ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TEXAS | 74-1464203 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
2600 Citadel Plaza Drive | |
P.O. Box 924133 | |
Houston, Texas | 77292-4133 |
(Address of principal executive offices) | (Zip Code) |
(713) 866-6000 | ||
(Registrant's telephone number) | ||
Large accelerated filer ý | Accelerated filer ¨ |
Non-accelerated filer ¨ | Smaller reporting company ¨ |
(Do not check if a smaller reporting company) |
PART I. | Financial Information: | Page Number | |
Item 1. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
PART II. | Other Information: | ||
Item 1. | |||
Item 1A. | |||
Item 2. | |||
Item 3. | |||
Item 4. | |||
Item 5. | |||
Item 6. | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues: | |||||||||||||||
Rentals, net | $ | 123,005 | $ | 117,843 | $ | 241,724 | $ | 232,511 | |||||||
Other | 2,615 | 5,482 | 5,330 | 8,020 | |||||||||||
Total | 125,620 | 123,325 | 247,054 | 240,531 | |||||||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 34,332 | 33,457 | 68,431 | 66,154 | |||||||||||
Operating | 24,315 | 23,646 | 47,103 | 44,925 | |||||||||||
Real estate taxes, net | 14,744 | 13,736 | 28,801 | 27,914 | |||||||||||
Impairment loss | 4,293 | 18,891 | 11,145 | 19,661 | |||||||||||
General and administrative | 6,378 | 6,600 | 14,684 | 13,136 | |||||||||||
Total | 84,062 | 96,330 | 170,164 | 171,790 | |||||||||||
Operating Income | 41,558 | 26,995 | 76,890 | 68,741 | |||||||||||
Interest Expense, net | (29,311 | ) | (37,036 | ) | (60,740 | ) | (73,649 | ) | |||||||
Interest and Other Income, net | 582 | 1,423 | 2,968 | 3,478 | |||||||||||
Gain on Sale of Real Estate Joint Venture and Partnership Interests | — | — | 5,562 | — | |||||||||||
Equity in (Losses) Earnings of Real Estate Joint Ventures and Partnerships, net | (15,695 | ) | 3,579 | (11,620 | ) | 6,976 | |||||||||
Benefit for Income Taxes | 220 | 190 | 242 | 506 | |||||||||||
(Loss) Income from Continuing Operations | (2,646 | ) | (4,849 | ) | 13,302 | 6,052 | |||||||||
Operating Income from Discontinued Operations | 4,059 | 7,652 | 6,675 | 12,879 | |||||||||||
Gain on Sale of Property from Discontinued Operations | 31,264 | — | 34,898 | — | |||||||||||
Income from Discontinued Operations | 35,323 | 7,652 | 41,573 | 12,879 | |||||||||||
Gain on Sale of Property | 84 | 136 | 524 | 1,196 | |||||||||||
Net Income | 32,761 | 2,939 | 55,399 | 20,127 | |||||||||||
Less: Net Income Attributable to Noncontrolling Interests | (1,342 | ) | (1,236 | ) | (2,783 | ) | (2,328 | ) | |||||||
Net Income Adjusted for Noncontrolling Interests | 31,419 | 1,703 | 52,616 | 17,799 | |||||||||||
Dividends on Preferred Shares | (8,869 | ) | (8,869 | ) | (17,738 | ) | (17,738 | ) | |||||||
Net Income (Loss) Attributable to Common Shareholders | $ | 22,550 | $ | (7,166 | ) | $ | 34,878 | $ | 61 | ||||||
Earnings Per Common Share - Basic: | |||||||||||||||
Loss from continuing operations attributable to common shareholders | $ | (0.10 | ) | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.11 | ) | |||
Income from discontinued operations | 0.29 | 0.06 | 0.34 | 0.11 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 0.19 | $ | (0.06 | ) | $ | 0.29 | $ | — | ||||||
Earnings Per Common Share - Diluted: | |||||||||||||||
Loss from continuing operations attributable to common shareholders | $ | (0.10 | ) | $ | (0.12 | ) | $ | (0.05 | ) | $ | (0.11 | ) | |||
Income from discontinued operations | 0.29 | 0.06 | 0.34 | 0.11 | |||||||||||
Net income (loss) attributable to common shareholders | $ | 0.19 | $ | (0.06 | ) | $ | 0.29 | $ | — | ||||||
Comprehensive Income: | |||||||||||||||
Net Income | $ | 32,761 | $ | 2,939 | $ | 55,399 | $ | 20,127 | |||||||
Net unrealized loss on derivatives | (148 | ) | (401 | ) | (132 | ) | (290 | ) | |||||||
Amortization of loss on derivatives | 662 | 619 | 1,321 | 1,238 | |||||||||||
Comprehensive Income | 33,275 | 3,157 | 56,588 | 21,075 | |||||||||||
Comprehensive Income Attributable to Noncontrolling Interests | (1,342 | ) | (1,236 | ) | (2,783 | ) | (2,328 | ) | |||||||
Comprehensive Income Adjusted for Noncontrolling Interests | $ | 31,933 | $ | 1,921 | $ | 53,805 | $ | 18,747 |
June 30, 2012 | December 31, 2011 | ||||||
ASSETS | |||||||
Property | $ | 4,345,891 | $ | 4,688,526 | |||
Accumulated Depreciation | (1,000,138 | ) | (1,059,531 | ) | |||
Property Held for Sale, net | 63,747 | 73,241 | |||||
Property, net * | 3,409,500 | 3,702,236 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net | 317,781 | 341,608 | |||||
Total | 3,727,281 | 4,043,844 | |||||
Notes Receivable from Real Estate Joint Ventures and Partnerships | 89,363 | 149,204 | |||||
Unamortized Debt and Lease Costs, net | 113,578 | 115,191 | |||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $9,777 in 2012 and $11,301 in 2011) * | 71,267 | 86,530 | |||||
Cash and Cash Equivalents * | 15,097 | 13,642 | |||||
Restricted Deposits and Mortgage Escrows | 33,211 | 11,144 | |||||
Other, net | 168,356 | 168,671 | |||||
Total Assets | $ | 4,218,153 | $ | 4,588,226 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net * | $ | 2,194,685 | $ | 2,531,837 | |||
Accounts Payable and Accrued Expenses | 114,660 | 124,888 | |||||
Other, net | 111,539 | 107,919 | |||||
Total Liabilities | 2,420,884 | 2,764,644 | |||||
Commitments and Contingencies | — | — | |||||
Equity: | |||||||
Shareholders’ Equity: | |||||||
Preferred Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 10,000 | |||||||
6.75% Series D cumulative redeemable preferred shares of beneficial interest; 100 shares issued and outstanding in 2012 and 2011; liquidation preference $75,000 | 3 | 3 | |||||
6.95% Series E cumulative redeemable preferred shares of beneficial interest; 29 shares issued and outstanding in 2012 and 2011; liquidation preference $72,500 | 1 | 1 | |||||
6.5% Series F cumulative redeemable preferred shares of beneficial interest; 140 shares issued and outstanding in 2012 and 2011; liquidation preference $350,000 | 4 | 4 | |||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 121,249 in 2012 and 120,844 in 2011 | 3,653 | 3,641 | |||||
Additional Paid-In Capital | 1,993,351 | 1,983,978 | |||||
Net Income Less Than Accumulated Dividends | (339,904 | ) | (304,504 | ) | |||
Accumulated Other Comprehensive Loss | (26,554 | ) | (27,743 | ) | |||
Total Shareholders’ Equity | 1,630,554 | 1,655,380 | |||||
Noncontrolling Interests | 166,715 | 168,202 | |||||
Total Equity | 1,797,269 | 1,823,582 | |||||
Total Liabilities and Equity | $ | 4,218,153 | $ | 4,588,226 | |||
* Consolidated Variable Interest Entities’ Assets and Liabilities included in the above balances (See Note 17): | |||||||
Property, net | $ | 227,094 | $ | 230,159 | |||
Accrued Rent and Accounts Receivable, net | 7,071 | 8,564 | |||||
Cash and Cash Equivalents | 9,360 | 11,382 | |||||
Debt, net | 277,880 | 279,301 |
WEINGARTEN REALTY INVESTORS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | |||||||
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 55,399 | $ | 20,127 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 73,359 | 78,562 | |||||
Amortization of deferred financing costs and debt discount | 316 | 2,079 | |||||
Impairment loss | 15,074 | 22,550 | |||||
Equity in losses (earnings) of real estate joint ventures and partnerships, net | 11,620 | (6,976 | ) | ||||
Gain on acquisition | — | (4,559 | ) | ||||
Gain on sale of property | (35,422 | ) | (1,196 | ) | |||
Gain on sale of real estate joint venture and partnership interests | (5,562 | ) | — | ||||
Distributions of income from real estate joint ventures and partnerships, net | 1,562 | 1,500 | |||||
Changes in accrued rent and accounts receivable, net | 10,064 | 17,541 | |||||
Changes in other assets, net | (15,193 | ) | (14,692 | ) | |||
Changes in accounts payable, accrued expenses and other liabilities, net | (9,458 | ) | (16,142 | ) | |||
Other, net | 7,686 | 5,687 | |||||
Net cash provided by operating activities | 109,445 | 104,481 | |||||
Cash Flows from Investing Activities: | |||||||
Acquisition of real estate and land | (116,960 | ) | (45,293 | ) | |||
Development and capital improvements | (45,585 | ) | (36,799 | ) | |||
Proceeds from sale of property and real estate equity investments, net | 419,370 | 43,013 | |||||
Change in restricted deposits and mortgage escrows | (22,010 | ) | (21,795 | ) | |||
Notes receivable from real estate joint ventures and partnerships and other receivables: | |||||||
Advances | (4,865 | ) | (2,251 | ) | |||
Collections | 73,563 | 4,375 | |||||
Real estate joint ventures and partnerships: | |||||||
Investments | (7,129 | ) | (12,626 | ) | |||
Distributions of capital | 7,568 | 8,373 | |||||
Proceeds from tax increment revenue bonds | — | 16,545 | |||||
Net cash provided by (used in) investing activities | 303,952 | (46,458 | ) | ||||
Cash Flows from Financing Activities: | |||||||
Proceeds from issuance of: | |||||||
Debt | — | 15,750 | |||||
Common shares of beneficial interest, net | 3,212 | 3,650 | |||||
Principal payments of debt | (384,116 | ) | (87,303 | ) | |||
Changes in unsecured revolving credit facilities | 62,500 | 97,850 | |||||
Common and preferred dividends paid | (86,704 | ) | (82,833 | ) | |||
Debt issuance costs paid | (1,685 | ) | (356 | ) | |||
Distributions to noncontrolling interests | (7,333 | ) | (7,259 | ) | |||
