(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) | ||||
(Registrant’s telephone number, including area code) |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |
☒ | Smaller reporting company | |||
Emerging growth company |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
N/A | N/A |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
(unaudited) | |||||||
Assets | |||||||
Investment properties | |||||||
Land | $ | $ | |||||
Building and other improvements | |||||||
Construction in progress | |||||||
Total | |||||||
Less accumulated depreciation | ( | ) | ( | ) | |||
Net investment properties | |||||||
Cash and cash equivalents | |||||||
Restricted cash | |||||||
Investment in unconsolidated entities | |||||||
Intangible assets, net | |||||||
Accounts and rents receivable, net | |||||||
Deferred costs and other assets, net | |||||||
Total assets | $ | $ | |||||
Liabilities | |||||||
Debt, net | $ | $ | |||||
Accounts payable and accrued expenses | |||||||
Distributions payable | |||||||
Intangible liabilities, net | |||||||
Other liabilities | |||||||
Total liabilities | |||||||
Commitments and contingencies | |||||||
Stockholders' Equity | |||||||
Preferred stock, $.001 par value, 40,000,000 shares authorized, none outstanding | |||||||
Common stock, $.001 par value, 1,460,000,000 shares authorized, 728,722,763 shares issued and outstanding as of June 30, 2019 and 728,558,989 shares issued and outstanding as of December 31, 2018. | |||||||
Additional paid-in capital | |||||||
Distributions in excess of accumulated net income | ( | ) | ( | ) | |||
Accumulated comprehensive income | |||||||
Total stockholders' equity | |||||||
Total liabilities and stockholders' equity | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Income | |||||||||||||||
Lease income, net | $ | $ | $ | $ | |||||||||||
Other property income | |||||||||||||||
Other fee income | |||||||||||||||
Total income | |||||||||||||||
Operating expenses | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Property operating expenses | |||||||||||||||
Real estate taxes | |||||||||||||||
General and administrative expenses | |||||||||||||||
Total operating expenses | |||||||||||||||
Other (expense) income | |||||||||||||||
Interest, dividend and other income | |||||||||||||||
Interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
(Loss) gain on extinguishment of debt, net | ( | ) | ( | ) | ( | ) | |||||||||
Provision for asset impairment | ( | ) | |||||||||||||
Gain on sale and transfer of investment properties, net | |||||||||||||||
Equity in losses of unconsolidated entities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Realized and unrealized investment gains | |||||||||||||||
Total other (expense) income | ( | ) | ( | ) | |||||||||||
Income before income taxes | |||||||||||||||
Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Net income from continuing operations | |||||||||||||||
Net loss from discontinued operations | ( | ) | ( | ) | |||||||||||
Net (loss) income | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Weighted-average number of common shares outstanding, basic | |||||||||||||||
Weighted-average number of common shares outstanding, diluted | |||||||||||||||
Net income per common share, from continuing operations, basic and diluted | $ | $ | $ | $ | |||||||||||
Net loss per common share, from discontinued operations, basic and diluted | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Net (loss) income per common share, basic and diluted | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Distributions declared per common share outstanding | $ | $ | $ | $ | |||||||||||
Distributions paid per common share outstanding | $ | $ | $ | $ | |||||||||||
Comprehensive (loss) income | |||||||||||||||
Net (loss) income | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Unrealized (loss) gain on derivatives | ( | ) | ( | ) | |||||||||||
Reclassification to interest expense, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Comprehensive (loss) income | $ | ( | ) | $ | $ | ( | ) | $ |
Number of Shares | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Net Income | Accumulated Comprehensive Income | Total | |||||||||||||||||
Beginning balance, January 1, 2018 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Impact of Accounting Standards Update ("ASU") No. 2016-01 (a) | — | — | — | ( | ) | — | ||||||||||||||||
Impact of ASU No. 2017-05 (a) | — | — | — | — | ||||||||||||||||||
Adjusted balance, January 1, 2018 | ( | ) | ||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||
Unrealized gain on derivatives | — | — | — | — | ||||||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | |||||||||||||||||||
Ending balance, March 31, 2018 | ( | ) | ||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||
Unrealized gain on derivatives | — | — | — | — | ||||||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | |||||||||||||||||||
Ending balance, June 30, 2018 | $ | $ | $ | ( | ) | $ | $ |
(a) |
Number of Shares | Common Stock | Additional Paid-in Capital | Distributions in Excess of Accumulated Net Income | Accumulated Comprehensive Income | Total | |||||||||||||||||
Beginning balance, January 1, 2019 | $ | $ | $ | ( | ) | $ | $ | |||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Unrealized loss on derivatives | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | — | ||||||||||||||||||
Ending balance, March 31, 2019 | ( | ) | ||||||||||||||||||||
Net loss | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Unrealized loss on derivatives | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Reclassification to interest expense, net | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Distributions declared | — | — | — | ( | ) | — | ( | ) | ||||||||||||||
Stock-based compensation, net | — | — | — | |||||||||||||||||||
Ending balance, June 30, 2019 | $ | $ | $ | ( | ) | $ | $ |
Six months ended June 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net (loss) income | $ | ( | ) | $ | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||
Depreciation and amortization | |||||||
Amortization of above and below-market leases and lease inducements, net | ( | ) | ( | ) | |||
Amortization of debt premiums, discounts and financing costs, net | |||||||
Straight-line rent adjustment, net | ( | ) | ( | ) | |||
Provision for asset impairment | |||||||
Gain on sale and transfer of investment properties, net | ( | ) | ( | ) | |||
Loss (gain) on extinguishment of debt, net | ( | ) | |||||
Equity in losses of unconsolidated entities | |||||||
Distributions from unconsolidated entities | |||||||
Stock-based compensation, net | |||||||
Realized and unrealized investment losses | ( | ) | |||||
Provision for indemnification claims | |||||||
Changes in assets and liabilities: | |||||||
Accounts and rents receivable, net | |||||||
Deferred costs and other assets | ( | ) | |||||
Accounts payable and accrued expenses | ( | ) | ( | ) | |||
Other liabilities | |||||||
Net cash provided by operating activities | |||||||
Cash flows from investing activities: | |||||||
Purchase of investment properties | ( | ) | ( | ) | |||
Acquired in-place and market lease intangibles, net | ( | ) | ( | ) | |||
Capital expenditures and tenant improvements | ( | ) | ( | ) | |||
Investment in development projects | ( | ) | ( | ) | |||
Proceeds from sale and transfer of investment properties, net | |||||||
Payment due to indemnification claims related to the sale of investment properties | ( | ) | |||||
Proceeds from the sale of marketable securities | |||||||
Proceeds from the sale of unconsolidated entity | |||||||
Contributions to unconsolidated entities | ( | ) | |||||
Distributions from unconsolidated entities | |||||||
Lease commissions and other leasing costs | ( | ) | ( | ) | |||
Other assets | ( | ) | |||||
Other liabilities | ( | ) | |||||
Net cash (used in) provided by investing activities | ( | ) | |||||
Cash flows from financing activities: | |||||||
Distributions | ( | ) | ( | ) | |||
Pay-off of debt | ( | ) | ( | ) | |||
Debt prepayment penalties | ( | ) | ( | ) | |||
Principal payments of debt | ( | ) | ( | ) | |||
Payment of finance lease liabilities | ( | ) | |||||
Payment of loan fees and deposits | ( | ) | ( | ) | |||
Net cash used in financing activities | ( | ) | ( | ) | |||
Net (decrease) increase in cash, cash equivalents, and restricted cash | ( | ) | |||||
Cash, cash equivalents, and restricted cash at the beginning of the period | |||||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | $ | |||||
Six months ended June 30, | |||||||
2019 | 2018 | ||||||
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash | |||||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | $ | |||||
Supplemental disclosure and schedules: | |||||||
Cash flow disclosure, including non-cash activities: | |||||||
Cash paid for interest, net of capitalized interest of $42 and $0 | $ | $ | |||||
Cash paid for income taxes, net of refunds of $438 and $140 | $ | $ | |||||
Cash paid for operating lease liabilities | $ | $ | |||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | |||||
Lease liabilities arising from obtaining right-of-use assets | $ | $ | |||||
Distributions payable | $ | $ | |||||
Recognition of partially deferred gains on property sales | $ | $ | |||||
Accrued capital expenditures and tenant improvements | $ | $ | |||||
Accrued investment in re-development projects | $ | $ | |||||
Accrued lease commissions and other leasing costs | $ | $ | |||||
Tenant building construction placed into service | $ | $ | |||||
Purchase of investment properties: | |||||||
Net investment properties | $ | $ | |||||
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | |||||||
Accounts payable and accrued expenses, lease intangibles, and other liabilities | ( | ) | ( | ) | |||
Cash outflow for purchase of investment properties, net | |||||||
Capitalized acquisition costs | ( | ) | ( | ) | |||
Construction escrow accounts | |||||||
Credits and other changes in cash outflow, net | |||||||
Gross acquisition price of investment properties | $ | $ | |||||
Sale and transfer of investment properties: | |||||||
Net investment properties | $ | $ | |||||
Accounts and rents receivable, lease intangibles, and deferred costs and other assets | |||||||
Accounts payable and accrued expenses, lease intangibles, and other liabilities | ( | ) | ( | ) | |||
Debt extinguished through the transfer of properties | ( | ) | |||||
Debt assumed by the buyer through the disposition of properties | ( | ) | |||||
Gain on sale and transfer of investment properties, net | |||||||
Gain on extinguishment of debt | |||||||
Proceeds from sale and transfer of investment properties, net | |||||||
Transfer of mortgage principal to buyer | |||||||
Surrender of mortgage escrows for transferred properties | |||||||
Credits and other changes in cash inflow, net | |||||||
Gross disposition price of investment properties | $ | $ |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities | Under ASU No. 2016-01, investments in equity securities are generally required to be measured at fair value with changes in fair value recognized in net income. Historically, changes in fair value were reported as a separate component of comprehensive income until realized. | January 2018 | The Company adopted ASU No. 2016-01 on a modified retrospective basis, which resulted in a net unrealized gain of $275 on available-for-sale equity securities as an adjustment to accumulated comprehensive income with a corresponding adjustment to the opening balance of distributions in excess of accumulated net income. | |||
ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) | ASU No. 2017-05, which adds guidance for partial sales of nonfinancial assets and clarifies the scope of Subtopic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, applies to the derecognition of all nonfinancial assets (including real estate) for which the counterparty is not a customer. The new guidance requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset and generally requires the full gain be recognized. | January 2018 | For property sales in which the Company has no continuing involvement, there should be no change to the Company's timing of gain or loss recognition. The Company adopted ASU No. 2017-05 in conjunction with the new revenue standard on January 1, 2018, resulting in deferred gains from sales of investment properties of $12,756 recognized through beginning distributions in excess of accumulated net income, as discussed in "Note 6. Investment in Consolidated and Unconsolidated Entities". | |||
ASU No. 2016-02, Leases, (Topic 842) and related updates | ASU No. 2016-02 amends the existing guidance for lease accounting for both parties to a lease contract (i.e., lessees and lessors). The new standard requires a modified retrospective transition method for all leases existing at the date of initial application, with an option to use certain practical expedients available. | January 2019 | The Company adopted ASU No. 2016-02 and the related updates on a modified retrospective basis and applied the effective date method in which the elected practical expedients were applied consistently to all leases commenced before the ASU effective date of January 1, 2019. The incremental disclosures pertaining to the Company as a lessor and lessee have been included in "Note 3. Revenue Recognition" and "Note 11. Commitments and Contingencies," respectively. |
Recently Issued Accounting Pronouncements Not Yet Adopted | ||||||
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement | ASU No. 2018-13 is intended to improve the effectiveness of the disclosures required by Topic 820, Fair Value Measurement by eliminating, amending, or adding certain disclosures. Certain amendments require a prospective transition method, while others require a retrospective transition method. The guidance is effective for all entities for fiscal years beginning after December 15, 2019, and early adoption is permitted. | January 2020 | The Company is continuing to evaluate this guidance, but expects the standard to only impact fair value measurement disclosures, and therefore should have no impact on the Company's condensed consolidated financial position, results of operations, or cash flows. |
Minimum Lease Payments | |||
Remaining 2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total | $ |
Minimum Lease Payments | |||
2019 | $ | ||
2020 | |||
2021 | |||
2022 | |||
2023 | |||
Thereafter | |||
Total | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Minimum lease payments | $ | $ | $ | $ | |||||||||||
Billed and unbilled tax and insurance recoveries | |||||||||||||||
Billed and unbilled common area maintenance and other recoveries | |||||||||||||||
Amortization of above and below-market leases and lease inducements, net | |||||||||||||||
Short-term, termination fee, and other lease income | |||||||||||||||
Estimated credit losses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Lease income, net | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Property management fees | $ | $ | $ | $ | |||||||||||
Asset management fees | |||||||||||||||
Leasing commissions and other fees | |||||||||||||||
Other fee income | $ | $ | $ | $ |
Acquisition Date | Property | Metropolitan Statistical Area ("MSA")(a) | Gross Acquisition Price | Square Feet | |||||||
January 31, 2019 | Commons at University Place | Raleigh-Cary, NC | $ | ||||||||
March 20, 2019 | Lakeside Winter Park and Lakeside Crossings | Orlando-Kissimmee-Sanford, FL | |||||||||
April 30, 2019 | Scofield Crossing (b) | Austin-Round Rock, TX | |||||||||
May 7, 2019 | Tomball Town Center Kroger | Houston-The Woodlands-Sugar Land, TX | |||||||||
June 14, 2019 | Sandy Plains Outparcel (c) | Atlanta-Sandy Springs-Roswell, GA | |||||||||
June 28, 2019 | Shoppes at Fairview | Dallas-Fort Worth-Arlington, TX | |||||||||
$ |
(a) | As defined by the United States Office of Management and Budget. |
(b) | The building and tenant improvements were acquired subject to an existing ground lease at the property. |
(c) | An adjacent outparcel to an existing property was acquired. |
Acquisition Date | Property | MSA | Gross Acquisition Price | Square Feet | |||||||
May 16, 2018 | PGA Plaza (a) | Miami-Fort Lauderdale-West Palm Beach, FL | $ | ||||||||
May 30, 2018 | Kennesaw Marketplace (a) | Atlanta-Sandy Springs-Roswell, GA | |||||||||
$ |
(a) | These acquisitions were made through two consolidated VIEs and were used to facilitate reverse like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended ("Reverse 1031 Exchanges"). During the last quarter of 2018, the title of PGA Plaza and Kennesaw Marketplace transferred to the Company through the completions of an exchange and expiration of the 180-day waiting period, respectively. |
2019 Acquisitions | 2018 Acquisitions | ||||||
Land | $ | $ | |||||
Building and other improvements | |||||||
Total investment properties | |||||||
Intangible assets (a) | |||||||
Intangible liabilities (b) | ( | ) | ( | ) | |||
Net other assets and liabilities | |||||||
Total fair value of assets acquired and liabilities assumed | $ | $ |
(a) | Intangible assets include in-place leases and above-market leases. |
(b) | Intangible liabilities include below-market leases. |
Date | Property | Square Feet | Gross Disposition Price | Gain on Sale of Investment Properties | Loss on Extinguishment of Debt | ||||||||||||
April 3, 2019 | Brooks Corner | $ | $ | $ | ( | ) | |||||||||||
May 31, 2019 | Silverlake | ||||||||||||||||
$ | $ | $ | ( | ) |
Date | Property | Square Feet | Gross Disposition Price | Gain (Loss) on Sale and Transfer of Investment Properties, net | Gain (Loss) on Extinguishment of Debt, net | ||||||||||||
January 9, 2018 | Sherman Town Center I & II | $ | $ | $ | |||||||||||||
January 25, 2018 | Grafton Commons | ||||||||||||||||
March 8, 2018 | Lakeport Commons | ( | ) | ||||||||||||||
March 21, 2018 | Stonecrest Marketplace (a) | ||||||||||||||||
March 31, 2018 | Northwest Marketplace (b) | ||||||||||||||||
April 17, 2018 | Market at Morse/Hamilton | ||||||||||||||||
May 24, 2018 | Siegen Plaza | ( | ) | ||||||||||||||
June 20, 2018 | Tomball Town Center | ||||||||||||||||
June 26, 2018 | Bellerive Plaza (c) | ( | ) | ||||||||||||||
June 28, 2018 | Parkway Centre North | ( | ) | ||||||||||||||
$ | $ | $ |
(a) | On March 21, 2018, the Company surrendered Stonecrest Marketplace, with a carrying value of $ |
(b) | The Company recognized a gain on sale of $ |
(c) | On June 26, 2018, the Company surrendered Bellerive Plaza, with a carrying value of $ |
December 31, 2018 | |||
Net investment properties | $ | ||
Other assets | |||
Total assets | |||
Liabilities | ( | ) | |
Net assets | $ |
Current Ownership % | Carrying Value of Investment as of | |||||||||||
Entity | Description | June 30, 2019 | December 31, 2018 | |||||||||
IAGM Retail Fund I, LLC | Multi-tenant retail shopping centers | $ | $ | |||||||||
Downtown Railyard Venture, LLC | Land development | |||||||||||
Other unconsolidated entities | Various real estate investments | Various | ( | ) | ||||||||
$ | $ |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Assets: | |||||||
Real estate assets, net of accumulated depreciation | $ | $ | |||||
Other assets | |||||||
Total assets | $ | $ | |||||
Liabilities and equity: | |||||||
Mortgages payable, net | |||||||
Other liabilities | |||||||
Equity | |||||||
Total liabilities and equity | $ | $ | |||||
Company's share of equity | $ | $ | |||||
Outside basis difference (a) | ( | ) | |||||
Carrying value of investments in unconsolidated entities | $ | $ |
(a) | The outside basis difference is principally related to other-than-temporary impairment recorded in 2018 on DRV. |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Expenses: | |||||||||||||||
Interest expense and loan cost amortization | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Operating and general and administrative expenses | |||||||||||||||
Provision for asset impairment | |||||||||||||||
Total expenses | |||||||||||||||
Net loss before loss on sale of real estate | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Loss on sale of real estate | ( | ) | ( | ) | ( | ) | |||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Company's share of net income (loss) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Distributions from unconsolidated entities in excess of the investments' carrying value | ( | ) | |||||||||||||
Outside basis adjustment for investee's sale of real estate | |||||||||||||||
Equity in losses of unconsolidated entities | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) |
Maturities during the year ending December 31, | ||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | ||||||||||||||||
Mortgages payable | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||
Mortgages payable (a) | $ | $ | |||||
Premium, net of accumulated amortization | |||||||
Discount, net of accumulated amortization | ( | ) | ( | ) | |||
Debt issuance costs, net of accumulated amortization | ( | ) | ( | ) | |||
Total mortgages payable, net | $ | $ |
(a) | Mortgages payable had fixed interest rates ranging from |
Maturities during the year ending December 31, | |||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Mortgages payable | $ | $ | $ | $ | $ | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||||||||
Principal Balance | Interest Rate | Principal Balance | Interest Rate | Maturity Date | |||||||||
$250.0 million 5 year - swapped to fixed rate | $ | $ | December 21, 2023 | ||||||||||
$250.0 million 5 year - swapped to fixed rate | December 21, 2023 | ||||||||||||
$250.0 million 5 year - variable-rate | December 21, 2023 | ||||||||||||
$250.0 million 5 year - variable-rate | December 21, 2023 | ||||||||||||
$150.0 million 5.5 year - variable-rate | June 21, 2024 | ||||||||||||
$150.0 million 5.5 year - variable-rate | June 21, 2024 | ||||||||||||
Total unsecured term loans | |||||||||||||
Issuance costs, net of accumulated amortization | ( | ) | ( | ) | |||||||||
Total unsecured term loans, net | $ | $ |
(a) | The Company swapped $ |
(b) | Interest rate reflects 1-Month LIBOR plus |
(c) | Interest rate reflects 1-Month LIBOR plus |
(d) | Interest rate reflects 1-Month LIBOR plus |
Fair Value Measurements as of | ||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Derivative interest rate swaps | $ | $ | ||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ |
For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||
Level 3 | Impairment Losses | Level 3 | Impairment Losses | Level 3 | Impairment Losses | Level 3 | Impairment Losses | |||||||||||||||||||
Investment properties | $ | $ |
June 30, 2019 | December 31, 2018 | ||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||
Mortgages payable | $ | $ | $ | $ | |||||||||
Term loans | $ | $ | $ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Numerator: | |||||||||||||||
Net income from continuing operations | $ | $ | $ | $ | |||||||||||
Earnings allocated to unvested restricted shares | ( | ) | ( | ) | |||||||||||
Net income from continuing operations attributable to common shareholders - basic and diluted | $ | $ | $ | $ | |||||||||||
Net loss from discontinued operations attributable to common shareholders - basic and diluted | $ | ( | ) | $ | $ | ( | ) | $ | |||||||
Denominator: | |||||||||||||||
