||||||
ASU 2016-02, Leases (Topic 842) | The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. Early adoption of this standard is permitted. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. | January 2019 | We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. | |||
ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities | The standard amends the guidance to classify equity securities with readily-determinable fair values into different categories and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. Equity investments accounted for under the equity method are not included in the scope of this amendment. Early adoption of this amendment is not permitted. | January 2018 | We do not expect the adoption and implementation of this standard to have a material impact on our results of operations, financial condition or cash flows. | |||
ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis | The standard amends the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It may be adopted either retrospectively or on a modified retrospective basis. | January 2016 | The adoption and implementation of this standard will not have a material impact on our results of operations, financial condition or cash flows. | |||
ASU 2014-09, Revenue from Contracts with Customers (Topic 606) | The standard will replace existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. | January 2018 | We are currently evaluating the alternative methods of adoption and the effect on our financial statements and related disclosures. |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards that were adopted | ||||||
ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments | The standard simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. The standard requires any adjustments to provisional amounts to be applied prospectively. | July 2015 | We elected to early adopt the provisions of ASU 2015-16. The adoption and implementation of this standard did not have a material impact on our results of operations, financial condition or cash flows. | |||
ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30), Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements | The standard clarifies that debt issuance costs related to line-of-credit arrangements may be deferred and presented as an asset, amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings. | December 2015 | We elected to early adopt the provisions of ASU 2015-15. The adoption and implementation of this standard did not have a material impact on our results of operations, financial condition or cash flows. | |||
ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs | The standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. | December 2015 | We elected to early adopt the provisions of ASU 2015-03. The adoption and implementation of this standard has resulted in the retroactive presentation of debt issuance costs associated with our notes payable and term loans as a direct deduction from the carrying amount of the related debt instruments (previously, included in other assets in our consolidated balance sheets). |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Land and land improvements | $ | 1,494,510 | $ | 1,381,168 | |||
Building and building improvements | 1,652,714 | 1,593,032 | |||||
Tenant and other improvements | 190,307 | 153,881 | |||||
3,337,531 | 3,128,081 | ||||||
Less: accumulated depreciation | (438,992 | ) | (381,533 | ) | |||
Income producing properties, net | $ | 2,898,539 | $ | 2,746,548 |
Date Purchased | Property Name | City | State | Square Feet /Acres | Purchase Price | Mortgage Assumed | |||||||||||
(In thousands) | |||||||||||||||||
November 23, 2015 | 91 Danbury Road (1) (2) | Ridgefield | CT | 4,612 | $ | 1,500 | $ | — | |||||||||
October 19, 2015 | The Harvard Collection (2) | Cambridge | MA | 41,050 | 85,000 | — | |||||||||||
August 27, 2015 | Bird 107 Plaza (2) | Miami | FL | 40,101 | 11,800 | — | |||||||||||
July 23, 2015 | North Bay Village - land parcel | Miami Beach | FL | 0.49 | (3) | 600 | — | ||||||||||
June 10, 2015 | Concord Shopping Plaza (1) (4) | Miami | FL | 302,142 | 62,200 | 27,750 | |||||||||||
June 10, 2015 | Shoppes of Sunset (4) | Miami | FL | 21,784 | 5,550 | — | |||||||||||
June 10, 2015 | Shoppes of Sunset II (4) | Miami | FL | 27,676 | 4,250 | — | |||||||||||
January 9, 2015 | Pablo Plaza Outparcel | Jacksonville | FL | 0.18 | (3) | 750 | — | ||||||||||
Total | $ | 171,650 | $ | 27,750 |
Amount | Weighted Average Amortization Period | ||||
(In thousands) | (In years) | ||||
Land | $ | 125,503 | N/A | ||
Land improvements | 2,981 | 9.8 | |||
Buildings | 50,115 | 38.7 | |||
Tenant improvements | 1,686 | 27.9 | |||
In-place leases | 7,972 | 13.2 | |||
Above-market leases | 349 | 6.3 | |||
Leasing commissions | 1,200 | 21.5 | |||
Lease origination costs | 108 | 9.1 | |||
Below-market leases | (18,246 | ) | 45.6 | ||
Other acquired liabilities | (18 | ) | N/A | ||
$ | 171,650 |
Date Sold | Property Name | City | State | Square Feet | Gross Sales Price | ||||||||
(in thousands) | |||||||||||||
July 23, 2015 | Webster Plaza | Webster | MA | 201,425 | $ | 7,975 | |||||||
March 26, 2015 | Park Promenade | Orlando | FL | 128,848 | 4,800 | ||||||||
$ | 12,775 |
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Rental revenue | $ | 157 | $ | 16,232 | ||||
Costs and expenses | 395 | 9,871 | ||||||
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE OTHER INCOME AND EXPENSE AND TAX | (238 | ) | 6,361 | |||||
OTHER INCOME AND EXPENSE: | ||||||||
Interest expense | — | (806 | ) | |||||
Gain on disposal of income producing properties | 3,222 | 39,587 | ||||||
Impairment loss | — | (4,976 | ) | |||||
Loss on extinguishment of debt | — | (138 | ) | |||||
Income tax provision of taxable REIT subsidiaries | (27 | ) | (686 | ) | ||||
Other income | — | 352 | ||||||
INCOME FROM DISCONTINUED OPERATIONS | 2,957 | 39,694 | ||||||
Net loss (income) attributable to noncontrolling interests | 12 | (494 | ) | |||||
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 2,969 | $ | 39,200 |
SUPPLEMENTAL INFORMATION: | ||||||
Additions to income producing properties | — | 630 | ||||
Increase in deferred leasing costs and lease intangibles | — | 611 | ||||
Straight-line rent revenue | — | 322 | ||||
Amortization of above-market lease intangibles, net | — | 446 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Goodwill (1) | $ | 200 | $ | — | $ | 150 | |||||
Land (2) | 3,667 | 2,230 | 3,085 | ||||||||
Properties held for use (3) | 1,579 | 15,111 | 2,406 | ||||||||
Properties sold (4) (5) | 11,307 | 4,509 | — | ||||||||
Impairment loss recognized in continuing operations | 16,753 | 21,850 | 5,641 | ||||||||
Goodwill (1) | — | — | 138 | ||||||||
Properties sold (4) | — | — | 4,838 | ||||||||
Impairment loss recognized in discontinued operations | — | — | 4,976 | ||||||||
Total impairment loss | $ | 16,753 | $ | 21,850 | $ | 10,617 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Tenants | $ | 14,430 | $ | 13,529 | |||
Other | 1,258 | 1,376 | |||||
Allowance for doubtful accounts | (3,880 | ) | (3,046 | ) | |||
Total accounts and other receivables, net | $ | 11,808 | $ | 11,859 |
Investment Balance as of December 31, | ||||||||||||||
Joint Venture (1) | Number of Properties | Location | Ownership | 2015 | 2014 | |||||||||
(In thousands) | ||||||||||||||
Investments in unconsolidated joint ventures: | ||||||||||||||
GRI-EQY I, LLC (2) | — | GA, SC, FL | —% | $ | — | $ | 12,629 | |||||||
G&I Investment South Florida Portfolio, LLC | 1 | FL | 20.0% | 3,719 | 10,534 | |||||||||
Madison 2260 Realty LLC | 1 | NY | 8.6% | 526 | 526 | |||||||||
Madison 1235 Realty LLC | 1 | NY | 20.1% | 820 | 820 | |||||||||
Parnassus Heights Medical Center | 1 | CA | 50.0% | 19,263 | 19,256 | |||||||||
Equity One JV Portfolio, LLC (3) | 6 | FL, MA, NJ | 30.0% | 39,501 | 44,689 | |||||||||
Other Equity Investment (4) | 45.0% | 329 | — | |||||||||||
Total | 64,158 | 88,454 | ||||||||||||
Advances to unconsolidated joint ventures | 442 | 764 | ||||||||||||
Investments in and advances to unconsolidated joint ventures | $ | 64,600 | $ | 89,218 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Balance at beginning of the year | $ | 6,038 | $ | 6,377 | |||
Impairment | (200 | ) | — | ||||
Allocated to property sale | — | (339 | ) | ||||
Balance at end of the year | $ | 5,838 | $ | 6,038 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Lease intangible assets, net | $ | 101,010 | $ | 106,064 | |||
Leasing commissions, net | 41,211 | 39,141 | |||||
Prepaid expenses and other receivables | 13,074 | 26,880 | |||||
Straight-line rent receivables, net | 28,910 | 24,412 | |||||
Deferred financing costs, net | 3,419 | 3,876 | |||||
Deposits and mortgage escrows | 7,980 | 6,356 | |||||
Furniture, fixtures and equipment, net | 3,255 | 3,809 | |||||
Fair value of interest rate swaps | 835 | 681 | |||||
Deferred tax asset | 3,924 | 2,306 | |||||
Total other assets | $ | 203,618 | $ | 213,525 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Lease intangible assets: | |||||||
Above-market leases | $ | 19,742 | $ | 21,322 | |||
In-place leases | 126,987 | 124,469 | |||||
Below-market ground leases | 34,094 | 34,094 | |||||
Lease origination costs | 2,797 | 3,115 | |||||
Lease incentives | 9,371 | 7,395 | |||||
Total intangibles | 192,991 | 190,395 | |||||
Accumulated amortization: | |||||||
Above-market leases | 12,644 | 12,435 | |||||
In-place leases | 71,577 | 65,503 | |||||
Below-market ground leases | 1,995 | 1,394 | |||||
Lease origination costs | 2,173 | 2,310 | |||||
Lease incentives | 3,592 | 2,689 | |||||
Total accumulated amortization | 91,981 | 84,331 | |||||
Lease intangible assets, net | $ | 101,010 | $ | 106,064 |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Above-market lease amortization (1) | $ | 2,118 | $ | 2,605 | $ | 3,669 | |||||
In-place lease amortization (2) | 11,350 | 14,824 | 14,530 | ||||||||
Below-market ground lease amortization (3) | 601 | 601 | 601 | ||||||||
Lease origination cost amortization (2) | 253 | 298 | 338 | ||||||||
Lease incentive amortization (1) | 1,035 | 780 | 735 | ||||||||
Total lease intangible asset amortization | $ | 15,357 | $ | 19,108 | $ | 19,873 |
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2016 | $ | 12,301 | ||
2017 | 9,282 | |||
2018 | 7,097 | |||
2019 | 5,600 | |||
2020 | 4,995 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Fixed rate mortgage loans | $ | 254,279 | $ | 311,778 | |||
Variable rate mortgage loan | 27,750 | — | |||||
Total mortgage notes payable | 282,029 | 311,778 | |||||
Unamortized deferred financing costs and premium/discount, net | 1,430 | 3,692 | |||||
Total | $ | 283,459 | $ | 315,470 | |||
Weighted average interest rate, excluding unamortized premium | 5.61 | % | 6.03 | % |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
5.375% Senior Notes, due 10/15/15 | $ | — | $ | 107,505 | |||
6.00% Senior Notes, due 9/15/16 | — | 105,230 | |||||
6.25% Senior Notes, due 1/15/17 | 101,403 | 101,403 | |||||
6.00% Senior Notes, due 9/15/17 | 116,998 | 116,998 | |||||
3.75% Senior Notes, due 11/15/22 | 300,000 | 300,000 | |||||
Total Unsecured Senior Notes | 518,401 | 731,136 | |||||
Unamortized deferred financing costs and discount, net | (3,029 | ) | (4,136 | ) | |||
Total | $ | 515,372 | $ | 727,000 | |||
Weighted average interest rate, excluding unamortized discount | 4.75 | % | 5.02 | % |
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2016 | $ | 50,407 | ||
2017 | 288,968 | |||
2018 | 185,270 | |||
2019 | 273,871 | |||
2020 | 230,470 | |||
Thereafter | 342,444 | |||
Total | $ | 1,371,430 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Lease intangible liabilities, net | $ | 159,665 | $ | 157,486 | |||
Prepaid rent | 9,361 | 9,607 | |||||
Other | 677 | 307 | |||||
Total other liabilities | $ | 169,703 | $ | 167,400 |
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2016 | $ | 14,830 | ||
2017 | 12,160 | |||
2018 | 11,075 | |||
2019 | 8,794 | |||
2020 | 8,165 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
GAAP net income attributable to Equity One | $ | 65,453 | $ | 48,897 | $ | 77,954 | |||||
Net income attributable to taxable REIT subsidiaries | (411 | ) | (1,214 | ) | (585 | ) | |||||
GAAP net income from REIT operations | 65,042 | 47,683 | 77,369 | ||||||||
Book/tax differences: | |||||||||||
Joint ventures | 427 | (2,403 | ) | 14,941 | |||||||
Depreciation | 15,924 | 21,712 | 10,899 | ||||||||
Sale of property | (12,031 | ) | (12,533 | ) | (36,220 | ) | |||||
Exercise of stock options and restricted shares | 503 | (3,387 | ) | (398 | ) | ||||||
Interest expense | 2,544 | 1,908 | 1,558 | ||||||||
Deferred/prepaid/above and below-market rents, net | (4,487 | ) | (7,907 | ) | (4,363 | ) | |||||
Impairment loss | 12,109 | 21,620 | 5,353 | ||||||||
Inclusion from foreign taxable REIT subsidiary | 2,975 | — | 910 | ||||||||
Brownfield tax credits (see Note 11) | 5,450 | 9,225 | — | ||||||||
Amortization | (1,696 | ) | (842 | ) | 136 | ||||||
Acquisition costs | 1,372 | 1,771 | 2,771 | ||||||||
Other, net | 1,089 | (1,671 | ) | (361 | ) | ||||||
Adjusted taxable income (1) | $ | 89,221 | $ | 75,176 | $ | 72,595 |
(1) | Adjusted taxable income subject to 90% dividend requirements. |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Dividend paid per share | $ | 0.88 | $ | 0.88 | $ | 0.88 | |||||
Ordinary income | 79.98 | % | 68.84 | % | 66.37 | % | |||||
Return of capital | 20.02 | % | 28.51 | % | 31.21 | % | |||||
Capital gains | — | % | 2.65 | % | 2.42 | % |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
U.S. income (loss) before income taxes | $ | 168 | $ | 2,212 | $ | (1,582 | ) | ||||
Foreign (loss) income before income taxes | (613 | ) | (190 | ) | 3 | ||||||
(Loss) income from continuing operations before income taxes | (445 | ) | 2,022 | (1,579 | ) | ||||||
Less income tax benefit (provision): | |||||||||||
Current federal and state | (54 | ) | 10 | (34 | ) | ||||||
Deferred federal and state | 910 | (860 | ) | 518 | |||||||
Total income tax benefit (provision) | 856 | (850 | ) | 484 | |||||||
Income (loss) from continuing operations from taxable REIT subsidiaries | 411 | 1,172 | (1,095 | ) | |||||||
Income from discontinued operations from taxable REIT subsidiaries, net of tax | — | 42 | 1,680 | ||||||||
Net income from taxable REIT subsidiaries | $ | 411 | $ | 1,214 | $ | 585 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Federal benefit (provision) at statutory tax rate (1) | $ | 767 | $ | (681 | ) | $ | 344 | ||||
State taxes, net of federal benefit (provision) | 99 | (80 | ) | 34 | |||||||
Foreign tax rate differential | — | (19 | ) | (5 | ) | ||||||
Other | (10 | ) | (63 | ) | 117 | ||||||
Valuation allowance increase | — | (7 | ) | (6 | ) | ||||||
Total income tax benefit (provision) from continuing operations | 856 | (850 | ) | 484 | |||||||
Income tax provision from discontinued operations | — | (27 | ) | (686 | ) | ||||||
Total income tax benefit (provision) | $ | 856 | $ | (877 | ) | $ | (202 | ) |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Deferred tax assets: | |||||||
Disallowed interest | $ | 2,719 | $ | 2,722 | |||
Net operating loss | 1,675 | 3,099 | |||||
Other | 673 | 82 | |||||
Valuation allowance | — | (164 | ) | ||||
Total deferred tax assets | 5,067 | 5,739 | |||||
Deferred tax liabilities: | |||||||
Other real estate investments | (14,009 | ) | (15,439 | ) | |||
Mortgage revaluation | (168 | ) | (466 | ) | |||
Other | (242 | ) | (95 | ) | |||
Total deferred tax liabilities | (14,419 | ) | (16,000 | ) | |||
Net deferred tax liability | $ | (9,352 | ) | $ | (10,261 | ) |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
CapCo | $ | 206,145 | $ | 206,145 | |||
DIM (1) | — | 1,044 | |||||
Total noncontrolling interests included in total equity | $ | 206,145 | $ | 207,189 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(In thousands, except per share amounts) | ||||||||||||
Income from continuing operations | $ | 75,467 | $ | 58,134 | $ | 48,963 | ||||||
Net income attributable to noncontrolling interests - continuing operations | (10,014 | ) | (12,206 | ) | (10,209 | ) | ||||||
Income from continuing operations attributable to Equity One, Inc. | 65,453 | 45,928 | 38,754 | |||||||||
Allocation of continuing income to participating securities | (423 | ) | (1,759 | ) | (1,045 | ) | ||||||
Income from continuing operations available to common stockholders | 65,030 | 44,169 | 37,709 | |||||||||
Income from discontinued operations | — | 2,957 | 39,694 | |||||||||
Net loss (income) attributable to noncontrolling interests - discontinued operations | — | 12 | (494 | ) | ||||||||
Income from discontinued operations available to common stockholders | — | 2,969 | 39,200 | |||||||||
Net income available to common stockholders | $ | 65,030 | $ | 47,138 | $ | 76,909 | ||||||
Weighted average shares outstanding – Basic | 127,957 | 119,403 | 117,389 | |||||||||
Stock options using the treasury method | 119 | 222 | 288 | |||||||||
Non-participating restricted stock using the treasury method | 10 | 40 | — | |||||||||
Long-term incentive plan shares using the treasury method | 74 | 60 | 94 | |||||||||
Weighted average shares outstanding – Diluted | 128,160 | 119,725 | 117,771 | |||||||||
Basic earnings per share available to common stockholders: | ||||||||||||
Continuing operations | $ | 0.51 | $ | 0.37 | $ | 0.32 | ||||||
Discontinued operations | — | 0.02 | 0.33 | |||||||||
Earnings per common share — Basic | $ | 0.51 | $ | 0.39 | $ | 0.66 | * | |||||
Diluted earnings per share available to common stockholders: | ||||||||||||
Continuing operations | $ | 0.51 | $ | 0.37 | $ | 0.32 | ||||||
Discontinued operations | — | 0.02 | 0.33 | |||||||||
Earnings per common share — Diluted | $ | 0.51 | $ | 0.39 | $ | 0.65 |
Shares Under Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||
Outstanding at beginning of the year | 1,208 | $ | 22.37 | |||||||||
Granted | — | — | ||||||||||
Exercised | (557 | ) | 24.30 | |||||||||
Forfeited or expired | — | — | ||||||||||
Outstanding at end of the year | 651 | $ | 20.72 | 4.8 | $ | 4,190 | ||||||
Exercisable at end of the year | 501 | $ | 20.08 | 3.7 | $ | 3,548 |
Dividend yield | 3.8% |
Risk-free interest rate | 2.0% |
Expected option life | 6.3 years |
Expected volatility | 39.8% |
Shares | Weighted Average Grant-Date Fair Value | |||||
(In thousands) | ||||||
Unvested at beginning of the year | 180 | $ | 22.91 | |||
Granted | 392 | $ | 23.63 | |||
Vested | (161 | ) | $ | 22.61 | ||
Forfeited or cancelled | (1 | ) | $ | 22.57 | ||
Unvested at end of the year | 410 | $ | 23.72 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Restricted stock expense | $ | 4,785 | $ | 6,818 | $ | 5,931 | |||||
Stock option expense | 337 | 650 | 465 | ||||||||
Employee stock purchase plan discount | 36 | 30 | 18 | ||||||||
Total equity-based expense | 5,158 | 7,498 | 6,414 | ||||||||
Restricted stock classified as a liability | 655 | 289 | 117 | ||||||||
Total expense | 5,813 | 7,787 | 6,531 | ||||||||
Less amount capitalized | (553 | ) | (520 | ) | (358 | ) | |||||
Net share-based compensation expense | $ | 5,260 | $ | 7,267 | $ | 6,173 |
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2016 | $ | 252,685 | ||
2017 | 229,806 | |||
2018 | 201,508 | |||
2019 | 172,926 | |||
2020 | 144,871 | |||
Thereafter | 665,348 | |||
Total | $ | 1,667,144 |
Year Ending December 31, | Amount | |||
(In thousands) | ||||
2016 | $ | 1,685 | ||
2017 | 1,407 | |||
2018 | 1,415 | |||
2019 | 1,433 | |||
2020 | 1,435 | |||
Thereafter | 35,147 | |||
Total | $ | 42,522 |
Fair Value Measurements | |||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
December 31, 2015 | (In thousands) | ||||||||||||||
Interest rate derivatives: | |||||||||||||||
Classified as an asset in other assets | $ | 835 | $ | — | $ | 835 | $ | — | |||||||
Classified as a liability in accounts payable and accrued expenses | $ | 1,991 | $ | — | $ | 1,991 | $ | — | |||||||
December 31, 2014 | |||||||||||||||
Interest rate derivatives: | |||||||||||||||
Classified as an asset in other assets | $ | 681 | $ | — | $ | 681 | $ | — | |||||||
Classified as a liability in accounts payable and accrued expenses | $ | 952 | $ | — | $ | 952 | $ | — |
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating property held and used | $ | 700 | $ | — | $ | — | $ | 700 | (2) | $ | 1,579 | |||||||||
Land held and used | 8,550 | — | — | 8,550 | (3) | 3,667 | ||||||||||||||
Total | $ | 9,250 | $ | — | $ | — | $ | 9,250 | $ | 5,246 |
Assets: | Total | Level 1 | Level 2 | Level 3 | Total Losses(1) | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Operating properties held and used | $ | 22,700 | $ | — | $ | — | $ | 22,700 | (2) | $ | 15,111 | |||||||||
Land held and used | 7,370 | — | — | 7,370 | 2,230 | |||||||||||||||
Total | $ | 30,070 | $ | — | $ | — | $ | 30,070 | $ | 17,341 |
December 31, 2015 | December 31, 2014 | ||||||
Low | High | Low | High | ||||
Overall capitalization rates | 10.0% | 10.0% | 8.0% | 15.0% | |||
Discount rates | 12.5% | 12.5% | 9.5% | 14.5% | |||
Terminal capitalization rates | 10.5% | 10.5% | 8.5% | 13.5% |
Condensed Consolidating Balance Sheet As of December 31, 2015 | Equity One, Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Properties, net | $ | 137,695 | $ | 1,548,840 | $ | 1,381,984 | $ | (83 | ) | $ | 3,068,436 | ||||||||
Investment in affiliates | 2,899,538 | — | — | (2,899,538 | ) | — | |||||||||||||
Other assets | 229,369 | 91,093 | 803,884 | (816,879 | ) | 307,467 | |||||||||||||
TOTAL ASSETS | $ | 3,266,602 | $ | 1,639,933 | $ | 2,185,868 | $ | (3,716,500 | ) | $ | 3,375,903 | ||||||||
LIABILITIES | |||||||||||||||||||
Total notes payable | $ | 1,683,263 | $ | 120,238 | $ | 323,821 | $ | (760,600 | ) | $ | 1,366,722 | ||||||||
Other liabilities | 19,333 | 104,969 | 171,090 | (56,362 | ) | 239,030 | |||||||||||||
TOTAL LIABILITIES | 1,702,596 | 225,207 | 494,911 | (816,962 | ) | 1,605,752 | |||||||||||||
EQUITY | 1,564,006 | 1,414,726 | 1,690,957 | (2,899,538 | ) | 1,770,151 | |||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 3,266,602 | $ | 1,639,933 | $ | 2,185,868 | $ | (3,716,500 | ) | $ | 3,375,903 |
Condensed Consolidating Balance Sheet As of December 31, 2014 | Equity One, Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Properties, net | $ | 138,293 | $ | 1,546,620 | $ | 1,223,590 | $ | (83 | ) | $ | 2,908,420 | ||||||||
Investment in affiliates | 2,760,512 | — | — | (2,760,512 | ) | — | |||||||||||||
Other assets | 220,868 | 101,249 | 836,419 | (810,177 | ) | 348,359 | |||||||||||||
TOTAL ASSETS | $ | 3,119,673 | $ | 1,647,869 | $ | 2,060,009 | $ | (3,570,772 | ) | $ | 3,256,779 | ||||||||
LIABILITIES | |||||||||||||||||||
Total notes payable | $ | 1,612,124 | $ | 147,451 | $ | 328,620 | $ | (760,600 | ) | $ | 1,327,595 | ||||||||
Other liabilities | 24,129 | 107,848 | 156,259 | (49,661 | ) | 238,575 | |||||||||||||
TOTAL LIABILITIES | 1,636,253 | 255,299 | 484,879 | (810,261 | ) | 1,566,170 | |||||||||||||
EQUITY | 1,483,420 | 1,392,570 | 1,575,130 | (2,760,511 | ) | 1,690,609 | |||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 3,119,673 | $ | 1,647,869 | $ | 2,060,009 | $ | (3,570,772 | ) | $ | 3,256,779 |
Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2015 | Equity One Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
Total revenue | $ | 23,512 | $ | 195,398 | $ | 141,243 | $ | — | $ | 360,153 | |||||||||
Equity in subsidiaries’ earnings | 169,424 | — | — | (169,424 | ) | — | |||||||||||||
Total costs and expenses | 45,115 | 98,686 | 80,132 | (1,119 | ) | 222,814 | |||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 147,821 | 96,712 | 61,111 | (168,305 | ) | 137,339 | |||||||||||||
Other income and (expense) | (82,437 | ) | (9,271 | ) | 30,884 | (1,904 | ) | (62,728 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 65,384 | 87,441 | 91,995 | (170,209 | ) | 74,611 | |||||||||||||
Income tax benefit (provision) of taxable REIT subsidiaries | — | 1,618 | (762 | ) | — | 856 | |||||||||||||
NET INCOME | 65,384 | 89,059 | 91,233 | (170,209 | ) | 75,467 | |||||||||||||
Other comprehensive loss | (910 | ) | — | (69 | ) | — | (979 | ) | |||||||||||
COMPREHENSIVE INCOME | 64,474 | 89,059 | 91,164 | (170,209 | ) | 74,488 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (10,014 | ) | — | (10,014 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 64,474 | $ | 89,059 | $ | 81,150 | $ | (170,209 | ) | $ | 64,474 |
Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2014 | Equity One Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
Total revenue | $ | 23,898 | $ | 194,502 | $ | 134,785 | $ | — | $ | 353,185 | |||||||||
Equity in subsidiaries’ earnings | 158,824 | — | — | (158,824 | ) | — | |||||||||||||
Total costs and expenses | 50,548 | 101,820 | 80,611 | (967 | ) | 232,012 | |||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 132,174 | 92,682 | 54,174 | (157,857 | ) | 121,173 | |||||||||||||
Other income and (expense) | (83,650 | ) | (11,706 | ) | 34,985 | (1,818 | ) | (62,189 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 48,524 | 80,976 | 89,159 | (159,675 | ) | 58,984 | |||||||||||||
Income tax provision of taxable REIT subsidiaries | — | (84 | ) | (766 | ) | — | (850 | ) | |||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | 80,892 | 88,393 | (159,675 | ) | 58,134 | |||||||||||||
(Loss) income from discontinued operations | (19 | ) | 3,040 | (72 | ) | 8 | 2,957 | ||||||||||||
NET INCOME | 48,505 | 83,932 | 88,321 | (159,667 | ) | 61,091 | |||||||||||||
Other comprehensive loss | (3,151 | ) | — | (392 | ) | — | (3,543 | ) | |||||||||||
COMPREHENSIVE INCOME | 45,354 | 83,932 | 87,929 | (159,667 | ) | 57,548 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | (12,194 | ) | — | (12,194 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 45,354 | $ | 83,932 | $ | 75,735 | $ | (159,667 | ) | $ | 45,354 |
Condensed Consolidating Statement of Comprehensive Income for the year ended December 31, 2013 | Equity One Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminating Entries | Consolidated | ||||||||||||||
(In thousands) | |||||||||||||||||||
Total revenue | $ | 26,379 | $ | 181,115 | $ | 125,017 | $ | — | $ | 332,511 | |||||||||
Equity in subsidiaries’ earnings | 177,772 | — | — | (177,772 | ) | — | |||||||||||||
Total costs and expenses | 44,283 | 98,871 | 73,791 | (518 | ) | 216,427 | |||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 159,868 | 82,244 | 51,226 | (177,254 | ) | 116,084 | |||||||||||||
Other income and (expense) | (86,051 | ) | (10,756 | ) | 30,726 | (1,524 | ) | (67,605 | ) | ||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 73,817 | 71,488 | 81,952 | (178,778 | ) | 48,479 | |||||||||||||
Income tax benefit of taxable REIT subsidiaries | 193 | 74 | 217 | — | 484 | ||||||||||||||
INCOME FROM CONTINUING OPERATIONS | 74,010 | 71,562 | 82,169 | (178,778 | ) | 48,963 | |||||||||||||
Income from discontinued operations | 4,112 | 30,498 | 4,668 | 416 | 39,694 | ||||||||||||||
NET INCOME | 78,122 | 102,060 | 86,837 | (178,362 | ) | 88,657 | |||||||||||||
Other comprehensive income | 9,961 | — | 168 | — | 10,129 | ||||||||||||||
COMPREHENSIVE INCOME | 88,083 | 102,060 | 87,005 | (178,362 | ) | 98,786 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (193 | ) | (10,510 | ) | — | (10,703 | ) | |||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ | 88,083 | $ | 101,867 | $ | 76,495 | $ | (178,362 | ) | $ | 88,083 |
Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2015 | Equity One, Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | |||||||||||
(In thousands) | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (67,233 | ) | $ | 63,304 | $ | 168,694 | $ | 164,765 | ||||||
INVESTING ACTIVITIES: | |||||||||||||||
Acquisition of income producing properties | — | — | (98,300 | ) | (98,300 | ) | |||||||||
Additions to income producing properties | (2,851 | ) | (10,987 | ) | (7,154 | ) | (20,992 | ) | |||||||
Acquisition of land | — | (1,350 | ) | — | (1,350 | ) | |||||||||
Additions to construction in progress | (7,249 | ) | (33,826 | ) | (22,525 | ) | (63,600 | ) | |||||||
Deposits for the acquisition of income producing properties | (10 | ) | — | — | (10 | ) | |||||||||
Proceeds from sale of operating properties | — | 4,526 | 1,279 | 5,805 | |||||||||||
Increase in deferred leasing costs and lease intangibles | (1,575 | ) | (3,472 | ) | (1,791 | ) | (6,838 | ) | |||||||
Investment in joint ventures | (329 | ) | — | (23,610 | ) | (23,939 | ) | ||||||||
Distributions from joint ventures | — | — | 15,666 | 15,666 | |||||||||||
Collection of environmental tax credit | — | 14,258 | — | 14,258 | |||||||||||
Repayments from subsidiaries, net | 524 | (3,741 | ) | 3,217 | — | ||||||||||
Net cash used in investing activities | (11,490 | ) | (34,592 | ) | (133,218 | ) | (179,300 | ) | |||||||
FINANCING ACTIVITIES: | |||||||||||||||
Repayments of mortgage notes payable | — | (26,814 | ) | (24,250 | ) | (51,064 | ) | ||||||||
Deposit for mortgage note payable | — | (1,898 | ) | — | (1,898 | ) | |||||||||
Net borrowings under revolving credit facility | 59,000 | — | — | 59,000 | |||||||||||
Repayment of senior notes payable | (220,155 | ) | — | — | (220,155 | ) | |||||||||
Borrowings under term loan, net | 222,916 | 222,916 | |||||||||||||
Payment of deferred financing costs | (168 | ) | — | — | (168 | ) | |||||||||
Proceeds from issuance of common stock | 124,915 | — | — | 124,915 | |||||||||||
Repurchase of common stock | (320 | ) | — | — | (320 | ) | |||||||||
Stock issuance costs | (624 | ) | — | — | (624 | ) | |||||||||
Dividends paid to stockholders | (112,957 | ) | — | — | (112,957 | ) | |||||||||
Purchase of noncontrolling interests | — | — | (1,216 | ) | (1,216 | ) | |||||||||
Distributions to noncontrolling interests | — | — | (10,010 | ) | (10,010 | ) | |||||||||
Net cash provided by (used in) financing activities | 72,607 | (28,712 | ) | (35,476 | ) | 8,419 | |||||||||
Net decrease in cash and cash equivalents | (6,116 | ) | — | — | (6,116 | ) | |||||||||
Cash and cash equivalents at beginning of the year | 27,469 | — | — | 27,469 | |||||||||||
Cash and cash equivalents at end of the year | $ | 21,353 | $ | — | $ | — | $ | 21,353 |
Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2014 | Equity One, Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | |||||||||||
(In thousands) | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (93,893 | ) | $ | 120,939 | $ | 117,049 | $ | 144,095 | ||||||
INVESTING ACTIVITIES: | |||||||||||||||
Acquisition of income producing properties | — | (80,350 | ) | (13,097 | ) | (93,447 | ) | ||||||||
Additions to income producing properties | (1,360 | ) | (9,381 | ) | (8,635 | ) | (19,376 | ) | |||||||
Additions to construction in progress | (5,420 | ) | (53,694 | ) | (17,981 | ) | (77,095 | ) | |||||||
Deposits for the acquisition of income producing properties | (50 | ) | — | — | (50 | ) | |||||||||
Proceeds from sale of operating properties | 41,730 | 80,764 | 22,976 | 145,470 | |||||||||||
Decrease in cash held in escrow | 10,662 | — | — | 10,662 | |||||||||||
Increase in deferred leasing costs and lease intangibles | (655 | ) | (3,546 | ) | (3,239 | ) | (7,440 | ) | |||||||
Investment in joint ventures | — | — | (9,028 | ) | (9,028 | ) | |||||||||
Advances to joint ventures | — | — | (154 | ) | (154 | ) | |||||||||
Distributions from joint ventures | — | — | 16,394 | 16,394 | |||||||||||
Repayment of loans receivable | — | — | 60,526 | 60,526 | |||||||||||
Repayments from subsidiaries, net | 72,065 | (22,893 | ) | (49,172 | ) | — | |||||||||
Net cash provided by (used in) investing activities | 116,972 | (89,100 | ) | (1,410 | ) | 26,462 | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||
Repayments of mortgage notes payable | — | (29,648 | ) | (102,916 | ) | (132,564 | ) | ||||||||
Net repayments under revolving credit facilities | (54,000 | ) | — | — | (54,000 | ) | |||||||||
Payment of deferred financing costs | (3,638 | ) | — | — | (3,638 | ) | |||||||||
Proceeds from issuance of common stock | 145,447 | — | — | 145,447 | |||||||||||
Repurchase of common stock | (1,752 | ) | — | — | (1,752 | ) | |||||||||
Stock issuance costs | (591 | ) | — | — | (591 | ) | |||||||||
Dividends paid to stockholders | (106,659 | ) | — | — | (106,659 | ) | |||||||||
Purchase of noncontrolling interests | — | (2,191 | ) | (761 | ) | (2,952 | ) | ||||||||
Distributions to noncontrolling interests | — | — | (11,962 | ) | (11,962 | ) | |||||||||
Net cash used in financing activities | (21,193 | ) | (31,839 | ) | (115,639 | ) | (168,671 | ) | |||||||
Net decrease in cash and cash equivalents | 1,886 | — | — | 1,886 | |||||||||||
Cash and cash equivalents at beginning of the year | 25,583 | — | — | 25,583 | |||||||||||
Cash and cash equivalents at end of the year | $ | 27,469 | $ | — | $ | — | $ | 27,469 |
Condensed Consolidating Statement of Cash Flows for the year ended December 31, 2013 | Equity One, Inc. | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Consolidated | |||||||||||
(In Thousands) | |||||||||||||||
Net cash (used in) provided by operating activities | $ | (82,023 | ) | $ | 119,434 | $ | 95,331 | $ | 132,742 | ||||||
INVESTING ACTIVITIES: | |||||||||||||||
Acquisition of income producing properties | — | (60,000 | ) | (49,449 | ) | (109,449 | ) | ||||||||
Additions to income producing properties | (1,636 | ) | (7,265 | ) | (4,760 | ) | (13,661 | ) | |||||||
Acquisition of land | — | (3,000 | ) | — | (3,000 | ) | |||||||||
Additions to construction in progress | (731 | ) | (38,639 | ) | (14,635 | ) | (54,005 | ) | |||||||
Deposits for the acquisition of income producing properties | (75 | ) | — | — | (75 | ) | |||||||||
Proceeds from sale of operating properties | 85,602 | 156,637 | 44,272 | 286,511 | |||||||||||
Increase in cash held in escrow | (10,662 | ) | — | — | (10,662 | ) | |||||||||
Purchase of below-market leasehold interest | — | (25,000 | ) | — | (25,000 | ) | |||||||||
Increase in deferred leasing costs and lease intangibles | (1,283 | ) | (4,863 | ) | (3,120 | ) | (9,266 | ) | |||||||
Investment in joint ventures | — | — | (30,401 | ) | (30,401 | ) | |||||||||
Repayments of advances to joint ventures | — | — | 5 | 5 | |||||||||||
Distributions from joint ventures | — | — | 12,576 | 12,576 | |||||||||||
Investment in loans receivable | — | — | (12,000 | ) | (12,000 | ) | |||||||||
Repayment of loans receivable | — | — | 91,474 | 91,474 | |||||||||||
Advances to subsidiaries, net | 189,418 | (111,025 | ) | (78,393 | ) | — | |||||||||
Net cash provided by (used in) investing activities | 260,633 | (93,155 | ) | (44,431 | ) | 123,047 | |||||||||
FINANCING ACTIVITIES: | |||||||||||||||
Repayments of mortgage notes payable | (3,578 | ) | (26,279 | ) | (18,422 | ) | (48,279 | ) | |||||||
Net repayments under revolving credit facilities | (81,000 | ) | — | — | (81,000 | ) | |||||||||
Proceeds from issuance of common stock | 8,898 | — | — | 8,898 | |||||||||||
Repurchase of common stock | (388 | ) | — | — | (388 | ) | |||||||||
Stock issuance costs | (96 | ) | — | — | (96 | ) | |||||||||
Dividends paid to stockholders | (104,279 | ) | — | — | (104,279 | ) | |||||||||
Purchase of noncontrolling interests | — | — | (18,972 | ) | (18,972 | ) | |||||||||
Distributions to noncontrolling interests | — | — | (10,038 | ) | (10,038 | ) | |||||||||
Distributions to redeemable noncontrolling interests | — | — | (3,468 | ) | (3,468 | ) | |||||||||
Net cash used in financing activities | (180,443 | ) | (26,279 | ) | (50,900 | ) | (257,622 | ) | |||||||
Net decrease in cash and cash equivalents | (1,833 | ) | — | — | (1,833 | ) | |||||||||
Cash and cash equivalents at beginning of the year | 27,416 | — | — | 27,416 | |||||||||||
Cash and cash equivalents at end of the year | $ | 25,583 | $ | — | $ | — | $ | 25,583 |
First Quarter (1) | Second Quarter (2) | Third Quarter | Fourth Quarter | |||||||||||||
2015 | (In thousands, except per share data) | |||||||||||||||
Total revenue | $ | 88,479 | $ | 90,735 | $ | 90,439 | $ | 90,500 | ||||||||
Income from continuing operations | $ | 10,508 | $ | 29,561 | $ | 19,459 | $ | 15,939 | ||||||||
Net income | $ | 10,508 | $ | 29,561 | $ | 19,459 | $ | 15,939 | ||||||||
Net income attributable to Equity One, Inc. | $ | 8,006 | $ | 27,054 | $ | 16,961 | $ | 13,432 | ||||||||
Basic per share data (3) | ||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.21 | $ | 0.13 | $ | 0.10 | ||||||||
Net income | $ | 0.06 | $ | 0.21 | $ | 0.13 | $ | 0.10 | ||||||||
Diluted per share data (3) | ||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.21 | $ | 0.13 | $ | 0.10 | ||||||||
Net income | $ | 0.06 | $ | 0.21 | $ | 0.13 | $ | 0.10 |
(1) | During the first quarter of 2015, we recognized impairment losses of $11.3 million. See Note 6 for further discussion. |
(2) | During the second quarter of 2015, in connection with the redemption of our interest in the GRI JV, we remeasured the carrying value of our equity interest in the joint venture to fair value and recognized a gain of $5.5 million. Additionally, we recognized a gain of $3.3 million from the deferred gains associated with the 2008 sale of certain properties by us to the joint venture. See Note 8 for further discussion. |
(3) | The sum of the individual quarters per share data may not foot to the year-to-date totals due to the rounding of individual calculations. |
First Quarter | Second Quarter (2) | Third Quarter | Fourth Quarter (2) | |||||||||||||
2014 | (In thousands, except per share data) | |||||||||||||||
Total revenue | $ | 92,697 | $ | 87,567 | $ | 86,377 | $ | 86,544 | ||||||||
Income from continuing operations (1) | $ | 27,911 | $ | 76 | $ | 20,897 | $ | 9,250 | ||||||||
Net income | $ | 30,975 | $ | 99 | $ | 20,801 | $ | 9,216 | ||||||||
Net income (loss) attributable to Equity One, Inc. | $ | 26,276 | $ | (2,411 | ) | $ | 18,307 | $ | 6,725 | |||||||
Basic per share data | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.20 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||
Net income (loss) | $ | 0.22 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||
Diluted per share data | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.20 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 | |||||||
Net income (loss) | $ | 0.22 | $ | (0.02 | ) | $ | 0.14 | $ | 0.05 |
(1) | Reclassified to reflect the presentation of gain on sale of operating properties within continuing operations. |
(2) | During the second and fourth quarters of 2014, we recognized impairment losses of $13.9 million and $8.0 million, respectively. See Note 6 for further discussion. |
Balance at beginning of period | Charged to expense | Adjustments to valuation accounts | Deductions | Balance at end of period | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Year Ended December 31, 2015: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,046 | $ | 2,521 | $ | — | $ | (1,687 | ) | $ | 3,880 | |||||||||
Allowance for deferred tax asset | 164 | — | — | (164 | ) | — | ||||||||||||||
Year Ended December 31, 2014: | ||||||||||||||||||||
Allowance for doubtful accounts | 4,819 | 1,032 | (1,059 | ) | (1) | (1,746 | ) | 3,046 | ||||||||||||
Allowance for deferred tax asset | 162 | 2 | — | — | 164 | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||||||
Allowance for doubtful accounts | 3,182 | 3,736 | — | (2,099 | ) | 4,819 | ||||||||||||||
Allowance for deferred tax asset | 213 | — | — | (51 | ) | 162 |
INITIAL COST TO COMPANY | Capitalized Subsequent to Acquisition (1) | GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Date of Construction | Date Acquired | |||||||||||||||||
90-30 Metropolitan | NY | $ | — | $ | 5,105 | $ | 21,378 | $ | 952 | $ | 5,105 | $ | 22,330 | $ | 27,435 | $ | (2,400 | ) | 2007 | 9/1/2011 | |||||||
91 Danbury Road | CT | — | 787 | 664 | — | 787 | 664 | 1,451 | (3 | ) | 1965 | 11/23/2015 | |||||||||||||||
101 7th Avenue | NY | — | 21,699 | 40,518 | 13,309 | 21,699 | 53,827 | 75,526 | (2,499 | ) | 1930 | 5/16/2011 | |||||||||||||||
200 Potrero | CA | — | 4,778 | 1,469 | 520 | 4,778 | 1,989 | 6,767 | (388 | ) | 1928 | 12/27/2012 | |||||||||||||||
1175 Third Avenue | NY | 6,241 | 28,282 | 22,115 | (377 | ) | 28,070 | 21,950 | 50,020 | (2,411 | ) | 1995 | 9/22/2010 | ||||||||||||||
1225-1239 Second Avenue | NY | 16,020 | 14,253 | 11,288 | 66 | 14,274 | 11,333 | 25,607 | (788 | ) | 1963 | 10/5/2012 | |||||||||||||||
5335 CITGO | MD | — | 6,203 | 103 | — | 6,203 | 103 | 6,306 | (59 | ) | 1958 | 9/5/2013 | |||||||||||||||
5471 CITGO | MD | — | 4,107 | 78 | — | 4,107 | 78 | 4,185 | (45 | ) | 1959 | 9/5/2013 | |||||||||||||||
Alafaya Commons | FL | — | 6,858 | 10,720 | 4,688 | 7,000 | 15,266 | 22,266 | (3,022 | ) | 1987 | 2/12/2003 | |||||||||||||||
Alafaya Village | FL | — | 1,444 | 4,967 | 164 | 1,444 | 5,131 | 6,575 | (1,330 | ) | 1986 | 4/20/2006 | |||||||||||||||
Ambassador Row | LA | — | 3,880 | 10,570 | 3,318 | 3,880 | 13,888 | 17,768 | (4,325 | ) | 1980 | 2/12/2003 | |||||||||||||||
Ambassador Row Courtyard | LA | — | 3,110 | 9,208 | 6,135 | 3,110 | 15,343 | 18,453 | (3,967 | ) | 1986 | 2/12/2003 | |||||||||||||||
Antioch Land | CA | — | 7,060 | — | (3,290 | ) | 3,770 | — | 3,770 | — | n/a | 1/4/2011 | |||||||||||||||
Atlantic Village | FL | — | 1,190 | 4,760 | 6,622 | 1,190 | 11,382 | 12,572 | (4,010 | ) | 1984 | 6/30/1995 | |||||||||||||||
Aventura Square (2) | FL | 20,756 | 46,811 | 17,851 | 2,102 | 45,855 | 20,909 | 66,764 | (2,940 | ) | 1991 | 10/5/2011 | |||||||||||||||
Banco Popular Office Building | FL | — | 3,363 | 1,566 | 589 | 3,363 | 2,155 | 5,518 | (686 | ) | 1971 | 9/27/2005 | |||||||||||||||
Beauclerc Village (3) | FL | — | 651 | 2,242 | (474 | ) | — | 2,419 | 2,419 | — | 1962 | 5/15/1998 | |||||||||||||||
Bird 107 | FL | — | 8,568 | 3,942 | 14 | 8,568 | 3,956 | 12,524 | (51 | ) | 1962 | 8/27/2015 | |||||||||||||||
Bird Ludlum | FL | — | 4,088 | 16,318 | 3,441 | 4,088 | 19,759 | 23,847 | (9,849 | ) | 1988 | 8/11/1994 | |||||||||||||||
Bluebonnet Village | LA | — | 2,290 | 4,168 | 2,365 | 2,290 | 6,533 | 8,823 | (2,238 | ) | 1983 | 2/12/2003 | |||||||||||||||
Bluffs Square | FL | — | 3,232 | 9,917 | 804 | 3,232 | 10,721 | 13,953 | (5,028 | ) | 1986 | 8/15/2000 | |||||||||||||||
Boca Village Square | FL | — | 3,385 | 10,174 | 5,679 | 4,620 | 14,618 | 19,238 | (3,192 | ) | 1978 | 8/15/2000 | |||||||||||||||
Bowlmor Lanes | MD | — | 12,128 | 863 | — | 12,128 | 863 | 12,991 | (235 | ) | 1960 | 5/7/2013 | |||||||||||||||
Boynton Plaza | FL | — | 2,943 | 9,100 | 4,440 | 3,884 | 12,599 | 16,483 | (2,773 | ) | 1978 | 8/15/2000 | |||||||||||||||
BridgeMill | GA | 6,462 | 8,593 | 6,310 | 728 | 8,593 | 7,038 | 15,631 | (2,523 | ) | 2000 | 11/13/2003 | |||||||||||||||
Broadway Plaza | NY | — | 7,500 | — | 42,566 | 12,883 | 37,183 | 50,066 | (2,011 | ) | 2014 | 6/8/2012 | |||||||||||||||
Broadway Outparcels | NY | — | 2,000 | — | 16,002 | 2,914 | 15,088 | 18,002 | (115 | ) | n/a | 10/1/2012 | |||||||||||||||
Brookside Plaza | CT | — | 2,291 | 26,260 | 8,988 | 2,291 | 35,248 | 37,539 | (10,118 | ) | 1985 | 1/12/2006 | |||||||||||||||
Buckhead Station | GA | — | 27,138 | 45,277 | 2,908 | 27,138 | 48,185 | 75,323 | (11,631 | ) | 1996 | 3/9/2007 | |||||||||||||||
Cambridge Star Market | MA | — | 11,358 | 13,854 | — | 11,358 | 13,854 | 25,212 | (4,176 | ) | 1953 | 10/7/2004 | |||||||||||||||
Cashmere Corners | FL | — | 1,947 | 5,707 | 661 | 1,947 | 6,368 | 8,315 | (2,117 | ) | 2001 | 8/15/2000 | |||||||||||||||
Centre Pointe Plaza | NC | — | 2,081 | 4,411 | 1,398 | 2,081 | 5,809 | 7,890 | (2,125 | ) | 1989 | 2/12/2003 | |||||||||||||||