Contributions from noncontrolling interests | 2,123 | 3,717 | |||||
Other, net | 61 | (724 | ) | ||||
Net cash used in financing activities | (411,942 | ) | (57,508 | ) | |||
Net increase in cash and cash equivalents | 1,455 | 515 | |||||
Cash and cash equivalents at January 1 | 13,642 | 23,859 | |||||
Cash and cash equivalents at June 30 | $ | 15,097 | $ | 24,374 | |||
Interest paid during the period (net of amount capitalized of $1,594 and $654, respectively) | $ | 61,959 | $ | 70,863 | |||
Income taxes paid during the period | $ | 1,548 | $ | 1,578 |
Preferred Shares of Beneficial Interest | Common Shares of Beneficial Interest | Additional Paid-In Capital | Net Income Less Than Accumulated Dividends | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total | |||||||||||||||||||||
Balance, January 1, 2011 | $ | 8 | $ | 3,630 | $ | 1,969,905 | $ | (151,780 | ) | $ | (21,774 | ) | $ | 180,268 | $ | 1,980,257 | |||||||||||
Net income | 17,799 | 2,328 | 20,127 | ||||||||||||||||||||||||
Shares issued under benefit plans | 10 | 7,516 | 7,526 | ||||||||||||||||||||||||
Dividends declared – common shares (1) | (66,407 | ) | (66,407 | ) | |||||||||||||||||||||||
Dividends declared – preferred shares (2) | (16,426 | ) | (16,426 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | (7,259 | ) | (7,259 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | 3,717 | 3,717 | |||||||||||||||||||||||||
Other comprehensive income | 948 | 948 | |||||||||||||||||||||||||
Other, net | 2,864 | (1,312 | ) | (2,449 | ) | (897 | ) | ||||||||||||||||||||
Balance, June 30, 2011 | $ | 8 | $ | 3,640 | $ | 1,980,285 | $ | (218,126 | ) | $ | (20,826 | ) | $ | 176,605 | $ | 1,921,586 | |||||||||||
Balance, January 1, 2012 | $ | 8 | $ | 3,641 | $ | 1,983,978 | $ | (304,504 | ) | $ | (27,743 | ) | $ | 168,202 | $ | 1,823,582 | |||||||||||
Net income | 52,616 | 2,783 | 55,399 | ||||||||||||||||||||||||
Shares issued under benefit plans | 12 | 8,264 | 8,276 | ||||||||||||||||||||||||
Dividends declared – common shares (1) | (70,278 | ) | (70,278 | ) | |||||||||||||||||||||||
Dividends declared – preferred shares (2) | (16,426 | ) | (16,426 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | (7,333 | ) | (7,333 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | 2,123 | 2,123 | |||||||||||||||||||||||||
Other comprehensive income | 1,189 | 1,189 | |||||||||||||||||||||||||
Other, net | 1,109 | (1,312 | ) | 940 | 737 | ||||||||||||||||||||||
Balance, June 30, 2012 | $ | 8 | $ | 3,653 | $ | 1,993,351 | $ | (339,904 | ) | $ | (26,554 | ) | $ | 166,715 | $ | 1,797,269 |
(1) | Common dividend per share was $0.58 and $0.55 for the six months ended June 30, 2012 and 2011, respectively. |
(2) | Series D, E and F preferred dividend per share was $25.31, $86.88 and $81.25, respectively, for both the six months ended June 30, 2012 and 2011. |
June 30, 2012 | December 31, 2011 | ||||||
Restricted cash | $ | 26,120 | $ | 3,169 | |||
Mortgage escrows | 7,091 | 7,975 | |||||
Total | $ | 33,211 | $ | 11,144 |
June 30, 2012 | December 31, 2011 | ||||||
Derivatives | $ | 8,827 | $ | 10,016 | |||
Retirement liability | 17,727 | 17,727 | |||||
Total | $ | 26,554 | $ | 27,743 |
June 30, 2012 | December 31, 2011 | ||||||
Land | $ | 870,826 | $ | 918,627 | |||
Land held for development | 126,616 | 124,528 | |||||
Land under development | 15,545 | 20,281 | |||||
Buildings and improvements | 3,267,219 | 3,557,173 | |||||
Construction in-progress | 65,685 | 67,917 | |||||
Total | $ | 4,345,891 | $ | 4,688,526 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Interest | $ | 811 | $ | 317 | $ | 1,594 | $ | 654 | |||||||
Real estate taxes | 123 | 72 | 246 | 83 | |||||||||||
Total | $ | 934 | $ | 389 | $ | 1,840 | $ | 737 |
June 30, 2012 | December 31, 2011 | ||||||
Combined Condensed Balance Sheets | |||||||
Property | $ | 1,933,796 | $ | 2,108,745 | |||
Accumulated depreciation | (310,024 | ) | (296,496 | ) | |||
Property, net | 1,623,772 | 1,812,249 | |||||
Other assets, net | 169,644 | 173,130 | |||||
Total | $ | 1,793,416 | $ | 1,985,379 | |||
Debt, net (primarily mortgages payable) | $ | 551,012 | $ | 556,920 | |||
Amounts payable to Weingarten Realty Investors and affiliates | 106,952 | 170,007 | |||||
Other liabilities, net | 41,837 | 41,907 | |||||
Total | 699,801 | 768,834 | |||||
Accumulated equity | 1,093,615 | 1,216,545 | |||||
Total | $ | 1,793,416 | $ | 1,985,379 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Combined Condensed Statements of Operations | |||||||||||||||
Revenues, net | $ | 50,026 | $ | 50,866 | $ | 99,873 | $ | 102,192 | |||||||
Expenses: | |||||||||||||||
Depreciation and amortization | 15,481 | 16,913 | 31,617 | 34,544 | |||||||||||
Interest, net | 8,961 | 9,573 | 18,047 | 18,837 | |||||||||||
Operating | 8,571 | 8,936 | 17,196 | 17,830 | |||||||||||
Real estate taxes, net | 6,159 | 6,128 | 12,397 | 12,606 | |||||||||||
General and administrative | 225 | 877 | 586 | 1,969 | |||||||||||
Provision for income taxes | 95 | 116 | 168 | 201 | |||||||||||
Impairment loss | 96,498 | — | 96,498 | 2,058 | |||||||||||
Total | 135,990 | 42,543 | 176,509 | 88,045 | |||||||||||
Gain (loss) on sale of property | 246 | — | 246 | (21 | ) | ||||||||||
Net (loss) income | $ | (85,718 | ) | $ | 8,323 | $ | (76,390 | ) | $ | 14,126 |
June 30, 2012 | December 31, 2011 | ||||||
Debt payable to 2038 at 2.6% to 8.8% | $ | 1,869,191 | $ | 2,268,668 | |||
Debt service guaranty liability | 74,075 | 74,075 | |||||
Unsecured notes payable under revolving credit facilities | 229,000 | 166,500 | |||||
Obligations under capital leases | 21,000 | 21,000 | |||||
Industrial revenue bonds payable to 2015 at 2.4% | 1,419 | 1,594 | |||||
Total | $ | 2,194,685 | $ | 2,531,837 |
June 30, 2012 | December 31, 2011 | ||||||
As to interest rate (including the effects of interest rate contracts): | |||||||
Fixed-rate debt | $ | 1,819,541 | $ | 2,014,834 | |||
Variable-rate debt | 375,144 | 517,003 | |||||
Total | $ | 2,194,685 | $ | 2,531,837 | |||
As to collateralization: | |||||||
Unsecured debt | $ | 1,257,125 | $ | 1,510,932 | |||
Secured debt | 937,560 | 1,020,905 | |||||
Total | $ | 2,194,685 | $ | 2,531,837 |
June 30, 2012 | December 31, 2011 | ||||||
Unsecured revolving credit facility: | |||||||
Balance outstanding | $ | 170,000 | $ | 145,000 | |||
Available balance | 326,571 | 351,571 | |||||
Letter of credit outstanding under facility | 3,429 | 3,429 | |||||
Variable interest rate (excluding facility fee) | 1.2 | % | 1.3 | % | |||
Unsecured and uncommitted overnight facility: | |||||||
Balance outstanding | $ | 59,000 | $ | 21,500 | |||
Variable interest rate | 1.5 | % | 1.5 | % | |||
Both facilities: | |||||||
Maximum balance outstanding during the year | $ | 281,700 | $ | 330,700 | |||
Weighted average balance | 169,746 | 151,814 | |||||
Year-to-date weighted average interest rate (excluding facility fee) | 1.3 | % | 1.5 | % |
2012 remaining | $ | 103,354 | |
2013 | 315,056 | ||
2014 | 473,804 | ||
2015 | 239,346 | ||
2016 | 231,661 | ||
2017 | 142,096 | ||
2018 | 64,441 | ||
2019 (1) | 153,724 | ||
2020 | 3,746 | ||
2021 | 2,763 | ||
Thereafter (2) | 118,575 | ||
Total | $ | 1,848,566 |
(1) | Includes $100.0 million of our 8.1% senior unsecured notes due 2019 which may be redeemed by us at any time on or after September 2014 at our option. |
(2) | Includes $54.1 million of our 3.95% convertible senior unsecured notes outstanding due 2026, which may be called by us at any time and have future put options in 2016 and 2021. |
Assets | Liabilities | ||||||||||
Balance Sheet Location | Amount | Balance Sheet Location | Amount | ||||||||
Designated Hedges: | |||||||||||
June 30, 2012 | Other Assets, net | $ | 10,854 | Other Liabilities, net | $ | 783 | |||||
December 31, 2011 | Other Assets, net | 10,816 | Other Liabilities, net | 674 |
Derivatives Hedging Relationships | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||
Three Months Ended June 30, 2012 | $ | 148 | Interest expense, net | $ | (662 | ) | Interest expense, net | $ | — | |||||||
Six Months Ended June 30, 2012 | 132 | Interest expense, net | (1,321 | ) | Interest expense, net | — | ||||||||||
Three Months Ended June 30, 2011 | 420 | Interest expense, net | (619 | ) | Interest expense, net | (19 | ) | |||||||||
Six Months Ended June 30, 2011 | 302 | Interest expense, net | (1,238 | ) | Interest expense, net | (12 | ) |
Gain (Loss) on Contracts | Gain (Loss) on Borrowings | Gain (Loss) Recognized in Income | |||||||||
Three Months Ended June 30, 2012 | |||||||||||
Interest expense, net | $ | 591 | $ | (591 | ) | $ | — | ||||
Six Months Ended June 30, 2012 | |||||||||||
Interest expense, net | 61 | (61 | ) | — | |||||||
Three Months Ended June 30, 2011 | |||||||||||
Interest expense, net | 2,000 | (2,000 | ) | — | |||||||
Six Months Ended June 30, 2011 | |||||||||||
Interest expense, net | 495 | (495 | ) | — |
Derivatives Hedging Relationships | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Three Months Ended June 30, 2012 | Interest expense, net | $ | 1,589 | Interest expense, net | $ | — | ||||||
Six Months Ended June 30, 2012 | Interest expense, net | 2,060 | Interest expense, net | — | ||||||||
Three Months Ended June 30, 2011 | Interest expense, net | 3,042 | Interest expense, net | — | ||||||||