Weighted-average number of common shares outstanding - basic | |||||||||||||||
Effect of unvested restricted shares | |||||||||||||||
Weighted-average number of common shares outstanding - diluted | |||||||||||||||
Income per common share: | |||||||||||||||
Net income from continuing operations per share - basic and diluted | $ | $ | $ | $ | |||||||||||
Net loss from discontinued operations per share - basic and diluted | ( | ) | ( | ) | |||||||||||
Net (loss) income per share - basic and diluted | $ | ( | ) | $ | $ | ( | ) | $ |
Unvested Time-Based RSUs | Unvested Performance-Based RSUs | Weighted-Average Grant Date Price Per Share (a) | |||||
Outstanding as of January 1, 2019 | $ | ||||||
Shares granted | $ | ||||||
Shares vested | ( | ) | $ | ||||
Shares forfeited | ( | ) | $ | ||||
Outstanding at June 30, 2019 | $ |
(a) | On an annual basis, the Company engages an independent third-party valuation advisory firm to estimate the per share value of the Company's common stock. |
• | to combine the lease and non-lease components related to the leases described above and apply Topic 842 to the combined component; |
• | to utilize a portfolio approach for determining a discount rate for groups of leases which are similar in nature and have similar contract provisions; |
• | to not recognize assets and liabilities related to leases with terms of 12 months or less and which otherwise qualify as short-term leases; and |
• | to exclude variable lease payments from initial recognition of the lease liabilities and all lease options from the determination of minimum lease terms. |
As of | |||||||
June 30, 2019 | December 31, 2018 | ||||||
Operating lease ROU assets (a) | $ | $ | — | ||||
Operating lease ROU accumulated amortization (a) | $ | ( | ) | $ | — | ||
Operating lease liabilities (b) | $ | $ | — | ||||
Finance lease ROU assets (c) | $ | $ | — | ||||
Finance lease ROU accumulated amortization (d) | $ | ( | ) | $ | — | ||
Finance lease liabilities (b) | $ | $ | — | ||||
Capital lease assets (c) | $ | — | $ | ||||
Capital lease accumulated amortization (d) | $ | — | $ | ( | ) | ||
Capital lease liabilities (b) | $ | — | $ |
(a) | Recognized as a part of deferred costs and other assets, net on the condensed consolidated balance sheets. |
(b) | Recognized as a part of other liabilities on the condensed consolidated balance sheets. |
(c) | Recognized as a part of building and other improvements on the condensed consolidated balance sheets. |
(d) | Recognized as a part of accumulated depreciation on the condensed consolidated balance sheets. |
Three months ended June 30, 2019 | Six months ended June 30, 2019 | ||||||
Minimum operating lease payments (a) | $ | $ | |||||
Variable operating lease payments (a) | |||||||
Short-term operating lease payments (a) | |||||||
ROU amortization of finance leases (b) | |||||||
Interest expense of finance leases (c) | |||||||
Total lease cost | $ | $ | |||||
Weighted-average remaining lease term of operating leases | |||||||
Weighted-average remaining lease term of finance leases | |||||||
Weighted-average discount rate of operating leases | % | ||||||
Weighted-average discount rate of finance leases | % |
(a) | Recognized as a part of general and administrative expenses on the condensed consolidated statements of operations and comprehensive (loss) income. |
(b) | Recognized as a part of depreciation and amortization on the condensed consolidated statements of operations and comprehensive (loss) income. |
(c) | Recognized as a part of interest expense, net on the condensed consolidated statements of operations and comprehensive (loss) income. |
Future Minimum Lease Payments | |||||||
Operating Leases | Finance Leases | ||||||
Remaining 2019 | $ | $ | |||||
2020 | |||||||
2021 | |||||||
2022 | |||||||
2023 | |||||||
Thereafter | |||||||
Total expected minimum lease obligation | |||||||
Less: Amount representing interest (a) | ( | ) | ( | ) | |||
Present value of net minimum lease payments | $ | $ |
(a) | Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
Future Minimum Lease Payments | |||||||
Operating Leases | Capital Leases | ||||||
2019 | $ | $ | |||||
2020 | |||||||
2021 | |||||||
2022 | |||||||
2023 | |||||||
Thereafter | |||||||
Total expected minimum lease obligation | $ | ||||||
Less: Amount representing interest (a) | ( | ) | |||||
Present value of net minimum lease payments | $ |
(a) | Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate. |
• | market, political and economic volatility experienced by the U.S. economy or real estate industry as a whole, and the regional and local political and economic conditions in the markets in which our retail properties are located; |
• | our ability to execute on potential strategic transactions aimed to enhance stockholder value and provide investment liquidity to stockholders; |
• | our ability to identify, execute and complete disposition opportunities and at expected valuations; |
• | our ability to identify, execute and complete acquisition opportunities and to integrate and successfully operate any retail properties acquired in the future and manage the risks associated with such retail properties; |
• | our ability to manage the risks of expanding, developing or re-developing some of our current and prospective retail properties; |
• | loss of members of our senior management team or other key personnel; |
• | changes in governmental regulations and U.S. accounting standards or interpretations thereof; |
• | our ability to access capital for development, re-development and acquisitions on terms and at times that are acceptable to us; |
• | changes in the competitive environment in the leasing market and any other market in which we operate; |
• | shifts in consumer retail shopping from brick and mortar stores to e-commerce; |
• | declaration of bankruptcy by our retail tenants; |
• | forthcoming expirations of certain of our leases and our ability to re-lease such retail properties; |
• | our ability to collect rent from tenants or to rent space on favorable terms or at all; |
• | the impact of leasing and capital expenditures to improve our retail properties to retain and attract tenants; |
• | events beyond our control, such as war, terrorist attacks (including acts of domestic terrorism), natural disasters and severe weather incidents, and any uninsured or under-insured loss resulting therefrom; |
• | actions or failures by our joint venture partners, including development partners; |
• | the cost of compliance with and liabilities under environmental, health and safety laws; |
• | changes in real estate and zoning laws and increases in real property tax rates; |
• | the economic success and viability of our anchor retail tenants; |
• | our debt financing, including risk of default, loss and other restrictions placed on us; |
• | our ability to refinance maturing debt or to obtain new financing on attractive terms; |
• | future increases in interest rates; |
• | the availability of cash flow from operating activities to fund distributions; |
• | our investment in equity and debt securities in companies we do not control; |
• | our status as a real estate investment trust ("REIT") for federal tax purposes; and |
• | changes in federal, state or local tax law, including legislative, administrative, regulatory or other actions affecting REITs. |
• | Property net operating income ("NOI"), which excludes general and administrative expenses, depreciation and amortization, provision for asset impairment, interest, dividend and other income, gains (losses) from sales of properties, gains (losses) on extinguishment of debt, interest expense, net, equity in earnings (losses) from unconsolidated entities, and realized and unrealized investment losses; |
• | Modified NOI, a supplemental measure not determined in accordance with generally accepted accounting principles in the United States ("GAAP"), which reflects property NOI exclusive of lease termination income and GAAP rent adjustments (such as straight-line rent and above/below-market lease amortization); |
• | Funds From Operations ("FFO") Applicable to Common Shares, a supplemental non-GAAP measure; |
• | Modified Funds From Operations ("MFFO") Applicable to Common Shares, a supplemental non-GAAP measure; |
• | Cash flow from operations as determined in accordance with GAAP; |
• | Economic and physical occupancy and rental rates; |
• | Leasing activity and lease rollover; |
• | Management of operating expenses; |
• | Management of general and administrative expenses; |
• | Debt maturities and leverage ratios; and |
• | Liquidity levels. |
Total Multi-tenant Retail Platform | Wholly-Owned and Consolidated Retail Properties | IAGM Retail Properties | |||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||
No. of properties | 71 | 78 | 59 | 64 | 12 | 14 | |||||
GLA (square feet) | 12,112,475 | 13,927,159 | 9,535,631 | 10,951,058 | 2,576,844 | 2,976,101 | |||||
Economic occupancy (a) | 94.3% | 93.0% | 94.5% | 94.0% | 93.4% | 90.0% | |||||
ABR per square foot (b) | $17.82 | $16.95 | $17.92 | $16.96 | $17.43 | $16.90 |
(a) | Economic occupancy is defined as the percentage of total GLA for which a tenant is obligated to pay rent under the terms of its lease agreement, regardless of the actual use or occupancy by that tenant of the area being leased. Actual use may be less than economic occupancy. |
(b) | Annualized Base Rent ("ABR") is computed as revenue for the last month of the period multiplied by 12 months. ABR includes the effect of rent abatements, lease inducements, straight-line rent GAAP adjustments and ground rent income. ABR per square foot is computed as ABR divided by the total leased square footage at the end of the period. Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space, and is excluded from the ABR and leased square footage figures when computing the ABR per square foot. |
• | Community and neighborhood centers are generally open-air and designed for tenants that offer a wide array of merchandise including groceries, apparel, other soft goods and convenience-oriented offerings. Our community centers contain large anchor stores and a significant presence of national retail tenants. Our neighborhood centers are generally smaller open-air centers with a grocery store anchor and/or drugstore, and other small service-type retailers. |
• | Power centers are generally larger and consist of several anchors, such as discount department stores, off-price stores, specialty grocers, and warehouse clubs or stores that offer a large selection of merchandise. Typically, the number of specialty tenants is limited and most are national or regional in scope. |
Community and neighborhood centers | |||||||||||
Total Multi-tenant Retail Platform | Wholly-Owned and Consolidated Retail Properties | IAGM Retail Properties | |||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||
No. of properties | 48 | 46 | 41 | 39 | 7 | 7 | |||||
GLA (square feet) | 6,108,028 | 5,423,196 | 4,615,010 | 4,156,500 | 1,493,018 | 1,266,696 | |||||
Economic occupancy | 95.3% | 93.0% | 95.1% | 94.0% | 95.9% | 91.0% | |||||
ABR per square foot | $18.94 | $19.04 | $19.51 | $19.16 | $17.20 | $18.61 |
Power centers | |||||||||||
Total Multi-tenant Retail Platform | Wholly-Owned and Consolidated Retail Properties | IAGM Retail Properties | |||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||
No. of properties | 23 | 32 | 18 | 25 | 5 | 7 | |||||
GLA (square feet) | 6,004,447 | 8,503,963 | 4,920,621 | 6,794,558 | 1,083,826 | 1,709,405 | |||||
Economic occupancy | 93.3% | 93.0% | 94.0% | 94.0% | 89.8% | 90.0% | |||||
ABR per square foot | $16.63 | $15.59 | $16.39 | $15.60 | $17.80 | $15.53 |