Chapel Trail | FL | — | 3,641 | 5,777 | 3,011 | 3,641 | 8,788 | 12,429 | (3,090 | ) | 2007 | 5/10/2006 | |||||||||||||||
Charlotte Square | FL | — | 4,155 | 4,414 | 1,220 | 4,155 | 5,634 | 9,789 | (1,633 | ) | 1980 | 2/12/2003 | |||||||||||||||
Chastain Square | GA | — | 10,689 | 5,937 | 1,187 | 10,689 | 7,124 | 17,813 | (2,278 | ) | 1981 | 2/12/2003 | |||||||||||||||
Circle Center West | CA | — | 10,800 | 10,340 | 965 | 10,800 | 11,305 | 22,105 | (1,968 | ) | 1989 | 3/15/2011 | |||||||||||||||
Clocktower Plaza | NY | — | 25,184 | 19,462 | 30 | 25,184 | 19,492 | 44,676 | (2,325 | ) | 1985 | 9/28/2012 | |||||||||||||||
Compo Acres | CT | — | 18,305 | 12,195 | 5,536 | 18,305 | 17,731 | 36,036 | (1,740 | ) | 1960 | 3/1/2012 | |||||||||||||||
Concord Shopping Plaza | FL | 27,750 | 28,244 | 41,238 | 5 | 28,244 | 41,243 | 69,487 | (735 | ) | 1962 | 6/10/2015 | |||||||||||||||
Copps Hill | CT | 15,919 | 14,146 | 24,626 | 148 | 14,146 | 24,774 | 38,920 | (5,260 | ) | 2002 | 3/31/2010 | |||||||||||||||
Coral Reef Shopping Center | FL | — | 16,464 | 4,376 | 1,780 | 17,517 | 5,103 | 22,620 | (1,274 | ) | 1968 | 9/1/2006 | |||||||||||||||
Countryside Shops | FL | — | 11,343 | 13,853 | 4,630 | 11,343 | 18,483 | 29,826 | (5,575 | ) | 1986 | 2/12/2003 |
INITIAL COST TO COMPANY | Capitalized Subsequent to Acquisition (1) | GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Date of Construction | Date Acquired | |||||||||||||||||
Crossroads Square | FL | $ | — | $ | 3,592 | $ | 4,401 | $ | 7,677 | $ | 3,520 | $ | 12,150 | $ | 15,670 | $ | (3,783 | ) | 1973 | 8/15/2000 | |||||||
Culver Center | CA | 64,000 | 74,868 | 59,958 | 5,164 | 75,214 | 64,776 | 139,990 | (7,168 | ) | 1950 | 11/16/2011 | |||||||||||||||
Danbury Green | CT | — | 17,547 | 21,560 | 8,564 | 18,143 | 29,528 | 47,671 | (5,685 | ) | 2006 | 10/27/2011 | |||||||||||||||
Darinor Plaza | CT | — | — | 16,991 | 2,822 | — | 19,813 | 19,813 | (2,653 | ) | 1978 | 8/28/2012 | |||||||||||||||
Elmwood Oaks | LA | — | 4,088 | 8,221 | 858 | 4,088 | 9,079 | 13,167 | (3,195 | ) | 1989 | 2/12/2003 | |||||||||||||||
Ft. Caroline | FL | — | 701 | 2,800 | 2,488 | 700 | 5,289 | 5,989 | (2,048 | ) | 1985 | 1/24/1994 | |||||||||||||||
Gateway Plaza at Aventura | FL | — | 2,301 | 5,529 | — | 2,301 | 5,529 | 7,830 | (1,274 | ) | 1991 | 3/19/2010 | |||||||||||||||
Glengary Shoppes | FL | 15,217 | 7,488 | 13,969 | 389 | 7,488 | 14,358 | 21,846 | (2,922 | ) | 1995 | 12/31/2008 | |||||||||||||||
Greenwood | FL | — | 4,117 | 10,295 | 3,828 | 4,117 | 14,123 | 18,240 | (4,554 | ) | 1982 | 2/12/2003 | |||||||||||||||
Hairston Center | GA | — | 1,644 | 642 | (1,938 | ) | 134 | 214 | 348 | (165 | ) | 2000 | 8/25/2005 | ||||||||||||||
Hammocks Town Center | FL | — | 16,856 | 11,392 | 1,790 | 16,856 | 13,182 | 30,038 | (2,373 | ) | 1987 | 12/31/2008 | |||||||||||||||
Hampton Oaks | GA | — | 835 | — | 329 | 1,171 | (7 | ) | 1,164 | (491 | ) | 2009 | 11/30/2006 | ||||||||||||||
Homestead | FL | — | 1,170 | — | 329 | 1,170 | 329 | 1,499 | (21 | ) | n/a | 11/8/2004 | |||||||||||||||
Jonathan’s Landing | FL | — | 1,146 | 3,442 | 886 | 1,146 | 4,328 | 5,474 | (1,678 | ) | 1997 | 8/15/2000 | |||||||||||||||
Kirkman Shoppes | FL | — | 6,222 | 9,714 | 6,848 | 6,930 | 15,854 | 22,784 | (3,567 | ) | 1973 | 8/15/2000 | |||||||||||||||
Lago Mar | FL | — | 4,216 | 6,609 | 1,856 | 4,216 | 8,465 | 12,681 | (2,751 | ) | 1995 | 2/12/2003 | |||||||||||||||
Lake Mary Centre | FL | — | 7,092 | 13,878 | 15,924 | 7,092 | 29,802 | 36,894 | (10,466 | ) | 1988 | 11/9/1995 | |||||||||||||||
Lantana Village | FL | — | 1,350 | 7,978 | 962 | 1,350 | 8,940 | 10,290 | (3,836 | ) | 1976 | 1/6/1998 | |||||||||||||||
Magnolia Shoppes | FL | 13,010 | 7,176 | 10,886 | 3,484 | 7,176 | 14,370 | 21,546 | (2,536 | ) | 1998 | 12/31/2008 | |||||||||||||||
Mandarin Landing | FL | — | 4,443 | 4,747 | 11,663 | 4,443 | 16,410 | 20,853 | (6,301 | ) | 1976 | 12/10/1999 | |||||||||||||||
Marketplace Shopping Center | CA | — | 8,727 | 22,188 | 2,763 | 8,737 | 24,941 | 33,678 | (3,494 | ) | 1990 | 1/4/2011 | |||||||||||||||
McAlpin Square | GA | — | 3,536 | 6,963 | 362 | 3,536 | 7,325 | 10,861 | (2,336 | ) | 1979 | 2/12/2003 | |||||||||||||||
Medford Shaw's Supermarket | MA | — | 7,750 | 11,390 | (5,614 | ) | 5,092 | 8,434 | 13,526 | (2,977 | ) | 1995 | 10/7/2004 | ||||||||||||||
North Bay Village | FL | — | 850 | 1,000 | 191 | 877 | 1,164 | 2,041 | (527 | ) | 1970 | 4/30/1998 | |||||||||||||||
Old Kings Commons | FL | — | 1,420 | 5,005 | 1,151 | 1,420 | 6,156 | 7,576 | (1,954 | ) | 1988 | 2/12/2003 | |||||||||||||||
Pablo Plaza | FL | — | 6,077 | 12,676 | 793 | 6,201 | 13,345 | 19,546 | (3,408 | ) | 1973 | 8/31/2010 | |||||||||||||||
Pavilion | FL | — | 10,827 | 11,299 | 11,589 | 10,827 | 22,888 | 33,715 | (5,362 | ) | 1982 | 2/4/2004 | |||||||||||||||
Piedmont Peachtree Crossing | GA | — | 34,338 | 17,992 | 1,161 | 34,338 | 19,153 | 53,491 | (5,052 | ) | 1978 | 3/6/2006 | |||||||||||||||
Pine Island | FL | — | 8,557 | 12,860 | 3,428 | 8,557 | 16,288 | 24,845 | (6,584 | ) | 1999 | 8/26/1999 | |||||||||||||||
Pine Ridge Square | FL | — | 6,528 | 9,850 | 7,211 | 6,649 | 16,940 | 23,589 | (4,977 | ) | 1986 | 2/12/2003 | |||||||||||||||
Plaza Acadienne (3) | LA | — | 2,108 | 168 | (997 | ) | 921 | 358 | 1,279 | (137 | ) | 1980 | 2/12/2003 | ||||||||||||||
Plaza Escuela | CA | — | 10,041 | 63,038 | 3,765 | 10,041 | 66,803 | 76,844 | (7,198 | ) | 2002 | 1/4/2011 | |||||||||||||||
Pleasanton Plaza | CA | — | 19,390 | 20,197 | 329 | 19,390 | 20,526 | 39,916 | (1,896 | ) | 1981 | 10/25/2013 | |||||||||||||||
Plymouth Shaw's Supermarket | MA | — | 4,917 | 12,198 | 1 | 4,917 | 12,199 | 17,116 | (3,670 | ) | 1993 | 10/7/2004 | |||||||||||||||
Point Royale | FL | — | 3,720 | 5,005 | 5,783 | 4,926 | 9,582 | 14,508 | (3,728 | ) | 1970 | 7/27/1995 | |||||||||||||||
Post Road Plaza | CT | — | 9,807 | 2,707 | 914 | 9,807 | 3,621 | 13,428 | (511 | ) | 1978 | 3/1/2012 | |||||||||||||||
Potrero | CA | — | 48,594 | 74,701 | 1,064 | 48,594 | 75,765 | 124,359 | (8,379 | ) | 1968 | 3/1/2012 | |||||||||||||||
Prosperity Centre | FL | — | 6,015 | 13,838 | 1,459 | 6,015 | 15,297 | 21,312 | (6,273 | ) | 1993 | 8/15/2000 | |||||||||||||||
Quincy Star Market | MA | — | 6,121 | 18,445 | 120 | 6,121 | 18,565 | 24,686 | (5,578 | ) | 1965 | 10/7/2004 | |||||||||||||||
Ralph’s Circle Center | CA | — | 9,833 | 5,856 | 1,216 | 9,833 | 7,072 | 16,905 | (1,404 | ) | 1983 | 7/14/2011 | |||||||||||||||
Ridge Plaza | FL | — | 3,905 | 7,450 | 3,240 | 3,898 | 10,697 | 14,595 | (4,086 | ) | 1984 | 8/15/2000 | |||||||||||||||
River Green Land | GA | — | 2,587 | — | (1,087 | ) | 1,500 | — | 1,500 | — | n/a | 9/27/2005 | |||||||||||||||
Riverview Shopping Center | NC | — | 2,202 | 4,745 | 2,217 | 2,202 | 6,962 | 9,164 | (2,155 | ) | 1973 | 2/12/2003 |
INITIAL COST TO COMPANY | Capitalized Subsequent to Acquisition (1) | GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD | |||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Date of Construction | Date Acquired | |||||||||||||||||
Ryanwood | FL | $ | — | $ | 2,281 | $ | 6,880 | $ | 1,278 | $ | 2,613 | $ | 7,826 | $ | 10,439 | $ | (2,699 | ) | 1987 | 8/15/2000 | |||||||
Salerno Village | FL | — | 166 | — | 125 | 166 | 125 | 291 | (33 | ) | 1900 | 1/1/1900 | |||||||||||||||
Sawgrass Promenade | FL | — | 3,280 | 9,351 | 2,884 | 3,280 | 12,235 | 15,515 | (5,569 | ) | 1982 | 8/15/2000 | |||||||||||||||
Serramonte Shopping Center | CA | — | 81,049 | 119,765 | 35,842 | 82,829 | 153,827 | 236,656 | (25,636 | ) | 1968 | 1/4/2011 | |||||||||||||||
Sheridan Plaza | FL | 58,330 | 38,888 | 36,241 | 7,003 | 38,888 | 43,244 | 82,132 | (14,629 | ) | 1973 | 7/14/2003 | |||||||||||||||
Sherwood South (3) | LA | — | 746 | 2,412 | 1,037 | 746 | 3,449 | 4,195 | (1,364 | ) | 1972 | 2/12/2003 | |||||||||||||||
Shoppes of Oakbrook (2) | FL | — | 7,706 | 16,079 | 4,961 | 7,706 | 21,040 | 28,746 | (7,646 | ) | 1974 | 8/15/2000 | |||||||||||||||
Shoppes of Silverlakes | FL | — | 10,306 | 10,131 | 3,108 | 10,306 | 13,239 | 23,545 | (4,220 | ) | 1995 | 2/12/2003 | |||||||||||||||
Shoppes of Sunset | FL | — | 3,318 | 1,537 | 29 | 3,318 | 1,566 | 4,884 | (55 | ) | 1979 | 6/10/2015 | |||||||||||||||
Shoppes of Sunset II | FL | — | 3,117 | 790 | (8 | ) | 3,117 | 782 | 3,899 | (53 | ) | 1980 | 6/10/2015 | ||||||||||||||
Shops at Skylake | FL | — | 15,226 | 7,206 | 26,508 | 15,226 | 33,714 | 48,940 | (11,075 | ) | 1999 | 8/19/1997 | |||||||||||||||
Shops at St. Lucie | FL | — | 790 | 3,082 | 1,591 | 790 | 4,673 | 5,463 | (1,039 | ) | 2006 | 8/15/2000 | |||||||||||||||
Siegen Village | LA | — | 4,329 | 9,691 | 12 | 4,329 | 9,703 | 14,032 | (3,152 | ) | 1988 | 2/12/2003 | |||||||||||||||
South Beach | FL | — | 9,545 | 19,228 | 10,571 | 9,663 | 29,681 | 39,344 | (8,933 | ) | 1990 | 2/12/2003 | |||||||||||||||
South Point Center | FL | — | 7,142 | 7,098 | 101 | 7,142 | 7,199 | 14,341 | (1,715 | ) | 2003 | 12/8/2006 | |||||||||||||||
Southbury Green | CT | — | 18,483 | 31,857 | 5,907 | 18,744 | 37,503 | 56,247 | (5,478 | ) | 1997 | 10/27/2011 | |||||||||||||||
St. Lucie Land | FL | — | 7,728 | — | (5,378 | ) | 2,350 | — | 2,350 | — | n/a | 11/27/2006 | |||||||||||||||
Summerlin Square | FL | — | 2,187 | 7,989 | (9,101 | ) | 366 | 709 | 1,075 | (311 | ) | 1986 | 6/10/1998 | ||||||||||||||
Sunlake | FL | — | 9,861 | — | 23,528 | 15,791 | 17,598 | 33,389 | (3,646 | ) | 2010 | 2/1/2005 | |||||||||||||||
Swampscott Whole Foods | MA | — | 5,139 | 6,539 | — | 5,139 | 6,539 | 11,678 | (1,962 | ) | 1967 | 10/7/2004 | |||||||||||||||
Talega Village Center | CA | 10,793 | 14,273 | 9,266 | 504 | 14,273 | 9,770 | 24,043 | (826 | ) | 2007 | 1/23/2014 | |||||||||||||||
Tamarac Town Square | FL | — | 4,742 | 5,610 | 1,756 | 4,643 | 7,465 | 12,108 | (2,559 | ) | 1987 | 2/12/2003 | |||||||||||||||
TD Bank Skylake | FL | — | 2,041 | — | 453 | 2,064 | 430 | 2,494 | (48 | ) | n/a | 12/17/2009 | |||||||||||||||
The Gallery at Westbury | NY | — | 27,481 | 3,537 | 88,200 | 40,165 | 79,053 | 119,218 | (12,121 | ) | 2012 | 11/16/2009 | |||||||||||||||
The Harvard Collection | MA | — | 80,120 | 6,610 | 54 | 80,120 | 6,664 | 86,784 | (51 | ) | 1906 | 10/19/2015 | |||||||||||||||
The Village Center | CT | 14,825 | 18,284 | 36,021 | 823 | 19,419 | 35,709 | 55,128 | (2,160 | ) | 1973 | 10/23/2013 | |||||||||||||||
Thomasville Commons | NC | — | 1,212 | 4,567 | 1,962 | 1,212 | 6,529 | 7,741 | (2,118 | ) | 1991 | 2/12/2003 | |||||||||||||||
Town & Country | FL | — | 2,503 | 4,397 | 480 | 2,354 | 5,026 | 7,380 | (1,782 | ) | 1993 | 2/12/2003 | |||||||||||||||
Treasure Coast (2) | FL | — | 1,359 | 9,728 | 2,107 | 1,359 | 11,835 | 13,194 | (3,609 | ) | 1983 | 2/12/2003 | |||||||||||||||
Unigold Shopping Center | FL | — | 4,304 | 6,413 | 2,308 | 4,304 | 8,721 | 13,025 | (2,874 | ) | 1987 | 2/12/2003 | |||||||||||||||
Union City Commons Land | GA | — | 8,084 | — | (5,684 | ) | 2,400 | — | 2,400 | — | n/a | 6/22/2006 | |||||||||||||||
Von's Circle Center | CA | 9,366 | 18,219 | 18,909 | 3,219 | 18,274 | 22,073 | 40,347 | (3,766 | ) | 1972 | 3/16/2011 | |||||||||||||||
Waterstone | FL | — | 1,422 | 7,508 | 671 | 1,422 | 8,179 | 9,601 | (2,151 | ) | 2005 | 4/10/1992 | |||||||||||||||
Wesley Chapel | GA | — | 6,389 | 4,311 | (1,943 | ) | 3,514 | 5,243 | 8,757 | (2,912 | ) | 1989 | 2/12/2003 | ||||||||||||||
West Bird | FL | — | 5,280 | 12,539 | 770 | 5,280 | 13,309 | 18,589 | (2,739 | ) | 1977 | 8/31/2010 | |||||||||||||||
West Lake Shopping Center | FL | — | 2,141 | 5,789 | 802 | 2,141 | 6,591 | 8,732 | (3,243 | ) | 1984 | 11/6/1996 | |||||||||||||||
West Roxbury Shaw's Plaza | MA | — | 14,457 | 13,588 | 2,000 | 14,496 | 15,549 | 30,045 | (4,722 | ) | 1973 | 10/7/2004 | |||||||||||||||
Westbury Plaza | NY | — | 37,853 | 58,273 | 11,058 | 40,843 | 66,341 | 107,184 | (12,650 | ) | 1993 | 10/29/2009 | |||||||||||||||
Westport Office | CT | — | 995 | 1,214 | 6 | 1,039 | 1,176 | 2,215 | (48 | ) | 1984 | 11/18/2014 | |||||||||||||||
Westport Outparcels | FL | — | 1,347 | 1,010 | 84 | 1,347 | 1,094 | 2,441 | (239 | ) | 1990 | 9/14/2006 | |||||||||||||||
Westport Plaza | FL | 3,340 | 4,180 | 3,446 | 433 | 4,180 | 3,879 | 8,059 | (1,196 | ) | 2002 | 12/17/2004 | |||||||||||||||
Westwood - Manor Care | MD | — | 6,397 | 6,747 | — | 6,397 | 6,747 | 13,144 | (542 | ) | 1976 | 9/5/2013 | |||||||||||||||
Westwood Center II | MD | — | 11,205 | 3,655 | 39 | 11,205 | 3,694 | 14,899 | (398 | ) | 1982 | 1/16/2014 | |||||||||||||||
Westwood Shopping Center | MD | — | 61,183 | 8,175 | 2,102 | 61,183 | 10,277 | 71,460 | (1,039 | ) | 1959 | 1/16/2014 |
INITIAL COST TO COMPANY | Capitalized Subsequent to Acquisition (1) | GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD | ||||||||||||||||||||||||||
Property | Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Total | Accumulated Depreciation | Date of Construction | Date Acquired | ||||||||||||||||||
Westwood Towers | MD | $ | — | $ | 14,112 | $ | 17,088 | $ | 94 | $ | 14,112 | $ | 17,182 | $ | 31,294 | $ | (2,300 | ) | 1968 | 6/5/2013 | ||||||||
Williamsburg at Dunwoody | GA | — | 4,697 | 3,615 | 1,451 | 4,697 | 5,066 | 9,763 | (1,610 | ) | 1983 | 2/12/2003 | ||||||||||||||||
Willows Shopping Center | CA | — | 20,999 | 38,007 | 13,665 | 21,468 | 51,203 | 72,671 | (7,872 | ) | 1977 | 1/4/2011 | ||||||||||||||||
Young Circle | FL | — | 13,409 | 8,895 | 693 | 13,409 | 9,588 | 22,997 | (2,577 | ) | 1962 | 5/19/2005 | ||||||||||||||||
Corporate | FL | — | — | 241 | (894 | ) | — | (653 | ) | (653 | ) | 461 | various | various | ||||||||||||||
$ | 282,029 | $ | 1,406,771 | $ | 1,605,634 | $ | 495,023 | $ | 1,418,157 | $ | 2,089,271 | $ | 3,507,428 | (4)(5) | $ | (438,992 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Investment in real estate: | |||||||||||
Balance at beginning of the year | $ | 3,289,953 | $ | 3,270,999 | $ | 3,314,540 | |||||
Additions during the year: | |||||||||||
Improvements | 83,212 | 104,561 | 58,603 | ||||||||
Acquisitions | 180,350 | 115,567 | 164,719 | ||||||||
Deductions during the year: | |||||||||||
Cost of real estate sold/written off | (46,087 | ) | (201,174 | ) | (266,863 | ) | |||||
Balance at close of the year | $ | 3,507,428 | $ | 3,289,953 | $ | 3,270,999 | |||||
Accumulated depreciation: | |||||||||||
Balance at beginning of the year | $ | (381,533 | ) | $ | (354,166 | ) | $ | (297,736 | ) | ||
Depreciation expense | (75,235 | ) | (79,279 | ) | (70,354 | ) | |||||
Cost of real estate sold/written off | 17,776 | 51,912 | 13,924 | ||||||||
Balance at close of the year | $ | (438,992 | ) | $ | (381,533 | ) | $ | (354,166 | ) |
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Balance at beginning of the year | $ | 60,711 | $ | 140,708 | |||||
Additions during the year: | |||||||||
New loans, including capitalized costs | — | 24,820 | (1 | ) | |||||
Accrued interest | — | 228 | (1 | ) | |||||
— | 25,048 | ||||||||
Deductions during the year: | |||||||||
Collections of principal | (60,526 | ) | (104,264 | ) | (1 | ) | |||
Collections of interest | (185 | ) | (516 | ) | (1 | ) | |||
Amortization of capitalized costs | — | (265 | ) | ||||||
(60,711 | ) | (105,045 | ) | ||||||
Balance at end of the year | $ | — | $ | 60,711 |
Exhibits | Description |
3.1 | Composite Charter of the Company |
10.1 | Amendment to Chairman Compensation Agreement dated as of February 17, 2016 by and between the Company and Chaim Katzman |
12.1 | Ratio of Earnings to Fixed Charges |
21.1 | List of Subsidiaries of the Registrant |
23.1 | Consent of Ernst & Young LLP |
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended and Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and 18 U.S.C 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.LAB | XBRL Extension Labels Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
(a) | Annual Retainer and Bonus. For each calendar year during the Term commencing with calendar year 2016, Chairman shall receive a cash retainer of $15,000 to be paid no later than May 30 of such year. For each calendar year during the Term commencing with calendar year 2015, Chairman shall be eligible to receive a bonus (the “Bonus”) to be determined in the discretion of the Compensation Committee of the Board. |
(b) | The third paragraph of Section 5(c) of the Agreement is hereby amended and restated in its entirety to read: |
(c) | Section 8(b)(iv) of the Agreement is hereby amended and restated in its entirety to read: |
(iv) | the Company shall provide Chairman with access to dental insurance benefits under COBRA (to the extent permissible under the Company’s then-applicable dental insurance plans and to the extent that COBRA is applicable), with the payments of any premiums to be made by Chairman, until the earlier of (x) December 31, 2017, and (y) the end of Chairman’s COBRA eligibility. |
Exhibit 12.1 | ||||||||||||||||||||
Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
(in thousands, except ratio computation) | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Pretax income (loss) from continuing operations before adjustment for noncontrolling interest | $ | 74,611 | $ | 58,984 | $ | 48,479 | $ | (4,192 | ) | $ | 17,431 | |||||||||
Adjustments: | ||||||||||||||||||||
Equity in (income) loss of unconsolidated joint ventures | (6,493 | ) | (10,990 | ) | (1,648 | ) | (542 | ) | (4,829 | ) | ||||||||||
Fixed charges | 60,077 | 71,396 | 74,235 | 80,394 | 89,929 | |||||||||||||||
Distributed income of equity investees | 3,427 | 3,121 | 53 | 3,337 | 1,465 | |||||||||||||||
Capitalized interest | (4,755 | ) | (4,969 | ) | (2,863 | ) | (4,742 | ) | (2,273 | ) | ||||||||||
Earnings as defined | $ | 126,867 | $ | 117,542 | $ | 118,256 | $ | 74,255 | $ | 101,723 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 54,271 | $ | 66,431 | $ | 71,429 | $ | 75,794 | $ | 84,246 | ||||||||||
Capitalized interest | 4,755 | 4,969 | 2,863 | 4,742 | 2,273 | |||||||||||||||
Amortization of deferred financing fees and premium/discount on notes payable, net | 1,051 | (4 | ) | (57 | ) | (142 | ) | 3,410 | ||||||||||||
Fixed charges | $ | 60,077 | $ | 71,396 | $ | 74,235 | $ | 80,394 | $ | 89,929 | ||||||||||
Ratio of earning to fixed charges | 2.11 | 1.65 | 1.59 | * | 1.13 |
Name of Entity | State of Organization |
5510-5520 Broadway LLC | Delaware |
621 Colorado Associates, LLC | Delaware |
C&C Delaware, Inc. | Delaware |
C&C (U.S.) No. 1, Inc. | Delaware |
Daly City Serramonte Center, LLC | Delaware |
DIM Vastgoed, N.V. | The Netherlands |
Escuela Shopping Center, LLC | Delaware |
Equity Asset Investor (Talega) Inc. | Florida |
Equity One (1225 2nd) LLC | Delaware |
Equity One (Bridgemill) Inc. | Georgia |
Equity One (Circle West) LLC | Delaware |
Equity One (Compo Acres) LLC | Connecticut |
Equity One (Copps Hill) Inc. | Florida |
Equity One (Country Walk) LLC | Delaware |
Equity One (Culver) LLC | Delaware |
Equity One (Darinor) LLC | Delaware |
Equity One (Florida Portfolio) Inc. * | Florida |
Equity One (Louisiana Portfolio) LLC * | Florida |
Equity One (Metropolitan) LLC | Delaware |
Equity One (Northeast Portfolio) Inc. * | Massachusetts |
Equity One (Post Road) LLC | Connecticut |
Equity One (Ralphs Circle) LLC | Delaware |
Equity One (Sheridan Plaza) LLC | Florida |
Equity One (Southeast Portfolio) Inc. * | Georgia |
Equity One (Summerlin) Inc. * | Florida |
Equity One (Sunlake) Inc. * | Florida |
Equity One (Vons Circle) LLC | Delaware |
Equity One (Westbury Plaza) LLC | Delaware |
Equity One (West Coast Portfolio) Inc. | Florida |
Equity One (Westport) Inc. | Florida |
Equity One (Westport Village Center) LLC | Delaware |
Equity One Acquisition Corp. * | Florida |
Equity One JV Portfolio LLC (1) | Delaware |
Equity One Realty & Management CA, Inc. | Delaware |
Equity One Realty & Management FL, Inc. * | Florida |
Equity One Realty & Management NE, Inc. * | Massachusetts |
Equity One Realty & Management SE, Inc. * | Georgia |
EQY-CSC LLC | Delaware |
EQY Portfolio Investor (DRA) Inc. | Florida |
Name of Entity | State of Organization |
EQY Portfolio Investor (Empire) Inc. | Florida |
EQY Portfolio Investor (GRI) Inc. | Florida |
EQY Talega LLC | Delaware |
G.S. Associates Holding Corp. | Delaware |
G.S. Associates Joint Venture 326118, a CA general partnership | California |
GRI-EQY (Concord) LLC | Delaware |
IRT Capital Corporation II * | Georgia |
IRT Management Company * | Georgia |
IRT Partners L.P. * | Georgia |
Louisiana Holding Corp. * | Florida |
Marketplace Center, Inc. | California |
Serramonte Center Holding Co., LLC | Delaware |
Skylake Protection and Indemnity, Inc. | New York |
Sunlake - Equity One LLC | Delaware |
Talega Village Center JV, LLC | Delaware |
Talega Village Center, LLC | Delaware |
Willows Center Concord, Inc. | California |
Willows Center Concord, LLC | California |
(1) | Registration Statement (Form S-3 No. 333-120350) of Equity One, Inc., |
(2) | Registration Statement (Form S-3 No. 333-165109) of Equity One, Inc. |
(3) | Registration Statement (Form S-3 No. 333-187852) of Equity One, Inc., |
(4) | Registration Statement (Form S-8 No. 333-118347) pertaining to the 2004 Employee Stock Purchase Plan and the Amended and Restated 2000 Executive Incentive Compensation Plan for Equity One, Inc., |
(5) | Registration Statement (Form S-8 No. 333-174161) pertaining to the Amended and Restated 2000 Executive Incentive Compensation Plan of Equity One, Inc., |
1. | I have reviewed this annual report on Form 10-K of Equity One, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
February 26, 2016 | /s/ David Lukes | |||
David Lukes | ||||
Chief Executive Officer | ||||
(Principal Executive Officer) |
1. | I have reviewed this annual report on Form 10-K of Equity One, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
February 26, 2016 | /s/ Matthew Ostrower | |||
Matthew Ostrower | ||||
Executive Vice President, Chief Financial Officer and Treasurer | ||||
(Principal Financial Officer) |
(i) | The accompanying Annual Report on Form 10-K for the period ended December 31, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
February 26, 2016 | /s/ David Lukes | |
David Lukes | ||
Chief Executive Officer | ||
(Principal Executive Officer) | ||
February 26, 2016 | /s/ Matthew Ostrower | |
Matthew Ostrower | ||
Executive Vice President, Chief Financial Officer and Treasurer | ||
(Principal Financial Officer) |
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end
Document and Entity Information - USD ($) $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 23, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | EQUITY ONE, INC. | ||
Entity Central Index Key | 0001042810 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 141,718,667 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.7 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH INFORMATION: | |||
Capitalized interest | $ 4,755 | $ 4,969 | $ 2,863 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 129,106,345 | 124,281,204 |
Common stock, shares outstanding (in shares) | 129,106,345 | 124,281,204 |
Consolidated Statement of Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Distributions in Excess of Earnings [Member] |
Accumulated Other Comprehensive Loss [Member] |
Total Stockholders' Equity of Equity One, Inc. [Member] |
Noncontrolling Interest [Member] |
Comprehensive Income [Member] |
---|---|---|---|---|---|---|---|---|
BALANCE, shares (beginning of period) at Dec. 31, 2012 | 116,938,000 | |||||||
BALANCE (beginning of period) at Dec. 31, 2012 | $ 1,169 | $ 1,679,227 | $ (276,085) | $ (7,585) | $ 1,396,726 | $ 207,753 | $ 1,604,479 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock, net of withholding taxes (in shares) | 725,000 | |||||||
Issuance of common stock, net of withholding taxes | $ 7 | 8,891 | 8,898 | 8,898 | ||||
Stock Repurchased During Period, Shares | (16,000) | |||||||
Stock Repurchased During Period, Value | $ 0 | (388) | (388) | (388) | ||||
Stock issuance costs | (96) | (96) | (96) | |||||
Share-based compensation expense | $ 6,414 | 6,414 | 6,414 | 6,414 | ||||
Restricted stock reclassified from liability to equity | 51 | 51 | 51 | |||||
Net income | 88,657 | 77,954 | 77,954 | 10,008 | 87,962 | |||
Dividends declared on common stock | (104,279) | (104,279) | (104,279) | |||||
Distributions to noncontrolling interests | 0 | (10,038) | (10,038) | |||||
Revaluation of redeemable noncontrolling interest | $ 0 | (226) | 0 | (226) | 0 | (226) | ||
Purchase of noncontrolling interest | 0 | (9) | (9) | |||||
Reclassification of redeemable NCI to permanent equity | 0 | 29 | 29 | |||||
Other comprehensive loss | 10,129 | 10,129 | 10,129 | 10,129 | ||||
BALANCE, shares (end of period) at Dec. 31, 2013 | 117,647,000 | |||||||
BALANCE, (end of period) at Dec. 31, 2013 | $ 1,176 | 1,693,873 | (302,410) | 2,544 | 1,395,183 | 207,743 | 1,602,926 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock, net of withholding taxes (in shares) | 6,699,000 | |||||||
Issuance of common stock, net of withholding taxes | $ 67 | 145,380 | 145,447 | 145,447 | ||||
Stock Repurchased During Period, Shares | (65,000) | |||||||
Stock Repurchased During Period, Value | $ 0 | (1,752) | (1,752) | (1,752) | ||||
Stock issuance costs | (591) | (591) | (591) | |||||
Share-based compensation expense | 7,498 | 7,498 | 7,498 | 7,498 | ||||
Restricted stock reclassified from liability to equity | 117 | 117 | 117 | |||||
Net income | 61,091 | 48,897 | 48,897 | 12,194 | 61,091 | |||
Dividends declared on common stock | (106,659) | (106,659) | (106,659) | |||||
Distributions to noncontrolling interests | 0 | (11,962) | (11,962) | |||||
Purchase of noncontrolling interest | (1,177) | (1,177) | (786) | (1,963) | ||||
Other comprehensive loss | $ (3,543) | (3,543) | (3,543) | 0 | (3,543) | |||
BALANCE, shares (end of period) at Dec. 31, 2014 | 124,281,204 | 124,281,000 | ||||||
BALANCE, (end of period) at Dec. 31, 2014 | $ 1,690,609 | $ 1,243 | 1,843,348 | (360,172) | (999) | 1,483,420 | 207,189 | 1,690,609 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock, net of withholding taxes (in shares) | 4,837,000 | |||||||
Issuance of common stock, net of withholding taxes | $ 48 | 124,867 | 124,915 | 124,915 | ||||
Stock Repurchased During Period, Shares | (12,000) | |||||||
Stock Repurchased During Period, Value | $ 0 | (320) | (320) | (320) | ||||
Stock issuance costs | (624) | (624) | (624) | |||||
Share-based compensation expense | 5,158 | 5,158 | 5,158 | 5,158 | ||||
Restricted stock reclassified from liability to equity | 108 | 108 | 108 | |||||
Net income | 75,467 | 65,453 | 65,453 | 10,014 | 75,467 | |||
Dividends declared on common stock | (112,957) | (112,957) | (112,957) | |||||
Distributions to noncontrolling interests | (10,010) | (10,010) | ||||||
Purchase of noncontrolling interest | (168) | (168) | (1,048) | (1,216) | ||||
Other comprehensive loss | $ (979) | (979) | (979) | (979) | ||||
BALANCE, shares (end of period) at Dec. 31, 2015 | 129,106,345 | 129,106,000 | ||||||
BALANCE, (end of period) at Dec. 31, 2015 | $ 1,770,151 | $ 1,291 | $ 1,972,369 | $ (407,676) | $ (1,978) | $ 1,564,006 | $ 206,145 | $ 1,770,151 |
Consolidated Statement of Equity (Parentheticals) (Parentheticals) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $ 0 | $ 0 | $ 695 |
Consolidated Statements of Cash Flows Statement - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
OPERATING ACTIVITIES: | |||
Net income | $ 75,467 | $ 61,091 | $ 88,657 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Straight-line rent adjustment | (4,612) | (3,788) | (2,344) |
Accretion of below-market lease intangibles, net | (12,759) | (18,870) | (12,904) |
Amortization of below-market ground lease intangibles | 601 | 601 | 601 |
Equity in income of unconsolidated joint ventures | (6,493) | (10,990) | (1,648) |
Remeasurement gain on equity interests in joint ventures | (5,498) | (2,807) | 0 |
Income tax (benefit) provision of taxable REIT subsidiaries | (856) | 877 | 202 |
Increase (decrease) in allowance for losses on accounts receivable | 2,521 | (27) | 3,736 |
Amortization of deferred financing costs and premium / discount on notes payable, net | 1,051 | (4) | (57) |
Depreciation and amortization | 95,514 | 103,240 | 93,317 |
Share-based compensation expense | 5,260 | 7,267 | 6,173 |
Amortization of derivatives, net | 78 | 63 | 63 |
Gain on sale of operating properties | (3,952) | (17,251) | (39,587) |
Loss on extinguishment of debt | 7,298 | 2,750 | (107) |
Gains Losses On Extinguishment Of Debt, Including discontinued operations | (31) | ||
Operating distributions from joint ventures | 3,427 | 3,121 | 53 |
Impairment loss | 16,753 | 21,850 | |
Increase Decrease Asset Impairment | (10,617) | ||
Changes in assets and liabilities, net of effects of acquisitions and disposals: | |||
Accounts and other receivables | (2,097) | 1,169 | (2,950) |
Other assets | (660) | (71) | (4,653) |
Accounts payable and accrued expenses | (6,895) | (4,013) | (4,645) |
Tenant security deposits | 765 | (244) | (289) |
Other liabilities | (148) | 131 | (1,631) |
Net cash provided by operating activities | 164,765 | 144,095 | 132,742 |
INVESTING ACTIVITIES: | |||
Acquisition of income producing properties | (98,300) | (93,447) | (109,449) |
Additions to income producing properties | (20,992) | (19,376) | (13,661) |
Acquisition of land | (1,350) | 0 | (3,000) |
Additions to construction in progress | (63,600) | (77,095) | (54,005) |
Deposits for the acquisition of income producing properties | (10) | (50) | (75) |
Proceeds from sale of real estate and rental properties | 5,805 | 145,470 | 286,511 |
Decrease (increase) in cash held in escrow | 0 | 10,662 | (10,662) |
Purchase of below-market leasehold interest | 0 | 0 | (25,000) |
Increase in deferred leasing costs and lease intangibles | (6,838) | (7,440) | (9,266) |
Investment in joint ventures | (23,939) | (9,028) | (30,401) |
(Advances to) repayments of advances to joint ventures | 0 | (154) | 5 |
Distributions from joint ventures | 15,666 | 16,394 | 12,576 |
Investment in loans receivable | 0 | 0 | (12,000) |
Repayment of loans receivable | 0 | 60,526 | 91,474 |
Collection of Remediation Tax Credit | 14,258 | 0 | 0 |
Net cash (used in) provided by investing activities | (179,300) | 26,462 | 123,047 |
FINANCING ACTIVITIES: | |||
Repayments of mortgage notes payable | (51,064) | (132,564) | (48,279) |
Deposits Paid for Securities Borrowed, at Carrying Value | (1,898) | 0 | 0 |
Net (repayments) borrowings under revolving credit facilities | 59,000 | (54,000) | (81,000) |
Repayment of senior debt borrowings | (220,155) | 0 | 0 |
Borrowings under term loan | 222,916 | 0 | |
Payment of deferred financing costs | (168) | (3,638) | 0 |
Proceeds from issuance of common stock | 124,915 | 145,447 | 8,898 |
Repurchase of common stock | (320) | (1,752) | (388) |
Stock issuance costs | (624) | (591) | (96) |
Dividends paid to stockholders | (112,957) | (106,659) | (104,279) |
Purchase of noncontrolling interests | (1,216) | (2,952) | (18,972) |
Distributions to redeemable noncontrolling interests | 0 | 0 | (3,468) |
Distributions to noncontrolling interests | (10,010) | (11,962) | (10,038) |
Net cash (used in) provided by financing activities | 8,419 | (168,671) | (257,622) |
Net increase (decrease) in cash and cash equivalents | (6,116) | 1,886 | (1,833) |
Cash and cash equivalents at beginning of the year | 27,469 | 25,583 | 27,416 |
Cash and cash equivalents at end of the year | 21,353 | 27,469 | 25,583 |
SUPPLEMENTAL DISCLOSURE OF CASH AND NON-CASH INFORMATION: | |||
Cash paid for interest (net of capitalized interest of $4,969, $2,863 and $4,742 in 2014, 2013 and 2012, respectively) | 57,256 | 67,409 | 72,145 |
We acquired upon acquisition of certain income producing properties: | |||
Income producing properties | 180,285 | 115,567 | 164,719 |
Intangible and other assets | 9,629 | 7,362 | 10,559 |
Intangible and other liabilities | (18,264) | (12,194) | (27,128) |
Net assets acquired | 171,650 | 110,735 | 148,150 |
Assumption of mortgage notes payable | (27,750) | (11,353) | (35,701) |
Existing equity interest in Talega Village Center | (44,250) | (5,935) | 0 |
Payments to acquire income producing properties and land | $ 99,650 | $ 93,447 | $ 112,449 |
Consolidated Statements of Cash Flows Statement Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Interest Paid, Capitalized | $ 4,755 | $ 4,969 | $ 2,863 |
Organization and Basis of Presentation |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization We are a real estate investment trust, or REIT, that owns, manages, acquires, develops and redevelops shopping centers and retail properties located primarily in supply constrained suburban and urban communities. We were organized as a Maryland corporation in 1992, completed our initial public offering in May 1998, and have elected to be taxed as a REIT since 1995. As of December 31, 2015, our portfolio comprised 126 properties, including 102 retail properties and five non-retail properties totaling approximately 12.6 million square feet of gross leasable area, or GLA, 13 development or redevelopment properties with approximately 2.8 million square feet of GLA, and six land parcels. As of December 31, 2015, our retail occupancy excluding developments and redevelopments was 96.0% and included national, regional and local tenants. Additionally, we had joint venture interests in six retail properties and two office buildings totaling approximately 1.4 million square feet of GLA. Basis of Presentation The consolidated financial statements include the accounts of Equity One, Inc. and our wholly-owned subsidiaries and those other entities in which we have a controlling financial interest, including where we have been determined to be a primary beneficiary of a variable interest entity (“VIE”) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Equity One, Inc. and its subsidiaries are hereinafter referred to as the “Company,” “we,” “our,” “us” or similar terms. All significant intercompany transactions and balances have been eliminated in consolidation. Certain prior-period data have been reclassified to conform to the current period presentation. The operations of certain properties sold have been classified as discontinued, and the associated results of operations and financial position are separately reported for all periods presented as they were classified as held for sale prior to the adoption of Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." See Notes 2 and 5 for further discussion. Information in these notes to the consolidated financial statements, unless otherwise noted, does not include the accounts of discontinued operations. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. We have elected to early adopt ASU 2015-03 and have retrospectively applied the guidance to our unsecured senior notes payable, term loans, and mortgage notes payable for all periods presented. See Note 12 for further discussion. |
Summary of Significant Accounting Policies |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Properties Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows:
Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. Business Combinations We account for business combinations, including the acquisition of income producing properties, using the acquisition method by recognizing and measuring the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. As a result, upon the acquisition of income producing properties, we estimate the fair value of the acquired tangible assets (consisting of land, building, building improvements, and tenant improvements), identified intangible assets and liabilities (consisting of the value of above- and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt, and noncontrolling interests issued at the date of acquisition, where applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a prospective basis. Costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of income. In allocating the purchase price of an acquired property to identified intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the in-place leases and our estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) for comparable leases measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental revenue over the estimated remaining term of the respective leases, which includes expected renewal option periods, if applicable. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. In determining the value of in-place leases, we consider current market conditions and costs to execute similar leases to arrive at an estimate of the carrying costs during the period expected to be required to lease the property from vacant to its existing occupancy. In estimating carrying costs, we include estimates of lost rental and recovery revenue during the expected lease-up periods and costs to execute similar leases, including lease commissions, legal, and other related costs based on current market demand. The value assigned to in-place leases is amortized to depreciation expense over the estimated remaining term of the respective leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. Construction in Progress and Land Construction in progress and land are carried at cost, and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. Long-lived Assets Properties Held and Used We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. As of December 31, 2015, we reviewed the operating properties, construction in progress, and land for potential indicators of impairment on a property-by-property basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC. For those properties for which an indicator of impairment was identified, we projected future cash flows for each property on an individual basis. The key assumptions underlying these projected future cash flows are dependent on property-specific conditions and are inherently uncertain. The factors that may influence the assumptions include:
After considering these factors, our future cash flows are projected based on management’s intention with respect to the holding period of the property and an assumed sale at the final year of the holding period using a projected capitalization rate (reversion value). If the carrying amount of the property exceeded the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge was recognized to reduce the carrying value of the property to its fair value. Properties Held for Sale Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Upon the adoption of ASU 2014-08 on January 1, 2014, operations of properties held for sale and operating properties sold that were not previously classified as held for sale and/or reported as discontinued operations are reported in continuing operations as their disposition does not represent a strategic shift that has or will have a major effect on our operations and financial results. Prior to the adoption of ASU 2014-08, we reported the operations and financial results of properties held for sale and operating properties sold as discontinued operations. The application of current accounting principles that govern the classification of any of our properties as held for sale on the consolidated balance sheet requires management to make certain significant judgments. In evaluating whether a property meets the held for sale criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or may not close at all. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. Cash and Cash Equivalents We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. Cash Held in Escrow and Restricted Cash Cash held in escrow and restricted cash includes the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code or cash that is not immediately available to us. Accounts and Other Receivables Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. Investments in Joint Ventures We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the respective entities should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets, and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income of unconsolidated joint ventures in the accompanying consolidated statements of income. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income of unconsolidated joint ventures. The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in investment income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment, and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. Goodwill Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. Deposits Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. Deferred Costs and Intangibles Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of deferred financing costs, leasing costs and the value of intangible assets and liabilities when a property was acquired. Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan using the effective interest method. As a result of our adoption of ASU 2015-03, unamortized deferred financing costs related to our unsecured senior notes payable, term loans, and mortgage notes payable are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our unsecured revolving credit facility are included in other assets. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs, below-market ground rent obligations and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of above-market ground rent obligations and below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the estimated term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. Noncontrolling Interests Noncontrolling interests represent the portion of equity that we do not own in entities we consolidate, including joint venture units issued by consolidated subsidiaries or VIEs in connection with property acquisitions. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of income. Derivative Instruments and Hedging Activities Derivative instruments are used at times to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and forward starting interest rate swaps to manage the risk of interest rates rising prior to the issuance of fixed rate debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into interest expense in the period that the hedged forecasted transactions affect earnings. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of income as a component of net income or as a component of comprehensive income and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 12 for further detail on derivative activity. Fair Value of Assets and Liabilities The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows:
