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Basis of Presentation and Recently Issued Accounting Pronouncements | 6 Months Ended
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Jun. 30, 2018
Accounting Policies [Abstract] |
Basis of Presentation and Recently Issued Accounting Pronouncements | Basis of Presentation and Recently Issued Accounting Pronouncements The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, judgments and assumptions are required in a number of areas, including, but not limited to, evaluating the impairment of long-lived assets, allocating the purchase price of acquired assets, determining the fair value of debt and evaluating the collectability of accounts receivable. The Company bases these estimates, judgments and assumptions on historical experience and various other factors that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates. Reclassifications The Company has made certain reclassifications to the condensed consolidated statement of operations and comprehensive income (loss) for the three and six months ended June 30, 2017 to conform to the 2018 presentation, including a $912 and $1,827 reclassification, respectively, of certain payroll costs from general and administrative expenses to property operating expenses based on the determination by the Company that certain functions' activities were more directly associated with the operations of the retail properties than corporate-level activities. In addition, upon the adoption of ASU No. 2016-18, Statement of Cash Flows, the Company has made certain reclassifications to the condensed consolidated statement of cash flows for the six months ended June 30, 2017 to conform to the 2018 presentation. For the six months ended June 30, 2017, the adoption resulted in a net $42,150 decrease in cash used in investing activities. The Company determined that the reflection of funds held in escrow for potential future property acquisitions as restricted cash most appropriately reflects the nature of the restrictions on the balances and underlying transactions; historically, the funds were recorded as deferred costs and other assets, net. This reclassification increased restricted cash on the condensed consolidated balance sheets by $0, $11,450 and $6,650 as of December 31, 2017, June 30, 2017 and December 31, 2016, respectively. As a result, the Company made certain reclassifications to the condensed consolidated statement of cash flows for the six months ended June 30, 2017 to conform to the 2018 presentation, including a $4,800 decrease in net cash used in investing activities resulting from the reclassification of funds held in escrow for potential future property acquisitions. Recently Issued Accounting Pronouncements Adopted
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements or other significant matter
ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and related updates |  | Under ASU No. 2014-09, an entity is required to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those promised goods or services. The standard allows either a full or modified retrospective method of adoption. |  | January 2018 |  | The Company adopted ASU No. 2014-09 and the related subsequent updates on a modified retrospective basis. The Company has included "Note 3. Revenue Recognition" to address the incremental disclosures pertaining to the new standard.
ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities |  | Under ASU No. 2016-01, equity investments are generally required to be measured at fair value with changes in fair value recognized in net income. Historically, changes in fair value were reported as a separate component of comprehensive income (loss) until realized. |  | January 2018 |  | The Company adopted ASU No. 2016-01 on a modified retrospective basis. The Company determined that this standard did not have a significant impact on the condensed consolidated financial statements.
ASU No. 2016-15, Statement of Cash Flows |  | ASU No. 2016-15 reduces existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, including payment of debt extinguishment costs, settlement of zero-coupon bonds, insurance claim proceeds, and distributions from equity method investees. |  | January 2018 |  | The Company adopted ASU No. 2016-15 on a retrospective basis. The Company determined that this standard did not have a significant impact on the condensed consolidated financial statements.
ASU No. 2016-18, Statement of Cash Flows |  | ASU No. 2016-18 requires an entity to explain the changes in the combined total of restricted and unrestricted cash in the statement of cash flows. |  | January 2018 |  | Upon the Company’s retrospective adoption, the Company includes amounts generally described as restricted cash and restricted cash equivalents with cash and cash equivalents. For the six months ended June 30, 2017, the adoption resulted in a net $42,150 decrease in net cash used in investing activities.
Recently Issued Accounting Pronouncements Adopted, continued
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements or other significant matter
ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) |  | ASU No. 2017-05, which adds guidance for partial sales of nonfinancial assets and clarifies the scope of Subtopic 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, applies to the derecognition of all nonfinancial assets (including real estate) for which the counterparty is not a customer. The new guidance requires an entity to derecognize a nonfinancial asset in a partial sale transaction when it ceases to have a controlling financial interest in the asset and has transferred control of the asset and generally requires the full gain be recognized. |  | January 2018 |  | For property sales where the Company has no continuing involvement, there should be no change to the Company's timing of gain or loss recognition. For the six months ended June 30, 2018, the adoption resulted in deferred gains of $12,756 recognized through beginning distributions in excess of accumulated net income, as discussed in "Note 6. Investment in Consolidated and Unconsolidated Entities".
Recently Issued Accounting Pronouncements Not Yet Adopted
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements or other significant matter
ASU No. 2016-02, Leases, (Topic 842) and related updates |  | ASU No. 2016-02 amends the existing guidance for lease accounting for both parties to a lease contract (i.e. lessees and lessors). ASU No. 2016-02 will be effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The new standard requires a modified retrospective transition method for all leases existing at the date of initial application, with an option to use certain practical expedients available. |  | January 2019 |  | Due to the new standard’s narrowed definition of initial direct costs, the Company expects to expense as incurred certain lease origination costs currently capitalized and amortized to expense over the lease term. However, the Company does not believe this change will have a material impact on its condensed consolidated financial statements. As a lessee, the Company believes the most significant change relates to the recognition of a new right-of-use asset and lease liability on the condensed consolidated balance sheets for its corporate office leases as well as one ground lease agreement. As a lessor, the Company believes that substantially all of the Company's leases will continue to be classified as operating leases under the new standard and will continue to record revenues from rental properties on a straight-line basis. The Company is continuing to evaluate the impact of this guidance, including the recent amendment to create a lessor practical expedient pertaining to the separation of lease and non-lease components, on the condensed consolidated financial statements and related disclosures.
ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities |  | ASU No. 2017-12 is intended to better align the results of cash flow and fair value hedge accounting with risk-management activities through changes to both the designation and measurement guidance for qualifying hedging relationships in the financial statements. The transition guidance provides the option of early adoption of the new standard using a modified retrospective transition method in any interim period, or alternatively requires adoption for fiscal years beginning after December 15, 2018. |  | January 2019 |  | The Company is continuing to evaluate this guidance on the condensed consolidated financial statements but does not expect its adoption will have a significant impact on the condensed consolidated financial statements.
Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are either not relevant to the Company, or are not expected to have a material effect on the condensed consolidated financial statements of the Company.

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