Six Months Ended June 30, 2011 | Interest expense, net | 2,572 | Interest expense, net | — |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Net income adjusted for noncontrolling interests | $ | 52,616 | $ | 17,799 | |||
Transfers from the noncontrolling interests: | |||||||
Net increase in equity for the acquisition of noncontrolling interests | — | 1,668 | |||||
Change from net income adjusted for noncontrolling interests and transfers from the noncontrolling interests | $ | 52,616 | $ | 19,467 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Continuing operations: | |||||||||||||||
Property marketed for sale or sold (1) | $ | 4,293 | $ | 154 | $ | 4,537 | $ | 924 | |||||||
Investments in real estate joint ventures and partnerships (2) | — | — | 6,608 | — | |||||||||||
Tax increment revenue bonds (4) | — | 18,737 | — | 18,737 | |||||||||||
Total reported in continuing operations | 4,293 | 18,891 | 11,145 | 19,661 | |||||||||||
Discontinued operations: | |||||||||||||||
Property held for sale or sold (3) | 758 | 2,434 | 3,929 | 2,889 | |||||||||||
Total impairment charges | 5,051 | 21,325 | 15,074 | 22,550 | |||||||||||
Other financial statement captions impacted by impairment: | |||||||||||||||
Equity in losses of real estate joint ventures and partnerships, net | 19,889 | — | 19,889 | 110 | |||||||||||
Net impact of impairment charges | $ | 24,940 | $ | 21,325 | $ | 34,963 | $ | 22,660 |
(1) | These charges resulted from changes in management’s plans for these properties, primarily the marketing of these properties for sale. Also included in this caption are impairments associated with dispositions that did not qualify to be reported in discontinued operations. |
(2) | Amounts reported in 2012 are based on third party offers to buy our interests in industrial real estate joint ventures. |
(3) | Amounts reported in 2012 are based on third party offers. |
(4) | During 2011, the tax increment revenue bonds were remarketed by the Agency. All of the outstanding bonds were recalled, and new bonds were issued. We recorded an $18.7 million net credit loss on the exchange of bonds associated with our investment in the subordinated tax increment revenue bonds. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Revenues, net | $ | 11,422 | $ | 18,478 | $ | 27,638 | $ | 36,398 | |||||||
Depreciation and amortization | (177 | ) | (6,356 | ) | (4,928 | ) | (12,408 | ) | |||||||
Operating expenses | (2,584 | ) | (3,296 | ) | (5,511 | ) | (6,487 | ) | |||||||
Real estate taxes, net | (1,549 | ) | (2,669 | ) | (4,138 | ) | (5,411 | ) | |||||||
Impairment loss | (758 | ) | (2,434 | ) | (3,929 | ) | (2,889 | ) | |||||||
General and administrative | (1,946 | ) | (12 | ) | (1,961 | ) | (32 | ) | |||||||
Interest expense, net | (76 | ) | (288 | ) | (223 | ) | (521 | ) | |||||||
Gain on acquisition (see Note 18) | — | 4,559 | — | 4,559 | |||||||||||
Provision for income taxes | (273 | ) | (330 | ) | (273 | ) | (330 | ) | |||||||
Operating income from discontinued operations | 4,059 | 7,652 | 6,675 | 12,879 | |||||||||||
Gain on sale of property from discontinued operations | 31,264 | — | 34,898 | — | |||||||||||
Income from discontinued operations | $ | 35,323 | $ | 7,652 | $ | 41,573 | $ | 12,879 |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Accrued property construction costs | $ | 6,931 | $ | 5,279 | |||
Increase in equity for the acquisition of noncontrolling interests in consolidated real estate joint ventures | — | 1,668 | |||||
Reduction of debt service guaranty liability | — | (22,925 | ) | ||||
Property acquisitions and investments in unconsolidated real estate joint ventures: | |||||||
Increase in debt, net | — | 24,383 | |||||
Decrease in property, net | (2,532 | ) | (3,812 | ) | |||
Increase in security deposits | 1,116 | 22 | |||||
Increase in noncontrolling interests | 968 | — | |||||
Decrease in real estate joint ventures and partnerships - investments | — | (153 | ) | ||||
Sale of property and property interest: | |||||||
Decrease in debt, net due to debt assumption | (3,366 | ) | — | ||||
Decrease in restricted deposits and mortgage escrows | (204 | ) | — | ||||
Decrease in property, net | (2,855 | ) | — | ||||
Decrease in real estate joint ventures and partnerships - investments | (95 | ) | — | ||||
Decrease in noncontrolling interests | (95 | ) | — | ||||
Decrease in security deposits | (11 | ) | — | ||||
Consolidation of joint ventures (see Note 18): | |||||||
Decrease in notes receivable from real estate joint ventures and partnerships | — | (21,872 | ) | ||||
Increase in property, net | — | 32,307 | |||||
Decrease in real estate joint ventures and partnerships - investments | — | (10,092 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Numerator: | |||||||||||||||
Continuing Operations: | |||||||||||||||
(Loss) income from continuing operations | $ | (2,646 | ) | $ | (4,849 | ) | $ | 13,302 | $ | 6,052 | |||||
Gain on sale of property | 84 | 136 | 524 | 1,196 | |||||||||||
Net income attributable to noncontrolling interests | (1,342 | ) | (1,236 | ) | (2,783 | ) | (2,328 | ) | |||||||
Preferred share dividends | (8,869 | ) | (8,869 | ) | (17,738 | ) | (17,738 | ) | |||||||
Loss from continuing operations attributable to common shareholders – basic and diluted | $ | (12,773 | ) | $ | (14,818 | ) | $ | (6,695 | ) | $ | (12,818 | ) | |||
Discontinued Operations: | |||||||||||||||
Income from discontinued operations attributable to common shareholders – basic and diluted | $ | 35,323 | $ | 7,652 | $ | 41,573 | $ | 12,879 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding – basic | 120,661 | 120,345 | 120,571 | 120,244 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 1,034 | — | 991 | 967 | |||||||||||
Weighted average shares outstanding – diluted | 121,695 | 120,345 | 121,562 | 121,211 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||
Share options (1) | 2,362 | 2,383 | 2,362 | 2,384 | |||||||
Operating partnership units | 1,582 | 1,628 | 1,583 | 1,636 | |||||||
Share options and awards | — | 980 | — | — | |||||||
Total anti-dilutive securities | 3,944 | 4,991 | 3,945 | 4,020 |
(1) | Exclusion results as exercise prices were greater than the average market price for each respective period. |
• | Service-based awards and accumulated dividends vest upon the third anniversary of the grant date. These grants are subject only to continued employment and not dependent on future performance measures. Accordingly, if such vesting criteria are not met, compensation cost previously recognized would be reversed. |
• | Market-based awards vest based upon the performance metrics at the end of a three-year period. These awards are based 50% on our three-year relative total shareholder return (“TSR”) as compared to the FTSE NAREIT U.S. Shopping Center Index. The other 50% is tied to our three-year absolute TSR. At the end of a three year period, the performance measures are analyzed; the actual number of shares earned is determined and the earned shares and the accumulated dividends vest. The probability of meeting the market criteria is considered when calculating the estimated fair value on the date of grant using a Monte Carlo simulation. These awards are accounted for as awards with market criteria, with compensation cost recognized over the service period, regardless of whether the market criteria are achieved and the awards are ultimately earned and vest. |
Six Months Ended June 30, 2012 | |||||
Minimum | Maximum | ||||
Dividend yield | 0.0 | % | 4.4 | % | |
Expected volatility | 27.7 | % | 51.6 | % | |
Expected life (in years) | — | 3 | |||
Risk-free interest rate | 0.1 | % | 0.4 | % |
Unvested Restricted Share Awards | Weighted Average Grant Date Fair Value | |||||
Outstanding, January 1, 2012 | 407,328 | $ | 20.43 | |||
Granted: | ||||||
Service-based awards | 129,813 | 24.91 | ||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index | 57,650 | 26.45 | ||||
Market-based awards relative to three-year absolute TSR | 57,650 | 27.65 | ||||
Vested | (116,135 | ) | 20.19 | |||
Forfeited | (595 | ) | 24.91 | |||
Outstanding, June 30, 2012 | 535,711 | $ | 22.99 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Service cost | $ | 491 | $ | 789 | $ | 1,389 | $ | 1,931 | |||||||
Interest cost | 969 | 724 | 2,067 | 1,890 | |||||||||||
Expected return on plan assets | (667 | ) | (405 | ) | (1,769 | ) | (1,225 | ) | |||||||
Prior service cost | (35 | ) | (21 | ) | (93 | ) | (70 | ) | |||||||
Recognized loss | 467 | 151 | 856 | 462 | |||||||||||
Total | $ | 1,225 | $ | 1,238 | $ | 2,450 | $ | 2,988 |
June 30, 2012 | December 31, 2011 | ||||||
Maximum Risk of Loss (1) | $ | 137,645 | $ | 138,176 | |||
Assets held by VIEs | 295,987 | 309,387 | |||||
Assets held as collateral for debt | 243,525 | 250,105 |
(1) | The maximum risk of loss has been determined to be limited to our guaranties of debt for each real estate joint venture. |
June 30, 2012 | December 31, 2011 | ||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) | $ | 30,090 | $ | 30,377 | |||
Maximum Risk of Loss (2) | 33,517 | 75,274 |
(1) | The carrying amount of the investments represents our contributions to the real estate joint ventures net of any distributions made and our portion of the equity in earnings of the joint ventures. |
(2) | The maximum risk of loss has been determined to be limited to our debt exposure for each real estate joint venture. |
April 13, 2011 | |||