The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Revenue Recognition Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and when there are no contingencies offsetting the lessee’s obligation to pay rent. Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent), and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of real estate taxes, insurance and CAM is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership and do not have a substantial continuing involvement with the property. Recognition of gains from sales to unconsolidated joint ventures is recorded on only that portion of the sales not attributable to our ownership interest. We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. Earnings Per Share Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders based on their respective rights to receive dividends. Share-Based Compensation We grant restricted stock and stock option awards to our officers, directors and employees. The term of each award is determined by our compensation committee, but in no event can be longer than ten years from the date of grant. The vesting schedule of each award is determined by the compensation committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes such shares participating securities under the Earnings Per Share Topic of the FASB ASC. Certain stock options, restricted stock and other share awards provide for accelerated vesting if there is a change in control, as defined in the 2000 Plan. The fair value of each stock option awarded is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Expected volatilities, dividend yields, employee exercises and employee forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method described in the Share Compensation Topic of the FASB ASC is used for determining the expected life used in the valuation method. Compensation expense for restricted stock awards is based on the fair value of our common stock at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule that are only subject to service conditions, we have elected to recognize compensation expense on a straight-line basis. Segment Reporting We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures. Our portfolio is primarily located in coastal markets throughout the United States with none of our properties located outside of the United States. Additionally, our chief operating decision maker reviews operating and financial data for each property on an individual basis and does not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. Therefore, each of our individual properties has been deemed a separate operating segment, and, as no individual property constitutes more than 10% of our revenue, net income, or assets, the individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants, and operational processes, as well as long-term average financial performance. Concentration of Credit Risk A concentration of credit risk arises in our business when a national or regionally based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of December 31, 2015, no tenant accounted for more than 10% of our GLA or annual revenues. Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
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Properties |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Properties | Properties The following table is a summary of the composition of income producing properties in the consolidated balance sheets:
Capitalized Costs We capitalized external and internal costs related to development and redevelopment activities of $39.4 million and $2.1 million, respectively, in 2015 and $73.2 million and $1.4 million, respectively, in 2014. We capitalized external and internal costs related to tenant and other property improvements of $44.0 million and $1.0 million, respectively, in 2015 and $30.9 million and $361,000, respectively, in 2014. We capitalized external and internal costs related to successful leasing activities of $3.5 million and $4.1 million, respectively, in 2015 and $4.5 million and $3.6 million, respectively, in 2014. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions The following table provides a summary of acquisition activity during the year ended December 31, 2015:
(1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. (2) Acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 9 for further discussion. (3) In acres. (4) Properties were acquired in connection with the redemption of our joint venture interest in the GRI JV. See Note 8 for further discussion. The aggregate purchase price of the above property acquisitions has been preliminarily allocated as follows:
During the year ended December 31, 2015, we did not recognize any material measurement period adjustments related to prior or current year acquisitions. During the year ended December 31, 2014, we acquired three shopping centers, which included the remaining two of the seven parcels that comprise the Westwood Complex, one office building, and two land parcels for an aggregate purchase price of $110.7 million, including a mortgage assumed of approximately $11.4 million. During the years ended December 31, 2015, 2014 and 2013, we expensed approximately $903,000, $1.8 million and $3.3 million, respectively, of transaction-related costs in connection with completed or pending property acquisitions which are included in general and administrative costs in the consolidated statements of income. The purchase price related to the 2015 acquisitions listed in the above table was funded by the use of our line of credit, cash on hand and equity in the GRI JV. |
Property Dispositions |
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Dispositions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions | Dispositions The following table provides a summary of disposition activity during the year ended December 31, 2015:
As part of our strategy to upgrade and diversify our portfolio and recycle our capital, we have sold or are in the process of selling certain properties that no longer meet our investment objectives. Although our pace of disposition activity slowed in 2015, we will selectively explore future opportunities to sell additional properties which are located outside of our target markets or which have relatively limited prospects for revenue growth. While we have not committed to a disposition plan with respect to certain of these assets, we may consider disposing of such properties if pricing is deemed to be favorable. If the market values of these assets are below their carrying values, it is possible that the disposition of these assets could result in impairments or other losses. Depending on the prevailing market conditions and historical carrying values, these impairments and losses could be material. As a result of the adoption of ASU 2014-08 on January 1, 2014, the results of operations for the two properties sold during the year ended December 31, 2015 and 19 of the 22 properties sold during the year ended December 31, 2014, are included in continuing operations in the consolidated statements of income for all periods presented as they do not qualify as discontinued operations under the amended guidance. Discontinued Operations During the year ended December 31, 2014, we sold 22 properties for an aggregate sales price of $150.0 million. The results of operations for three of the properties sold during the year ended December 31, 2014 (Stanley Marketplace, Oak Hill Village and Summerlin Square) are presented as discontinued operations in the consolidated statements of income for all prior periods presented as they were classified as held for sale prior to the adoption of ASU 2014-08. During 2013, we sold 32 properties and four outparcels for a total sales price of $295.2 million, and the results of operations for these properties are presented as discontinued operations in the consolidated statements of income as they were sold prior to the adoption of ASU 2014-08. The components of income and expense relating to discontinued operations for the years ended December 31, 2014 and 2013 are shown below:
Interest expense included in discontinued operations above includes interest on debt that was assumed by the buyer or interest on debt that was required to be repaid as a result of the disposal transaction. |
Impairment |
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Impairment | Impairments The following is a summary of the composition of impairment losses included in the consolidated statements of income:
______________________________________________ (1) The fair value of each reporting unit, which was estimated using discounted projected future cash flows, was less than its carrying value. (2) The projected undiscounted cash flows of each land parcel, which were primarily comprised of the fair value of the respective parcel, were less than its carrying value. (3) The projected undiscounted probability weighted cash flows of each property, which considered the estimated holding period of the property and the exit price in the event of disposition, were less than its carrying value. As a result of management’s updated dispositions plans with respect to these properties, our projected cash flows for each property were updated to reflect an increased likelihood that the holding periods for these properties may be shorter than previously estimated. (4) The fair value of each property, which was primarily based on a sales contract, was less than its carrying value. (5) In November 2014, we executed a contract for the sale of Webster Plaza, a property located in Massachusetts. The sale was subject to a number of significant contingencies, including the requirement that we obtain lender consent to the buyer’s assumption of the mortgage loan on the property. During the year ended December 31, 2015, we concluded that our carrying value of the property was not recoverable based on our projected undiscounted cash flows from the property, which took into consideration the increased probability of sale as a result of ongoing discussions with the lender during 2015, and recognized an impairment loss of $10.4 million. The property was ultimately sold in July 2015 for a gross sales price of $8.0 million. See Note 5 for further discussion. |
Accounts And Other Receivables |
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Accounts And Other Receivables | Accounts and Other Receivables The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets:
For the years ended December 31, 2015, 2014 and 2013, we recognized bad debt expense of $2.5 million, $97,000 and $3.7 million, respectively, which is included in property operating expenses in the accompanying consolidated statements of income. Excluding the reversal of $1.1 million in the allowance for doubtful accounts for certain historical real estate tax billings for which a settlement was reached with the tenants, we recognized bad debt expense of $1.2 million during the year ended December 31, 2014. |
Investments in Joint Ventures |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | Investments in Joint Ventures The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets:
______________________________________________ (1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. (2) In June 2015, our interest in the GRI JV was redeemed. As of December 31, 2014, the joint venture had 10 properties, our ownership interest was 10.0%, and the investment balance was presented net of deferred gains of $3.3 million associated with the disposition of assets by us to the joint venture. (3) The investment balance as of December 31, 2015 and 2014 is presented net of a deferred gain of approximately $376,000 for both periods associated with the disposition of assets by us to the joint venture. (4) In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. As of December 31, 2015, the carrying amount of our investment reflects our maximum exposure to loss related to our investment in the joint venture. Equity in income of unconsolidated joint ventures totaled $6.5 million, $11.0 million and $1.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. Management fees and leasing fees paid to us associated with these joint ventures, which are included in management and leasing services revenue in the accompanying consolidated statements of income, totaled approximately $1.9 million, $2.2 million and $2.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015 and 2014, the aggregate carrying amount of the debt of our unconsolidated joint ventures accounted for under the equity method was $146.2 million and $219.2 million, respectively, of which our aggregate proportionate share was $43.9 million and $48.8 million, respectively. During the year ended December 31, 2014, we made an investment of $6.9 million in G&I Investment South Florida Portfolio, LLC in connection with the repayment of indebtedness by the joint venture. Although we have not guaranteed the debt of these joint ventures, we have agreed to customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) on certain of the loans of the joint ventures. G&I Investment South Florida Portfolio, LLC (the "DRA JV") In September 2015, the DRA JV closed on the sale of Plantation Marketplace, a 227,517 square foot grocery-anchored shopping center located in Plantation, Florida, for a sales price of $32.9 million. In connection with the sale, the joint venture recognized a gain on sale of $7.6 million, of which our proportionate share was $1.5 million, which is included in equity in income of unconsolidated joint ventures in our consolidated statement of income for the year ended December 31, 2015. In October 2015, the DRA JV closed on the sale of Penn Dutch Plaza, a 156,000 square foot shopping center located in Margate, Florida, for a sales price of $18.5 million. In connection with the sale, the joint venture recognized a gain on sale of $7.0 million, of which our proportionate share was $1.4 million, which is included in equity in income of unconsolidated joint ventures in our consolidated statement of income for the year ended December 31, 2015. GRI Joint Venture In June 2015, we entered into an agreement with Global Retail Investors, LLC, our joint venture partner in the GRI JV, in which the parties agreed to dissolve the joint venture and, as part of the dissolution, distribute certain properties in kind to the existing members of the joint venture. In connection with the transaction, we purchased an additional 11.3% interest in the joint venture for $23.5 million, which increased our membership interest in the joint venture from 10.0% to 21.3%. The joint venture then redeemed our membership interest by distributing three operating properties totaling 351,602 square feet (Concord Shopping Plaza, Shoppes of Sunset and Shoppes of Sunset II) to us. In connection with the redemption, we remeasured the carrying value of our equity interest in the joint venture to fair value using a discounted cash flow analysis and recognized a gain of $5.5 million, which is included in other income in our consolidated statement of income for the year ended December 31, 2015. Additionally, we recognized a gain of $3.3 million from the deferred gains associated with the 2008 sale of certain properties by us to the joint venture, which is included in gain on sale of operating properties in our consolidated statement of income for the year ended December 31, 2015. Equity One/Vestar Joint Ventures In December 2010, we acquired ownership interests in two properties located in California through partnerships (the “Equity One/Vestar JVs”) with Vestar Development Company (“Vestar”). In both of these joint ventures, we held a 95% interest, and they were consolidated. Each Equity One/Vestar JV held a 50.5% ownership interest in each of the properties through two separate joint ventures with Rockwood Capital. The Equity One/Vestar JVs’ ownership interests in the properties were accounted for under the equity method. In January 2014, we acquired Rockwood Capital's and Vestar’s interests in Talega Village Center JV, LLC, the owner of Talega Village Center, for an additional investment of $6.2 million. Immediately prior to acquisition, we remeasured the fair value of our equity interest in the joint venture using a discounted cash flow analysis and recognized a gain of $2.8 million, including $561,000 attributable to a noncontrolling interest, which is included in other income in our consolidated statement of income for the year ended December 31, 2014. In January 2014, the property held by Vernola Marketplace JV, LLC was sold for $49.0 million, including the assumption of the existing mortgage of $22.9 million by the buyer. In connection with the sale, the joint venture recognized a gain of $14.7 million, of which our proportionate share was $7.4 million, including $1.6 million attributable to the noncontrolling interest, and we received distributions totaling $13.7 million, including $1.9 million that was distributed to the noncontrolling interest. New York Common Retirement Fund Joint Venture In May 2011, we formed a joint venture with the New York Common Retirement Fund (the “NYCRF” JV) for the purpose of acquiring and operating high-quality neighborhood and community shopping centers. The joint venture had a three-year investment period which was subsequently extended to September 2015. NYCRF holds a 70% interest in the joint venture, and we own a 30% interest which is accounted for under the equity method. We perform the day to day accounting and property management functions for the joint venture and, as such, earn a management fee for the services provided. During 2013, the joint venture acquired three newly developed parcels and two shopping centers for a gross purchase price of $95.4 million. The purchases were funded through partner contributions, of which our proportionate share was $17.2 million, and the origination of mortgage loans totaling $40.0 million. During 2014, the joint venture acquired a 34,000 square foot retail center in Windermere, Florida for a gross purchase price of $13.0 million. The purchase price was funded through partner contributions, of which our proportionate share was $2.0 million, and the origination of a $6.5 million mortgage loan. In October 2015, the joint venture incurred mortgage debt of $25.0 million in connection with the refinancing of an existing mortgage loan of $12.5 million and a new mortgage loan. The two mortgage loans bear interest at a weighted average rate of 3.89% per annum. Our aggregate proportionate share of the debt incurred was $7.5 million. |
Variable Interest Entities |
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Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities In conjunction with the acquisitions of Bird 107 Plaza, The Harvard Collection and 91 Danbury Road, we entered into reverse Section 1031 like-kind exchange agreements with third party intermediaries, which, for a maximum of 180 days, allow us to defer for tax purposes, gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the respective acquisition date, the third party intermediaries are the legal owners of the entities that own these properties. The agreements that govern the operations of these entities provide us with the power to direct the activities that most significantly impact the entity's economic performance. These entities were deemed VIEs primarily because they may not have sufficient equity at risk to finance their activities without additional subordinated financial support from other parties. We determined that we are the primary beneficiaries of the VIEs as a result of having the power to direct the activities that most significantly impact their economic performance and the obligation to absorb losses, as well as the right to receive benefits, that could be potentially significant to the VIEs. Accordingly, we consolidated the properties and their operations as of the respective acquisition dates. The majority of the operations of the VIEs were funded with cash flows generated from the properties. We did not provide financial support to the VIEs which we were not previously contractually required to provide; our contractual commitments consisted primarily of funding any capital expenditures, including tenant improvements, which were deemed necessary to continue to operate the entities and any operating cash shortfalls that the entities may have experienced. |
Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets The following is a summary of the composition of other assets included in the consolidated balance sheets:
In connection with our development of The Gallery at Westbury Plaza in Nassau County, New York, we remediated various environmental matters that existed when we acquired the property in November 2009. The site was eligible for participation in New York State’s Brownfield Cleanup Program, which provides for refundable New York State franchise tax credits for costs incurred to remediate and develop a qualified site. We applied for participation in the program and subsequently received a certificate of completion from the New York State Department of Environmental Conservation in August 2012. The certificate of completion confirmed our adherence to the cleanup requirements and ability to seek reimbursement for a portion of qualified costs incurred as part of the environmental remediation and development of the property. As of December 31, 2015 and 2014, we have recognized a receivable of $7.7 million and $22.0 million, respectively, which is included in other assets in our consolidated balance sheets with a corresponding reduction to the cost of the project, for the reimbursable costs that will be paid to us subject to statutory deferrals over the next two years. During 2015, we received $14.3 million in connection with this program. The following is a summary of the composition of intangible assets and accumulated amortization included in the consolidated balance sheets:
The following is a summary of amortization expense included in the consolidated statements of income related to lease intangible assets:
___________________________________________ (1) Amounts are recognized as a reduction of minimum rent. (2) Amounts are included in depreciation and amortization expenses. (3) Amounts are included in property operating expenses. As of December 31, 2015, the estimated amortization of lease intangible assets for the next five years is as follows:
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Borrowings |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings As a result of the adoption of ASU 2015-03 in 2015, unamortized deferred financing costs related to the unsecured senior notes payable, term loans, and mortgage notes payable as of December 31, 2015 of $2.1 million, $1.5 million and $684,000, respectively, and as of December 31, 2014 of $2.8 million, $1.9 million and $807,000, respectively, are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the related total outstanding balances. Mortgage Notes Payable The following table is a summary of the mortgage notes payable balances included in the consolidated balance sheets:
As of December 31, 2015, the net book value of the properties collateralizing the mortgage notes payable totaled $614.5 million. During the years ended December 31, 2015 and 2014, we prepaid $44.3 million and $115.4 million in mortgage loans with a weighted average interest rate of 5.61% and 5.74% per annum, respectively. We recognized losses on extinguishment of debt in conjunction with the prepayments of $247,000 and $3.3 million for the years ended December 31, 2015 and 2014, respectively. In connection with the redemption of our interest in the GRI JV in June 2015, we assumed a mortgage loan for Concord Shopping Plaza with a principal balance of $27.8 million. The loan bears interest at one-month LIBOR plus 1.35% per annum and has a stated maturity date of June 28, 2018. In connection with the acquisition of our joint venture partners’ interests in Talega Village Center in January 2014, we assumed a mortgage loan with a principal balance of $11.4 million. The loan bears interest at 5.01% per annum and has a stated maturity date of October 1, 2036; however, both we and the lender have the right to accelerate the maturity date of the loan to October 1, 2021, October 1, 2026 or October 1, 2031. Unsecured Senior Notes Payable Our outstanding unsecured senior notes payable in the consolidated balance sheets consisted of the following:
In 2015, we redeemed our 5.375% and 6.00% unsecured senior notes which had principal balances of $107.5 million and $105.2 million, respectively, each at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and required make-whole premiums of $2.6 million and $4.8 million, respectively. In connection with the redemptions, we recognized a loss on the early extinguishment of debt totaling $7.5 million, which was comprised of the aforementioned make-whole premiums and unamortized discounts and deferred financing costs associated with the notes. The indentures under which our unsecured senior notes were issued have several covenants that limit our ability to incur debt, require us to maintain an unencumbered asset to unsecured debt ratio above a specified level and limit our ability to consolidate, sell, lease, or convey substantially all of our assets to, or merge with, any other entity. These notes have also been guaranteed by many of our subsidiaries. Unsecured Revolving Credit Facilities Our revolving credit facility is with a syndicate of banks and provides $600.0 million of unsecured revolving credit and can be increased through an accordion feature up to an aggregate of $900.0 million, subject to bank participation. The facility bears interest at applicable LIBOR plus a margin of 0.875% to 1.550% per annum and includes a facility fee applicable to the aggregate lending commitments thereunder which varies from 0.125% to 0.300% per annum, both depending on the credit ratings of our unsecured senior notes. As of December 31, 2015, the interest rate margin applicable to amounts outstanding under the facility was 1.05% per annum and the facility fee was 0.20% per annum. The facility includes a competitive bid option which allows us to conduct auctions among the participating banks for borrowings at any one time outstanding of up to 50% of the lender commitments then in effect, a $75.0 million swing line facility for short term borrowings, a $50.0 million letter of credit commitment and a $56.9 million multi-currency subfacility. The facility expires on December 31, 2018, with two six-month extensions at our option, subject to certain conditions. The facility contains a number of customary restrictions on our business and also includes various financial covenants, including maximum unencumbered and total leverage ratios, a maximum secured indebtedness ratio, a minimum fixed charge coverage ratio and a minimum unencumbered interest coverage ratio. The facility also contains customary affirmative covenants and events of default, including a cross default to our other material indebtedness and the occurrence of a change of control. If a material default under the facility were to arise, our ability to pay dividends is limited to the amount necessary to maintain our status as a REIT unless the default is a payment default or bankruptcy event in which case we are prohibited from paying any dividends. As of December 31, 2015, we had drawn $96.0 million against the facility, which bore interest at a weighted average rate of 1.47% per annum. As of December 31, 2014, we had drawn $37.0 million, which bore interest at a weighted average rate of 1.22% per annum. As of December 31, 2015, giving effect to the financial covenants applicable to the credit facility, the maximum available to us thereunder was approximately $600.0 million, excluding outstanding borrowings of $96.0 million and outstanding letters of credit with an aggregate face amount of $2.2 million. We had a $5.0 million unsecured credit facility with City National Bank of Florida, for which there was no drawn balance as of December 31, 2014. The facility expired on May 7, 2015. Term Loans Our $250.0 million unsecured term loan bears interest, at our option, at the base rate plus a margin of 0.00% to 0.80% or one month LIBOR plus a margin of 0.90% to 1.80%, depending on the credit ratings of our unsecured senior notes and matures on February 13, 2019. In connection with the interest rate swaps discussed below, we have elected and, will continue to elect, the one month LIBOR option, which as of December 31, 2015 resulted in a margin of 1.150%. The loan agreement also calls for other customary fees and charges. The loan agreement contains customary restrictions on our business, financial and affirmative covenants and events of default and remedies which are generally the same as those provided in our $600.0 million unsecured revolving credit facility. In December 2015, we entered into an unsecured delayed draw term loan facility pursuant to which we may borrow up to the principal amount of $300.0 million in aggregate in one or more borrowings at any time prior to December 2, 2016 and which has a maturity date of December 2, 2020. As of December 31, 2015, we had drawn $225.0 million against the facility. At our request, the principal amount of the facility may be increased up to an aggregate of $500.0 million, subject to the availability of additional commitments from lenders. Borrowings under the facility will bear interest, at our option, at one-month, two-month, three-month or six-month LIBOR plus 0.90% to 1.75%, depending on the credit ratings of our unsecured senior notes, which as of December 31, 2015 resulted in an effective interest rate of 1.343%. Unused amounts available to be drawn under the facility are subject to an unused facility fee of 0.20% per annum. The loan agreement also calls for other customary fees and charges. The loan agreement contains customary restrictions on our business, financial and affirmative covenants, events of default and remedies which are generally the same as those provided in our $600.0 million unsecured revolving credit facility and $250.0 million unsecured term loan facility. Interest Rate Swaps As of December 31, 2015, we had interest rate swaps which convert the LIBOR rate applicable to our $250.0 million term loan to a fixed interest rate, providing an effective weighted average fixed interest rate under the loan agreement of 2.62% per annum. The interest rate swaps are designated and qualified as cash flow hedges and have been recorded at fair value. The interest rate swap agreements mature on February 13, 2019, concurrent with the maturity of our $250.0 million unsecured term loan. As of December 31, 2015 and 2014, the fair value of one of our interest rate swaps consisted of an asset of $217,000 and $681,000, respectively, which is included in other assets, and the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million and $952,000, respectively, which is included in accounts payable and accrued expenses in our consolidated balance sheets. In October 2015, we entered into a $50.0 million forward starting interest rate swap to mitigate the risk of adverse fluctuations in interest rates with respect to fixed rate indebtedness expected to be issued in 2016. The interest rate swap locks in the 10-year treasury rate and swap spread at a fixed rate of 2.12% per annum and matures on April 4, 2026. However, the interest rate swap has a mandatory settlement date of October 4, 2016, and the Company may settle the swap at any time prior to that date. The interest rate swap has been designated and qualified as a cash flow hedge and is recorded at fair value. As of December 31, 2015, the fair value of our forward starting interest rate swap consisted of an asset of $618,000, which is included in other assets in our consolidated balance sheet. See Note 26 for additional discussion. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into interest expense in the period that the hedged forecasted transactions affect earnings. Within the next 12 months, we expect to reclassify the effective portion of changes in fair value of the interest rate swaps and the forward starting interest rate swap of $2.0 million and $(46,000), respectively, as an increase (decrease) to interest expense. Principal maturities of borrowings outstanding as of December 31, 2015, including mortgage notes payable, unsecured senior notes payable, term loans and the unsecured revolving credit facility are as follows:
Interest costs incurred, excluding amortization and accretion of discounts and premiums and deferred financing costs, were $59.0 million, $71.4 million and $74.3 million in the years ended December 31, 2015, 2014 and 2013, respectively, of which $4.8 million, $5.0 million and $2.9 million, respectively, were capitalized. |
Other Liabilities |
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Other Liabilities | Other Liabilities The following is a summary of the composition of other liabilities included in the consolidated balance sheets:
During the year ended December 31, 2014, we recognized a $4.4 million net termination benefit, which is included in minimum rent in the accompanying consolidated statement of income, in relation to our property located at 101 7th Avenue in New York from the accelerated accretion of a below-market lease liability upon the tenant vacating the space and rejecting the lease in connection with a bankruptcy filing. As of December 31, 2015 and 2014, the gross carrying amount of our lease intangible liabilities, which are composed of below-market leases, was $240.1 million and $226.8 million, respectively, and the accumulated amortization was $80.5 million and $69.3 million, respectively. Included in the consolidated statements of income as an increase to minimum rent for the years ended December 31, 2015, 2014 and 2013 is $16.1 million, $22.3 million and $17.3 million, respectively, of accretion related to lease intangible liabilities. As of December 31, 2015, the estimated accretion of lease intangible liabilities for the next five years is as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes We elected to be taxed as a REIT under the Code, commencing with our taxable year ended December 31, 1995. To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we currently distribute at least 90% of our REIT taxable income (excluding net capital gains) to our stockholders. The difference between net income available to common stockholders for financial reporting purposes and taxable income before dividend deductions relates primarily to temporary differences, such as real estate depreciation and amortization, deduction of deferred compensation and deferral of gains on sold properties utilizing like kind exchanges. Also, at least 95% of our gross income in any year must be derived from qualifying sources. It is our intention to adhere to the organizational and operational requirements to maintain our REIT status. As a REIT, we generally will not be subject to corporate level federal income tax, provided that distributions to our stockholders equal at least the amount of our REIT taxable income as defined under the Code. We distributed sufficient taxable income for the year ended December 31, 2015; therefore, we anticipate that no federal income or excise taxes will be incurred. We distributed sufficient taxable income for the years ended December 31, 2014 and 2013; therefore, no federal income or excise taxes were incurred. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to state income or franchise taxes in certain states in which some of our properties are located and excise taxes on our undistributed taxable income. We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our TRSs. Accordingly, the only material provision for federal income taxes in our consolidated financial statements relates to our consolidated TRSs. Further, we believe that we have appropriate support for the tax positions taken on our tax returns and that our accruals for tax liabilities are adequate for all years still subject to tax audit, which include all years after 2011. The following table reconciles GAAP net income to taxable income:
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The following summarizes the tax status of dividends paid:
Taxable REIT Subsidiaries We are required to pay U.S. federal and state income taxes on our net taxable income, if any, from the activities conducted by our TRSs, which include IRT Capital Corporation II ("IRT"), DIM Vastgoed N.V. ("DIM") and C&C Delaware, Inc. During August 2015, another TRS, Southeast US Holdings, B.V., merged into DIM. Although DIM is organized under the laws of the Netherlands, it pays U.S. corporate income tax based on its operations in the United States. Pursuant to the tax treaty between the U.S. and the Netherlands, DIM is entitled to the avoidance of double taxation on its U.S. income. Thus, it pays no income taxes in the Netherlands. Income taxes have been provided for on the asset and liability method as required by the Income Taxes Topic of the FASB ASC. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting bases and the tax bases of the TRS assets and liabilities. A deferred tax asset valuation allowance is recorded when it has been determined that it is more-likely-than-not that the deferred tax asset will not be realized. If a valuation allowance is needed, a subsequent change in circumstances in future periods that causes a change in judgment about the realization of the related deferred tax amount could result in the reversal of the deferred tax valuation allowance. Our total pre-tax income and income tax benefit (provision) relating to our TRSs and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows:
We recorded no tax provision from discontinued operations for the year ended December 31, 2015 and we recorded tax provisions from discontinued operations of $27,000 and $686,000 during the years ended December 31, 2014 and 2013, respectively. The tax provisions relate to taxable income generated by the disposition of properties. The total income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to net income before income taxes as follows:
______________________________________________ (1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. Our deferred tax assets and liabilities were as follows:
As of December 31, 2015, the net deferred tax liability of $9.4 million consisted of a $3.9 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and a $13.3 million deferred tax liability associated with DIM. As of December 31, 2014, the net deferred tax liability of $10.3 million consisted of a $2.3 million deferred tax asset associated with IRT included in other assets in the accompanying consolidated balance sheet and a $12.6 million deferred tax liability associated with DIM. The tax deduction for interest paid by the TRS to the REIT is subject to certain limitations pursuant to U.S. federal tax law. Such interest may only be deducted in any tax year in which the TRS’ income exceeds certain thresholds. Such disallowed interest may be carried forward and utilized in future years, subject to the same limitation. As of December 31, 2015, IRT had approximately $2.7 million of disallowed interest carryforwards, with a tax value of $2.7 million, which do not expire. IRT expects to realize the benefits of its net deferred tax asset of approximately $3.9 million as of December 31, 2015, primarily from identified tax planning strategies, as well as projected taxable income. As of December 31, 2015, DIM had a federal net operating loss carryforward of approximately $2.2 million which begins to expire in 2027 and no state net operating loss carryforward. As of December 31, 2015, IRT had federal and state net operating loss carryforwards of approximately $1.7 million and $1.2 million, respectively, which begin to expire in 2030. |
Noncontrolling Interests |
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Noncontrolling Interests | Noncontrolling Interests The following is a summary of the noncontrolling interests in consolidated entities included in the consolidated balance sheets:
______________________________________________ (1) At December 31, 2014, we owned an economic interest in DIM of 98%. In February 2015, we entered into a conditional settlement agreement to acquire the remaining 2.0% interests held by minority shareholders, which was completed in April 2015 after the Dutch court's approval of the agreement. During the years ended December 31, 2015, 2014 and 2013, there were no material effects on the equity attributable to us resulting from changes in our ownership interest in our subsidiaries. CapCo On January 4, 2011, we acquired a controlling ownership interest in CapCo through a joint venture with LIH. At the time of the acquisition, CapCo, which was previously wholly-owned by LIH, owned a portfolio of 13 properties in California totaling approximately 2.6 million square feet of GLA. LIH is a subsidiary of Intu Properties PLC (“Intu”) (formerly Capital Shopping Centres Group PLC), a United Kingdom real estate investment trust. As a result of the transaction, we increased the size of our board of directors by one seat and added David Fischel, a designee of Intu, to our board pursuant to an Equityholders’ Agreement with Intu, LIH and Gazit. The results of CapCo’s operations have been included in our consolidated financial statements from the date of acquisition. Upon consolidation, we recorded $206.1 million of noncontrolling interest, which represented the fair value of the portion of CapCo’s equity that we did not own upon acquisition. The $206.1 million of noncontrolling interest is reflected in the equity section of our consolidated balance sheet as permanent equity as of December 31, 2015. At the closing of the transaction, LIH contributed all of the outstanding shares of CapCo’s common stock to the joint venture in exchange for 11.4 million Class A Shares in the joint venture, representing an approximate 22% interest in the joint venture, and we contributed a shared appreciation promissory note to the joint venture in the amount of $600.0 million and an additional $84.3 million in exchange for an approximate 78% interest in the joint venture consisting of Class A Shares and Class B Shares. The joint venture shares received by LIH were redeemable for cash or, solely at our option, our common stock on a one-for-one basis, subject to certain adjustments. LIH’s ability to participate in the earnings of CapCo was limited to their right to receive distributions payable on their Class A Shares. These distributions consisted of a non-elective distribution equivalent to the dividend paid on our common stock and, if the return on our Class B Shares exceeded a certain threshold, a voluntary residual distribution paid on both Class A Shares and Class B Shares. As such, earnings attributable to the noncontrolling interest as reflected in our consolidated statement of income were limited to distributions made to LIH on its Class A joint venture shares. Distributions to LIH for each of the years ended December 31, 2015, 2014 and 2013 were $10.0 million, which were equivalent to the per share dividends declared on our common stock. In January 2016, we repaid the $600.0 million shared appreciation promissory note, LIH exercised its redemption right with respect to all of its Class A shares, and we elected to issue approximately 11.4 million shares of our common stock in exchange for such shares. See Note 26 for further discussion. |
Stockholders’ Equity and Earnings (Loss) Per Share |