Same-property results for the three and six months ended June 30, 2019 and 2018 | |||||||||||
Multi-tenant Retail Platform | Wholly-owned Retail Assets (a) | IAGM Retail Assets (b) | |||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | ||||||
No. of properties | 64 | 64 | 52 | 52 | 12 | 12 | |||||
GLA (square feet) | 11,422,555 | 11,069,379 | 8,845,711 | 8,718,860 | 2,576,844 | 2,350,519 | |||||
Economic occupancy | 94.4% | 93.5% | 94.7% | 94.3% | 93.4% | 90.4% | |||||
ABR per square foot | $17.33 | $17.24 | $17.30 | $17.06 | $17.43 | $17.98 |
Region | No. of Properties | GLA (square feet) | % of Total GLA | ||||
East | |||||||
Maryland | 1 | 125,018 | 1.0% | ||||
South Atlantic | |||||||
Florida | 10 | 1,845,879 | 15.3% | ||||
North Carolina | 8 | 1,580,764 | 13.1% | ||||
Georgia | 9 | 995,538 | 8.2% | ||||
Virginia | 2 | 375,652 | 3.1% | ||||
Alabama | 1 | 207,568 | 1.7% | ||||
Total South Atlantic | 30 | 5,005,401 | 41.4% | ||||
Southwest | |||||||
Texas | 29 | 5,261,985 | 43.4% | ||||
West | |||||||
California | 7 | 1,046,633 | 8.6% | ||||
Colorado | 4 | 673,438 | 5.6% | ||||
Total West | 11 | 1,720,071 | 14.2% | ||||
Grand total | 71 | 12,112,475 | 100.0% |
Lease Expiration Year | No. of Expiring Leases | GLA of Expiring Leases | ABR of Expiring Leases | Percent of Total GLA | Percent of Total ABR | Expiring ABR per sq. ft. | ||||||||||
2019 | 65 | 142,689 | $ | 3,910 | 1.2% | 1.9% | $ | 27.40 | ||||||||
2020 | 216 | 840,366 | 17,037 | 7.3% | 8.4% | 20.27 | ||||||||||
2021 | 242 | 1,245,402 | 22,975 | 10.8% | 11.4% | 18.45 | ||||||||||
2022 | 250 | 1,537,514 | 28,785 | 13.3% | 14.3% | 18.72 | ||||||||||
2023 | 225 | 1,337,558 | 24,246 | 11.6% | 12.0% | 18.13 | ||||||||||
2024 | 185 | 1,789,864 | 28,563 | 15.6% | 14.2% | 15.96 | ||||||||||
2025 | 71 | 856,544 | 12,190 | 7.4% | 6.0% | 14.23 | ||||||||||
2026 | 78 | 350,812 | 8,454 | 3.0% | 4.2% | 24.10 | ||||||||||
2027 | 105 | 859,352 | 18,141 | 7.5% | 9.0% | 21.11 | ||||||||||
2028 | 87 | 607,033 | 11,106 | 5.3% | 5.5% | 18.30 | ||||||||||
Thereafter | 115 | 1,634,744 | 25,051 | 14.2% | 12.4% | 15.32 | ||||||||||
Other (a) | 241 | 327,738 | 1,330 | 2.8% | 0.7% | 4.06 | ||||||||||
1,880 | 11,529,616 | $ | 201,788 | 100.0% | 100.0% | $ | 17.50 |
(a) | Other lease expirations include month-to-month and specialty leases. Specialty leasing represents leases of less than one year in duration for inline space and includes any term length for a common area space. Examples include retail holiday stores, storage, and short-term clothing and furniture consignment stores. Specialty leasing includes, but is not limited to, any term length for a common area space, such as tent sales, automated teller machines, cell towers, billboards, and vending. |
No. of Leases Executed as of June 30, 2019 | GLA SF | New Contractual Rent ($PSF) (b) | Prior Contractual Rent ($PSF) (b) | % Change over Prior Contract Rent (b) | Weighted- Average Lease Term (Years) | Tenant Improve-ment Allowance ($PSF) | Lease Commissions ($PSF) | ||||||||
All Tenants | |||||||||||||||
Comparable Renewal Leases (a) | 69 | 511,472 | $15.82 | $15.02 | 5.3% | 5.3 | $0.88 | $0.03 | |||||||
Comparable New Leases (a) | 16 | 28,595 | $35.24 | $32.68 | 7.8% | 7.8 | $16.79 | $13.86 | |||||||
Non-Comparable Renewal and New Leases | 44 | 141,855 | $21.38 | N/A | N/A | 7.1 | $14.43 | $6.50 | |||||||
Total | 129 | 681,922 | $16.85 | $15.96 | 5.6% | 5.8 | $4.36 | $1.95 | |||||||
Anchor Tenants (leases over 10,000 square feet) | |||||||||||||||
Comparable Renewal Leases (a) | 13 | 389,713 | $11.95 | $11.40 | 4.8% | 5.3 | $0.77 | $— | |||||||
Non-Comparable Renewal and New Leases | 2 | 36,532 | $4.72 | N/A | N/A | 6.7 | $— | 1.77 | |||||||
Total | 15 | 426,245 | $11.95 | $11.40 | 4.8% | 5.4 | $0.70 | $0.15 | |||||||
Non-anchor Tenants (leases under 10,000 square feet) | |||||||||||||||
Comparable Renewal Leases (a) | 56 | 121,759 | $28.20 | $26.62 | 5.9% | 5.2 | $1.22 | $0.11 | |||||||
Comparable New Leases (a) | 16 | 28,595 | $35.24 | $32.68 | 7.8% | 7.8 | $16.79 | $13.86 | |||||||
Non-Comparable Renewal and New Leases | 42 | 105,323 | $27.16 | N/A | N/A | 7.2 | $19.43 | $8.15 | |||||||
Total | 114 | 255,677 | $29.54 | $27.77 | 6.4% | 6.3 | $10.46 | $4.96 |
(a) | Comparable leases are leases that meet all of the following criteria: terms greater than one year, unit was vacant one year or less prior to occupancy, square footage of unit remains unchanged or within 10% of prior unit square footage, and has a rent structure consistent with the previous tenant. |
(b) | Non-comparable leases are not included in totals. |
Acquisition Date | Property | Metropolitan Statistical Area ("MSA")(a) | Center Type | Gross Acquisition Price | Square Feet | ||||||||
April 30, 2019 | Scofield Crossing (b) | Austin-Round Rock, TX | Neighborhood Center | $ | 3,000 | 64,000 | |||||||
May 7, 2019 | Tomball Town Center Kroger | Houston-The Woodlands-Sugar Land, TX | Community Center | 13,992 | 74,000 | ||||||||
June 14, 2019 | Sandy Plains Outparcel (c) | Atlanta-Sandy Springs-Roswell, GA | Community Center | 2,900 | 6,000 | ||||||||
June 28, 2019 | Shoppes at Fairview | Dallas-Fort Worth-Arlington, TX | Neighborhood Center | 36,000 | 67,500 | ||||||||
$ | 55,892 | 211,500 |
(a) | As defined by the United States Office of Management and Budget. |
(b) | The building and tenant improvements were acquired subject to an existing ground lease at the property. |
(c) | An adjacent outparcel to an existing property was acquired. |
Disposition Date | Property | MSA | Center Type | Gross Disposition Price | Square Feet | ||||||||
April 3, 2019 | Brooks Corner | San Antonio - New Braunfels, TX | Power Center | $ | 26,300 | 173,000 | |||||||
May 31, 2019 | Silverlake | Cincinnati-Middletown, OH-KY-IN | Neighborhood Center | 6,650 | 101,000 | ||||||||
$ | 32,950 | 274,000 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2019 | 2018 | Increase (Decrease) | 2019 | 2018 | Increase (Decrease) | ||||||||||||||||||
Income | |||||||||||||||||||||||
Lease income, net | $ | 55,509 | $ | 60,034 | $ | (4,525 | ) | $ | 110,544 | $ | 122,373 | $ | (11,829 | ) | |||||||||
Other property income | 821 | 532 | 289 | 1,272 | 951 | 321 | |||||||||||||||||
Other fee income | 860 | 924 | (64 | ) | 1,765 | 2,000 | (235 | ) | |||||||||||||||
Total income | 57,190 | 61,490 | (4,300 | ) | 113,581 | 125,324 | (11,743 | ) | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Depreciation and amortization | 24,692 | 23,254 | 1,438 | 47,554 | 48,084 | (530 | ) | ||||||||||||||||
Property operating expenses | 7,035 | 8,463 | (1,428 | ) | 14,509 | 17,648 | (3,139 | ) | |||||||||||||||
Real estate taxes | 8,958 | 9,671 | (713 | ) | 18,009 | 19,030 | (1,021 | ) | |||||||||||||||
General and administrative expenses | 8,886 | 8,720 | 166 | 17,409 | 16,989 | 420 | |||||||||||||||||
Total operating expenses | 49,571 | 50,108 | (537 | ) | 97,481 | 101,751 | (4,270 | ) | |||||||||||||||
Other (expense) income | |||||||||||||||||||||||
Interest, dividend and other income | 656 | 953 | (297 | ) | 1,310 | 1,643 | (333 | ) | |||||||||||||||
Interest expense, net | (5,627 | ) | (6,451 | ) | (824 | ) | (11,105 | ) | (13,093 | ) | (1,988 | ) | |||||||||||
(Loss) gain on extinguishment of debt, net | (809 | ) | (55 | ) | (754 | ) | (809 | ) | 10,697 | (11,506 | ) | ||||||||||||
Provision for asset impairment | — | — | — | — | (797 | ) | 797 | ||||||||||||||||
Gain on sale and transfer of investment properties, net | 5,662 | 17,960 | (12,298 | ) | 5,662 | 38,265 | (32,603 | ) | |||||||||||||||
Equity in losses of unconsolidated entities | (1,079 | ) | (711 | ) | (368 | ) | (620 | ) | (2,752 | ) | 2,132 | ||||||||||||
Realized and unrealized investment gains | — | 236 | (236 | ) | — | 223 | (223 | ) | |||||||||||||||
Total other (expense) income | (1,197 | ) | 11,932 | (14,777 | ) | (5,562 | ) | 34,186 | (43,724 | ) | |||||||||||||
Income before income taxes | 6,422 | 23,314 | (16,892 | ) | 10,538 | 57,759 | (47,221 | ) | |||||||||||||||
Income tax expense | (144 | ) | (151 | ) | 7 | (259 | ) | (364 | ) | 105 | |||||||||||||
Net income from continuing operations | 6,278 | 23,163 | (16,885 | ) | 10,279 | 57,395 | (47,116 | ) | |||||||||||||||
Net loss from discontinued operations | (12,000 | ) | — | (12,000 | ) | (25,500 | ) | — | (25,500 | ) | |||||||||||||
Net (loss) income | $ | (5,722 | ) | $ | 23,163 | $ | (28,885 | ) | $ | (15,221 | ) | $ | 57,395 | $ | (72,616 | ) |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net (loss) income | $ | (5,722 | ) | $ | 23,163 | $ | (15,221 | ) | $ | 57,395 | |||||
Adjustments to reconcile to non-GAAP metrics: | |||||||||||||||
Net loss from discontinued operations | 12,000 | — | 25,500 | — | |||||||||||
Income tax expense | 144 | 151 | 259 | 364 | |||||||||||
Realized and unrealized investment losses | — | (236 | ) | — | (223 | ) | |||||||||
Equity in losses of unconsolidated entities | 1,079 | 711 | 620 | 2,752 | |||||||||||
Interest expense, net | 5,627 | 6,451 | 11,105 | 13,093 | |||||||||||
Loss (gain) on extinguishment of debt | 809 | 55 | 809 | (10,697 | ) | ||||||||||
Gain on sale and transfer of investment properties, net | (5,662 | ) | (17,960 | ) | (5,662 | ) | (38,265 | ) | |||||||
Interest, dividend and other income | (656 | ) | (953 | ) | (1,310 | ) | (1,643 | ) | |||||||
Provision for asset impairment | — | — | — | 797 | |||||||||||
Depreciation and amortization | 24,692 | 23,254 | 47,554 | 48,084 | |||||||||||
General and administrative expenses | 8,886 | 8,720 | 17,409 | 16,989 | |||||||||||
Other fee income | (860 | ) | (924 | ) | (1,765 | ) | (2,000 | ) | |||||||
Adjustments to modified NOI (a) | (2,721 | ) | (2,375 | ) | (5,532 | ) | (5,051 | ) | |||||||
Modified NOI | 37,616 | 40,057 | 73,766 | 81,595 | |||||||||||
Modified NOI from other investment properties | (3,677 | ) | (7,774 | ) | (7,029 | ) | (17,570 | ) | |||||||
Same-property modified NOI | $ | 33,939 | $ | 32,283 | $ | 66,737 | $ | 64,025 |
(a) | Adjustments to modified NOI include termination fee income and GAAP rent adjustments (such as straight-line rent and above/below-market lease amortization). |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||
2019 | 2018 | Change | Var. | 2019 | 2018 | Change | Var. | ||||||||||||||||||||||
Lease income, net | $ | 47,968 | $ | 46,735 | $ | 1,233 | 2.6 | % | $ | 95,371 | $ | 93,520 | $ | 1,851 | 2.0 | % | |||||||||||||
Other property income | 816 | 490 | 326 | 66.5 | % | 1,271 | 873 | 398 | 45.6 | % | |||||||||||||||||||
48,784 | 47,225 | 1,559 | 3.3 | % | 96,642 | 94,393 | 2,249 | 2.4 | % | ||||||||||||||||||||
Property operating expenses | 6,642 | 6,759 | (117 | ) | (1.7 | )% | 13,474 | 14,199 | (725 | ) | (5.1 | )% | |||||||||||||||||
Real estate taxes | 8,203 | 8,183 | 20 | 0.2 | % | 16,431 | 16,169 | 262 | 1.6 | % | |||||||||||||||||||
14,845 | 14,942 | (97 | ) | (0.6 | )% | 29,905 | 30,368 | (463 | ) | (1.5 | )% | ||||||||||||||||||
Same-property modified NOI | $ | 33,939 | $ | 32,283 | $ | 1,656 | 5.1 | % | $ | 66,737 | $ | 64,025 | $ | 2,712 | 4.2 | % |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net (loss) income | $ | (5,722 | ) | $ | 23,163 | $ | (15,221 | ) | $ | 57,395 | |||||
Depreciation and amortization related to investment properties | 23,834 | 22,466 | 45,888 | 45,808 | |||||||||||
Our share of depreciation and amortization of unconsolidated entities | 3,119 | 3,092 | 6,021 | 6,202 | |||||||||||
Provision for asset impairment | — | — | — | 797 | |||||||||||
Our share of provision for asset impairment recognized in equity in losses of unconsolidated entities | 793 | 878 | 793 | 1,248 | |||||||||||
Gain on sale and transfer of investment properties, net | (5,662 | ) | (17,960 | ) | (5,662 | ) | (38,265 | ) | |||||||