Fair value of our equity interest before business combinations | $ | 7,578 | |
Fair value of consideration transferred (1) | $ | 11,462 | |
Amounts recognized for assets and liabilities assumed: | |||
Assets: | |||
Property | $ | 32,807 | |
Unamortized debt and lease costs | 2,421 | ||
Accrued rent and accounts receivable | 211 | ||
Cash and cash equivalents | 1,402 | ||
Other, net | 694 | ||
Liabilities: | |||
Accounts payable and accrued expenses | (137 | ) | |
Other, net | (318 | ) | |
Total net assets | $ | 37,080 | |
Noncontrolling interests of the real estate joint venture | $ | — |
(1) | Consideration included $.5 million of cash and $11.0 million in debt reimbursement. |
June 30, 2012 | |||
Fair value of consideration transferred | $ | 104,460 | |
Amounts recognized for assets and liabilities assumed: | |||
Assets: | |||
Property | $ | 97,703 | |
Unamortized debt and lease costs | 7,910 | ||
Other, net | 531 | ||
Liabilities: | |||
Accounts payable and accrued expenses | (1,812 | ) | |
Other, net | (1,824 | ) | |
Total net assets | $ | 102,508 | |
Acquisition costs (included in operating expenses) | $ | 398 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||
Increase in revenues | $ | 209 | $ | 242 | |||
Increase in net income attributable to common shareholders | 133 | 148 | |||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
Pro Forma 2012(1) | Pro Forma 2011(1) | Pro Forma 2012(1) | Pro Forma 2011(1) | ||||||||||||
Revenues | $ | 127,489 | $ | 125,405 | $ | 250,967 | $ | 245,549 | |||||||
Net income | 33,871 | 3,713 | 57,720 | 21,720 | |||||||||||
Net income (loss) attributable to common shareholders | 23,660 | (6,392 | ) | 37,199 | 1,654 | ||||||||||
Earnings per share – basic | 0.20 | (0.05 | ) | 0.31 | 0.01 | ||||||||||
Earnings per share – diluted | 0.19 | (0.05 | ) | 0.31 | 0.01 |
(1) | There are no non-recurring pro forma adjustments included within or excluded from the amounts in the preceding table. |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at June 30, 2012 | ||||||||||||
Assets: | |||||||||||||||
Investments in grantor trusts | $ | 15,692 | $ | 15,692 | |||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 10,854 | 10,854 | ||||||||||||
Total | $ | 15,692 | $ | 10,854 | $ | — | $ | 26,546 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 783 | $ | 783 | |||||||||||
Deferred compensation plan obligations | $ | 15,692 | 15,692 | ||||||||||||
Total | $ | 15,692 | $ | 783 | $ | — | $ | 16,475 | |||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value at December 31, 2011 | ||||||||||||
Assets: | |||||||||||||||
Investments in grantor trusts | $ | 14,693 | $ | 14,693 | |||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 10,816 | 10,816 | ||||||||||||
Total | $ | 14,693 | $ | 10,816 | $ | — | $ | 25,509 | |||||||
Liabilities: | |||||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 674 | $ | 674 | |||||||||||
Deferred compensation plan obligations | $ | 14,693 | 14,693 | ||||||||||||
Total | $ | 14,693 | $ | 674 | $ | — | $ | 15,367 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||
Outstanding, January 1, 2011 | $ | 10,700 | |
Settlement of recalled bonds (1) | (10,700 | ) | |
Outstanding, December 31, 2011 | $ | — |
(1) | Settlement of recalled bonds represents the recall of previously issued subordinated tax increment revenue bonds that were available for sale and were replaced with held to maturity subordinated tax increment revenue bonds associated with the exchange transaction in April 2011. |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Total Gains (Losses) (1) | |||||||||||||||
Property (2) | $ | 46,375 | $ | 46,375 | $ | (4,293 | ) | ||||||||||||
Property held for sale (3) | $ | 39,131 | 39,131 | (3,929 | ) | ||||||||||||||
Investment in real estate joint ventures and partnerships (4) | 24,231 | 24,231 | (6,608 | ) | |||||||||||||||
Total | $ | — | $ | 63,362 | $ | 46,375 | $ | 109,737 | $ | (14,830 | ) |
(1) | Total gains (losses) exclude impairments on disposed assets because they are no longer held by us. |
(2) | In accordance with our policy of evaluating and recording impairments on the disposal of long-lived assets, property with a carrying amount of $50.7 million was written down to a fair value of $46.4 million, resulting in a loss of $4.3 million, which was included in earnings for the period. Management’s estimate of the fair value of these properties was determined using Level 3 inputs. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. |
(3) | Property held for sale with a carrying amount of $42.2 million was written down to a fair value of $39.1 million less costs to sell of $0.8 million, resulting in a loss of $3.9 million, which was included in discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income for the period. Management’s estimate of the fair value of these properties was determined using bona fide purchase offers for the Level 2 inputs. |
(4) | Our net investment in real estate joint ventures and partnerships with a carrying amount of $30.8 million was written down to a fair value of $24.2 million, resulting in a loss of $6.6 million, which was included in earnings for the period. Management’s estimate of the fair value of this investment was determined using the weighted average of the bona fide purchase offers received for the Level 2 inputs. |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | Total Gains (Losses) (1) | |||||||||||||||
Property | $ | 389 | $ | 98,207 | $ | 98,596 | $ | (36,907 | ) | ||||||||||
Property held for sale | 43,657 | 1,500 | 45,157 | (13,799 | ) | ||||||||||||||
Investment in real estate joint ventures and partnerships | 6,311 | 6,311 | (1,752 | ) | |||||||||||||||
Subordinate tax increment revenue bonds | 26,723 | 26,723 | (18,737 | ) | |||||||||||||||
Total | $ | — | $ | 44,046 | $ | 132,741 | $ | 176,787 | $ | (71,195 | ) |
(1) | Total gains (losses) are reflected throughout 2011 and exclude impairments on disposed assets because they are no longer held by us. |
June 30, 2012 | December 31, 2011 | ||||||
Carrying value | $ | 89,363 | $ | 149,204 | |||
Fair value, using significant unobservable inputs (Level 3) | 91,177 | 153,532 |
June 30, 2012 | December 31, 2011 | ||||||
Carrying value | $ | 26,505 | $ | 26,505 | |||
Fair value, using significant unobservable inputs (Level 3) | 26,505 | 26,505 |
Credit Loss Recognized | |||
Beginning balance, January 1, 2011 | $ | 11,717 | |
Additions | 19,305 | ||
Ending balance, December 31, 2011 | 31,022 | ||
Additions | — | ||
Ending Balance, June 30, 2012 | $ | 31,022 |
June 30, 2012 | December 31, 2011 | ||||||
Fixed-rate debt: | |||||||
Carrying value | $ | 1,819,541 | $ | 2,014,834 | |||
Fair value, using significant unobservable inputs (Level 3) | 1,958,305 | 2,054,670 | |||||
Variable-rate debt: | |||||||
Carrying value | $ | 375,144 | $ | 517,003 | |||
Fair value, using significant unobservable inputs (Level 3) | 388,486 | 531,353 |
Description | Fair Value at June 30, 2012 | Valuation Technique | Unobservable Inputs | Range | ||||||||||
Minimum | Maximum | |||||||||||||
Impaired property | $ | 46,375 | Broker valuation estimate | Indicative bid (1) | ||||||||||
Bona fide purchase offers | Contract prices (1) | |||||||||||||
Discounted cash flows | Discount rates | 9.5 | % | 10.0 | % | |||||||||
Capitalization rates | 9.0 | % | 10.5 | % | ||||||||||
Holding period (years) | 1 | |||||||||||||
Expected future inflation rates (2) | 3.0 | % | ||||||||||||
Market rent growth rate (2) | 3.0 | % | ||||||||||||
Expense growth rate (2) | 3.0 | % | ||||||||||||
Vacancy rate (2) | 5.0 | % | ||||||||||||
Renewal rate (2) | 75.0 | % | ||||||||||||
Average market rent rate (2) | $ | 10.52 | ||||||||||||
Average leasing costs per square foot (2) | $ | 16.50 | ||||||||||||
Notes receivable from real estate joint ventures and partnerships | 91,177 | Discounted cash flows | Discount rate | 2.8 | % | |||||||||
Tax increment revenue bonds | 26,505 | Discounted cash flows | Discount rate | 7.5 | % | |||||||||
Expected future growth rates | 1.0 | % | 4.0 | % | ||||||||||
Expected future inflation rates | 1.0 | % | 2.0 | % | ||||||||||
Fixed-rate debt | 1,958,305 | Discounted cash flows | Discount rates | 1.0 | % | 6.4 | % | |||||||
Variable-rate debt | 388,486 | Discounted cash flows | Discount rates | 1.4 | % | 5.0 | % |
(1) | These fair values were developed by third parties, subject to our corroboration for reasonableness. |
(2) | Only applies to one property valuation. |
June 30, | |||||
2012 | 2011 | ||||
Occupancy: | |||||
Retail | 93.7 | % | 92.4 | % | |
Total | 93.4 | % | 91.2 | % |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||
SPNOI Growth: (1) | |||||
Retail | 2.9 | % | 3.8 | % | |
Total | 2.9 | % | 3.7 | % |
(1) | See Non-GAAP Financial Measures for a definition of the measurement of SPNOI and a reconciliation to operating income. |
Number of Leases | Square Feet | Average New Rent per Square Foot ($) | Average Prior Rent per Square Foot ($) | Average Cost of Tenant Improvements per Square Foot ($) | Change in Base Rent on Cash Basis | |||||||||||||||
Leasing Activity: | ||||||||||||||||||||
Three Months Ended June 30, 2012 | ||||||||||||||||||||
Retail new leases (1) | 86 | 219 | $ | 18.74 | $ | 17.81 | $ | 23.25 | 5.2 | % | ||||||||||
Retail renewals | 217 | 572 | 17.51 | 16.98 | 0.15 | 3.1 | % | |||||||||||||