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Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity and Earnings (Loss) Per Share | Stockholders’ Equity and Earnings Per Share During each quarter of 2015, our Board of Directors declared cash dividends of $0.22 per share on our common stock. These dividends were paid in March, June, September and December 2015. In November 2015, we entered into distribution agreements with various financial institutions as part of our implementation of an ATM Program under which we may sell up to 8.5 million shares, par value of $0.01 per share, of our common stock from time to time in “at-the-market” offerings or certain other transactions. Concurrently, we entered into a common stock purchase agreement with MGN, an affiliate of Gazit, which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. Pursuant to this agreement, MGN will have the option to purchase directly from us in private placements up to 20% of the number of shares of common stock sold by us pursuant to the distribution agreements during each calendar quarter, up to an aggregate maximum of approximately 1.3 million shares under the agreement. Actual sales will depend on a variety of factors to be determined by us from time to time, including (among others) market conditions, the trading price of our common stock, our needs for additional amounts of capital and our determination of the most appropriate source of funding for such needs. We intend to use the net proceeds from any sales under the ATM Program for general corporate purposes, which may include repaying debt and funding future acquisitions or development and redevelopment activities. As of December 31, 2015, we had not issued any shares under the ATM Program. In March 2015, we completed an underwritten public offering and concurrent private placement totaling 4.5 million shares of our common stock at a price to the public and in the private placement of $27.05 per share. In the concurrent private placement, 600,000 shares were purchased by Gazit First Generation LLC, an affiliate of Gazit, which may be deemed to be controlled by Chaim Katzman, the Chairman of our Board of Directors. The offerings generated net proceeds to us of approximately $121.3 million before expenses. The stock issuance costs and underwriting discounts were approximately $589,000. We used the net proceeds to fund the redemption of our 5.375% unsecured senior notes due October 2015 and for general corporate purposes, including the repayment of other secured and unsecured debt. In September 2014, we completed an underwritten public offering and concurrent private placement totaling 4.5 million shares of our common stock at a price to the public and in the private placement of $23.30 per share. In the concurrent private placement, 675,000 shares were purchased by Gazit First Generation LLC. The offerings generated net proceeds to us of approximately $104.6 million before expenses. The stock issuance costs and underwriting discounts were approximately $561,000. We used the net proceeds to fund development and redevelopment activities, to repay secured and unsecured debt and for general corporate purposes. Earnings per Share The following summarizes the calculation of basic and diluted earnings per share ("EPS") and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic and diluted EPS:
* Note: EPS does not foot due to the rounding of the individual calculations. No shares of common stock issuable upon the exercise of outstanding options were excluded from the computation of diluted EPS for the year ended December 31, 2015. The computation of diluted EPS for the years ended December 31, 2014 and 2013 did not include 532,000 and 1.4 million shares of common stock, respectively, issuable upon the exercise of outstanding options, at prices ranging from $24.12 to $26.66 and $23.52 to $26.66, respectively, because the option prices were greater than the average market price of our common shares during the respective periods. The computation of diluted EPS for the years ended December 31, 2015, 2014 and 2013 did not include the 11.4 million joint venture units held by LIH, which are redeemable by LIH for cash or, solely at our option, shares of our common stock on a one-for-one basis, subject to certain adjustments. These convertible units were not included in the diluted weighted average share count because their inclusion is anti-dilutive. In January 2016, LIH exercised its redemption right for all of their outstanding interests in the CapCo joint venture. See Notes 15 and 26 for further discussion. |
Share-Based Payment Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Plans | Share-Based Payments The Equity One Amended and Restated 2000 Executive Incentive Compensation Plan (the “2000 Plan”) provides for grants of stock options, stock appreciation rights, restricted stock, and deferred stock, other stock-related awards and performance or annual incentive awards that may be settled in cash, stock or other property. The persons eligible to receive an award under the 2000 Plan are our officers, directors, employees and independent contractors. The total number of shares of common stock that may be issuable under the 2000 Plan is 13.5 million shares, plus (i) the number of shares with respect to which options previously granted under the 2000 Plan that terminate without being exercised, and (ii) the number of shares that are surrendered in payment of the exercise price for any awards or any tax withholding requirements. The 2000 Plan will terminate on the earlier of May 2, 2021 or the date on which all shares reserved for issuance under the 2000 Plan have been issued. As of December 31, 2015, 5.7 million shares were available for issuance. Options and Restricted Stock As of December 31, 2015, we had stock options and restricted stock outstanding under the 2000 Plan. The following table presents information regarding stock option activity during the year ended December 31, 2015:
The total cash or other consideration received from options exercised during the years ended December 31, 2015, 2014 and 2013 was $3.0 million, $40.4 million and $8.7 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $1.5 million, $6.1 million and $4.6 million, respectively. During the year ended December 31, 2014, the fair value of the 200 options granted was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions:
The options were granted with an exercise price equivalent to the current stock price on the grant date. No options were granted during the years ended December 31, 2015 and 2013. Restricted Stock Grants and Long-Term Incentive Compensation Plan The following table presents information regarding restricted stock activity during the year ended December 31, 2015:
The weighted average grant-date fair value of restricted stock granted during the years ended December 31, 2014 and 2013 was $22.95 and $22.40, respectively. Shares of restricted stock granted during the year ended December 31, 2015 are subject to forfeiture and vest over periods from 2 to 4 years. We measure compensation expense for restricted stock awards based on the fair value of our common stock at the date of grant and charge such amounts to expense ratably over the vesting period on a straight-line basis. During the year ended December 31, 2015, the total grant-date value of the approximately 161,000 shares of restricted stock that vested was approximately $3.6 million. Share-Based Compensation Expense Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of income, is summarized as follows:
As of December 31, 2015, we had $9.9 million of total unrecognized compensation expense related to unvested and restricted share-based payment arrangements (unvested options and restricted shares) granted under our 2000 Plan. This expense is expected to be recognized over a weighted average period of 2.3 years. Discounts offered to participants under our 2004 Employee Stock Purchase Plan represent the difference between the market value of our stock on the purchase date and the purchase price of shares as provided under the plan. Employment Related Agreements Jeffrey Olson In March 2014, Jeffrey Olson, our former Chief Executive Officer, informed us that he would not be renewing his employment agreement which was set to expire on December 31, 2014. On June 2, 2014, we entered into a Separation of Employment Agreement with Mr. Olson which resulted in a modification of the terms of his outstanding equity awards such that 58,240 shares of restricted stock that were scheduled to vest on December 31, 2014 vested on August 29, 2014 and the post-employment window in which Mr. Olson can exercise his vested stock options was extended from three months to six months. In addition, the service and market conditions related to Mr. Olson’s long-term incentive plan award ("LTIP") that was scheduled to vest on December 31, 2014 were modified such that the award was scheduled to vest on August 29, 2014. However, as none of the market conditions were ultimately met, no shares vested in connection with the LTIP. The modification of Mr. Olson’s stock options resulted in additional compensation expense of $232,000, as determined using a Black-Scholes-Merton model, which was recognized on the modification date as the options had previously vested. As a result of Mr. Olson’s separation and the related modification of the vesting conditions associated with his restricted stock and LTIP awards, all compensation expense previously recognized in relation to these awards (excluding the value of dividends previously paid on such awards) was reversed. The value of the modified restricted stock, as determined by the fair value of our common stock as of the modification date, and the fair value of the modified LTIP, as determined using a Monte Carlo simulation, were recognized from the modification date through August 29, 2014. David Lukes On April 2, 2014, we entered into an employment agreement with David Lukes, our Chief Executive Officer, which became effective as of May 12, 2014 and has an initial term which ends on May 12, 2018. Mr. Lukes’ employment agreement provides for an annual base salary of $850,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Lukes is eligible for a target performance bonus of 100% of his base salary, except that with respect to the 2014 calendar year, Mr. Lukes received an annual bonus of no less than $850,000 reduced pro rata based on the portion of calendar year 2014 during which Mr. Lukes was not employed by the Company. Bonuses will be payable 50% in cash and 50% in shares of our restricted stock which will vest ratably over three years. Mr. Lukes also received a signing bonus of $500,000, which is included in general and administrative expenses in the accompanying statement of income for the year ended December 31, 2014. Mr. Lukes will repay the signing bonus in full in the event he resigns without good reason or is terminated for cause within 12 months of the commencement of his employment. Upon the commencement of his employment, Mr. Lukes received 200,000 stock options with an exercise price of $22.87 per share that will vest ratably on the first, second, third and fourth anniversaries of the grant date. In addition, Mr. Lukes received 68,956 shares of restricted stock that will vest ratably on the second, third, and fourth anniversaries of the grant date and a LTIP, under which Mr. Lukes’ target award is 156,300 shares of our common stock. The number of shares of stock that will ultimately be issued under the LTIP is based on our performance during the four-year period beginning on the date of Mr. Lukes’ employment. The performance metrics (and their weightings) are based on our absolute total shareholder return ("Absolute TSR") (25%), total shareholder return relative to specified peer companies ("Relative TSR") (25%) and growth in recurring funds from operations per share ("Recurring FFO Growth") (25%). The remaining 25% of Mr. Lukes’ award is discretionary. For each of these four components, Mr. Lukes can earn 50%, 100% or 200% of the 39,075 target shares allocated to such component based on the actual performance compared to specified targets. Shares earned pursuant to the LTIP will be issued following the completion of the four-year performance period, subject to Mr. Lukes’ continued employment through the end of such period. The Absolute TSR and Relative TSR components of Mr. Lukes’ LTIP are considered market-based awards. Accordingly, the probability of meeting the market criteria was considered when calculating the estimated fair value of the awards on the date of grant using Monte Carlo simulations. Furthermore, compensation expense associated with these awards will be recognized over the requisite service period as long as the requisite service is provided, regardless of whether the market criteria are achieved and the awards are ultimately earned. The significant assumptions used to value these awards include the volatility of our common stock (24.3%), the volatility of the common stock of various peer companies (which ranged from 13.7% to 28.6%), and the risk-free interest rate (1.3%). The aggregate estimated fair value of these components of Mr. Lukes’ LTIP was $1.5 million, which will be recognized over the four-year performance period. The Recurring FFO Growth component of Mr. Lukes’ LTIP is considered a performance-based award which is earned subject to future performance measurement. The award was valued at $19.51 per share based on the fair value of our common stock at the date of grant less the present value of the dividends expected to be paid on our common stock during the requisite service period. Compensation expense for this component will be recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. No compensation expense will be recognized for the discretionary portion of Mr. Lukes’ LTIP prior to the completion of the performance period. Chaim Katzman On June 2, 2014, we entered into a Chairman Compensation Agreement with Chaim Katzman, our Chairman of the Board, which replaced Mr. Katzman’s existing Chairman Compensation Agreement with the Company following the expiration of its term on December 31, 2014. The initial term of the new Chairman Compensation Agreement ends December 31, 2017. Pursuant to the agreement, we granted Mr. Katzman 255,000 shares of restricted stock that will vest as follows: (i) 7,095 shares on January 31, 2015; and (ii) 7,083 shares on the last day of each calendar month beginning February 2015 and ending December 2017. The award was valued at $22.24 per share based on the fair value of our common stock at the date of grant less the present value of the dividends expected to be paid on our common stock during the period from the date of grant to January 2, 2015, at which time Mr. Katzman’s restricted stock is entitled to receive dividends. Compensation expense related to the award will be recognized over the period from June 2014 through December 2017. Thomas Caputo On June 25, 2014, we entered into a new employment agreement with Thomas Caputo, our President, which is effective as of January 1, 2015 immediately following the expiration of Mr. Caputo’s prior employment agreement with the Company and ends on December 31, 2016. Mr. Caputo’s new employment agreement provides for an annual base salary of $750,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Caputo will be eligible for a target performance bonus of 100% of his base salary that will be payable in cash. Pursuant to the agreement, on January 1, 2015, we granted Mr. Caputo 39,370 shares of our restricted common stock, which will fully vest on December 31, 2016 subject to Mr. Caputo then being employed by the Company. Compensation expense related to the award will be recognized over the period from January 2015 through December 2016. Michael Makinen On June 25, 2014, we entered into an employment agreement with Michael Makinen to serve as our Chief Operating Officer. The agreement became effective as of July 15, 2014, and the initial term ends on July 15, 2018. Mr. Makinen’s employment agreement provides for an annual base salary of $400,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Makinen is eligible for a target performance bonus of $300,000, except that with respect to the 2014 calendar year, Mr. Makinen received an annual bonus of no less than $300,000 reduced pro rata based on the portion of calendar year 2014 during which Mr. Makinen was not employed by the Company. Bonuses will be payable 50% in cash and 50% in shares of our restricted stock which will vest ratably over three years. Upon the commencement of his employment, Mr. Makinen received 5,000 shares of restricted stock that will vest in equal portions on the first and second anniversaries of the grant date and a LTIP, under which Mr. Makinen’s target award is 25,685 shares of our common stock. The number of shares of stock that will ultimately be awarded is based on our performance during the four-year period beginning on the date of Mr. Makinen’s employment. Shares earned pursuant to the LTIP will be issued following the completion of the four-year performance period, subject to Mr. Makinen’s continued employment through the end of such period. Mr. Makinen’s LTIP award shares the same performance metrics and weightings as Mr. Lukes’ LTIP award described above. The significant assumptions used to value the Absolute TSR and Relative TSR components of Mr. Makinen’s LTIP include the volatility of our common stock (23.1%), the volatility of the common stock of various peer companies (which ranged from 14.1% to 25.7%), and the risk-free interest rate (1.3%). The aggregate estimated fair value of these components was $253,000, which will be recognized over the four-year performance period. The Recurring FFO Growth component of Mr. Makinen’s LTIP was valued at $20.68 per share based on the fair value of our common stock at the date of grant less the present value of the dividends expected to be paid on our common stock during the requisite service period. Compensation expense for the Recurring FFO Growth component will be recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. No compensation expense will be recognized for the discretionary portion of Mr. Makinen’s LTIP prior to the completion of the performance period. Matthew Ostrower On January 26, 2015, we entered into a four-year employment agreement with Matthew Ostrower to serve as our Chief Financial Officer. Mr. Ostrower’s employment agreement provides for an annual base salary of $500,000 and other benefits generally made available to our senior executive officers. In addition, Mr. Ostrower is eligible for an annual target performance bonus of $400,000. Bonuses will be payable 50% in cash and 50% in shares of our restricted stock which will vest ratably over three years. Mr. Ostrower was reimbursed approximately $30,000 for expenses incurred in relocating to New York in connection with his employment. Upon the commencement of his employment in March 2015, Mr. Ostrower received 22,189 shares of restricted stock that will vest ratably on the first, second, third, and fourth anniversaries of the grant date and a LTIP, under which Mr. Ostrower’s target award is 44,379 shares of our common stock. The number of shares of stock that will ultimately be issued under the LTIP is based on our performance during the four-year period beginning on the date of Mr. Ostrower’s employment. Shares earned pursuant to the LTIP will be issued following the completion of the four-year performance period, subject to Mr. Ostrower’s continued employment through the end of such period, and will not participate in dividends during the performance period. Mr. Ostrower’s LTIP award shares the same performance metrics and weightings as Mr. Lukes’ LTIP awards described above. The significant assumptions used to value these awards include the volatility of our common stock (21.9%), the volatility of the common stock of various peer companies (which ranged from 14.3% to 23.7%), and the risk-free interest rate (1.4%). The aggregate estimated fair value of these components of Mr. Ostrower's LTIP was $486,000, which will be recognized over the four-year performance period. The Recurring FFO Growth component of Mr. Ostrower's LTIP is considered a performance-based award which is earned subject to future performance measurement. The award was valued at $23.47 per share based on the fair value of our common stock at the date of grant less the present value of the dividends expected to be paid on our common stock during the requisite service period. Compensation expense for the Recurring FFO Growth component will be recognized over the requisite service period based on management’s periodic estimate of the likelihood that the performance criteria will be met. No compensation expense will be recognized for the discretionary portion of Mr. Ostrower's LTIP prior to the completion of the performance period. 401(k) Plan We have a 401(k) defined contribution plan (the “401(k) Plan”) covering substantially all of our officers and employees which permits participants to defer compensation up to the maximum amount permitted by law. We match 100% of each employee’s contribution up to 3.0% of the employee’s annual compensation and, thereafter, match 50% of the next 3.0% of the employee’s annual compensation. Employees’ contributions and our matching contributions vest immediately. Our contributions to the 401(k) Plan for the years ended December 31, 2015, 2014 and 2013 were $446,000, $424,000 and $414,000, respectively. 2004 Employee Stock Purchase Plan Our amended and restated Employee Stock Purchase Plan (the “ESPP”) provides a convenient means by which eligible employees could purchase shares of our common stock on a quarterly basis through payroll deductions and voluntary cash investments. Under the ESPP, the quarterly purchase price per share paid by employees is 85% of the average closing price per share of our common stock on the five trading days that immediately precede the last trading day of the quarter, provided, however, that in no event may the purchase price be less than the lower of (i) 85% of the closing price on the first trading day of the quarter or (ii) 85% of the closing price on the last trading day of the quarter. Shares purchased under the amended and restated ESPP are subject to a six-month holding requirement, subject to exceptions for hardship. |
Future Minimum Rental Income |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Rental Income | Future Minimum Rental Income Our properties are leased to tenants under operating leases that expire at various dates through the year 2040. Future minimum rents under non-cancelable operating leases as of December 31, 2015, excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies As of December 31, 2015, we had provided letters of credit having an aggregate face amount of $2.2 million as additional security for financial and other obligations. As of December 31, 2015, we have invested an aggregate of approximately $103.5 million in active development or redevelopment projects at various stages of completion and anticipate that these projects will require an additional $147.6 million to complete, based on our current plans and estimates, which we anticipate will be primarily expended over the next three years. We have other significant projects for which we expect to expend an additional $24.2 million in the next one to two years based on our current plans and estimates. These capital expenditures are generally due as the work is performed and are expected to be financed by funds available under our revolving credit facility, sales of equity under our ATM Program, proceeds from property dispositions and available cash. We are subject to litigation in the normal course of business. However, we do not believe that any of the litigation outstanding as of December 31, 2015 will have a material adverse effect on our financial condition, results of operations or cash flows. Certain of our shopping centers are subject to non-cancelable long-term ground leases that expire at various dates through the year 2076 and in most cases provide for renewal options. In addition, we have non-cancelable operating leases for office space and equipment that expire at various dates through the year 2021. As of December 31, 2015, future minimum rental payments under non-cancelable operating leases are as follows:
During the years ended December 31, 2015, 2014 and 2013, we recognized approximately $1.6 million, $1.5 million and $1.4 million, respectively, of rental expense related to our non-cancelable operating leases. |
Environmental Matters |
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Dec. 31, 2015 | |
Environmental Remediation Obligations [Abstract] | |
Environmental Matters | Environmental Matters We are subject to numerous environmental laws and regulations. The operation of dry cleaning and gas station facilities at our shopping centers are the principal environmental concerns. We require that the tenants who operate these facilities do so in material compliance with current laws and regulations and we have established procedures to monitor dry cleaning operations. Where available, we have applied and been accepted into state sponsored environmental programs. Several properties in the portfolio will require or are currently undergoing varying levels of environmental remediation. We have environmental insurance policies covering most of our properties which limits our exposure to some of these conditions, although these policies are subject to limitations and environmental conditions known at the time of acquisition are typically excluded from coverage. Management believes that the ultimate disposition of currently known environmental matters will not have a material adverse effect on our financial condition, results of operations or cash flows. |
Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements As of December 31, 2015 and 2014, we had three interest rate swap agreements with a notional amount of $250.0 million and a forward starting interest rate swap with a notional amount of $50.0 million that are measured at fair value on a recurring basis. As of December 31, 2015 and 2014, the fair value of one of our interest rate swaps consisted of an asset of $217,000 and $681,000, respectively, which is included in other assets, and the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million and $952,000, respectively, which is included in accounts payable and accrued expenses in our consolidated balance sheets. As of December 31, 2015, the fair value of our forward starting interest rate swap consisted of an asset of $618,000, which is included in other assets in our consolidated balance sheets. The net unrealized loss on our interest rate derivatives was $910,000 and $3.2 million for the years ended December 31, 2015 and 2014, respectively, and is included in accumulated other comprehensive loss. The fair values of the interest rate swaps are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and observable inputs. The interest rate swaps are classified within Level 2 of the valuation hierarchy. The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014:
Valuation Methods The fair values of our interest rate swaps were determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of the derivative financial instrument. This analysis reflected the contractual terms of the derivative, including the period to maturity, and used observable market-based inputs, including interest rate market data and implied volatilities in such interest rates. While it was determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy under authoritative accounting guidance, the credit valuation adjustments associated with the derivatives also utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default. However, as of December 31, 2015, the significance of the impact of the credit valuation adjustments on the overall valuation of the derivative financial instruments was assessed and it was determined that these adjustments were not significant to the overall valuation of the derivative financial instruments. As a result, it was determined that the derivative financial instruments in their entirety should be classified in Level 2 of the fair value hierarchy. The net unrealized loss included in other comprehensive loss was attributable to the net change in unrealized gains or losses related to the interest rate swaps that remained outstanding as of December 31, 2015, none of which were reported in the consolidated statement of income because they were documented and qualified as hedging instruments and there was no ineffectiveness in relation to the hedges. As of December 31, 2015, we had a long-term incentive plan for three of our executives with components based on our total shareholder return, as well as our total shareholder return versus returns for seven of our peer companies. The fair value of these components was determined on the respective grant dates using the average trial-specific value of the awards eligible for grant under the plan based upon a Monte Carlo simulation model. This model considers various assumptions, including time value, volatility factors, current market and contractual prices, as well as projected future market prices for our common stock and the common stock of our peer companies over the performance period. Substantially all of these assumptions are observable in the marketplace throughout the full term of the plan, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Non-Recurring Fair Value Measurements The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015:
____________________________________________ (1) Total losses exclude impairments of $11.3 million recognized related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. See Note 6 for further discussion. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2014:
____________________________________________ (1) Total losses exclude impairments of $4.5 million recognized related to properties sold during the year ended December 31, 2014, primarily based on sales contracts. (2) $11.9 million of the total represents the fair value of an operating property as of the date it was impaired during the second quarter of 2014. As of December 31, 2014, the carrying amount of the property no longer equaled its fair value. On a non-recurring basis, we evaluate the carrying value of investment property and investments in and advances to unconsolidated joint ventures, when events or changes in circumstances indicate that the carrying value may not be recoverable. Impairments, if any, typically result from values established by Level 3 valuations. The carrying value of a property is considered impaired when the total projected undiscounted cash flows from the property are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the property as determined by purchase price offers or by discounted cash flows using the income or market approach. These cash flows are comprised of unobservable inputs which include contractual rental revenue and forecasted rental revenue and expenses based upon market conditions and expectations for growth. Capitalization rates and discount rates utilized in these models are based upon observable rates that we believe to be within a reasonable range of current market rates for the respective properties. Based on these inputs, we determined that the valuation of these investment properties and investments in unconsolidated joint ventures are classified within Level 3 of the fair value hierarchy. The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs:
During the years ended December 31, 2015 and 2014, we recognized $1.6 million and $15.1 million, respectively, of impairment losses on operating properties. The estimated fair values related to the impairment assessments were primarily based on discounted cash flow analyses and, therefore, are classified within Level 3 of the fair value hierarchy. During the year ended December 31, 2015 and 2014, we recognized impairment losses of $3.7 million and $2.2 million, respectively, on land parcels. The estimated fair values related to the impairment assessments were based on appraisals and, therefore, are classified within Level 3 of the fair value hierarchy. We also performed annual, or more frequent in certain circumstances, impairment tests of our goodwill. Impairments, if any, resulted from values established by Level 3 valuations. We estimated the fair value of the reporting unit using discounted projected future cash flows, which approximated a current sales price. If the results of this analysis indicated that the carrying value of the reporting unit exceeded its fair value, an impairment was recognized to reduce the carrying value of the goodwill to fair value. During the year ended December 31, 2015, we recognized a goodwill impairment loss of $200,000. No goodwill impairment losses were recognized during the year ended December 31, 2014. |
Fair Value of Financial Instruments |
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Dec. 31, 2015 | |
Financial Instruments, Owned, at Fair Value [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The estimated fair values of financial instruments have been determined by us using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methods may have a material effect on the estimated fair value amounts. We have used the following market assumptions and/or estimation methods: Cash and Cash Equivalents, Accounts and Other Receivables, Accounts Payable and Accrued Expenses and Unsecured Revolving Credit Facility (classified within Levels 1, 2 and 3 of the valuation hierarchy) – The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short maturities. Mortgage Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of December 31, 2015 and 2014 was approximately $296.1 million and $337.4 million, respectively, calculated based on the net present value of payments over the term of the loans using estimated market rates for similar mortgage loans and remaining terms. The carrying amount (principal and unaccreted premium, net of unamortized deferred financing costs) of these notes was $283.5 million and $315.5 million as of December 31, 2015 and 2014, respectively. Unsecured Senior Notes Payable (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of December 31, 2015 and 2014 was approximately $528.0 million and $772.9 million, respectively, calculated based on the net present value of payments over the terms of the notes using estimated market rates for similar notes and remaining terms. The carrying amount (principal net of unamortized discount and deferred financing costs) of these notes was $515.4 million and $727.0 million as of December 31, 2015 and 2014, respectively. Term Loans (classified within Level 2 of the valuation hierarchy) – The fair value estimated as of December 31, 2015 and 2014 was approximately $475.4 million and $249.8 million, respectively, calculated based on the net present value of payments over the term of the loans using estimated market rates for similar notes and remaining terms. The carrying amount (principal net of unamortized deferred financing costs) of the loans were $471.9 million and $248.1 million as of December 31, 2015 and 2014, respectively. The fair market value calculations of our debt as of December 31, 2015 and 2014 include assumptions as to the effects that prevailing market conditions would have on existing secured or unsecured debt. The calculations used a market rate spread over the risk-free interest rate. This spread was determined by using the remaining life to maturity coupled with loan-to-value considerations of the respective debt. Once determined, this market rate was used to discount the remaining debt service payments in an attempt to reflect the present value of this stream of cash flows. While the determination of the appropriate market rate was subjective in nature, recent market data gathered suggested that the composite rates used for mortgages, senior notes and term loans are consistent with current market trends. Interest Rate Swap Agreements (classified within Level 2 of the valuation hierarchy) – As of December 31, 2015 and 2014, the fair value of one of our interest rate swaps consisted of an asset of $217,000 and $681,000, respectively, which is included in other assets, and the fair value of the two remaining interest rate swaps consisted of a liability of $2.0 million and $952,000, respectively, which is included in accounts payable and accrued expenses in our consolidated balance sheets. As of December 31, 2015, the fair value of our forward starting interest rate swap consisted of an asset of $618,000, which is included in other assets in our consolidated balance sheets. |
Condensed Consolidating Financial Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information Many of our subsidiaries that are 100% owned, either directly or indirectly, have guaranteed our indebtedness under our unsecured senior notes, term loans and revolving credit facilities. The guarantees are joint and several and full and unconditional. The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes:
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Quarterly Financial Data - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss | $ 11,300,000 | $ 8,000,000 | $ 13,900,000 | $ 16,753,000 | $ 21,850,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill, Impairment Loss | $ 200,000.000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Data (unaudited)
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Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700,000 | $ 700,000 | 22,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development Properties Held-for-investment | 7,370,000 | 8,550,000 | 7,370,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure | 30,070,000 | 9,250,000 | 30,070,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 1,579,000 | 15,111,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Real Estate | 3,667,000 | 2,230,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment loss | 5,246,000 | [1] | 17,341,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700,000 | $ 11,900,000 | 700,000 | 22,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development Properties Held-for-investment | 7,370,000 | 8,550,000 | 7,370,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value Disclosure | $ 30,070,000 | 9,250,000 | 30,070,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | [2],[3] | 1,579,000 | 15,111,000 | $ 2,406,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Real Estate | [2] | 3,667,000 | 2,230,000 | 3,085,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Long-Lived Assets Sold | 11,307,000 | [4] | 4,509,000 | 0 | [4] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill, Impairment Loss | [5] | $ 200,000 | $ 0 | $ 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Related Parties |
12 Months Ended |
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Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Refer to Note 16 for a discussion of the private placements in 2015 and 2014 to Gazit First Generation LLC. Also refer to Note 16 with respect to our arrangement with MGN related to sales of common stock under our ATM Program. We received rental income from affiliates of Gazit of approximately $253,000, $240,000 and $246,000 for the years ended December 31, 2015, 2014 and 2013, respectively. General and administrative expenses incurred by us on behalf of Gazit with respect to the provision of IFRS financial statements and related matters, which are reimbursed, totaled approximately $886,000, $958,000 and $1.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The balance due from Gazit, which is included in accounts and other receivables, was approximately $242,000 and $303,000 as of December 31, 2015 and 2014, respectively. We reimbursed MGN Icarus, Inc., an affiliate of Gazit, for certain travel expenses incurred by the Chairman of our Board of Directors. The amounts reimbursed totaled approximately $500,000, $271,000 and $111,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The balance due to MGN Icarus, Inc., which is included in accounts payable and accrued expenses, was approximately $175,000 and $34,000 as of December 31, 2015 and 2014, respectively. In December 2015, Gazit First Generation LLC, and MGN (USA), Inc., affiliates of Gazit, completed an underwritten public offering of 4.8 million shares of our common stock that were previously owned by them. We did not receive any proceeds from the offering, and pursuant to existing agreements with these affiliates, we incurred expenses of $245,000 in connection with the offering which are included in general and administrative costs in the consolidated statement of income for the year ended December 31, 2015. |
Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Pursuant to the Subsequent Events Topic of the FASB ASC, we have evaluated subsequent events and transactions that occurred after our December 31, 2015 consolidated balance sheet date for potential recognition or disclosure in our consolidated financial statements and have also included such events in the footnotes. In January 2016, LIH exercised its redemption right with respect to all of its outstanding Class A Shares in the CapCo joint venture, and we elected to satisfy the redemption through the issuance of approximately 11.4 million shares of our common stock to LIH. LIH subsequently sold the shares of common stock in a public offering that closed on January 19, 2016. As a result, we now own 100% of CapCo, LIH holds no remaining interests in the Company or our subsidiaries, and David Fischel resigned from our Board of Directors in connection with the termination of LIH’s Board nomination right. In January 2016, we entered into a mortgage note payable for $88.0 million secured by Westbury Plaza located in Nassau County, New York. The mortgage note payable matures on February 1, 2026 and bears interest at 3.76% per annum. In February 2016, we redeemed our 6.25% unsecured senior notes, which had a principal balance of $101.4 million and were scheduled to mature in January 2017, at a redemption price equal to the principal amount of the notes, accrued and unpaid interest, and a required make-whole premium of $5.0 million. In connection with the redemption, we expect to recognize a loss on the early extinguishment of debt of $5.2 million during the first quarter of 2016 comprised of the aforementioned make-whole premium and deferred fees and costs associated with the notes. In February 2016, we closed on the sale of three properties, one of which was classified as held for sale as of December 31, 2015, for an aggregate gross sales price of $10.3 million, resulting in an aggregate net gain of approximately $2.6 million. In February 2016, we terminated and settled our $50.0 million forward starting interest rate swap, resulting in a cash payment of $3.1 million to the counterparty. The settlement value of the swap will amortize through interest expense over the life of the expected debt issuance. |
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Notes) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation And Qualifying Accounts | SCHEDULE II Equity One, Inc. VALUATION AND QUALIFYING ACCOUNTS
(1) Represents the reversal of certain historical real estate tax billings for which a settlement was reached with the tenants. Note: Amounts above include those amounts recorded in discontinued operations. |
Summary Of Real Estate And Accumulated Depreciation (Notes) |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III Summary of Real Estate and Accumulated Depreciation | SCHEDULE III Equity One, Inc. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 (In thousands)
______________________________________________ (1) Includes asset impairments recognized. (2) Aventura Square encumbrance is cross collateralized with Oakbrook Square and Treasure Coast Plaza. (3) Property was sold in February 2016. (4) The aggregate cost for federal income tax purposes was $2.3 billion. (5) Below is the reconciliation of "Real Estate and Accumulated Depreciation."