Our share of losses from property dispositions recognized in equity in losses of unconsolidated entities | 307 | — | 307 | 2,148 | |||||||||||
FFO Applicable to Common Shares | $ | 16,669 | $ | 31,639 | $ | 32,126 | $ | 75,333 | |||||||
Realized and unrealized investment losses | — | (236 | ) | — | (223 | ) | |||||||||
Loss (gain) on extinguishment of debt, net | 809 | 55 | 809 | (10,697 | ) | ||||||||||
Amortization of mark to market debt, (premium) and discount, net | (50 | ) | (51 | ) | (101 | ) | (101 | ) | |||||||
Amortization of above and (below)-market leases and inducements, net | (1,326 | ) | (1,246 | ) | (2,917 | ) | (2,748 | ) | |||||||
Amortization of operating lease ROU assets | 134 | — | 271 | — | |||||||||||
Depreciation and amortization of corporate assets | 858 | 788 | 1,666 | 2,276 | |||||||||||
Straight-line rent adjustment, net | (661 | ) | (1,130 | ) | (1,787 | ) | (2,243 | ) | |||||||
Our share of straight-line rent adjustment, net, recognized in equity in losses of unconsolidated entities | 33 | (139 | ) | (4 | ) | (299 | ) | ||||||||
Stock-based compensation expense, net | 1,320 | 1,216 | 2,165 | 2,084 | |||||||||||
Provision for indemnification claims in discontinued operations | 12,000 | — | 25,500 | — | |||||||||||
Modified FFO Applicable to Common Shares | $ | 29,786 | $ | 30,896 | $ | 57,728 | $ | 63,382 |
Development | Re-development | Leasing | Total | ||||||||||||
Direct costs | $ | 2,230 | (a) | $ | 7,242 | (a) | $ | 2,912 | (c) | $ | 12,384 | ||||
Indirect costs | 488 | (b) | 777 | (b) | — | 1,265 | |||||||||
Total | $ | 2,718 | $ | 8,019 | $ | 2,912 | $ | 13,649 |
(a) | Direct development and re-development costs relate to construction of buildings at our retail properties. |
(b) | Indirect development and re-development costs relate to the capitalized interest, real estate taxes, insurance, and payroll attributed to improvements at our retail properties. |
(c) | Direct leasing costs relate to improvements to a tenant space that are either paid directly or reimbursed to the tenants. |
• | Operating cash flows from our real estate investments, which consists of our retail properties; |
• | Distributions from our joint venture investments; |
• | Proceeds from sales of properties; |
• | Proceeds from mortgage loan borrowings on properties; |
• | Proceeds from corporate borrowings; and |
• | Cash and cash equivalents. |
• | To pay our operating expenses; |
• | To make distributions to our stockholders; |
• | To service or pay down our debt; |
• | To fund capital expenditures and leasing related costs; |
• | To invest in properties and portfolios of properties; |
• | To fund development, re-development, or leasing investments; and |
• | To repurchase our common stock. |
Maturities during the year ending December 31, | |||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Mortgages payable | $ | — | $ | 41,000 | $ | — | $ | 50,270 | $ | 41,339 | $ | 67,880 | $ | 200,489 |
Principal Balance | Interest Rate | Maturity Date | |||||
$250.0 million 5 year - swapped to fixed rate | $ | 90,000 | 2.5510% (a) | December 21, 2023 | |||
$250.0 million 5 year - swapped to fixed rate | 60,000 | 2.5525% (a) | December 21, 2023 | ||||
$250.0 million 5 year - variable-rate | 50,000 | 3.6400% (b) | December 21, 2023 | ||||
$250.0 million 5 year - variable-rate | 26,000 | 3.6400% (b) | December 21, 2023 | ||||
$150.0 million 5.5 year - variable-rate | 100,000 | 3.6400% (b) | June 21, 2024 | ||||
$150.0 million 5.5 year - variable-rate | 26,000 | 3.6400% (b) | June 21, 2024 | ||||
Total unsecured term loans | $ | 352,000 |
(a) | The Company swapped $90,000 (notional amount of $90,000) and $60,000 (notional amount of $60,000) of variable-rate debt at an interest rate of 1-Month LIBOR plus 1.20% to a fixed rate of 2.5510% and 2.5525%, respectively. The swaps have an effective date of December 10, 2015, and a termination date of December 1, 2019. As a result, all net deferred amounts in accumulated comprehensive income will be reclassified into earnings during 2019. |
(b) | Interest rate reflects 1-Month LIBOR plus 1.20% effective March 1, 2019. |
Six months ended June 30 | Change | ||||||||||
2019 | 2018 | ||||||||||
Cash provided by operating activities | $ | 52,957 | $ | 65,272 | $ | (12,315 | ) | ||||
Cash (used in) provided by investing activities | (124,030 | ) | 22,779 | (146,809 | ) | ||||||
Cash used in financing activities | (41,071 | ) | (46,386 | ) | 5,315 | ||||||
(Decrease) increase in cash, cash equivalents, and restricted cash | (112,144 | ) | 41,665 | (153,809 | ) | ||||||
Cash, cash equivalents, and restricted cash at beginning of period | 264,853 | 171,878 | 92,975 | ||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 152,709 | $ | 213,543 | $ | (60,834 | ) |
Payments due by year ending December 31, | |||||||||||||||||||||||||||
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||
Fixed rate debt, principal (a) | $ | — | $ | 41,000 | $ | — | $ | 50,270 | $ | 191,339 | $ | 67,880 | $ | 350,489 | |||||||||||||
Variable-rate debt, principal | — | — | — | — | 76,000 | 126,000 | 202,000 | ||||||||||||||||||||
Interest | 10,260 | 16,954 | 16,168 | 14,855 | 13,532 | 5,515 | 77,284 | ||||||||||||||||||||
Total long-term debt | 10,260 | 57,954 | 16,168 | 65,125 | 280,871 | 199,395 | 629,773 | ||||||||||||||||||||
Operating lease obligations (b) | 301 | 587 | 471 | 443 | 455 | 470 | 2,727 | ||||||||||||||||||||
Finance lease obligations (c) | 300 | 532 | 518 | 317 | 40 | — | 1,707 | ||||||||||||||||||||
Grand total | $ | 10,861 | $ | 59,073 | $ | 17,157 | $ | 65,885 | $ | 281,366 | $ | 199,865 | $ | 634,207 |
(a) | Includes $150.0 million of variable-rate unsecured term loans that have been swapped to a fixed rate as of June 30, 2019. |
(b) | Includes leases on corporate office spaces used in our business. |
(c) | Includes contracts for property improvements that have been deemed to contain finance leases. |
Variable-Rate Debt Swapped to Fixed Rate | Effective Date | Termination Date | Bank Pays Variable Rate of | InvenTrust Pays Fixed Rate of | Notional Amount as of March 31, 2019 | Fair Value as of | ||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||
5 year - fixed portion | 12/10/2015 | 12/1/2019 | 1-Month LIBOR | 1.3510% | $ | 90,000 | $ | 279 | $ | 983 | ||||||||||
5 year - fixed portion | 12/10/2015 | 12/1/2019 | 1-Month LIBOR | 1.3525% | 60,000 | 183 | 654 | |||||||||||||
Total 5 year, fixed portion | $ | 150,000 | $ | 462 | $ | 1,637 |
EXHIBIT NO. | DESCRIPTION |
101 | The following financial information from our Quarterly Report on Form 10-Q for the period ended June 30, 2019, filed with the SEC on August 8, 2019, is formatted in Extensible Business Reporting Language ("XBRL"): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, (iii) Condensed Consolidated Statements of Equity, (iv) Condensed Consolidated Statements of Cash Flows (v) Notes to Condensed Consolidated Financial Statements (tagged as blocks of text). |
* Filed as part of this Quarterly Report on Form 10-Q |
Date: | August 8, 2019 |
By: | /s/ Thomas P. McGuinness |
Name: | Thomas P. McGuinness |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
Date: | August 8, 2019 |
By: | /s/ Adam M. Jaworski |
Name: | Adam M. Jaworski |
Title: | Senior Vice President, Chief Accounting Officer and Interim Treasurer (Principal Accounting Officer and Interim Principal Financial Officer) |
• | InvenTrust Properties observes nine (9) company holidays per year. |
• | Officers of the Company are awarded five (5) floating holidays for every 12 months of employment which are awarded on your date of hire and anniversary date in subsequent years. |
• | You are entitled to three (3) weeks of vacation per year. Vacation is earned and distributed on an accrual basis in each pay period. |
• | Full-time employees are awarded six (6) sick days for every year of employment to a cumulative maximum of 30 days. |
• | Additional details on Paid Time Off are available in the Company handbook which may change from time to time |
1. | I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 8, 2019 |
By: | /s/ Thomas P. McGuinness |
Name: | Thomas P. McGuinness |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this Quarterly Report on Form 10-Q of InvenTrust Properties Corp.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 8, 2019 |
By: | /s/ Adam M. Jaworski |
Name: | Adam M. Jaworski |
Title: | Senior Vice President, Chief Accounting Officer and Interim Treasurer (Principal Accounting Officer and Interim Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 8, 2019 |
By: | /s/ Thomas P. McGuinness |
Name: | Thomas P. McGuinness |
Title: | President and Chief Executive Officer (Principal Executive Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 8, 2019 |
By: | /s/ Adam M. Jaworski |
Name: | Adam M. Jaworski |
Title: | Senior Vice President, Chief Accounting Officer and Interim Treasurer (Principal Accounting Officer and Interim Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 1,460,000,000 | 1,460,000,000 |
Common stock, shares issued (in shares) | 728,722,763 | 728,558,989 |
Common stock, shares outstanding (in shares) | 728,722,763 | 728,558,989 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Statement of Cash Flows [Abstract] | ||
Interest Paid, Capitalized, Investing Activities | $ 42 | $ 0 |
Income tax refunds | $ 438 | $ 140 |
Organization |
6 Months Ended |
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Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization On October 4, 2004, the Company was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015 and is focused on owning, managing, acquiring, and developing a multi-tenant retail platform. The Company is taxed and operates in a manner that will allow the Company to continue to qualify as a REIT for U.S. federal income tax purposes. So long as it maintains its qualification as a REIT, the Company generally will not be subject to U.S. federal income tax on taxable income that is distributed to stockholders. If the Company fails to continue to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to U.S. federal and state income tax on its taxable income at regular corporate tax rates and will not be able to re-elect REIT status during the four years following the year of the failure. The accompanying condensed consolidated financial statements include the accounts of the Company and all wholly-owned subsidiaries and any consolidated variable interest entities ("VIEs"). Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated. Each retail property is owned by a separate legal entity that maintains its own books and financial records, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 7. Debt." As of June 30, 2019, the Company's wholly-owned investment properties consisted of 59 retail properties, with a gross leasable area ("GLA") of approximately 9.5 million square feet. As of June 30, 2018, the Company's wholly-owned or consolidated investment properties consisted of 64 retail properties, with a GLA of approximately 11.0 million square feet. In addition, as of June 30, 2019 and 2018, the Company had an investment in one unconsolidated real estate joint venture which owns an interest in 12 and 14 retail properties, respectively, with GLA of approximately 2.6 million and 3.0 million square feet, respectively, managed by the Company. As of June 30, 2018, the Company had an investment in a separate unconsolidated real estate joint venture which owned land being developed in Sacramento, California. The Company has since liquidated its interest in that venture as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities."