Other | 7 | 68 | 4.51 | 4.46 | 0.48 | 1.2 | % | |||||||||||||
Not comparable spaces | 86 | 481 | ||||||||||||||||||
Total | 396 | 1,340 | $ | 16.80 | $ | 16.20 | $ | 6.06 | 3.7 | % | ||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||
Retail new leases (1) | 157 | 474 | $ | 17.05 | $ | 16.25 | $ | 19.12 | 4.9 | % | ||||||||||
Retail renewals | 464 | 1,816 | 15.11 | 14.46 | 0.05 | 4.5 | % | |||||||||||||
Other | 35 | 527 | 4.69 | 4.72 | 0.56 | (0.6 | )% | |||||||||||||
Not comparable spaces | 149 | 660 | ||||||||||||||||||
Total | 805 | 3,477 | $ | 13.49 | $ | 12.94 | $ | 3.35 | 4.2 | % |
(1) | Average lease commissions per square foot for the three and six months ended June 30, 2012 were $3.41 and $3.88, respectively. |
• | an increase in occupancy of 1.3% over the second quarter of 2011; |
• | an increase of 1.0% in small shop (spaces less than 10,000 square feet) occupancy over the first quarter of 2012, as well as, a 1.5% increase over the second quarter of 2011; |
• | an increase of 3.8% SPNOI over the the first six months of 2011; and |
• | rental rate increases through six months of 4.2%, which includes an increase of 4.9% on new leases. |
Three Months Ended June 30, | ||||||||||||||
2012 | 2011 | Change | % Change | |||||||||||
Revenues | $ | 125,620 | $ | 123,325 | $ | 2,295 | 1.9 | % | ||||||
Real estate taxes, net | 14,744 | 13,736 | 1,008 | 7.3 | % | |||||||||
Impairment loss | 4,293 | 18,891 | (14,598 | ) | (77.3 | )% | ||||||||
Interest expense, net | 29,311 | 37,036 | (7,725 | ) | (20.9 | )% | ||||||||
Equity in (losses) earnings of real estate joint ventures and partnerships, net | (15,695 | ) | 3,579 | (19,274 | ) | (538.5 | )% |
Three Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Gross interest expense | $ | 30,472 | $ | 37,354 | |||
Amortization of convertible bond discount | — | 572 | |||||
Over-market mortgage adjustment | (350 | ) | (573 | ) | |||
Capitalized interest | (811 | ) | (317 | ) | |||
Total | $ | 29,311 | $ | 37,036 |
Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | Change | % Change | |||||||||||
Revenues | $ | 247,054 | $ | 240,531 | $ | 6,523 | 2.7 | % | ||||||
Depreciation and amortization | 68,431 | 66,154 | 2,277 | 3.4 | % | |||||||||
Operating expenses | 47,103 | 44,925 | 2,178 | 4.8 | % | |||||||||
Impairment loss | 11,145 | 19,661 | (8,516 | ) | (43.3 | )% | ||||||||
General and administrative expenses | 14,684 | 13,136 | 1,548 | 11.8 | % | |||||||||
Interest expense, net | 60,740 | 73,649 | (12,909 | ) | (17.5 | )% | ||||||||
Gain on sale of real estate joint venture and partnership interests | 5,562 | — | 5,562 | — | % | |||||||||
Equity in (losses) earnings of real estate joint ventures and partnerships, net | (11,620 | ) | 6,976 | (18,596 | ) | (266.6 | )% |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
Gross interest expense | $ | 62,796 | $ | 74,519 | |||
Amortization of convertible bond discount | — | 1,144 | |||||
Over-market mortgage adjustment | (462 | ) | (1,360 | ) | |||
Capitalized interest | (1,594 | ) | (654 | ) | |||
Total | $ | 60,740 | $ | 73,649 |
2012 remaining | $ | 23.8 | |
2013 | 55.4 | ||
2014 | 116.4 | ||
2015 | 41.6 | ||
2016 | 98.0 | ||
Thereafter | 214.3 | ||
Total | $ | 549.5 |
Six Months Ended June 30, 2012 | |||
Acquisitions | $ | 122,217 | |
New Development | 15,984 | ||
Redevelopment | 1,672 | ||
Other | 34,666 | ||
Total | $ | 174,539 |
Covenant | Restriction | Actual | ||
Debt to Asset Ratio | Less than 60.0% | 42.1% | ||
Secured Debt to Asset Ratio | Less than 40.0% | 17.9% | ||
Fixed Charge Ratio | Greater than 1.5 | 2.8 | ||
Unencumbered Asset Test | Greater than 100% | 273.8% |
Remaining | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | Thereafter | Total | |||||||||||||||||||||
Mortgages and Notes Payable (1) | |||||||||||||||||||||||||||
Unsecured Debt | $ | 107,334 | $ | 218,355 | $ | 339,571 | $ | 338,442 | $ | 93,651 | $ | 285,596 | $ | 1,382,949 | |||||||||||||
Secured Debt | 63,688 | 191,618 | 198,675 | 182,004 | 181,193 | 335,129 | 1,152,307 | ||||||||||||||||||||
Lease Payments | 1,794 | 3,548 | 3,184 | 2,956 | 2,623 | 121,295 | 135,400 | ||||||||||||||||||||
Other Obligations (2) | 26,433 | 37,734 | 64,167 | ||||||||||||||||||||||||
Total Contractual Obligations | $ | 199,249 | $ | 451,255 | $ | 541,430 | $ | 523,402 | $ | 277,467 | $ | 742,020 | $ | 2,734,823 |
(1) | Includes principal and interest with interest on variable-rate debt calculated using rates at June 30, 2012, excluding the effect of interest rate swaps. Also, excludes a $74.1 million debt service guaranty liability. |
(2) | Other obligations may include income and real estate tax payments, commitments associated with our secured debt, contributions to our retirement plan and other employee payments. No amounts have been included in the table for contributions related to our retirement plan as the required contribution for 2012 has been fully funded. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 22,550 | $ | (7,166 | ) | $ | 34,878 | $ | 61 | ||||||
Depreciation and amortization | 33,321 | 37,999 | 70,940 | 74,927 | |||||||||||
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships | 5,363 | 5,629 | 11,007 | 11,593 | |||||||||||
Impairment of operating properties and real estate equity investments | 5,051 | 2,473 | 14,830 | 3,235 | |||||||||||
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships | 19,889 | — | 19,889 | 411 | |||||||||||
Gain on acquisition | — | (4,559 | ) | — | (4,559 | ) | |||||||||
Gain on sale of property and interests in real estate equity investments | (31,334 | ) | (90 | ) | (40,907 | ) | (1,150 | ) | |||||||
(Gain) loss on sale of property of unconsolidated real estate joint ventures and partnerships | (123 | ) | — | (123 | ) | 10 | |||||||||
Funds from operations – basic and diluted | $ | 54,717 | $ | 34,286 | $ | 110,514 | $ | 84,528 | |||||||
Weighted average shares outstanding – basic | 120,661 | 120,345 | 120,571 | 120,244 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Share options and awards | 1,034 | — | 991 | 967 | |||||||||||
Weighted average shares outstanding – diluted | 121,695 | 120,345 | 121,562 | 121,211 | |||||||||||
Funds from operations per share – basic | $ | 0.45 | $ | 0.28 | $ | 0.92 | $ | 0.70 | |||||||
Funds from operations per share – diluted | $ | 0.45 | $ | 0.28 | $ | 0.91 | $ | 0.70 |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||
Beginning of the period | 356 | 354 | |||
Properties added: | |||||
Acquisitions | — | 8 | |||
New Developments | — | 6 | |||
Redevelopments | — | 3 | |||
Properties removed: | |||||
Dispositions | (61 | ) | (66 | ) | |
Redevelopments | — | (10 | ) | ||
End of the period | 295 | 295 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
Operating Income | $ | 41,558 | $ | 26,995 | $ | 76,890 | $ | 68,741 | |||||||
Less: | |||||||||||||||
Straight-line rents | 997 | 915 | 1,829 | 3,412 | |||||||||||
Lease cancellations | 136 | 1,246 | 155 | 1,264 | |||||||||||
Add: | |||||||||||||||
Property management fees | 675 | 686 | 1,612 | 1,639 | |||||||||||
Depreciation and amortization | 34,332 | 33,457 | 68,431 | 66,154 | |||||||||||
Impairment loss | 4,293 | 18,891 | 11,145 | 19,661 | |||||||||||
General and administrative | 6,378 | 6,600 | 14,684 | 13,136 | |||||||||||
Other (1) | (9 | ) | (665 | ) | 234 | 273 | |||||||||
Net Operating Income | 86,094 | 83,803 | 171,012 | 164,928 | |||||||||||
Less: NOI related to consolidated entities not defined as same property and noncontrolling interests | (11,394 | ) | (11,046 | ) | (21,233 | ) | (20,170 | ) | |||||||
Add: Pro rata share of unconsolidated entities defined as same property | 10,319 | 9,895 | 20,454 | 19,466 | |||||||||||
Same Property Net Operating Income | $ | 85,019 | $ | 82,652 | $ | 170,233 | $ | 164,224 |
(1) | Other includes items such as environmental abatement costs and demolition expenses. |
(a) | (b) | (c) | (d) | ||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet be Purchased Under the Program | |||||||
May 1, 2012 to May 31, 2012 | 1,632 | $ | 26.41 | ||||||||
June 1, 2012 to June 30, 2012 | 9,895 | $ | 26.34 |
(1) | Shares repurchased are associated with employee share options exercised during this period. |
WEINGARTEN REALTY INVESTORS | ||
(Registrant) | ||
By: | /s/ Andrew M. Alexander | |
Andrew M. Alexander | ||
President and Chief Executive Officer | ||
By: | /s/ Joe D. Shafer | |
Joe D. Shafer | ||
Senior Vice President/Chief Accounting Officer | ||
(Principal Accounting Officer) |
(a) | Exhibits: | |
31.1* | — | Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer). |
31.2* | — | Certification pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer). |
32.1** | — | Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer). |
32.2** | — | Certification pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer). |
101.INS** | — | XBRL Instance Document |
101.SCH** | — | XBRL Taxonomy Extension Schema Document |
101.CAL** | — | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF** | — | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB** | — | XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE** | — | XBRL Taxonomy Extension Presentation Linkbase Document |
* | Filed with this report. |
** | Furnished with this report. |
† | Management contract or compensation plan or arrangement. |
BY: | /s/ Andrew M. Alexander | |
