ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | 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 ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Emerging growth 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 March 31, | |||||||
2017 | 2016 | ||||||
Revenues: | |||||||
Rentals, net | $ | 140,818 | $ | 128,509 | |||
Other | 2,845 | 3,908 | |||||
Total | 143,663 | 132,417 | |||||
Expenses: | |||||||
Depreciation and amortization | 42,449 | 37,879 | |||||
Operating | 29,910 | 23,536 | |||||
Real estate taxes, net | 17,517 | 15,857 | |||||
Impairment loss | 14,986 | 43 | |||||
General and administrative | 7,516 | 6,498 | |||||
Total | 112,378 | 83,813 | |||||
Operating Income | 31,285 | 48,604 | |||||
Interest Expense, net | (21,082 | ) | (20,891 | ) | |||
Interest and Other Income | 1,754 | 211 | |||||
Gain on Sale and Acquisition of Real Estate Joint Venture and Partnership Interests | — | 37,392 | |||||
Benefit (Provision) for Income Taxes | 3,359 | (5,899 | ) | ||||
Equity in Earnings of Real Estate Joint Ventures and Partnerships, net | 5,317 | 4,093 | |||||
Income from Continuing Operations | 20,633 | 63,510 | |||||
Gain on Sale of Property | 15,763 | 45,157 | |||||
Net Income | 36,396 | 108,667 | |||||
Less: Net Income Attributable to Noncontrolling Interests | (5,570 | ) | (1,593 | ) | |||
Net Income Attributable to Common Shareholders | $ | 30,826 | $ | 107,074 | |||
Earnings Per Common Share - Basic: | |||||||
Net income attributable to common shareholders | $ | .24 | $ | .87 | |||
Earnings Per Common Share - Diluted: | |||||||
Net income attributable to common shareholders | $ | .24 | $ | .85 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Net Income | $ | 36,396 | $ | 108,667 | |||
Other Comprehensive Income (Loss): | |||||||
Net unrealized gain on investments, net of taxes | 298 | 18 | |||||
Net unrealized gain (loss) on derivatives | 389 | (4,431 | ) | ||||
Reclassification adjustment of derivatives and designated hedges into net income | 139 | 371 | |||||
Retirement liability adjustment | 377 | 377 | |||||
Total | 1,203 | (3,665 | ) | ||||
Comprehensive Income | 37,599 | 105,002 | |||||
Comprehensive Income Attributable to Noncontrolling Interests | (5,570 | ) | (1,593 | ) | |||
Comprehensive Income Adjusted for Noncontrolling Interests | $ | 32,029 | $ | 103,409 |
March 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Property | $ | 4,747,347 | $ | 4,789,145 | |||
Accumulated Depreciation | (1,189,269 | ) | (1,184,546 | ) | |||
Property Held for Sale, net | 15,998 | 479 | |||||
Property, net * | 3,574,076 | 3,605,078 | |||||
Investment in Real Estate Joint Ventures and Partnerships, net | 288,271 | 289,192 | |||||
Total | 3,862,347 | 3,894,270 | |||||
Unamortized Lease Costs, net | 201,321 | 208,063 | |||||
Accrued Rent and Accounts Receivable (net of allowance for doubtful accounts of $6,844 in 2017 and $6,700 in 2016) * | 90,883 | 94,466 | |||||
Cash and Cash Equivalents * | 3,615 | 16,257 | |||||
Restricted Deposits and Mortgage Escrows | 3,299 | 25,022 | |||||
Other, net | 190,626 | 188,850 | |||||
Total Assets | $ | 4,352,091 | $ | 4,426,928 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net * | $ | 2,323,447 | $ | 2,356,528 | |||
Accounts Payable and Accrued Expenses | 90,728 | 116,859 | |||||
Other, net | 191,053 | 191,887 | |||||
Total Liabilities | 2,605,228 | 2,665,274 | |||||
Commitments and Contingencies | — | — | |||||
Deferred Compensation Share Awards | — | 44,758 | |||||
Equity: | |||||||
Shareholders’ Equity: | |||||||
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,386 in 2017 and 128,072 in 2016 | 3,895 | 3,885 | |||||
Additional Paid-In Capital | 1,769,133 | 1,718,101 | |||||
Net Income Less Than Accumulated Dividends | (196,844 | ) | (177,647 | ) | |||
Accumulated Other Comprehensive Loss | (7,958 | ) | (9,161 | ) | |||
Total Shareholders’ Equity | 1,568,226 | 1,535,178 | |||||
Noncontrolling Interests | 178,637 | 181,718 | |||||
Total Equity | 1,746,863 | 1,716,896 | |||||
Total Liabilities and Equity | $ | 4,352,091 | $ | 4,426,928 | |||
* Consolidated variable interest entities' assets and debt included in the above balances (see Note 15): | |||||||
Property, net | $ | 216,223 | $ | 476,117 | |||
Accrued Rent and Accounts Receivable, net | 9,723 | 11,066 | |||||
Cash and Cash Equivalents | 7,797 | 9,560 | |||||
Debt, net | 46,902 | 47,112 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities: | |||||||
Net Income | $ | 36,396 | $ | 108,667 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 42,449 | 37,879 | |||||
Amortization of debt deferred costs and intangibles, net | 768 | 699 | |||||
Impairment loss | 14,986 | 43 | |||||
Equity in earnings of real estate joint ventures and partnerships, net | (5,317 | ) | (4,093 | ) | |||
Gain on sale and acquisition of real estate joint venture and partnership interests | — | (37,392 | ) | ||||
Gain on sale of property | (15,763 | ) | (45,157 | ) | |||
Distributions of income from real estate joint ventures and partnerships | 463 | 338 | |||||
Changes in accrued rent and accounts receivable, net | 2,812 | 8,086 | |||||
Changes in unamortized lease costs and other assets, net | (6,154 | ) | 168 | ||||
Changes in accounts payable, accrued expenses and other liabilities, net | (21,615 | ) | (15,228 | ) | |||
Other, net | 2,215 | 1,270 | |||||
Net cash provided by operating activities | 51,240 | 55,280 | |||||
Cash Flows from Investing Activities: | |||||||
Acquisition of real estate and land | (570 | ) | (496 | ) | |||
Development and capital improvements | (51,779 | ) | (25,505 | ) | |||
Proceeds from sale of property and real estate equity investments | 52,600 | 106,053 | |||||
Change in restricted deposits and mortgage escrows | 21,877 | (104,171 | ) | ||||
Real estate joint ventures and partnerships - Investments | (198 | ) | (42,025 | ) | |||
Real estate joint ventures and partnerships - Distribution of capital | 4,686 | 24,609 | |||||
Purchase of investments | (2,491 | ) | (1,250 | ) | |||
Proceeds from investments | 3,500 | 500 | |||||
Other, net | 511 | 2,481 | |||||
Net cash provided by (used in) investing activities | 28,136 | (39,804 | ) | ||||
Cash Flows from Financing Activities: | |||||||
Principal payments of debt | (19,441 | ) | (3,623 | ) | |||
Changes in unsecured credit facilities | (14,100 | ) | 30,500 | ||||
Proceeds from issuance of common shares of beneficial interest, net | 877 | 19,430 | |||||
Common share dividends paid | (49,404 | ) | (45,378 | ) | |||
Debt issuance and extinguishment costs paid | (153 | ) | (4,452 | ) | |||
Distributions to noncontrolling interests | (8,651 | ) | (2,139 | ) | |||
Other, net | (1,146 | ) | (4,782 | ) | |||
Net cash used in financing activities | (92,018 | ) | (10,444 | ) | |||
Net (decrease) increase in cash and cash equivalents | (12,642 | ) | 5,032 | ||||
Cash and cash equivalents at January 1 | 16,257 | 22,168 | |||||
Cash and cash equivalents at March 31 | $ | 3,615 | $ | 27,200 | |||
Interest paid during the period (net of amount capitalized of $823 and $520, respectively) | $ | 24,138 | $ | 20,828 |
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, 2016 | $ | 3,744 | $ | 1,616,242 | $ | (222,880 | ) | $ | (7,644 | ) | $ | 155,548 | $ | 1,545,010 | |||||||||
Net income | 107,074 | 1,593 | 108,667 | ||||||||||||||||||||
Issuance of common shares, net | 15 | 17,865 | 17,880 | ||||||||||||||||||||
Shares issued under benefit plans, net | 26 | 2,189 | 2,215 | ||||||||||||||||||||
Dividends paid – common shares (1) | (45,378 | ) | (45,378 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | (2,139 | ) | (2,139 | ) | |||||||||||||||||||
Other comprehensive loss | (3,665 | ) | (3,665 | ) | |||||||||||||||||||
Balance, March 31, 2016 | $ | 3,785 | $ | 1,636,296 | $ | (161,184 | ) | $ | (11,309 | ) | $ | 155,002 | $ | 1,622,590 | |||||||||
Balance, January 1, 2017 | $ | 3,885 | $ | 1,718,101 | $ | (177,647 | ) | $ | (9,161 | ) | $ | 181,718 | $ | 1,716,896 | |||||||||
Net income | 30,826 | 5,570 | 36,396 | ||||||||||||||||||||
Shares issued under benefit plans, net | 10 | 5,655 | 5,665 | ||||||||||||||||||||
Change in classification of deferred compensation plan (see Note 1) | 45,377 | 45,377 | |||||||||||||||||||||
Change in redemption value of deferred compensation plan | (619 | ) | (619 | ) | |||||||||||||||||||
Dividends paid – common shares (1) | (49,404 | ) | (49,404 | ) | |||||||||||||||||||
Distributions to noncontrolling interests | (8,651 | ) | (8,651 | ) | |||||||||||||||||||
Other comprehensive income | 1,203 | 1,203 | |||||||||||||||||||||
Balance, March 31, 2017 | $ | 3,895 | $ | 1,769,133 | $ | (196,844 | ) | $ | (7,958 | ) | $ | 178,637 | $ | 1,746,863 |
(1) | Common dividend per share was $.385 and $.365 for the three months ended March 31, 2017 and 2016, respectively. |
March 31, 2017 | December 31, 2016 | ||||||
Restricted cash (1) | $ | 2,362 | $ | 23,489 | |||
Mortgage escrows | 937 | 1,533 | |||||
Total | $ | 3,299 | $ | 25,022 |
(1) | The decrease between the periods presented is primarily attributable to $21 million of funds being released from a qualified escrow account for the purpose of completing like-kind exchange transactions. |
Gain on Investments | Gain on Cash Flow Hedges | Defined Benefit Pension Plan | Total | ||||||||||||
Balance, December 31, 2016 | $ | (964 | ) | $ | (6,403 | ) | $ | 16,528 | $ | 9,161 | |||||
Change excluding amounts reclassified from accumulated other comprehensive loss | (298 | ) | (389 | ) | (687 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss | (139 | ) | (1) | (377 | ) | (2) | (516 | ) | |||||||
Net other comprehensive income | (298 | ) | (528 | ) | (377 | ) | (1,203 | ) | |||||||
Balance, March 31, 2017 | $ | (1,262 | ) | $ | (6,931 | ) | $ | 16,151 | $ | 7,958 | |||||
Gain on Investments | Gain on Cash Flow Hedges | Defined Benefit Pension Plan | Total | ||||||||||||
Balance, December 31, 2015 | $ | (557 | ) | $ | (8,160 | ) | $ | 16,361 | $ | 7,644 | |||||
Change excluding amounts reclassified from accumulated other comprehensive loss | (18 | ) | 4,431 | 4,413 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | (371 | ) | (1) | (377 | ) | (2) | (748 | ) | |||||||
Net other comprehensive (income) loss | (18 | ) | 4,060 | (377 | ) | 3,665 | |||||||||
Balance, March 31, 2016 | $ | (575 | ) | $ | (4,100 | ) | $ | 15,984 | $ | 11,309 |
March 31, 2017 | December 31, 2016 | ||||||
Balance at beginning of the period/inception | $ | 44,758 | $ | 36,261 | |||
Change in redemption value | 619 | 8,600 | |||||
Change in classification | 988 | 3,716 | |||||
Diversification of share awards | — | (3,819 | ) | ||||
Amendment reclassification | (46,365 | ) | — | ||||
Balance at end of period | $ | — | $ | 44,758 |
• | The bifurcation of lease arrangements in which contractual amounts due are on a gross basis and the amount under contract is not allocated between rental and expense reimbursements, such as real estate taxes and insurance. This process would be based on the underlying fair values of these items. |
• | We have ground lease agreements in which we are the lessee for land underneath all or a portion of 18 centers and three administrative office leases that we account for as operating leases. We have one capital lease in which we are the lessee of two centers with a $21 million lease obligation. We will record any rights and obligations under these leases as an asset and liability at fair value on our consolidated balance sheets. |
• | Determination of costs to be capitalized associated with leases. This ASU will limit the capitalization associated with certain costs, primarily certain internally-generated lease commissions, of which we capitalized internal costs of $2.0 million and $7.2 million for the three months ended March 31, 2016 and for the year ended December 31, 2016, respectively. |
March 31, 2017 | December 31, 2016 | ||||||
Land | $ | 1,112,752 | $ | 1,107,072 | |||
Land held for development | 73,996 | 82,953 | |||||
Land under development | 48,220 | 51,761 | |||||
Buildings and improvements | 3,432,320 | 3,489,685 | |||||
Construction in-progress | 80,059 | 57,674 | |||||
Total | $ | 4,747,347 | $ | 4,789,145 |
March 31, 2017 | December 31, 2016 | ||||||
Combined Condensed Balance Sheets | |||||||
ASSETS | |||||||
Property | $ | 1,198,271 | $ | 1,196,770 | |||
Accumulated depreciation | (268,520 | ) | (261,392 | ) | |||
Property, net | 929,751 | 935,378 | |||||
Other assets, net | 114,829 | 114,554 | |||||
Total Assets | $ | 1,044,580 | $ | 1,049,932 | |||
LIABILITIES AND EQUITY | |||||||
Debt, net (primarily mortgages payable) | $ | 300,251 | $ | 301,480 | |||
Amounts payable to Weingarten Realty Investors and Affiliates | 12,293 | 12,585 | |||||
Other liabilities, net | 23,580 | 24,902 | |||||
Total Liabilities | 336,124 | 338,967 | |||||
Equity | 708,456 | 710,965 | |||||
Total Liabilities and Equity | $ | 1,044,580 | $ | 1,049,932 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Combined Condensed Statements of Operations | |||||||
Revenues, net | $ | 34,738 | $ | 35,922 | |||
Expenses: | |||||||
Depreciation and amortization | 9,013 | 9,381 | |||||
Interest, net | 2,967 | 4,008 | |||||
Operating | 6,118 | 7,603 | |||||
Real estate taxes, net | 4,268 | 4,492 | |||||
General and administrative | 368 | 143 | |||||
Provision for income taxes | 7 | 59 | |||||
Impairment loss | — | 1,303 | |||||
Total | 22,741 | 26,989 | |||||
Gain on sale of non-operating property | — | 373 | |||||
Net income | $ | 11,997 | $ | 9,306 |
March 31, 2017 | December 31, 2016 | ||||||
Debt payable, net to 2038 (1) | $ | 2,004,422 | $ | 2,023,403 | |||
Unsecured notes payable under credit facilities | 230,900 | 245,000 | |||||
Debt service guaranty liability | 67,125 | 67,125 | |||||
Obligations under capital leases | 21,000 | 21,000 | |||||
Total | $ | 2,323,447 | $ | 2,356,528 |
(1) | At March 31, 2017, interest rates ranged from 2.3% to 7.9% at a weighted average rate of 3.9%. At December 31, 2016, interest rates ranged from 1.7% to 7.9% at a weighted average rate of 4.0%. |
March 31, 2017 | December 31, 2016 | ||||||
As to interest rate (including the effects of interest rate contracts): | |||||||
Fixed-rate debt | $ | 2,070,858 | $ | 2,089,769 | |||
Variable-rate debt | 252,589 | 266,759 | |||||
Total | $ | 2,323,447 | $ | 2,356,528 | |||
As to collateralization: | |||||||
Unsecured debt | $ | 1,899,837 | $ | 1,913,399 | |||
Secured debt | 423,610 | 443,129 | |||||
Total | $ | 2,323,447 | $ | 2,356,528 |
March 31, 2017 | December 31, 2016 | ||||||
Unsecured revolving credit facility: | |||||||
Balance outstanding | $ | 226,000 | $ | 245,000 | |||
Available balance | 268,386 | 250,140 | |||||
Letters of credit outstanding under facility | 5,614 | 4,860 | |||||
Variable interest rate (excluding facility fee) | 1.7 | % | 1.5 | % | |||
Unsecured short-term facility: | |||||||
Balance outstanding | $ | 4,900 | $ | — | |||
Variable interest rate (excluding facility fee) | 2.3 | % | — | % | |||
Both facilities: | |||||||
Maximum balance outstanding during the period | $ | 245,000 | $ | 372,000 | |||
Weighted average balance | 211,034 | 141,017 | |||||
Year-to-date weighted average interest rate (excluding facility fee) | 1.6 | % | 1.3 | % |
2017 remaining | $ | 67,268 | |
2018 | 80,427 | ||
2019 | 56,245 | ||
2020 | 237,779 | ||
2021 | 17,667 | ||
2022 | 307,614 | ||
2023 | 305,694 | ||
2024 | 255,954 | ||
2025 | 303,302 | ||
2026 | 277,291 | ||
Thereafter | 106,316 | ||
Total | $ | 2,015,557 |
Assets | Liabilities | ||||||||||
Balance Sheet Location | Amount | Balance Sheet Location | Amount | ||||||||
Designated Hedges: | |||||||||||
March 31, 2017 | Other Assets, net | $ | 872 | Other Liabilities, net | $ | — | |||||
December 31, 2016 | Other Assets, net | 126 | Other Liabilities, net | — |
Gross Amounts Not Offset in Balance Sheet | |||||||||||||||||||||||
Gross Amounts Recognized | Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||
March 31, 2017 | |||||||||||||||||||||||
Assets | $ | 872 | $ | — | $ | 872 | $ | — | $ | — | $ | 872 | |||||||||||
December 31, 2016 | |||||||||||||||||||||||
Assets | 126 | — | 126 | — | — | 126 |
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 March 31, 2017 | $ | (389 | ) | Interest expense, net | $ | (139 | ) | Interest expense, net | — | ||||||
Three Months Ended March 31, 2016 | 4,431 | Interest expense, net | (371 | ) | Interest expense, net | — |