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Basis of Presentation and Recently Issued Accounting Pronouncements |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Recently Issued Accounting Pronouncements | Basis of Presentation and Recently Issued Accounting Pronouncements The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired assets, determining the fair value of debt and evaluating the collectability of accounts and rents receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Adopted
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition Operating Leases The majority of revenue recognized from the Company’s retail properties consists of minimum lease payments received from tenants under long-term operating leases with varying terms. In addition to minimum lease payments, some leases provide for the reimbursement of the tenant’s pro rata share of certain operating expenses incurred by the landlord as recoveries, including real estate taxes, special assessments, insurance, utilities, common area maintenance, management fees and certain capital repairs. Certain other tenants are subject to net leases whereby the tenant is responsible for fixed minimum lease payments to the Company, as well as directly paying all costs and expenses associated with occupancy to third party service providers. Such direct payments to third parties are not recorded as revenue and expense by the Company. In conjunction with the adoption of Topic 842, Leases ("Topic 842") on January 1, 2019, the Company elected the package of practical expedients that permits the Company to not reassess: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) any initial direct costs for existing leases as of the effective date. Except as described below, the Company's accounting policies and resulting recognition of lease income remained substantially consistent with previous guidance. Because of the narrowed definition of initial direct costs under Topic 842, the Company expenses as incurred certain lease origination costs previously capitalized and amortized to expense over the lease term. The Company has elected the practical expedient of not separating lease and non-lease components for all qualifying leases. In effect, this will generally relieve the Company from the requirement to account for certain consideration under the new revenue standard. As a result of the accounting policy election, all income arising from leases is presented on a combined basis as lease income, net on the condensed consolidated statements of operations and comprehensive (loss) income. Beginning on January 1, 2019, the provision for estimated credit losses resulting from changes in the collectability of lease payments will be recognized as a direct reduction to lease income on the condensed consolidated statements of operations and comprehensive (loss) income and a direct write-off of the operating lease receivable on the condensed consolidated balance sheets. Changes in collectability occur when the Company no longer believes it is probable that substantially all of the lease payments will be collected. If collection is not probable, the lease payments will be accounted for on a cash basis, and revenue will be recorded as received. When reassessed and the collection of substantially all of the lease payments from the tenant becomes probable, the accrual basis of revenue recognition will be reestablished. Consistent with previous guidance, unless there is a change in the minimum lease payment credit risk, changes in the collectability of billed and unbilled recoveries will continue to be recognized as bad debt expense in property operating expenses on the condensed consolidated statements of operations and comprehensive (loss) income and an allowance for doubtful accounts established on the condensed consolidated balance sheets. As of June 30, 2019, minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
As of December 31, 2018, minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
Topic 842 Reclassifications The Company has chosen to apply the combined presentation of lease income, net required by Topic 842 retrospectively to the three and six months ended June 30, 2018, by combining amounts previously reported as rental income and tenant recovery income and making certain other reclassifications to the condensed consolidated statements of operations and comprehensive (loss) income. The following table reflects the disaggregation of lease income, net:
Contracts with Customers The Company earned other fee income of $860 and $1,765 for the three and six months ended June 30, 2019, respectively, and $924 and $2,000 for the three and six months ended June 30, 2018, respectively, which is comprised of fees derived from services provided to IAGM Retail Fund I, LLC ("IAGM"), an unconsolidated retail joint venture partnership between the Company as 55% owner and PGGM Private Real Estate Fund ("PGGM"), as disclosed in "Note 6. Investment in Consolidated and Unconsolidated Entities", and therefore deemed to be related party transactions. The property management, asset management, leasing and other services are provided over the term of the contract, which has a remaining original duration through 2023. The Company has receivables of $434 and $778 as of June 30, 2019 and December 31, 2018, respectively, which are included in deferred costs and other assets, net, on the condensed consolidated balance sheets. The following table reflects the disaggregation of other fee income:
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Acquired Properties |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Properties | Acquired Properties The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2019:
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2018:
The Company incurred transaction costs of $310 and $918 during the three and six months ended June 30, 2019, respectively, and $200 during the three and six months ended June 30, 2018, which were capitalized and included in building and other improvements on the Company's condensed consolidated balance sheets. The following table summarizes the estimated fair value of the retail properties' assets acquired and liabilities assumed for the six months ended June 30, 2019 and June 30, 2018:
(b) Intangible liabilities include below-market leases.
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Disposed Properties |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposed Properties | Disposed Properties The following table reflects the retail properties disposed of during the six months ended June 30, 2019:
In aggregate, the Company recognized net proceeds of $31,842 from the sales of these properties on the condensed consolidated statement of cash flows during the six months ended June 30, 2019. The following table reflects the retail properties disposed of during the six months ended June 30, 2018:
In aggregate, the Company recognized net proceeds of $186,778 from the sales and condemnation of these properties on the condensed consolidated statement of cash flows during the six months ended June 30, 2018.
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Investment in Consolidated and Unconsolidated Entities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investment in Partially Owned Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Consolidated and Unconsolidated Entities | Investment in Consolidated and Unconsolidated Entities Consolidated Entities As of June 30, 2019, the Company has no VIEs. During the fourth quarter of 2018, the Company entered into purchase agreements structured as Reverse 1031 Exchanges to acquire Sandy Plains Centre, which was the Company's only consolidated VIE as of December 31, 2018. Due to the expiration of the 180-day waiting period subsequent to December 31, 2018, the Reverse 1031 Exchange was terminated and the title of Sandy Plains Centre transferred to the Company. The liabilities of the VIE are non-recourse to the Company, and the assets must first be used to settle obligations of the VIE. The following table presents the net assets of the VIE:
Unconsolidated Entities The entities listed below are owned by the Company and other unaffiliated parties in joint ventures. Net income, distributions and capital transactions for these entities are allocated to the Company and its joint venture partners in accordance with the respective partnership agreements.
IAGM On April 17, 2013, the Company entered into a joint venture, IAGM, with PGGM for the purpose of acquiring, owning, managing, supervising, and disposing of retail properties and sharing in the profits and losses from those retail properties and their activities. The Company contributed 14 properties to IAGM during the year ended December 31, 2013, and treated the contribution as a partial sale under Topic 360-20, "Property, Plant and Equipment - Real Estate Sales," and deferred an aggregate gain of $15,625 as a result of the property sales into the joint venture. Through December 31, 2017, the Company was amortizing the basis adjustment over 30 years, consistent with the depreciation period of the investee's underlying assets. In accordance with the provisions of ASU No. 2017-05, full gain recognition may be required for property sales in which the Company has continuing involvement, when those gains may have been deferred under prior GAAP. As of January 1, 2018, with the adoption of ASU No. 2017-05, the Company's remaining $12,756 of the aforementioned deferred gain had been recognized through beginning distributions in excess of accumulated net income. During the three months ended June 30, 2019, IAGM disposed of Rockwell Plaza, a 255,000 square foot retail property, for a gross disposition price of $20,500 and recognized a provision for asset impairment of $1,443 and a loss on sale of $559. The Company's share of IAGM's provision for asset impairment was $794 and its share of the loss on sale was $307. Proceeds from the sale were used to extinguish the related $16,250 non-recourse mortgage loan. During the three months ended June 30, 2018, IAGM recognized a provision for asset impairment of $1,596 on one retail property. During the six months ended June 30, 2018, IAGM also disposed of Bryant Square, a 268,000 square foot retail property, for a gross disposition price of $38,000 and recognized a provision for asset impairment of $672 and a loss on sale of $3,905 related to this retail property. During the three and six months ended June 30, 2019 and 2018, the Company's share of IAGM's provision for asset impairment was $878 and $1,248, respectively, and its share of the loss on sale for the six months ended June 30, 2018 was $2,148. Downtown Railyard Ventures, LLC On September 30, 2015, the Company was admitted as a member of Downtown Railyard Venture, LLC ("DRV"), which was a joint venture established for the purpose of developing and selling a land development in Sacramento, California. On June 24, 2019, the Company liquidated all interests in DRV in exchange for $30,000 of cash consideration. During the year ended December 31, 2018, the Company recorded an other-than-temporary impairment of $29,933 on DRV due to a reduction in the expected hold period, thereby reducing the investment to an estimated fair value that the Company believed would be most probable of realization if the investment was liquidated. As a result of the other-than-temporary impairment, the liquidation of interests resulted in no gain or loss being recognized on the transaction. Upon liquidation, the Company has no continuing involvement with DRV. Combined Financial Information The following tables present the combined condensed financial information for the Company's unconsolidated entities.
The following table shows the scheduled maturities of IAGM's mortgages payable as of June 30, 2019, for the remainder of 2019, each of the next four years, and thereafter.
On June 30, 2019, IAGM entered into a one year extension on a $15,103 non-recourse mortgage loan related to one retail property. The original maturity date of June 30, 2019 was extended to June 30, 2020 and a partial paydown resulted in a new balance of $14,872. As of June 30, 2019 and December 31, 2018, none of IAGM's mortgages payable are recourse to the Company. It is anticipated that the joint venture will be able to repay, refinance or extend all of its debt on a timely basis.
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Debt |
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Notes and Loans Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt As of June 30, 2019, the Company's total debt, net, was $548,752, which consists of mortgages payable, net, of $199,556 and credit agreements, net, of $349,196. The Company believes it has the ability to repay, refinance or extend any of its debt, and that it has adequate sources of funds to meet short-term cash needs related to mortgages payable. It is anticipated that the Company will use proceeds from property sales, cash on hand, and available capacity on credit agreements, if any, to repay, refinance or extend the mortgages payable maturing in the near term. Mortgages Payable As of June 30, 2019 and December 31, 2018, the Company had the following mortgages payable outstanding:
Some of the mortgage loans require compliance with certain covenants, such as debt service coverage ratios, investment restrictions and distribution limitations. As of June 30, 2019 and December 31, 2018, the Company was in compliance with all mortgage loan requirements. The following table shows the scheduled maturities of the Company's mortgages payable as of June 30, 2019 for the remainder of 2019, each of the next four years, and thereafter.
Credit Agreements Unsecured revolving line of credit On December 21, 2018, the Company entered into an unsecured revolving credit agreement, which amends and restates the Company’s prior revolving credit agreement in its entirety, and provides for a $350,000 unsecured revolving line of credit (the "Revolving Credit Agreement"). The Revolving Credit Agreement has a 4-year term maturing on December 21, 2022, with two six months extension options. Interest rates are based on the Company's total leverage ratio or, at the Company's one-time irrevocable option, upon achievement of an investment-grade credit rating. A facility fee accrues on the aggregate commitments at a rate ranging from 0.15% to 0.30% depending on the Company’s total leverage ratio, and as of June 30, 2019 and December 31, 2018, the facility fee was 0.15%. As of June 30, 2019 and December 31, 2018, the Company had no outstanding borrowings under the Revolving Credit Agreement. Unsecured term loans On December 21, 2018, the Company entered into an unsecured term loan credit agreement, which amends and restates the Company’s prior term loan agreement in its entirety, and provides for $400,000 in unsecured term loans (the "Term Loan Agreement"). The Term Loan Agreement consists of two tranches: a $250,000 5-year tranche maturing on December 21, 2023, and a $150,000 5.5-year tranche maturing on June 21, 2024. Interest rates are based on the Company's total leverage ratio or, at the Company's one-time irrevocable option, upon achievement of an investment-grade credit rating. A fee is charged on the unused portion of the term loans at a rate ranging from 0.15% to 0.25% depending on the Company’s total leverage ratio, and as of June 30, 2019 and December 31, 2018, the unused fee was 0.15%. As of June 30, 2019 and December 31, 2018, the Company had a total of $48,000 available for borrowing under both the 5-year tranche and the 5.5-year tranche. As of June 30, 2019 and December 31, 2018, the Company had the following borrowings outstanding under its unsecured term loans:
(d) Interest rate reflects 1-Month LIBOR plus 1.2% effective December 21, 2018.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Recurring Measurements The following financial instruments are remeasured at fair value on a recurring basis:
Level 1 At June 30, 2019 and December 31, 2018, the Company had no Level 1 recurring fair value measurements. Level 2 To calculate the fair value of the derivative interest rate instruments, the Company primarily uses quoted prices for similar contracts. For the derivative interest rate instruments, the Company uses inputs based on data that are observed in the forward yield curve that is widely observable in the marketplace. The Company also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements that utilize Level 3 inputs, such as estimates of current credit spreads. As of June 30, 2019 and December 31, 2018, the Company determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company's derivative valuations in their entirety are classified as Level 2 of the fair value hierarchy. Level 3 At June 30, 2019 and December 31, 2018, the Company had no Level 3 recurring fair value measurements. Nonrecurring Measurements During the six months ended June 30, 2019, the Company had no Level 3 nonrecurring fair value measurements. During the six months ended June 30, 2018, the Company identified one retail property that had a reduction in its expected holding period and recorded a provision for asset impairment of $797 on the condensed consolidated statement of operations and comprehensive (loss) income as a result of the fair value being lower than the property's carrying value. The Company's fair value was based on an executed sales contract. The following table summarizes activity for the Company’s assets measured at fair value on a nonrecurring basis and the related impairment charges for the three and six months ended June 30, 2019 and 2018:
Financial Instruments Not Measured at Fair Value The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of June 30, 2019 and December 31, 2018:
The Company estimated the fair value of its mortgages payable using a weighted-average effective market interest rate of 3.71% and 4.38% as of June 30, 2019 and December 31, 2018, respectively. The fair value estimate of the term loans approximate the carrying value due to limited market volatility in pricing. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to that of the Company's. As a result, the Company used a weighted-average interest rate of 2.83% and 3.63% as of June 30, 2019 and December 31, 2018, respectively, to estimate the fair value of its term loans. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy.