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Mortgage Loans On Real Estate |
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Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans On Real Estate | SCHEDULE IV Equity One, Inc. MORTGAGE LOANS ON REAL ESTATE
______________________________________________ (1) Includes amounts related to loans provided in connection with dispositions. |
Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
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Properties | Properties Income producing properties are stated at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of predevelopment and certain direct and indirect costs of development. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the assets as follows:
Expenditures for ordinary maintenance and repairs are expensed to operations as they are incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. |
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Business Combinations | Business Combinations We account for business combinations, including the acquisition of income producing properties, using the acquisition method by recognizing and measuring the identifiable assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree at their acquisition date fair values. As a result, upon the acquisition of income producing properties, we estimate the fair value of the acquired tangible assets (consisting of land, building, building improvements, and tenant improvements), identified intangible assets and liabilities (consisting of the value of above- and below-market leases, in-place leases, and tenant relationships, where applicable), assumed debt, and noncontrolling interests issued at the date of acquisition, where applicable, based on our evaluation of information and estimates available at that date. Based on these estimates, we allocate the purchase price to the identified assets acquired and liabilities assumed. Fair value is determined based on an exit price approach, which contemplates the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. If, up to one year from the acquisition date, information regarding fair value of the assets acquired and liabilities assumed is received and estimates are refined, appropriate adjustments are made to the purchase price allocation on a prospective basis. Costs related to business combinations are expensed as incurred and are included in general and administrative expenses in our consolidated statements of income. In allocating the purchase price of an acquired property to identified intangible assets and liabilities, the value of above-market and below-market leases is estimated based on the present value of the difference between the contractual amounts, including fixed rate below-market lease renewal options, to be paid pursuant to the in-place leases and our estimate of the market lease rates and other lease provisions (i.e., expense recapture, base rental changes, etc.) for comparable leases measured over a period equal to the estimated remaining term of the lease. The capitalized above-market or below-market intangible is amortized to rental revenue over the estimated remaining term of the respective leases, which includes expected renewal option periods, if applicable. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. In determining the value of in-place leases, we consider current market conditions and costs to execute similar leases to arrive at an estimate of the carrying costs during the period expected to be required to lease the property from vacant to its existing occupancy. In estimating carrying costs, we include estimates of lost rental and recovery revenue during the expected lease-up periods and costs to execute similar leases, including lease commissions, legal, and other related costs based on current market demand. The value assigned to in-place leases is amortized to depreciation expense over the estimated remaining term of the respective leases. If a lease terminates prior to its stated expiration, all unamortized amounts relating to that lease are written off. The results of operations of acquired properties are included in our financial statements as of the dates they are acquired. The intangible assets and liabilities associated with property acquisitions are included in other assets and other liabilities in our consolidated balance sheets. |
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Construction in Progress and Land [Policy Text Block] | Construction in Progress and Land Construction in progress and land are carried at cost, and no depreciation is recorded. Properties undergoing significant renovations and improvements are considered under development. All direct and indirect costs related to development activities are capitalized into construction in progress and land on our consolidated balance sheets, except for certain demolition costs, which are expensed as incurred. Costs incurred include predevelopment expenditures directly related to a specific project, development and construction costs, interest, insurance and real estate taxes. Indirect development costs include employee salaries and benefits, travel and other related costs that are directly associated with the development of the property. Our method of calculating capitalized interest is based upon applying our weighted average borrowing rate to the actual accumulated expenditures. The capitalization of such expenses ceases when the property is ready for its intended use, but no later than one-year from substantial completion of major construction activity. If we determine that a project is no longer viable, all predevelopment project costs are immediately expensed. Similar costs related to properties not under development are expensed as incurred. |
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Long-lived Assets | Long-lived Assets Properties Held and Used We evaluate the carrying value of long-lived assets, including definite-lived intangible assets, when events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from such asset are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value of fixed (tangible) assets and definite-lived intangible assets is determined primarily using either internal projected cash flows discounted at a rate commensurate with the risk involved or an external appraisal. As of December 31, 2015, we reviewed the operating properties, construction in progress, and land for potential indicators of impairment on a property-by-property basis in accordance with the Property, Plant and Equipment Topic of the FASB ASC. For those properties for which an indicator of impairment was identified, we projected future cash flows for each property on an individual basis. The key assumptions underlying these projected future cash flows are dependent on property-specific conditions and are inherently uncertain. The factors that may influence the assumptions include:
After considering these factors, our future cash flows are projected based on management’s intention with respect to the holding period of the property and an assumed sale at the final year of the holding period using a projected capitalization rate (reversion value). If the carrying amount of the property exceeded the estimated undiscounted cash flows (including the projected reversion value) from the property, an impairment charge was recognized to reduce the carrying value of the property to its fair value. Properties Held for Sale Properties held for sale are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Upon the adoption of ASU 2014-08 on January 1, 2014, operations of properties held for sale and operating properties sold that were not previously classified as held for sale and/or reported as discontinued operations are reported in continuing operations as their disposition does not represent a strategic shift that has or will have a major effect on our operations and financial results. Prior to the adoption of ASU 2014-08, we reported the operations and financial results of properties held for sale and operating properties sold as discontinued operations. The application of current accounting principles that govern the classification of any of our properties as held for sale on the consolidated balance sheet requires management to make certain significant judgments. In evaluating whether a property meets the held for sale criteria set forth by the Property, Plant and Equipment Topic of the FASB ASC, we make a determination as to the point in time that it is probable that a sale will be consummated. Given the nature of all real estate sales contracts, it is not unusual for such contracts to allow potential buyers a period of time to evaluate the property prior to formal acceptance of the contract. In addition, certain other matters critical to the final sale, such as financing arrangements, often remain pending even upon contract acceptance. As a result, properties under contract may not close within the expected time period or may not close at all. Therefore, any properties categorized as held for sale represent only those properties that management has determined are probable to close within the requirements set forth in the Property, Plant and Equipment Topic of the FASB ASC. |
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider liquid investments with a purchase date life to maturity of three months or less to be cash equivalents. |
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Cash Held In Escrow and Restricted Cash | Cash Held in Escrow and Restricted Cash Cash held in escrow and restricted cash includes the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code or cash that is not immediately available to us. |
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Accounts and Other Receivables | Accounts and Other Receivables Accounts receivable includes amounts billed to tenants and accrued expense recoveries due from tenants. We make estimates of the uncollectability of our accounts receivable using the specific identification method. We analyze accounts receivable and historical bad debt levels, tenant credit-worthiness, payment history and industry trends when evaluating the adequacy of the allowance for doubtful accounts. Accounts receivable are written-off when they are deemed to be uncollectable and we are no longer actively pursuing collection. Our reported net income is directly affected by management’s estimate of the collectability of accounts receivable. |
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Investments in Joint Ventures | Investments in Joint Ventures We analyze our joint ventures under the FASB ASC Topics of Consolidation and Real Estate-General in order to determine whether the respective entities should be consolidated. If it is determined that these investments do not require consolidation because the entities are not VIEs in accordance with the Consolidation Topic of the FASB ASC, we are not considered the primary beneficiary of the entities determined to be VIEs, we do not have voting control, and/or the limited partners (or non-managing members) have substantive participatory rights, then the selection of the accounting method used to account for our investments in unconsolidated joint ventures is generally determined by our voting interests and the degree of influence we have over the entity. Management uses its judgment when determining if we are the primary beneficiary of, or have a controlling financial interest in, an entity in which we have a variable interest. Factors considered in determining whether we have the power to direct the activities that most significantly impact the entity’s economic performance include risk and reward sharing, experience and financial condition of the other partners, voting rights, involvement in day-to-day capital and operating decisions and the extent of our involvement in the entity. We use the equity method of accounting for investments in unconsolidated joint ventures when we own 20% or more of the voting interests and have significant influence but do not have a controlling financial interest, or if we own less than 20% of the voting interests but have determined that we have significant influence. Under the equity method, we record our investments in and advances to these entities in our consolidated balance sheets, and our proportionate share of earnings or losses earned by the joint venture is recognized in equity in income of unconsolidated joint ventures in the accompanying consolidated statements of income. We derive revenue through our involvement with unconsolidated joint ventures in the form of management and leasing services and interest earned on loans and advances. We account for this revenue gross of our ownership interest in each respective joint venture and record our proportionate share of related expenses in equity in income of unconsolidated joint ventures. The cost method of accounting is used for unconsolidated entities in which we do not have the ability to exercise significant influence and we have virtually no influence over partnership operating and financial policies. Under the cost method, income distributions from the partnership are recognized in investment income. Distributions that exceed our share of earnings are applied to reduce the carrying value of our investment, and any capital contributions will increase the carrying value of our investment. The fair value of a cost method investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. These joint ventures typically obtain non-recourse third-party financing on their property investments, thus contractually limiting our exposure to losses to the amount of our equity investment, and, due to the lender’s exposure to losses, a lender typically will require a minimum level of equity in order to mitigate its risk. Our exposure to losses associated with unconsolidated joint ventures is primarily limited to the carrying value of these investments. On a periodic basis, we evaluate our investments in unconsolidated entities for impairment in accordance with the Investments-Equity Method and Joint Ventures Topic of the FASB ASC. We assess whether there are any indicators, including underlying property operating performance and general market conditions, that the value of our investments in unconsolidated joint ventures may be impaired. An investment in a joint venture is considered impaired only if we determine that its fair value is less than the net carrying value of the investment in that joint venture on an other-than-temporary basis. Cash flow projections for the investments consider property level factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. We consider various qualitative factors to determine if a decrease in the value of our investment is other-than-temporary. These factors include age of the venture, our intent and ability to retain our investment in the entity, financial condition and long-term prospects of the entity and relationships with our partners and banks. If we believe that the decline in the fair value of the investment is temporary, no impairment charge is recorded. If our analysis indicates that there is an other-than-temporary impairment related to the investment in a particular joint venture, the carrying value of the venture will be adjusted to an amount that reflects the estimated fair value of the investment. |
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Goodwill | Goodwill Goodwill reflects the excess of the fair value of the acquired business over the fair value of net identifiable assets acquired in various business acquisitions. We account for goodwill in accordance with the Intangibles – Goodwill and Other Topic of the FASB ASC. We perform annual, or more frequently in certain circumstances, impairment tests of our goodwill. We have elected to test for goodwill impairment in November of each year. The goodwill impairment test is a two-step process that requires us to make decisions in determining appropriate assumptions to use in the calculation. The first step consists of estimating the fair value of each reporting unit using discounted projected future cash flows and comparing those estimated fair values with the carrying values, which include the allocated goodwill. If the estimated fair value is less than the carrying value, a second step is performed to compute the amount of the impairment, if any, by determining an “implied fair value” of goodwill. The determination of each reporting unit’s (each property is considered a reporting unit) implied fair value of goodwill requires us to allocate the estimated fair value of the reporting unit to its assets and liabilities. Any unallocated fair value represents the implied fair value of goodwill which is compared to its corresponding carrying amount. |
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Deposits | Deposits Deposits included in other assets comprise funds held by various institutions for future payments of property taxes, insurance, improvements, utility and other service deposits. |
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Deferred Costs and Intangibles | Deferred Costs and Intangibles Deferred costs, intangible assets included in other assets, and intangible liabilities included in other liabilities consist of deferred financing costs, leasing costs and the value of intangible assets and liabilities when a property was acquired. Deferred financing costs consist of loan issuance costs directly related to financing transactions that are deferred and amortized over the term of the related loan using the effective interest method. As a result of our adoption of ASU 2015-03, unamortized deferred financing costs related to our unsecured senior notes payable, term loans, and mortgage notes payable are presented as a direct deduction from the carrying amounts of the related debt instruments, while such costs related to our unsecured revolving credit facility are included in other assets. Direct salaries, third-party fees and other costs incurred by us to originate a lease are capitalized and are amortized against the respective leases using the straight-line method over the term of the related leases. Intangible assets consist of in-place lease values, tenant origination costs, below-market ground rent obligations and above-market rents that were recorded in connection with the acquisition of the properties. Intangible liabilities consist of above-market ground rent obligations and below-market rents that are also recorded in connection with the acquisition of properties. Both intangible assets and liabilities are amortized and accreted using the straight-line method over the estimated term of the related leases. When a lease is terminated early, any remaining unamortized or unaccreted balances under lease intangible assets or liabilities are charged to earnings. The useful lives of amortizable intangible assets are evaluated each reporting period with any changes in estimated useful lives being accounted for over the revised remaining useful life. |
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Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests represent the portion of equity that we do not own in entities we consolidate, including joint venture units issued by consolidated subsidiaries or VIEs in connection with property acquisitions. We account for and report our noncontrolling interests in accordance with the provisions required under the Consolidation Topic of the FASB ASC. We identify our noncontrolling interests separately within the equity section on the consolidated balance sheets. Noncontrolling interests that are redeemable for cash at the holder’s option or upon a contingent event outside of our control are classified as redeemable noncontrolling interests pursuant to the Distinguishing Liabilities from Equity Topic of the FASB ASC and are presented at redemption value in the mezzanine section between total liabilities and stockholders’ equity on the consolidated balance sheets. The amounts of consolidated net income attributable to Equity One, Inc. and to the noncontrolling interests are presented on the consolidated statements of income. |
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Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivative instruments are used at times to manage exposure to variable interest rate risk. We generally enter into interest rate swaps to manage our exposure to variable interest rate risk and forward starting interest rate swaps to manage the risk of interest rates rising prior to the issuance of fixed rate debt. We enter into derivative instruments that qualify as cash flow hedges and do not enter into derivative instruments for speculative purposes. The interest rate swaps associated with our cash flow hedges are recorded at fair value on a recurring basis. We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis. The effective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into interest expense in the period that the hedged forecasted transactions affect earnings. Our cash flow hedges become ineffective if critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates. In addition, we evaluate the default risk of the counterparty by monitoring the credit worthiness of the counterparty. When ineffectiveness exists, the ineffective portion of changes in fair value of the interest rate swaps associated with our cash flow hedges is recognized in earnings in the period affected. Hedge ineffectiveness has not impacted earnings, and we do not anticipate it will have a significant effect in the future. Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported in the consolidated statements of income as a component of net income or as a component of comprehensive income and as a component of stockholders’ equity on the consolidated balance sheets. While management believes its judgments are reasonable, a change in a derivative’s effectiveness as a hedge could materially affect expenses, net income and equity. See Note 12 for further detail on derivative activity. |
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Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities The Fair Value Measurements and Disclosures Topic of FASB ASC establishes a framework for measuring fair value and requires the categorization of financial assets and liabilities, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. The various levels of the fair value hierarchy are described as follows:
The Fair Value Measurements and Disclosures Topic of FASB ASC requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. |
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Revenue Recognition | Revenue Recognition Revenue includes minimum rents, expense recoveries, percentage rental payments and management and leasing services. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis. As part of the leasing process, we may provide the lessee with an allowance for the construction of leasehold improvements. Leasehold improvements are capitalized and recorded as tenant improvements and depreciated over the shorter of the useful life of the improvements or the lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event we are not considered the owner of the improvements, the allowance is considered a lease incentive and is recognized over the lease term as a reduction to revenue. Factors considered during this evaluation include, among others, the type of improvements made, who holds legal title to the improvements, and other controlling rights provided by the lease agreement. Lease revenue recognition commences when the lessee is given possession of the leased space, when the asset is substantially complete in the case of leasehold improvements, and when there are no contingencies offsetting the lessee’s obligation to pay rent. Many of the lease agreements contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent), and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on a percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of real estate taxes, insurance and CAM is recognized in the period that the applicable costs are incurred in accordance with the lease agreements. We recognize gains or losses on sales of real estate in accordance with the Property, Plant and Equipment Topic of the FASB ASC. Profits are not recognized until (a) a sale has been consummated; (b) the buyer’s initial and continuing investments are adequate to demonstrate a commitment to pay for the property; (c) our receivable, if any, is not subject to future subordination; and (d) we have transferred to the buyer the usual risks and rewards of ownership and do not have a substantial continuing involvement with the property. Recognition of gains from sales to unconsolidated joint ventures is recorded on only that portion of the sales not attributable to our ownership interest. We are engaged by certain joint ventures to provide asset management, property management, leasing and investing services for such venture’s respective assets. We receive fees for our services, including a property management fee calculated as a percentage of gross revenue received, and recognize these fees as the services are rendered. |
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Earnings Per Share | Earnings Per Share Under the Earnings Per Share Topic of the FASB ASC, unvested share-based payment awards that entitle their holders to receive non-forfeitable dividends, such as our restricted stock awards, are classified as “participating securities.” As participating securities, our shares of restricted stock will be included in the calculation of basic and diluted earnings per share. Because the awards are considered participating securities under the provisions of the Earnings Per Share Topic of the FASB ASC, we are required to apply the two-class method of computing basic and diluted earnings per share. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that would otherwise have been available to common stockholders. Under the two-class method, earnings for the period are allocated between common stockholders and other security holders based on their respective rights to receive dividends. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation We grant restricted stock and stock option awards to our officers, directors and employees. The term of each award is determined by our compensation committee, but in no event can be longer than ten years from the date of grant. The vesting schedule of each award is determined by the compensation committee, in its sole and absolute discretion, at the date of grant of the award. Dividends are paid on certain shares of unvested restricted stock, which makes such shares participating securities under the Earnings Per Share Topic of the FASB ASC. Certain stock options, restricted stock and other share awards provide for accelerated vesting if there is a change in control, as defined in the 2000 Plan. The fair value of each stock option awarded is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. Expected volatilities, dividend yields, employee exercises and employee forfeitures are primarily based on historical data. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The shortcut method described in the Share Compensation Topic of the FASB ASC is used for determining the expected life used in the valuation method. Compensation expense for restricted stock awards is based on the fair value of our common stock at the date of the grant and is recognized ratably over the vesting period. For grants with a graded vesting schedule that are only subject to service conditions, we have elected to recognize compensation expense on a straight-line basis. |
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Segment Information | Segment Reporting We invest in properties through direct ownership or through joint ventures. It is our intent that all properties will be owned or developed for investment purposes; however, we may decide to sell all or a portion of a development upon completion. Our revenue and net income are generated from the operation of our investment property. We also earn fees from third parties for services provided to manage and lease retail shopping centers owned through joint ventures. Our portfolio is primarily located in coastal markets throughout the United States with none of our properties located outside of the United States. Additionally, our chief operating decision maker reviews operating and financial data for each property on an individual basis and does not distinguish or group our operations on a geographical basis for purposes of allocating resources or measuring performance. Therefore, each of our individual properties has been deemed a separate operating segment, and, as no individual property constitutes more than 10% of our revenue, net income, or assets, the individual properties have been aggregated into one reportable segment based upon their similarities with regard to both the nature and economics of the centers, tenants, and operational processes, as well as long-term average financial performance. |
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Concentration of Credit Risk | Concentration of Credit Risk A concentration of credit risk arises in our business when a national or regionally based tenant occupies a substantial amount of space in multiple properties owned by us. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to us, exposing us to potential losses in rental revenue, expense recoveries, and percentage rent. Further, the impact may be magnified if the tenant is renting space in multiple locations. Generally, we do not obtain security from our nationally-based or regionally-based tenants in support of their lease obligations to us. We regularly monitor our tenant base to assess potential concentrations of credit risk. As of December 31, 2015, no tenant accounted for more than 10% of our GLA or annual revenues. |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements that could have a material effect on our financial statements:
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Properties (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Composition Of Income Producing Properties | The following table is a summary of the composition of income producing properties in the consolidated balance sheets:
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Acquisitions (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Producing Property Acquisition Activity | The following table provides a summary of acquisition activity during the year ended December 31, 2015:
(1) The purchase price has been preliminarily allocated to real estate assets acquired and liabilities assumed, as applicable, in accordance with our accounting policies for business combinations. The purchase price and related accounting will be finalized after our valuation studies are complete. (2) Acquired through a reverse Section 1031 like-kind exchange agreement with a third party intermediary. See Note 9 for further discussion. (3) In acres. (4) Properties were acquired in connection with the redemption of our joint venture interest in the GRI JV. See Note 8 for further discussion. |
Acquisitions Allocation of Purchase Price (Tables) |
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Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The aggregate purchase price of the above property acquisitions has been preliminarily allocated as follows:
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Property Dispositions (Tables) |
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Dispositions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income and Expense Relating to Discontinued Operations | The components of income and expense relating to discontinued operations for the years ended December 31, 2014 and 2013 are shown below:
The following table provides a summary of disposition activity during the year ended December 31, 2015:
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Impairment (Tables) |
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Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Impairment Loss | The following is a summary of the composition of impairment losses included in the consolidated statements of income:
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Accounts And Other Receivables (Tables) |
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Accounts Receivable, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts And Other Receivables | The following is a summary of the composition of accounts and other receivables included in the consolidated balance sheets:
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Investments in Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Unconsolidated Joint Ventures | The following is a summary of the composition of investments in and advances to unconsolidated joint ventures included in the consolidated balance sheets:
______________________________________________ (1) All unconsolidated joint ventures are accounted for under the equity method except for the Madison 2260 Realty LLC and Madison 1235 Realty LLC joint ventures, which are accounted for under the cost method. (2) In June 2015, our interest in the GRI JV was redeemed. As of December 31, 2014, the joint venture had 10 properties, our ownership interest was 10.0%, and the investment balance was presented net of deferred gains of $3.3 million associated with the disposition of assets by us to the joint venture. (3) The investment balance as of December 31, 2015 and 2014 is presented net of a deferred gain of approximately $376,000 for both periods associated with the disposition of assets by us to the joint venture. (4) In February 2015, we entered into a joint venture to explore a potential development opportunity in the Northeast. As of December 31, 2015, the carrying amount of our investment reflects our maximum exposure to loss related to our investment in the joint venture. |
Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Activity | The following table presents goodwill activity during the years ended December 31, 2015 and 2014:
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Other Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Other Assets | The following is a summary of the composition of other assets included in the consolidated balance sheets:
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Composition Of Intangible Assets And Accumulated Amortization | The following is a summary of the composition of intangible assets and accumulated amortization included in the consolidated balance sheets:
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Finite-lived Intangible Assets Amortization Expense [Table Text Block] | The following is a summary of amortization expense included in the consolidated statements of income related to lease intangible assets:
___________________________________________ (1) Amounts are recognized as a reduction of minimum rent. (2) Amounts are included in depreciation and amortization expenses. (3) Amounts are included in property operating expenses. |
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2015, the estimated amortization of lease intangible assets for the next five years is as follows:
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Mortgage Notes Payable (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgage Notes Payable [Table Text Block] | The following table is a summary of the mortgage notes payable balances included in the consolidated balance sheets:
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Principal Maturities (Tables) |
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Debt Maturities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Unsecured Senior Notes [Table Text Block] | Unsecured Senior Notes Payable Our outstanding unsecured senior notes payable in the consolidated balance sheets consisted of the following:
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Schedule of Maturities of Long-term Debt [Table Text Block] | Principal maturities of borrowings outstanding as of December 31, 2015, including mortgage notes payable, unsecured senior notes payable, term loans and the unsecured revolving credit facility are as follows:
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Other Liabilities (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Other Liabilities | The following is a summary of the composition of other liabilities included in the consolidated balance sheets:
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Schedule of Expected Liability Amortization Expense [Table Text Block] | As of December 31, 2015, the estimated accretion of lease intangible liabilities for the next five years is as follows:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Reconciles GAAP Net Income To Taxable Income | The following table reconciles GAAP net income to taxable income:
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Summarizes Of Tax Status Of Dividends Paid | The following summarizes the tax status of dividends paid:
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Taxable REIT Subsidiaries | Our total pre-tax income and income tax benefit (provision) relating to our TRSs and taxable entities which have been consolidated for accounting reporting purposes are summarized as follows:
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Pre-Tax Earnings From Continuing Operations And Provision For Income Taxes |
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Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes | e recorded tax provisions from discontinued operations of $27,000 and $686,000 during the years ended December 31, 2014 and 2013, respectively. The tax provisions relate to taxable income generated by the disposition of properties. The total income tax benefit (provision) differs from the amount computed by applying the statutory federal income tax rate to net income before income taxes as follows:
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Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes For Continuing Operations |
______________________________________________ (1) Rate of 34% or 35% used, dependent on the taxable income levels of our TRSs. |
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Deferred Tax Assets And Liabilities | Our deferred tax assets and liabilities were as follows:
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Noncontrolling Interests (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Noncontrolling Interests | The following is a summary of the noncontrolling interests in consolidated entities included in the consolidated balance sheets:
______________________________________________ (1) |
Stockholders’ Equity and Earnings (Loss) Per Share (Tables) |
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Stockholders' Equity Attributable to Parent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following summarizes the calculation of basic and diluted earnings per share ("EPS") and provides a reconciliation of the amounts of net income available to common stockholders and shares of common stock used in calculating basic and diluted EPS:
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Share-Based Payment Plans (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following table presents information regarding stock option activity during the year ended December 31, 2015:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | During the year ended December 31, 2014, the fair value of the 200 options granted was estimated on the grant date using the Black-Scholes-Merton pricing model with the following assumptions:
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Schedule of Nonvested Restricted Stock Units Activity | The following table presents information regarding restricted stock activity during the year ended December 31, 2015:
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Share-Based Compensation Expense | Share-based compensation expense, which is included in general and administrative expenses in the accompanying consolidated statements of income, is summarized as follows:
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Commitments and Contingencies Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rents under non-cancelable operating leases as of December 31, 2015, excluding tenant reimbursements of operating expenses and percentage rent based on tenants’ sales volume are as follows:
As of December 31, 2015, future minimum rental payments under non-cancelable operating leases are as follows:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Measured and Recorded at Fair Value on a Recurring Basis | The following are assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and 2014:
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Fair Value Measurements, Nonrecurring [Table Text Block] | The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2015:
____________________________________________ (1) Total losses exclude impairments of $11.3 million recognized related to properties sold during the year ended December 31, 2015 and a goodwill impairment loss of $200,000 related to an operating property. See Note 6 for further discussion. (2) Represents the fair value of the property on the date it was impaired during the fourth quarter of 2015. (3) Impairments were recognized on a land parcel due to our reconsideration of our plans which increased the likelihood that the holding period may be shorter than previously estimated due to updated disposition plans and on another land parcel due to the total projected undiscounted cash flows being less than its carrying value. The following table presents our hierarchy for those assets measured and recorded at fair value on a non-recurring basis as of December 31, 2014:
____________________________________________ (1) Total losses exclude impairments of $4.5 million recognized related to properties sold during the year ended December 31, 2014, primarily based on sales contracts. (2) $11.9 million of the total represents the fair value of an operating property as of the date it was impaired during the second quarter of 2014. As of December 31, 2014, the carrying amount of the property no longer equaled its fair value. |
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following are ranges of key inputs used in determining the fair value of income producing properties measured using Level 3 inputs:
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Condensed Consolidating Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | The following statements set forth consolidating financial information with respect to guarantors of our unsecured senior notes:
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Schedule of Condensed Consolidating Statements of Comprehensive Income |
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Schedule of Condensed Consolidating Statements of Cash Flows |
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Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Data |
_______________________________________________
_______________________________________________
|
Organization and Basis of Presentation (Details) ft² in Millions |
Dec. 31, 2015
ft²
properties
|
---|---|
Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 126 |
Shopping Center Occupancy | 96.00% |
Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 1.4 |
Retail Site [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 102 |
Retail Site [Member] | Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Non Retail Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 5 |
Retail and Non-retail Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Net Rentable Area | ft² | 12.6 |
Development Properties [Member] | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 13 |
Net Rentable Area | ft² | 2.8 |
Land | Wholly Owned Properties [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 6 |
Office Building [Member] | Unconsolidated Properties [Member] | Joint Venture [Member] | |
Real Estate Properties [Line Items] | |
Number of properties | 2 |
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Summary Of Significant Accounting Policies [Line Items] | |
Derivatives reclassified to interest expense | $ 2.0 |
Summary of Significant Accounting Policies (Estimated Useful Lives Of The Assets) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Line Items] | |
Tenant Improvements, Estimated Useful Life Of Assets | Lesser of minimum lease term or economic useful life |
Minimum [Member] | Buildings | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 30 years |
Minimum [Member] | Buildings And Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum [Member] | Buildings | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 55 years |
Maximum [Member] | Buildings And Land Improvements [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Properties (Summary Of The Composition Of Income Producing Properties) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Line Items] | ||
Land and land improvements | $ 1,494,510 | $ 1,381,168 |
Building and building improvements | 1,652,714 | 1,593,032 |
Tenant and other improvements | 190,307 | 153,881 |
Income producing | 3,337,531 | 3,128,081 |
Less: accumulated depreciation | (438,992) | (381,533) |
Rental Properties, Net | 2,898,539 | 2,746,548 |
External Costs [Member] | Development And Redevelopment Activities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 39,400 | 73,200 |
External Costs [Member] | Other Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 44,000 | 30,900 |
External Costs [Member] | Lease origination costs | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 3,500 | 4,500 |
Internal Costs [Member] | Development And Redevelopment Activities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 2,100 | 1,400 |
Internal Costs [Member] | Other Property Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | 1,046 | 361 |
Internal Costs [Member] | Lease origination costs | ||
Property, Plant and Equipment [Line Items] | ||
Capitalized cost | $ 4,100 | $ 3,600 |
Acquisitions (Summary of Income Producing Property Acquisition Activity) (Details) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Nov. 23, 2015
USD ($)
ft²
|
Oct. 19, 2015
USD ($)
ft²
|
Aug. 27, 2015
USD ($)
ft²
|
Jul. 23, 2015
USD ($)
a
|
Jun. 10, 2015
USD ($)
ft²
|
Jan. 09, 2015
USD ($)
a
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 171,650 | $ 110,700 | |||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 27,750 | $ 11,353 | $ 35,701 | ||||||
91 Danbury Road [Member] | Ridgefield [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Rentable Area | ft² | 4,612 | ||||||||
Business Combination, Consideration Transferred | $ 1,500 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | ||||||||
The Harvard Collection [Member] | Cambridge [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Rentable Area | ft² | 41,050 | ||||||||
Business Combination, Consideration Transferred | $ 85,000 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | ||||||||
Bird 107 Plaza [Member] | Miami [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Rentable Area | ft² | 40,101 | ||||||||
Business Combination, Consideration Transferred | $ 11,800 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | ||||||||
El Novillo - Land Parcel [Member] | North Bay Village [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Area of Real Estate Property | a | 0.49 | ||||||||
Business Combination, Consideration Transferred | $ 600 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | ||||||||
Concord Shopping Plaza [Member] | Miami [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Rentable Area | ft² | 302,142 | ||||||||
Business Combination, Consideration Transferred | $ 62,200 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 27,750 | ||||||||
Shoppes of Sunset I [Member] | Miami [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Rentable Area | ft² | 21,784 | ||||||||
Business Combination, Consideration Transferred | $ 5,550 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | ||||||||
Shoppes of Sunset II [Member] | Miami [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net Rentable Area | ft² | 27,676 | ||||||||
Business Combination, Consideration Transferred | $ 4,250 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | ||||||||
Outparcel at Pablo Plaza [Member] | Jacksonville [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Area of Real Estate Property | a | 0.18 | ||||||||
Business Combination, Consideration Transferred | $ 750 | ||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 |
Acquisitions Schedule of Purchase Price Allocations (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 171,650 |
Land | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | 125,503 |
Land improvements | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 2,981 |
Acquired Tangible Assets, Weighted Average Useful Life | 9 years 9 months |
Buildings | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 50,115 |
Acquired Tangible Assets, Weighted Average Useful Life | 38 years 8 months |
Tenant improvements | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 1,686 |
Acquired Tangible Assets, Weighted Average Useful Life | 27 years 11 months |
In-place lease interests | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 7,972 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years 2 months |
Above-market leases | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 349 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 3 months |
Leasing commissions | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 1,200 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 21 years 6 months |
Lease origination costs | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ 108 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years 1 month |
Below-market leases | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ (18,246) |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 45 years 7 months |
Other acquired liabilities | |
Business Acquisition [Line Items] | |
Business Combination, Assets and Liabilities Acquired | $ (18) |
Acquisitions (Narrative) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
centers
property
properties
|
Dec. 31, 2013
USD ($)
|
|
Business Acquisition [Line Items] | |||
Purchase Price | $ 171,650 | $ 110,700 | |
Mortgage Assumed | $ 27,750 | $ 11,353 | $ 35,701 |
Business Combination, Acquisition Related Costs | $ 3,300 | ||
Westwood Shopping Center and Westwood Center II [Member] | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | 2 | ||
Westwood Complex [Member] | |||
Business Acquisition [Line Items] | |||
Real Estate Investments, Parcels Acquired | 7 | ||
Shopping Center [Member] | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | centers | 3 | ||
Office Building [Member] | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | properties | 1 | ||
Land | |||
Business Acquisition [Line Items] | |||
Number of Businesses Acquired | property | 2 |
Acquisition Of A Controlling Interest In CapCo (Narrative) (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
Dec. 31, 2013
USD ($)
|
Jan. 04, 2011
property
|
|
Business Acquisition [Line Items] | ||||
Common stock | shares | 129,106,345 | 124,281,204 | ||
Business Combination, Acquisition Related Costs | $ 3,300 | |||
Fair values less costs to sell held for sale | $ 2,419 | $ 0 | ||
CapCo [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of Real Estate Properties | property | 13 | |||
General and Administrative Expense [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition Related Costs | $ 900 | $ 1,800 |
Acquisition Of A Controlling Interest In CapCo (Reconciliation Of Gain On Bargain Purchase) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Acquisition Of A Controlling Interest In CapCo [Abstract] | |
Fair value of net assets acquired | $ 171,650 |
Property Dispositions (Summary of Disposition Activity) (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 26, 2015
USD ($)
ft²
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
property
|
Dec. 31, 2013
USD ($)
property
|
Jul. 23, 2015
ft²
|
|
Acquisitions And Dispositions [Line Items] | ||||||
Number Of Real Estate Properties Sold | property | 22 | 32 | ||||
Sales of Real Estate | $ 12,775 | $ 150,000 | $ 295,200 | |||
Webster Plaza [Member] | Massachusetts [Member] | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Sales of Real Estate | $ 8,000 | |||||
Webster Plaza [Member] | Massachusetts [Member] | Income Producing Property Sold [Member] | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Net Rentable Area | ft² | 201,425 | |||||
Sales of Real Estate | $ 7,975 | |||||
Park Promenade [Member] | Orlando [Member] | Income Producing Property Sold [Member] | ||||||