Gain (Loss) on Contracts | Gain (Loss) on Borrowings | Net Settlements and Accruals on Contracts (1) | Amount of Gain (Loss) Recognized in Income (2) | ||||||||||||
Three Months Ended March 31, 2016 | |||||||||||||||
Interest expense, net | $ | (98 | ) | $ | 98 | $ | 466 | $ | 466 |
(1) | Amounts in this caption include gain (loss) recognized in income on derivatives and net cash settlements. |
(2) | No ineffectiveness was recognized during the respective periods. |
Shares sold | 485 | ||
Weighted average price per share | $ | 37.25 | |
Gross proceeds | $ | 18,065 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Continuing operations: | |||||||
Properties held for sale, marketed for sale or sold (1) | $ | 12,172 | $ | 43 | |||
Land held for development and undeveloped land (1) | 2,719 | — | |||||
Other | 95 | — | |||||
Total impairment charges | 14,986 | 43 | |||||
Other financial statement captions impacted by impairment: | |||||||
Equity in earnings of real estate joint ventures and partnerships, net | — | 326 | |||||
Net income attributable to noncontrolling interests | 36 | — | |||||
Net impact of impairment charges | $ | 15,022 | $ | 369 |
(1) | Amounts reported were based on changes in management's plans for the properties, third party offers, recent comparable market transactions and/or a change in market conditions. |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Accrued property construction costs | $ | 7,854 | $ | 8,667 | |||
Consolidation of real estate joint venture: | |||||||
Increase in property, net | — | 58,665 | |||||
Increase in restricted deposits and mortgage escrows | — | 30 | |||||
Increase in debt, net | — | 48,727 | |||||
Increase in security deposits | — | 169 | |||||
Increase in equity associated with deferred compensation plan (see Note 1) | 44,758 | — |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Numerator: | |||||||
Income from continuing operations | $ | 20,633 | $ | 63,510 | |||
Gain on sale of property | 15,763 | 45,157 | |||||
Net income attributable to noncontrolling interests | (5,570 | ) | (1,593 | ) | |||
Net income attributable to common shareholders - basic | 30,826 | 107,074 | |||||
Income attributable to operating partnership units | — | 499 | |||||
Net income attributable to common shareholders - diluted | $ | 30,826 | $ | 107,573 | |||
Denominator: | |||||||
Weighted average shares outstanding – basic | 127,610 | 123,593 | |||||
Effect of dilutive securities: | |||||||
Share options and awards | 938 | 1,216 | |||||
Operating partnership units | — | 1,462 | |||||
Weighted average shares outstanding – diluted | 128,548 | 126,271 |
Three Months Ended March 31, | |||||
2017 | 2016 | ||||
Share options (1) | — | 463 | |||
Operating partnership units | 1,462 | — | |||
Total anti-dilutive securities | 1,462 | 463 |
(1) | Exclusion results as exercise prices were greater than the average market price for each respective period. |
Three Months Ended March 31, 2017 | |||||
Minimum | Maximum | ||||
Dividend yield | 0.0 | % | 4.1 | % | |
Expected volatility (1) | 16.1 | % | 19.1 | % | |
Expected life (in years) | N/A | 3 | |||
Risk-free interest rate | 0.7 | % | 1.5 | % |
Unvested Share Awards | Weighted Average Grant Date Fair Value | |||||
Outstanding, January 1, 2017 | 590,854 | $ | 32.52 | |||
Granted: | ||||||
Service-based awards | 121,999 | 35.82 | ||||
Market-based awards relative to FTSE NAREIT U.S. Shopping Center Index | 54,454 | 39.00 | ||||
Market-based awards relative to three-year absolute TSR | 54,454 | 25.65 | ||||
Vested | (199,844 | ) | 30.44 | |||
Forfeited | (1,377 | ) | 33.38 | |||
Outstanding, March 31, 2017 | 620,540 | $ | 33.81 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Service cost | $ | 343 | $ | 309 | |||
Interest cost | 514 | 498 | |||||
Expected return on plan assets | (759 | ) | (729 | ) | |||
Recognized loss | 377 | 377 | |||||
Total | $ | 475 | $ | 455 |
March 31, 2017 | December 31, 2016 | ||||||
Assets Held by VIEs (1) | $ | 240,676 | $ | 504,293 | |||
Assets Held as Collateral for Debt (2) | 43,237 | 46,136 | |||||
Maximum Risk of Loss (2) | 29,784 | 29,784 |
(1) | $249.5 million of assets at December 31, 2016 ceased to be considered a VIE (see above). |
(2) | Represents the amount of debt and related assets held as collateral associated with the bottom dollar guaranty at one real estate joint venture. |
March 31, 2017 | December 31, 2016 | ||||||
Investment in Real Estate Joint Ventures and Partnerships, net (1) (2) | $ | 1,084 | $ | 886 | |||
Maximum Risk of Loss (3) | 34,000 | 34,000 |
(1) | The carrying amount of the investment 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) | As of March 31, 2017 and December 31, 2016, the carrying amount of the investment for one VIE is $(8) million and $(9) million, respectively, which is included in Other Liabilities and results from the distribution of proceeds from the issuance of debt. |
(3) | The maximum risk of loss has been determined to be limited to our debt exposure for the real estate joint ventures. |
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 March 31, 2017 | ||||||||||||
Assets: | |||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 27,484 | $ | 27,484 | |||||||||||
Investments, mutual funds | 8,130 | 8,130 | |||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 872 | 872 | ||||||||||||
Total | $ | 35,614 | $ | 872 | $ | — | $ | 36,486 | |||||||
Liabilities: | |||||||||||||||
Deferred compensation plan obligations | $ | 27,484 | $ | 27,484 | |||||||||||
Total | $ | 27,484 | $ | — | $ | — | $ | 27,484 |
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, 2016 | ||||||||||||
Assets: | |||||||||||||||
Investments, mutual funds held in a grantor trust | $ | 26,328 | $ | 26,328 | |||||||||||
Investments, mutual funds | 7,670 | 7,670 | |||||||||||||
Derivative instruments: | |||||||||||||||
Interest rate contracts | $ | 126 | 126 | ||||||||||||
Total | $ | 33,998 | $ | 126 | $ | — | $ | 34,124 | |||||||
Liabilities: | |||||||||||||||
Deferred compensation plan obligations | $ | 26,328 | $ | 26,328 | |||||||||||
Total | $ | 26,328 | $ | — | $ | — | $ | 26,328 |
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) | $ | 12,901 | $ | 5,896 | $ | 18,797 | $ | (10,265 | ) | ||||||||||
Property held for sale (3) | 15,998 | 15,998 | (3,123 | ) | |||||||||||||||
Investment in real estate joint ventures and partnerships (4) | 961 | 961 | (95 | ) | |||||||||||||||
Total | $ | — | $ | 28,899 | $ | 6,857 | $ | 35,756 | $ | (13,483 | ) |
(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 $29.1 million was written down to a fair value of $18.8 million, resulting in a loss of $10.3 million, which was included in earnings for the period. Management’s estimate of fair value of these properties was determined using a bona fide purchase offer for the Level 2 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 $19.1 million was written down to a fair value of $16.6 million, less costs to sale of $.6 million, resulting in a loss of $3.1 million, which was included in earnings 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 $1.1 million was written down to a fair value of $1.0 million, resulting in a loss of $.1 million, which was included in earnings for the period. See the quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements table below. |
March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Carrying Value | Fair Value Using Significant Other Observable Inputs (Level 2) | Fair Value Using Significant Unobservable Inputs (Level 3) | Carrying Value | Fair Value Using Significant Other Observable Inputs (Level 2) | Fair Value Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
Other Assets: | |||||||||||||||||||||||
Tax increment revenue bonds (1) | $ | 23,910 | $ | 23,910 | $ | 23,910 | $ | 23,910 | |||||||||||||||
Investments, held to maturity (2) | 4,241 | $ | 4,241 | 5,240 | $ | 5,248 | |||||||||||||||||
Debt: | |||||||||||||||||||||||
Fixed-rate debt | 2,070,858 | 2,119,536 | 2,089,769 | 2,132,082 | |||||||||||||||||||
Variable-rate debt | 252,589 | 251,321 | 266,759 | 265,230 |
(1) | At March 31, 2017 and December 31, 2016, the credit loss balance on our tax increment revenue bonds was $31.0 million. |
(2) | Investments held to maturity are recorded at cost. As of March 31, 2017, no unrealized gain or loss was recognized on these investments, and at December 31, 2016, an $8 thousand unrealized gain was recognized. |
Description | Fair Value at | Unobservable Inputs | Range | |||||||||||||||||||||
March 31, 2017 | December 31, 2016 | Minimum | Maximum | |||||||||||||||||||||
(in thousands) | Valuation Technique | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||
Property | $ | 5,896 | $ | — | Discounted cash flows | Discount rate | 7.5 | % | 12.0 | % | ||||||||||||||
Capitalization rate | 7.0 | % | 10.0 | % | ||||||||||||||||||||
Holding period (years) | 5 | 10 | ||||||||||||||||||||||
Expected future inflation rate (1) | 2.0 | % | ||||||||||||||||||||||
Market rent growth rate (1) | 2.0 | % | 3.0 | % | ||||||||||||||||||||
Expense growth rate (1) | 2.0 | % | ||||||||||||||||||||||
Vacancy rate (1) | — | % | 20.0 | % | ||||||||||||||||||||
Renewal rate (1) | 70.0 | % | ||||||||||||||||||||||
Average market rent rate (1) | $ | 11.00 | $ | 16.00 | ||||||||||||||||||||
Average leasing cost per square foot (1) | $ | 10.00 | $ | 35.00 | ||||||||||||||||||||
Investment in real estate joint ventures and partnerships | 961 | — | Bona fide purchase offers | Contract price | ||||||||||||||||||||
Tax increment revenue bonds | 23,910 | 23,910 | Discounted cash flows | Discount rate | 6.5 | % | 6.5 | % | 7.5 | % | 7.5 | % | ||||||||||||
Expected future growth rate | 1.0 | % | 1.0 | % | 2.5 | % | 2.0 | % | ||||||||||||||||
Expected future inflation rate | 1.0 | % | 1.0 | % | 3.0 | % | 3.0 | % | ||||||||||||||||
Fixed-rate debt | 2,119,536 | 2,132,082 | Discounted cash flows | Discount rate | 3.0 | % | 3.0 | % | 5.1 | % | 5.2 | % | ||||||||||||
Variable-rate debt | 251,321 | 265,230 | Discounted cash flows | Discount rate | 1.9 | % | 1.6 | % | 2.6 | % | 2.4 | % |
(1) | Only applies to one property valuation. |
• | occupancy of 93.7% at March 31, 2017; |
• | an increase of 3.7% in SPNOI including redevelopments for the three months ended March 31, 2017 over the same period of 2016; and |
• | rental rate increases of 7.6% for new leases and 9.8% for renewals during the three months ended March 31, 2017. |
March 31, | |||||
2017 | 2016 | ||||
Anchor (space of 10,000 square feet or greater) | 95.7 | % | 98.3 | % | |
Non-Anchor | 90.5 | % | 90.0 | % | |
Total Occupancy | 93.7 | % | 95.2 | % |
Three Months Ended March 31, 2017 | ||
SPNOI Growth with Redevelopments (1) | 3.7 | % |
(1) | See Non-GAAP Financial Measures for a definition of the measurement of SPNOI and a reconciliation to operating income within this section of Item 2. |
Number of Leases | Square Feet ('000's) | 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 March 31, 2017 | ||||||||||||||||||||
New leases (1) | 62 | 166 | $ | 21.38 | $ | 19.86 | $ | 25.31 | 7.6 | % | ||||||||||
Renewals | 214 | 1,352 | 16.81 | 15.32 | — | 9.8 | % | |||||||||||||
Not comparable spaces | 27 | 73 | ||||||||||||||||||
Total | 303 | 1,591 | $ | 17.31 | $ | 15.81 | $ | 2.76 | 9.5 | % |
(1) | Average external lease commissions per square foot for the three months ended March 31, 2017 were $4.59. |
Three Months Ended March 31, | ||||||||||||||
2017 | 2016 | Change | % Change | |||||||||||
Revenues | $ | 143,663 | $ | 132,417 | $ | 11,246 | 8.5 | % | ||||||
Depreciation and amortization | 42,449 | 37,879 | 4,570 | 12.1 | ||||||||||
Operating expenses | 29,910 | 23,536 | 6,374 | 27.1 | ||||||||||
Real estate taxes, net | 17,517 | 15,857 | 1,660 | 10.5 | ||||||||||
Impairment loss | 14,986 | 43 | 14,943 | 34,751.2 | ||||||||||
Interest and other income | 1,754 | 211 | 1,543 | 731.3 | ||||||||||
Gain on sale and acquisition of real estate joint venture and partnership interests | — | 37,392 | (37,392 | ) | 100.0 | |||||||||
Benefit (provision) for income taxes | 3,359 | (5,899 | ) | 9,258 | 156.9 |
2017 remaining | $ | 10.9 | |
2018 | 5.9 | ||
2019 | 6.2 | ||
2020 | 92.8 | ||
2021 | 172.8 | ||
Thereafter | 12.4 | ||
Total | $ | 301.0 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Acquisitions | $ | — | $ | 42,521 | |||
Tenant Improvements | 6,480 | 4,839 | |||||
New Development | 30,383 | 6,182 | |||||
Redevelopment | 8,988 | 8,458 | |||||
Capital Improvements | 5,412 | 3,166 | |||||
Other | 1,284 | 2,860 | |||||
Total | $ | 52,547 | $ | 68,026 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Acquisition of real estate and land | $ | 570 | $ | 496 | |||
Development and capital improvements | 51,779 | 25,505 | |||||
Real estate joint ventures and partnerships - Investments | 198 | 42,025 | |||||
Total | $ | 52,547 | $ | 68,026 |
Covenant | Restriction | Actual | ||
Debt to Asset Ratio | Less than 60.0% | 44.0% | ||
Secured Debt to Asset Ratio | Less than 40.0% | 8.0% | ||
Fixed Charge Ratio | Greater than 1.5 | 4.2 | ||
Unencumbered Asset Test | Greater than 150% | 240.7% |
Payments due by period | |||||||||||||||||||
Total | Less than 1 year | 1 - 3 years | 3 - 5 years | More than 5 years | |||||||||||||||
Mortgages and Notes Payable (1) | |||||||||||||||||||
Unsecured Debt | $ | 2,245,397 | $ | 80,772 | $ | 123,020 | $ | 534,944 | $ | 1,506,661 | |||||||||
Secured Debt | 521,695 | 58,182 | 156,580 | 70,422 | 236,511 | ||||||||||||||
Lease Payments | 128,403 | 2,306 | 6,140 | 5,508 | 114,449 | ||||||||||||||
Other Obligations (2) | 77,118 | 42,652 | 34,466 | ||||||||||||||||
Total Contractual Obligations | $ | 2,972,613 | $ | 183,912 | $ | 320,206 | $ | 610,874 | $ | 1,857,621 |
(1) | Includes principal and interest with interest on variable-rate debt calculated using rates at March 31, 2017, excluding the effect of interest rate swaps. Also, excludes a $67.1 million debt service guaranty liability. See Note 5 for additional information. |
(2) | Other obligations include income and real estate tax payments, commitments associated with our secured debt and other employee payments. Included in 2017, is the estimated contribution to our pension plan, which meets or exceeds the minimum statutory funding requirements; however, we have the right to discontinue contributions at any time. See Note 12 for additional information. |
Three Months Ended March 31, | ||||||||
2017 | 2016 | |||||||
Net income attributable to common shareholders | $ | 30,826 | $ | 107,074 | ||||
Depreciation and amortization | 41,621 | 37,209 | ||||||
Depreciation and amortization of unconsolidated real estate joint ventures and partnerships | 3,639 | 3,686 | ||||||
Impairment of operating properties and real estate equity investments | 12,005 | — | ||||||
Impairment of operating properties of unconsolidated real estate joint ventures and partnerships | — | 326 | ||||||
Gain on acquisition including associated real estate equity investment | — | (37,383 | ) | |||||
Gain on sale of property and interests in real estate equity investments | (11,812 | ) | (45,125 | ) | ||||
(Benefit) provision for income taxes (1) | (2,392 | ) | — | |||||
NAREIT FFO – basic | 73,887 | 65,787 | ||||||
Income attributable to operating partnership units | 526 | 499 | ||||||
NAREIT FFO – diluted | 74,413 | 66,286 | ||||||
Adjustments to Core FFO: | ||||||||
Other impairment loss | 3,017 | 43 | ||||||
(Benefit) provision for income taxes | (952 | ) | 5,895 | |||||
Acquisition costs | — | 355 | ||||||
Other | 3,066 | (242 | ) | |||||
Core FFO – diluted | $ | 79,544 | $ | 72,337 | ||||
Weighted average shares outstanding – basic | 127,610 | 123,593 | ||||||
Effect of dilutive securities: | ||||||||
Share options and awards | 938 | 1,216 | ||||||
Operating partnership units | 1,462 | 1,462 | ||||||
Weighted average shares outstanding – diluted | 130,010 | 126,271 | ||||||
NAREIT FFO per common share – basic | $ | .58 | $ | .53 | ||||
NAREIT FFO per common share – diluted | $ | .57 | $ | .52 | ||||
Core FFO per common share – diluted | $ | .61 | $ | .57 |
Three Months Ended March 31, 2017 | |||
Beginning of the period | 193 | ||
Properties added: | |||
Acquisitions | 4 | ||
New Developments | 1 | ||
Redevelopments | 6 | ||
Properties removed: | |||
Dispositions | (3 | ) | |
End of the period | 201 |
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Net income attributable to common shareholders | $ | 30,826 | $ | 107,074 | |||