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Earnings (loss) per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per Share | Earnings (loss) per Share The following table summarizes the calculation of the basic and diluted earnings (loss) per share:
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Stock-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the Company's restricted stock unit ("RSU") activity for the six months ended June 30, 2019:
On May 8, 2019, the board of directors approved the grant of time-based and performance-based RSUs under the Company's 2015 Incentive Award Plan. Stock-based compensation expense is recognized on a straight-line basis over the vesting period for time-based RSUs and recognized, when achievement of the performance condition is deemed probable, on a straight-line basis over the vesting period for performance-based RSUs. Forfeitures of all stock-based awards are recognized as they occur. As of June 30, 2019, there was $8,269 of total unrecognized compensation expense related to unvested stock-based compensation arrangements that will vest through December 2019, 2020 and 2021, as applicable. The Company recognized stock-based compensation expense of $1,320 and $2,165 for the three and six months ended June 30, 2019, respectively, and $1,216 and $2,084 for the three and six months ended June 30, 2018, respectively, as a part of general and administrative expenses on the condensed consolidated statements of operations and comprehensive (loss) income.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies The Company is subject, from time to time, to various types of third-party legal claims or litigation that arises in the ordinary course of business, including, but not limited to, property loss claims, personal injury or other damages resulting from contact with the Company’s properties. These claims and lawsuits and any resulting damages are generally covered by the Company's insurance policies. The Company accrues for legal costs associated with loss contingencies when these costs are probable and reasonably estimable. While the resolution of these matters cannot be predicted with certainty, management does not expect, based on currently available information, that the final outcome of any pending claims or legal proceedings will have a material adverse effect on the financial condition, results of operations or cash flows of the Company. University House Communities Group, Inc., Indemnity Claims The Company received an indemnity notice from UHC Acquisition Sub LLC ("UHC") regarding certain matters under the Stock Purchase Agreement, dated January 3, 2016, for University House Communities Group, Inc., which was sold in June 2016. The notice sets forth various items for which UHC believes they are entitled to indemnification from the Company. In the normal course of property dispositions, pursuant to the purchase and sale agreements, certain indemnification claims can be made against the Company by the purchaser, and the Company will continue to adjust the financial statements, as necessary, based on those claims. Based on the facts and circumstances of the indemnification claims made, guidance provided by third-party specialists and external counsel, and management’s ongoing assessment of the UHC claims, in 2017 the Company accrued a potential loss contingency representing their best estimate of the potential loss related to these claims. Since 2017, the Company has increased the accrual, when appropriate, based on changes to those facts and circumstances of the indemnification claims made, guidance provided by third-party specialists and external counsel, and management’s ongoing assessment of the UHC claims. On June 14, 2019, UHC and the Company, through various negotiations, reached a final settlement for the claims in the amount of $30,000, which was paid by the Company on June 24, 2019. During the three and six months ended June 30, 2019, the Company recognized losses from discontinued operations of $12,000 and $25,500, respectively, related to these claims. Operating and Finance Lease Commitments The Company has non-cancelable operating leases for office space used in its business and non-cancelable contracts of property improvements that have been deemed to contain finance leases that, prior to the adoption of Topic 842, were previously classified as capital leases. In addition, upon the adoption of Topic 842, the Company recognized operating lease right-of-use ("ROU") assets of $2,890 and lease liabilities of $3,114. In conjunction with the adoption of Topic 842, the Company elected the following practical expedients and accounting policies:
The following table reflects the Company's operating, finance, and capital lease arrangements:
The following table reflects the Company's total lease cost, weighted-average lease terms, and weighted-average discount rates for the three and six months ended June 30, 2019:
Future minimum lease obligations as of June 30, 2019, were as follows:
Future minimum lease obligations as of December 31, 2018, were as follows:
(a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In preparing its condensed consolidated financial statements, the Company has evaluated events and transactions occurring after June 30, 2019, through the date the financial statements were issued for recognition and disclosure purposes. On July 11, 2019, the Company acquired Southern Palm, a 346,200 square foot power center, located in the Miami-Fort Lauderdale-West Palm Beach, FL MSA, for a gross acquisition price of $96,750.
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Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Adopted
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Basis of Presentation and Recently Issued Accounting Pronouncements (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recently Issued Accounting Pronouncements Adopted/Not Yet Adopted | Recently Issued Accounting Pronouncements Adopted
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Lease Payments to be Received | As of June 30, 2019, minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
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Minimum Lease Payments to be Received | As of December 31, 2018, minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
Future minimum lease obligations as of December 31, 2018, were as follows:
(a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.
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Disaggregation of Lease Income, Net | The following table reflects the disaggregation of lease income, net:
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Disaggregation of Other Fee Income | The following table reflects the disaggregation of other fee income:
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Acquired Properties (Tables) |
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Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of acquisitions | The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2019:
The following table reflects the retail properties acquired, accounted for as asset acquisitions, during the six months ended June 30, 2018:
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Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the estimated fair value of the retail properties' assets acquired and liabilities assumed for the six months ended June 30, 2019 and June 30, 2018:
(b) Intangible liabilities include below-market leases.
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Disposed Properties (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Not Discontinued Operations, Disposal Activity | The following table reflects the retail properties disposed of during the six months ended June 30, 2019:
In aggregate, the Company recognized net proceeds of $31,842 from the sales of these properties on the condensed consolidated statement of cash flows during the six months ended June 30, 2019. The following table reflects the retail properties disposed of during the six months ended June 30, 2018:
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Investment in Consolidated and Unconsolidated Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in Partially Owned Entities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Variable Interest Entities | The following table presents the net assets of the VIE:
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Schedule of Net Equity Investment and Share of Net Income or Loss | The entities listed below are owned by the Company and other unaffiliated parties in joint ventures. Net income, distributions and capital transactions for these entities are allocated to the Company and its joint venture partners in accordance with the respective partnership agreements.
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Schedule of Combined Financial Information of Investment in Unconsolidated Entities | The following tables present the combined condensed financial information for the Company's unconsolidated entities.
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Contractual Obligation, Fiscal Year Maturity Schedule | The following table shows the scheduled maturities of IAGM's mortgages payable as of June 30, 2019, for the remainder of 2019, each of the next four years, and thereafter.
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes and Loans Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Outstanding Debt | As of June 30, 2019 and December 31, 2018, the Company had the following mortgages payable outstanding:
(a) Mortgages payable had fixed interest rates ranging from 3.49% to 5.49% as of June 30, 2019 and December 31, 2018, with a weighted-average interest rate of 4.27% and 4.33% as of June 30, 2019 and December 31, 2018. As of June 30, 2019 and December 31, 2018, the Company had the following borrowings outstanding under its unsecured term loans:
(d) Interest rate reflects 1-Month LIBOR plus 1.2% effective December 21, 2018.
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Schedule Of Maturities For Outstanding Mortgage Indebtedness | The following table shows the scheduled maturities of the Company's mortgages payable as of June 30, 2019 for the remainder of 2019, each of the next four years, and thereafter.
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities | The following financial instruments are remeasured at fair value on a recurring basis:
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Assets Measured at Fair Value on Non-Recurring Basis | The following table summarizes activity for the Company’s assets measured at fair value on a nonrecurring basis and the related impairment charges for the three and six months ended June 30, 2019 and 2018:
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Fair Value of Financial Instruments Presented at Carrying Values | The table below represents the estimated fair value of financial instruments presented at carrying values in the Company's condensed consolidated financial statements as of June 30, 2019 and December 31, 2018:
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Earnings (loss) per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the calculation of the basic and diluted earnings (loss) per share:
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes the Company's restricted stock unit ("RSU") activity for the six months ended June 30, 2019:
(a) On an annual basis, the Company engages an independent third-party valuation advisory firm to estimate the per share value of the Company's common stock.
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating, Finance, and Capital Lease Arrangements | The following table reflects the Company's operating, finance, and capital lease arrangements:
(d) Recognized as a part of accumulated depreciation on the condensed consolidated balance sheets.
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Schedule of Lease Cost, Weighted Average Lease Term and Weighted Average Discount Rate | The following table reflects the Company's total lease cost, weighted-average lease terms, and weighted-average discount rates for the three and six months ended June 30, 2019:
(c) Recognized as a part of interest expense, net on the condensed consolidated statements of operations and comprehensive (loss) income.
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Schedule of Future Minimum Operating Lease Obligations | Future minimum lease obligations as of June 30, 2019, were as follows:
(a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.
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Schedule of Future Minimum Finance Lease Obligations | Future minimum lease obligations as of June 30, 2019, were as follows:
(a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.
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Schedule of minimum operating lease obligations | As of December 31, 2018, minimum lease payments to be received under long-term operating leases and short-term specialty leases, excluding additional percentage rent based on tenants' sales volume and tenant reimbursements of certain operating expenses, and assuming no exercise of renewal options or early termination rights, are as follows:
Future minimum lease obligations as of December 31, 2018, were as follows:
(a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.
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Schedule of minimum capital lease obligations under non-cancelable ground leases | Future minimum lease obligations as of December 31, 2018, were as follows:
(a) Interest includes the amount necessary to reduce the total expected minimum lease obligations to present value calculated at the Company's incremental borrowing rate.