Acquisitions And Dispositions [Line Items] | ||||||
Net Rentable Area | ft² | 128,848 | |||||
Sales of Real Estate | $ 4,800 |
Property Dispositions (Narrative) (Details) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
property
|
Dec. 31, 2014
USD ($)
property
|
Dec. 31, 2013
USD ($)
property
|
|||||
Number Of Real Estate Properties Sold | 22 | 32 | ||||||
Number Of Outparcels Sold | 4 | |||||||
Sales of Real Estate | $ | $ 12,775 | $ 150,000 | $ 295,200 | |||||
Continuing Operations [Member] | ||||||||
Impairment of Long-Lived Assets Sold | $ | $ 11,307 | [1] | $ 4,509 | $ 0 | [1] | |||
Number Of Real Estate Properties Sold | 2 | 19 | ||||||
Stanley Marketplace, Oak Hill and Summerlin Square [Member] | Discontinued Operations [Member] | ||||||||
Number Of Real Estate Properties Sold | 3 | |||||||
Massachusetts [Member] | Webster Plaza [Member] | ||||||||
Sales of Real Estate | $ | $ 8,000 | |||||||
|
Property Dispositions (Components of Income and Expense Relating to Discontinued Operations) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
property
|
Dec. 31, 2013
USD ($)
property
|
|
Number Of Real Estate Properties Sold | property | 22 | 32 | |
Rental revenue | $ 157 | $ 16,232 | |
Property operating expenses | 395 | 9,871 | |
(LOSS) INCOME FROM DISCONTINUED OPERATIONS BEFORE OTHER INCOME AND EXPENSE AND TAX | (238) | 6,361 | |
Interest expense | 0 | (806) | |
Gain on disposal of income producing properties | $ 0 | 3,222 | 39,587 |
Impairment loss | 0 | 0 | (4,976) |
Loss on extinguishment of debt | 0 | 138 | |
Income tax provision of taxable REIT subsidiaries | 0 | (27) | (686) |
Disposal Group, Including Discontinued Operation, Other Income | 0 | 352 | |
INCOME FROM DISCONTINUED OPERATIONS | 0 | 2,957 | 39,694 |
Net loss (income) attributable to noncontrolling interests – discontinued operations | 0 | 12 | (494) |
INCOME FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO EQUITY ONE, INC. | 2,969 | 39,200 | |
Payments to Develop Real Estate Assets | 20,992 | 19,376 | 13,661 |
Increase (Decrease) in Lease Acquisition Costs | 6,838 | 7,440 | 9,266 |
Straight Line Rent | 4,612 | 3,788 | 2,344 |
Amortization of above and below Market Leases | $ (12,759) | (18,870) | (12,904) |
Discontinued Operations [Member] | |||
Payments to Develop Real Estate Assets | 0 | 630 | |
Increase (Decrease) in Lease Acquisition Costs | 0 | 611 | |
Straight Line Rent | 0 | 322 | |
Amortization of above and below Market Leases | $ 0 | $ 446 |
Impairment (Summary Of The Impairment Loss) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||||||||||||
Goodwill | $ 200,000.000 | |||||||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 5,641,000 | |||||||||||||||||
Impairment loss | 0 | $ 0 | 4,976,000 | |||||||||||||||
Asset Impairment Charges | $ 11,300,000 | $ 8,000,000 | $ 13,900,000 | 16,753,000 | 21,850,000 | |||||||||||||
Sales of Real Estate | 12,775,000 | 150,000,000 | 295,200,000 | |||||||||||||||
Asset Impairment Charges - Continued and Disc Operations | 10,617,000 | |||||||||||||||||
Continuing Operations [Member] | ||||||||||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||||||||||||
Goodwill | [1] | 200,000 | 0 | 150,000 | ||||||||||||||
Impairment of Real Estate | [2] | 3,667,000 | 2,230,000 | 3,085,000 | ||||||||||||||
Impairment of Long-Lived Assets Held-for-use | [2],[3] | 1,579,000 | 15,111,000 | 2,406,000 | ||||||||||||||
Impairment of Long-Lived Assets Sold | 11,307,000 | [4] | 4,509,000 | 0 | [4] | |||||||||||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 16,753,000 | 21,850,000 | 5,641,000 | |||||||||||||||
Discontinued Operations [Member] | ||||||||||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||||||||||||
Goodwill | [1] | 0 | 0 | 138,000 | ||||||||||||||
Impairment of Long-Lived Assets to be Disposed of | [4] | 0 | 0 | 4,838,000 | ||||||||||||||
Impairment loss | $ 0 | $ 0 | $ 4,976,000 | |||||||||||||||
Massachusetts [Member] | Webster Plaza [Member] | ||||||||||||||||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||||||||||||||||
Sales of Real Estate | $ 8,000,000 | |||||||||||||||||
|
Accounts And Other Receivables (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Valuation Allowance [Line Items] | |||
Tenants | $ 14,430 | $ 13,529 | |
Other | 1,258 | 1,376 | |
Allowance for doubtful accounts | (3,880) | (3,046) | |
Total accounts and other receivables, net | 11,808 | 11,859 | |
Bad debt expense | 2,521 | (27) | $ 3,736 |
Valuation Allowances and Reserves, Recoveries | 1,100 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 1,200 | ||
Allowance for Doubtful Accounts [Member] | |||
Valuation Allowance [Line Items] | |||
Bad debt expense | 2,500 | 97 | 3,700 |
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 2,521 | $ 1,032 | $ 3,736 |
Investments in Joint Ventures (Investments in and Advances to Unconsolidated Joint Ventures) (Details) |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 10, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
properties
|
Dec. 31, 2014
USD ($)
properties
|
Dec. 31, 2013
USD ($)
|
||||
Schedule of Equity Method Investments [Line Items] | |||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 0 | [1] | $ 24,820,000 | ||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 283,500,000 | 315,500,000 | |||||
Gain (Loss) on Sale of Properties | 3,952,000 | 17,251,000 | 39,587,000 | ||||
Sales of Real Estate | 12,775,000 | 150,000,000 | 295,200,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 5,498,000 | 2,807,000 | 0 | ||||
Investments in Joint Ventures | 64,158,000 | 88,454,000 | |||||
Advances to unconsolidated joint ventures | 442,000 | 764,000 | |||||
Investments in and advances to unconsolidated joint ventures | 64,600,000 | 89,218,000 | |||||
Equity Method Investment, Long-term Debt, Entity's Portion | $ 43,900,000 | 48,800,000 | |||||
Other Income [Member] | Talega Village Center [Member] | Equity One, Inc. [Member] | San Clemente [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 2,800,000 | ||||||
Noncontrolling Interest [Member] | Talega Village Center [Member] | San Clemente [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 561,000 | ||||||
GRI-EQY I, LLC [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Deferred Gain on Sale | $ 3,300,000 | ||||||
GRI-EQY I, LLC [Member] | Georgia South Carolina Florida [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Percentage Acquired | 0.113 | ||||||
Payments to Acquire Equity Method Investments | $ 23,500,000 | ||||||
Number of Real Estate Properties | properties | 0 | 10 | |||||
Equity Method Investment, Ownership Percentage | 21.30% | 0.00% | 10.00% | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,500,000 | ||||||
Equity Method Investments | $ 0 | $ 12,629,000 | |||||
G&I Investment South Florida Portfolio, LLC [Member] | FLORIDA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Real Estate Properties | properties | 1 | 3 | |||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||
Equity Method Investments | $ 3,719,000 | $ 10,534,000 | |||||
Madison Two Thousand Two Hundred Sixty Realty Limited Liability Company [Member] | NEW YORK | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Real Estate Properties | properties | 1 | 1 | |||||
Cost Method Investment, Ownership Percentage | 8.60% | 8.60% | |||||
Cost Method Investments | $ 526,000 | $ 526,000 | |||||
Madison One Thousand Two Hundred Thirty Five Realty Limited Liability Company [Member] | NEW YORK | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Real Estate Properties | properties | 1 | 1 | |||||
Cost Method Investment, Ownership Percentage | 20.10% | 20.10% | |||||
Cost Method Investments | $ 820,000 | $ 820,000 | |||||
Parnassus Heights Medical Center [Member] | CALIFORNIA | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Real Estate Properties | properties | 1 | 1 | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||
Equity Method Investments | $ 19,263,000 | $ 19,256,000 | |||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Deferred Gain on Sale | $ 376,000 | $ 376,000 | |||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Florida, Massachusetts, New Jersey [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of Real Estate Properties | properties | 6 | 6 | |||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | |||||
Equity Method Investments | $ 39,501,000 | $ 44,689,000 | |||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One, Inc. [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Payments to Acquire Equity Method Investments | $ 17,200,000 | ||||||
Equity Method Investment, Ownership Percentage | 30.00% | ||||||
Miscellaneous Investments [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity Method Investment, Ownership Percentage | 45.00% | ||||||
Equity Method Investments | $ 329,000 | $ 0 | |||||
|
Investments in Joint Ventures (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 29, 2016
USD ($)
|
Jan. 31, 2016
USD ($)
|
Oct. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Aug. 31, 2014
USD ($)
ft²
|
Jan. 31, 2014
USD ($)
|
Dec. 31, 2010 |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
parcel
|
Jun. 10, 2015
ft²
|
||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in income of unconsolidated joint ventures | $ 6,493,000 | $ 10,990,000 | $ 1,648,000 | |||||||||||
Management and leasing services | 1,877,000 | 2,181,000 | 2,598,000 | |||||||||||
Equity Method Investment, Summarized Financial Information, Long-term Debt | 146,200,000 | 219,200,000 | ||||||||||||
Equity Method Investment, Long-term Debt, Entity's Portion | 43,900,000 | 48,800,000 | ||||||||||||
Business Combination, Consideration Transferred | 171,650,000 | 110,700,000 | ||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 5,498,000 | 2,807,000 | 0 | |||||||||||
Sales of Real Estate | 12,775,000 | 150,000,000 | 295,200,000 | |||||||||||
Gain on sale of real estate | 3,952,000 | 17,251,000 | 39,587,000 | |||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 15,666,000 | 16,394,000 | 12,576,000 | |||||||||||
Payments to Noncontrolling Interests | 1,216,000 | 2,952,000 | 18,972,000 | |||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 0 | [1] | 24,820,000 | |||||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | 283,500,000 | $ 315,500,000 | ||||||||||||
Vernola Marketplace JV, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 13,700,000 | |||||||||||||
Vestar/EQY Vernola LLC [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments to Noncontrolling Interests | 1,900,000 | |||||||||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 30.00% | |||||||||||||
Payments to Acquire Equity Method Investments | 17,200,000 | |||||||||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | New York Common Retirement Fund [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 70.00% | |||||||||||||
Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | 95,400,000 | |||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 40,000,000 | |||||||||||||
CALIFORNIA | Vestar [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Acquired controlling interest in joints ventures with Vestar | 2 | |||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 95.00% | |||||||||||||
CALIFORNIA | Rockwood Joint Ventures [Member] | Equity One/Vestar Joint Venture [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Ownership Percentage | 50.50% | |||||||||||||
Equity Method Investments [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.89% | |||||||||||||
Outparcel [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Acquired controlling interest in joints ventures with Vestar | parcel | 3 | |||||||||||||
Plantation Marketplace [Member] | G&I Investment South Florida Portfolio, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales of Real Estate | $ 32,900,000 | |||||||||||||
Gain on sale of real estate | 7,600,000 | |||||||||||||
Plantation Marketplace [Member] | Equity Method Investments [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain on sale of real estate | $ 1,500,000 | |||||||||||||
Penn Dutch [Member] | Equity Method Investments [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales of Real Estate | $ 18,500,000 | |||||||||||||
Gain on sale of real estate | 1,400,000 | |||||||||||||
Penn Dutch [Member] | Equity Method Investments [Member] | G&I Investment South Florida Portfolio, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain on sale of real estate | 7,000,000 | |||||||||||||
Vernola Marketplace [Member] | Vernola Marketplace JV, LLC [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales of Real Estate | $ 49,000,000 | |||||||||||||
Mortgage Loan Related to Property Sales | 22,900,000 | |||||||||||||
Gain on sale of real estate | 14,700,000 | |||||||||||||
Vernola Marketplace [Member] | Equity Method Investments [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain on sale of real estate | 7,400,000 | |||||||||||||
Concord Shopping Plaza and Shoppes at Sunset I and II [Member] [Member] | Miami [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net Rentable Area | ft² | 351,602 | |||||||||||||
Talega Village Center [Member] | San Clemente [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | 6,200,000 | |||||||||||||
Windermere, FL [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Payments to Acquire Equity Method Investments | $ 2,000,000 | |||||||||||||
Windermere, FL [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | Equity One Joint Venture Portfolio Limited Liability Company [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net Rentable Area | ft² | 34,000 | |||||||||||||
Business Combination, Consideration Transferred | $ 13,000,000 | |||||||||||||
Mortgage Loans on Real Estate, Face Amount of Mortgages | $ 6,500,000 | |||||||||||||
Noncontrolling Interest [Member] | Vernola Marketplace [Member] | Equity Method Investments [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain on sale of real estate | $ 1,600,000 | |||||||||||||
Noncontrolling Interest [Member] | Talega Village Center [Member] | San Clemente [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 561,000 | |||||||||||||
Contribution Related to JV Debt Repayment [Member] | Unconsolidated Joint Venture [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Partners' Capital Account, Contributions | 6,900,000 | |||||||||||||
Management and Leasing Services [Member] | Joint Venture [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Management and leasing services | 1,900,000 | 2,200,000 | $ 2,600,000 | |||||||||||
Other Income [Member] | Talega Village Center [Member] | San Clemente [Member] | Equity One, Inc. [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 2,800,000 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales of Real Estate | $ 10,300,000 | |||||||||||||
Gain on sale of real estate | $ 2,600,000 | |||||||||||||
Mortgage Loans [Member] | Equity Method Investments [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity Method Investment, Long-term Debt, Entity's Portion | 7,500,000 | |||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 25,000,000 | |||||||||||||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 12,500,000 | |||||||||||||
Mortgage Loans [Member] | Subsequent Event [Member] | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 88,000,000 | |||||||||||||
Debt, Weighted Average Interest Rate | 3.76% | |||||||||||||
|
Variable Interest Entities Variable Interest Entities (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity, Terms of Arrangements | 180 |
Loans Receivable (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Business Combination, Consideration Transferred | $ 171,650 | $ 110,700 |
Westwood Complex [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Real Estate Investments, Parcels Acquired | 7 |
Goodwill (Goodwill Activity) (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Goodwill [Roll Forward] | |||||
Balance at beginning of the year | $ 6,038,000 | $ 6,377,000 | |||
Impairment | (200,000.000) | ||||
Balance at end of the year | 5,838,000 | 6,038,000 | $ 6,377,000 | ||
Continuing Operations [Member] | |||||
Goodwill [Roll Forward] | |||||
Impairment | [1] | (200,000) | 0 | $ (150,000) | |
Allocated to property sale | $ 0 | $ (339,000) | |||
|
Other Assets (Composition of Other Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Lease intangible assets, net | $ 101,010 | $ 106,064 | |
Fair value of interest rate swaps | 835 | ||
Deferred tax asset | 5,067 | 5,739 | |
Total other assets | 203,618 | 213,525 | |
Collection of Remediation Tax Credit | $ 14,258 | 0 | $ 0 |
Environmental Issue [Member] | |||
Prepaid Expense and Other Assets, Term of Receivable | 2 years | ||
Other Assets [Member] | |||
Lease intangible assets, net | $ 101,010 | 106,064 | |
Leasing commissions, net | 41,211 | 39,141 | |
Prepaid Expense and Other Assets | 13,074 | 26,880 | |
Straight-line rent receivables, net | 28,910 | 24,412 | |
Deferred financing costs, net | 3,419 | 3,876 | |
Deposits and mortgage escrows | 7,980 | 6,356 | |
Furniture, fixtures and equipment, net | 3,255 | 3,809 | |
Deferred tax asset | 3,924 | 2,306 | |
Total other assets | 203,618 | 213,525 | |
Other Assets [Member] | Environmental Issue [Member] | |||
Recorded Third-Party Environmental Recoveries, Net | 7,700 | 22,000 | |
Other Assets [Member] | Interest Rate Swap [Member] | |||
Derivative Asset | $ 217 | $ 681 |
Other Assets (Composition Of Intangible Assets And Accumulated Amortization) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | $ 192,991 | $ 190,395 |
Total accumulated amortization | 91,981 | 84,331 |
Lease intangible assets, net | 101,010 | 106,064 |
Above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 19,742 | 21,322 |
Total accumulated amortization | 12,644 | 12,435 |
In-place lease interests | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 126,987 | 124,469 |
Total accumulated amortization | 71,577 | 65,503 |
Below-market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 34,094 | 34,094 |
Total accumulated amortization | 1,995 | 1,394 |
Lease origination costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 2,797 | 3,115 |
Total accumulated amortization | 2,173 | 2,310 |
Lease incentives | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangibles | 9,371 | 7,395 |
Total accumulated amortization | $ 3,592 | $ 2,689 |
Other Assets Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of Intangible Assets | $ 15,357 | $ 19,108 | $ 19,873 | |||||||
Above-market leases | ||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of Intangible Assets | [1] | 2,118 | 2,605 | 3,669 | ||||||
In-place lease interests | ||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of Intangible Assets | [2] | 11,350 | 14,824 | 14,530 | ||||||
Below-market ground leases | ||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of Intangible Assets | [3] | 601 | 601 | 601 | ||||||
Lease origination costs | ||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of Intangible Assets | [2] | 253 | 298 | 338 | ||||||
Lease incentives | ||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||||||||
Amortization of Intangible Assets | [1] | $ 1,035 | $ 780 | $ 735 | ||||||
|
Other Assets Five Year Amortization Schedule of Intangible Assets (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 12,301 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,282 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,097 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,600 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | $ 4,995 |
Borrowings (Schedule Of Mortgage Notes Payable) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Debt Instrument [Line Items] | |||
Real Estate Investment Property, Net | $ 3,068,436 | $ 2,908,420 | |
Fixed rate mortgage loans | 282,029 | 311,778 | |
Variable Rate Mortgage Loan | 27,750 | 0 | |
Unamortized Premium/Discount, Net | (4,708) | (2,319) | |
Noncash or Part Noncash Acquisition, Debt Assumed | 27,750 | 11,353 | $ 35,701 |
Sales of Real Estate | 12,775 | 150,000 | 295,200 |
(Loss) gain on extinguishment of debt | $ 7,298 | 2,750 | $ (107) |
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Maturity Date | Feb. 13, 2019 | ||
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
(Loss) gain on extinguishment of debt | $ (247) | (3,300) | |
Mortgages [Member] | Talega Village Center [Member] | |||
Debt Instrument [Line Items] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 11,400 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.01% | ||
Debt Instrument, Maturity Date | Oct. 01, 2036 | ||
Mortgages [Member] | Concord Shopping Plaza [Member] | |||
Debt Instrument [Line Items] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 27,800 | ||
Debt Instrument, Maturity Date | Jun. 28, 2018 | ||
Assets Pledged as Collateral [Member] | |||
Debt Instrument [Line Items] | |||
Real Estate Investment Property, Net | $ 614,500 | ||
Fixed Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Fixed rate mortgage loans | 254,279 | 311,778 | |
Unamortized Premium/Discount, Net | 1,430 | 3,692 | |
Mortgage notes payable | $ 315,470 | ||
Debt, Weighted Average Interest Rate | 6.03% | ||
Fixed and Variable Rate Mortgage Loans [Member] | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 283,459 | ||
Debt, Weighted Average Interest Rate | 5.61% | ||
Mortgages [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 5.61% | 5.74% | |
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Concord Shopping Plaza [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.35% | ||
Notes Payable, Other Payables [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ 1,546 | $ 1,877 | |
Notes Payable, Other Payables [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | 684 | 807 | |
Notes Payable, Other Payables [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ 2,053 | $ 2,763 | |
Forward Swap [Member] | |||
Debt Instrument [Line Items] | |||
Investment Contract Settlement Date | Oct. 04, 2016 |
Borrowings (Schedule Of Unsecured Senior Notes) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | $ 518,401 | $ 731,136 | ||
Unamortized Premium/Discount, Net | (4,708) | (2,319) | ||
Repayment of senior debt borrowings | 220,155 | 0 | $ 0 | |
(Loss) gain on extinguishment of debt | (7,298) | (2,750) | 107 | |
Sales of Real Estate | $ 12,775 | $ 150,000 | $ 295,200 | |
5.375% Senior Notes, due 10/15/15 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||
Debt instrument, maturity date | Oct. 15, 2015 | |||
6.0% Senior Notes, due 9/15/16 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Debt instrument, maturity date | Sep. 15, 2016 | |||
6.25% Senior Notes, due 1/15/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Debt instrument, maturity date | Jan. 15, 2017 | |||
6.0% Senior Notes, due 9/15/17 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Debt instrument, maturity date | Sep. 15, 2017 | |||
3.75% Senior Notes, due 11/15/22 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Debt instrument, maturity date | Nov. 15, 2022 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | $ 518,401 | $ 731,136 | ||
Unamortized Premium/Discount, Net | $ (3,029) | $ (4,136) | ||
Weighted-average interest rate, net of discount adjustment | 4.75% | 5.02% | ||
5.375% and 6.0% Senior Notes [Member] [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
(Loss) gain on extinguishment of debt | $ 7,500 | |||
5.375% Senior Notes, due 10/15/15 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||
Senior Notes, Gross | $ 0 | $ 107,505 | ||
Repayment of senior debt borrowings | $ 107,500 | |||
Make-Whole Premium, Amount | $ 2,600 | |||
6.0% Senior Notes, due 9/15/16 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Senior Notes, Gross | $ 0 | 105,230 | ||
Repayment of senior debt borrowings | 105,200 | |||
Make-Whole Premium, Amount | 4,800 | |||
6.25% Senior Notes, due 1/15/17 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 101,403 | 101,403 | ||
6.0% Senior Notes, due 9/15/17 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 116,998 | 116,998 | ||
3.75% Senior Notes, due 11/15/22 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes, Gross | 300,000 | 300,000 | ||
Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 515,372 | 727,000 | ||
Unsecured Debt [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior Notes | $ 727,000 |
Borrowings (Unsecured Revolving Credit Facilities) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
May. 07, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | ||
Line of Credit Facility, Amount Outstanding | 96,000,000 | $ 37,000,000 | |
Letters of Credit Outstanding, Amount | 2,200,000 | ||
Primary Credit Facility [Member] | |||
Line of Credit Facility, Amount Outstanding | 96,000,000 | $ 37,000,000 | |
Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Current Borrowing Capacity | 600,000,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | ||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||
Percentage Of Borrowings On Lender Commitments | 50.00% | ||
Swing Line Facility For Short Term Borrowings | $ 75,000,000 | ||
Line Of Credit Facility Letter Of Credit Commitment Fee | 50,000,000 | ||
Multicurrency Subfacility | $ 56,900,000 | ||
Line of Credit Facility, Expiration Date | Dec. 31, 2018 | ||
Revolving Credit Facility [Member] | Secondary Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | ||
Line of Credit Facility, Expiration Date | May 07, 2015 | ||
Minimum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Line of Credit Facility, Interest Rate During Period | 1.22% | 1.05% | |
Line of Credit Facility, Interest Rate at Period End | 1.47% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Primary Credit Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.55% |
Borrowings (Term Loan) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 02, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Term loan current borrowing capacity | $ 300,000,000 | |||
Term Loan Maximum Borrowing Capacity | 500,000,000 | |||
Term loans | 475,000,000 | $ 250,000,000 | $ 250,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 600,000,000 | |||
Derivative Instruments and Hedges, Assets | 835,000 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (2,000,000) | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 225,000,000 | |||
Debt Instrument, Maturity Date | Feb. 13, 2019 | |||
Debt Instrument, Fee | 0.20% | |||
Second Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Dec. 02, 2020 | |||
Mortgage Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Payments for Deposits Applied to Debt Retirements | $ 44,300,000 | 115,400,000 | ||
Forward Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Notional Amount | $ 50,000,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.34% | |||
London Interbank Offered Rate (LIBOR) [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.62% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |||
Base Rate [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | base rate | |||
Base Rate [Member] | Maximum [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | |||
Base Rate [Member] | Minimum [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||
Interest Rate Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative, Maturity Date | Feb. 13, 2019 | |||
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 | ||
Interest Rate Swap [Member] | Other Assets [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative Asset, Number of Instruments Held | 1 | 1 | ||
Derivative Asset | $ 217,000 | $ 681,000 | ||
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative Liability, Number of Instruments Held | 2 | 2 | ||
Derivative Instruments and Hedges, Liabilities | $ 2,000,000 | $ 952,000 | ||
Interest Rate Swap [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate During Period | 1.15% | |||
Forward Swap [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.12% | |||
Derivative, Maturity Date | Apr. 04, 2026 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 0 | |||
Forward Swap [Member] | Other Assets [Member] | ||||
Debt Instrument [Line Items] | ||||
Derivative Asset | 618,000 | |||
Primary Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 600,000,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 900,000,000 | |||
Primary Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | |||
Primary Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.875% |
Principal Maturities of Long-Term Debt (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Maturities of Long-term Debt [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 50,407 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 288,968 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 185,270 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 273,871 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 230,470 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 342,444 |
Long-term Debt | $ 1,371,430 |
Borrowings Borrowings (Interest) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 282,029 | $ 311,778 | |
Interest Expense, Debt, Excluding Amortization | 59,000 | 71,400 | $ 74,300 |
Interest Paid, Capitalized | $ 4,755 | $ 4,969 | $ 2,863 |
Borrowings Borrowings (Phantom) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 13, 2019 | |
5.375% Senior Notes, due 10/15/15 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Oct. 15, 2015 | |
6.0% Senior Notes, due 9/15/16 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 15, 2016 | |
6.25% Senior Notes, due 1/15/17 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Jan. 15, 2017 | |
6.0% Senior Notes, due 9/15/17 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Sep. 15, 2017 | |
Senior Unsecured Notes Three Point Seven Five Percent Due Twenty Twenty Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Nov. 15, 2022 | |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | 1 |
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||
Debt Instrument [Line Items] | ||
Derivative Liability, Number of Instruments Held | 2 | 2 |
Other Liabilities (Composition of Other Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule of Other Liabilities [Line Items] | ||
Total other liabilities | $ 169,703 | $ 167,400 |
Other Liabilities [Member] | ||
Schedule of Other Liabilities [Line Items] | ||
Below Market Lease, Net | 159,665 | 157,486 |
Prepaid rent | 9,361 | 9,607 |
Other | 677 | 307 |
Total other liabilities | $ 169,703 | $ 167,400 |
Other Liabilities (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Amortization Expense of Intangible Liabilities [Line Items] | |||
Acquired Finite-lived Intangible Asset, Amount | $ 0 | $ 0 | $ 25,000 |
Lease intangible liabilities, gross | 240,100 | 226,800 | |
Finite-lived Intangible Liabilities, Accumulated Amortization | 80,500 | 69,300 | |
Annual Minimum Rent | |||
Amortization Expense of Intangible Liabilities [Line Items] | |||
Accretion of Intangible Liabilities | 16,100 | $ 22,300 | $ 17,300 |
101 7th Avenue [Member] | NEW YORK | Annual Minimum Rent | |||
Amortization Expense of Intangible Liabilities [Line Items] | |||
Gain (Loss) on Contract Termination | $ 4,400 |
Other Liabilities (Estimated Amortization Expense of Intangible Liabilities) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Schedule of Expected Liability Amortization Expense [Line Items] | |
Intangible Liabilities, Future Accretion Expense, Year One | $ 14,830 |
Intangible Liabilities, Future Accretion Expense, Year Two | 12,160 |
Intangible Liabilities, Future Accretion Expense, Year Three | 11,075 |
Intangible Liabilities, Future Accretion Expense, Year Four | 8,794 |
Intangible Liabilities, Future Accretion Expense, Year Five | $ 8,165 |
Income Taxes (Narrative) (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 27, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Tax Credit Carryforward [Line Items] | |||||
Income From Foreign Taxable Real Estate Investment Trust Subsidiary | $ 2,975,000 | $ 910,000 | |||
Percentage of distribution of REIT taxable income to stockholders | 90.00% | ||||
Percentage of gross income derived from qualifying sources | 95.00% | ||||
Income tax provision of taxable REIT subsidiaries | $ 0 | $ (27,000) | $ (686,000) | ||
Deferred tax asset | 5,067,000 | 5,739,000 | |||
Deferred tax liability | 13,276,000 | 12,567,000 | |||
Deferred Tax Liabilities, Gross | 14,419,000 | 16,000,000 | |||
Net operating loss carry forward | 1,675,000 | 3,099,000 | |||
Valuation allowance | 0 | 164,000 | |||
federal income or excise taxes | 0 | 0 | $ 0 | ||
Dim Vastgoed N V [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Deferred Tax Liabilities, Gross | $ 13,300,000 | 12,600,000 | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2027 | ||||
Federal net operating loss carry forwards | $ 2,200,000 | ||||
State net operating loss carry forwards | 0 | ||||
I R T Capital Corporation [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Deferred Tax Assets, Net | 3,900,000 | $ 2,300,000 | |||
Disallowed interest carry forwards | 2,700,000 | ||||
Disallowed interest carry forwards with tax value | $ 2,700,000 | ||||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 | ||||
Federal net operating loss carry forwards | $ 1,700,000 | ||||
State net operating loss carry forwards | $ 1,200,000 | ||||
DIM [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 98.00% | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Minority Interest Percentage | 2.00% |
Income Taxes (Schedule Of Reconciles GAAP Net Income To Taxable Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
[1] | Sep. 30, 2015 |
Jun. 30, 2015 |
[1] | Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||||||||||||||
GAAP net income attributable to Equity One | $ 13,432 | $ 16,961 | $ 27,054 | $ 8,006 | $ 6,725 | $ 18,307 | $ (2,411) | $ 26,276 | $ 65,453 | $ 48,897 | $ 77,954 | ||||
Net income attributable to taxable REIT subsidiaries | (411) | (1,214) | (585) | ||||||||||||
GAAP net income from REIT operations | 65,042 | 47,683 | 77,369 | ||||||||||||
Joint ventures | 427 | (2,403) | 14,941 | ||||||||||||
Depreciation | 15,924 | 21,712 | 10,899 | ||||||||||||
Sale of property | (12,031) | (12,533) | (36,220) | ||||||||||||
Exercise of stock options and restricted shares | 503 | (3,387) | (398) | ||||||||||||
Interest expense | 2,544 | 1,908 | 1,558 | ||||||||||||
Deferred/prepaid/above and below-market rents, net | (4,487) | (7,907) | (4,363) | ||||||||||||
Impairment loss | 12,109 | 21,620 | 5,353 | ||||||||||||
Brownfield tax credits (see Note 11) | 5,450 | 9,225 | 0 | ||||||||||||
Amortization | (1,696) | (842) | 136 | ||||||||||||
Acquisition costs | 1,372 | 1,771 | 2,771 | ||||||||||||
Other, net | 1,089 | (1,671) | (361) | ||||||||||||
Adjusted taxable income (1) | $ 89,221 | $ 75,176 | $ 72,595 | ||||||||||||
|
Income Taxes (Tax Status Of Dividends Paid) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Dividend paid per share (in USD per share) | $ 0.88 | $ 0.88 | $ 0.88 |
Ordinary income (percent) | 79.98% | 68.84% | 66.37% |
Return of capital (percent) | 20.02% | 28.51% | 31.21% |
Capital gains (percent) | 0.00% | 2.65% | 2.42% |
Income Taxes (Taxable REIT Subsidiaries) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ 27 | $ 686 |
Net (loss) income from taxable REIT subsidiaries | $ 411 | $ 1,214 | $ 585 |
Income Taxes (Pre-Tax Earnings From Continuing Operations And Provision For Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Contingency [Line Items] | |||
Income Tax Expense (Benefit) | $ 856 | $ (850) | $ 484 |
Net (loss) income from taxable REIT subsidiaries | 411 | 1,214 | 585 |
Income tax provision of taxable REIT subsidiaries | 0 | 27 | 686 |
Continuing Operations [Member] | |||
Income Tax Contingency [Line Items] | |||
U.S. income (loss) before income taxes | 168 | 2,212 | (1,582) |
Foreign (loss) income before income taxes | (613) | (190) | 3 |
Total income (loss) before income taxes | (445) | 2,022 | (1,579) |
Current federal and state | (54) | 10 | (34) |
Deferred federal and state | 910 | (860) | 518 |
Income Tax Expense (Benefit) | 856 | (850) | 484 |
Net (loss) income from taxable REIT subsidiaries | 411 | 1,172 | (1,095) |
Discontinued Operations [Member] | |||
Income Tax Contingency [Line Items] | |||
Income Tax Expense (Benefit) | 0 | (27) | (686) |
Net (loss) income from taxable REIT subsidiaries | $ 0 | $ 42 | $ 1,680 |
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Contingency [Line Items] | |||
Total income tax benefit (provision) | $ (877) | $ (202) | |
Maximum [Member] | |||
Income Tax Contingency [Line Items] | |||
Projected taxable income | 35.00% | ||
Minimum [Member] | |||
Income Tax Contingency [Line Items] | |||
Projected taxable income | 34.00% |
Income Taxes (Statutory Federal Income Tax Rate To Taxable Income Before Income Taxes For Continuing Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | $ 856 | $ (850) | $ 484 | ||
Income Tax Expense (Benefit), Continuing and Discontinued Operations | 877 | 202 | |||
Continuing Operations [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Federal benefit (provision) at statutory tax rate (1) | [1] | 767 | (681) | 344 | |
State taxes, net of federal benefit (provision) | 99 | (80) | 34 | ||
Foreign tax rate differential | 0 | (19) | (5) | ||
Other | (10) | (63) | 117 | ||
Valuation allowance increase | 0 | (7) | (6) | ||
Income Tax Expense (Benefit) | 856 | (850) | 484 | ||
Discontinued Operations [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income Tax Expense (Benefit) | $ 0 | $ (27) | $ (686) | ||
Maximum [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Projected taxable income | 35.00% | ||||
|
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Tax Credit Carryforward [Line Items] | ||
Disallowed interest | $ 2,719 | $ 2,722 |
Net operating loss | 1,675 | 3,099 |
Other | 673 | 82 |
Valuation allowance | 0 | (164) |
Total deferred tax assets | 5,067 | 5,739 |
Other real estate investments | (14,009) | (15,439) |
Mortgage revaluation | (168) | (466) |
Other | (242) | (95) |
Total deferred tax liabilities | 14,419 | 16,000 |
Deferred tax liability | (13,276) | (12,567) |
DIM Vastgoed NV and IRT Capital Corporation II [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Deferred tax liability | $ (9,352) | $ (10,261) |
Noncontrolling Interests (Summary of Noncontrolling Interests) (Details) - USD ($) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Feb. 27, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stockholders' Equity Attributable to Noncontrolling Interest | $ 206,145 | $ 207,189 | $ 207,189 | |
CapCo [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 206,145 | 206,145 | ||
DIM [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 1,044 | ||
Noncontrolling Interest, Ownership Percentage by Parent | 98.00% | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent, Minority Interest Percentage | 2.00% |
Noncontrolling Interests (Narrative) (Details) $ in Thousands, shares in Millions, ft² in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2011
USD ($)
shares
|
Jan. 04, 2011
ft²
property
|
|
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 206,145 | $ 207,189 | $ 207,189 | |||
Payments of Ordinary Dividends, Noncontrolling Interest | 10,010 | 11,962 | 10,038 | |||
CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity Attributable to Noncontrolling Interest | 206,145 | 206,145 | ||||
Liberty International Holdings Limited [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 10,000 | $ 10,000 | $ 10,000 | |||
CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number of Real Estate Properties | property | 13 | |||||
Net Rentable Area | ft² | 2.6 | |||||
Liberty International Holdings Limited [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% | |||||
Liberty International Holdings Limited [Member] | Class A Joint Venture Shares [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 11.4 | |||||
Equity One, Inc. [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 78.00% | |||||
Equity One, Inc. [Member] | Initial Contribution [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Notes Issued | $ 600,000 | |||||
Equity One, Inc. [Member] | Subsequent Contribution [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Noncash or Part Noncash Acquisition, Notes Issued | $ 84,300 | |||||
Subsequent Event [Member] | Liberty International Holdings Limited [Member] | Class A Joint Venture Shares [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 11.4 | |||||
Subsequent Event [Member] | Equity One, Inc. [Member] | Initial Contribution [Member] | CapCo [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Repayment of share appreciation promissory note | $ 600,000 |
Stockholders’ Equity and Earnings (Loss) Per Share (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2015
shares
|
Mar. 31, 2015
USD ($)
$ / shares
shares
|
Sep. 30, 2014
USD ($)
$ / shares
shares
|
Dec. 31, 2015
$ / shares
shares
|
Sep. 30, 2015
$ / shares
|
Jun. 30, 2015
$ / shares
|
Mar. 31, 2015
$ / shares
|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
$ / shares
shares
|
Dec. 31, 2013
$ / shares
shares
|
|
Schedule of Equity Method Investments [Line Items] | ||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ / shares | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.88 | $ 0.88 | $ 0.88 | |||
Common stock authorized for issuance under ATM program | 8,500,000 | |||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Affiliate 20% Limit under ATM Program | 20.00% | 20.00% | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | |||||||||
Sale of Stock, Price Per Share | $ / shares | $ 27.05 | $ 23.30 | $ 27.05 | |||||||
Equity Option [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Common stock not included in the calculation of EPS, shares | 0 | 532,000 | 1,400,000 | |||||||
Common stock price lower range limit (in usd per share) | $ / shares | $ 24.12 | $ 23.52 | ||||||||
Common stock price upper range limit (in usd per share) | $ / shares | $ 26.66 | $ 26.66 | ||||||||
Class A Joint Venture Shares [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Common stock not included in the calculation of EPS, shares | 11,400,000 | |||||||||
Common Stock [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | |||||||||
Sale of Stock, Consideration Received on Transaction | $ | $ 121,300,000 | $ 104,600,000 | ||||||||
Stock Issuance Costs And Underwriting Discounts | $ | $ 589,000 | $ 561,000 | ||||||||
Class A Joint Venture Shares [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Common stock not included in the calculation of EPS, shares | 0 | 0 | ||||||||
Common Stock, Conversion Rate | 1 | |||||||||
Private Placement [Member] | MGN America, LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Aggregate Maximum of Shares Issuable under ATM Program to Affiliate | 1,300,000 | 1,300,000 | ||||||||
Private Placement [Member] | Gazit First Generation LLC [Member] | Common Stock [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 600,000 | 675,000 | ||||||||
5.375% Senior Notes, due 10/15/15 [Member] | Senior Notes [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% |
Stockholders’ Equity and Earnings (Loss) Per Share (Summary Of Calculation Of Basic EPS And Reconciliation Of Net Income Available To Shareholders) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
[1] | Sep. 30, 2015 |
Jun. 30, 2015 |
[1] | Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Income (loss) from continuing operations | $ 15,939 | $ 19,459 | $ 29,561 | $ 10,508 | $ 9,250 | $ 20,897 | $ 76 | $ 27,911 | $ 75,467 | $ 58,134 | $ 48,963 | ||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 10,014 | 12,206 | 10,209 | ||||||||||||
Income from continuing operations attributable to Equity One, Inc. | 65,453 | 45,928 | 38,754 | ||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | 0 | 2,957 | 39,694 | ||||||||||||
Net loss attributable to noncontrolling interests | $ 0 | $ 12 | $ (494) | ||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 127,957 | 119,403 | 117,389 | ||||||||||||
Basic earnings per share from continuing operations (in usd per share) | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.05 | $ 0.14 | $ (0.02) | $ 0.20 | $ 0.51 | $ 0.37 | $ 0.32 | ||||
Basic earnings per share from discontinued operations (in usd per share) | 0.00 | 0.02 | 0.33 | ||||||||||||
Earnings per common share - Basic (in usd per share) | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.05 | $ 0.14 | $ (0.02) | $ 0.22 | $ 0.51 | $ 0.39 | $ 0.66 | ||||
Equity Option [Member] | |||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 532 | 1,400 | ||||||||||||
|
Stockholders’ Equity and Earnings Per Share Stockholders’ Equity and Earnings (Loss) Per Share (Summary Of Calculation Of Diluted EPS And Reconciliation Of Net Income Available To Shareholders) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
[1] | Sep. 30, 2015 |
Jun. 30, 2015 |
[1] | Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||||
Income (loss) from continuing operations | $ 15,939 | $ 19,459 | $ 29,561 | $ 10,508 | $ 9,250 | $ 20,897 | $ 76 | $ 27,911 | $ 75,467 | $ 58,134 | $ 48,963 | ||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 10,014 | 12,206 | 10,209 | ||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 65,453 | 45,928 | 38,754 | ||||||||||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Continuing Operations, Diluted | 423 | 1,759 | 1,045 | ||||||||||||
Net Income (Loss) Available to Common Stockholders, Continuing Operations, Diluted | 65,030 | 44,169 | 37,709 | ||||||||||||
Income (loss) from discontinued operations | 0 | 2,957 | 39,694 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | (12) | 494 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2,969 | 39,200 | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Discontinued Operations, Diluted | 2,969 | 39,200 | |||||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 65,030 | $ 47,138 | $ 76,909 | ||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 127,957 | 119,403 | 117,389 | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 119 | 222 | 288 | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 10 | 40 | 0 | ||||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 74 | 60 | 94 | ||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 128,160 | 119,725 | 117,771 | ||||||||||||
Basic earnings per share from continuing operations (in usd per share) | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.05 | $ 0.14 | $ (0.02) | $ 0.20 | $ 0.51 | $ 0.37 | $ 0.32 | ||||
Basic earnings per share from discontinued operations (in usd per share) | 0.00 | 0.02 | 0.33 | ||||||||||||
Earnings Per Share, Basic | 0.10 | 0.13 | 0.21 | 0.06 | 0.05 | 0.14 | (0.02) | 0.22 | 0.51 | 0.39 | 0.66 | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.10 | 0.13 | 0.21 | 0.06 | 0.05 | 0.14 | (0.02) | 0.20 | 0.51 | 0.37 | 0.32 | ||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0.00 | 0.02 | 0.33 | ||||||||||||
Earnings Per Share, Diluted | $ 0.10 | $ 0.13 | $ 0.21 | $ 0.06 | $ 0.05 | $ 0.14 | $ (0.02) | $ 0.22 | $ 0.51 | $ 0.39 | $ 0.65 | ||||
|
Share-Based Payment Plans (Narrative) (Details) |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Aug. 29, 2014
shares
|
Jul. 15, 2014
USD ($)
shares
|
Jun. 02, 2014
USD ($)
shares
|
May. 12, 2014
USD ($)
$ / shares
shares
|
Jan. 31, 2015
USD ($)
shares
|
Jan. 26, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
Dec. 31, 2013
USD ($)
shares
|
Feb. 28, 2015
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | shares | 13,500,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 5,700,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | 0 | 0 | |||||||
Weighted-Average Exercise Price, Granted | $ / shares | $ 0.00 | |||||||||
Employee Stock Purchase Plan (ESPP), Purchase Price, Percentage of Average Closing Price | 85.00% | |||||||||
Number of trading days used to determine Employee Stock Purchase Plan purchase price | 5 years | |||||||||
Employee Stock Purchase Plan (ESPP), Purchase Price, Percentage of Average Closing Price, Threshold, Minimum | 85.00% | |||||||||
Four Zero One K Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | |||||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 446,000 | $ 424,000 | $ 414,000 | |||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 392,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 23.72 | $ 22.91 | ||||||||
Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility | 39.80% | |||||||||
Risk-free interest rate | 2.00% | |||||||||
Outgoing Chief Executive Officer [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Modification, Number of Shares | shares | 0 | 58,240 | ||||||||
Outgoing Chief Executive Officer [Member] | Employee Stock Option [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 232,000 | |||||||||
Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Officers' Compensation | $ 850,000 | |||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage | 100.00% | |||||||||
Officers' Compensation, Signing Bonus, Requisite Service Period | 12 months | |||||||||
Relocation Expense Reimbursement | 200,000 | |||||||||
Weighted-Average Exercise Price, Granted | $ / shares | $ 22.87 | |||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 68,956 | |||||||||
Chief Executive Officer [Member] | Common Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Target Shares | shares | 39,075 | 156,300 | ||||||||
Chief Executive Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Cost of Award | 1,500,000 | |||||||||
Expected volatility | 24.30% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 13.70% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 28.60% | |||||||||
Risk-free interest rate | 1.30% | |||||||||
Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Officers' Compensation | $ 500,000 | |||||||||
Relocation Expense Reimbursement | 30,000 | |||||||||
Chief Financial Officer [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | 50.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 22,189 | |||||||||
Chief Financial Officer [Member] | Cash [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Cash | 50.00% | |||||||||
Chief Financial Officer [Member] | Common Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option One | 50.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Two | 100.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Three | 200.00% | |||||||||
Deferred Compensation Arrangement with Individual, Target Shares | shares | 44,379 | |||||||||
Chief Financial Officer [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Performance Metric, Number of Components | 4 | |||||||||
Chief Financial Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Cost of Award | $ 486,000 | |||||||||
Expected volatility | 21.90% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 14.30% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 23.70% | |||||||||
Risk-free interest rate | 1.40% | |||||||||
Board of Directors Chairman [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 255,000 | |||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | $ 22.24 | |||||||||
President [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Officers' Compensation | $ 750,000 | |||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage | 100.00% | |||||||||
President [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 39,370 | |||||||||
Chief Operating Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Officers' Compensation | $ 400,000 | |||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Cash | 50.00% | |||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | $ 300,000 | |||||||||
Chief Operating Officer [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | 50.00% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 5,000 | |||||||||
Chief Operating Officer [Member] | Common Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Common Stock Reserved for Future Issuance | shares | 25,685 | |||||||||
Chief Operating Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expected volatility | 23.10% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 14.10% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 25.70% | |||||||||
Risk-free interest rate | 1.30% | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 253,000 | |||||||||
Minimum [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||
Minimum [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | $ 850,000 | |||||||||
Minimum [Member] | Chief Financial Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | $ 400,000 | |||||||||
Minimum [Member] | Chief Operating Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | $ 300,000 | |||||||||
Absolute Shareholder Return [Member] | Chief Financial Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||
Total Shareholder Return Relative to Peer Community [Member] | Chief Financial Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||