Add: | |||||||
Net income attributable to noncontrolling interests | 5,570 | 1,593 | |||||
(Benefit) provision for income taxes | (3,359 | ) | 5,899 | ||||
Interest expense, net | 21,082 | 20,891 | |||||
Less: | |||||||
Gain on sale of property | (15,763 | ) | (45,157 | ) | |||
Equity in earnings of real estate joint ventures and partnership interests | (5,317 | ) | (4,093 | ) | |||
Gain on sale and acquisition of real estate joint venture and partnership interests | — | (37,392 | ) | ||||
Interest and other income | (1,754 | ) | (211 | ) | |||
Operating Income | 31,285 | 48,604 | |||||
Less: | |||||||
Revenue adjustments (1) | (4,109 | ) | (3,727 | ) | |||
Add: | |||||||
Property management fees | 926 | 959 | |||||
Depreciation and amortization | 42,449 | 37,879 | |||||
Impairment loss | 14,986 | 43 | |||||
General and administrative | 7,516 | 6,498 | |||||
Acquisition costs | 1 | 49 | |||||
Other (2) | 3,117 | 169 | |||||
Net Operating Income | 96,171 | 90,474 | |||||
Less: NOI related to consolidated entities not defined as same property, noncontrolling interests and redevelopments | (18,306 | ) | (14,639 | ) | |||
Add: Pro rata share of unconsolidated entities defined as same property | 8,523 | 8,171 | |||||
Same Property Net Operating Income | $ | 86,388 | $ | 84,006 | |||
Same Property Net Operating Income including Redevelopments | $ | 96,040 | $ | 92,624 |
(1) | Revenue adjustments consist primarily of straight-line rentals, lease cancellation income and fee income primarily from real estate joint ventures and partnerships. |
(2) | Other includes items such as environmental abatement costs, demolition expenses and lease termination fees. |
(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 | |||||||
February 1, 2017 to February 28, 2017 | 38,572 | $ | 36.36 |
(1) | Common shares surrendered or deemed surrendered to us to satisfy such employees' tax withholding obligations in connection with the vesting and/or exercise of awards under our equity-based compensation plans. |
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 |
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Apr. 28, 2017 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2017 | |
Entity Registrant Name | WEINGARTEN REALTY INVESTORS /TX/ | |
Entity Central Index Key | 0000828916 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding (in shares) | 128,388,696 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 36,396 | $ 108,667 |
Other Comprehensive Income (Loss): | ||
Net unrealized gain on investments, net of taxes | 298 | 18 |
Net unrealized gain (loss) on derivatives | 389 | (4,431) |
Reclassification adjustment of derivatives and designated hedges into net income | 139 | 371 |
Retirement liability adjustment | 377 | 377 |
Total | 1,203 | (3,665) |
Comprehensive Income | 37,599 | 105,002 |
Comprehensive Income Attributable to Noncontrolling Interests | (5,570) | (1,593) |
Comprehensive Income Adjusted for Noncontrolling Interests | $ 32,029 | $ 103,409 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6,844 | $ 6,700 |
Common Shares of Beneficial Interest - par value, $.03 per share; shares authorized: 275,000; shares issued and outstanding: 128,386 in 2017 and 128,072 in 2016 | ||
Common Shares of Beneficial Interest; par value (dollars per share) | $ 0.03 | $ 0.03 |
Common Shares of Beneficial Interest - shares authorized (shares) | 275,000,000 | 275,000,000 |
Common Shares of Beneficial Interest - shares issued (shares) | 128,386,000 | 128,072,000 |
Common Shares of Beneficial Interest - shares outstanding (shares) | 128,386,000 | 128,072,000 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
||||
Cash Flows from Operating Activities: | |||||
Net Income | $ 36,396 | $ 108,667 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 42,449 | 37,879 | |||
Amortization of debt deferred costs and intangibles, net | 768 | 699 | |||
Impairment loss | 14,986 | 43 | |||
Equity in earnings of real estate joint ventures and partnerships, net | (5,317) | (4,093) | |||
Gain on sale and acquisition of real estate joint venture and partnership interests | 0 | (37,392) | |||
Gain on sale of property | (15,763) | (45,157) | |||
Distributions of income from real estate joint ventures and partnerships | 463 | 338 | |||
Changes in accrued rent and accounts receivable, net | 2,812 | 8,086 | |||
Changes in unamortized lease costs and other assets, net | (6,154) | 168 | |||
Changes in accounts payable, accrued expenses and other liabilities, net | (21,615) | (15,228) | |||
Other, net | 2,215 | 1,270 | |||
Net cash provided by operating activities | 51,240 | 55,280 | |||
Cash Flows from Investing Activities: | |||||
Acquisition of real estate and land | (570) | (496) | |||
Development and capital improvements | (51,779) | (25,505) | |||
Proceeds from sale of property and real estate equity investments | 52,600 | 106,053 | |||
Change in restricted deposits and mortgage escrows | 21,877 | (104,171) | |||
Real estate joint ventures and partnerships - Investments | (198) | (42,025) | |||
Real estate joint ventures and partnerships - Distribution of capital | 4,686 | 24,609 | |||
Purchase of investments | (2,491) | (1,250) | |||
Proceeds from investments | 3,500 | 500 | |||
Other, net | 511 | 2,481 | |||
Net cash provided by (used in) investing activities | 28,136 | (39,804) | |||
Cash Flows from Financing Activities: | |||||
Principal payments of debt | (19,441) | (3,623) | |||
Changes in unsecured credit facilities | (14,100) | 30,500 | |||
Proceeds from issuance of common shares of beneficial interest, net | 877 | 19,430 | |||
Common share dividends paid | (49,404) | (45,378) | |||
Debt issuance and extinguishment costs paid | (153) | (4,452) | |||
Distributions to noncontrolling interests | (8,651) | (2,139) | |||
Other, net | (1,146) | (4,782) | |||
Net cash used in financing activities | (92,018) | (10,444) | |||
Net (decrease) increase in cash and cash equivalents | (12,642) | 5,032 | |||
Cash and cash equivalents at January 1 | 16,257 | [1] | 22,168 | ||
Cash and cash equivalents at March 31 | 3,615 | [1] | 27,200 | ||
Interest paid during the period (net of amount capitalized of $823 and $520, respectively) | $ 24,138 | $ 20,828 | |||
|
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Cash Flows [Abstract] | ||
Capitalized interest paid | $ 823 | $ 520 |
Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands |
Total |
Common Shares of Beneficial Interest |
Additional Paid-In Capital |
Net Income Less Than Accumulated Dividends |
Accumulated Other Comprehensive Loss |
Noncontrolling Interests |
|||
---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2015 | $ 1,545,010 | $ 3,744 | $ 1,616,242 | $ (222,880) | $ (7,644) | $ 155,548 | |||
Increase (Decrease) in Equity [Roll Forward] | |||||||||
Net Income | 108,667 | 107,074 | 1,593 | ||||||
Issuance of common shares, net | 17,880 | 15 | 17,865 | ||||||
Shares issued under benefit plans, net | 2,215 | 26 | 2,189 | ||||||
Dividends paid - common shares | [1] | (45,378) | (45,378) | ||||||
Distributions to noncontrolling interests | (2,139) | (2,139) | |||||||
Other comprehensive loss | (3,665) | (3,665) | |||||||
Ending Balance at Mar. 31, 2016 | 1,622,590 | 3,785 | 1,636,296 | (161,184) | (11,309) | 155,002 | |||
Beginning Balance at Dec. 31, 2016 | 1,716,896 | 3,885 | 1,718,101 | (177,647) | (9,161) | 181,718 | |||
Increase (Decrease) in Equity [Roll Forward] | |||||||||
Net Income | 36,396 | 30,826 | 5,570 | ||||||
Shares issued under benefit plans, net | 5,665 | 10 | 5,655 | ||||||
Change in classification of deferred compensation plan (see Note 1) | 45,377 | 45,377 | |||||||
Change in redemption value of deferred compensation plan | (619) | (619) | |||||||
Dividends paid - common shares | [1] | (49,404) | (49,404) | ||||||
Distributions to noncontrolling interests | (8,651) | (8,651) | |||||||
Other comprehensive loss | 1,203 | 1,203 | |||||||
Ending Balance at Mar. 31, 2017 | $ 1,746,863 | $ 3,895 | $ 1,769,133 | $ (196,844) | $ (7,958) | $ 178,637 | |||
|
Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common dividend (in dollars per share) | $ 0.385 | $ 0.365 |
Summary of Significant Accounting Policies |
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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 of shopping centers and other commercial real estate in 1948. Our primary business is leasing space to tenants in the shopping centers we own. 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 44.4 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 3.0% of base minimum rental revenues during the first three months of 2017. Total revenues generated by our centers located in Houston and its surrounding areas was 20.3% of total revenue for the three months ended March 31, 2017, and an additional 8.9% of total revenue was generated during this period from centers that are located in other parts of Texas. Basis of Presentation Our condensed 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, 2016 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 audited consolidated financial statements and related notes for the year ended December 31, 2016. 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. 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 Changes in accumulated other comprehensive loss by component consists of the following (in thousands):
_______________ (1) This reclassification component is included in interest expense (see Note 6 for additional information). (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information). Deferred Compensation Plan Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares of beneficial interest ("common shares") six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification was reclassified from additional paid-in capital to temporary equity in our Condensed Consolidated Balance Sheet. In February 2017, our deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification were reclassified from temporary equity into additional paid-in capital in our Condensed Consolidated Balance Sheet. The following table summarizes the eligible share award activity since inception through the plan amendment date (in thousands):
Retrospective Application of Accounting Standard Update The retrospective application of adopting Accounting Standard Update No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" on prior years' Condensed Consolidated Statement of Cash Flows was made to conform to the current year presentation (see Note 2 for additional information). |
Newly Issued Accounting Pronouncements |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||||||||||||
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $4.8 million in the condensed statement of cash flows for the three months ended March 31, 2016 from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings. In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis. We have adopted this update, and the adoption did not have any impact to our condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets can be concentrated in a single asset or identifiable group of similar assets, then the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For the three months ended March 31, 2016 and for the year ended December 31, 2016, we incurred acquisition costs of $49 thousand and $1.4 million, respectively. Not Yet Adopted In May 2014 , the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. We are in the process of evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements and related disclosures. In identifying all of our revenue streams, the majority of our revenues result from leasing transactions which are not within the scope of the new standard and will be governed by the recently issued leasing guidance (see ASU No. 2016-02 below). Excluding revenues related to leasing transactions, the adoption of this standard may impact our other sources of revenue, which include management, leasing and other fee revenues from our unconsolidated and managed entities, as well as property dispositions. Although we are still evaluating, we believe there may be an impact in the timing associated with recognizing some of these revenues. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We are in the process of evaluating the impact to our 5,800 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. We have currently identified some areas we believe may be impacted by this ASU. These include:
In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalents that results from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018, and early adoption is permitted; however, it must be adopted at the same time ASU 2014-09 is adopted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. |
Property |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Property Our property consists of the following (in thousands):
During the three months ended March 31, 2017, we sold three centers and other property. Aggregate gross sales proceeds from these transactions approximated $54.5 million and generated gains of approximately $15.8 million. Also, during the three months ended March 31, 2017, we invested $30.4 million in new development projects, which includes the purchase of the retail portion of a mixed-use project in Seattle, Washington that was subject to a contractual obligation at December 31, 2016. At March 31, 2017, one center, totaling $37.3 million before accumulated depreciation, was classified as held for sale. At December 31, 2016, one center, totaling $1.6 million before accumulated depreciation, was classified as held for sale. Neither of these centers qualified to be reported in discontinued operations, and each has been sold subsequent to the applicable reporting period. |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment In Real Estate Joint Ventures And Partnerships | Investment in Real Estate Joint Ventures and Partnerships We own interests in real estate joint ventures or limited partnerships and have tenancy-in-common interests in which we exercise significant influence, but do not have financial and operating control. We account for these investments using the equity method, and our interests range from 20% to 75% for the periods presented in 2017 and 2016. Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):
Our investment in real estate joint ventures and partnerships, as reported in our Condensed Consolidated Balance Sheets, differs from our proportionate share of the entities' underlying net assets due to basis differences, which arose upon the transfer of assets to the joint ventures. The net positive basis differences, which totaled $2.5 million and $2.6 million at March 31, 2017 and December 31, 2016, respectively, are generally amortized over the useful lives of the related assets. Our real estate joint ventures and partnerships have determined from time to time that the carrying amount of certain centers was not recoverable and that the centers should be written down to fair value. There was no impairment charge for the three months ended March 31, 2017. For the three months ended March 31, 2016, there was a $1.3 million impairment charge associated with a center that was marketed and sold during the period. Fees earned by us for the management of these real estate joint ventures and partnerships totaled $1.5 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively. During 2016, five centers and a land parcel were sold with aggregate gross sales proceeds of approximately $78.7 million, of which our share of the gain, included in equity earnings in real estate joint ventures and partnerships, totaled $3.9 million. Additionally, one center with a gross purchase price of $73 million was acquired, of which our interest aggregated 69%. In September 2016, we acquired our partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our consolidated financial statements. In October 2016, an unconsolidated joint venture distributed land to both us and our partner, totaling $4.4 million. In December 2016, we entered into a new joint venture agreement for the development of a mixed-use project, of which we anticipate having an aggregated 90% interest upon the future purchase of land in 2017 (See Note 15 for additional information). As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value. |
Debt |