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Organization (Details) ft² in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2019
ft²
joint_venture
property
|
Jun. 30, 2018
ft²
joint_venture
property
|
|
Entity Information [Line Items] | ||
Number of operating real estate joint ventures | joint_venture | 1 | |
Corporate Joint Venture | ||
Entity Information [Line Items] | ||
Number of retail properties | joint_venture | 1 | |
Area of real estate | ft² | 2.6 | 3.0 |
Number of managed assets | property | 12 | 14 |
Retail | ||
Entity Information [Line Items] | ||
Area of real estate | ft² | 9.5 | 11.0 |
Retail | ||
Entity Information [Line Items] | ||
Number of retail properties | property | 59 | 64 |
Basis of Presentation and Recently Issued Accounting Pronouncements (Details) $ in Thousands |
Jan. 01, 2018
USD ($)
|
|||
---|---|---|---|---|
Accounting Standards Update 2016-01 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net unrealized gain on available-for-sale equity securities | $ 275 | |||
Accounting Standards Update 2017-05 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Adjustment to retained earnings | $ 12,756 | [1] | ||
|
Revenue Recognition - Minimum Lease Payments to be Received (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Minimum Lease Payments | ||
Remaining 2019 | $ 80,410 | |
2020 | 152,400 | |
2021 | 138,621 | |
2022 | 117,565 | |
2023 | 99,353 | |
Thereafter | 338,479 | |
Total | $ 926,828 | |
Minimum Lease Payments | ||
2019 | $ 151,874 | |
2020 | 139,290 | |
2021 | 124,366 | |
2022 | 103,204 | |
2023 | 83,744 | |
Thereafter | 282,629 | |
Total | $ 885,107 |
Revenue Recognition - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Disaggregation of Revenue [Line Items] | ||||
Minimum lease payments | $ 39,059 | $ 43,590 | $ 78,466 | $ 88,183 |
Lease income, net | 55,509 | 60,034 | 110,544 | 122,373 |
Estimated credit losses | (420) | (284) | (1,089) | (366) |
Billed and unbilled tax and insurance recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 8,717 | 9,286 | 16,975 | 18,175 |
Billed and unbilled common area maintenance and other recoveries | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 5,348 | 5,783 | 11,125 | 12,602 |
Amortization of above and below-market leases and lease inducements, net | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | 1,327 | 1,246 | 2,918 | 2,748 |
Short-term, termination fee, and other lease income | ||||
Disaggregation of Revenue [Line Items] | ||||
Lease income, net | $ 1,478 | $ 413 | $ 2,149 | $ 1,031 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Disaggregation of Revenue [Line Items] | |||||
Receivables from Customers | $ 434 | $ 434 | $ 778 | ||
Affiliated entity | |||||
Disaggregation of Revenue [Line Items] | |||||
Joint venture partnership percentage | 55.00% | 55.00% | |||
Other fee income | |||||
Disaggregation of Revenue [Line Items] | |||||
Income | $ 860 | $ 924 | $ 1,765 | $ 2,000 |
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Property management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 588 | $ 637 | $ 1,226 | $ 1,365 |
Asset management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 272 | 259 | 517 | 562 |
Leasing commissions and other fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | 0 | 28 | 22 | 73 |
Other fee income | ||||
Disaggregation of Revenue [Line Items] | ||||
Other fee income | $ 860 | $ 924 | $ 1,765 | $ 2,000 |
Disposed Properties - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Discontinued Operations and Disposal Groups [Abstract] | ||
Proceeds from sale and transfer of investment properties, net | $ 31,842 | $ 186,778 |
Investment in Consolidated and Unconsolidated Entities - Schedule of Consolidated Variable interest Entities (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Variable Interest Entity [Line Items] | |
Total assets | $ 44,091 |
Liabilities | (385) |
Net assets | 43,706 |
Net investment properties | |
Variable Interest Entity [Line Items] | |
Total assets | 39,634 |
Other assets | |
Variable Interest Entity [Line Items] | |
Total assets | $ 4,457 |
Investment in Consolidated and Unconsolidated Entities - Net Equity Investment and Share of Net Income (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of net equity investment and share of net income or loss | ||
Carrying value of investment | $ 122,365 | $ 156,132 |
IAGM Retail Fund I, LLC | ||
Schedule of net equity investment and share of net income or loss | ||
Ownership % | 55.00% | |
Carrying value of investment | $ 122,365 | 126,195 |
Downtown Railyard Venture, LLC | ||
Schedule of net equity investment and share of net income or loss | ||
Ownership % | 0.00% | |
Carrying value of investment | $ 0 | 30,049 |
Other unconsolidated entities | ||
Schedule of net equity investment and share of net income or loss | ||
Carrying value of investment | $ 0 | $ (112) |
Investment in Consolidated and Unconsolidated Entities - Schedule Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
|
Assets | |||||
Real estate assets, net of accumulated depreciation | $ 438,281 | $ 438,281 | $ 494,583 | ||
Other assets | 54,487 | 54,487 | 103,565 | ||
Total assets | 492,768 | 492,768 | 598,148 | ||
Liabilities and Equity | |||||
Mortgages payable, net | 256,453 | 256,453 | 272,629 | ||
Other liabilities | 15,410 | 15,410 | 42,569 | ||
Equity | 220,905 | 220,905 | 282,950 | ||
Total liabilities and equity | 492,768 | 492,768 | 598,148 | ||
Company's share of equity | 122,365 | 122,365 | 185,814 | ||
Outside basis difference | 0 | 0 | (29,682) | ||
Carrying value of investments in unconsolidated entities | 122,365 | 122,365 | $ 156,132 | ||
Statements of Operations: | |||||
Revenues | 13,106 | $ 14,175 | 26,747 | $ 29,864 | |
Operating expenses | |||||
Interest expense and loan cost amortization | 2,894 | 3,420 | 5,788 | 6,806 | |
Depreciation and amortization | 5,663 | 5,622 | 10,939 | 11,277 | |
Operating and general and administrative expenses | 4,521 | 4,652 | 9,111 | 11,008 | |
Provision for asset impairment | 1,443 | 1,596 | 1,443 | 2,268 | |
Total expenses | 14,521 | 15,290 | 27,281 | 31,359 | |
Net loss before loss on sale of real estate | (1,415) | (1,115) | (534) | (1,495) | |
Loss on sale of real estate | (559) | 0 | (5,540) | (3,905) | |
Net loss | (1,974) | (1,115) | (6,074) | (5,400) | |
Company's share of net income (loss) | (1,079) | (661) | (5,023) | (2,976) | |
Distributions from unconsolidated entities in excess of the investments' carrying value | 0 | (50) | 0 | 224 | |
Outside basis adjustment for investee's sale of real estate | 0 | 0 | 4,403 | 0 | |
Equity in losses of unconsolidated entities | $ (1,079) | $ (711) | $ (620) | $ (2,752) |
Investment in Consolidated and Unconsolidated Entities - Unconsolidated Entities (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Debt Maturities of the Unconsolidated Entities | ||
Mortgage debt | $ 256,453 | $ 272,629 |
IAGM Retail Fund I, LLC | ||
Schedule of Debt Maturities of the Unconsolidated Entities | ||
2019 | 0 | |
2020 | 14,872 | |
2021 | 23,150 | |
2022 | 0 | |
2023 | 180,125 | |
Thereafter | 40,680 | |
Mortgage debt | $ 258,827 |
Debt - Mortgages Payable (Details) - Mortgages payable - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Debt Instrument [Line Items] | ||
Mortgages payable | $ 200,489 | $ 213,925 |
Premium, net of accumulated amortization | 120 | 239 |
Discount, net of accumulated amortization | (139) | (158) |
Debt issuance costs, net of accumulated amortization | (914) | (1,079) |
Total debt, net | $ 199,556 | $ 212,927 |
Weighted average interest rate (percent) | 4.27% | 4.33% |
Minimum | ||
Debt Instrument [Line Items] | ||
Fixed interest rate (percent) | 3.49% | 3.49% |
Maximum | ||
Debt Instrument [Line Items] | ||
Fixed interest rate (percent) | 5.49% | 5.49% |
Debt - Mortgage Maturities (Details) - Mortgages payable - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of maturities for outstanding mortgage indebtedness | ||
2019 | $ 0 | |
2020 | 41,000 | |
2021 | 0 | |
2022 | 50,270 | |
2023 | 41,339 | |
Thereafter | 67,880 | |
Total | $ 200,489 | $ 213,925 |
Fair Value Measurements - Quantitative Disclosure of The Fair Value For Each Major Category Of Assets And Liabilities (Details) - Recurring - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Level 1 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate swaps | $ 0 | $ 0 |
Total assets | 0 | 0 |
Level 2 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate swaps | 462 | 1,637 |
Total assets | 462 | 1,637 |
Level 3 | ||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | ||
Derivative interest rate swaps | 0 | 0 |
Total assets | $ 0 | $ 0 |
Fair Value Measurements - Assets Measured at Fair Value on Non-Recurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Impairment Losses | ||||
Investment properties | $ 0 | $ 0 | $ 0 | $ 797 |
Nonrecurring | ||||
Impairment Losses | ||||
Investment properties | 0 | 0 | 0 | 797 |
Nonrecurring | Level 3 | ||||
Impairment Losses | ||||
Investment properties | $ 0 | $ 0 | $ 0 | $ 31,000 |
Fair Value Measurements - Fair Value of Financial Instruments Presented at Carrying Values (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Carrying Value | ||
Debt Instrument [Line Items] | ||
Mortgages payable | $ 200,489 | $ 213,925 |
Term loans | 352,000 | 352,000 |
Estimated Fair Value | ||
Debt Instrument [Line Items] | ||
Mortgages payable | 203,312 | 212,572 |
Term loans | $ 351,993 | $ 352,006 |
Fair Value Measurements - Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2018
USD ($)
property
|
Dec. 31, 2018 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of properties impaired | property | 1 | ||||
Interest expense, net | $ | $ 0 | $ 0 | $ 0 | $ 797 | |
Mortgages payable | Weighted Average Effective Market Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.0371 | 0.0371 | 0.0438 | ||
Line of Credit | Discount Rate | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.0283 | 0.0283 | 0.0363 |
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Share-based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense not yet recognized | $ 8,269 | $ 8,269 | ||
Stock-based compensation expense recognized | $ 1,320 | $ 1,216 | $ 2,165 | $ 2,084 |
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 14, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jan. 01, 2019 |
|
Loss Contingencies [Line Items] | ||||||
Loss contingency accrual, period increase (decrease) | $ 12,000 | $ 25,500 | ||||
Net loss from discontinued operations | (12,000) | $ 0 | (25,500) | $ 0 | ||
Operating lease right-of-use asset | 2,493 | 2,493 | ||||
Lease liabilities | $ 2,435 | $ 2,435 | ||||
Accounting Standards Update 2016-02 | ||||||
Loss Contingencies [Line Items] | ||||||
Operating lease right-of-use asset | $ 2,890 | |||||
Lease liabilities | $ 3,114 | |||||
Settled Litigation | University House Communities Group, Inc | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation settlement, amount awarded to other party | $ 30,000 |
Commitments and Contingencies - Operating, Finance, and Capital Lease Arrangements (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Leases [Abstract] | ||
Operating lease ROU assets | $ 2,493 | |
Operating lease ROU accumulated amortization | (271) | |
Operating lease liabilities | 2,435 | |
Finance lease ROU assets | 2,097 | |
Finance lease ROU accumulated amortization | (174) | |
Finance lease liabilities | $ 1,557 | |
Capital lease assets | $ 2,097 | |
Capital lease accumulated amortization | (104) | |
Capital lease liabilities | $ 1,789 |
Commitments and Contingencies - Lease Cost, Weighted Average Lease Term and Weighted Average Discount Rate (Details) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Leases [Abstract] | ||
Minimum operating lease payments | $ 168 | $ 340 |
Variable operating lease payments | 29 | 62 |
Short-term operating lease payments | 74 | 144 |
ROU amortization of finance leases | 35 | 70 |
Interest expense of finance leases | 15 | 31 |
Total lease cost | $ 321 | $ 647 |
Weighted-average remaining lease term of operating leases | 5 years 7 months 6 days | 5 years 7 months 6 days |
Weighted-average remaining lease term of finance leases | 3 years 2 months 12 days | 3 years 2 months 12 days |
Weighted-average discount rate of operating leases | 4.44% | 4.44% |
Weighted-average discount rate of finance leases | 3.50% | 3.50% |
Commitments and Contingencies - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Operating Leases | ||
Remaining 2019 | $ 301 | |
2020 | 587 | |
2021 | 471 | |
2022 | 443 | |
2023 | 455 | |
Thereafter | 470 | |
Total expected minimum lease obligation | 2,727 | |
Less: Amount representing interest | (292) | |
Operating lease liabilities | 2,435 | |
Finance Leases | ||
Remaining 2019 | 300 | |
2020 | 532 | |
2021 | 518 | |
2022 | 317 | |
2023 | 40 | |
Thereafter | 0 | |
Total expected minimum lease obligation | 1,707 | |
Less: Amount representing interest | (150) | |
Present value of net minimum lease payments | $ 1,557 | |
Operating Leases | ||
2019 | $ 717 | |
2020 | 611 | |
2021 | 494 | |
2022 | 466 | |
2023 | 479 | |
Thereafter | 1,041 | |
Total expected minimum lease obligation | 3,808 | |
Capital Leases | ||
2019 | 532 | |
2020 | 532 | |
2021 | 519 | |
2022 | 317 | |
2023 | 40 | |
Thereafter | 0 | |
Total expected minimum lease obligation | 1,940 | |
Less: Amount representing interest | (151) | |
Present value of net minimum lease payments | $ 1,789 |
Subsequent Events - (Details) - Southern Palm - Subsequent Event $ in Thousands |
Jul. 11, 2019
USD ($)
ft²
|
---|---|
Subsequent Event [Line Items] | |
Square Feet | ft² | 346,200 |
Gross Acquisition Price | $ | $ 96,750 |
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