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Subsequent Events | 6 Months Ended
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Jun. 30, 2017
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events In July 2017, JG Gulf Coast Town Center, a 50/50 unconsolidated joint venture, retired a loan secured by phase three of Gulf Coast Town Center, which had a balance of $4,118 and was scheduled to mature in July 2017. In July 2017, the Company exercised its option to extend the maturity date of its $350,000 unsecured term loan to October 2018. In July 2017, the Company closed on the modification and extension of its $400,000 unsecured term loan, with an increase in the principal balance to $490,000. The variable interest rate spread remains unchanged. In July 2018, the principal balance will be reduced to $300,000. Additionally, the debt covenant related to the maximum ratio of unsecured indebtedness to unencumbered asset value was modified to reduce the ratio from 62.5% to 60.0%. The definition of unencumbered asset value was also modified with respect to the assets that are included in the unencumbered asset pool. The loan will mature in July 2020 and has two one-year extension options, the second of which is at the lenders' discretion, for a July 2022 extended maturity date. For consistency, the changes to the debt covenant noted above were also made to the Company's two unsecured credit facilities that each have a total capacity of $500,000 and to the Company's $350,000 unsecured term loan in July 2017. The ratio of unsecured indebtedness to unencumbered asset value may vary over time and could potentially limit the Company's ability to access the full capacity of its unsecured credit facilities. As of June 30, 2017, the Company's ability to utilize its total borrowing capacity would have been limited by $196,888 under the modified covenant compared to $33,539, under the existing covenant. The effect of this change to the debt covenant does not impact the Company's past compliance with this ratio. In July 2017, the Company modified its $50,000 unsecured term loan to reduce the principal balance to $45,000 and change the interest rate to a variable rate of LIBOR plus 165 basis points. The loan will mature in June 2021 and has a one-year extension option, at the Company's election, for a June 2022 extended maturity date. In August 2017, River Ridge Mall JV, LLC, a subsidiary of the Company, entered into a binding contract to sell its 25% interest in River Ridge Mall, located in Lynchburg, VA, to its joint venture partner for $9,000 in cash. The Company recorded a $5,843 loss on investment related to the pending disposition. The sale is expected to close in the third quarter of 2017.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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