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Debt | Debt Our debt consists of the following (in thousands):
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The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):
We maintain a $500 million unsecured revolving credit facility, which was amended and extended on March 30, 2016. This facility expires in March 2020, provides for two consecutive six-month extensions upon our request and borrowing rates that float at a margin over LIBOR plus a facility fee. At March 31, 2017 and December 31, 2016, the borrowing margin and facility fee, which are priced off a grid that is tied to our senior unsecured credit ratings, were 90 and 15 basis points, respectively. The facility also contains a competitive bid feature that allows us to request bids for up to $250 million. Additionally, an accordion feature allows us to increase the facility amount up to $850 million. Additionally, we have an agreement with a bank for a short-term, unsecured facility, which was amended and extended on March 27, 2017, totaling $10 million that we maintain for cash management purposes which matures in March 2018. At March 31, 2017, the facility provided for fixed interest rate loans at a 30-day LIBOR rate plus a borrowing margin, facility fee and an unused facility fee of 125, 10, and 5 basis points, respectively. At December 31, 2016, the borrowing margin, facility fee and an unused facility fee was 125, 10, and 10 basis points, respectively. The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):
Related to a development project in Sheridan, Colorado, we have provided a guaranty for the payment of any debt service shortfalls until a coverage rate of 1.4x is met on tax increment revenue bonds issued in connection with the project. The bonds are to be repaid with incremental sales and property taxes and a public improvement fee (“PIF”) to be assessed on current and future retail sales and, to the extent necessary, any amounts we may have to provide under a guaranty. The incremental taxes and PIF are to remain intact until the earlier of the date the bond liability has been paid in full or 2040. Therefore, a debt service guaranty liability equal to the fair value of the amounts funded under the bonds was recorded. As of both March 31, 2017 and December 31, 2016, we had $67.1 million outstanding for the debt service guaranty liability. In December 2016, we repaid $75 million of fixed-rate unsecured medium term notes upon maturity at a weighted average interest rate of 5.5%. In August 2016, we issued $250 million of 3.25% senior unsecured notes maturing in 2026. The notes were issued at 99.16% of the principal amount with a yield to maturity of 3.35%. The net proceeds received of $246.3 million were used to reduce the amount outstanding under our $500 million unsecured revolving credit facility. In June 2016, we amended an existing $90 million secured note to extend the maturity to 2028 and reduce the interest rate from 7.5% to 4.5% per annum. In connection with this transaction, we have recorded a $2.0 million gain on extinguishment of debt that has been classified as net interest expense in our Condensed Consolidated Statements of Operations. Various leases and properties, and current and future rentals from those leases and properties, collateralize certain debt. At both March 31, 2017 and December 31, 2016, the carrying value of such assets aggregated $.7 billion. Scheduled principal payments on our debt (excluding $230.9 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $(5.9) million net premium/(discount) on debt, $(10.1) million of deferred debt costs, $4.9 million of non-cash debt-related items, and $67.1 million debt service guaranty liability) are due during the following years (in thousands):
Our various debt agreements contain restrictive covenants, including minimum interest and fixed charge coverage ratios, minimum unencumbered interest coverage ratios, minimum net worth requirements and maximum total debt levels. We are not aware of any non-compliance with our public debt and revolving credit facility covenants as of March 31, 2017. |
Derivatives and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging | Derivatives and Hedging The fair value of all our interest rate swap contracts was reported as follows (in thousands):
The gross presentation, the effects of offsetting for derivatives with the right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):
Cash Flow Hedges As of March 31, 2017 and December 31, 2016, we had three interest rate swap contracts, maturing through March 2020, with an aggregate notional amount of $200 million that were designated as cash flow hedges and fix the LIBOR component of the interest rates at 1.5%. We have determined that these contracts are highly effective in offsetting future variable interest cash flows. During 2016, we entered into and settled a forward-starting interest rate swap contract with an aggregate notional amount of $200 million hedging future fixed-rate debt issuances, which fixed the 10-year swap rates at 1.5% per annum. Upon settlement of this contract in August 2016, we paid $2.1 million resulting in a loss of $2.0 million in accumulated other comprehensive loss. As of March 31, 2017 and December 31, 2016, the net gain balance in accumulated other comprehensive loss relating to cash flow interest rate swap contracts was $6.9 million and $6.4 million, respectively, and will be reclassified to net interest expense as interest payments are made on the originally hedged debt. Within the next 12 months, approximately $.4 million in accumulated other comprehensive loss is expected to be reclassified as a reduction to interest expense related to our interest rate contracts. A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):
Fair Value Hedges Associated with the refinancing of a secured note, on June 24, 2016, we terminated two interest rate swap contracts that were designated as fair value hedges and had an aggregate notional amount of $62.9 million. Upon settlement, we received $2.2 million, which was recognized as part of the gain on extinguishment of debt related to the hedged debt. A summary of fair value interest rate swap contract hedging activity is as follows (in thousands):
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Common Shares of Beneficial Interest |
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Mar. 31, 2017 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Common Shares of Beneficial Interest | Common Shares of Beneficial Interest At March 31, 2017, we had an at-the-market ("ATM") equity offering program under which we may, but are not obligated to, sell up to $250 million of common shares, in amounts and at times as we determine, at prices determined by the market at the time of sale. Actual sales may depend on a variety of factors including, among others, market conditions, the trading price of our common shares, and determinations by management of the appropriate sources of funding for us. We intend to use the net proceeds from future sales for general trust purposes, which may include acquisitions and reducing borrowings under our $500 million unsecured revolving credit facility, repaying other indebtedness or repurchasing outstanding debt. No shares were sold under the ATM equity program during three months ended March 31, 2017. The following shares were sold under the ATM equity offering programs as of March 31, 2016 (in thousands, except per share amounts):
As of the date of this filing, $242.2 million of common shares remained available for sale under the ATM equity program. We have a $200 million share repurchase plan. Under this plan, we may repurchase common shares from time-to-time in open-market or in privately negotiated purchases. The timing and amount of any shares repurchased will be determined by management based on its evaluation of market conditions and other factors. The repurchase plan may be suspended or discontinued at any time, and we have no obligations to repurchase any amount of our common shares under the plan. As of the date of this filing, we have not repurchased any shares under this plan. |
Impairment |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 16 for additional fair value information) (in thousands):
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information | Supplemental Cash Flow Information Non-cash investing and financing activities are summarized as follows (in thousands):
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Earnings per common share – basic is computed using net income attributable to common shareholders and the weighted average number of shares outstanding – basic. Earnings per common share – diluted includes the effect of potentially dilutive securities. Income from continuing operations attributable to common shareholders includes gain on sale of property in accordance with Securities and Exchange Commission guidelines. Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):
Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):
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Share Options and Awards |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Options and Awards | Share Options and Awards During 2017, we granted share awards incorporating both service-based and market-based measures to promote share ownership among the participants and to emphasize the importance of total shareholder return ("TSR"). The terms of each grant vary depending upon the participant's responsibilities and position within the Company. We categorize these share awards as either service-based share awards or market-based share awards. All awards were valued at the fair market value on the date of grant and earn dividends from the date of grant. Compensation expense is measured at the grant date and recognized over the vesting period. Generally, unvested share awards are forfeited upon the termination of the participant’s employment with us. 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:
_______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. A summary of the status of unvested share awards for the three months ended March 31, 2017 is as follows:
As of March 31, 2017 and December 31, 2016, there was approximately $3.7 million and $2.0 million, respectively, of total unrecognized compensation cost related to unvested share awards, which is expected to be amortized over a weighted average of 2.2 years and 1.8 years, respectively. |
Employee Benefit Plans |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans Defined Benefit Plan We sponsor a noncontributory qualified retirement plan. The components of net periodic benefit cost for this plan are as follows (in thousands):
The expected contribution to be paid to the qualified retirement plan during 2017 is approximately $2.0 million. During 2016, we contributed $2.0 million to the qualified retirement plan. Defined Contribution Plans Compensation expense related to our defined contribution plans was $1.2 million and $.9 million for the three months ended March 31, 2017 and 2016, respectively. |
Related Parties |
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Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Through our management activities and transactions with our real estate joint ventures and partnerships, we had net accounts receivable of $2.0 million and $2.2 million outstanding as of March 31, 2017 and December 31, 2016, respectively. At both March 31, 2017 and December 31, 2016, we also had accounts payable and accrued expenses of $.3 million. We recorded joint venture fee income for the three months ended March 31, 2017 and 2016 of $1.5 million and $1.2 million, respectively. In September 2016, we acquired a partner's 50% interest in an unconsolidated tenancy-in-common arrangement for approximately $13.5 million that we had previously accounted for under the equity method. This transaction resulted in the consolidation of the property in our condensed consolidated financial statements, and we recognized a gain of $9.0 million on the fair value remeasurement of our equity method investment. In October 2016, an unconsolidated joint venture distributed land to both us and our partner, and we recognized a gain of $1.9 million associated with the remeasurement of a land parcel. Also, we paid a payable totaling $4.8 million due to the unconsolidated joint venture. In November 2016, we acquired our partner’s interest in two consolidated joint ventures for an aggregate amount of $3.3 million. As of December 31, 2015, we held a combined 51% interest in an unconsolidated real estate joint venture that owned three centers in Colorado with total assets and debt of $43.7 million and $72.4 million, respectively. In February 2016, in exchange for our partners' aggregate 49% interest in this venture and $2.5 million in cash, we distributed one center to our partners. We have consolidated this venture as of the transaction date and re-measured our investment in this venture to its fair value, and recognized a gain of $37.4 million. |
Commitments and Contingencies |
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Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments and Contingencies As of March 31, 2017 and December 31, 2016, we participated in two real estate ventures structured as DownREIT partnerships that have centers in Arkansas, North Carolina and Texas. We have operating and financial control over these ventures and consolidate them in our condensed consolidated financial statements. These ventures allow the outside limited partners to put their interest in the partnership to us, and we have the option to redeem the interest in cash or a fixed number of our common shares, at our discretion. We also participate in a real estate venture that has a property in Texas that allows its outside partner to put operating partnership units to us. We have the option to redeem these units in cash or a fixed number of our common shares, at our discretion. The aggregate redemption value of these interests was approximately $49 million and $52 million as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017, we have entered into commitments aggregating $30.9 million comprised principally of construction contracts which are generally due in 12 to 36 months. We issue letters of intent signifying a willingness to negotiate for acquisitions, dispositions or joint ventures, as well as other types of potential transactions, during the ordinary course of our business. Such letters of intent and other arrangements are non-binding to all parties unless and until a definitive contract is entered into by the parties. Even if definitive contracts relating to the acquisition or disposition of property are entered into, these contracts generally provide the purchaser a time period to evaluate the property and conduct due diligence. The purchaser, during this time, will have the ability to terminate a contract without penalty or forfeiture of any deposit or earnest money. No assurance can be provided that any definitive contracts will be entered into with respect to any matter covered by letters of intent, or that we will consummate any transaction contemplated by a definitive contract. Additionally, due diligence periods for property transactions are frequently extended as needed. An acquisition or disposition of property becomes probable at the time the due diligence period expires and the definitive contract has not been terminated. Our risk is then generally extended only to any earnest money deposits associated with property acquisition contracts, and our obligation to sell under a property sales contract. We are subject to numerous federal, state and local environmental laws, ordinances and regulations in the areas where we own or operate properties. We are not aware of any contamination which may have been caused by us or any of our tenants that would have a material effect on our condensed consolidated financial statements. As part of our risk management activities, we have applied and been accepted into state sponsored environmental programs which will limit our expenses if contaminants need to be remediated. We also have an environmental insurance policy that covers us against third party liabilities and remediation costs. While we believe that we do not have any material exposure to environmental remediation costs, we cannot give absolute assurance that changes in the law or new discoveries of contamination will not result in additional liabilities to us. Litigation We are involved in various matters of litigation arising in the normal course of business. While we are unable to predict the amounts involved, our management and counsel are of the opinion that, when such litigation is resolved, any additional liability, if any, will not have a material effect on our condensed consolidated financial statements. |
Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities Consolidated VIEs: At both March 31, 2017 and December 31, 2016, nine of our real estate joint ventures, whose activities primarily consisted of owning and operating 23 and 25 neighborhood/community shopping centers, respectively, were determined to be VIEs. Based on a financing agreement by one of our real estate joint ventures that has a bottom dollar guaranty, which is disproportionate to our ownership, we have determined that we are the primary beneficiary and have consolidated this joint venture. For the remaining real estate joint ventures, we concluded we are the primary beneficiary based primarily on our significant power to direct the entities' activities without any substantive kick-out or participating rights. At December 31, 2016, in conjunction with the acquisition of a property with a net book value of $249.5 million, we had a like-kind exchange agreement with a third party intermediary for tax purposes. The third party purchased the property via our financing, and then leased the property to us. Based on the associated agreements, we had determined that the entity was a VIE, and we were the primary beneficiary based on our significant power to direct the entity's activities without any substantive kick-out or participating rights. Accordingly, we consolidated the property and its operations as of the respective acquisition date. As of March 31, 2017, the ownership of this property was conveyed to us in accordance with the terms of the like-kind exchange agreement, and we no longer have a VIE. A summary of our consolidated VIEs is as follows (in thousands):
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Restrictions on the use of these assets can be significant because they may serve as collateral for debt. Further, we are generally required to obtain our partner's approval in accordance with the joint venture agreement for any major transactions. Transactions with these joint ventures on our condensed consolidated financial statements have primarily been positive as demonstrated by the generation of net income and operating cash flows, as well as the receipt of cash distributions. We and our partners are subject to the provisions of the joint venture agreements which include provisions for when additional contributions may be required to fund operating cash shortfalls, development expenditures and unplanned capital expenditures. For the three months ended March 31, 2017, $.1 million in additional contributions were made primarily to fund an operating shortfall. During 2016, $2.5 million in additional contributions were made primarily for capital activities. We currently anticipate that $.1 million of additional contributions will be made during the remainder of 2017. Unconsolidated VIEs: At both March 31, 2017 and December 31, 2016, two unconsolidated real estate joint ventures were determined to be VIEs. We have determined that one entity was a VIE through the issuance of a secured loan, since the lender had the ability to make decisions that could have a significant impact on the success of the entity. Based on the associated agreements for the future development of a mixed-use project, we concluded that the other entity was a VIE, but we are not the primary beneficiary as the substantive participating rights associated with the entity are shared, and we do not have the power to direct the significant activities of the entity. A summary of our unconsolidated VIEs is as follows (in thousands):
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We and our partners are subject to the provisions of the joint venture agreements that specify conditions, including operating shortfalls, development expenditures and unplanned capital expenditures, under which additional contributions may be required. With respect to our future development of a mixed-used project, we anticipate funding approximately $127 million in equity and debt through 2020. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Recurring Fair Value Measurements: Assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
Nonrecurring Fair Value Measurements: Property and Property Held for Sale Impairments Property is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of the property, including any identifiable intangible assets, site costs and capitalized interest, may not be recoverable. In such an event, a comparison is made of the current and projected operating cash flows of each such property into the foreseeable future on an undiscounted basis to the carrying amount of such property. If we conclude that an impairment may have occurred, estimated fair values are determined by management utilizing cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals, bona fide purchase offers or the expected sales price of an executed sales agreement in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. Investments in Real Estate Joint Ventures and Partnerships Impairments The fair value of our investment in partially owned real estate joint ventures and partnerships is estimated by management based on a number of factors, including the performance of each investment, the life and other terms of the investment, holding periods, market conditions, cash flow models, market capitalization rates and market discount rates, or by obtaining third-party broker valuation estimates, appraisals and bona fide purchase offers in accordance with our fair value measurements accounting policy. Market capitalization rates and market discount rates are determined by reviewing current sales of similar properties and transactions, and utilizing management’s knowledge and expertise in property marketing. We recognize an impairment loss if we determine the fair value of an investment is less than its carrying amount and that loss in value is other than temporary. No assets were measured at fair value on a nonrecurring basis at December 31, 2016. Assets measured at fair value on a nonrecurring basis at March 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
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Fair Value Disclosures: Unless otherwise described below, short-term financial instruments and receivables are carried at amounts which approximate their fair values based on their highly-liquid nature, short-term maturities and/or expected interest rates for similar instruments. Schedule of our fair value disclosures is as follows (in thousands):
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The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of March 31, 2017 and December 31, 2016 reported in the above tables, is as follows:
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Summary of Significant Accounting Policies (Policy) |
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Accounting Policies [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation Our condensed 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, 2016 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 audited consolidated financial statements and related notes for the year ended December 31, 2016. 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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. We have evaluated subsequent events for recognition or disclosure in our condensed consolidated financial statements. |
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Restricted Deposits And Mortgage Escrows | 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. |
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Deferred Compensation Plan | Deferred Compensation Plan Our deferred compensation plan was amended, effective April 1, 2016, to permit participants in this plan to diversify their holdings of our common shares of beneficial interest ("common shares") six months after vesting. Thus, as of April 1, 2016, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification was reclassified from additional paid-in capital to temporary equity in our Condensed Consolidated Balance Sheet. In February 2017, our deferred compensation plan was amended to provide that participants in the plan would no longer have the right to diversify their common shares six months after vesting. Thus, the fully vested share awards and the proportionate share of nonvested share awards eligible for diversification were reclassified from temporary equity into additional paid-in capital in our Condensed Consolidated Balance Sheet. |
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Retrospective Application of Accounting Standard Update | Retrospective Application of Accounting Standard Update The retrospective application of adopting Accounting Standard Update No. 2016-09, "Improvements to Employee Share-Based Payment Accounting" on prior years' Condensed Consolidated Statement of Cash Flows was made to conform to the current year presentation (see Note 2 for additional information). |
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Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, "Improvements to Employee Share-Based Payment Accounting." This ASU was issued to simplify several aspects of share-based payment transactions, including: income tax consequences, classification of awards as equity or a liability, an option to recognize share compensation forfeitures as they occur and changes to classification within the statement of cash flows. The provisions of ASU No. 2016-09 were effective for us as of January 1, 2017. The adoption of this ASU resulted in a retrospective reclassification of $4.8 million in the condensed statement of cash flows for the three months ended March 31, 2016 from cash flows from operating activities in changes in accounts payable, accrued expenses and other liabilities, net to cash flows from financing activities in other, net for shares used to pay employees' tax withholdings. In October 2016, the FASB issued ASU No. 2016-17, "Interests Held through Related Parties That Are Under Common Control." This ASU amends the consolidation guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control when determining whether it is the primary beneficiary of that VIE. The provisions of ASU No. 2016-17 were effective for us as of January 1, 2017 on a retrospective basis. We have adopted this update, and the adoption did not have any impact to our condensed consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." This ASU narrows the definition of a business and provides a framework for evaluating whether a transaction is an acquisition of a business or an asset. The amendment provides a screen to evaluate whether a transaction is a business and requires that when substantially all of the fair value of the acquired assets can be concentrated in a single asset or identifiable group of similar assets, then the assets acquired are not a business. If the screen is not met, then to be considered a business, the assets must have an input and a substantive process to create outputs. The provisions of ASU No. 2017-01 are effective for us as of January 1, 2018, and early adoption is permitted. We have adopted this ASU prospectively as of January 1, 2017. Under this guidance, we expect most acquisitions of property to be accounted for as an asset acquisition. Additionally, certain acquisition costs that were previously expensed may be capitalized. For the three months ended March 31, 2016 and for the year ended December 31, 2016, we incurred acquisition costs of $49 thousand and $1.4 million, respectively. Not Yet Adopted In May 2014 , the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." This ASU's core objective is for an entity to recognize revenue based on the consideration it expects to receive in exchange for goods or services. Additionally, this ASU requires entities to use a single model in accounting for revenues derived from contracts with customers. ASU No. 2014-09 replaces prior guidance regarding the recognition of revenue from sales of real estate, except for revenue from sales that are part of a sale-leaseback transaction. The provisions of ASU No. 2014-09, as amended in subsequently issued amendments, are effective for us on January 1, 2018, and are required to be applied either on a retrospective or a modified retrospective approach. We are in the process of evaluating the impact that the adoption of ASU 2014-09 will have on our consolidated financial statements and related disclosures. In identifying all of our revenue streams, the majority of our revenues result from leasing transactions which are not within the scope of the new standard and will be governed by the recently issued leasing guidance (see ASU No. 2016-02 below). Excluding revenues related to leasing transactions, the adoption of this standard may impact our other sources of revenue, which include management, leasing and other fee revenues from our unconsolidated and managed entities, as well as property dispositions. Although we are still evaluating, we believe there may be an impact in the timing associated with recognizing some of these revenues. In January 2016, the FASB issued ASU No. 2016-01, "Recognition and Measurement of Financial Assets and Financial Liabilities." This ASU will require equity investments, excluding those investments accounted for under the equity method of accounting or those that result in consolidation of the investee, to be measured at fair value with the changes in fair value recognized in net income; will simplify the impairment assessment of those investments; will eliminate the disclosure of the method(s) and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost and change the fair value calculation for those investments; will change the disclosure in other comprehensive income for financial liabilities that are measured at fair value in accordance with the fair value options for financial instruments; and will clarify that a deferred asset related to available-for-sale securities should be included in an entity's evaluation for a valuation allowance. The provisions of ASU No. 2016-01 are effective for us as of January 1, 2018. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." The ASU sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. The ASU requires lessees to adopt a right-of-use asset approach that will bring substantially all leases onto the balance sheet, with the exception of short-term leases. The subsequent accounting for this right-of-use asset will be based on a dual-model approach, under which the lease will be classified as either a finance or an operating lease. The lessor accounting model under this ASU is similar to current guidance, but certain underlying principles in the lessor model have been aligned with the new revenue recognition standard. The provisions of ASU No. 2016-02 are effective for us as of January 1, 2019, are required to be applied on a modified retrospective approach and early adoption is permitted. We are in the process of evaluating the impact to our 5,800 lessor leases and other lessee leases, if any, that the adoption of this ASU will have on our consolidated financial statements. We have currently identified some areas we believe may be impacted by this ASU. These include:
