Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2018

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.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

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.

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.