Recurring FFO Growth [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 19.51 | |||||||||
Recurring FFO Growth [Member] | Chief Financial Officer [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 23.47 | |||||||||
Recurring FFO Growth [Member] | Chief Financial Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||
Recurring FFO Growth [Member] | Chief Operating Officer [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 20.68 | |||||||||
Discretionary [Member] | Chief Financial Officer [Member] | Market Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||
First 3% of Employee Contributions [Member] | Four Zero One K Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||||||||
Next 3% of Employee Contributions [Member] | Four Zero One K Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |||||||||
Pre-modification [Member] | Outgoing Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Post-employment Exercise Period | 3 months | |||||||||
Post-modification [Member] | Outgoing Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Post-employment Exercise Period | 6 months | |||||||||
Share-based Compensation Award, Tranche One [Member] | Board of Directors Chairman [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Officers' Compensation | $ 7,095 | |||||||||
Share-based Compensation Award, Subsequent Tranches [Member] | Minimum [Member] | Board of Directors Chairman [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Amount | $ 7,083 | |||||||||
Deferred Bonus [Member] | Chief Financial Officer [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Deferred Bonus [Member] | Chief Operating Officer [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
General and Administrative Expense [Member] | Chief Executive Officer [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Officers' Compensation, Signing Bonus | $ 500,000 |
Share-Based Payment Plans (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Shares Under Option, Outstanding at the beginning of year | 1,208,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Shares Under Option, Exercised | (557,000) | ||
Shares Under Option, Outstanding at the end of period | 651,000 | 1,208,000 | |
Shares Under Option, Exercisable at the end of period | 501,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted-Average Exercise Price, Outstanding at the beginning of year (in usd per share) | $ 22.37 | ||
Weighted-Average Exercise Price, Granted | 0.00 | ||
Weighted-Average Exercise Price, Exercised (in usd per share) | $ 24.30 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares | 0 | ||
Weighted-Average Exercise Price, Forfeited or expired (in usd per share) | $ 0.00 | ||
Weighted-Average Exercise Price, Outstanding at the end of period (in usd per share) | 20.72 | $ 22.37 | |
Weighted-Average Exercise Price, Exercisable at the end of period (in usd per share) | $ 20.08 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Term | 4 years 9 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 8 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 4,190 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 3,548 | ||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 3,000 | $ 40,400 | $ 8,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,500 | $ 6,100 | $ 4,600 |
Share-Based Payment Plans (Summary Of Assumptions For Estimation Of Fair Value Of Option Grant On The Grant Date Using The Black-Scholes-Merton Pricing Model) (Details) - Employee Stock Option [Member] |
12 Months Ended |
---|---|
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 3.80% |
Risk-free interest rate | 2.00% |
Expected option life (years) | 6 years 3 months |
Expected volatility | 39.80% |
Share-Based Payment Plans (Summary Of Restricted Stock Activity) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant Date Fair Value, Beginning of Period | $ 23.72 | $ 22.91 | |
Weighted-Average Grant Date Fair Value, Granted | 23.63 | $ 22.95 | $ 22.40 |
Weighted-Average Grant Date Fair Value, Vested | 22.61 | ||
Weighted-Average Grant Date Fair Value, Forfeited | $ 22.57 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 3.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested Shares, Unvested at beginning of the period | 180 | ||
Unvested Shares, Granted | 392 | ||
Unvested Shares, Vested | (161) | ||
Unvested Shares, Forfeited | (1) | ||
Unvested Shares, Unvested at end of the period | 410 | 180 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years |
Share-Based Payment Plans (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | $ 4,785 | $ 6,818 | $ 5,931 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | 337 | 650 | 465 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition | 36 | 30 | 18 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 5,158 | 7,498 | 6,414 |
Deferred Compensation Share-based Arrangements, Liability | 655 | 289 | 117 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Costs | 5,813 | 7,787 | 6,531 |
Less amount capitalized | (553) | (520) | (358) |
Net share-based compensation expense | 5,260 | $ 7,267 | $ 6,173 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 9,900 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months |
Future Minimum Rental Income (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Leases [Abstract] | |
Operating Leases, Future Minimum Payments, Next Rolling Twelve Months | $ 252,685 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 229,806 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 201,508 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 172,926 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 144,871 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 665,348 |
Total | $ 1,667,144 |
Future Minimum Rental Income Future Minimum Rental Income (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Leases [Abstract] | |
Lessor Leasing Arrangements, Operating Leases, Lease Termination Date, Maximum | Jan. 31, 2040 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Loss Contingencies [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 2.2 | |||
Development/Redevelopment Period | 3 years | |||
Operating Leases, Rent Expense, Net | $ 1.6 | $ 1.5 | $ 1.4 | |
Ground Lease, Lessee [Member] | ||||
Loss Contingencies [Line Items] | ||||
Year of Latest Lease Expiration | 2076 | |||
Office and Equipment Leases [Member] | ||||
Loss Contingencies [Line Items] | ||||
Year of Latest Lease Expiration | 2021 | |||
Capital Addition Purchase Commitments [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Long-term Purchase Commitment, Period | 1 year | |||
Capital Addition Purchase Commitments [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Long-term Purchase Commitment, Period | 2 years |
Commitments and Contingencies (Minimum Annual Payments Under Non-Cancellable Operating Leases) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $ 1,685 |
2016 | 1,407 |
2017 | 1,415 |
2018 | 1,433 |
2019 | 1,435 |
Thereafter | 35,147 |
Total | $ 42,522 |
Fair Value Measurements (Recurring Fair Value Measurements) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments and Hedges, Assets | $ 835,000 | ||
Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Number of Instruments Held | 3 | ||
Derivative, Notional Amount | 250,000,000 | $ 250,000,000 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments in Hedges, Assets, at Fair Value | 835,000 | 681,000 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 1,991,000 | 952,000 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 0 | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments in Hedges, Assets, at Fair Value | 835,000 | 681,000 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | 1,991,000 | 952,000 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments in Hedges, Assets, at Fair Value | 0 | 0 | |
Derivative Instruments in Hedges, Liabilities, at Fair Value | $ 0 | $ 0 | |
Interest Rate Swap [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Number of Instruments Held | 1 | 1 | |
Derivative Asset | $ 217,000 | $ 681,000 | |
Interest Rate Swap [Member] | Accounts Payable and Accrued Expenses [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Number of Instruments Held | 2 | 2 | |
Derivative Instruments and Hedges, Liabilities | $ 2,000,000 | $ 952,000 | |
Forward Swap [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 618,000 | ||
Equity One, Inc. [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in valuation, interest rate swaps | 910,000 | $ 3,200,000 | |
Forward Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Notional Amount | $ 50,000,000 |
Fair Value Measurements Fair Value Measurements (Nonrecurring Fair Value Measurements) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Impairment loss | $ 11,300,000 | $ 8,000,000 | $ 13,900,000 | $ 16,753,000 | $ 21,850,000 | ||||||||||||||
Goodwill, Impairment Loss | 200,000.000 | ||||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700,000 | 700,000 | 22,700,000 | ||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | 1,579,000 | 15,111,000 | |||||||||||||||||
Development Properties Held-for-investment | 7,370,000 | 8,550,000 | 7,370,000 | ||||||||||||||||
Impairment of Real Estate | 3,667,000 | 2,230,000 | |||||||||||||||||
Assets, Fair Value Disclosure | 30,070,000 | 9,250,000 | 30,070,000 | ||||||||||||||||
Impairment loss | 5,246,000 | [1] | 17,341,000 | ||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | ||||||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||
Development Properties Held-for-investment | 0 | 0 | 0 | ||||||||||||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||||||||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Operating Properties Held and Used, Fair Value Disclosure | 22,700,000 | $ 11,900,000 | 700,000 | 22,700,000 | |||||||||||||||
Development Properties Held-for-investment | 7,370,000 | 8,550,000 | 7,370,000 | ||||||||||||||||
Assets, Fair Value Disclosure | $ 30,070,000 | 9,250,000 | 30,070,000 | ||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Impairment of Long-Lived Assets Held-for-use | [2],[3] | 1,579,000 | 15,111,000 | $ 2,406,000 | |||||||||||||||
Impairment of Real Estate | [2] | 3,667,000 | 2,230,000 | 3,085,000 | |||||||||||||||
Impairment of Long-Lived Assets Sold | 11,307,000 | [4] | 4,509,000 | 0 | [4] | ||||||||||||||
Goodwill, Impairment Loss | [5] | $ 200,000 | $ 0 | $ 150,000 | |||||||||||||||
|
Fair Value Measurements Fair Value Measurements (Level 3 Inputs) (Details) - Fair Value, Inputs, Level 3 [Member] |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 12.50% | 9.50% |
Minimum [Member] | Overall cap rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 10.00% | 8.00% |
Minimum [Member] | Terminal cap rate [Member] [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 10.50% | 8.50% |
Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Discount Rate | 12.50% | 14.50% |
Maximum [Member] | Overall cap rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 10.00% | 15.00% |
Maximum [Member] | Terminal cap rate [Member] [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Inputs, Cap Rate | 10.50% | 13.50% |
Fair Value of Financial Instruments (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $ 283,500 | $ 315,500 |
Term Loan, net of deferred financing costs | 471,900 | 248,100 |
Derivative Instruments and Hedges, Assets | 835 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Payable, Fair Value Disclosure | $ 475,400 | $ 249,800 |
Other Assets [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Number of Instruments Held | 1 | 1 |
Derivative Asset | $ 217 | $ 681 |
Accounts Payable and Accrued Expenses [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Number of Instruments Held | 2 | 2 |
Derivative Instruments and Hedges, Liabilities | $ 2,000 | $ 952 |
Mortgage Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Notes Payable, fair value | 296,100 | 337,400 |
Unsecured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior Notes | 515,372 | 727,000 |
Unsecured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage Notes Payable, fair value | $ 528,000 | $ 772,900 |
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
ASSETS | ||
Real Estate Investment Property, Net | $ 3,068,436 | $ 2,908,420 |
Advances to Affiliate | 442 | 764 |
Other assets | 203,618 | 213,525 |
TOTAL ASSETS | 3,375,903 | 3,256,779 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 1,366,722 | 1,327,595 |
Other Liabilities | 169,703 | 167,400 |
Total liabilities | 1,605,752 | 1,566,170 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,770,151 | 1,690,609 |
TOTAL LIABILITIES AND EQUITY | 3,375,903 | 3,256,779 |
Parent Company [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 137,695 | 138,293 |
Advances to Affiliate | 2,899,538 | 2,760,512 |
Other assets | 229,369 | 220,868 |
TOTAL ASSETS | 3,266,602 | 3,119,673 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 1,683,263 | 1,612,124 |
Other Liabilities | 19,333 | 24,129 |
Total liabilities | 1,702,596 | 1,636,253 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,564,006 | 1,483,420 |
TOTAL LIABILITIES AND EQUITY | 3,266,602 | 3,119,673 |
Combined Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,548,840 | 1,546,620 |
Other assets | 91,093 | 101,249 |
TOTAL ASSETS | 1,639,933 | 1,647,869 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 120,238 | 147,451 |
Other Liabilities | 104,969 | 107,848 |
Total liabilities | 225,207 | 255,299 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,414,726 | 1,392,570 |
TOTAL LIABILITIES AND EQUITY | 1,639,933 | 1,647,869 |
Non-Guarantor Subsidiaries [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 1,381,984 | 1,223,590 |
Other assets | 803,884 | 836,419 |
TOTAL ASSETS | 2,185,868 | 2,060,009 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 323,821 | 328,620 |
Other Liabilities | 171,090 | 156,259 |
Total liabilities | 494,911 | 484,879 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,690,957 | 1,575,130 |
TOTAL LIABILITIES AND EQUITY | 2,185,868 | 2,060,009 |
Consolidation, Eliminations [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | (83) | (83) |
Advances to Affiliate | (2,899,538) | (2,760,512) |
Other assets | (816,879) | (810,177) |
TOTAL ASSETS | (3,716,500) | (3,570,772) |
LIABILITIES | ||
Debt and Capital Lease Obligations | (760,600) | (760,600) |
Other Liabilities | (56,362) | (49,661) |
Total liabilities | (816,962) | (810,261) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,899,538) | (2,760,511) |
TOTAL LIABILITIES AND EQUITY | (3,716,500) | (3,570,772) |
Consolidated Entities [Member] | ||
ASSETS | ||
Real Estate Investment Property, Net | 3,068,436 | 2,908,420 |
Other assets | 307,467 | 348,359 |
TOTAL ASSETS | 3,375,903 | 3,256,779 |
LIABILITIES | ||
Debt and Capital Lease Obligations | 1,366,722 | 1,327,595 |
Other Liabilities | 239,030 | 238,575 |
Total liabilities | 1,605,752 | 1,566,170 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,770,151 | 1,690,609 |
TOTAL LIABILITIES AND EQUITY | $ 3,375,903 | $ 3,256,779 |
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
Total revenue | $ 90,500 | $ 90,439 | $ 90,735 | $ 88,479 | $ 86,544 | $ 86,377 | $ 87,567 | $ 92,697 | $ 360,153 | $ 353,185 | $ 332,511 | ||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 137,339 | 121,173 | 116,084 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 74,611 | 58,984 | 48,479 | ||||||||||||
Income Tax Expense (Benefit) | 856 | (850) | 484 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 15,939 | [1] | 19,459 | 29,561 | [1] | 10,508 | 9,250 | 20,897 | 76 | 27,911 | 75,467 | 58,134 | 48,963 | ||
Income (loss) from discontinued operations | 0 | 2,957 | 39,694 | ||||||||||||
Net income | $ 15,939 | [1] | $ 19,459 | $ 29,561 | [1] | $ 10,508 | $ 9,216 | $ 20,801 | $ 99 | $ 30,975 | 75,467 | 61,091 | 88,657 | ||
Other comprehensive loss | (979) | (3,543) | 10,129 | ||||||||||||
COMPREHENSIVE INCOME | 74,488 | 57,548 | 98,786 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (10,014) | (12,194) | (10,703) | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 64,474 | 45,354 | 88,083 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Total revenue | 23,512 | 23,898 | 26,379 | ||||||||||||
Income (Loss) from Subsidiaries, before Tax | 169,424 | 158,824 | 177,772 | ||||||||||||
Total costs and expenses | 45,115 | 50,548 | 44,283 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 147,821 | 132,174 | 159,868 | ||||||||||||
Other Income and (Expense) | (82,437) | (83,650) | (86,051) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 65,384 | 48,524 | 73,817 | ||||||||||||
Income Tax Expense (Benefit) | 0 | 193 | |||||||||||||
INCOME FROM CONTINUING OPERATIONS | 48,524 | 74,010 | |||||||||||||
Income (loss) from discontinued operations | (19) | 4,112 | |||||||||||||
Net income | 65,384 | 48,505 | 78,122 | ||||||||||||
Other comprehensive loss | (910) | (3,151) | 9,961 | ||||||||||||
COMPREHENSIVE INCOME | 64,474 | 45,354 | 88,083 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 64,474 | 45,354 | 88,083 | ||||||||||||
Combined Guarantor Subsidiaries [Member] | |||||||||||||||
Total revenue | 195,398 | 194,502 | 181,115 | ||||||||||||
Total costs and expenses | 98,686 | 101,820 | 98,871 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 96,712 | 92,682 | 82,244 | ||||||||||||
Other Income and (Expense) | (9,271) | (11,706) | (10,756) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 87,441 | 80,976 | 71,488 | ||||||||||||
Income Tax Expense (Benefit) | 1,618 | (84) | 74 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 80,892 | 71,562 | |||||||||||||
Income (loss) from discontinued operations | 3,040 | 30,498 | |||||||||||||
Net income | 89,059 | 83,932 | 102,060 | ||||||||||||
COMPREHENSIVE INCOME | 89,059 | 83,932 | 102,060 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | (193) | |||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 89,059 | 83,932 | 101,867 | ||||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Total revenue | 141,243 | 134,785 | 125,017 | ||||||||||||
Total costs and expenses | 80,132 | 80,611 | 73,791 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 61,111 | 54,174 | 51,226 | ||||||||||||
Other Income and (Expense) | 30,884 | 34,985 | 30,726 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 91,995 | 89,159 | 81,952 | ||||||||||||
Income Tax Expense (Benefit) | (762) | (766) | 217 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 88,393 | 82,169 | |||||||||||||
Income (loss) from discontinued operations | (72) | 4,668 | |||||||||||||
Net income | 91,233 | 88,321 | 86,837 | ||||||||||||
Other comprehensive loss | (69) | (392) | 168 | ||||||||||||
COMPREHENSIVE INCOME | 91,164 | 87,929 | 87,005 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (10,014) | (12,194) | (10,510) | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 81,150 | 75,735 | 76,495 | ||||||||||||
Consolidation, Eliminations [Member] | |||||||||||||||
Total revenue | 0 | 0 | 0 | ||||||||||||
Income (Loss) from Subsidiaries, before Tax | (169,424) | (158,824) | (177,772) | ||||||||||||
Total costs and expenses | (1,119) | (967) | (518) | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | (168,305) | (157,857) | (177,254) | ||||||||||||
Other Income and (Expense) | (1,904) | (1,818) | (1,524) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | (170,209) | (159,675) | (178,778) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | (159,675) | (178,778) | |||||||||||||
Income (loss) from discontinued operations | 8 | 416 | |||||||||||||
Net income | (170,209) | (159,667) | (178,362) | ||||||||||||
COMPREHENSIVE INCOME | (170,209) | (159,667) | (178,362) | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (170,209) | (159,667) | (178,362) | ||||||||||||
Consolidated Entities [Member] | |||||||||||||||
Total revenue | 360,153 | 353,185 | 332,511 | ||||||||||||
Total costs and expenses | 222,814 | 232,012 | 216,427 | ||||||||||||
INCOME BEFORE OTHER INCOME AND EXPENSE, TAX AND DISCONTINUED OPERATIONS | 137,339 | 121,173 | 116,084 | ||||||||||||
Other Income and (Expense) | (62,728) | (62,189) | (67,605) | ||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE TAX AND DISCONTINUED OPERATIONS | 74,611 | 58,984 | 48,479 | ||||||||||||
Income Tax Expense (Benefit) | 856 | (850) | 484 | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | 58,134 | 48,963 | |||||||||||||
Income (loss) from discontinued operations | 2,957 | 39,694 | |||||||||||||
Net income | 75,467 | 61,091 | 88,657 | ||||||||||||
Other comprehensive loss | (979) | (3,543) | 10,129 | ||||||||||||
COMPREHENSIVE INCOME | 74,488 | 57,548 | 98,786 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (10,014) | (12,194) | (10,703) | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 64,474 | $ 45,354 | $ 88,083 | ||||||||||||
|
Condensed Consolidating Financial Information (Schedule of Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Net cash (used in) provided by operating activities | $ 164,765 | $ 144,095 | $ 132,742 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 98,300 | 93,447 | 109,449 |
Additions to income producing properties | (20,992) | (19,376) | (13,661) |
Acquisition of land | (1,350) | 0 | (3,000) |
Additions to construction in progress | (63,600) | (77,095) | (54,005) |
Payments for Deposits on Real Estate Acquisitions | (10) | (50) | (75) |
Proceeds from sale of real estate and rental properties | 5,805 | 145,470 | 286,511 |
Decrease (increase) in cash held in escrow | 0 | 10,662 | (10,662) |
Purchase of below-market leasehold interest | 0 | 0 | (25,000) |
Increase (Decrease) in Lease Acquisition Costs | 6,838 | 7,440 | 9,266 |
Investment in joint ventures | (23,939) | (9,028) | (30,401) |
(Advances to) repayments of advances to joint ventures | 0 | (154) | 5 |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 15,666 | 16,394 | 12,576 |
Payments to Acquire Loans Receivable | 0 | 0 | 12,000 |
Proceeds from Collection of Loans Receivable | 0 | 60,526 | 91,474 |
Collection of Remediation Tax Credit | 14,258 | 0 | 0 |
Net cash (used in) provided by investing activities | (179,300) | 26,462 | 123,047 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (51,064) | (132,564) | (48,279) |
Payments for Mortgage Deposits | (1,898) | 0 | 0 |
Proceeds from (Repayments of) Lines of Credit | 59,000 | (54,000) | (81,000) |
Repayment of senior debt borrowings | (220,155) | 0 | 0 |
Payment of deferred financing costs | (168) | (3,638) | 0 |
Proceeds from issuance of common stock | 124,915 | 145,447 | 8,898 |
Repurchase of common stock | (320) | (1,752) | (388) |
Stock issuance costs | (624) | (591) | (96) |
Dividends paid to stockholders | (112,957) | (106,659) | (104,279) |
Payments to Noncontrolling Interests | (1,216) | (2,952) | (18,972) |
Distributions to noncontrolling interests | (10,010) | (11,962) | (10,038) |
Payments of Dividends, Redeemable Noncontrolling Interests | 0 | 0 | (3,468) |
Net Cash Provided by (Used in) Financing Activities | 8,419 | (168,671) | (257,622) |
Net increase (decrease) in cash and cash equivalents | (6,116) | 1,886 | (1,833) |
Cash and cash equivalents at beginning of the year | 27,469 | 25,583 | 27,416 |
Cash and cash equivalents at end of the year | 21,353 | 27,469 | 25,583 |
Parent Company [Member] | |||
Net cash (used in) provided by operating activities | (67,233) | (93,893) | (82,023) |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 0 | ||
Additions to income producing properties | (2,851) | (1,360) | (1,636) |
Additions to construction in progress | (7,249) | (5,420) | (731) |
Payments for Deposits on Real Estate Acquisitions | (10) | (50) | (75) |
Proceeds from sale of real estate and rental properties | 0 | 41,730 | 85,602 |
Decrease (increase) in cash held in escrow | 10,662 | (10,662) | |
Purchase of below-market leasehold interest | 0 | ||
Increase (Decrease) in Lease Acquisition Costs | 1,575 | 655 | 1,283 |
Investment in joint ventures | (329) | ||
(Advances to) repayments of advances to joint ventures | 0 | 0 | |
Collection of Remediation Tax Credit | 0 | ||
Repayments From (Advances To) Subsidiaries, Net | (524) | (72,065) | (189,418) |
Net cash (used in) provided by investing activities | (11,490) | 116,972 | 260,633 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (3,578) | ||
Payments for Mortgage Deposits | 0 | ||
Proceeds from (Repayments of) Lines of Credit | 59,000 | (54,000) | (81,000) |
Repayment of senior debt borrowings | (220,155) | ||
Proceeds from Issuance of Long-term Debt | 222,916 | ||
Payment of deferred financing costs | (168) | (3,638) | |
Proceeds from issuance of common stock | 124,915 | 145,447 | 8,898 |
Repurchase of common stock | (320) | (1,752) | (388) |
Stock issuance costs | (624) | (591) | (96) |
Dividends paid to stockholders | (112,957) | (106,659) | (104,279) |
Distributions to noncontrolling interests | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 72,607 | (21,193) | (180,443) |
Net increase (decrease) in cash and cash equivalents | (6,116) | 1,886 | (1,833) |
Cash and cash equivalents at beginning of the year | 27,469 | 25,583 | 27,416 |
Cash and cash equivalents at end of the year | 21,353 | 27,469 | 25,583 |
Combined Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 63,304 | 120,939 | 119,434 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 80,350 | 60,000 | |
Additions to income producing properties | (10,987) | (9,381) | (7,265) |
Acquisition of land | (1,350) | (3,000) | |
Additions to construction in progress | (33,826) | (53,694) | (38,639) |
Payments for Deposits on Real Estate Acquisitions | 0 | 0 | 0 |
Proceeds from sale of real estate and rental properties | 4,526 | 80,764 | 156,637 |
Purchase of below-market leasehold interest | 25,000 | ||
Increase (Decrease) in Lease Acquisition Costs | 3,472 | 3,546 | 4,863 |
(Advances to) repayments of advances to joint ventures | 0 | 0 | |
Collection of Remediation Tax Credit | 14,258 | ||
Repayments From (Advances To) Subsidiaries, Net | 3,741 | 22,893 | 111,025 |
Net cash (used in) provided by investing activities | (34,592) | (89,100) | (93,155) |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (26,814) | (29,648) | (26,279) |
Payments for Mortgage Deposits | $ (1,898) | ||
Proceeds from Issuance of Long-term Debt | |||
Payment of deferred financing costs | $ 0 | ||
Proceeds from issuance of common stock | 0 | ||
Repurchase of common stock | 0 | 0 | 0 |
Stock issuance costs | 0 | ||
Dividends paid to stockholders | 0 | ||
Payments to Noncontrolling Interests | (2,191) | ||
Distributions to noncontrolling interests | 0 | ||
Net Cash Provided by (Used in) Financing Activities | (28,712) | (31,839) | (26,279) |
Cash and cash equivalents at beginning of the year | 0 | ||
Cash and cash equivalents at end of the year | 0 | 0 | |
Non-Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by operating activities | 168,694 | 117,049 | 95,331 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 98,300 | 13,097 | 49,449 |
Additions to income producing properties | (7,154) | (8,635) | (4,760) |
Additions to construction in progress | (22,525) | (17,981) | (14,635) |
Payments for Deposits on Real Estate Acquisitions | 0 | 0 | 0 |
Proceeds from sale of real estate and rental properties | 1,279 | 22,976 | 44,272 |
Purchase of below-market leasehold interest | 0 | ||
Increase (Decrease) in Lease Acquisition Costs | 1,791 | 3,239 | 3,120 |
Investment in joint ventures | (23,610) | (9,028) | (30,401) |
(Advances to) repayments of advances to joint ventures | (154) | 5 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 15,666 | 16,394 | 12,576 |
Payments to Acquire Loans Receivable | 12,000 | ||
Proceeds from Collection of Loans Receivable | 60,526 | 91,474 | |
Collection of Remediation Tax Credit | 0 | ||
Repayments From (Advances To) Subsidiaries, Net | (3,217) | 49,172 | 78,393 |
Net cash (used in) provided by investing activities | (133,218) | (1,410) | (44,431) |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (24,250) | (102,916) | (18,422) |
Payments for Mortgage Deposits | 0 | ||
Proceeds from (Repayments of) Lines of Credit | $ 0 | ||
Proceeds from Issuance of Long-term Debt | |||
Payment of deferred financing costs | $ 0 | ||
Proceeds from issuance of common stock | 0 | ||
Repurchase of common stock | 0 | 0 | 0 |
Stock issuance costs | 0 | ||
Dividends paid to stockholders | 0 | ||
Payments to Noncontrolling Interests | (1,216) | (761) | (18,972) |
Distributions to noncontrolling interests | (10,010) | (11,962) | (10,038) |
Payments of Dividends, Redeemable Noncontrolling Interests | (3,468) | ||
Net Cash Provided by (Used in) Financing Activities | (35,476) | (115,639) | (50,900) |
Cash and cash equivalents at beginning of the year | 0 | ||
Cash and cash equivalents at end of the year | 0 | 0 | |
Consolidated Entities [Member] | |||
Net cash (used in) provided by operating activities | 164,765 | 144,095 | 132,742 |
INVESTING ACTIVITIES: | |||
Payments to Acquire Commercial Real Estate | 98,300 | 93,447 | 109,449 |
Additions to income producing properties | (20,992) | (19,376) | (13,661) |
Acquisition of land | (1,350) | (3,000) | |
Additions to construction in progress | (63,600) | (77,095) | (54,005) |
Payments for Deposits on Real Estate Acquisitions | (10) | (50) | (75) |
Proceeds from sale of real estate and rental properties | 5,805 | 145,470 | 286,511 |
Decrease (increase) in cash held in escrow | 10,662 | (10,662) | |
Purchase of below-market leasehold interest | 25,000 | ||
Increase (Decrease) in Lease Acquisition Costs | 6,838 | 7,440 | 9,266 |
Investment in joint ventures | (23,939) | (9,028) | (30,401) |
(Advances to) repayments of advances to joint ventures | (154) | 5 | |
Proceeds from Equity Method Investment, Dividends or Distributions, Return of Capital | 15,666 | 16,394 | 12,576 |
Payments to Acquire Loans Receivable | 12,000 | ||
Proceeds from Collection of Loans Receivable | 60,526 | 91,474 | |
Collection of Remediation Tax Credit | 14,258 | ||
Net cash (used in) provided by investing activities | (179,300) | 26,462 | 123,047 |
FINANCING ACTIVITIES: | |||
Repayment of mortgage notes payable | (51,064) | (132,564) | (48,279) |
Payments for Mortgage Deposits | (1,898) | ||
Proceeds from (Repayments of) Lines of Credit | 59,000 | (54,000) | (81,000) |
Repayment of senior debt borrowings | (220,155) | ||
Proceeds from Issuance of Long-term Debt | 222,916 | ||
Payment of deferred financing costs | (168) | (3,638) | |
Proceeds from issuance of common stock | 124,915 | 145,447 | 8,898 |
Repurchase of common stock | (320) | (1,752) | (388) |
Stock issuance costs | (624) | (591) | (96) |
Dividends paid to stockholders | (112,957) | (106,659) | (104,279) |
Payments to Noncontrolling Interests | (1,216) | (2,952) | (18,972) |
Distributions to noncontrolling interests | (10,010) | (11,962) | (10,038) |
Payments of Dividends, Redeemable Noncontrolling Interests | (3,468) | ||
Net Cash Provided by (Used in) Financing Activities | 8,419 | (168,671) | (257,622) |
Net increase (decrease) in cash and cash equivalents | (6,116) | 1,886 | (1,833) |
Cash and cash equivalents at beginning of the year | 27,469 | 25,583 | 27,416 |
Cash and cash equivalents at end of the year | $ 21,353 | $ 27,469 | $ 25,583 |
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 10, 2015 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||||
Total revenues | $ 90,500 | $ 90,439 | $ 90,735 | $ 88,479 | $ 86,544 | $ 86,377 | $ 87,567 | $ 92,697 | $ 360,153 | $ 353,185 | $ 332,511 | |||||
Income (loss) from continuing operations | 15,939 | [1] | 19,459 | 29,561 | [1] | 10,508 | 9,250 | 20,897 | 76 | 27,911 | 75,467 | 58,134 | 48,963 | |||
Net income | 15,939 | [1] | 19,459 | 29,561 | [1] | 10,508 | 9,216 | 20,801 | 99 | 30,975 | 75,467 | 61,091 | 88,657 | |||
NET INCOME ATTRIBUTABLE TO EQUITY ONE, INC. | $ 13,432 | [1] | $ 16,961 | $ 27,054 | [1] | $ 8,006 | $ 6,725 | $ 18,307 | $ (2,411) | $ 26,276 | $ 65,453 | $ 48,897 | $ 77,954 | |||
Earnings Per Share, Basic [Abstract] | ||||||||||||||||
Basic earnings per share from continuing operations (in usd per share) | $ 0.10 | [1] | $ 0.13 | $ 0.21 | [1] | $ 0.06 | $ 0.05 | $ 0.14 | $ (0.02) | $ 0.20 | $ 0.51 | $ 0.37 | $ 0.32 | |||
Basic per share data, Net income (loss) | 0.10 | [1] | 0.13 | 0.21 | [1] | 0.06 | 0.05 | 0.14 | (0.02) | 0.22 | 0.51 | 0.39 | 0.66 | |||
Earnings Per Share, Diluted [Abstract] | ||||||||||||||||
Diluted per share data, Income from continuing operations | 0.10 | [1] | 0.13 | 0.21 | [1] | 0.06 | 0.05 | 0.14 | (0.02) | 0.20 | 0.51 | 0.37 | 0.32 | |||
Diluted per share data, Net income (loss) | $ 0.10 | [1] | $ 0.13 | $ 0.21 | [1] | $ 0.06 | $ 0.05 | $ 0.14 | $ (0.02) | $ 0.22 | $ 0.51 | $ 0.39 | $ 0.65 | |||
Impairment loss | $ 11,300 | $ 8,000 | $ 13,900 | $ 16,753 | $ 21,850 | |||||||||||
(Loss) gain on extinguishment of debt | (7,298) | (2,750) | $ 107 | |||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,498 | 2,807 | $ 0 | |||||||||||||
G R I E Q Y I Limited Liability Company [Member] | ||||||||||||||||
Earnings Per Share, Diluted [Abstract] | ||||||||||||||||
Equity Method Investment, Deferred Gain on Sale | $ 3,300 | |||||||||||||||
G R I E Q Y I Limited Liability Company [Member] | Georgia South Carolina Florida [Member] | ||||||||||||||||
Earnings Per Share, Diluted [Abstract] | ||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 5,500 | |||||||||||||||
|
Related Parties (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Mar. 31, 2015 |
Sep. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction [Line Items] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | |||||
General and Administrative Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Reimbursements from general and administrative expenses | $ 886,000 | $ 958,000 | $ 1,200,000 | |||
Gazit Globe Ltd [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party rental income | 253,000 | 240,000 | 246,000 | |||
Due from Gazit | $ 242,000 | 242,000 | 303,000 | |||
MGN Icarus, Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expenses | 500,000 | 271,000 | $ 111,000 | |||
Due to Related Parties | 175,000 | $ 175,000 | $ 34,000 | |||
Common Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 4,500,000 | |||||
Common Stock [Member] | Gazit First Generation LLC and MGN USA [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party expenses | $ 245,000 | |||||
Sale of Stock, Number of Shares Issued in Transaction | 4,800,000.0 |
Subsequent Events (Details) |
1 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 29, 2016
USD ($)
property
|
Jan. 31, 2016
USD ($)
shares
|
Mar. 31, 2015
$ / shares
shares
|
Jan. 26, 2015
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
property
|
Dec. 31, 2013
USD ($)
property
|
Dec. 31, 2011
shares
|
Sep. 30, 2014
$ / shares
|
||||
Subsequent Event [Line Items] | ||||||||||||
Gain (Loss) on Sale of Properties | $ 3,952,000 | $ 17,251,000 | $ 39,587,000 | |||||||||
Number Of Real Estate Properties Sold | property | 22 | 32 | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 4,500,000 | |||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 27.05 | $ 23.30 | ||||||||||
Payments of Stock Issuance Costs | 624,000 | $ 591,000 | $ 96,000 | |||||||||
Repayments of Senior Debt | 220,155,000 | 0 | 0 | |||||||||
(Loss) gain on extinguishment of debt | (7,298,000) | (2,750,000) | 107,000 | |||||||||
Sales of Real Estate | 12,775,000 | 150,000,000 | 295,200,000 | |||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 0 | [1] | $ 24,820,000 | |||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Gain (Loss) on Sale of Properties | $ 2,600,000 | |||||||||||
Number Of Real Estate Properties Sold | property | 3 | |||||||||||
Sales of Real Estate | $ 10,300,000 | |||||||||||
Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Officers' Compensation | $ 500,000 | |||||||||||
Relocation Expense Reimbursement | $ 30,000 | |||||||||||
Cash [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Cash | 50.00% | |||||||||||
Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 392,000 | |||||||||||
Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Deferred Compensation Arrangement with Individual, Bonus Award, Percentage Paid in Stock | 50.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 22,189 | |||||||||||
Common Stock [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Deferred Compensation Arrangement with Individual, Target Shares | shares | 44,379 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option One | 50.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Two | 100.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Target Earnings Percentage, Option Three | 200.00% | |||||||||||
Performance Shares [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||||
Performance Metric, Number of Components | 4 | |||||||||||
Absolute Shareholder Return [Member] | Market Awards [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||||
Total Shareholder Return Relative to Peer Community [Member] | Market Awards [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||||
Recurring FFO Growth [Member] | Market Awards [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||||
Discretionary [Member] | Market Awards [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Metric, Component of Target Award, Percent | 25.00% | |||||||||||
Deferred Bonus [Member] | Restricted Stock [Member] | Chief Financial Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||
Mortgages [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
(Loss) gain on extinguishment of debt | $ 247,000 | $ 3,300,000 | ||||||||||
Mortgages [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $ 88,000,000 | |||||||||||
Debt, Weighted Average Interest Rate | 3.76% | |||||||||||
Forward Swap [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Derivative, Notional Amount | $ 50,000,000 | |||||||||||
Forward Swap [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Derivative, Cost of Hedge Net of Cash Received | 3,100,000 | |||||||||||
Senior Notes [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt, Weighted Average Interest Rate | 4.75% | 5.02% | ||||||||||
Senior Notes [Member] | 6.25% Senior Notes, due 1/15/17 [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||
Repayments of Senior Debt | 101,400,000 | |||||||||||
Make-Whole Premium, Amount | 5,000,000 | |||||||||||
(Loss) gain on extinguishment of debt | $ 5,200,000 | |||||||||||
Class A Joint Venture Shares [Member] | CapCo [Member] | Liberty International Holdings Limited [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 11,400,000 | |||||||||||
Class A Joint Venture Shares [Member] | CapCo [Member] | Liberty International Holdings Limited [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 11,400,000 | |||||||||||
Westbury Plaza [Member] | Mortgages [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Maturity Date | Feb. 01, 2026 | |||||||||||
Liabilities, Assets Held for Sale [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number Of Real Estate Properties Sold | property | 1 | |||||||||||
|
Valuation And Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | $ 1,200 | ||||||
Allowance for Doubtful Accounts [Member] | |||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
Valuation Allowances and Reserves, Balance | $ 3,880 | 3,046 | $ 4,819 | $ 3,182 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 2,521 | 1,032 | 3,736 | ||||
Valuation Allowances and Reserves, Adjustments | 0 | [1] | (1,059) | 0 | |||
Valuation Allowances and Reserves, Deductions | 1,687 | 1,746 | 2,099 | ||||
Valuation Allowance of Deferred Tax Assets [Member] | |||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||
Valuation Allowances and Reserves, Balance | 0 | 164 | 162 | $ 213 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 0 | 2 | 0 | ||||
Valuation Allowances and Reserves, Adjustments | 0 | 0 | 0 | ||||
Valuation Allowances and Reserves, Deductions | $ 164 | $ 0 | $ 51 | ||||
|
Summary Of Real Estate And Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 282,029 | ||||||||
INITIAL COST TO COMPANY, Land | 1,406,771 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,605,634 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 495,023 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,418,157 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,089,271 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,507,428 | $ 3,289,953 | $ 3,270,999 | $ 3,314,540 | |||||
Accumulated Depreciation | (438,992) | $ (381,533) | $ (354,166) | $ (297,736) | |||||
SEC Schedule III, Real Estate, Federal Income Tax Basis | $ 2,300,000 | ||||||||
Broadway Plaza - Land [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Date Acquired | Jun. 08, 2012 | ||||||||
FLORIDA | Alafaya Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,858 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,720 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,688 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,000 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,266 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,266 | ||||||||
Accumulated Depreciation | $ (3,022) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Alafaya Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,444 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,967 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 164 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,444 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,131 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,575 | ||||||||
Accumulated Depreciation | $ (1,330) | ||||||||
Date Acquired | Apr. 20, 2006 | ||||||||
FLORIDA | Atlantic Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,190 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,760 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6,622 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,190 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,382 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,572 | ||||||||
Accumulated Depreciation | $ (4,010) | ||||||||
Date Acquired | Jun. 30, 1995 | ||||||||
FLORIDA | Aventura Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | [2] | $ 20,756 | |||||||
INITIAL COST TO COMPANY, Land | [2] | 46,811 | |||||||
INITIAL COST TO COMPANY, Building & Improvements | [2] | 17,851 | |||||||
Capitalized Subsequent to Acquisition or Improvements | [1],[2] | 2,102 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | [2] | 45,855 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | [2] | 20,909 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | [2] | 66,764 | |||||||
Accumulated Depreciation | [2] | $ (2,940) | |||||||
Date Acquired | [2] | Oct. 05, 2011 | |||||||
FLORIDA | Banco Popular Building [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,363 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,566 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 589 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,363 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,155 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,518 | ||||||||
Accumulated Depreciation | $ (686) | ||||||||
Date Acquired | Sep. 27, 2005 | ||||||||
FLORIDA | Beauclerc Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 651 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 2,242 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (474) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 2,419 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,419 | ||||||||
Accumulated Depreciation | $ 0 | ||||||||
Date Acquired | May 15, 1998 | ||||||||
FLORIDA | Bird 107 Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 8,568 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,942 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 14 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,568 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,956 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,524 | ||||||||
Accumulated Depreciation | $ (51) | ||||||||
Date Acquired | Aug. 27, 2015 | ||||||||
FLORIDA | Bird Ludlum [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,088 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 16,318 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,441 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,759 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,847 | ||||||||
Accumulated Depreciation | $ (9,849) | ||||||||
Date Acquired | Aug. 11, 1994 | ||||||||
FLORIDA | Bluffs Square Shoppes [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,232 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,917 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 804 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,232 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,721 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,953 | ||||||||
Accumulated Depreciation | $ (5,028) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Boca Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,385 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,174 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,679 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,620 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,618 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,238 | ||||||||
Accumulated Depreciation | $ (3,192) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Boynton Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,943 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,100 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,440 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,884 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,599 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,483 | ||||||||
Accumulated Depreciation | $ (2,773) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Cashmere Corners [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,947 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,707 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 661 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,947 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,368 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,315 | ||||||||
Accumulated Depreciation | $ (2,117) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Chapel Trail Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,641 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,777 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,011 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,641 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,788 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,429 | ||||||||
Accumulated Depreciation | $ (3,090) | ||||||||
Date Acquired | May 10, 2006 | ||||||||
FLORIDA | Charlotte Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,155 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,414 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,220 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,155 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,634 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,789 | ||||||||
Accumulated Depreciation | $ (1,633) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Coral Reef Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 16,464 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,376 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,780 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 17,517 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,103 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,620 | ||||||||
Accumulated Depreciation | $ (1,274) | ||||||||
Date Acquired | Sep. 01, 2006 | ||||||||
FLORIDA | Countryside Shops [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 11,343 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 13,853 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 4,630 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,343 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,483 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 29,826 | ||||||||
Accumulated Depreciation | $ (5,575) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Crossroads Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,592 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,401 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,677 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,520 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,150 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,670 | ||||||||
Accumulated Depreciation | $ (3,783) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Ft Caroline [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 701 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 2,800 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,488 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 700 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,289 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,989 | ||||||||
Accumulated Depreciation | $ (2,048) | ||||||||
Date Acquired | Jan. 24, 1994 | ||||||||
FLORIDA | Gateway Plaza At Aventura [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,301 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,529 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,301 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,529 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,830 | ||||||||
Accumulated Depreciation | $ (1,274) | ||||||||
Date Acquired | Mar. 19, 2010 | ||||||||
FLORIDA | Glengary Shoppes [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 15,217 | ||||||||
INITIAL COST TO COMPANY, Land | 7,488 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 13,969 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 389 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,488 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,358 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,846 | ||||||||
Accumulated Depreciation | $ (2,922) | ||||||||
Date Acquired | Dec. 31, 2008 | ||||||||
FLORIDA | Greenwood [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,117 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,295 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,828 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,117 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,123 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,240 | ||||||||
Accumulated Depreciation | $ (4,554) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Hammocks Town Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 16,856 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 11,392 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,790 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 16,856 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,182 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 30,038 | ||||||||
Accumulated Depreciation | $ (2,373) | ||||||||
Date Acquired | Dec. 31, 2008 | ||||||||
FLORIDA | Homestead Gas Station [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,170 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 329 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,170 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 329 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,499 | ||||||||
Accumulated Depreciation | $ (21) | ||||||||
Date Acquired | Nov. 08, 2004 | ||||||||
FLORIDA | Jonathan's Landing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,146 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,442 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 886 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,146 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,328 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,474 | ||||||||
Accumulated Depreciation | $ (1,678) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Kirkman Shoppes [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,222 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,714 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6,848 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,930 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,854 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,784 | ||||||||
Accumulated Depreciation | $ (3,567) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Lago Mar [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,216 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,609 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,856 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,216 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,465 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,681 | ||||||||
Accumulated Depreciation | $ (2,751) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Lake Mary [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 7,092 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 13,878 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 15,924 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,092 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,802 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,894 | ||||||||