In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments." This ASU amends prior guidance on the impairment of financial instruments, and adds an impairment model that is based on expected losses rather than incurred losses with the recognition of an allowance based on an estimate of expected credit losses. The provisions of ASU No. 2016-13 are effective for us as of January 1, 2020, and early adoption is permitted for fiscal years beginning after December 15, 2018. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments." This ASU amends guidance to either add or clarify the classification of certain cash receipts and payments in the statement of cash flows. Eight specific issues were identified for further clarification and include: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of company-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and the classification of cash flows that have aspects of more than one class of cash flows. The provisions of ASU No. 2016-15 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Restricted Cash." This ASU amends prior guidance on restricted cash presentation and requires that restricted cash and restricted cash equivalents be included in the statement of cash flows. Changes in restricted cash and restricted cash equivalents that results from transfers between different cash categories should not be presented as cash flow activities in the statement of cash flows. The ASU also requires an entity to disclose information about the nature of restricted cash, as well as a reconciliation between the statement of financial position and the statement of cash flows when the statement of financial position has more than one line item for cash, cash equivalent, restricted cash and restricted cash equivalent. The provisions of ASU No. 2016-18 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. Although we are still assessing the impact of this ASU's adoption, we do not believe this ASU will have a material impact to our consolidated financial statements. In February 2017, the FASB issued ASU No. 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." The ASU clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition, as amended, of an in substance nonfinancial asset. If substantially all of the fair value of assets that are promised to a counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20, including a parent transferring control of a nonfinancial asset through a transfer of ownership interests of a consolidated subsidiary. The provisions of ASU No. 2017-05 are effective for us as of January 1, 2018, and early adoption is permitted; however, it must be adopted at the same time ASU 2014-09 is adopted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, "Improving the Presentation of Net Periodic Pensions Cost and Net Periodic Postretirement Benefit Cost." The ASU requires the service cost component to be reported as compensation costs arising from services rendered by pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside income from operations. Additionally, only the service cost component will be eligible for capitalization when applicable. The provisions of ASU No. 2017-07 are effective for us as of January 1, 2018 on a retrospective basis, and early adoption is permitted. We are currently assessing the impact, if any, that the adoption of this ASU will have on our consolidated financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Restricted Deposits And Mortgage Escrows | Our restricted deposits and mortgage escrows consist of the following (in thousands):
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Schedule Of Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss by component consists of the following (in thousands):
_______________ (1) This reclassification component is included in interest expense (see Note 6 for additional information). (2) This reclassification component is included in the computation of net periodic benefit cost (see Note 13 for additional information). |
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Summary Of Eligible Share Award Activity That Would Have Been Recorded in Temporary Equity | The following table summarizes the eligible share award activity since inception through the plan amendment date (in thousands):
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Property (Tables) |
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property | Our property consists of the following (in thousands):
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Investment In Real Estate Joint Ventures And Partnerships (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Combined Condensed Balance Sheets | Combined condensed financial information of these ventures (at 100%) is summarized as follows (in thousands):
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Schedule Of Combined Condensed Statements Of Operations |
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt | Our debt consists of the following (in thousands):
_______________
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Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured | The allocation of total debt between fixed and variable-rate as well as between secured and unsecured is summarized below (in thousands):
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Schedule Of Credit Facilities | The following table discloses certain information regarding our unsecured notes payable under our credit facilities (in thousands, except percentages):
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Principal Payments Of Debt | Scheduled principal payments on our debt (excluding $230.9 million unsecured notes payable under our credit facilities, $21.0 million of certain capital leases, $(5.9) million net premium/(discount) on debt, $(10.1) million of deferred debt costs, $4.9 million of non-cash debt-related items, and $67.1 million debt service guaranty liability) are due during the following years (in thousands):
|
Derivatives and Hedging (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Interest Rate Contracts Reported At Fair Value | The fair value of all our interest rate swap contracts was reported as follows (in thousands):
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Schedule Of Offsetting Derivative Liabilities | The gross presentation, the effects of offsetting for derivatives with the right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):
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Schedule Of Offsetting Derivative Assets | The gross presentation, the effects of offsetting for derivatives with the right to offset under master netting agreements and the net presentation of our interest rate swap contracts is as follows (in thousands):
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Summary Of Cash Flow Interest Rate Contract Hedging Activity | A summary of cash flow interest rate swap contract hedging activity is as follows (in thousands):
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Summary Of Fair Value Interest Rate Contracts Activity | A summary of fair value interest rate swap contract hedging activity is as follows (in thousands):
_______________
|
Common Shares of Beneficial Interest (Tables) |
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Schedule of ATM Equity Program | The following shares were sold under the ATM equity offering programs as of March 31, 2016 (in thousands, except per share amounts):
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Impairment (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Impairment Charges | The following impairment charges were recorded on the following assets based on the difference between the carrying amount of the assets and the estimated fair value (see Note 16 for additional fair value information) (in thousands):
___________________
|
Supplemental Cash Flow Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Non-Cash Investing And Financing Activities | Non-cash investing and financing activities are summarized as follows (in thousands):
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Earnings Per Common Share - Basic and Diluted | Earnings per common share – basic and diluted components for the periods indicated are as follows (in thousands):
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Schedule Of Anti-Dilutive Securities Of Common Shares | Anti-dilutive securities of our common shares, which are excluded from the calculation of earnings per common share – diluted, are as follows (in thousands):
_______________
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Share Options and Awards (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Market-Based Share Awards Assumptions | 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:
_______________ (1) Includes the volatility of the FTSE NAREIT U.S. Shopping Center Index and Weingarten Realty Investors. |
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Summary Of The Status Of Unvested Share Awards | A summary of the status of unvested share awards for the three months ended March 31, 2017 is as follows:
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Employee Benefit Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Net Periodic Benefit Cost | The components of net periodic benefit cost for this plan are as follows (in thousands):
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Variable Interest Entities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Variable Interest Entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Variable Interest Entities | A summary of our consolidated VIEs is as follows (in thousands):
___________________
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Unconsolidated Variable Interest Entities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Variable Interest Entities | A summary of our unconsolidated VIEs is as follows (in thousands):
___________________
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Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
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Assets Measured on a Nonrecurring Basis | Assets measured at fair value on a nonrecurring basis at March 31, 2017 aggregated by the level in the fair value hierarchy in which those measurements fall, are as follows (in thousands):
____________
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Schedule Of Fair Value Disclosures | Schedule of our fair value disclosures is as follows (in thousands):
_______________
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Quantitative Information About Significant Unobservable Inputs (Level 3) Used | The quantitative information about the significant unobservable inputs used for our Level 3 fair value measurements as of March 31, 2017 and December 31, 2016 reported in the above tables, is as follows:
_______________
|
Summary of Significant Accounting Policies (Narrative) (Details) - ft² ft² in Millions |
1 Months Ended | 3 Months Ended |
---|---|---|
Feb. 28, 2017 |
Mar. 31, 2017 |
|
Significant Accounting Policies [Line Items] | ||
Deferred compensation plan, period to diversify common shares after vesting | 6 months | |
Square footage of operating properties (in square feet) | 44.4 | |
Base Minimum Rental Revenue [Member] | Tenant Base [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 3.00% | |
Base Minimum Rental Revenue [Member] | Houston, Texas Geographic Concentration [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 20.30% | |
Base Minimum Rental Revenue [Member] | Other Parts of Texas Geographic Concentration [Member] | ||
Significant Accounting Policies [Line Items] | ||
Concentrations of risk (percentage) | 8.90% |
Summary of Significant Accounting Policies (Schedule Of Restricted Deposits And Mortgage Escrows) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
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Accounting Policies [Abstract] | ||
Restricted cash | $ 2,362 | $ 23,489 |
Mortgage escrows | 937 | 1,533 |
Total | 3,299 | $ 25,022 |
Qualified escrow for like-kind exchange, payments | $ 21,000 |
Summary of Significant Accounting Policies (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ (1,716,896) | $ (1,545,010) |
Net other comprehensive (income) loss | (1,203) | 3,665 |
Ending Balance | (1,746,863) | (1,622,590) |
Gain on Investments [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (964) | (557) |
Change excluding amounts reclassified from accumulated other comprehensive loss | (298) | (18) |
Amounts reclassified from accumulated other comprehensive loss | ||
Net other comprehensive (income) loss | (298) | (18) |
Ending Balance | (1,262) | (575) |
Gain on Cash Flow Hedges [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (6,403) | (8,160) |
Change excluding amounts reclassified from accumulated other comprehensive loss | (389) | 4,431 |
Amounts reclassified from accumulated other comprehensive loss | (139) | (371) |
Net other comprehensive (income) loss | (528) | 4,060 |
Ending Balance | (6,931) | (4,100) |
Defined Benefit Pension Plan [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 16,528 | 16,361 |
Amounts reclassified from accumulated other comprehensive loss | (377) | (377) |
Net other comprehensive (income) loss | (377) | (377) |
Ending Balance | 16,151 | 15,984 |
Accumulated Other Comprehensive Loss [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 9,161 | 7,644 |
Change excluding amounts reclassified from accumulated other comprehensive loss | (687) | 4,413 |
Amounts reclassified from accumulated other comprehensive loss | (516) | (748) |
Net other comprehensive (income) loss | (1,203) | 3,665 |
Ending Balance | $ 7,958 | $ 11,309 |
Summary of Significant Accounting Policies (Summary of Eligible Share Award Activity That Would Have Been Recorded in Temporary Equity) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at beginning of the period/inception | $ 44,758 | $ 36,261 |
Change in redemption value | 619 | 8,600 |
Change in classification | 988 | 3,716 |
Diversification of share awards | 0 | (3,819) |
Change in classification | (46,365) | 0 |
Balance at end of period | $ 0 | $ 44,758 |
New Issued Accounting Pronouncements (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2017
USD ($)
center
capital_lease
administrative_office
lease
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Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | $ 51,240 | $ 55,280 | |
Net cash used in financing activities | $ (92,018) | (10,444) | |
Acquisition related costs | 49 | $ 1,400 | |
Number of lessor leases | lease | 5,800 | ||
Number of properties with ground lease agreements | center | 18 | ||
Number of administrative office leases | administrative_office | 3 | ||
Number of capital leases | capital_lease | 1 | ||
Capital leases assets, number of units | center | 2 | ||
Obligations under capital leases | $ 21,000 | 21,000 | |
Capitalized internal costs | 2,000 | $ 7,200 | |
Accounting Standards Update 2016-09, Statutory Tax Withholding Component [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash provided by operating activities | (4,800) | ||
Net cash used in financing activities | $ 4,800 |
Property (Narrative) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | ||
---|---|---|---|---|
Feb. 29, 2016
center
|
Mar. 31, 2017
USD ($)
property
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
property
|
|
Real Estate [Abstract] | ||||
Number of centers sold | 1 | 3 | ||
Proceeds from sale and disposition of property | $ 54,500 | |||
Gain on sale of property | 15,763 | $ 45,157 | ||
Investment in new development | $ 30,400 | |||
Number of centers classified as held for sale | property | 1 | 1 | ||
Center held for sale | $ 37,300 | $ 1,600 |
Property (Schedule Of Property) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Real Estate [Abstract] | ||
Land | $ 1,112,752 | $ 1,107,072 |
Land held for development | 73,996 | 82,953 |
Land under development | 48,220 | 51,761 |
Buildings and improvements | 3,432,320 | 3,489,685 |
Construction in-progress | 80,059 | 57,674 |
Total | $ 4,747,347 | $ 4,789,145 |
Investment In Real Estate Joint Ventures And Partnerships (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Feb. 29, 2016
USD ($)
center
|
Mar. 31, 2017
USD ($)
property
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
property
|
Oct. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
center
|
|
Schedule of Equity Method Investments [Line Items] | ||||||
Property | $ 1,198,271,000 | $ 1,196,770,000 | ||||
Net basis differentials for equity method investments | 2,500,000 | 2,600,000 | ||||
Impairment loss | 0 | $ 1,303,000 | ||||
Management fees revenues, related parties | $ 1,500,000 | 1,200,000 | ||||
Number of centers sold | 1 | 3 | ||||
Proceeds from sale and disposition of property | $ 54,500,000 | |||||
Gain on sale of property | 15,763,000 | $ 45,157,000 | ||||
Assets | 4,352,091,000 | $ 4,426,928,000 | ||||
Debt, net | $ 2,015,557,000 | |||||
Proceeds to acquire businesses, gross | $ 2,500,000 | |||||