Andrew M. Alexander | ||
President/Chief Executive Officer |
BY: | /s/ Stephen C. Richter | |
Stephen C. Richter | ||
Executive Vice President/Chief Financial Officer |
BY: | /s/ Andrew M. Alexander | |
Andrew M. Alexander | ||
President/Chief Executive Officer |
BY: | /s/ Stephen C. Richter | |
Stephen C. Richter | ||
Executive Vice President/Chief Financial Officer |
Share Options And Awards (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Market-Based Share Awards Assumption | The fair value of the market-based share awards was estimated on the date of grant using a Monte Carlo valuation model based on the following assumptions:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Status Of Unvested Restricted Share Awards | A summary of the status of unvested restricted share awards for the six months ended June 30, 2012 is as follows:
|
Debt (Narrative) (Details) (USD $)
|
1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2012
|
Aug. 29, 2011
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Debt Payable To 2038 [Member]
|
Dec. 31, 2011
Debt Payable To 2038 [Member]
|
Jun. 30, 2012
Industrial Revenue Bonds Payable To 2015 [Member]
|
Dec. 31, 2011
Industrial Revenue Bonds Payable To 2015 [Member]
|
Jun. 30, 2012
Unsecured Revolving Credit Facility [Member]
|
Jun. 30, 2012
Unsecured And Uncommitted Overnight Facility [Member]
D
|
Jun. 30, 2012
3.95% Convertible Senior Unsecured Notes [Member]
|
Jun. 30, 2012
Debt Service Guaranty [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility effective date | September 30, 2011 | May 2010 | ||||||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | $ 99,000,000 | ||||||||||
Credit facility expiration date | The facility expires in September 2015 and provides for a one-year extension upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee | |||||||||||
Borrowing margin over LIBOR | 125.0 | |||||||||||
Facility fees over LIBOR | 25.0 | |||||||||||
Bids amount | 250,000,000 | |||||||||||
Maximum increase in credit facility amount | 700,000,000 | |||||||||||
Fixed interest rate loan period (days) | 30 | |||||||||||
Debt Coverage Ratio | 1.4 | |||||||||||
Debt maturity date | May 2012 | May 31, 2012 | 2038 | 2038 | 2015 | 2015 | 2026 | 2040 | ||||
Debt service guaranty liability | 74,075,000 | 74,075,000 | ||||||||||
Unsecured term loan | 200,000,000 | |||||||||||
Fixed-rate debt | 115,000,000 | |||||||||||
Debt instrument stated interest percentage | 5.30% | 2.40% | 2.40% | 3.95% | ||||||||
Debt instruments collateral | 1,600,000,000 | 1,700,000,000 | ||||||||||
Unsecured notes payable under revolving credit facilities | 229,000,000 | 166,500,000 | ||||||||||
Obligations under capital leases | 21,000,000 | 21,000,000 | ||||||||||
Fair value of interest rate contracts | 10,800,000 | |||||||||||
Debt premium/(discount) net | 1,600,000 | |||||||||||
Non-cash debt | $ 9,600,000 |
Property (Schedule Of Property) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land | $ 870,826 | $ 918,627 |
Land held for development | 126,616 | 124,528 |
Land under development | 15,545 | 20,281 |
Buildings and improvements | 3,267,219 | 3,557,173 |
Construction in-progress | 65,685 | 67,917 |
Total | $ 4,345,891 | $ 4,688,526 |
Earnings Per Share (Anti-Dilutive Securities) (Details)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Total anti-dilutive securities | 3,944 | 4,991 | 3,945 | 4,020 | ||||||
Share Options [Member]
|
||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Total anti-dilutive securities | 2,362 | [1] | 2,383 | [1] | 2,362 | [1] | 2,384 | [1] | ||
Operating Partnership Units [Member]
|
||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Total anti-dilutive securities | 1,582 | 1,628 | 1,583 | 1,636 | ||||||
Share Options And Awards [Member]
|
||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||
Total anti-dilutive securities | 0 | 980 | 0 | 0 | ||||||
|
Debt (Schedule Of Debt) (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 31, 2012
|
Aug. 29, 2011
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Debt Payable To 2038 [Member]
|
Dec. 31, 2011
Debt Payable To 2038 [Member]
|
Jun. 30, 2012
Industrial Revenue Bonds Payable To 2015 [Member]
|
Dec. 31, 2011
Industrial Revenue Bonds Payable To 2015 [Member]
|
Jun. 30, 2012
Maximum [Member]
Debt Payable To 2038 [Member]
|
Dec. 31, 2011
Maximum [Member]
Debt Payable To 2038 [Member]
|
Jun. 30, 2012
Minimum [Member]
Debt Payable To 2038 [Member]
|
Dec. 31, 2011
Minimum [Member]
Debt Payable To 2038 [Member]
|
|||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt payable to 2038 at 2.6% to 8.8% | $ 1,869,191 | $ 2,268,668 | ||||||||||||||
Debt service guaranty liability | 74,075 | 74,075 | ||||||||||||||
Unsecured notes payable under revolving credit facilities | 229,000 | 166,500 | ||||||||||||||
Obligations under capital leases | 21,000 | 21,000 | ||||||||||||||
Industrial revenue bonds payable to 2015 at 2.4% | 1,419 | 1,594 | ||||||||||||||
Total | $ 2,194,685 | [1] | $ 2,531,837 | [1] | ||||||||||||
Debt maturity date | May 2012 | May 31, 2012 | 2038 | 2038 | 2015 | 2015 | ||||||||||
Debt instrument stated interest percentage | 5.30% | 2.40% | 2.40% | 8.80% | 8.80% | 2.60% | 1.50% | |||||||||
|
Variable Interest Entities (Summary Of Consoldiated Variable Interest Entities) (Details) (Consolidated Variable Interest Entities [Member], USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
||||
---|---|---|---|---|---|---|
Consolidated Variable Interest Entities [Member]
|
||||||
Variable Interest Entity [Line Items] | ||||||
Maximum Risk of Loss | $ 137,645 | [1] | $ 138,176 | [1] | ||
Assets held by VIEs | 295,987 | 309,387 | ||||
Assets held as collateral for debt | $ 243,525 | $ 250,105 | ||||
|
Summary Of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Derivatives | $ 8,827 | $ 10,016 |
Retirement liability | 17,727 | 17,727 |
Total | $ 26,554 | $ 27,743 |
Derivatives And Hedging (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Summary of Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts Reported At Fair Value | The fair value of all our interest rate contracts is reported as follows (in thousands):
|
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Summary Of Cash Flow Interest Rate Contract Hedging Activity | A summary of cash flow interest rate contract hedging activity is as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes In Fair Value Of Interest Rate Contracts | A summary of the changes in fair value of our interest rate contracts is as follows (in thousands):
|
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Summary Of Fair Value Interest Rate Contract Hedging Activity | A summary of our fair value interest rate contract hedges impact on net income is as follows (in thousands):
|
Variable Interest Entities (Summary Of Unconsoldiated Variable Interest Entities) (Details) (Unconsolidated Variable Interest Entities [Member], USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
||||||
---|---|---|---|---|---|---|---|---|
Unconsolidated Variable Interest Entities [Member]
|
||||||||
Variable Interest Entity [Line Items] | ||||||||
Investment in Real Estate Joint Ventures and Partnerships, net | $ 30,090 | [1] | $ 30,377 | [1] | ||||
Maximum Risk of Loss | $ 33,517 | [2] | $ 75,274 | [2] | ||||
|
Fair Value Measurements (Schedule Of Fair Value Of Notes Receivable From Real Estate Joint Ventures And Partnerships) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | $ 89,363 | $ 149,204 |
Significant Unobservable Inputs (Level 3) [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | $ 91,177 | $ 153,532 |
Debt (Revolving Credit Facilities) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
Line of Credit Facility [Line Items] | ||
Maximum balance outstanding during the year | $ 281,700 | $ 330,700 |
Weighted average balance | 169,746 | 151,814 |
Year-to-date weighted average interest rate (excluding facility fee) | 1.30% | 1.50% |
Unsecured Revolving Credit Facility [Member]
|
||
Line of Credit Facility [Line Items] | ||
Balance outstanding | 170,000 | 145,000 |
Available balance | 326,571 | 351,571 |
Letter of credit outstanding under facility | 3,429 | 3,429 |
Variable interest rate | 1.20% | 1.30% |
Unsecured And Uncommitted Overnight Facility [Member]
|
||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 59,000 | $ 21,500 |
Variable interest rate | 1.50% | 1.50% |
Commitments And Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
jvs
partnerships
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Commitments And Contingencies [Line Items] | |||
Number of downREIT real estate ventures | 4 | ||
Shares issued in exchange for noncontrolling interests | $ 0 | $ 0 | |
Aggregate redemption value of interests | 42 | 35 | |
Number of unconsolidated joint ventures with partner | 2 | ||
Capital Additions [Member]
|
|||
Commitments And Contingencies [Line Items] | |||
Construction contract commitment | $ 67.3 | ||
Capital Additions [Member] | Minimum [Member]
|
|||
Commitments And Contingencies [Line Items] | |||
Construction contract period, months | 12 | ||
Capital Additions [Member] | Maximum [Member]
|
|||
Commitments And Contingencies [Line Items] | |||
Construction contract period, months | 36 |
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Fair Value Measurements [Line Items] | ||