Accumulated Depreciation | $ (10,466) | ||||||||
Date Acquired | Nov. 09, 1995 | ||||||||
FLORIDA | Lantana Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,350 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 7,978 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 962 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,350 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,940 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,290 | ||||||||
Accumulated Depreciation | $ (3,836) | ||||||||
Date Acquired | Jan. 06, 1998 | ||||||||
FLORIDA | Magnolia Shoppes [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 13,010 | ||||||||
INITIAL COST TO COMPANY, Land | 7,176 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,886 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,484 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,176 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 14,370 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,546 | ||||||||
Accumulated Depreciation | $ (2,536) | ||||||||
Date Acquired | Dec. 31, 2008 | ||||||||
FLORIDA | Mandarin Landing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,443 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,747 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11,663 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,443 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,410 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 20,853 | ||||||||
Accumulated Depreciation | $ (6,301) | ||||||||
Date Acquired | Dec. 10, 1999 | ||||||||
FLORIDA | Old Kings Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,420 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,005 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,151 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,420 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,156 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,576 | ||||||||
Accumulated Depreciation | $ (1,954) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Pablo Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,077 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 12,676 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 793 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,201 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,345 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,546 | ||||||||
Accumulated Depreciation | $ (3,408) | ||||||||
Date Acquired | Aug. 31, 2010 | ||||||||
FLORIDA | Pavilion [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 10,827 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 11,299 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11,589 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,827 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,888 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,715 | ||||||||
Accumulated Depreciation | $ (5,362) | ||||||||
Date Acquired | Feb. 04, 2004 | ||||||||
FLORIDA | Pine Island [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 8,557 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 12,860 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,428 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,557 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,288 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,845 | ||||||||
Accumulated Depreciation | $ (6,584) | ||||||||
Date Acquired | Aug. 26, 1999 | ||||||||
FLORIDA | Pine Ridge Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,528 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,850 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,211 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,649 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 16,940 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,589 | ||||||||
Accumulated Depreciation | $ (4,977) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Point Royale [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,720 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,005 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,783 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,926 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,582 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,508 | ||||||||
Accumulated Depreciation | $ (3,728) | ||||||||
Date Acquired | Jul. 27, 1995 | ||||||||
FLORIDA | Prosperity Centre [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,015 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 13,838 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,459 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,015 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,297 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 21,312 | ||||||||
Accumulated Depreciation | $ (6,273) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Ridge Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,905 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 7,450 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,240 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,898 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,697 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,595 | ||||||||
Accumulated Depreciation | $ (4,086) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Ryanwood Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,281 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,880 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,278 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,613 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,826 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,439 | ||||||||
Accumulated Depreciation | $ (2,699) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Salerno Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 166 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 125 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 166 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 125 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 291 | ||||||||
Accumulated Depreciation | $ (33) | ||||||||
Date Acquired | Jan. 01, 1900 | ||||||||
FLORIDA | Sawgrass Promenade [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,280 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,351 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,884 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,280 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,235 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,515 | ||||||||
Accumulated Depreciation | $ (5,569) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | Sheridan Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 58,330 | ||||||||
INITIAL COST TO COMPANY, Land | 38,888 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 36,241 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 7,003 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 38,888 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 43,244 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 82,132 | ||||||||
Accumulated Depreciation | $ (14,629) | ||||||||
Date Acquired | Jul. 14, 2003 | ||||||||
FLORIDA | Shoppes of Oakbrook [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | [2] | $ 0 | |||||||
INITIAL COST TO COMPANY, Land | [2] | 7,706 | |||||||
INITIAL COST TO COMPANY, Building & Improvements | [2] | 16,079 | |||||||
Capitalized Subsequent to Acquisition or Improvements | [1],[2] | 4,961 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | [2] | 7,706 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | [2] | 21,040 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | [2] | 28,746 | |||||||
Accumulated Depreciation | [2] | $ (7,646) | |||||||
Date Acquired | [2] | Aug. 15, 2000 | |||||||
FLORIDA | Shoppes of Silverlakes [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 10,306 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,131 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,108 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,306 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,239 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 23,545 | ||||||||
Accumulated Depreciation | $ (4,220) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Shoppes of Sunset I [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,318 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,537 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 29 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,318 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,566 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,884 | ||||||||
Accumulated Depreciation | $ (55) | ||||||||
Date Acquired | Jun. 10, 2015 | ||||||||
FLORIDA | Shoppes of Sunset II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,117 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 790 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (8) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,117 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 782 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,899 | ||||||||
Accumulated Depreciation | $ (53) | ||||||||
Date Acquired | Jun. 10, 2015 | ||||||||
FLORIDA | Shops at Skylake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 15,226 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 7,206 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 26,508 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 15,226 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 33,714 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 48,940 | ||||||||
Accumulated Depreciation | $ (11,075) | ||||||||
Date Acquired | Aug. 19, 1997 | ||||||||
FLORIDA | Shops at St. Lucie [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 790 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,082 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,591 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 790 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 4,673 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 5,463 | ||||||||
Accumulated Depreciation | $ (1,039) | ||||||||
Date Acquired | Aug. 15, 2000 | ||||||||
FLORIDA | South Beach [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 9,545 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 19,228 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 10,571 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,663 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,681 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,344 | ||||||||
Accumulated Depreciation | $ (8,933) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | South Point Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
INITIAL COST TO COMPANY, Land | $ 7,142 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 7,098 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 101 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 7,142 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,199 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,341 | ||||||||
Accumulated Depreciation | $ (1,715) | ||||||||
Date Acquired | Dec. 08, 2006 | ||||||||
FLORIDA | St Lucie Land [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 7,728 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (5,378) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,350 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,350 | ||||||||
Accumulated Depreciation | $ 0 | ||||||||
Date Acquired | Nov. 27, 2006 | ||||||||
FLORIDA | Summerlin Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,187 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 7,989 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (9,101) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 366 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 709 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,075 | ||||||||
Accumulated Depreciation | $ (311) | ||||||||
Date Acquired | Jun. 10, 1998 | ||||||||
FLORIDA | Sunlake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 9,861 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 23,528 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 15,791 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,598 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,389 | ||||||||
Accumulated Depreciation | $ (3,646) | ||||||||
Date Acquired | Feb. 01, 2005 | ||||||||
FLORIDA | Tamarac Town Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,742 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,610 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,756 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,643 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,465 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,108 | ||||||||
Accumulated Depreciation | $ (2,559) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | TD Bank Skylake [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,041 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 453 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,064 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 430 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,494 | ||||||||
Accumulated Depreciation | $ (48) | ||||||||
Date Acquired | Dec. 17, 2009 | ||||||||
FLORIDA | Town & Country [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,503 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,397 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 480 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,354 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,026 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,380 | ||||||||
Accumulated Depreciation | $ (1,782) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Treasure Coast Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | [2] | $ 0 | |||||||
INITIAL COST TO COMPANY, Land | [2] | 1,359 | |||||||
INITIAL COST TO COMPANY, Building & Improvements | [2] | 9,728 | |||||||
Capitalized Subsequent to Acquisition or Improvements | [1],[2] | 2,107 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | [2] | 1,359 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | [2] | 11,835 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | [2] | 13,194 | |||||||
Accumulated Depreciation | [2] | $ (3,609) | |||||||
Date Acquired | [2] | Feb. 12, 2003 | |||||||
FLORIDA | Unigold Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,304 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,413 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,308 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,304 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,721 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,025 | ||||||||
Accumulated Depreciation | $ (2,874) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
FLORIDA | Waterstone [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,422 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 7,508 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 671 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,422 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,179 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,601 | ||||||||
Accumulated Depreciation | $ (2,151) | ||||||||
Date Acquired | Apr. 10, 1992 | ||||||||
FLORIDA | West Bird Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 5,280 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 12,539 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 770 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,280 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,309 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,589 | ||||||||
Accumulated Depreciation | $ (2,739) | ||||||||
Date Acquired | Aug. 31, 2010 | ||||||||
FLORIDA | West Lakes Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,141 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,789 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 802 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,141 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,591 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,732 | ||||||||
Accumulated Depreciation | $ (3,243) | ||||||||
Date Acquired | Nov. 06, 1996 | ||||||||
FLORIDA | Westport Outparcels [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,347 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,010 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 84 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,347 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,094 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,441 | ||||||||
Accumulated Depreciation | $ (239) | ||||||||
Date Acquired | Sep. 14, 2006 | ||||||||
FLORIDA | Westport Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 3,340 | ||||||||
INITIAL COST TO COMPANY, Land | 4,180 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,446 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 433 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,180 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,879 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,059 | ||||||||
Accumulated Depreciation | $ (1,196) | ||||||||
Date Acquired | Dec. 17, 2004 | ||||||||
FLORIDA | Young Circle [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 13,409 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 8,895 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 693 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 13,409 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,588 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,997 | ||||||||
Accumulated Depreciation | $ (2,577) | ||||||||
Date Acquired | May 19, 2005 | ||||||||
FLORIDA | Corporate [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 0 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 241 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (894) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | (653) | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | (653) | ||||||||
Accumulated Depreciation | 461 | ||||||||
Massachusetts [Member] | Cambridge Star Market [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||||
INITIAL COST TO COMPANY, Land | 11,358 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 13,854 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,358 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,854 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,212 | ||||||||
Accumulated Depreciation | $ (4,176) | ||||||||
Date Acquired | Oct. 07, 2004 | ||||||||
Massachusetts [Member] | Concord Shopping Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 27,750 | ||||||||
INITIAL COST TO COMPANY, Land | 28,244 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 41,238 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 28,244 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 41,243 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 69,487 | ||||||||
Accumulated Depreciation | $ (735) | ||||||||
Date Acquired | Jun. 10, 2015 | ||||||||
Massachusetts [Member] | Medford Shaw's Supermarket [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 7,750 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 11,390 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (5,614) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,092 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 8,434 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,526 | ||||||||
Accumulated Depreciation | $ (2,977) | ||||||||
Date Acquired | Oct. 07, 2004 | ||||||||
Massachusetts [Member] | North Bay Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 850 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,000 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 191 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 877 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,164 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,041 | ||||||||
Accumulated Depreciation | $ (527) | ||||||||
Date Acquired | Apr. 30, 1998 | ||||||||
Massachusetts [Member] | Plymouth Shaw's Supermarket [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,917 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 12,198 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,917 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 12,199 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,116 | ||||||||
Accumulated Depreciation | $ (3,670) | ||||||||
Date Acquired | Oct. 07, 2004 | ||||||||
Massachusetts [Member] | Quincy Star Market [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,121 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 18,445 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 120 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,121 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 18,565 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,686 | ||||||||
Accumulated Depreciation | $ (5,578) | ||||||||
Date Acquired | Oct. 07, 2004 | ||||||||
Massachusetts [Member] | Swampscott Whole Foods [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 5,139 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,539 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,139 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,539 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 11,678 | ||||||||
Accumulated Depreciation | $ (1,962) | ||||||||
Date Acquired | Oct. 07, 2004 | ||||||||
Massachusetts [Member] | The Harvard Collection [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 80,120 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,610 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 54 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 80,120 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,664 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 86,784 | ||||||||
Accumulated Depreciation | $ (51) | ||||||||
Date Acquired | Oct. 19, 2015 | ||||||||
Massachusetts [Member] | West Roxbury Shaw's Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 14,457 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 13,588 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,000 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,496 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,549 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 30,045 | ||||||||
Accumulated Depreciation | $ (4,722) | ||||||||
Date Acquired | Oct. 07, 2004 | ||||||||
North Carolina [Member] | Centre Pointe Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,081 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,411 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,398 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,081 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,809 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,890 | ||||||||
Accumulated Depreciation | $ (2,125) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
North Carolina [Member] | Riverview Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,202 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,745 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,217 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,202 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,962 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,164 | ||||||||
Accumulated Depreciation | $ (2,155) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
North Carolina [Member] | Thomasville Commons [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,212 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,567 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,962 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,212 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,529 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 7,741 | ||||||||
Accumulated Depreciation | $ (2,118) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Georgia [Member] | BridgeMill [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,462 | ||||||||
INITIAL COST TO COMPANY, Land | 8,593 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,310 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 728 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,593 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,038 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 15,631 | ||||||||
Accumulated Depreciation | $ (2,523) | ||||||||
Date Acquired | Nov. 13, 2003 | ||||||||
Georgia [Member] | Buckhead Station [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 27,138 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 45,277 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,908 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 27,138 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 48,185 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 75,323 | ||||||||
Accumulated Depreciation | $ (11,631) | ||||||||
Date Acquired | Mar. 09, 2007 | ||||||||
Georgia [Member] | Chastain Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 10,689 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,937 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,187 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,689 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,124 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,813 | ||||||||
Accumulated Depreciation | $ (2,278) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Georgia [Member] | Hairston Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 1,644 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 642 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (1,938) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 134 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 214 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 348 | ||||||||
Accumulated Depreciation | $ (165) | ||||||||
Date Acquired | Aug. 25, 2005 | ||||||||
Georgia [Member] | Hampton Oaks [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 835 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 329 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,171 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | (7) | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,164 | ||||||||
Accumulated Depreciation | $ (491) | ||||||||
Date Acquired | Nov. 30, 2006 | ||||||||
Georgia [Member] | Mc Alphin Square [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,536 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,963 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 362 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,536 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,325 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 10,861 | ||||||||
Accumulated Depreciation | $ (2,336) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Georgia [Member] | Piedmont Peachtree Crossing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 34,338 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 17,992 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,161 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 34,338 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,153 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 53,491 | ||||||||
Accumulated Depreciation | $ (5,052) | ||||||||
Date Acquired | Mar. 06, 2006 | ||||||||
Georgia [Member] | River Green Land [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,587 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (1,087) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,500 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,500 | ||||||||
Accumulated Depreciation | $ 0 | ||||||||
Date Acquired | Sep. 27, 2005 | ||||||||
Georgia [Member] | Union City Commons Land [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 8,084 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (5,684) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,400 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,400 | ||||||||
Accumulated Depreciation | $ 0 | ||||||||
Date Acquired | Jun. 22, 2006 | ||||||||
Georgia [Member] | Wesley Chapel [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,389 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,311 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (1,943) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,514 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,243 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,757 | ||||||||
Accumulated Depreciation | $ (2,912) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Georgia [Member] | Williamsburg At Dunwoody [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,697 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,615 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,451 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,697 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 5,066 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 9,763 | ||||||||
Accumulated Depreciation | $ (1,610) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Ambassador Row [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,880 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,570 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,318 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,880 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 13,888 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 17,768 | ||||||||
Accumulated Depreciation | $ (4,325) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Ambassador Row Courtyard [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 3,110 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,208 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6,135 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,110 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,343 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,453 | ||||||||
Accumulated Depreciation | $ (3,967) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Bluebonnet Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,290 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 4,168 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,365 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,290 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,533 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 8,823 | ||||||||
Accumulated Depreciation | $ (2,238) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Elmwood Oaks [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,088 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 8,221 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 858 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,088 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,079 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,167 | ||||||||
Accumulated Depreciation | $ (3,195) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Plaza Acadienne [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,108 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 168 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (997) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 921 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 358 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,279 | ||||||||
Accumulated Depreciation | $ (137) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Sherwood South [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 746 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 2,412 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,037 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 746 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,449 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,195 | ||||||||
Accumulated Depreciation | $ (1,364) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
Louisiana [Member] | Siegen Village [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,329 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,691 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 12 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,329 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,703 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,032 | ||||||||
Accumulated Depreciation | $ (3,152) | ||||||||
Date Acquired | Feb. 12, 2003 | ||||||||
NEW YORK | 90-30 Metropolitan Avenue [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 5,105 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 21,378 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 952 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 5,105 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,330 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 27,435 | ||||||||
Accumulated Depreciation | $ (2,400) | ||||||||
Date Acquired | Sep. 01, 2011 | ||||||||
NEW YORK | 161 W. 16th Street [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 21,699 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 40,518 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 13,309 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,699 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 53,827 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 75,526 | ||||||||
Accumulated Depreciation | $ (2,499) | ||||||||
Date Acquired | May 16, 2011 | ||||||||
NEW YORK | 1175 Third Avenue [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 6,241 | ||||||||
INITIAL COST TO COMPANY, Land | 28,282 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 22,115 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (377) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 28,070 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 21,950 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 50,020 | ||||||||
Accumulated Depreciation | $ (2,411) | ||||||||
Date Acquired | Sep. 22, 2010 | ||||||||
NEW YORK | 1225 -1239 Second Avenue [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 16,020 | ||||||||
INITIAL COST TO COMPANY, Land | 14,253 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 11,288 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 66 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,274 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,333 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 25,607 | ||||||||
Accumulated Depreciation | $ (788) | ||||||||
Date Acquired | Oct. 05, 2012 | ||||||||
NEW YORK | Broadway Plaza - Land [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 7,500 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 42,566 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 12,883 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 37,183 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 50,066 | ||||||||
Accumulated Depreciation | (2,011) | ||||||||
NEW YORK | Broadway Plaza - Land Outparcel [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,000 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 16,002 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,914 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 15,088 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 18,002 | ||||||||
Accumulated Depreciation | $ (115) | ||||||||
Date Acquired | Oct. 01, 2012 | ||||||||
NEW YORK | Commerce Crossing [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 25,184 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 19,462 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 30 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 25,184 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,492 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 44,676 | ||||||||
Accumulated Depreciation | $ (2,325) | ||||||||
Date Acquired | Sep. 28, 2012 | ||||||||
NEW YORK | The Gallery at Westbury [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 27,481 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,537 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 88,200 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,165 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 79,053 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 119,218 | ||||||||
Accumulated Depreciation | $ (12,121) | ||||||||
Date Acquired | Nov. 16, 2009 | ||||||||
NEW YORK | Westbury Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 37,853 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 58,273 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 11,058 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 40,843 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 66,341 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 107,184 | ||||||||
Accumulated Depreciation | $ (12,650) | ||||||||
Date Acquired | Oct. 29, 2009 | ||||||||
CALIFORNIA | 200 Potrero [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,778 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,469 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 520 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,778 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,989 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,767 | ||||||||
Accumulated Depreciation | $ (388) | ||||||||
Date Acquired | Dec. 27, 2012 | ||||||||
CALIFORNIA | Antioch Land [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 7,060 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 0 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | (3,290) | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 3,770 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 3,770 | ||||||||
Accumulated Depreciation | $ 0 | ||||||||
Date Acquired | Jan. 04, 2011 | ||||||||
CALIFORNIA | Circle Center West [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 10,800 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 10,340 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 965 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,800 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 11,305 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 22,105 | ||||||||
Accumulated Depreciation | $ (1,968) | ||||||||
Date Acquired | Mar. 15, 2011 | ||||||||
CALIFORNIA | Culver Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 64,000 | ||||||||
INITIAL COST TO COMPANY, Land | 74,868 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 59,958 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,164 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 75,214 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 64,776 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 139,990 | ||||||||
Accumulated Depreciation | $ (7,168) | ||||||||
Date Acquired | Nov. 16, 2011 | ||||||||
CALIFORNIA | Marketplace Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
INITIAL COST TO COMPANY, Land | $ 8,727 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 22,188 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,763 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 8,737 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,941 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 33,678 | ||||||||
Accumulated Depreciation | $ (3,494) | ||||||||
Date Acquired | Jan. 04, 2011 | ||||||||
CALIFORNIA | Plaza Escuela [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 10,041 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 63,038 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,765 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 10,041 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 66,803 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 76,844 | ||||||||
Accumulated Depreciation | $ (7,198) | ||||||||
Date Acquired | Jan. 04, 2011 | ||||||||
CALIFORNIA | Pleasanton Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 19,390 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 20,197 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 329 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,390 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 20,526 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 39,916 | ||||||||
Accumulated Depreciation | $ (1,896) | ||||||||
Date Acquired | Oct. 25, 2013 | ||||||||
CALIFORNIA | Potrero Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 48,594 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 74,701 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,064 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 48,594 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 75,765 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 124,359 | ||||||||
Accumulated Depreciation | $ (8,379) | ||||||||
Date Acquired | Mar. 01, 2012 | ||||||||
CALIFORNIA | Ralphs Circle Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 9,833 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 5,856 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 1,216 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,833 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 7,072 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 16,905 | ||||||||
Accumulated Depreciation | $ (1,404) | ||||||||
Date Acquired | Jul. 14, 2011 | ||||||||
CALIFORNIA | Serramonte Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 81,049 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 119,765 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 35,842 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 82,829 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 153,827 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 236,656 | ||||||||
Accumulated Depreciation | $ (25,636) | ||||||||
Date Acquired | Jan. 04, 2011 | ||||||||
CALIFORNIA | Talega Village Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 10,793 | ||||||||
INITIAL COST TO COMPANY, Land | 14,273 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 9,266 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 504 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,273 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 9,770 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 24,043 | ||||||||
Accumulated Depreciation | $ (826) | ||||||||
Date Acquired | Jan. 23, 2014 | ||||||||
CALIFORNIA | Von's Circle West [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 9,366 | ||||||||
INITIAL COST TO COMPANY, Land | 18,219 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 18,909 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 3,219 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,274 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 22,073 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 40,347 | ||||||||
Accumulated Depreciation | $ (3,766) | ||||||||
Date Acquired | Mar. 16, 2011 | ||||||||
CALIFORNIA | Willows Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
INITIAL COST TO COMPANY, Land | $ 20,999 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 38,007 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 13,665 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 21,468 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 51,203 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 72,671 | ||||||||
Accumulated Depreciation | $ (7,872) | ||||||||
Date Acquired | Jan. 04, 2011 | ||||||||
Connecticut [Member] | 91 Danbury Road [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 787 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 664 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 787 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 664 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 1,451 | ||||||||
Accumulated Depreciation | $ (3) | ||||||||
Date Acquired | Nov. 23, 2015 | ||||||||
Connecticut [Member] | Brookside Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 2,291 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 26,260 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 8,988 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 2,291 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 35,248 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 37,539 | ||||||||
Accumulated Depreciation | $ (10,118) | ||||||||
Date Acquired | Jan. 12, 2006 | ||||||||
Connecticut [Member] | Compo Acres Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 18,305 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 12,195 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,536 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,305 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,731 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 36,036 | ||||||||
Accumulated Depreciation | $ (1,740) | ||||||||
Date Acquired | Mar. 01, 2012 | ||||||||
Connecticut [Member] | Copps Hill Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 15,919 | ||||||||
INITIAL COST TO COMPANY, Land | 14,146 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 24,626 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 148 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,146 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 24,774 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 38,920 | ||||||||
Accumulated Depreciation | $ (5,260) | ||||||||
Date Acquired | Mar. 31, 2010 | ||||||||
Connecticut [Member] | Danbury Green [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 17,547 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 21,560 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 8,564 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,143 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 29,528 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 47,671 | ||||||||
Accumulated Depreciation | $ (5,685) | ||||||||
Date Acquired | Oct. 27, 2011 | ||||||||
Connecticut [Member] | Darinor Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
INITIAL COST TO COMPANY, Land | $ 0 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 16,991 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,822 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 0 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 19,813 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 19,813 | ||||||||
Accumulated Depreciation | $ (2,653) | ||||||||
Date Acquired | Aug. 28, 2012 | ||||||||
Connecticut [Member] | Post Road Plaza [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 9,807 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 2,707 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 914 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 9,807 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,621 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,428 | ||||||||
Accumulated Depreciation | $ (511) | ||||||||
Date Acquired | Mar. 01, 2012 | ||||||||
Connecticut [Member] | Southbury Green [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
INITIAL COST TO COMPANY, Land | $ 18,483 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 31,857 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 5,907 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 18,744 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 37,503 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 56,247 | ||||||||
Accumulated Depreciation | $ (5,478) | ||||||||
Date Acquired | Oct. 27, 2011 | ||||||||
Connecticut [Member] | The Village Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 14,825 | ||||||||
INITIAL COST TO COMPANY, Land | 18,284 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 36,021 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 823 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 19,419 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 35,709 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 55,128 | ||||||||
Accumulated Depreciation | $ (2,160) | ||||||||
Date Acquired | Oct. 23, 2013 | ||||||||
Connecticut [Member] | Westport Office [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 995 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 1,214 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 6 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 1,039 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 1,176 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 2,215 | ||||||||
Accumulated Depreciation | $ (48) | ||||||||
Date Acquired | Nov. 18, 2014 | ||||||||
Maryland [Member] | 5335 Citgo [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,203 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 103 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,203 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 103 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 6,306 | ||||||||
Accumulated Depreciation | $ (59) | ||||||||
Date Acquired | Sep. 05, 2013 | ||||||||
Maryland [Member] | 5471 Citgo [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 4,107 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 78 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 4,107 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 78 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 4,185 | ||||||||
Accumulated Depreciation | $ (45) | ||||||||
Date Acquired | Sep. 05, 2013 | ||||||||
Maryland [Member] | Bowlmor Lanes [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 12,128 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 863 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 12,128 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 863 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 12,991 | ||||||||
Accumulated Depreciation | $ (235) | ||||||||
Date Acquired | May 07, 2013 | ||||||||
Maryland [Member] | Westwood - Manor Care [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 6,397 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 6,747 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 0 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 6,397 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 6,747 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 13,144 | ||||||||
Accumulated Depreciation | $ (542) | ||||||||
Date Acquired | Sep. 05, 2013 | ||||||||
Maryland [Member] | Westwood Center II [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 11,205 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 3,655 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 39 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 11,205 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 3,694 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 14,899 | ||||||||
Accumulated Depreciation | $ (398) | ||||||||
Date Acquired | Jan. 16, 2014 | ||||||||
Maryland [Member] | Westwood Shopping Center [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 61,183 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 8,175 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 2,102 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 61,183 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 10,277 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 71,460 | ||||||||
Accumulated Depreciation | $ (1,039) | ||||||||
Date Acquired | Jan. 16, 2014 | ||||||||
Maryland [Member] | Westwood Towers [Member] | |||||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||||
Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | ||||||||
INITIAL COST TO COMPANY, Land | 14,112 | ||||||||
INITIAL COST TO COMPANY, Building & Improvements | 17,088 | ||||||||
Capitalized Subsequent to Acquisition or Improvements | [1] | 94 | |||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Land | 14,112 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Building & Improvements | 17,182 | ||||||||
GROSS AMOUNTS AT WHICH CARRIED AT CLOSE OF PERIOD, Total | 31,294 | ||||||||
Accumulated Depreciation | $ (2,300) | ||||||||
Date Acquired | Jun. 05, 2013 | ||||||||
|
Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Investment in real estate: | |||
Balance at beginning of the year | $ 3,289,953 | $ 3,270,999 | $ 3,314,540 |
Improvements | 83,212 | 104,561 | 58,603 |
Acquisitions | 180,350 | 115,567 | 164,719 |
Cost of real estate sold/written off | 46,087 | 201,174 | 266,863 |
Balance at close of the year | 3,507,428 | 3,289,953 | 3,270,999 |
Accumulated depreciation: | |||
Balance at beginning of the year | (381,533) | (354,166) | (297,736) |
Depreciation expense | 75,235 | 79,279 | 70,354 |
Cost of real estate sold/written off | 17,776 | 51,912 | 13,924 |
Balance at close of the year | $ (438,992) | $ (381,533) | $ (354,166) |
Mortgage Loans On Real Estate (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||||
Balance at beginning of year | $ 60,711 | $ 140,708 | |||
New loans, including capitalized costs | 0 | [1] | 24,820 | ||
Accrued interest | 0 | [1] | 228 | ||
Additions during year: | 0 | 25,048 | |||
Collection of principal | (60,526) | [1] | (104,264) | ||
Collection of interest | (185) | [1] | (516) | ||
Amortization of capitalized costs | 0 | (265) | |||
Deductions during year: | (60,711) | (105,045) | |||
Balance at end of year | $ 0 | $ 60,711 | |||
|
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