Minimum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 20.00% | 20.00% | ||||
Maximum [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 75.00% | 75.00% | ||||
50% Owned Unconsolidated Real Estate Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of centers sold | property | 5 | |||||
Proceeds from sale and disposition of property | $ 78,700,000 | |||||
Gain on sale of property | $ 3,900,000 | |||||
51% Owned Real Estate joint venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 69.00% | |||||
Number of real estate properties acquired | property | 1 | |||||
Gross acquisition purchase price | $ 73,000,000 | |||||
Equity interest in acquiree, percentage | 51.00% | |||||
Number of real estate properties | center | 3 | |||||
Assets | $ 43,700,000 | |||||
Debt, net | $ 72,400,000 | |||||
Unconsolidated Real Estate Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Property | $ 4,400,000 | |||||
90% Owned Real Estate Joint Venture [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in joint ventures | 90.00% | |||||
Business Combination Achieved in Stages [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Business acquisition, percentage of voting interests acquired | 49.00% |
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Balance Sheets) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
ASSETS | ||
Property | $ 1,198,271 | $ 1,196,770 |
Accumulated depreciation | (268,520) | (261,392) |
Property, net | 929,751 | 935,378 |
Other assets, net | 114,829 | 114,554 |
Total Assets | 1,044,580 | 1,049,932 |
LIABILITIES AND EQUITY | ||
Debt, net (primarily mortgages payable) | 300,251 | 301,480 |
Amounts payable to Weingarten Realty Investors and Affiliates | 12,293 | 12,585 |
Other liabilities, net | 23,580 | 24,902 |
Total Liabilities | 336,124 | 338,967 |
Equity | 708,456 | 710,965 |
Total Liabilities and Equity | $ 1,044,580 | $ 1,049,932 |
Investment In Real Estate Joint Ventures And Partnerships (Schedule Of Combined Condensed Statements Of Operations) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||
Revenues, net | $ 34,738,000 | $ 35,922,000 |
Expenses: | ||
Depreciation and amortization | 9,013,000 | 9,381,000 |
Interest, net | 2,967,000 | 4,008,000 |
Operating | 6,118,000 | 7,603,000 |
Real estate taxes, net | 4,268,000 | 4,492,000 |
General and administrative | 368,000 | 143,000 |
Provision for income taxes | 7,000 | 59,000 |
Impairment loss | 0 | 1,303,000 |
Total | 22,741,000 | 26,989,000 |
Gain on dispositions | 15,763,000 | 45,157,000 |
Net income | 11,997,000 | 9,306,000 |
Equity Method Investments [Member] | ||
Expenses: | ||
Gain on sale of non-operating property | $ 0 | $ 373,000 |
Debt (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 30, 2016
USD ($)
extensions
|
Mar. 27, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Aug. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Jun. 01, 2016 |
May 31, 2016
USD ($)
|
Feb. 28, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Debt, net | $ 2,015,557,000 | |||||||||
Debt service guaranty liability | $ 67,125,000 | 67,125,000 | $ 67,125,000 | |||||||
Medium term notes, matured | $ 75,000,000 | |||||||||
Debt interest rate during period | 5.50% | |||||||||
Debt instruments collateral value | $ 700,000,000 | 700,000,000 | 700,000,000 | |||||||
Unsecured notes payable under credit facilities | 245,000,000 | 230,900,000 | 245,000,000 | |||||||
Obligations under capital leases | 21,000,000 | 21,000,000 | $ 21,000,000 | |||||||
Net premium/(discount) on debt | (5,900,000) | |||||||||
Deferred finance costs, net | (10,100,000) | |||||||||
Non-cash debt | $ 4,900,000 | |||||||||
Unsecured Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||
Number of credit facility 6-month extensions | extensions | 2 | |||||||||
Line of credit facility, extension period | 6 months | |||||||||
Facility fees, basis points | 0.15% | 0.15% | ||||||||
Bids amount (up to) | $ 250,000,000 | |||||||||
Maximum increase in credit facility amount (up to) | 850,000,000 | |||||||||
Unsecured notes payable under credit facilities | 245,000,000 | 226,000,000 | $ 245,000,000 | |||||||
Unsecured And Uncommitted Overnight Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unsecured notes payable under credit facilities | $ 0 | $ 4,900,000 | $ 0 | |||||||
Debt Service Guaranty [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt coverage ratio | 1.4 | |||||||||
Short-Term Unsecured Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity under credit facility | $ 10,000,000 | |||||||||
Facility fees, basis points | 0.10% | 0.10% | ||||||||
Fixed interest rate loan period (in days) | 30 days | |||||||||
Unused facility fees, basis points | 0.50% | 0.10% | ||||||||
Three Point Two Five Senior Unsecured Notes [Member] | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt payable | $ 250,000,000 | |||||||||
Debt stated interest rate | 3.25% | |||||||||
Debt issued discount rate | 99.16% | |||||||||
Debt effective percentage | 3.35% | |||||||||
Proceeds from issuance of debt | $ 246,300,000 | |||||||||
Seven Point Five Secured Notes [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt payable | $ 90,000,000 | |||||||||
Debt stated interest rate | 7.49% | |||||||||
Four Point Five Secured Notes [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt stated interest rate | 4.45% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Unsecured Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing margin over LIBOR, basis points | 0.90% | 0.90% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Short-Term Unsecured Facility [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Borrowing margin over LIBOR, basis points | 1.25% | 1.25% | ||||||||
Interest Expense [Member] | Four Point Five Secured Notes [Member] | Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on extinguishment of debt | $ 2,000,000 |
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Schedule of Long-term Debt, By Type [Line Items] | ||||
Debt payable, net to 2038 | $ 2,004,422 | $ 2,023,403 | ||
Unsecured notes payable under credit facilities | 230,900 | 245,000 | ||
Debt service guaranty liability | 67,125 | 67,125 | ||
Obligations under capital leases | 21,000 | 21,000 | ||
Total | [1] | $ 2,323,447 | $ 2,356,528 | |
Debt Payable To 2038 [Member] | Minimum [Member] | ||||
Schedule of Long-term Debt, By Type [Line Items] | ||||
Debt stated interest rate | 2.33% | 1.73% | ||
Debt Payable To 2038 [Member] | Maximum [Member] | ||||
Schedule of Long-term Debt, By Type [Line Items] | ||||
Debt stated interest rate | 7.89% | 7.89% | ||
Debt Payable To 2038 [Member] | Weighted Average [Member] | ||||
Schedule of Long-term Debt, By Type [Line Items] | ||||
Debt stated interest rate | 3.90% | 4.00% | ||
|
Debt (Grouping Of Debt Between Fixed And Variable As Well As Secured And Unsecured) (Details) - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|
Schedule of Long-term Debt, By Type [Line Items] | ||||
Total | [1] | $ 2,323,447 | $ 2,356,528 | |
As To Interest Rate [Member] | ||||
Schedule of Long-term Debt, By Type [Line Items] | ||||
Fixed-rate debt | 2,070,858 | 2,089,769 | ||
Variable-rate debt | 252,589 | 266,759 | ||
Total | 2,323,447 | 2,356,528 | ||
As To Collateralization [Member] | ||||
Schedule of Long-term Debt, By Type [Line Items] | ||||
Unsecured debt | 1,899,837 | 1,913,399 | ||
Secured debt | 423,610 | 443,129 | ||
Total | $ 2,323,447 | $ 2,356,528 | ||
|
Debt (Schedule Of Credit Facilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017 |
Dec. 31, 2016 |
|
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 230,900 | $ 245,000 |
Maximum balance outstanding during the period | 245,000 | 372,000 |
Weighted average balance | $ 211,034 | $ 141,017 |
Year-to-date weighted average interest rate (excluding facility fee) | 1.60% | 1.30% |
Unsecured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 226,000 | $ 245,000 |
Available balance | $ 268,386 | $ 250,140 |
Variable interest rate (excluding facility fee) | 1.70% | 1.50% |
Letters of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Letters of credit outstanding under facility | $ 5,614 | $ 4,860 |
Unsecured And Uncommitted Overnight Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Balance outstanding | $ 4,900 | $ 0 |
Variable interest rate (excluding facility fee) | 2.30% | 0.00% |
Debt (Principal Payments Of Debt) (Details) $ in Thousands |
Mar. 31, 2017
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2017 remaining | $ 67,268 |
2018 | 80,427 |
2019 | 56,245 |
2020 | 237,779 |
2021 | 17,667 |
2022 | 307,614 |
2023 | 305,694 |
2024 | 255,954 |
2025 | 303,302 |
2026 | 277,291 |
Thereafter | 106,316 |
Total | $ 2,015,557 |
Derivatives and Hedging (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Aug. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
derivative_contract
|
Dec. 31, 2016
USD ($)
derivative_contract
|
Jun. 24, 2016
USD ($)
derivative_contract
|
|
Derivatives, Fair Value [Line Items] | ||||
Accumulated other comprehensive loss | $ (7,958,000) | $ (9,161,000) | ||
Gain (Loss) On Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Accumulated other comprehensive loss | $ 6,900,000 | $ 6,400,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, remaining maturity | 10 years | |||
Derivative, forward interest rate | 1.50% | |||
Interest Rate Contracts [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of active interest rate contracts held | derivative_contract | 3 | 3 | ||
Notional amount of interest rate fair value hedge derivatives | $ 200,000,000 | $ 200,000,000 | ||
Derivative, fixed Interest rate | 1.50% | 1.492% | ||
Cash flow hedge gain (loss) to be amortized within 12 months | $ 400,000 | |||
Interest Rate Contracts [Member] | Fair Value Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount of interest rate fair value hedge derivatives | $ 62,900,000 | |||
Number of interest rate contracts terminated | derivative_contract | 2 | |||
Derivative, gain (loss) on derivative, net | $ 2,200,000 | |||
Forward Starting Interest Contract [Member] | Cash Flow Hedges [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount of interest rate fair value hedge derivatives | $ 200,000,000 | |||
Payments for derivative instrument | $ 2,100,000 | |||
Derivative instrument, loss recognized | $ 2,000,000 |
Derivatives and Hedging (Schedule Of Interest Rate Contracts Reported At Fair Value) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 872 | $ 126 |
Designated as Hedging Instrument [Member] | Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 872 | 126 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 0 | $ 0 |
Derivatives and Hedging (Offsetting Of Derivative Assets And Liabilities) (Details) - Interest Rate Contracts [Member] - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross amounts recognized, assets | $ 872 | $ 126 |
Gross amounts offset in balance sheet, assets | 0 | 0 |
Derivative assets, after netting | 872 | 126 |
Gross amount not offset in balance sheet, financial instruments, assets | 0 | 0 |
Gross amount not offset in balance sheet, cash collateral received, assets | 0 | 0 |
Net amount, assets | $ 872 | $ 126 |
Derivatives and Hedging (Summary Of Cash Flow Interest Rate Contract Hedging Activity) (Details) - Cash Flow Hedges [Member] - Interest Rate Contracts [Member] - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of (gain) loss recognized in other comprehensive income on derivative (effective portion) | $ (389) | $ 4,431 |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into Income (effective portion) | (139) | (371) |
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ 0 | $ 0 |
Derivatives and Hedging (Summary Of Fair Value Interest Rate Contracts Activity) (Details) - Fair Value Hedges [Member] - Interest Rate Contracts [Member] - Interest Expense [Member] $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (loss) on contracts | $ (98) |
Gain (loss) on borrowings | 98 |
Net settlements and accruals on contracts | 466 |
Amount of gain (loss) recognized in income | $ 466 |
Common Shares of Beneficial Interest (Narrative ) (Details) - USD ($) |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
May 03, 2017 |
Aug. 31, 2016 |
Mar. 30, 2016 |
Oct. 31, 2015 |
Feb. 28, 2015 |
|
Class of Stock [Line Items] | |||||||
Number of shares approved to be repurchased (in shares) | 200,000,000 | ||||||
ATM Equity Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares sold (in shares) | 0 | 485,000 | |||||
ATM Equity Program [Member] | Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Amount available for issuance, ATM equity program | $ 250,000,000 | ||||||
Subsequent Event [Member] | ATM Equity Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Amount available for issuance, ATM equity program | $ 242,200,000 | ||||||
Unsecured Revolving Credit Facility [Member] | |||||||
Class of Stock [Line Items] | |||||||
Maximum borrowing capacity under credit facility | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 |
Common Shares of Beneficial Interest (Schedule of ATM Equity Program) (Details) - ATM Equity Program [Member] - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Class of Stock [Line Items] | ||
Shares sold (in shares) | 0 | 485,000 |
Weighted average price per share (in dollars per share) | $ 37.25 | |
Gross proceeds | $ 18,065 |
Impairment (Schedule Of Impairment Charges) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Asset Impairment [Line Items] | ||
Other | $ 95 | $ 0 |
Total impairment charges | 14,986 | 43 |
Equity in earnings of real estate joint ventures and partnerships, net | 5,317 | 4,093 |
Net impact of impairment charges | 15,022 | 369 |
Properties Held for Sale, Marketed for Sale or Sold [Member] | ||
Asset Impairment [Line Items] | ||
Impairment losses related to property | 12,172 | 43 |
Land Held For Development And Undeveloped Land [Member] | ||
Asset Impairment [Line Items] | ||
Impairment losses related to property | 2,719 | 0 |
Impairment in Equity in Earnings (Losses) of Real Estate Joint Venture And Partnership Net [Member] | ||
Asset Impairment [Line Items] | ||
Equity in earnings of real estate joint ventures and partnerships, net | 0 | 326 |
Impairment in Net Income Attributable to Noncontrolling Interest [Member] | ||
Asset Impairment [Line Items] | ||
Net income attributable to noncontrolling interests | $ 36 | $ 0 |
Supplemental Cash Flow Information (Summary Of Non-Cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Noncash or Part Noncash Acquisitions [Line Items] | ||
Accrued property construction costs | $ 7,854 | $ 8,667 |
Consolidation of real estate joint venture: | ||
Increase in equity associated with deferred compensation plan (see Note 1) | 44,758 | 0 |
Consolidation of Joint Venture [Member] | ||
Consolidation of real estate joint venture: | ||
Increase in property, net | 0 | 58,665 |
Increase in restricted deposits and mortgage escrows | 0 | 30 |
Increase in debt, net | 0 | 48,727 |
Increase in security deposits | $ 0 | $ 169 |
Earnings Per Share (Components Of Earnings Per Common Share - Basic And Diluted) (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Continuing Operations: | ||
Income from continuing operations | $ 20,633 | $ 63,510 |
Gain on dispositions | 15,763 | 45,157 |
Net income attributable to noncontrolling interests | (5,570) | (1,593) |
Net income attributable to common shareholders - basic | 30,826 | 107,074 |
Income attributable to operating partnership units | 0 | 499 |
Net income attributable to common shareholders - diluted | $ 30,826 | $ 107,573 |
Denominator: | ||
Weighted average shares outstanding – basic (in shares) | 127,610 | 123,593 |
Effect of dilutive securities: | ||
Share options and awards (in shares) | 938 | 1,216 |
Operating partnership units (in shares) | 0 | 1,462 |
Weighted average shares outstanding – diluted (in shares) | 128,548 | 126,271 |
Earnings Per Share (Schedule Of Anti-Dilutive Securities Of Common Shares) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (shares) | 1,462 | 463 |
Share Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (shares) | 0 | 463 |
Equity Unit Purchase Agreements [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (shares) | 1,462 | 0 |
Share Options and Awards (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 3.7 | $ 2.0 | |
Weighted average expected amortization period for unrecognized compensation cost (in years) | 2 years 2 months | 1 year 10 months |