Total Assets | $ 26,546 | $ 25,509 |
Total Liabilities | 16,475 | 15,367 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level1) [Member]
|
||
Fair Value Measurements [Line Items] | ||
Total Assets | 15,692 | 14,693 |
Total Liabilities | 15,692 | 14,693 |
Significant Other Observable Inputs (Level 2) [Member]
|
||
Fair Value Measurements [Line Items] | ||
Total Assets | 10,854 | 10,816 |
Total Liabilities | 783 | 674 |
Significant Unobservable Inputs (Level 3) [Member]
|
||
Fair Value Measurements [Line Items] | ||
Total Assets | 0 | 0 |
Total Liabilities | 0 | 0 |
Grantor Trusts [Member]
|
||
Fair Value Measurements [Line Items] | ||
Investments in grantor trusts | 15,692 | 14,693 |
Deferred compensation plan obligations | 15,692 | 14,693 |
Grantor Trusts [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level1) [Member]
|
||
Fair Value Measurements [Line Items] | ||
Investments in grantor trusts | 15,692 | 14,693 |
Deferred compensation plan obligations | 15,692 | 14,693 |
Interest Rate Contracts [Member]
|
||
Fair Value Measurements [Line Items] | ||
Interest rate contracts, Assets | 10,854 | 10,816 |
Interest rate contracts, Liabilities | 783 | 674 |
Interest Rate Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member]
|
||
Fair Value Measurements [Line Items] | ||
Interest rate contracts, Assets | 10,854 | 10,816 |
Interest rate contracts, Liabilities | $ 783 | $ 674 |
Business Combinations (Transactions Related To Business Combinations) (Details) (USD $)
|
Jun. 30, 2012
|
Apr. 13, 2011
|
|||
---|---|---|---|---|---|
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Fair value of our equity interests before business combinations | $ 7,578,000 | ||||
Fair value of consideration transferred | 104,460,000 | 11,462,000 | [1] | ||
Property | 97,703,000 | 32,807,000 | |||
Unamortized debt and lease costs | 7,910,000 | 2,421,000 | |||
Accrued rent and accounts receivable | 211,000 | ||||
Cash and cash equivalents | 1,402,000 | ||||
Other, net | 531,000 | 694,000 | |||
Accounts payable and accrued expenses | (1,812,000) | (137,000) | |||
Other, net | (1,824,000) | (318,000) | |||
Total net assets | 102,508,000 | 37,080,000 | |||
Noncontrolling interests of the real estate joint ventures | 0 | ||||
Palm Coast [Member]
|
|||||
Business Combination, Separately Recognized Transactions [Line Items] | |||||
Cash included in consideration | 500,000 | ||||
Debt reimbursement included in consideration | $ 11,000,000 | ||||
|
Fair Value Measurements (Reconciliation Of Subordinate Tax Increment Revenue Bonds Using Significant Unobservable Inputs (Level 3)) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2011
|
||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Outstanding beginning balance | $ 10,700 | |||
Settlement of recalled bonds | (10,700) | [1] | ||
Outstanding ending balance | $ 0 | |||
|
Variable Interest Entities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2012
jvs
|
Dec. 31, 2011
jvs
|
|
Unconsolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Debt associated with tenancy-in-common arrangement | 21.2 | |
Consolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 2 | |
Number of neighborhood/community shopping centers | 30 | |
Texas [Member] | Consolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of neighborhood/community shopping centers | 22 | |
Georgia [Member] | Consolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of neighborhood/community shopping centers | 3 | |
Tennessee [Member] | Consolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of neighborhood/community shopping centers | 2 | |
Florida [Member] | Consolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of neighborhood/community shopping centers | 2 | |
North Carolina [Member] | Consolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of neighborhood/community shopping centers | 1 | |
Through Secured Loans [Member] | Unconsolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 2 | 2 |
Through Guaranty On Debt [Member] | Unconsolidated Variable Interest Entities [Member]
|
||
Variable Interest Entity [Line Items] | ||
Number of VIE real estate joint ventures | 1 |
Variable Interest Entities
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
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Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: Two of our real estate joint ventures whose activities principally consist of owning and operating 30 neighborhood/community shopping centers, of which 22 are located in Texas, three in Georgia, two each in Tennessee and Florida and one in North Carolina, were determined to be VIEs. These VIEs have financing agreements that are guaranteed solely by us for tax planning purposes. We have determined that we are the primary beneficiary and have consolidated these joint ventures. A summary of our consolidated VIEs is as follows (in thousands):
_______________
Restrictions on the use of these assets are significant because they are collateral for the VIEs’ debt, and we would generally be required to obtain our partners’ approval in accordance with the joint venture agreements for any major transactions. Transactions with these joint ventures on our consolidated financial statements have been limited to changes in noncontrolling interests and reductions in debt from our partners’ contributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required including operating cash shortfalls and unplanned capital expenditures. We have not provided any additional support to the VIEs as of June 30, 2012. Unconsolidated VIEs: At June 30, 2012 and December 31, 2011, two unconsolidated real estate joint ventures were determined to be VIEs through the issuance of secured loans, of which $21.2 million of debt associated with a tenancy-in-common arrangement is recorded in our Condensed Consolidated Balance Sheet, since the lenders have the ability to make decisions that could have a significant impact on the success of the entities. At December 31, 2011, we had one unconsolidated real estate joint venture with an interest in an entity, which was deemed to be a VIE since the unconsolidated joint venture provided a guaranty for the entity’s debt; however, in February 2012, our unconsolidated joint venture interest associated with these entities was sold. A summary of our unconsolidated VIEs is as follows (in thousands):
_______________
We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls and unplanned capital expenditures, under which additional contributions may be required. |
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 29, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Apr. 30, 2011
Unconsolidated Real Estate Joint Ventures [Member]
|
Jun. 30, 2012
Unconsolidated Real Estate Joint Ventures [Member]
|
Jun. 30, 2011
Unconsolidated Real Estate Joint Ventures [Member]
|
Jun. 30, 2012
Unconsolidated Real Estate Joint Ventures [Member]
|
Jun. 30, 2011
Unconsolidated Real Estate Joint Ventures [Member]
|
Jun. 30, 2012
Unconsolidated Real Estate Joint Ventures [Member]
Minimum [Member]
|
Dec. 31, 2011
Unconsolidated Real Estate Joint Ventures [Member]
Minimum [Member]
|
Jun. 30, 2012
Unconsolidated Real Estate Joint Ventures [Member]
Maximum [Member]
|
Dec. 31, 2011
Unconsolidated Real Estate Joint Ventures [Member]
Maximum [Member]
|
Apr. 13, 2011
Palm Coast [Member]
|
Apr. 30, 2011
Shopping Centers [Member]
Unconsolidated Real Estate Joint Ventures [Member]
property
|
|
Investment In Real Estate Joint Ventures And Partnerships [Line Items] | |||||||||||||||||
Equity method investment ownership percentage | 47.80% | 75.00% | 75.00% | 50.00% | 10.00% | 7.80% | 75.00% | 75.00% | 50.00% | ||||||||
Net basis differentials for investments | $ 5,700,000 | $ 5,700,000 | $ 7,500,000 | ||||||||||||||
Impairment loss | 4,293,000 | 18,891,000 | 11,145,000 | 19,661,000 | 96,498,000 | 0 | 96,498,000 | 2,058,000 | |||||||||
Management fees revenue, related parties | 1,600,000 | 1,500,000 | 3,300,000 | 3,100,000 | |||||||||||||
Proceeds from sale of unconsolidated real estate joint venture, gross | 29,100,000 | ||||||||||||||||
Gain on sale of real estate joint venture and partnership interests | 3,500,000 | 0 | 0 | 5,562,000 | 0 | ||||||||||||
Number of operating properties acquired | 3 | ||||||||||||||||
Acquisition of unconsolidated real estate joint venture interests | $ 11,600,000 |
Business Combinations (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions Related To Business Combinations | The following table summarizes the transaction related to the business combination, including the assets acquired and liabilities assumed as indicated (in thousands):
_______________
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Transactions Related To Acquisitions | The following table summarizes the transactions related to these acquisitions, including the assets acquired and liabilities assumed as indicated (in thousands):
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Schedule Of Impact To Revenues And Net Income | The following table summarizes the impact to revenues and net income attributable to common shareholders from our acquisitions as follows (in thousands):
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Pro Forma Impact Of Business Combination And Acquisitions | The following table summarizes the pro forma impact of these transactions as if they had been consolidated or acquired on January 1, 2011, the earliest year presented, as follows (in thousands, except per share amounts):
