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Organization
12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
On October 4, 2004, InvenTrust Properties Corp. (the "Company","we","us","our") was incorporated as Inland American Real Estate Trust, Inc. as a Maryland corporation and has elected to be taxed, and currently qualifies, as a real estate investment trust ("REIT") for federal tax purposes. The Company changed its name to InvenTrust Properties Corp. in April of 2015. The Company was originally formed to own, manage, acquire, and develop a diversified portfolio of commercial real estate located throughout the United States and to partially own properties through joint ventures and to own investments in marketable securities and other assets. The Company is now focused on owning, managing, acquiring, and developing a multi-tenant retail platform.
Unless otherwise noted, all dollar amounts are stated in thousands, except per share and per square foot data. Any reference to number of assets, square feet, tenant and occupancy data are unaudited.
The accompanying consolidated financial statements include the accounts of the Company, and all wholly owned subsidiaries and any consolidated variable interest entities ("VIEs"). Subsidiaries generally consist of limited liability companies ("LLCs") and limited partnerships ("LPs"). All significant intercompany balances and transactions have been eliminated.
Each retail property is owned by a separate legal entity that maintains its own books and financial records, and each separate legal entity's assets are not available to satisfy the liabilities of other affiliated entities, except as otherwise disclosed in "Note 9. Debt".
As of December 31, 2018, the Company's investment properties consisted of 58 retail properties, with a gross leasable area ("GLA") of approximately 9.5 million square feet, which includes one retail property classified as a consolidated VIE, with a gross leasable area of approximately 125,000 square feet. As of December 31, 2017, the Company's investment properties consisted of 71 retail properties, with a combined GLA of approximately 12.4 million square feet, which includes two retail properties classified as consolidated VIEs, with a GLA of approximately 501,000 square feet. As of December 31, 2016, the Company's investment properties consisted of 71 retail properties, with a GLA of approximately 12.2 million square feet, and one non-core office property, Worldgate Plaza.
In addition, as of December 31, 2018, 2017, and 2016, the Company had investments in two unconsolidated real estate joint ventures, one of which owns an interest in 13, 15, and 15 operating retail properties, respectively, with a GLA of approximately 2.6 million, 3.0 million, and 3.0 million square feet, respectively, managed by the Company. The other joint venture owns land to be developed in Sacramento, California.
Segment Reporting
As disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, on April 26, 2016, the Company completed the spin-off of Highlands REIT, Inc. ("Highlands"), which held its remaining non-core properties, and on June 23, 2016, it completed the sale of University House Communities Group, Inc. ("University House"), its former student housing platform. Following the Highlands spin-off and sale of University House in 2016, the Company no longer has a non-core or student housing segment, respectively, as previously reported. In addition, the Company disposed of its remaining non-core office property, Worldgate Plaza, on August 30, 2017, which represented the conclusion of the Company's strategic shift away from wholly owned real estate assets not classified as multi-tenant retail.
These previously reported segments were classified as discontinued operations as they represented a strategic shift that had a major effect on the Company's operations and financial results. Accordingly, the Company believes it has a single reportable segment for disclosure purposes in accordance with U.S. generally accepted accounting principles ("GAAP") as of December 31, 2018. The operations reflected in discontinued operations on the consolidated statements of operations and comprehensive income for the year ended December 31, 2017 includes Worldgate Plaza and for the year ended December 31, 2016 also includes Highlands and University House.