Share Options and Awards (Fair Value Of Market-Based Share Awards Assumptions) (Details) - Restricted Shares [Member] |
3 Months Ended |
---|---|
Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility, minimum | 16.10% |
Expected volatility, maximum | 19.10% |
Expected life (in years) | 3 years |
Risk-free interest rate, minimum | 0.70% |
Risk-free interest rate, maximum | 1.50% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 4.10% |
Share Options and Awards (Summary Of The Status Of Unvested Share Awards) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2017
$ / shares
shares
| |
Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, outstanding, January 1, 2016 (shares) | shares | 590,854 |
Unvested restricted share awards, vested (shares) | shares | (199,844) |
Unvested restricted share awards, forfeited (shares) | shares | (1,377) |
Unvested restricted share awards, outstanding, March 31, 2017 (shares) | shares | 620,540 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, outstanding, January 1, 2016 (usd per share) | $ / shares | $ 32.52 |
Weighted average grant date fair value, vested (usd per share) | $ / shares | 30.44 |
Weighted average grant date fair value, forfeited (usd per share) | $ / shares | 33.38 |
Weighted average grant date fair value, outstanding, March 31, 2017 (usd per share) | $ / shares | $ 33.81 |
Service-Based Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (shares) | shares | 121,999 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (usd per share) | $ / shares | $ 35.82 |
Market-Based Awards Relative To FTSE NAREIT U.S. Shopping Center Index [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (shares) | shares | 54,454 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (usd per share) | $ / shares | $ 39.00 |
Market-Based Awards Relative To Three-Year Absolute Total Shareholder Return [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested restricted share awards, granted (shares) | shares | 54,454 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted average grant date fair value, granted (usd per share) | $ / shares | $ 25.65 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plans, expected contribution to be paid in 2017 | $ 2.0 | ||
Defined benefit plan, employer contributions | $ 2.0 | ||
Defined contribution plan, compensation expense | $ 1.2 | $ 0.9 |
Employee Benefit Plans (Schedule Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
|
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 343 | $ 309 |
Interest cost | 514 | 498 |
Expected return on plan assets | (759) | (729) |
Recognized loss | 377 | 377 |
Total | $ 475 | $ 455 |
Related Parties (Narrative) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Nov. 30, 2016
USD ($)
joint_venture
|
Oct. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Feb. 29, 2016
USD ($)
center
|
Mar. 31, 2017
USD ($)
property
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
center
|
|
Related Party Transaction [Line Items] | ||||||||
Net accounts receivable, related parties | $ 2,000 | $ 2,200 | ||||||
Accounts payable and accrued expenses, related parties | 300 | 300 | ||||||
Management fees revenues, related parties | 1,500 | $ 1,200 | ||||||
Real estate joint ventures and partnerships - Investments | 198 | $ 42,025 | ||||||
Total assets | 4,352,091 | $ 4,426,928 | ||||||
Debt, net | $ 2,015,557 | |||||||
Proceeds to acquire businesses, gross | $ 2,500 | |||||||
Number of operating properties sold | 1 | 3 | ||||||
Consolidated Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of partner's interest in consolidated joint ventures acquired | joint_venture | 2 | |||||||
Real estate joint ventures and partnerships - Investments | $ 3,300 | |||||||
51% Owned Real Estate joint venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity interest in acquiree, percentage | 51.00% | |||||||
Number of real estate properties | center | 3 | |||||||
Total assets | $ 43,700 | |||||||
Debt, net | $ 72,400 | |||||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business acquisition, percentage of voting interests acquired | 50.00% | |||||||
Fair value of our equity interest before business combination | $ 13,500 | |||||||
Gain recognized on equity interest remeasured to fair value | $ 9,000 | |||||||
Business Combination Achieved in Stages [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business acquisition, percentage of voting interests acquired | 49.00% | |||||||
Gain recognized on equity interest remeasured to fair value | $ 37,400 | |||||||
Repayments of Accounts Payable [Member] | Corporate Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Increase (decrease) due to unconsolidated joint venture | $ (4,800) | |||||||
Distribution of Nonmonetary Assets to Groups of Stockholders’ in Lieu of Capital Return Cash Distributions [Member] | Unconsolidated Real Estate Joint Venture [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Recognized gain (loss) associated with remeasurement of land parcel | $ 1,900 |
Commitments and Contingencies (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017
USD ($)
partnership
|
Dec. 31, 2016
USD ($)
partnership
|
|
DownREIT [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of real estate joint ventures | partnership | 2 | 2 |
Aggregate redemption value | $ 49.0 | $ 52.0 |
Capital Additions [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase contract, commitment | $ 30.9 | |
Capital Additions [Member] | Minimum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Construction contract, period (in months) | 12 months | |
Capital Additions [Member] | Maximum [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Construction contract, period (in months) | 36 months |
Variable Interest Entities (Narrative) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
joint_venture
property
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
joint_venture
property
|
|||
Variable Interest Entity [Line Items] | |||||
Number of VIE real estate joint ventures guaranteed by company | joint_venture | 1 | 1 | |||
Acquired property net book value | [1] | $ 216,223 | $ 476,117 | ||
Consolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of VIE real estate joint ventures | joint_venture | 9 | 9 | |||
Number of neighborhood/community shopping centers | property | 23 | 25 | |||
Acquired property net book value | $ 249,500 | ||||
Variable interest entity, consolidated, additional contributions made | $ 100 | $ 2,500 | |||
Unconsolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Number of VIE real estate joint ventures | joint_venture | 2 | 2 | |||
Investment in real estate joint ventures and partnerships, net | $ 1,084 | $ 886 | |||
Variable interest entity, nonconsolidated, additional future funding | 127,000 | ||||
Scenario, Forecast [Member] | Consolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Variable interest entity, consolidated, additional contributions made | $ 100 | ||||
Other Liabilities [Member] | Unconsolidated Variable Interest Entities [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Investment in real estate joint ventures and partnerships, net | $ (8,000) | $ (8,695) | |||
|
Variable Interest Entities (Summary Of Consolidated Variable Interest Entities) (Details) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017
USD ($)
joint_venture
|
Dec. 31, 2016
USD ($)
joint_venture
|
|
Variable Interest Entity [Line Items] | ||
Assets to longer considered VIEs | $ 249,500 | |
Number of VIE real estate joint ventures guaranteed by company | joint_venture | 1 | 1 |
Consolidated Variable Interest Entities [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets Held by VIEs | $ 240,676 | $ 504,293 |
Assets Held as Collateral for Debt | 43,237 | 46,136 |
Maximum Risk of Loss | $ 29,784 | $ 29,784 |
Variable Interest Entities (Summary Of Unconsolidated Variable Interest Entities) (Details) - Unconsolidated Variable Interest Entities [Member] $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017
USD ($)
joint_venture
|
Dec. 31, 2016
USD ($)
joint_venture
|
|
Variable Interest Entity [Line Items] | ||
Investment in real estate joint ventures and partnerships, net | $ 1,084 | $ 886 |
Number of joint venture arrangements | joint_venture | 1 | 1 |
Maximum risk of loss | $ 34,000 | $ 34,000 |
Number of VIE real estate joint ventures | joint_venture | 2 | 2 |
Other Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Investment in real estate joint ventures and partnerships, net | $ (8,000) | $ (8,695) |
Fair Value Measurements (Assets And Liabilities Measured On Recurring Basis) (Details) - Recurring [Member] - USD ($) $ in Thousands |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 36,486 | $ 34,124 |
Deferred compensation plan obligations | 27,484 | 26,328 |
Total | 27,484 | 26,328 |
Grantor Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 27,484 | 26,328 |
Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 8,130 | 7,670 |
Interest Rate Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 872 | 126 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 35,614 | 33,998 |
Deferred compensation plan obligations | 27,484 | 26,328 |
Total | 27,484 | 26,328 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Grantor Trusts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 27,484 | 26,328 |
Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 8,130 | 7,670 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 872 | 126 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 872 | 126 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements (Assets Measured on a Nonrecurring Basis) (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2017 |
Mar. 31, 2016 |
Dec. 31, 2016 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other asset impairment | $ 95,000 | $ 0 | |
Total impairment charges | 14,986,000 | $ 43,000 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 35,756,000 | $ 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices In Active Markets For Identical Assets And Liabilities (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 28,899,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 6,857,000 | ||
Property [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property and property held for sale gains (losses) | (10,265,000) | ||
Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 18,797,000 | ||
Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 12,901,000 | ||
Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 5,896,000 | ||
Property Held For Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property and property held for sale gains (losses) | (3,123,000) | ||
Cost of sale | 600,000 | ||
Property Held For Sale [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 15,998,000 | ||
Property Held For Sale [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 15,998,000 | ||
Investment in Real Estate Joint Ventures and Partnerships [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other asset impairment | 95,000 | ||
Investment in Real Estate Joint Ventures and Partnerships [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 961,000 | ||
Investment in Real Estate Joint Ventures and Partnerships [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 961,000 | ||
Real Estate Investment Property, Real Estate Held for Sale, and Real Estate Joint Ventures and Partnerships [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impairment charges | 13,483,000 | ||
Carrying Value [Member] | Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 29,100,000 | ||
Carrying Value [Member] | Property Held For Sale [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 19,100,000 | ||
Carrying Value [Member] | Investment in Real Estate Joint Ventures and Partnerships [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,100,000 | ||
Fair Value [Member] | Property [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 5,896,000 | 0 | |
Fair Value [Member] | Property [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 18,800,000 | ||
Fair Value [Member] | Property Held For Sale [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 16,600,000 | ||
Fair Value [Member] | Investment in Real Estate Joint Ventures and Partnerships [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | 961,000 | $ 0 | |
Fair Value [Member] | Investment in Real Estate Joint Ventures and Partnerships [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets at fair value | $ 961,000 |
Fair Value Measurements (Schedule Of Fair Value Disclosures) (Details) - USD ($) |
Mar. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Tax Increment Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Credit loss recognized | $ 31,000,000 | $ 31,000,000 |
Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Gross unrealized gain | 0 | 8,000 |
Carrying Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,070,858,000 | 2,089,769,000 |
Carrying Value [Member] | Variable-Rate Debt [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 252,589,000 | 266,759,000 |
Carrying Value [Member] | Tax Increment Revenue Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 23,910,000 | 23,910,000 |
Carrying Value [Member] | Investments, Held To Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 4,241,000 | 5,240,000 |
Fair Value [Member] | Fixed-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 2,119,536,000 | 2,132,082,000 |
Fair Value [Member] | Variable-Rate Debt [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 251,321,000 | 265,230,000 |
Fair Value [Member] | Tax Increment Revenue Bonds [Member] | Fair Value Using Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 23,910,000 | 23,910,000 |
Fair Value [Member] | Investments, Held To Maturity [Member] | Fair Value Using Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 4,241,000 | $ 5,248,000 |
Fair Value Measurements (Quantitative Information About Significant Unobservable Inputs (Level 3) Used) (Details) - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2017
USD ($)
$ / ft²
|
Dec. 31, 2016
USD ($)
|
|
Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 3.00% | 3.00% |
Discounted Cash Flows [Member] | Fixed-Rate Debt [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 5.10% | 5.20% |
Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 1.90% | 1.60% |
Discounted Cash Flows [Member] | Variable-Rate Debt [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 2.60% | 2.40% |
Discounted Cash Flows [Member] | Property [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 7.50% | |
Capitalization rate | 7.00% | |
Holding period (years) | 5 years | |
Market rent growth rate | 2.00% | |
Vacancy rate | 0.00% | |
Average market rent rate | $ / ft² | 11.00 | |
Average leasing cost per square foot | $ / ft² | 10.00 | |
Discounted Cash Flows [Member] | Property [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 12.00% | |
Capitalization rate | 10.00% | |
Holding period (years) | 10 years | |
Expected future inflation rate | 2.00% | |
Market rent growth rate | 3.00% | |
Expense growth rate | 2.00% | |
Vacancy rate | 20.00% | |
Renewal rate | 70.00% | |
Average market rent rate | $ / ft² | 16.00 | |
Average leasing cost per square foot | $ / ft² | 35.00 | |
Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Minimum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 6.50% | 6.50% |
Expected future inflation rate | 1.00% | 1.00% |
Expected future growth rate | 1.00% | 1.00% |
Discounted Cash Flows [Member] | Tax Increment Revenue Bonds [Member] | Maximum [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 7.50% | 7.50% |
Expected future inflation rate | 3.00% | 3.00% |
Expected future growth rate | 2.50% | 2.00% |
Fair Value [Member] | Fixed-Rate Debt [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt | $ 2,119,536 | $ 2,132,082 |
Fair Value [Member] | Variable-Rate Debt [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt | 251,321 | 265,230 |
Fair Value [Member] | Property [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | 5,896 | 0 |
Fair Value [Member] | Investment in Real Estate Joint Ventures and Partnerships [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | 961 | 0 |
Fair Value [Member] | Tax Increment Revenue Bonds [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Investments | $ 23,910 | $ 23,910 |
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