_______________
|
Related Parties (Narrative) (Details) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|---|
Feb. 29, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
|
Related Party Transaction [Line Items] | ||||||
Net accounts receivable, related parties | $ 1,500,000 | $ 1,500,000 | $ 2,200,000 | |||
Accounts payable and accrued expenses, related parties | 7,600,000 | 7,600,000 | 8,200,000 | |||
Management fees revenue, related parties | 1,600,000 | 1,500,000 | 3,300,000 | 3,100,000 | ||
Ownership percentage in joint ventures | 47.80% | 75.00% | 75.00% | |||
Proceeds from sale of unconsolidated real estate joint venture, gross | 29,100,000 | |||||
Gain on sale of real estate joint venture and partnership interests | $ 3,500,000 | $ 0 | $ 0 | $ 5,562,000 | $ 0 |
Cash Flow Information (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are summarized as follows (in thousands):
|
Investment In Real Estate Joint Ventures And Partnerships (Combined Condensed Statements Of Operations) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Investment In Real Estate Joint Ventures And Partnerships [Line Items] | ||||
Revenues, net | $ 125,620 | $ 123,325 | $ 247,054 | $ 240,531 |
Expenses: | ||||
Depreciation and amortization | 34,332 | 33,457 | 68,431 | 66,154 |
Interest, net | 29,311 | 37,036 | 60,740 | 73,649 |
Operating | 24,315 | 23,646 | 47,103 | 44,925 |
Real estate taxes, net | 14,744 | 13,736 | 28,801 | 27,914 |
General and administrative | 6,378 | 6,600 | 14,684 | 13,136 |
Provision for income taxes | (220) | (190) | (242) | (506) |
Impairment loss | 4,293 | 18,891 | 11,145 | 19,661 |
Total | 84,062 | 96,330 | 170,164 | 171,790 |
Gain (loss) on sale of property | 84 | 136 | 524 | 1,196 |
Net Income | 32,761 | 2,939 | 55,399 | 20,127 |
Unconsolidated Real Estate Joint Ventures [Member]
|
||||
Investment In Real Estate Joint Ventures And Partnerships [Line Items] | ||||
Revenues, net | 50,026 | 50,866 | 99,873 | 102,192 |
Expenses: | ||||
Depreciation and amortization | 15,481 | 16,913 | 31,617 | 34,544 |
Interest, net | 8,961 | 9,573 | 18,047 | 18,837 |
Operating | 8,571 | 8,936 | 17,196 | 17,830 |
Real estate taxes, net | 6,159 | 6,128 | 12,397 | 12,606 |
General and administrative | 225 | 877 | 586 | 1,969 |
Provision for income taxes | 95 | 116 | 168 | 201 |
Impairment loss | 96,498 | 0 | 96,498 | 2,058 |
Total | 135,990 | 42,543 | 176,509 | 88,045 |
Gain (loss) on sale of property | 246 | 0 | 246 | (21) |
Net Income | $ (85,718) | $ 8,323 | $ (76,390) | $ 14,126 |
Discontinued Operations (Schedule Of Discontinued Operating Results) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues, net | $ 11,422 | $ 18,478 | $ 27,638 | $ 36,398 |
Depreciation and amortization | (177) | (6,356) | (4,928) | (12,408) |
Operating expenses | (2,584) | (3,296) | (5,511) | (6,487) |
Real estate taxes, net | (1,549) | (2,669) | (4,138) | (5,411) |
Impairment loss | (758) | (2,434) | (3,929) | (2,889) |
General and administrative | (1,946) | (12) | (1,961) | (32) |
Interest expense, net | (76) | (288) | (223) | (521) |
Gain on acquisition (see Note 18) | 0 | 4,559 | 0 | 4,559 |
Provision for income taxes | (273) | (330) | (273) | (330) |
Operating income from discontinued operations | 4,059 | 7,652 | 6,675 | 12,879 |
Gain on sale of property from discontinued operations | 31,264 | 0 | 34,898 | 0 |
Income from discontinued operations | $ 35,323 | $ 7,652 | $ 41,573 | $ 12,879 |
Property (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2012
|
Feb. 29, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Shopping Center [Member]
property
|
Jun. 30, 2012
Industrial Properties [Member]
property
|
Dec. 31, 2011
Industrial Properties [Member]
property
|
|
Property [Line Items] | ||||||
Number of operating properties acquired | 2 | |||||
Acquisition of property | $ 118.3 | |||||
Number of operating properties sold | 13 | 53 | 3 | |||
Ownership percentage in joint ventures | 75.00% | 47.80% | ||||
Proceeds from sale and disposition of property | 444.1 | |||||
Gain on sale of properties | 35.4 | |||||
Number of properties held for sale | 7 | |||||
Property classified as held for sale, gross | $ 84.0 | $ 94.8 |
Summary Of Significant Accounting Policies
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Business Weingarten Realty Investors is a real estate investment trust (“REIT”) organized under the Texas Business Organizations Code. We, and our predecessor entity, began the ownership and development of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers and other properties we own or lease. We also manage centers for joint ventures in which we are partners or for other outside owners for which we charge fees. We operate a portfolio of rental properties, primarily neighborhood and community shopping centers, that totals approximately 63.8 million square feet. We have a diversified tenant base with our largest tenant comprising only 3.3% of total rental revenues during the first six months of 2012. We currently operate, and intend to operate in the future, as a REIT. Basis of Presentation Our consolidated financial statements include the accounts of our subsidiaries, certain partially owned real estate joint ventures or partnerships and variable interest entities (“VIEs”) which meet the guidelines for consolidation. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements included in this report are unaudited; however, amounts presented in the condensed consolidated balance sheet as of December 31, 2011 are derived from our audited financial statements at that date. In our opinion, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted of normal recurring items. Interim results are not necessarily indicative of results for a full year. The condensed consolidated financial statements and notes are presented as permitted by Form 10-Q and certain information included in our annual financial statements and notes has been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2011. Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Such statements require management to make estimates and assumptions that affect the reported amounts on our consolidated financial statements. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our consolidated financial statements. Reportable Segments Our primary focus is to lease space to tenants in shopping centers or other properties that we own, lease or manage. Historically, we reviewed operating and financial information for each property by commercial use and on an individual basis. Each commercial use or each property represents an individual operating segment. We evaluate the performance of the reportable segments based on net operating income, defined as total revenues less operating expenses and real estate taxes. Management does not consider the effect of gains or losses from the sale of property or interests in real estate joint ventures and partnerships in evaluating segment operating performance. With the sale of our industrial portfolio in May 2012, we no longer analyze our properties by commercial use. Further, no individual property constitutes more than 10% of our revenues or net operating income, and we have no operations outside of the United States of America. Therefore, our properties have been aggregated into one reportable segment since the properties share similar economic and operating characteristics. Restricted Deposits and Mortgage Escrows Restricted deposits and mortgage escrows consist of escrow deposits held by lenders primarily for property taxes, insurance and replacement reserves and restricted cash that is held for a specific use or in a qualified escrow account for the purposes of completing like-kind exchange transactions. Our restricted deposits and mortgage escrows consist of the following (in thousands):
Accumulated Other Comprehensive Loss Our accumulated other comprehensive loss consists of the following (in thousands):
Reclassifications The reclassification of prior years’ operating results for certain properties classified as discontinued operations was made to conform to the current year presentation (see Note 10 for additional information). Also, we have disaggregated certain line items in our Condensed Consolidated Statements of Cash Flows to conform to the current year presentation. Prior years’ distribution to noncontrolling interests and contributions from noncontrolling interests was reclassified from other, net, and the acquisition of real estate and land was segregated from development and capital improvements (which was previously titled investment in property). These items had no impact on previously reported net income, earnings per share, the consolidated balance sheet or cash flows. |
Derivatives And Hedging (Summary Of Changes In Fair Value Of Interest Rate Contracts) (Details) (Interest Expense, Net [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
Interest Expense, Net [Member]
|
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Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) on Contracts | $ 591 | $ 2,000 | $ 61 | $ 495 |
Gain (Loss) on Borrowings | (591) | (2,000) | (61) | (495) |
Gain (Loss) Recognized in Income | $ 0 | $ 0 | $ 0 | $ 0 |