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Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2015
Accounting Policies [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 currently operate, and intend to operate in the future, as a REIT.
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 we own or lease. We also provide property management services for which we charge fees to either joint ventures where we are partners or other outside owners.
We operate a portfolio of neighborhood and community shopping centers, totaling approximately 45.3 million square feet of gross leaseable area, that is either owned by us or others. We have a diversified tenant base, with our largest tenant comprising only 3.5% of base minimum rental revenue during the first six months of 2015. Total revenues less operating expenses and real estate taxes from continuing operations ("net operating income from continuing operations") generated by our centers located in Houston and its surrounding areas was 18.2% of total net operating income from continuing operations for the six months ended June 30, 2015, and an additional 9.9% of net operating income from continuing operations was generated during this period from centers that are located in other parts of Texas.
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, 2014 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 thereto 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, 2014.
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.
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):
 
June 30,
2015
 
December 31,
2014
Restricted cash (1)
$
8,838

 
$
77,739

Mortgage escrows
2,640

 
2,259

Total
$
11,478

 
$
79,998

_______________
(1)
The decrease between the periods presented is primarily attributable to the use of funds from a qualified escrow account of $77.4 million, offset by $5.8 million of funds placed in a qualified escrow account for the purpose of completing like-kind exchange transactions.
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component consists of the following (in thousands):
 
Gain
on
Investments
 
Gain
on
Cash Flow
Hedges
 
Defined
Benefit
Pension
Plan
 
Total
Balance, December 31, 2014
$
(656
)
 
$
(3,416
)
 
$
16,508

 
$
12,436

Change excluding amounts reclassified
from accumulated other comprehensive loss
(76
)
 
(5,388
)
 
 
 
(5,464
)
Amounts reclassified from accumulated
other comprehensive loss


 
(709
)
(2) 
(720
)
(3) 
(1,429
)
Net other comprehensive (income) loss
(76
)
 
(6,097
)
 
(720
)
 
(6,893
)
Balance, June 30, 2015
$
(732
)
 
$
(9,513
)
 
$
15,788

 
$
5,543

 
Gain
on
Investments
 
Gain
on
Cash Flow
Hedges
 
Defined
Benefit
Pension
Plan
 
Total
Balance, December 31, 2013
$
(340
)
 
$
(1,233
)
 
$
5,775

 
$
4,202

Change excluding amounts reclassified
from accumulated other comprehensive loss
(252
)
 
(52
)
 
 
 
(304
)
Amounts reclassified from accumulated
other comprehensive loss
38

(1) 
(876
)
(2) 
(148
)
(3) 
(986
)
Net other comprehensive income
(214
)
 
(928
)
 
(148
)
 
(1,290
)
Balance, June 30, 2014
$
(554
)
 
$
(2,161
)
 
$
5,627

 
$
2,912

_______________
(1)    This reclassification component is included in interest and other income.
(2)    This reclassification component is included in interest expense (see Note 6 for additional information).
(3)    This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information).